Document:

EX-10.10

 Exhibit 10.10 

November 23, 2015 
 Padmasree Warrior 

****** 
 Dear Padmasree: 

We are pleased to offer you the position of Chief Development Officer of NextEV, Inc., an exempted company duly incorporated and validly
existing under the laws of the Cayman Islands (“Parent”), and the position of Chief Executive Officer of NextEV USA, Inc., a corporation organized under the laws of California (the “Company”) and Chief Executive Officer of any
other entity established to conduct the business of Parent or its affiliates in the United States, Canada, Central and South America (collectively, the “Future Entities”) (Parent, the Company and the Future Entities are collectively
referred to in this letter for administrative purposes as “NextEV”). In such positions, you will work from a NextEV office in San Jose and report directly to me in my capacity as Executive Chairman of Parent. Not later than
January 31, 2016, you will join Parent’s Board of Directors (as well as the governing body of the Company and, at such time as they are formed, any Future Entities), and Parent shall use its reasonable best efforts to cause the current
holders of Series A Preferred Shares in Parent (the “Investors”) to take the necessary steps for you to serve on Parent’s Board of Directors and such other governing bodies while employed by NextEV. You will also serve in such other
executive and Board of Director positions with additional affiliates of Parent from time to time and without additional compensation, which shall be consistent with your positions as Chief Development Officer of Parent and Chief Executive Officer of
the Company, and in which you shall report directly to me in my capacity as Executive Chairman of Parent. The foregoing notwithstanding, Parent will not add material full-time responsibilities to you or appoint you to a position with an affiliate of
Parent and the Company that subjects you to materially adverse tax consequences (other than increased income taxes on increased compensation), without your express written consent and a mutually agreed upon increase in compensation to reflect such
increased scope or adverse tax consequences. Prior to the date of this offer letter, NextEV LLC has converted to NextEV USA, Inc., which shall be taxable as a corporation for purposes of U.S. tax law. 

If you decide to join us, you will receive an annual salary of USD $1,500,000.00 (One million and five hundred thousand United States Dollars)
which will be paid semi-monthly in accordance with NextEV’s normal payroll procedures. Your annual discretionary bonus is 0 - 20% of your annual salary (the “Bonus”). Following a fiscal year during which Parent or the Company has
positive EBITDA, your target bonus will be a minimum of 20% of your annual salary. As an employee, you are also eligible to receive employee benefits at the senior executive level pursuant to the terms of NextEV’s benefit plans as they may
change from time to time. Reasonable business expenses incurred in the performance of your duties hereunder shall be reimbursed by NextEV in accordance with company policies. Parent will pay all reasonable fees and related expenses in connection
with (i) the annual preparation and submission of your Federal, state and local, as applicable, tax filings in consultation with your outside advisors, in an amount not to exceed $10,000 per year and (ii) the drafting, negotiation and
execution of this offer letter and any documentation associated therewith in consultation with your counsel. 
 In addition, on or before
January 31, 2016, Parent will grant you an option (the “Option”) to purchase 4,849,851 ordinary shares of Parent (“Ordinary Shares”). This Option shall be subject to the terms and conditions of Parent’s 2015 Incentive
Stock Plan and Award Agreement, substantially in the form attached hereto as Exhibits A and B and subject to modification with respect to non-substantive form and other technical compliance matters, based on
the advice of NextEV’s counsel, provided that (i) such grant agreement shall incorporate (and be subject to) the terms of your separation agreement governing the acceleration of equity awards and related matters, (ii) your
status as a United States person under any shareholder agreement shall not limit or otherwise restrict your right or ability to hold Ordinary Shares and (iii) Parent shall cause the Investors to take the necessary action to implement the
provisions of the foregoing subclause (ii). The per share exercise price of the Option shall be equal to the fair market value of an Ordinary Share as of the date of grant, based on a valuation by Teknos Associates determined in a manner consistent
with such firm’s usual methodology for similarly situated issuers and completed on or before December 11, 2015. The aggregate number of shares subject to the Option shall be adjusted to the extent necessary to ensure that the aggregate
number of Ordinary Shares subject to the Option, together with the number of Preferred Shares purchased by you, as described below, represents 3.13% of the fully diluted equity of Parent as of the date the Option is granted. 

  
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 On or before January 31, 2016, you shall purchase 7,274,776 Series A-3 preferred shares of Parent (“Preferred Shares”) at a price per share equal to the purchase price paid for the same class of securities acquired by Sequoia Capital and Joy Capital in the most recent
round of financing prior to the date of this offer letter. The number of shares purchased hereunder shall be adjusted to the extent necessary to ensure that the aggregate number of Preferred Shares purchased hereunder, together with the number of
Ordinary Shares subject to the Option, represents 3.13% of the fully diluted equity of Parent as of the date of such purchase. NextEV will provide you with a loan in the amount necessary to fund your purchase of such Preferred Shares (the
“Loan”), subject to Parent’s shareholder agreement (the “Shareholder Agreement”). The Loan will bear interest at the lowest rate allowed by Internal Revenue Service rules and regulations. The Loan will have a six-year maturity (“Maturity”) with a balloon payment due thereon, provided that you may prepay your Loan at any time and provided further that in the event of an initial public offering of Parent, you
must repay any amounts due under the Loan prior to the consummation of such initial public offering. The Loan will be secured by the Preferred Shares you have acquired and (i) your personal liability on the Loan and the recourse of the lending
entity on the Loan against you will be limited at all times to 50% of the then outstanding Loan amount (the “Limited Recourse”), (ii) under no circumstances may NextEV set-off against or otherwise
reduce any amounts otherwise due to you from NextEV in satisfaction of any amounts due under the Loan, (iii) the terms of any pledge agreement in respect of the Loan shall ensure that you remain entitled to any distributions or other payments
attributable to the pledged shares, and any voting or other rights attributable to the pledged shares, so long as you are not in default under the Loan and (iv) no default shall be deemed to exist under the Loan unless you have been provided
with written notice and a reasonable opportunity to cure such default. If your employment with NextEV terminates for any reason prior to Maturity, then the Loan shall be due and payable upon the Maturity, and NextEV may foreclose on the pledged
shares to the extent necessary to satisfy any then outstanding amounts due under the Loan, and your exposure with respect to any remaining amounts due shall be subject to Limited Recourse. 

Notwithstanding any terms of the Shareholder Agreement to the contrary, you may tender the Preferred Shares for all or a portion of the
outstanding amounts due under the Loan (including interest), or to cover any taxes associated with the Loan, and retain the remainder of the Preferred Shares, if any. With respect to your status as a holder of Preferred Shares, Parent shall use
reasonable efforts to ensure that the Investors take the necessary steps to provide for the issuance of the Preferred Shares to you in accordance with this offer letter, including any necessary consent under, or amendment to, the financing
agreements for the Preferred Shares, and so that you are provided, on a pro rata basis, with (i) registration rights under Section 6.2 of the Shareholder Agreement, (ii) participation rights under Sections 6.4, 6.5, 7.2, 7.6, 8, and
12.12 of the Shareholder Agreement and (iii) subject to applicable law, the right to transfer any of your equity interests in NextEV to any entity in which you are a controlling shareholder for estate planning purposes. For purposes of
Parent’s Articles of Association, your “Series A Original Issue Date” shall be a date on or around the date on which you purchase the Preferred Shares. 

If your employment terminates for any reason at any time prior to the third anniversary of your employment commencement date, Parent may, by
written notice to you at any time prior to such third anniversary, elect to repurchase any or all of the Preferred Shares that you have purchased hereunder at a purchase price determined as follows: 

(i) If Parent makes such repurchase election prior to the first anniversary of your employment commencement date, the purchase
price for 75% of such Preferred Shares shall be the lesser of (A) $1.75 per share or (B) $0.10 above the fair market value per share, as determined below, and the purchase price for 25% of such Preferred Shares shall be the fair market value of such
Preferred Shares, as determined below; 

  
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 (ii) if Parent makes such repurchase election on or after the first
anniversary, but prior to the second anniversary, of your employment commencement date, the purchase price for 50% of such Preferred Shares shall be the lesser of (A) $1.80 per share or (B) $0.15 above the fair market value per share, as determined
below, and the purchase price for 50% of such Preferred Shares shall be the fair market value of such Preferred Shares, as determined below, and 

(iii) if Parent makes such repurchase election on or after the second anniversary, but prior to the third anniversary, of your
employment commencement date, the purchase price for 25% of such Preferred Shares shall be the lesser of (A) $1.85 per share or (B) $0.20 above the fair market value per share, as determined below, and the purchase price for 75% of such Preferred
Shares shall be the fair market value of such Preferred Shares, as determined below. 
 The fair market value of any Preferred Shares
repurchased by Parent shall be determined as of the date of Parent’s repurchase election based on a valuation by Teknos Associates (or such other valuation firm selected by Parent and reasonably acceptable to you) determined in a manner
consistent with such firm’s usual methodology for similarly situated issuers. The per share amounts specified above shall be equitably adjusted to reflect stock splits, reverse stock splits and other similar changes in the capitalization of
Parent after the date such Preferred Shares were purchased. The repurchase of such Preferred Shares shall be consummated within 10 days after such valuation has been completed, but in no event later than
2 1⁄2 months after the last day of the calendar year in which Parent makes the repurchase election hereunder. The purchase price of any Preferred Shares
repurchased hereunder shall be paid first through a reduction of the principal balance of the Loan, and if an additional amount remains payable to you after the Loan has been repaid in its entirety, such amount shall be paid by Parent in cash. It is
intended that the amount paid by Parent for any Preferred Shares repurchased hereunder shall constitute the payment of purchase price in a negotiated capital transaction, and not compensation to you. In the event it is conclusively determined that
any portion of such repurchase price constitutes compensation income to you, Parent shall pay to you a gross-up amount equal to any and all applicable federal, state, local and foreign income and employment
taxes applicable to such portion of the repurchase price; provided that for purposes of determining the gross-up amount the federal income tax rate applicable to such portion of the repurchase price shall be
reduced by the applicable tax rates applicable to capital gain. 
 Parent represents and warrants that the Preferred Shares that you
purchase hereunder will not be, upon issuance, subject to any repurchase right by Parent or any of its affiliates that results from the termination of your employment for any reason other than as provided for above, and the Ordinary Shares to be
issued upon the exercise of the Option likewise shall not be subject to any such repurchase right except to the extent such Ordinary Shares are forfeited pursuant to the terms of the Option grant. Any future imposition of such repurchase rights
shall be subject to agreement by you. Parent further represents and warrants that the Preferred Shares that you purchase hereunder will not be subject to any call right under Article 33 of Parent’s Articles of Association. 

All equity and/or equity-based compensation, whether purchased, granted, awarded or otherwise received, shall be subject to the terms and
conditions set forth in any applicable plans or agreements, which In the case of the initial grant will be substantially in the forms attached as Exhibits A and B hereto and subject to modification with respect to
non-substantive form and other technical compliance matters, based on the advice of NextEV’s counsel. You agree to execute any agreements or other instruments required by Parent or the Company in this
regard. 
 As of your employment commencement date, NextEV will enter into the Indemnification Agreement attached as Exhibit C hereto, which
shall provide, without limitation, for a right to indemnification for any claims brought against you as a shareholder of Parent pursuant to Section 13.18 of the Shareholder Agreement. In addition, on or before your employment commencement dale,
NextEV will obtain directors’ and officers’ liability insurance that is consistent with the terms set forth in Exhibit D. 

  
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 NextEV is excited about you joining and looks forward to a beneficial and fruitful
relationship. Nevertheless, you should be aware that your employment with NextEV is for no specified period and constitutes at-will employment. As a result, you are free to resign at any time, for any reason
or for no reason. Similarly, NextEV is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice. 

NextEV reserves the right to conduct background investigations and/or reference checks on all of its potential employees. Your job offer,
therefore, is contingent upon a clearance of such a background investigation and/or reference check, if any. 
 For purposes of federal
immigration law, you will be required to provide to the NextEV documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of
hire, or our employment relationship with you may be terminated. 
 We also ask that, if you have not already done so, you disclose to
NextEV any and all agreements (including those relating to your prior employment) that may affect your eligibility to be employed by NextEV or limit the manner in which you may be employed. It is NextEV’s understanding that any such agreements
will not prevent you from performing the duties of your position and you represent that such is the case. You understand that the existence of any agreement that could affect your eligibility to be employed by NextEV or limit the manner in which you
may be employed that has not been disclosed to us prior to the date of this letter constitutes grounds for termination. Moreover, you agree that, during the term of your employment with NextEV, you will not engage in any other employment,
occupation, consulting, or other business activity directly related to the business in which NextEV is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your
obligations to the NextEV, provided that the foregoing will not prevent you from (i) participating on the boards of directors of your Permitted Directorships or engaging in other permitted outside activities, listed on Exhibit E or
(ii) managing your passive personal investments so long as such activities in the aggregate do not materially interfere or conflict with your duties hereunder or create a potential business or fiduciary conflict. Similarly, you agree not to
bring any third-party confidential information to NextEV, including that of your former employer, and that you will not in any way utilize any such information in performing your duties for NextEV. 

As a NextEV employee, you will be expected to abide by NextEV’s rules and standards, and the NextEV’s rules of conduct which are
included in the NextEV Handbook. 
 As a condition of your employment, you will also be required to sign and comply with an At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement (the “Arbitration Agreement”), which requires, among other provisions, the assignment of patent rights to any
invention made during your employment at NextEV, and non-disclosure of proprietary information (it being understood that you shall at all times remain free to disclose your roles, responsibilities and
experiences at NextEV as part of any autobiographical work or project or professional resume or compilation, so long as such disclosure does not involve sensitive and confidential technical or proprietary information). You will also be required to
sign and comply with a Severance Agreement in the form agreed to as Exhibit F. In the event of any dispute or claim relating to or arising out of our employment relationship, you and NextEV agree to an arbitration in which (i) you are waiving
any and all rights to a jury trial but all court remedies will be available in arbitration, (ii) we agree that all disputes between you and the NextEV shall be fully and finally resolved by binding arbitration, (iii) all disputes shall be
resolved by a neutral arbitrator who shall issue a written opinion, (iv) the arbitration shall provide for adequate discovery, and (v) NextEV shall pay all the arbitration fees, except an amount equal to the filing fees you would have paid
had you filed a complaint in a court of law. Such arbitration shall take place under the laws of the State of California and at a mutually agreed upon location in San Jose, California. 

