Document:

Exhibit 10.5

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(the “Agreement”) is effective as of the ______ day of ____________, 2021 (the “Effective Date”)
between Aerocentury Corp., a Delaware corporation, with offices located at 3000 El Camino Real, Bldg. 4, Suite 200, Palo Alto, CA 94306
(the “Company”) and ____________, an individual (the “Employee”).

 

RECITATIONS

 

1. Company desires to employ
or to continue to employ Employee;

 

2. To perform Employee’s
obligations as the Company’s employee, Employee needs access to certain confidential and proprietary information of Company and,
in some circumstances, information disclosed by a third party to Company under the terms of a confidentiality agreement;

 

3. Company will be injured
irreparably if Employee breaches the confidentiality of, misappropriates or makes it possible for a third party to misappropriate, any
such information. Monetary damages for such injury would not adequately compensate Company for the irreparable injury;

 

4. Company desires to offer
Employee employment with Company upon the terms and subject to the conditions set forth herein; and

 

5. Employee desires to accept
Company’s offer of employment with Company upon the terms and subject to the conditions set forth herein.

 

AGREEMENT

 

For good and valuable consideration,
the receipt, sufficiency and adequacy of which Employee acknowledges, including without limitation Employee’s employment