  
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 The provisions of Section 18 of the Severance Agreement (“Representations”)
and Section 22 of the Severance Agreement (“Compliance with Section 409A of the Code) shall apply, in each case mutatis mutandis, to the authority of NextEV to enter into and perform its obligations under this offer letter (with
respect to Section 18) and to any payments under this offer that may be “deferred compensation” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (with respect to Section 22). 

To indicate your acceptance of this offer, please sign and date this letter in the space provided below. If you accept our offer, your first
day of employment will be December 16, 2015. This letter, along with any agreements relating to proprietary rights between you and NextEV, including without limitation, the Severance Agreement, the Equity documentation substantially in the
forms attached hereto as Exhibits A and B and subject to modification with respect to non-substantive form and other technical compliance matters, based on the advice of NextEV’s counsel, the Shareholder
Agreement, the Arbitration Agreement, the Loan agreement, and any employee handbook, set forth the terms of your employment with NextEV and supersede and extinguish any prior representations or agreements including, but not limited to, any
representations made during your interviews or relocation negotiations, whether written or oral. This letter, including, but not limited to, its at-will employment provision, may not be modified or amended
except by a written agreement signed by the Chairman of Parent’s Board of Directors and you. This offer of employment will terminate if it is not accepted, signed, and returned by November 27, 2015. 

  
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 We look forward to your favorable reply and to working with you at NextEV. 

Sincerely, 
  

	
	 /s/ William Bin Li

	William Bin Li
	 Chairman, NextEV, Inc. Board of Directors
  

	 Agreed to and accepted:
  

	 /s/ PADMASREE WARRIOR

	Printed Name: PADMASREE WARRIOR
	Date: NOVEMBER 23, 2015

  
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 SEVERANCE AGREEMENT 

THIS SEVERANCE AGREEMENT (this “Agreement”) is entered into effective as of the Effective Date between NextEV USA, Inc., a
California corporation (the “Company”), NextEV Limited, a Hong Kong Private company (“NextEV Limited”), NextEV, Inc., a Cayman Islands corporation (“Parent”), and Padmasree Warrior (the
“Executive”). 
 The Company and the Executive agree as follows: 

1. CERTAIN DEFINED TERMS. In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this
Agreement with initial capital letters: 
 (a) “Annual Bonus” means the bonus paid to Executive pursuant to a formal or informal
bonus plan or individual bonus arrangement. 
 (b) “Base Salary” means the Executive’s annual base salary rate as in effect
from time to time. 
 (c) “Cause” means: 

(i) commtsswn by the Executive (evidenced by a conviction or written, voluntary and freely given confession) of a criminal act
constituting a felony involving fraud or moral turpitude; 
 (ii) commission by the Executive of a material breach or
material default of any of the Executive’s agreements or obligations under any provision of any agreement between Executive and the Company, Parent, NextEV Limited or any of their affiliates, which is not substantially cured in all material
respects within thirty (30) days after the Company Board gives written notice thereof to the Executive; or 
 (iii)
commission by the Executive, when carrying out the Executive’s Duties to the Company, Parent, NextEV Limited or any of their affiliates, of acts or the omission of any act, which both (A) constitutes gross negligence or willful misconduct
and (B) results in material economic harm to the Company or has a materially adverse effect on the Company’s operations, properties or business relationships (determined on a consolidated basis taking into account the business and
operations of Parent and its affiliates), which, to the extent curable, is not substantially cured in all material respects within thirty (30) days after the Company Board gives written notice thereof to the Executive. 

  
 A&R Severance
Agreement 2015 

 In order for a condition to constitute Cause, the Company must provide written notification and description
to the Executive of the existence of and grounds constituting the condition within forty-five (45) days of the initial existence of the condition (or within forty-five (45) days following the Company Board actually becoming aware of such
condition, if later), upon the notice of which the Executive shall have a period of thirty (30) days during which she may remedy the condition, to the extent such a remedy is possible. Furthermore, to constitute Cause, the Company must
voluntarily terminate the Executive’s employment within one hundred eighty (180) days following the initial existence of the condition (or within one hundred eighty (180) days following the Company Board actually becoming aware of such
condition, if later). No act shall be deemed “willful” if taken in good faith by the Executive and in the reasonable belief that it is in the best interests of the Company, Parent or their affiliated entities. Prior to being terminated for
Cause, the Executive shall be afforded an opportunity to appear with counsel before the Company Board and to address in a meaningful manner any alleged grounds constituting Cause. 

(d) “Change in Control” shall mean (a) a merger or consolidation of Parent with any other corporation, other than a merger or
consolidation which would result in the voting securities of Parent outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than eighty
percent (80%) of the combined voting power of the voting securities of Parent or such surviving entity outstanding immediately after such merger or consolidation, (b) any “person” (as defined in Sections 13(d) and 14(d) of the
Exchange Act), other than William Li or any other investor in Parent as of the Effective Date, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of Parent representing more than fifty percent (50%) of the combined voting power of Parent’s then outstanding securities; provided that a Change in Control shall not be deemed to occur under this Agreement by reason
of the acquisition of securities by Parent or any of its affiliates, or an employee benefit plan (or any trust funding such a plan) maintained by Parent or any of its affiliates, (c) the approval by the shareholders of Parent of a plan of
complete liquidation of Parent, (d) the sale or disposition by Parent of more than fifty percent (50%) of Parent’s assets or (e) any other event constituting a change in control under Parent’s 2015 Incentive Stock Plan (or any
successor thereto). For purposes of this Agreement, (i) a sale of more than fifty percent (50%) of Parent’s assets includes a sale of more than fifty percent (50%) of the aggregate value of the assets of Parent and its Subsidiaries or the
sale of stock of one or more of Parent’s Subsidiaries with an aggregate value in excess of fifty percent (50%) of the aggregate value of Parent and its Subsidiaries or any combination of methods by which more than fifty percent (50%) of the
aggregate value of Parent and its Subsidiaries is sold, and (ii) a transfer of Parent assets to a corporate or non-corporate entity (such as a partnership or limited liability company) in which Parent
owns equity securities possessing at least fifty percent (50%) of the total combined voting power of all classes of equity securities in such corporate or non-corporate entity shall not be treated as a sale or
disposition by Parent of the assets contributed to such corporate or non-corporate entity. 
 (e)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (f) “Company Board” means the Board of Directors of the
Company. 
 (g) “Director” means a member of the Parent Board, Company Board, or board of directors of NextEV Limited, as the case
may be. 
 (h) “Disability” means a physical or mental incapacity that prevents the Executive from performing her duties, with or
without accommodation, for a period of one hundred eighty ( 180) days in any period of two (2) consecutive fiscal years of the Company. 

  
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 (i) “Duties” means the title, duties and responsibilities associated with the
positions referenced in the Executive’s offer letter and such other duties and responsibilities customarily required of the highest ranking executive officer of a major corporation or such additional title, duties and responsibilities as may be
assigned from time to time to the Executive by the Company Board or the Executive Chairman of Parent which are consistent with the positions of President and Chief Executive Officer of the Company and Chief Development Officer of Parent. 

(j) “Effective Date” means December 16, 2015. 

(k) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(1) “Good Reason” means the occurrence of one or more of the following conditions arising without the consent of the Executive: 

(i) A material diminution in the Executive’s annual Base Salary or a material diminution in the Executive’s overall
compensation package in the aggregate, in either case below the level in effect on the Effective Date; provided, however, that for purposes of this Section l(l)(i) a material diminution will not be deemed to have occurred if the diminution results
from (A) changes to the Executive’s participation level under any long term incentive plans (to the extent permitted under the terms of the Executive’s offer letter) or (B) the failure to achieve applicable performance targets
under a performance based plan or program; 
 (ii) To the extent the Parent Board determines to provide additional equity
incentives to executives reporting to Executive or the Parent Board beyond their original sign-on equity grants, the Parent Board does not (i) prior to such grants, consider in good faith making an
additional grant to the Executive on the same general terms and for a number of shares consistent with her position at Parent and the Company and her contribution to the overall performance of the business (after taking into account the size of the
equity grants under consideration for other executives) or (B) to the extent that the Parent Board has determined to make such a grant to the Executive, does not make such grant at the same time as grants are made to other executives of Parent
and the Company; 
 (iii) a reduction or series of reductions in the aggregate value of the life insurance, accidental death,
long term disability, short term disability, medical, dental and vision benefits and expense reimbursement policy available to the Executive as of the Effective Date which, in the aggregate is material; 

(iv) a material diminution in the Executive’s Duties; 

(v) a requirement that the Executive report to anyone other than the Company Board (in her capacity as CEO of the Company) or
the Executive Chairman of Parent (in her capacity as Chief Development Officer of Parent); 
 (vi) relocation to a location
that is more than 50 miles from San Jose, California, the geographic location at which the Executive must perform her Duties, other than for limited periods of time; 

  
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 (vii) any other action or inaction that constitutes a material breach by the
Company of this Agreement or any other agreements under which the Executive provides services to the Company (specifically including a failure of the purchaser in a Change in Control transaction to assume this Agreement in accordance with
Section 12 hereof); 
 (viii) Parent’s or the Company’s failure to cause the Executive to serve on the Parent
Board, Company Board or the board of directors or other such governing body of any NextEV entity for which the Executive serves as Chief Executive Officer; 

(ix) Parent’s failure to grant the Option to the Executive or consummate the sale of Preferred Shares to the Executive in
accordance with the terms of the Executive’s offer letter; or 
 (x) if at any time William Li ceases to directly or
indirectly beneficially own, either in one event or as part of a series of transaction, at least 85% of the ownership interest he beneficially owns in Parent as if the date of this Agreement, other than in connection with dilution associated with
new investments in Parent. 
 In order for a condition to constitute a Good Reason, the Executive must provide written notification to the Company Board and
the Executive Chairman of Parent of the existence of the condition within forty-five (45) days of the initial existence of the condition (or within forty-five (45) days following the Executive actually becoming aware of such condition, if
later), upon the notice of which the Company and Parent shall have a period of thirty (30) days during which they may remedy the condition. Furthermore, to constitute a Good Reason, the Executive must voluntarily terminate employment with the
Company within 180 days following the initial existence of the condition (or within 180 days following the Executive actually becoming aware of such condition, if later). 

(m) “Parent Board” means the Board of Directors of Parent. 

(n) “Subsidiary” or “Subsidiaries” means any corporation or corporations other than Parent in an unbroken chain of
corporations beginning with Parent if each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other
corporations in such chain. 
 (o) “Term” means the period commencing on the Effective Date and ending on the earlier of:
(i) the Termination Date; or (ii) the Executive’s death or Disability. 
 (p) “Termination Date” means the date on
which the Executive’s employment is terminated (the effective date of which will be the date of termination). 
 2. SEVERANCE
COMPENSATION. 
 (a) If the Executive’s employment is terminated by the Company other than for Cause or is terminated by the Executive
for Good Reason, whether before or after a Change in Control, then the following severance provisions shall apply: 

  
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	 	(i)	 The Company shall provide the following benefits: 

(A) (1) any unpaid Base Salary through the date of termination; 

(2) any Annual Bonus earned but unpaid with respect to the fiscal year ending on or preceding the date of termination;
(3) reimbursement for any unreimbursed business expenses incurred through the date of termination; (4) any accrued but unused vacation time in accordance with the Company’s vacation policy; and (5) all other payments, benefits or
fringe benefits to which the Executive shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant or this Agreement (the “Accrued Amounts”);  

(B) if the Executive elects and maintains COBRA coverage within the period required by law, the Company shall pay for the full
cost of COBRA premiums for Executive and her eligible dependents for up to 18 months following the Date of Termination and, if such COBRA payment is taxable, a gross-up amount equal to any and all applicable
federal, state, local and foreign income, employment and excise taxes applicable to such COBRA payment; 
 (C) for the one
year period commencing on the Termination Date, pay for executive outplacement services for the Executive from a nationally recognized executive outplacement firm at the level provided for the most senior executives of the Company; 

(D) pay to the Executive within thirty (30) days following the Termination Date a single sum payment in an amount equal to
one (1) times her annual Base Salary in effect on the Termination Date (or if such annual Base Salary has decreased during the one year period ending on the Termination Date, at the highest rate in effect during such period); and 

(E) pay to the Executive within thirty (30) days following the Termination Date a single sum payment in an amount equal to
one (1) times her Annual Bonus at the target level in effect during the prior two (2) year period plus the pro rata portion of the target Annual Bonus for the period commencing on the first day of the fiscal year in which the employment of
the Executive is terminated and ending on the Termination Date (provided that for purposes of the foregoing, if the Executive’s employment terminated on or before the 2nd anniversary
of her commencement date, the Target Bonus shall be fixed at 20% of her Base Salary, determined in the same manner as provided for in sub-clause (D) above). 

(b) If the Executive’s employment with the Company is terminated by reason of the Executive’s death or Disability during the Term,
the Executive or her surviving spouse shall be entitled to receive (i) the Accrued Amounts to the date of death or Disability, (ii) any amounts payable under any employee benefit plan of the Company in accordance with the terms of such
plan, and (iii) if the Executive and/or her surviving spouse and dependents elect and maintain COBRA coverage within the period required by law, the Company shall pay for the full cost of COBRA premiums for Executive and her eligible dependents
for up to 36 months following the Termination Date and, if such COBRA payment is taxable, a gross-up amount equal to any and all applicable federal, state, local and foreign income, employment and excise taxes
applicable to such COBRA payment. 

  
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 (c) If the Executive’s employment hereunder is terminated: 

(i) by reason of the Executive’s death or Disability; or 

(ii) by the Company other than for Cause or by the Executive for Good Reason; 

The Executive will become fully vested in all outstanding stock options, restricted stock, restricted stock units or similar awards (“Award”)
and any such options shall be then and thereafter fully exercisable until the termination of such options pursuant to their terms. The Executive shall have the discretion to settle such Awards net of applicable taxes. 

(d) If the Executive’s employment hereunder is terminated by the Company for Cause or terminated by the Executive other than for Good
Reason, then the Executive shall be entitled to receive the Accrued Amounts to the date of termination, and any unvested Award shall immediately expire. 

(e) Notwithstanding anything contained in this Agreement to the contrary, if the Executive breaches any of the Executive’s obligations
under Section 6 hereof, and such breach is not substantially cured in all material respects within thirty (30) days after the Company Board or the Executive Chairman of Parent gives written notice thereof to the Executive, no further
severance payments or other benefits will be payable to the Executive under this Section 2. 
 (f) In the event the Executive’s
employment terminates prior to the sixth (6th) anniversary of the Effective Date for any reason other than a termination for Cause (including by reason of death, disability or resignation), the Executive shall be entitled to additional severance as
described in this Section 2(f). Such additional severance shall be calculated as (i) the number of Series A-3 preferred shares of Parent (“Preferred Shares”) originally purchased by
the Executive pursuant to the terms of the Executive’s offer letter multiplied by (ii) the excess, if any, of (A) the per share purchase price paid by the Executive for such Preferred Shares over (B) the fair market value of one
Preferred Share as of the Termination Date (equitably adjusted to reflect stock splits, reverse stock splits and other similar changes in the capitalization of Parent after the date such Preferred Shares were purchased) (the “Additional
Severance Amount”). If the Additional Severance Amount is greater than zero, then, on the ninetieth (90th) day following the date of termination, the Company shall pay the Executive an amount equal to the Additional Severance Amount
plus a gross-up amount equal to any and all applicable federal, state, local and foreign income and employment taxes applicable to the Additional Severance Amount; provided that for purposes of
determining the gross-up amount the federal income tax rate applicable to such Additional Severance Amount shall be reduced by the federal rate applicable to capital gain (to reflect the potential federal
income tax benefit to Executive of the decrease in value of the Preferred Shares). 

  
 12 

 (g) In the event that the Company is insolvent, or unable to make payments in accordance
with this Section 2, or any other section of this Agreement, Parent and NextEV Limited hereby fully guarantee any payments to be made hereunder. The foregoing is an unconditional guaranty of payment that may not be terminated or revoked by
Parent and NextEV Limited (collectively, the “Guarantors”) and is not a guaranty of collection, and the Guarantors waive all defenses based on suretyship, impairment of collateral or otherwise to the full extent permitted by applicable
law. Without limiting the foregoing (i) the Executive may enforce her rights against the Guarantors without first seeking payment or performance from the Company, or notifying the Guarantors of any modification to this agreement or her
employment arrangements, (ii) the Guarantors waive any rights to demand, presentment, diligence, protest, notice of dishonor or any other notice to which they may be entitled, (iii) the Executive may otherwise agree with the Company to
modify this agreement or her employment arrangements without releasing Guarantors from their obligations hereunder and (iv) the Guarantors shall not have any right of subrogation, reimbursement, indemnification and contribution from the Company
until all amounts otherwise due and owing to the Executive have been paid in full. 
 (h) The Executive shall be entitled to the payments
and benefits described in this Section 2, other than the Accrued Amounts, only if Executive signs a general waiver and release substantially in the form attached as Exhibit A hereto (the
“Release”) within 21 days after the Termination Date and does not revoke such Release within seven days after she has signed it. 

3. TERMINATION FOLLOWING A CHANGE IN CONTROL. If the Executive’s employment is terminated by the Company other than for Cause or is
terminated by the Executive for Good Reason, in either case within two years after a Change in Control, the Executive shall be entitled to the payments and benefits described in Section 3(a), 3(b) and 3(c). 

(a) The Executive will become fully vested in all Awards, but only to the extent not previously forfeited or terminated upon a Change in
Control; 
 (b) The Company shall pay the Executive, within thirty (30) days following the Termination Date, a single sum payment in an
amount equal to two (2) times her annual Base Salary in effect on the Termination Date (or if such annual Base Salary has decreased during the one year period ending on the Termination Date, at the highest rate in effect during such period);

 (c) The Executive will have available the expenses of enforcement provided in Section 4 hereof. For the avoidance of doubt, this
specific reference to the availability of expenses of enforcement in the event of a Change in Control shall not be interpreted to limit the availability of expenses of enforcement in other circumstances. 

(d) The Executive shall in addition be entitled to all other payments and benefits otherwise due and owing under Section 2 of this
Agreement (other than the payment with respect to Base Salary provided for in Section 2(a)(i)(D) above so long as the Executive has received the payment provided for in Section 3(b) above). 

(e) The Executive shall be entitled to the payments and benefits described in this Section 3, other than the Accrued Amounts, only if
Executive signs the Release within 21 days after the Termination Date and does not revoke such Release within seven days after she has signed it. 

  
 13 

 4. EXPENSES OF ENFORCEMENT. The Executive shall not be required to incur the expenses
associated with the enforcement of the Executive’s rights under this Agreement by litigation or other legal action. Therefore, the Company shall pay, or cause to be paid, on a current basis, reasonable attorney fees and expenses incurred by the
Executive to enforce the provisions of this Agreement, including Sections 2 and 3. The Executive shall be required to repay any such amounts to the Company to the extent that a court of competent jurisdiction issues a final and non-appealable order setting forth the determination that the claims of the Executive were frivolous. 

5. WITHHOLDING OF TAXES. The Company may withhold from any amounts payable under this Agreement all federal, state, city, or other taxes as
the Company is required to withhold pursuant to any applicable law, regulation or ruling. 
 6. CONFIDENTIAL INFORMATION. The Executive
agrees that the Executive will not, during the Term or at any time thereafter, either directly or indirectly, disclose or make known to any other person, firm, or corporation any confidential information, trade secret or proprietary information of
the Company in violation of that certain offer letter between the Company and the Executive when the Executive joined the Company (the “Employment Agreement”).  

7. ARBITRATION. The following arbitration rules shall apply to this Agreement: 

(a) In the event that the Executive’s employment shall be terminated by the Company during the Term or the Company shall withhold
payments or provision of benefits because the Executive is alleged to be engaged in activities prohibited by Section 6 hereof or for any other reason, the Executive shall have the right, in addition to all other rights and remedies provided by
law, at her election either to seek arbitration in Santa Clara County, California, under the Commercial Arbitration Rules of the American Arbitration Association by serving a notice to arbitrate upon the Company or to institute a judicial
proceeding, in either case within one hundred and twenty (120) days after having received notice of termination of her employment. 

(b) Without limiting the generality of Subsection 7(a), this Subsection 7(b) shall apply to termination asserted to be for “Cause”
or for “Good Reason”. In the event that (i) the Company terminates the Executive’s employment for Cause, or (ii) the Executive resigns her employment for Good Reason, the Company and the Executive each shall have thirty
(30) days to demand of the American Arbitration Association in writing (with a copy to the other party hereto) that arbitration be commenced to determine whether Cause or Good Reason, as the case may be, existed with respect to such termination
or resignation. The parties hereto shall have thirty (30) days from the date of such written request to select such third party arbitrator. Upon the expiration of such thirty (30) day period, the parties hereto shall have an additional
thirty (30) days in which to present to such third party arbitrator such arguments, evidence or other material (oral or written) as may be permitted and in accordance with such procedures as may be established by such third party arbitrator.
The third party arbitrator shall furnish a written summary of their findings to the parties hereto not later than thirty (30) days following the last day on which the parties were entitled to present arguments, evidence or other material to the
third party arbitrator. 

  
 14 

 During the period of resolution of a dispute under this Subsection 7(b), the Executive shall not be entitled
to receive compensation by the Company other than premiums due before or during such period on any insurance coverage applicable to the Executive hereunder, and during such period, the Executive shall have no duties for the Company. If the
arbitrator determines that the Company did not have Cause to terminate the Executive’s employment or that the Executive had Good Reason to resign her employment, as the case may be, the Company shall promptly pay the Executive the benefits
described in Section 2 or Section 3 hereof, as applicable .. 
 8. EMPLOYMENT AT WILL. The parties hereto acknowledge and confirm
that the Executive’s employment by the Company is employment-at-will, and is subject to termination by the Executive or by the Company at any time with Cause or
without Cause. With this Agreement, the parties hereto do not intend to create, and have not created, a contract of employment, express or implied, between the Executive and the Company. The Executive acknowledges that such employment-at-will status cannot be modified except in a specific writing that has been authorized or ratified by the Company Board. 

9. EMPLOYMENT ACTIONS. This Agreement is not intended to create, and will not be construed as creating, an express or implied contract of
employment. Nothing contained herein will prevent the Company at any time from terminating the Executive’s right and obligation to perform services to the Company or prevent the Company from removing the Executive from any position which the
Executive holds with the Company, provided, however, that no such action shall affect the obligation of the Company to make payments and provide benefits if and to the extent required under this Agreement. The payments and benefits provided in this
Agreement will be full and liquidated damages for any such employment action taken by the Company. 
 10. NOTICES. For purposes of this
Agreement, all communications provided for herein shall be in writing and shall be deemed to have been duly given when hand delivered or mailed by United States Express mail, postage prepaid, addressed as follows: 

 

	 	(a)	 If the notice is to the Company: 

Attn: General Counsel 
 NextEV
USA, Inc. 
 3200 N. 1st Street 

San Jose, CA 95134 
  

	 	(b)	 If the notice is to the Executive, then to the name and address as first stated in the preamble of this
Agreement. 

 or to such other address as either party hereto may have furnished to the other in writing and in accordance herewith;
except that notices of change of address shall be effective only upon receipt. 

  
 15 

 11. ASSIGNMENT; BINDING EFFECT. This Agreement shall be binding upon and inure to the
benefit of the parties to this Agreement and their respective successors, heirs (in the case of the Executive) and permitted assigns. No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except
that such rights or obligations may be assigned or transferred in connection with the sale or transfer of all or substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all of
the assets of the Company and such assignee or transferee expressly assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. The Company further agrees that, in the
event of a sale or transfer of assets as described in the preceding sentence, it shall be a condition precedent to the consummation of any such transaction that the assignee or transferee expressly assumes the liabilities, obligations and duties of
the Company hereunder. No rights or obligations of the Executive under this Agreement may be assigned or transferred by the Executive other than the Executive’s rights to compensation and benefits, which may be transferred only by will or
operation of law, except as provided in this Section 11. 
 The Executive shall be entitled, to the extent permitted under any
applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefits payable hereunder following the Executive’s death by giving the Company written notice thereof. In the absence of such a selection, any
compensation or benefit payable under this Agreement shall be payable to the Executive’s spouse, or if such spouse shall not survive the Executive, to the Executive’s estate. In the event of the Executive’s death or a judicial
determination of the Executive’s incompetence, reference in this Agreement to the Executive shall be deemed, where appropriate, to refer to the Executive’s beneficiary, estate or other legal representative. 

12. INVALID PROVISIONS. Any provision of this Agreement that is prohibited or unenforceable shall be ineffective to the extent, but only to
the extent, of such prohibition or unenforceability without invalidating the remaining portions hereof and such remaining portions of this Agreement shall continue to be in full force and effect. In the event that any provision of this Agreement
shall be determined to be invalid or unenforceable, the parties hereto will negotiate in good faith to replace such provision with another provision that will be valid or enforceable and that is as close as practicable to the provisions held invalid
or unenforceable. 
 13. ALTERNATIVE SATISFACTION OF COMPANY’S OBLIGATIONS. In the event this Agreement provides for payments or
benefits to or on behalf of the Executive which cannot be provided under the Company’s benefit plans, policies or arrangements either because such plans, policies or arrangements no longer exist or no longer provide such benefits or because
provision of such benefits to the Executive would adversely affect the tax qualified or tax advantaged status of such plans, policies or arrangements for the Executive or other participants therein, the Company may provide the Executive with an
“Alternative Benefit”, as defined in this Section 13, in lieu thereof. The Alternative Benefit is a benefit or payment which places the Executive and the Executive’s dependents or beneficiaries, as the case may be, in at least as
good of an economic position as if the benefit promised by this Agreement (a) were provided exactly as called for by this Agreement, and (b) had the favorable economic, tax and legal characteristics customary for plans, policies or
arrangements of that type. Furthermore, if such adverse consequence would affect the Executive or the Executive’s dependents, the Executive shall have the right to require that the Company provide such an Alternative Benefit. 

  
 16 

 14. ENTIRE AGREEMENT, MODIFICATION. Subject to the provisions of Section 15 hereof,
this Agreement contains the entire agreement between the parties hereto with respect to the termination of employment of the Executive by the Company and supersedes all prior and contemporaneous agreements, representations, and understandings of the
parties hereto, whether oral or written. No modification, amendment, or waiver of any of the provisions of this Agreement shall be effective unless in writing, specifically referring hereto, and signed by both parties hereto. 

15. NON-EXCLUSIVITY OF RIGHTS. Notwithstanding the foregoing provisions of Section 14, nothing in
this Agreement shall prevent or limit the Executive’s continuing or future participation in any benefit, bonus, incentive or other plan, program, policy or practice provided by the Company for its executive officers, nor shall anything herein
limit or otherwise affect such rights as the Executive has or may have under any stock option, restricted stock or other agreements with the Company or any of its subsidiaries. Amounts which the Executive or the Executive’s dependents or
beneficiaries, as the case may be, are otherwise entitled to receive under any such plan, policy, practice or program shall not be reduced by this Agreement unless specifically provided. 

16. WAIVER OF BREACH. The failure at any time to enforce any of the provisions of this Agreement or to require performance by the other party
hereto of any of the provisions of this Agreement shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement or any part of this Agreement or the right of either party hereto thereafter to
enforce each and every provision of this Agreement in accordance with the terms of this Agreement. 
 17. GOVERNING LAW. This Agreement has
been made in, and shall be governed and construed in accordance with the laws of, the State of California without giving effect to its conflict of laws provisions. The parties hereto agree that this Agreement is not an “employee benefit
plan” or part of an “employee benefit plan” which is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended. Each party hereby submits to the exclusive jurisdiction of the appropriate state or
federal courts in Santa Clara Country, California. 
 18. REPRESENTATION. The Company represents and warrants that it is fully authorized
and empowered to enter into this Agreement and that the performance of its obligations under this Agreement will not violate any agreement between it and any other person, firm or organization. 

19. SUBSIDIARIES AND AFFILIATES. Notwithstanding any contrary provision of this Agreement, to the extent it does not adversely affect the
Executive, the Company may provide the compensation and benefits to which the Executive is entitled hereunder through one or more subsidiaries or affiliates. 

20. NO MITIGATION OR OFFSET. In the event of any termination of employment, the Executive shall be under no obligation to seek other
employment. Amounts due the Executive under this Agreement shall not be offset by any remuneration attributable to any subsequent employment she may obtain. 

  
 17 

 21. EXCISE TAX PROVISION. Notwithstanding anything to the contrary in this Severance
Agreement, but subject to the third sentence of this Section 21, if the Executive is a “disqualified individual” (as defined in Section 280G(c) of the Code), and the benefits provided for under this Severance Agreement, together
with any other payments and benefits which the Executive has the right to receive from Parent, the Company, or any other person (“Covered Payments”), would constitute a “parachute payment” (as defined in
Section 280G(b)(2) of the Code), then Covered Payments that constitute parachute payments shall be either (1) reduced (but not below zero) so that the present value of such total Covered Payments received by the Executive will be one
dollar ($1.00) less than three times the Executive’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such Covered Payments received by the Executive shall be subject to the excise tax
imposed by Section 4999 of the Code or (2) paid in full, whichever produces the better net after-tax position to the Executive (taking into account any applicable excise tax under Section 4999
of the Code and any other applicable taxes). The determination as to whether any such reduction in the Covered Payments is necessary shall be made by the Company Board and the Executive in good faith. If Covered Payments are to be reduced hereunder,
the reduction shall occur in the following order: (1) reduction of cash payments for which the full amount is treated as a parachute payment; (2) cancellation of accelerated vesting (or, if necessary, payment) of cash awards for which the
full amount is not treated as a parachute payment; (3) reduction of any continued employee benefits; and (4) cancellation or reduction of any accelerated vesting of equity awards. In selecting the equity awards (if any) for which vesting
will be cancelled or reduced under clause (4) of the preceding sentence, awards shall be selected in a manner that maximizes the after-tax aggregate amount of reduced payments and benefits provided to the
Executive, provided that if (and only if) necessary in order to avoid the imposition of an additional tax under Section 409A, awards instead shall be selected in the reverse order of the date of grant. If two or more equity awards are granted
on the same date, each award will be reduced on a pro-rata basis. Notwithstanding the foregoing, if the Company Board and the Executive mutually agree that shareholder approval (obtained in a manner that
satisfies the requirements of Section 280G(b)(5) of the Code) of a Covered Payment would prevent the Executive from receiving a parachute payment, then, upon the request of the Executive and his agreement (to the extent necessary) to subject
her entitlement to the receipt of such Covered Payment to shareholder approval, the Company shall seek such approval in a manner that Company and the Executive mutually agree satisfies the requirements of Section 280G of the Code and the
regulations thereunder. 
 22. COMPLIANCE WITH SECTION 409A OF THE CODE. Certain payments contemplated by this Agreement may be
“deferred compensation” for purposes of Section 409A of the Code. Accordingly, the following provisions shall be in effect for purposes of avoiding or mitigating any adverse tax consequences to the Executive under Section 409A:

 (a) A termination of employment will not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A, for purposes of any such provision of this
Agreement, references herein to “termination”, “termination of employment” or similar terms will mean “separation from service”. 

  
 18 

 (b) The intent of the parties hereto is that payments and benefits under this Agreement
comply with or be exempt from Code Section 409A and the regulations and guidance promulgated thereunder and, accordingly, to the maximum extent permitted, this Agreement will be interpreted to be in compliance therewith or exempt therefrom. In
no event whatsoever will the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or damages for failing to comply with Code Section 409A. 

(c) To the extent any provisions of this Agreement would otherwise contravene one or more requirements or limitations of Code
Section 409A, then the Company and the Executive may, within any applicable time period provided under the Treasury Regulations issued under Code Section 409A, effect through mutual agreement the appropriate amendments to those provisions
which are necessary in order to bring the provisions of this Agreement into compliance with Code Section 409A, provided such amendments shall not reduce the dollar amount of any such item of deferred compensation or adversely affect the vesting
provisions applicable to such item or otherwise reduce the present value of that item. If any legislation is enacted during the term of this Agreement which imposes a dollar limit on deferred compensation, then the Executive will cooperate with the
Company in restructuring any items of compensation under this Agreement that are deemed to be deferred compensation subject to such limitation, provided such restructuring shall not reduce the dollar amount of any such item or adversely affect the
vesting provisions applicable to such item or otherwise reduce the present value of that item. 
 (d) Notwithstanding any provision to the
contrary in this Agreement, if (i) the Company, in its good faith discretion, determines that any payments or benefits described in this Agreement would constitute non-exempt deferred compensation for
purposes of Section 409A of the Code, and (ii) the Executive is a “specified employee” (within the meaning of Section 409A of the Code and the Treasury Regulations thereunder) at the time of her termination of employment,
then such payments or benefits shall not be made or paid to the Executive prior to the earlier of (A) the expiration of the six (6) month period measured from the date of such “separation from service” or (B) the date of her
death (the “Delay Period”). Upon the expiration of the Delay Period, all payments deferred pursuant to this Subsection 24(d) shall be paid in a lump sum to the Executive, and any remaining payments due under this Agreement shall be
paid in accordance with the normal payment dates specified for them herein. 
 (e) For purposes of Code Section 409A, the
Executive’s right to receive any installment payment pursuant to this Agreement will be treated as a right to receive a series of separate and distinct payments. 

(f) Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment will be made
within thirty (30) days following the Termination Date”), the actual date of payment within the specified period will be determined solely by the Company; provided that if such period begins in one calendar year and ends in a second
calendar year and is conditioned on the Executive’s execution of the Release, such payment shall be made in the second of such calendar years. 

(g) Notwithstanding any other provision herein to the contrary, in no event will any payment that constitutes
non-exempt deferred compensation subject to Code Section 409A, as determined in good faith by the Company, be subject to offset, counterclaim, or recoupment by any other amount payable to the Executive
unless otherwise permitted by Code Section 409A. 

  
 19 

 (h) To the extent that reimbursements or other
in-kind benefits under this Agreement constitute non-exempt deferred compensation for purposes of Code Section 409A, (i) all expenses or other reimbursements
hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (ii) any right to such reimbursement or in-kind
benefits shall not be subject to liquidation or exchange for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall
in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 

[Remainder of the page intentionally left blank, signature page follows] 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	 NextEV USA Inc

	 (the “Company”)
  

	 /s/ William Li

	By:	 	William Li
	Its:	 	Chairman

  

			
	 NextEV Limited

	 (“NextEV Limited”)
  

	 /s/ William Li

	By:	 	William Li
	Its:	 	Chairman

  

			
	 NextEV Inc

	 (“Parent”)
  

	 /s/ William Li

	By:	 	William Li
	Its:	 	Chairman

  

			
	 /s/ Padmasree Warrior

	 PADMASREE WARRIOR

	(the “Executive”)

 [Signature page to Severance Agreement] 

  
 21Exhibit 10.1

 

Investment Agreement

 

Relating
to

 

Future
Gas Station (Beijing) Technology Co., Ltd.

 

    	 

     

    

 

Investment Agreement

 

This Investment Agreement Relating to
Future Gas Station (Beijing) Technology Co., Ltd. ("this Agreement") is executed on August 21, 2018 in Beijing
in the People's Republic of China ("PRC")(for the purpose of this Agreement only, excluding the Hong Kong Special
Administrative Region, the Macao Special Administrative Region and Taiwan) by and among:

 

		1.	Future Gas Station (Beijing) Technology Co., Ltd. ("FGS"), a limited liability company incorporated
in Beijing, PRC under the laws of PRC, with its unified social credit code as 91110108MA0033XK5Y, with its legal representative
as Yang Song, and with its domicile as Room 1315, Unit 2, Floor 13, Building 36, Deshengmenwai Street, Xicheng District, Beijing;

 

		2.	Yang Song, whose identity card No. is XXXXX;

 

		3.	Rui Liu, whose identity card No. is XXXXX;

 

		4.	Zhizhuo Peng, whose identity card No. is XXXXX;

 

		5.	Xing Yao, whose identity card No. is XXXXX;

 

		6.	Gang Yang, whose identity card No. is XXXXX;

 

		7.	Lin Song, whose identity card No. is XXXXX;

 

		8.	Beijing Baihengda Petroleum Technology Co., Ltd. (“Beijing BHD”), a limited
liability company incorporated in Beijing, PRC under the laws of the PRC; and

 

		9.	Nanjing Recon Technology Co., Ltd. (“Nanjing RECON”), a limited liability
company incorporated in Nanjing, PRC under the laws of the PRC

 

where:

 

Yang Song, Rui Liu, Zhizhuo Peng and Xing
Yao are collectively referred to as “Founding Shareholders”; Beijing BHD and Nanjing RECON are collectively
referred to as “Investors”; Yang Song, Rui Liu, Zhizhuo Peng, Xing Yao, Gang Yang, and Lin Song are collectively
referred to as “Existing Natural Person Shareholders” or severally referred to as “an Existing Natural
Person Shareholder”; and the Investors and the Existing Natural Person Shareholders are collectively referred to as “Shareholders”
or “Parties”, and each referred to as a “Party”.

 

    	2

     

    

 

WHEREAS:

 

		1.	FGS is currently a limited liability company incorporated under the laws of the PRC, and primarily
engaged in the application of new technologies and data-based operation with respect to gas stations (“Principal Business”);

 

		2.	As of the date hereof, the registered capital of FGS is RMB 54.35 million yuan, with the shareholding
structure as follows:

 

	No.	 	Shareholder name	 	Contribution

     (RMB ’ 0000 yuan)	 	 	Contribution

 percentage	 
	1	 	Yang Song	 	 	3,225	 	 	 	59.3376	%
	2	 	Gang Yang	 	 	500	 	 	 	9.1996	%
	3	 	Rui Liu	 	 	375	 	 	 	6.8997	%
	4	 	Zhizhuo Peng	 	 	375	 	 	 	6.8997	%
	5	 	Lin Song	 	 	400	 	 	 	7.3597	%
	6	 	Xing Yao	 	 	125	 	 	 	2.2999	%
	7	 	Nanjing RECON	 	 	217.5	 	 	 	4.0018	%
	8	 	Beijing BHD	 	 	217.5	 	 	 	4.0018	%
	 	 	Total	 	 	5,435	 	 	 	100	%

 

		3.	The Parties agree that the Investors shall invest no more than RMB 43,295,200 yuan (the “Investment
Amount”) into FGS (“this Investment”).

 

On the principles
of equality and mutual benefit and through friendly negotiation, the Parties to this Agreement hereby agree as follows with respect
to this Investment:

 

 Article.1    Equity Transfer Prior to This Investment

 

		1.1	The Parties signed a Capital Increase Agreement Relating to Future Gas Station (Beijing) Technology
Co., Ltd. on December 25, 2017; because FGS and the Shareholders failed to accomplish some of the performance goals specified
in the Capital Increase Agreement, the Founding Shareholders agreed to transfer some shares of FGS to the Investors free of charge,
and the Investors agreed to accept such shares (“Equity Transfer”). After occurrence of the Equity Transfer,
the shareholding structure of FGS is as follows:

 

    	3

     

    

 

	No.	 	Shareholder name	 	Contribution

     (RMB ’ 0000 yuan)	 	 	Contribution
 percentage	 
	1	 	Yang Song	 	 	3,049.71	 	 	 	56.1124	%
	2	 	Gang Yang	 	 	472.82	 	 	 	8.6995	%
	3	 	Rui Liu	 	 	354.62	 	 	 	6.5248	%
	4	 	Zhizhuo Peng	 	 	354.62	 	 	 	6.5248	%
	5	 	Lin Song	 	 	378.26	 	 	 	6.9597	%
	6	 	Xing Yao	 	 	118.21	 	 	 	2.1750	%
	7	 	Nanjing RECON	 	 	353.38	 	 	 	6.5019	%
	8	 	Beijing BHD	 	 	353.38	 	 	 	6.5019	%
	 	 	Total	 	 	5,435	 	 	 	100	%

 

 Article.2     This Investment

 

		2.1	The Investors agree to invest no more than RMB 42,395,200 yuan (including RMB 10 million in cash
and shares of the listed company equivalent to RMB 33,295,200)(“Investment Amount”) into FGS by purchasing some
shares of the Founding Shareholders (“this Equity Purchase”) and by increasing contribution to FGS ("this
Capital Increase")(this Equity Purchase and this Capital Increase are collectively referred to as “this Investment”);
among the Investment Amount, RMB 10 million in cash will be invested by increasing contribution to FGS, and the shares of the listed
company equivalent to no more than RMB 33,295,200 will be invested by purchasing the shares of the Founding Shareholders.

 

		2.2	Upon completion of this Equity Purchase, the shareholding structure of FGS changes to:

 

	No.	 	Shareholder name	 	Contribution 
 (RMB ’ 0000 yuan)
	 	 	Contribution
 percentage	 
	1	 	Yang Song	 	 	2,151.87	 	 	 	39.5928	%
	2	 	Gang Yang	 	 	333.62	 	 	 	6.1384	%
	3	 	Rui Liu	 	 	250.22	 	 	 	4.6039	%
	4	 	Zhizhuo Peng	 	 	250.22	 	 	 	4.6039	%
	5	 	Lin Song	 	 	266.90	 	 	 	4.9108	%
	6	 	Xing Yao	 	 	83.41	 	 	 	1.5347	%
	7	 	Nanjing RECON	 	 	1,049.38	 	 	 	19.3078	%
	8	 	Beijing BHD	 	 	1,049.38	 	 	 	19.3078	%
	 	 	Total	 	 	5,435	 	 	 	100	%

    	4

     

    

 

		2.3	Upon completion of this Capital Increase, the shareholding structure of FGS changes to:

 

	No.	 	Shareholder name	 	Contribution 

(RMB
    ’ 0000 yuan)	 	 	Contribution
 percentage	 
	1	 	Yang Song	 	 	2,151.87	 	 	 	36.7648	%
	2	 	Gang Yang	 	 	333.62	 	 	 	5.6999	%
	3	 	Rui Liu	 	 	250.22	 	 	 	4.2750	%
	4	 	Zhizhuo Peng	 	 	250.22	 	 	 	4.2750	%
	5	 	Lin Song	 	 	266.90	 	 	 	4.5600	%
	6	 	Xing Yao	 	 	83.41	 	 	 	1.4251	%
	7	 	Nanjing RECON	 	 	1,258.42	 	 	 	21.5001	%
	8	 	Beijing BHD	 	 	1,258.42	 	 	 	21.5001	%
	 	 	Total	 	 	5,853.08	 	 	 	100	%

 

		2.4	On condition that the conditions precedent specified in Article 5.1 are fully satisfied or are
waived by the Investors in writing, the Investors shall issue to the Existing Natural Person Shareholders restricted shares of
RECON TECHNOLOGY, LTD (a company listed on the US Nasdaq Stock Exchange and incorporated in the Cayman Islands under Cayman laws)
equivalent to no more than RMB 33,295,200 in total (“Restricted Shares"). ("Closing of this Equity Purchase"),
where the actually issued shares shall be calculated at a central parity rate of Renminbi yuan to US dollar officially announced
by the People's Bank of China on the date hereof, and the issued shares are priced on a basis of 2 US dollars per share.

  

    	5

     

    

 

		2.5	The Investors shall pay the capital increase amount of this Capital Increase to FGS according to
the following steps:

 

(1) Within seven days from
the date hereof, the Investors shall remit RMB 2 million into the designated account of FGS in the monetary form; considering that
the Investors have paid an advance of RMB 390,000 to FGS for the business operation purpose before the signing of this Agreement,
the investment amount that the Investors shall pay to FGS this time is RMB 1.61 million;

 

(2) By October 2018, after
appraising the performance of FGS, the Investors shall pay RMB 1 million as the second installment of capital increase amount to
FGS;

 

(3) From November 2018 to March
2019, in view of actual fund consumption of FGS with respect to gas station deployment, equipment customization requirements, promotion
progress, and research and development progress, the Investors shall pay the third installment of capital increase amount to FGS,
in which the amount available for construction of new gas stations shall not be more than RMB 5 million (expectedly 200 gas stations
to be constructed, each at a cost of RMB 25,000); and

 

(4) By May 2019, on condition
that the conditions precedent specified in Article 5.2 are fully satisfied or are waived by the Investors in writing, the Investors
shall pay off the remaining unpaid capital increase amount to FGS. (“Closing of this Capital Increase” and “Closing
of this Investment”).

 

		2.6	The Parties unanimously agree that the investment obligations of the Investors under this Agreement
are completed upon the Closing of this Equity Purchase and the Closing of this Capital Increase. The Investors shall have all corresponding
shareholder rights and assume corresponding shareholder obligations in accordance with the stipulations of the laws, this Agreement
and the effective Articles of Associations of Future Gas Station (Beijing) Technology Co., Ltd.

 

 Article.3      Representations and Warranties of FGS and Existing Natural Person Shareholders

 

With respect to the following matters,
except for those disclosed in Exhibit I “Letter of Disclosure” by FGS and the Existing Natural Person Shareholders
to the Investors, the following representations and warranties made severally and jointly by FGS and Existing Natural Person Shareholders
to the Investors are true, accurate and complete from the date hereof to the Closing of this Investment:

 

    	6

     

    

 

		3.1	FGS is a limited liability company legally incorporated and validly existing under the laws of
the PRC, with its existing registered capital having been legitimately paid off in full by its shareholders or paid off within
the promised time limit. The Existing Natural Person Shareholders are the legally valid shareholders of FGS; neither the Existing
Natural Person Shareholders nor FGS has promised to issue or actually issued any equity interests, shares, bonds, options or any
equity interests of the same or similar nature to any third party in any form. All equity interests and capital contributions to
FGS are free from any pledge, other security interests, third party interests or any other form of restriction. No existing Shareholder
is implicated in holding equity on behalf of any public functionaries or other subject parties that are prohibited by law from
participating in for-profit activities.

 

		3.2	FGS and Existing Natural Person Shareholders have disclosed in writing to the Investors all subsidiaries,
branches and their shareholding structures of FGS and existing Shareholders. Neither FGS nor any existing Shareholder directly
or indirectly owns or controls any rights of any other company, partnership, trust, joint venture, organization or entity, nor
does FGS or any existing Shareholder operate any regional office or branch or subsidiary.

 

		3.3	FGS and Existing Natural Person Shareholders act voluntarily and are fully entitled and authorized
to sign and perform this Agreement and complete the transactions contemplated hereunder. FGS and Existing Natural Person Shareholders
have been legally and effectively authorized for this Agreement and all transactions contemplated hereunder by taking every necessary
action. This Agreement constitutes obligations that are legal, effective and binding upon FGS and Existing Natural Person Shareholders.

 

		3.4	Signing and performing this Agreement are in no way contradictory to the existing Articles of Association
of FGS, or the laws and regulations applicable to FGS and Existing Natural Person Shareholders, or any administrative order of
the government agency, or other contracts or legal documents to which FGS or any Existing Natural Person Shareholder is a party;
and will not lead to violation thereof or cause non-performance of or failure to perform provisions thereof.

 

		3.5	FGS has all the licenses, authorizations, approvals, accreditations or filings from or by the government
authorities or administrations as required for the current business of FGS, and has obtained the approval (if applicable) of the
authority in charge of the subsidiaries incorporated with the investment of FGS.

 

		3.6	Operations and business activities of FGS from its inception have complied with relevant laws and
regulations in all material aspects, including but not limited to industrial and commercial administration, taxation, business
affairs, communications, foreign exchange, and labor, have never been implicated in any illegal acts and have been free from any
form of punishment by any competent government authorities.

 

    	7

     

    

 

		3.7	The financial statements submitted by FGS to the Investors reflect the operating status and financial
status of FGS in the relevant period and on the relevant dates in a true, accurate and complete manner; the information reflected
and the content carried in such financial statements are true, accurate and complete; and the financial statements have no omission
or concealment that may materially affect the transactions contemplated hereunder.

 

		3.8	FGS has fully, accurately and completely disclosed to the Investors all the loans, liabilities,
guarantees and indebtedness of FGS that have occurred and are reasonably anticipated to occur as of the date hereof, including
but not limited to any unpaid loans (borrowings) from any financial institutions, and any third-party guarantee furnished by FGS
for liabilities or benefits of any third party; FGS currently has no undisclosed practical or potential indebtedness (if any indebtedness
exists, FGS shall furnish a financial status statement to disclose all information about it).

 

		3.9	From the date hereof to the Closing of this Investment, except for the matters otherwise provided
in this Agreement or the matters already disclosed by FGS to the Investors in writing and agreed by the Investors, the Existing
Natural Person Shareholders and FGS do not:

 

		3.9.1	issue, repurchase, change, transfer or otherwise dispose of any equity, bonds, options or interests
of the same or similar nature;

 

		3.9.2	announce or pay any dividends or perform any other distributions;

 

		3.9.3	perform acquisition, merger, annexation, joint venture operation or other similar transactions
of any equity or assets;

 

		3.9.4	sell, lease, transfer or dispose of all or most of their assets;

 

		3.9.5	make modifications to their articles of association except the amendments in accordance with this
Agreement;

 

		3.9.6	modify any existing contract or agreement or establish or terminate cooperation with any third
parties except those required for the normal course of business of FGS;

 

		3.9.7	make any arrangements or sign any contracts or agreements with a third party in a connected relationship;

 

    	8

     

    

 

		3.9.8	borrow money from an affiliate, an existing Shareholder, a director, or an employee;

 

		3.9.9	change the registered capital, change the shareholding percentage of a Shareholder, transfer shares,
or otherwise dispose of shares;

 

		3.9.10	make other capital expenditures or related commitments except for the matters disclosed to the
Investors;

 

		3.9.11	furnish guarantees to others, or arrange mortgages, pledges, liens or other security interests
on their property;

 

		3.9.12	incorporate or terminate a holding subsidiary;

 

		3.9.13	develop any employee profit-sharing plan;

 

		3.9.14	incur any material adverse change in the financial status;

 

		3.9.15	perform major transactions beyond routine business and generate significant liabilities;

 

		3.9.16	perform any major transactions or acts beyond the normal business scope;

 

		3.9.17	initiate, suspend or terminate any litigation, arbitration or other legal proceedings that have
a significant impact on the business of FGS; or

 

		3.9.18	perform any act or omission that may result in any of the occurrences set out above.

 

		3.10	FGS has filed tax returns in accordance with the laws of the PRC and the requirements of competent
tax authorities. FGS is free from any tax arrears and punishment imposed by a tax authority due to any tax payment matters. No
asset is seized due to tax nonpayment of FGS.

 

		3.11	FGS meets financial and accounting requirements under the laws and regulations of the PRC in all
material aspects such as financial systems, book vouchers, invoice management, and tax returns.

 

		3.12	FGS has legal ownership of or right to use any personal property, real property and intangible
assets owned, occupied or used by it, and no such property owned, occupied or used by it bears any pledge, mortgage, lien, other
security interests, third party interests, or any other form of restriction.

 

    	9

     

    

 

		3.13	FGS has fully disclosed to the Investors in writing all the real properties (if any) owned and
used by it. For each real property held by FGS, FGS has obtained legal and valid property rights certificates (including housing
ownership certificates and land use certificates); to FGS’ knowledge, no relevant land or real estate management agencies
have any record of objection to the property rights of the real property of FGS. The current purpose of the real property is in
line with the approved purposes under relevant planning and construction regulations and, to FGS’ knowledge, the real property
will not be adversely affected by any planning.

 

		3.14	FGS has fully disclosed to the Investors in writing all the intellectual property rights owned
and used by it. FGS has legal ownership of or right to use all intellectual property rights used by it (including but not limited
to patents, trademarks, copyrights, know-how, domain names and trade secrets), and any operating activities pertaining to others’
intellectual property rights have been duly authorized or licensed. FGS is not implicated in any infringement of others’
intellectual property rights, trade secrets, proprietary information or other similar rights, and is free from any existing or
potential claims, disputes or proceedings requiring FGS to compensate for infringement of intellectual property rights, trade secrets,
proprietary information or other similar rights of any third party. FGS has legitimately and duly registered or has legitimately
applied for relevant registration of trademarks, patents, software copyrights and domain names owned by FGS.

 

		3.15	All significant contracts or agreements to which FGS is a party, whose subject matter amount exceeds
RMB 100,000 yuan, are legal and valid and have been properly performed without any implication in breach of contract. FGS has never
signed any of the contracts or agreements: (i) formed not in the day-to-day course of business; (ii) formed not on a fair basis
or at arm’s length; (iii) about any transactions with any third parties in a connected relationship with FGS (including but
not limited to Shareholders, directors and employees or any affiliate of said persons); or (iv) consciously to cause losses or
impair the benefits of FGS as reasonably determined at the time of signing.

 

		3.16	FGS has fully disclosed to its Investors in writing the name lists and titles of its officers and
core employees (see Exhibit II of this Agreement). Such officers and core employees are not engaged in any business activities,
directly or indirectly in their capacity as an employee (full-time and/or part-time), in any other company, enterprise, partnership
or entity that competes with the principal business of FGS; and existing Shareholders, officers and core employees have made no
other investments that differ from the investment in FGS and compete with the principal business of FGS.

 

    	10

     

    

 

		3.17	FGS has signed labor contracts, confidentiality and intellectual property rights agreements, and
non-competition agreements with officers and core employees in accordance with applicable labor laws and regulations, where the
contracts and agreements are satisfactory to the Investors and currently effective. The officers and core employees of FGS do not
bear confidentiality obligations or non-competition obligations for their former employers and any third parties, and their work
in FGS does not constitute any breach of contract or infringement of rights of any third party.

 

		3.18	FGS abides by all applicable labor regulations, and is not implicated in any material labor disputes
or controversies with its existing employees or previously hired employees. FGS does not have any payable but unpaid financial
compensation or similar payment obligations arising from dissolution of labor relationships. FGS has paid and/or withheld premiums
for basic pension insurance, basic medical insurance, unemployment insurance, industrial injuries insurance, maternity insurance
and housing fund in full according to applicable laws and regulations. FGS is not implicated in any material disputes related to
social insurance charges or the housing fund, and incurs no signs or symptoms of being to be punished due to failure of fully paying
social insurance charges or the housing funds.

 

		3.19	FGS is not implicated in any underway litigation, arbitration, administrative penalties, administrative
reconsideration or other legal proceedings against FGS, nor is it implicated in any legal liability or obligation imposed by any
rulings or decisions made by any courts, arbitration institutions or other judicial and administrative authorities.

 

		3.20	To the knowledge of FGS and existing Shareholders, there are no facts relating to FGS or the principal
business thereof that may have a material adverse effect which are not disclosed to the Investors in this Agreement, the letter
of disclosure, the financial statements or other disclosure made by FGS to the Investors in writing. The representations and warranties
made by FGS and existing Shareholders in negotiating and executing this Agreement include no false statements or omissions or misleading
information.

 

		3.21	The Founding Shareholders further agree that if FGS or its assets are found to incur before execution
of this Agreement any existing and/or potential contingent liabilities, obligations, tax arrears, penalties, litigation, arbitration,
or any claims made by others against FGS, which arise from or are caused by or attributable to FGS and need to be actually borne
by FGS for any reasons based on the contract law or tort law or administrative law or any other laws, notwithstanding they have
been disclosed in the letter of disclosure, then the existing Shareholders shall severally and jointly bear any responsibility
or loss arising therefrom for FGS or the Investors.

 

    	11

     

    

 

		3.22	FGS has purchased the insurance (if any) that is generally applicable in the relevant industry.

 

 Article.4       Representations and Warranties of the Investors

 

The following representations and warranties
made by the Investors to FGS and the existing Shareholders are true, accurate and complete from the date hereof to the Closing
of this Investment:

 

		4.1	The Investors are limited liability companies legally incorporated and validly existing under the
laws of the PRC.

 

		4.2	The Investors act voluntarily and are fully entitled and authorized to sign and perform this Agreement
and complete the transactions contemplated hereunder. The Investors have been duly, legally and effectively authorized for execution
of this Agreement. This Agreement constitutes obligations that are legal, effective and binding upon the Investors.

 

		4.3	The source of money invested by the Investors into FGS is legal, and the Investors have the right
to use the money in the manner agreed in this Agreement.

 

 Article.5       Conditions Precedent

 

		5.1	The Investors perform their obligations of the Closing of this Equity Purchase under this Agreement
subject to the following conditions precedent:

 

		5.1.1	The representations and warranties made by FGS and the Existing Natural Person Shareholders in
this Agreement and in any certificates or other documents submitted pursuant to this Agreement shall be true, accurate and complete
in all material respects from the date of making such representations and warranties through the closing date of this Equity Purchase;

 

		5.1.2	The shareholders’ meeting of FGS has deliberated and approved: (i) the Equity Transfer and
the Equity Purchase; (ii) execution of all documents relating to the Equity Transfer and the Equity Purchase; (iii) enactment of
new Articles of Association; and (iv) FGS has obtained a corporate business license issued by the industrial and commercial administration
with respect to this Equity Transfer and this Equity Purchase, and has furnished a copy of the corporate business license to the
Investors, and has updated the shareholder information according to Article 2.2 hereof at the industrial and commercial administration.

 

    	12

     

    

 

		5.2	The Investors perform their obligations of the closing of this Capital Increase under this Agreement
subject to the following conditions precedent:

 

		5.2.1	The representations and warranties made by FGS and the Existing Natural Person Shareholders in
this Agreement and in any certificates or other documents submitted pursuant to this Agreement shall be true, accurate and complete
in all material respects from the date of making such representations and warranties through the closing date of this Capital Increase;

 

		5.2.2	No change that may bring any material adverse effect on FGS has occurred with respect to assets,
financial status, business status, and technical and legal aspects of FGS;

 

		5.2.3	The shareholders’ meeting of FGS has deliberated and approved: (i) this Capital Increase;
(ii) execution of documents relating to the Capital Increase of FGS; (iii) enactment of new Articles of Association; and (iv) FGS
has obtained a corporate business license issued by the industrial and commercial administration with respect to this Capital Increase,
and has furnished a copy of the corporate business license to the Investors, and has updated the shareholder information according
to Article 2.3 hereof at the industrial and commercial administration.

 

 Article.6       Commitments of the Parties

 

		6.1	FGS and the Existing Natural Person Shareholders severally and jointly make the following commitments
to the Investors:

 

		6.1.1	From the date hereof, FGS and the Existing Natural Person Shareholders shall make their best efforts
to procure the transactions contemplated hereunder to be completed in accordance with the terms of this Agreement. FGS and the
Existing Natural Person Shareholders shall take all necessary measures to obtain all government approvals, consents, responses,
permits, registrations and filings as required in this Agreement or required for the purpose of fully performing this Agreement.

 

		6.1.2	FGS and the Existing Natural Person Shareholders shall not further perform consultation, discussion,
negotiation or sign any documents with any other investors, investment companies or institutions with respect to the matters relating
to the investment in FGS, unless as already disclosed to the Investors.

 

    	13

     

    

 

		6.1.3	From the date hereof, the existing business of FGS will go on as a going concern in the normal
course of business by adhering to consistent operation principles, without substantially changing the nature, scope or pattern
of the business.

 

		6.1.4	Upon the third anniversary since its inception (i.e., by January 2019), FGS will be registered
as a qualified supplier of the Zhejiang sales company of China National Petroleum Corporation (CNPC) and other corresponding sales
companies in the provinces and cities in which FGS will execute contracts in the future for cooperation.

 

		6.1.5	All operating activities of FGS shall comply with the provisions of laws and regulations. FGS shall
timely apply for and renew all the licenses, authorizations, approvals, accreditations or filings from or by the government authorities
or administrations as required for the business activities of FGS.

 

		6.1.6	The Founding Shareholders, the officers and core employees of FGS shall not directly or indirectly:

 

		(1)	without the written consent of the Investors, directly or indirectly make investments, participate,
assist or engage in a business or entity in a competitive relationship with the business of FGS in any form before completion of
the initial public offering of FGS ("IPO", which means that the shares of FGS are publicly issued and listed on a stock
exchange in the PRC or other countries and regions as approved by the shareholders’ meeting of FGS) or before the date on
which the Investors no longer hold the equity of FGS, whichever is earlier (the “Restriction Period”);

 

		(2)	within the Restriction Period, persuade in any way a person who has ever been or is acting as a
client or customer of FGS so as to provide such client or customer with commodities or services that are similar to or compete
with the business of FGS;

 

		(3)	within the Restriction Period, persuade or induce the employees or managers of FGS to leave FGS,
except that the employees or managers who seriously violate the labor contract or regulations of FGS are required by FGS to leave
FGS according to relevant stipulations; or

 

		(4)	at any time, disclose to others or use information about the business, accounting, finance, transactions
or intellectual property rights, or any FGS-related trade secrets or confidential information for purposes unrelated to FGS.

 

    	14

     

    

 

		6.1.7	The Founding Shareholders undertake that their investments or incumbency in other companies than
FGS shall comply with the requirements of Chinese laws and regulations and the IPO review requirements of the China Securities
Regulatory Commission (CSRC), without legally impeding the IPO of FGS. If, in the process of applying for the IPO by FGS, the CSRC
disputes an outbound investment or incumbency of the Founding Shareholders, or the outbound investment or incumbency of any existing
Shareholder does not comply with the IPO review policies of the CSRC, then such existing Shareholder shall actively make adjustments
to ensure that FGS is not impeded from achieving the IPO.

 

		6.1.8	Without the unanimous written consent of the Investors, no Founding Shareholder shall howsoever
transfer, dispose of, or pledge the shares directly or indirectly held by it in FGS, or arrange any third party rights on such
shares, or permit arrangement of any pledge or third party rights on such shares, and no Founding Shareholder shall hold equity
on behalf of any public functionaries or other subject parties that are prohibited by law from participating in for-profit activities.

 

		6.1.9	If a Founding Shareholder intends to change his/her nationality or a similar circumstance occurs,
a written notice shall be served on the Investors at least ninety (90) days in advance.

 

		6.2	The existing Shareholders undertake to abide by and perform all terms and conditions of this Agreement.

 

		6.3	The existing Shareholders undertake that after the Closing of this Equity Purchase, the Existing
Natural Person Shareholders will sign a concerted action agreement with the Investors.

 

		6.4	The Investors make the following commitments:

 

		6.4.1	From the date hereof to completion of the transactions, the Investors shall make every reasonable
effort to make the transactions contemplated hereunder to be completed in accordance with the terms of this Agreement.

 

		6.4.2	The Investors shall furnish necessary documents to assist FGS and/or the Existing Shareholders
in obtaining all government approvals, consents, permits, registrations and filings as required in this Agreement or required for
the purpose of fully performing this Agreement.

 

    	15

     

    

 

 Article.7    Corporate Governance

 

		7.1	The shareholders’ meeting of FGS is the supreme authority of FGS. When FGS convenes a shareholders’
committee meeting, the Investors and the existing Shareholders shall exercise their voting rights proportionally in accordance
with their capital contribution percentages after the closing to determine corporate affairs except as otherwise provided in this
Agreement or the new Articles of Association.

 

		7.2	After the Closing of this Equity Purchase, the shareholders’ meeting of FGS shall exercise
the following responsibilities and powers:

 

		7.2.1	Modifying or annulling any terms in the Articles of Association;

 

		7.2.2	Making resolutions on increase or decrease of the registered capital of FGS;

 

		7.2.3	Making resolutions on the merger, division, or dissolution of FGS, or the change of the organizational
form of FGS;

 

		7.2.4	Determining the operation policies and investment plans of FGS;

 

		7.2.5	Electing and replacing directors and supervisors not assumed by staff representatives, and determining
remuneration affairs of the directors and supervisor;

 

		7.2.6	Deliberating and approving the report of the board of directors;

 

		7.2.7	Deliberating and approving the report of the board of directors or the report of supervisors;

 

		7.2.8	Deliberating and approving the annual financial budgets and final accounts of FGS;

 

		7.2.9	Deliberating and approving a profit distribution plan and a deficit recovery plan of FGS;

 

		7.2.10	Making a resolution on issuance of corporate bonds;

 

		7.2.11	Performing any change in any rights, preferential rights, privileges or powers of the Investors
or in the restrictions imposed on the interests of the Investors;

 

		7.2.12	Conferring shareholder rights, which are superior to or equal to those of the Investors, on other
shareholders (existing or potential), and issuing any bonds or equity securities of FGS (except for those issued under an employee
stock option program approved in advance);

 

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		7.2.13	Repurchasing or redeeming the shares of FGS (except for the repurchase or redemption performed
in accordance with the repurchase or redemption provisions in the new Articles of Association) and issuing the shares that have
the rights of such repurchase or redemption;

 

		7.2.14	Performing share splitting, share consolidation, dividends distribution, reclassification or other
forms of corporate capital restructuring;

 

		7.2.15	Changing the nature or scope of the business of FGS;

 

		7.2.16	Performing any acquisition, annexation, sale, merger, or joint venture relating to FGS, or forming
any subsidiary or branch;

 

		7.2.17	Issuing any bonds or equity securities of FGS publicly;

 

		7.2.18	Liquidating or dissolving FGS;

 

		7.2.19	Selling all or substantially all of the assets, intellectual property or goodwill of FGS, or purchasing
all or substantially all of the assets of another entity, or acquiring any entity;

 

		7.2.20	Changing the number of members of the board of directors; and

 

		7.2.21	Transferring any shares in FGS by the Founding Shareholders of FGS.

 

		7.3	After the Closing of this Equity Purchase, the resolutions on the matters in paragraphs 7.2.1—7.2.3
under Article 7.2, which are made by the shareholders’ meeting of FGS, are subject to consent of two-thirds (2/3) or more
of all shareholders with the voting rights of FGS (which shall include the voting rights held by the Investors).

 

		7.4	After the Closing of this Equity Purchase, the resolutions on the matters in paragraphs 7.2.4—7.2.21
under Article 7.2, which are made by the shareholders’ meeting of FGS, are subject to consent
of a half (1/2) or more of all shareholders with the voting rights of FGS (for matters in paragraphs 7.2.8, 7.2.10—7.2.21,
the voting rights shall include the voting rights held by the Investors).

 

		7.5	The board of directors shall hold at least one board meeting every quarter, and the board meeting
is valid only when it is attended by two (2) or more directors (which shall include the directors appointed by the Investors).

 

    	17

     

    

 

		7.6	The board of directors of FGS is responsible to the shareholders’ meeting; after the Closing
of this Equity Purchase, the board of directors of FGS shall exercise the following responsibilities and powers:

 

		7.6.1	Convening a shareholders’ committee meeting, and reporting to the shareholders’ meeting;

 

		7.6.2	Performing resolutions made by the shareholders’ meeting;

 

		7.6.3	Determining the operation plans and investment plans of FGS;

 

		7.6.4	Developing annual financial budgets and final accounts of FGS;

 

		7.6.5	Developing the profit distribution plan and the deficit recovery plan of FGS;

 

		7.6.6	Developing plans on increase or decrease of the registered capital of FGS and plans on issuance
of corporate bonds;

 

		7.6.7	Developing plans on the merger, division, or dissolution of FGS, or the change of the organizational
form of FGS;

 

		7.6.8	Determining the setup of internal management bodies of FGS;

 

		7.6.9	Formulating the basic management systems of FGS;

 

		7.6.10	Determining to appoint or dismiss the manager (CEO) of FGS and, as nominated by the manager, determining
to appoint or dismiss the deputy manager, chief financial officer (CFO), other core employees, and any other employees with an
annual salary (including salary, bonus, and perks) of over RMB 500,000, and determining the remuneration matters of such employees;

 

		7.6.11	Increasing the salary of any one of best paid five (5) employees of FGS;

 

		7.6.12	Handling any transaction between FGS and any shareholder, director, officer or employee, or between
any enterprises that are connected in any way, except the transaction that is conducted within the day-to-day business scope of
FGS according to normal commercial terms, and that has been fully disclosed in writing to the Investors before accomplishment of
the transaction;

 

		7.6.13	Passing or modifying an employee stock option program (including modification of any terms or conditions
thereof);

 

		7.6.14	Appointing or removing auditors of FGS, and determining audit fees or other fees;

 

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		7.6.15	Modifying the accounting policies of FGS or changing the accounting year of FGS;

 

		7.6.16	Handling any debt or expenditure of more than RMB 200,000 of FGS (whether in a single transaction
or in a series of related transactions);

 

		7.6.17	Instituting, terminating or resolving any material litigation (arbitration or litigation with a
subject matter of more than RMB 200,000), and determining reconciliation, change, request waiver, or other rights in significant
litigations;

 

		7.6.18	Pledging the shares that are directly or indirectly held by FGS, or placing guarantee or other
encumbrances on such shares;

 

		7.6.19	Using any assets of FGS as security or guarantee;

 

		7.6.20	Announcing or paying any dividends of shares;

 

		7.6.21	Passing annual performance indicators of FGS; and

 

		7.6.22	Handling other significant matters.

 

		7.7	After the Closing of this Equity Purchase, the resolutions of the board of directors of FGS are
subject to consent of a half or more of all directors of FGS, in which the resolutions of the board of directors with respect to
the matters in paragraphs 7.6.10—7.6.21 under Article 7.6 are subject to consent of such directors that include the directors
appointed by the Investors.

 

		7.8	After the Closing of this Equity Purchase, the Investors have the right to oversee the use of the
funds of FGS in a manner that is effective in the opinion of the Investors.

 

 Article.8      Information Rights of the Investors

 

		8.1	FGS shall furnish the Investors with:

 

		8.1.1	an annual budget plan for each new accounting year of FGS within thirty (30) days prior to the
beginning of this accounting year;

 

		8.1.2	an annual consolidated financial statement within ninety (90) days after the end of each accounting
year, where the annual consolidated financial statement is audited in accordance with the Chinese Accounting Standards by an accounting
firm approved by the Investors;

 

    	19

     

    

 

		8.1.3	an unaudited quarterly consolidated financial statement within forty-five (45) days after the end
of each quarter, where the unaudited quarterly consolidated financial statement is prepared in accordance with the Chinese Accounting
Standards;

 

		8.1.4	an unaudited monthly consolidated financial statement within ten (10) days after the end of each
month, where the unaudited monthly consolidated financial statement is prepared in accordance with the Chinese Accounting Standards;

 

		8.1.5	an annual budget within thirty (30) days prior to the end of each accounting year;

 

		8.1.6	photocopies of all documents or other information provided to the Shareholders; and

 

		8.1.7	Other documents or information as reasonably required by the Investors.

 

		8.2	The Investors have the right to access and copy the Articles of Association, minutes of the shareholders’
meeting, resolutions of the board of directors, supervisors’ decisions, and financial accounting reports.

 

		8.3	From the effective date of this Agreement, by notifying FGS in advance and without affecting the
normal operation of FGS, the Investors have the right to, at their own costs: (i) access and check the assets, financial books
and other business records of FGS and its subsidiaries during normal business hours; and (ii) when reasonable and necessary, communicate
with the directors, supervisors, officers, or staff of relevant companies, or professional service agencies employed by such companies,
with respect to the business, operation and status and other matters of FGS and its subsidiaries; or visit their advisors, employees,
independent accountants and lawyers.

 

 Article.9      Lock-up Period of Restricted Shares, Performance Commitments of FGS, and Compensation

 

		9.1	The Restricted Shares granted by the Investors to the Existing Natural Person Shareholders at
the Closing of this Equity Purchase are limited by a lock-up period, where (1) the lock-up period of the shares granted to Rui
Liu, Zhizhuo Peng, Xing Yao and Lin Song is one year after the granting of the shares and, upon expiry of such lock-up period,
the Investors shall assist such Shareholders to unlock the shares; (2) the lock-up period of the shares granted to Yang Song and
Gang Yang is three years, and shall be unlocked in three phases in the following way: the Investors shall unlock 50% of the granted
shares on the first anniversary of granting the shares if the goal agreed by both parties for the contract period is accomplished;
the Investors shall unlock 30% of the granted shares on the second anniversary of granting the shares if the goal agreed for the
contract period is still maintained; and the Investors shall unlock the remaining 20% of the granted shares on the third anniversary
of granting the shares if the goal agreed for the contract period is still maintained.

 

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		9.2	On the first anniversary of the date of signing this Agreement, FGS shall fulfill the following
performance goals: (1) the number of gas stations deployed by FGS reaches 660; (2) the number of users actually using the services
of FGS reaches 1.1 million; and (3) the daily trading amount on the platform of FGS reaches RMB 3.3 million.

 

		9.3	If FGS accomplishes the three performance goals specified in Article 9.2 hereof, the Investors
shall, in accordance with the provisions of Article 9.1 hereof, unlock 50% of the Restricted Shares granted to the Existing Natural
Person Shareholders Yang Song and Gang Yang at the Closing of this Equity Purchase; if FGS fails to accomplish the three performance
goals specified in Article 9.2 hereof, the Parties agree to calculate a deviation percentage against each of the three performance
goals according to actual accomplishment status of the three performance goals of FGS, obtain an average value of deviation percentages
against the three performance goals and, according to the average value of all individual shareholders, return obtained Restricted
Shares at a corresponding percentage to the Investors, and take back the corresponding compensation shares from only the Restricted
Shares held by Yang Song and Gang Yang in FGS.

 

 Article.10      Dividend Distribution Rights of the Investors

 

		10.1	If FGS determines to distribute dividends or otherwise distribute profits in an accounting year
(including but not limited to converting profits into additional registered capital) as approved by the shareholders’ meeting,
then the Investors have the preemptive right, before other shareholders of FGS obtain the dividends, to obtain the dividends calculated
according to (“Preemptive Dividend"): amount of first-lien Preemptive Dividend of each Investor = total amount
of dividends proposed to be distributed by FGS on this occasion * shareholding percentage of this Investor. Before the Investors
obtain the full amount of the first-lien Preemptive Dividend, other shareholders shall not obtain dividends, whether in cash, in
the form of property or corporate equity, or by conversion into the registered capital of FGS.

 

		10.2	After the Investors obtain the full amount of the Preemptive Dividend, other shareholders shall
share the remaining dividends in the total amount of proposed dividends proportionally according to their then shareholding percentages
in FGS.

 

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 Article.11      Right of First Refusal and Co-Sale Right

 

		11.1	Without the prior written consent of the Investors, the Founding Shareholders shall not, within
three years from the closing date of this Investment, transfer, pledge or otherwise dispose of the shares held by them in FGS.
Any transfer of shares in violation of this provision is invalid, and a transferee of such transfer is not entitled to any rights
of those acting directly or indirectly as a shareholder of FGS, and shall not be considered by FGS as a shareholder. The transferee
of the shares held by the Founding Shareholders in FGS, who accepts transfer of such shares with the consent of the Investors,
is also subject to this Article.

 

		11.2	If any Existing Natural Person Shareholder intends to transfer all or part of the shares held by
it in FGS to any third party other than the Shareholders, a prior written notice shall be served on the Investors to indicate such
intention (“Founding Shareholder’s Sale Notice”). The Sale Notice shall include all terms of the to-be-sold
shares, including the price, payment terms and the identity of the third party. Each Party shall make a decision and deliver a
written notice to the seller within thirty (30) days after receiving the Sale Notice. If no such notice is delivered in time, it
is deemed that the right of first refusal is waived ("Investors' Right of First Refusal"). The Investors have
the right of first refusal over any other shareholders to purchase all or part of the shares that the Founding Shareholders intend
to transfer. If the Investors fail to purchase all the shares that the Founding Shareholders intend to transfer, the anticipated
seller shall have the right to sell all or remainder of the to-be-sold shares to a third party subject to the provisions of Article
10.3 below, but the sale conditions shall not be more favorable than the conditions specified in the Sale Notice.

 

		11.3	If any Investor intends to transfer all or part of the shares held by it in FGS to other shareholders
or any third party other than the Shareholders, a prior written notice shall be served on FGS and other shareholders of FGS to
indicate such intention (“Investors’ Sale Notice”). The Sale Notice shall include all terms of the to-be-sold
shares, including the price, payment terms and the identity of the third party. The actual controlling person of FGS—Yang
Song shall make a decision and deliver a written notice to the seller within thirty (30) days after receiving the Sale Notice.
If no such notice is delivered in time or the price specified in the notice is lower than the price specified in the Investors’
Sale Notice, it is deemed that the right of first refusal is waived ("Right of First Refusal of Actual Controlling Person
of FGS"). The actual controlling person of FGS has the right of first refusal over any other shareholders to purchase
all or part of the shares that the Investors intend to transfer. If the actual controlling person of FGS fails to purchase all
the shares that the Investors intend to transfer, the anticipated seller shall have the right to sell all or remainder of the to-be-sold
shares to other shareholders or a third party, but the sale conditions shall not be more favorable than the conditions specified
in the Sale Notice.

 

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		11.4	If the shares that the Founding Shareholders intend to sell are not purchased preemptively or are
not fully purchased preemptively, FGS shall give the Investors a notice to indicate the quantity of the remaining to-be-sold shares;
on condition that the right of first refusal is not exercised or is waived, the Investors have the right but no obligation to participate,
according to the same price and conditions as specified in the Sale Notice, in the sale of the shares held by the Investors in
FGS (“Co-Sale Right”). If an Investor determines to exercise the Co-Sale Right specified above, the Investor
shall deliver a sale participation notice to the seller within fifteen (15) days from the date of receipt of the notice indicating
the quantity of the remaining to-be-sold shares, where the sale participation notice shall specify the quantity of shares that
the Investor intends to sell.

 

 Article.12      Redemption Rights of the Investors

 

		12.1	In the event of the following occurrences, the Investors have the right to require FGS or the Founding
Shareholders to redeem all shares held by them in FGS (including the capital decrease made by FGS, or the shares held by the Investors
and purchased by the Founding Shareholders):

 

		12.1.1	All or most of the main assets or important intellectual property rights of FGS are transferred,
or FGS is merged or acquired;

 

		12.1.2	FGS and/or a Founding Shareholder have/has substantially violated the transaction agreement signed
for this Investment;

 

		12.1.3	The cooperation between FGS and China National Petroleum Corporation (CNPC) is terminated, or the
agreement fails to be renewed, or the intellectual property rights currently used by FGS are not available free of charge; or

 

		12.1.4	Any other Investor of FGS performs the redemption right.

 

		12.2	The redemption price shall not be lower than the investment amount plus an interest of 24% per
annum. The Founding Shareholders may propose to pay the redemption price by transferring part of the shares of FGS, and the manner
of implementing the redemption right, in cash or by transfer of shares, shall be determined through negotiation between both parties,
and the specific amount shall be determined through consultation by both parties.

 

 Article.13      Anti-Dilution

 

		13.1	Structural anti-dilution clause: If any natural person shareholder or any third party increases
capital to FGS, the Investors have the preemptive right to subscribe for the corresponding capital increase proportionally at the
same price concurrently so that their shareholding percentages in FGS after the capital increase are not lower than the shareholding
percentages in FGS under this Agreement.

 

		13.2	Anti-dilution in the case of lower-price financing: If FGS carries out a new capital increase at
more favorable prices and conditions than this transaction, FGS shall take relevant measures, including but not limited to allocating
free stock options to the Investors, giving additional shares at no charge, or transferring shares at lower prices, to ensure that
the value of the shares held by the Investors after the capital increase is not lower than the value of their shares before admission
of new investors.

 

 Article.14      Preemptive Liquidation Rights of the Investors

 

		14.1	In the event that FGS is terminated, dissolved, bankrupt or liquidated upon the resolution of the
shareholders’ meeting, the property of FGS shall be used to liquidate payables such as the liquidation expenses, employee
salaries, social insurance charges, statutory compensations, and tax arrears and debts of FGS in statutory order. The remaining
property of FGS after such liquidation, if any, shall be allocated to the Investors in an amount equivalent to 120% of the investment
amount plus all dividends distributable but owed to the Investors (“Preemptive Liquidation Amount"). FGS shall
not allocate property to any other shareholders until the Investors receive the Preemptive Liquidation Amount in full.

 

		14.2	If any remainder of property of FGS is left for allocation after the Preemptive Liquidation Amount
is paid to the Investors in full, the remainder available for allocation shall be allocated proportionally according to the shareholding
percentage of each Shareholder (including each Investor) of FGS.

 

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		14.3	For the purpose of this Article, liquidation of FGS occurs if:

 

		14.3.1	a merger or an acquisition of all assets occurs after which the Shareholders of FGS no longer holds
a majority of outstanding shares of the going concern of FGS;

 

		14.3.2	all or substantially all of the assets of FGS are sold; or

 

		14.3.3	all or substantially all of the intellectual property rights of FGS are licensed to a third party.

 

		14.4	For the purpose of this Article, in the event of mergers, acquisitions, or change of control rights
of FGS, or in the event that all or substantially all of the assets of FGS are sold, leased, transferred or otherwise disposed
of, the total proceeds obtained by FGS or its shareholders from such transactions shall be distributed in the order specified in
this Article.

 

 Article.15      Dissolution and Termination

 

		15.1	This Agreement may be dissolved or terminated if any of the following events occurs:

 

		15.1.1	The Parties unanimously agree in writing to dissolve this Agreement.

 

		15.1.2	A statutory force majeure event has occurred, which prevents the Parties from fulfilling this Agreement
or achieving the purposes of this Agreement.

 

		15.1.3	Any Party has seriously violated any of the representations or warranties made by it in this Agreement,
the new Articles of Association and other relevant agreements, or the representations or warranties are false.

 

		15.1.4	Within sixty (60) days after the signing of this Agreement, the conditions
precedent for the Closing of this Equity Purchase as specified in Article 5 hereof are not
satisfied and the Investors have not waived such conditions precedent, in which case the Investors may jointly deliver a written
notice to terminate this Agreement.

 

		15.1.5	Within sixty (60) days after the signing of this Agreement, the conditions
precedent for the closing of this Capital Increase as specified in Article 5 hereof are not
satisfied and the Investors have not waived such conditions precedent, in which case the Investors may jointly deliver a written
notice to terminate this Agreement.

 

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		15.1.6	The conditions precedent for the Closing of this Equity Purchase
and this Capital Increase as specified in Article 5 hereof are satisfied but the Investors
have not fulfilled the obligations of share granting and capital increase payment under this Agreement, in which case the Founding
Shareholders may deliver a written notice to terminate this Agreement.

 

		15.2	Effect of dissolution and termination:

 

		15.2.1	After dissolution or termination of this Agreement, the Parties to this Agreement shall, on a fair,
reasonable and good faith basis, return the considerations received under this Agreement from the opposite party, and endeavor
to restore the status at the time of signing this Agreement.

 

		15.2.2	Upon dissolution or termination of this Agreement pursuant to Article
15.1 above, all rights and obligations of the Parties under this Agreement shall terminate unless otherwise agreed herein; no Party
shall lodge any claim against the other Party under this Agreement or with respect to the dissolution of this Agreement, except
for the liability under Article 16 of this Agreement.

 

 Article.16      Confidentiality

 

		16.1	Except as otherwise agreed in this Agreement, the Parties to this Agreement shall make their best
efforts to keep strict confidentiality of any technical or commercial information in any form obtained from any other party in
the course of negotiating, signing or performing this Agreement or performing due diligence, as well as any undisclosed information
and data (whether written, verbal, tangible or intangible), including any content of this Agreement and other potential cooperation
matters and transactions between the Parties. Any party shall limit its directors, officers, employees, agents, consultants, subcontractors,
suppliers, customers, and the like in obtaining such information only as necessary for properly performing the obligations under
this Agreement.

 

		16.2	The foregoing limitation does not apply:

 

		16.2.1	to the information that is already available to the general public when being disclosed;

 

    	25

     

    

 

		16.2.2	to the information that is already available to the general public after disclosure not due to
a fault of the receiver of the information;

 

		16.2.3	to the information which, as proved by the receiver, is already grasped by the receiver before
disclosure but not obtained directly or indirectly from the other Party;

 

		16.2.4	when any Party is obligated to disclose such confidential information to the relevant government
agencies, stock trading institutions, or the like as required by law, or when any Party discloses such confidential information
to its direct legal counsel and financial adviser as required by its normal business operations.

 

		16.3	Any party to this Agreement shall instruct its directors, officers, employees, agents, consultants,
subcontractors, suppliers, customers as well as the directors, officers, employees, agents, consultants, subcontractors, suppliers,
and customers of its affiliates to abide by the confidentiality obligations set out in Article 16.1.

 

		16.4	No matter how this Agreement is dissolved or terminated, the Parties shall abide by the confidentiality
obligations set forth in Article 16.1.

 

 Article.17      Liabilities and Indemnity for Breach of Contract

 

		17.1	If any Party to this Agreement violates any provisions of this Agreement, other Parties shall have
the right to claim compensation for any losses arising therefrom in addition to other rights under this Agreement.

 

		17.2	Subject to the provisions of other articles of this Agreement, a Party to this Agreement (“Indemnitor”)
shall indemnify and hold harmless other Parties (“Indemnitee”) against (i) violation of any representations
or warranties made by the Indemnitor in this Agreement or false statement of such representations or warranties; and (ii) violation
of or failure to fully perform the commitments, agreements, warranties or obligations under this Agreement by the Indemnitor, except
as exempted by other Parties in writing. The Indemnitor shall indemnify or compensate the Indemnitee for any and all losses directly
or indirectly arising from the foregoing circumstances.

 

		17.3	If any Existing Natural Person Shareholder, officer or core employee (i) makes an investment in
or is employed by FGS, which breaches the confidentiality agreement, non-competition agreement or other similar agreements with
a former employer or any third party; or (ii) violates any confidentiality obligations or non-competition obligations for FGS,
or howsoever directly or indirectly invests, participates, assists or engages in a business or entity that competes with the business
of FGS, then the Investors have the right to require FGS or the Existing Natural Person Shareholders to severally and jointly pay
liquidated damages equivalent to the investment amount plus interest at a benchmark loan interest rate of banks contemporaneous
with the investment amount. If such liquidated damages are not enough for compensating for the losses of the Investors, FGS and
the Existing Natural Person Shareholders shall severally and jointly indemnify the Investors for remaining losses.

 

    	26

     

    

 

		17.4	If any Party to this Agreement violates any provisions of this Agreement, other Parties shall have
the right to require the violating party to actually and comprehensively perform the obligations under this Agreement in addition
to other rights under this Agreement.

 

		17.5	Notwithstanding any provisions to the contrary in this Agreement, the provisions of this Article
shall survive the termination of the rights and obligations of the Parties to this Agreement, or survive the termination of this
Agreement.

 

 Article.18      Governing Law and Dispute Settlement

 

		18.1	The conclusion, execution, effectiveness, interpretation and performance of this Agreement shall
be governed by Chinese laws.

 

		18.2	Any disputes arising out of or relating to this Agreement shall be lodged to China International
Economic and Trade Arbitration Commission (“CIETAC”), and shall be settled through arbitration in Beijing in accordance
with the then-effective arbitration rules. The arbitration award is final and binding upon all Parties. In the period of settling
the dispute, the Parties shall continue to perform other terms of this Agreement than the disputed matters.

 

 Article.19      Miscellaneous

 

		19.1	The expenses of this Investment, including Chinese attorneys’ fees (approximately USD 30,000),
US attorneys’ fees (approximately USD 30,000), Nasdaq filing fees (approximately USD 15,000), share registration agency fees
(approximately USD 15,000) and third-party evaluation fees (approximately RMB 50,000 yuan), shall be jointly borne by the Investors
and FGS; and the Investors agree to advance such expenses and have the right to, at reasonable time, require FGS to repay 50% of
the expenses actually paid by the Investors.

 

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		19.2	“Force majeure” under this Agreement refers to objective conditions that are unforeseeable,
unavoidable and unconquerable, including but not limited to earthquakes, typhoons, floods, wars, international or domestic transport
disruptions, acts of government or public institutions, epidemics, civil commotions, strikes, and other events that are considered
as force majeure events according to general international business practices.

 

		19.3	Unless otherwise specified, all covenants about the matters relating to this Agreement shall supersede
all oral or written agreements, discussions, meeting minutes, memorandum, understandings or communications (including but not limited
to fax and email) with respect to the subject matter of this Agreement which are entered into between the Parties before the execution
of this Agreement.

 

		19.4	Any amendments to this Agreement shall be made by way of a written agreement signed by duly authorized
representatives of the Parties, and shall constitute an integral part of this Agreement.

 

		19.5	The equity transfer agreement and the capital increase agreement separately executed between the
Parties for implementing the industrial and commercial change registration formalities for this Investment, and other documents
required by the industrial and commercial administration, shall not constitute modifications to this Agreement. If any discrepancy
exists between such documents and this Agreement, this Agreement shall prevail.

 

		19.6	The headings contained in this Agreement are for reference only and shall not affect the meaning
or interpretation of this Agreement in any way.

 

		19.7	Any notices, requirements, requests or any other communications specified or permitted under this
Agreement shall be made in writing and sent to the address of the recipient after being signed by the sender, and any Party may,
for the purpose of this Agreement, change such address by notifying the other Parties in writing. Any notice shall be deemed to
have been served when it is sent in the following manner, and the date of service is (whichever is earlier):

 

		19.7.1	the date of signature for receipt if the notice is delivered in person;

 

		19.7.2	the date that falls ten (10) days after the post office of the sender stamps a postmark on the
notice if the notice is delivered through a registered mail;

 

		19.7.3	the third (3rd) day after the sender hands the mail to the courier service provider if the notice
is delivered by express courier; or

 

    	28

     

    

 

		19.7.4	the business day next to the date of sending the notice if the notice is delivered by fax.

  

	Recipient address information of FGS, Yang Song, Rui Liu, Zhizhuo Peng, and Xing Yao:
	 
	Address:	 
	 	 
	Recipient:	 
	 	 
	Email:	 
	 	 
	Recipient address information of Gang Yang:
	 
	Address:	 
	 	 
	Recipient:	 
	 	 
	Email:	 
	 	 
	Recipient address information of Lin Song:
	 
	Address:
	 
	Recipient:
	 
	Email:
	 
	Recipient address information of the Investors:
	 
	Address:	1902, Block C, Jinglong International Building, No. 9 Fulin Road, Chaoyang District, Beijing
	 	 
	Recipient:	Shenping Yin
	 	 
	Email:	 

 

		19.8	If, in accordance with any relevant law, any one or more of the terms of this Agreement or any
one or more of other legal documents pertaining to this Investment are determined as invalid, illegal or unenforceable, then:

 

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		19.8.1	The effect, legality and enforceability of other terms of this Agreement shall not be prejudiced
or impeded and shall be fully effective. Other agreements pertaining to this Investment than the agreements that are determined
as invalid, illegal or unenforceable shall be fully effective without being prejudiced with respect to their effect, legality and
enforceability;

 

		19.8.2	The Parties shall promptly replace the invalid, illegal or unenforceable terms or agreements with
legal, valid and enforceable terms or agreements, and the intention of the substitute terms or agreements shall be closest to the
intention of the invalid, illegal or unenforceable terms or agreements.

 

		19.9	Articles 16, 17 and 18 of this Agreement shall survive the termination of this Agreement.

 

		19.10	This Agreement is made in ten (10) original counterparts; FGS, existing Shareholders and the Investors
each hold one (1) counterpart, and other original counterparts are filed to the industrial and commercial administration for the
record.

 

		19.11	This Agreement shall become effective on the date of being executed by the legal representatives
or legally authorized representatives of the Parties and/or being stamped with the common seals of FGS and the Investors.

 

(The following is intentionally left blank
for the purpose of signature)

 

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(This page is intentionally left blank for the purpose of signing
the Investment Agreement Relating to Future Gas Station (Beijing) Technology Co., Ltd.)

 

Company:

 

Future Gas Station (Beijing) Technology
Co., Ltd. (seal)

 

	Signatory:	/s/ Yang Song	 
	Name: Yang Song	 
	Title: Legal representative	 

 

    	 

     

    

 

(This page is intentionally left blank for the purpose of signing
the Investment Agreement Relating to Future Gas Station (Beijing) Technology Co., Ltd.)

 

Existing Natural Person Shareholders:

 

	Yang Song	 
	 	 
	Signature: 	/s/ Yang Song	 
	 	 	 
	Rui Liu	 
	 	 
	Signature: 	/s/ Rui Liu	 
	 	 	 
	Zhizhuo Peng	 
	 	 
	Signature: 	/s/ Zhizhuo Peng  	 
	 	 	 
	Xing Yao	 
	 	 
	Signature:	/s/ Xing Yao	 
	 	 	 
	Gang Yang	 
	 	 
	Signature: 	/s/ Gang Yang	 
	 	 
	Lin Song (seal)	 
	 	 
	Signature: 	/s/ Lin Song	 

 

    	2

     

    

 

(This page is intentionally left blank
for the purpose of signing the Investment Agreement Relating to Future Gas Station (Beijing) Technology Co., Ltd.)

 

Investors:

 

Beijing Baihengda Petroleum Technology
Co., Ltd. (seal)

 

	Signatory: 	/s/Guangqiang
    Chen	 
	Name: Guangqiang Chen	 
	Title: Legal representative	 
	 	 
	Nanjing Recon Technology Co., Ltd. (seal)	 
	 	 
	Signatory:	  /s/ Shenping Yin	 
	Name: Shenping Yin	 
	Title: Legal representative	 

 

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Exhibit I Letter of Disclosure

 

With respect to “Representations
and Warranties of FGS and Existing Natural Person Shareholders” in Article 3 hereof, FGS and Existing Natural Person
Shareholders hereby make following disclosure to the Investors:

 

	Terms of

Agreement	 	Disclosed Matters
	 	 	 

 

    	4

     

    

 

Exhibit II Name List of Officers and
Core Employees

 

	Name	 	Title
	 	 	 

 

    	5

     

    

 

Exhibit III Letter of Committee

 

To: Future Gas Station (Beijing) Technology
Co., Ltd.

 

I,                  (whose
identity card No. is                            ),
in my capacity as                  
of Future Gas Station (Beijing) Technology Co., Ltd., hereby undertake that:

 

1. I do not bear any
confidentiality obligations or non-competition obligations for my former employers (if any) and any third parties, and my work
in FGS does not constitute any breach of contract or infringement of rights of any third party;

 

2. I will work full-time
in FGS or any affiliate thereof and make every effort to serve FGS or any affiliate thereof and procure increase of benefits of
FGS or any affiliate thereof at least before the first (1st) anniversary of the IPO of FGS ("IPO” means that the shares
of FGS are publicly issued and listed on the stock exchange of the PRC or other countries or regions approved by the shareholders’
meeting of FGS) unless Beijing Baihengda Petroleum Technology Co., Ltd. approves in writing my resignation or other arrangements;

 

3. Within my incumbency
in FGS and two (2) years after severance from FGS, I will not engage in any business that competes with FGS.

 

For the avoidance of
doubt, the terms used in this Letter of Commitment shall have the meanings set forth in the Investment Agreement Relating to
Future Gas Station (Beijing) Technology Co., Ltd. signed on [ ], 2018 among FGS and other Parties.

 

		Signatory: ____________________

		 	 

		Promiser:

		 	 

		[           ], 2018

		 	 

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Exhibit IV Restricted Shares to Be Issued
and Lock-up Period Details

 

	 	 	Individual

shareholder’

shareholding 

percent	 	 	Total number of 

shares to be 

issued

 (0) ’0000 

shares	 	 	Number of 

outstanding shares 

(1) 

= 

(0)*shareholding 

percent	 	 	Lock-up period
	Yang Song	 	 	54.5000	%	 	 	 	 	 	 	 	 	 	To be unlocked in phases in three years after being granted
	Gang Yang	 	 	20.0000	%	 	 	 	 	 	 	 	 	 	To be unlocked in phases in three years after being granted
	Rui Liu	 	 	7.5000	%	 	 	 	 	 	 	 	 	 	One year after share granting
	Zhizhuo Peng	 	 	7.5000	%	 	 	 	 	 	 	 	 	 	One year after share granting
	Xing Yao	 	 	2.5000	%	 	 	 	 	 	 	 	 	 	One year after share granting
	Lin Song	 	 	8.0000	%	 	 	 	 	 	 	 	 	 	One year after share granting
	Total	 	 	100.0000	%	 	 	 	 	 	 	 	 	 	——

 

    	7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]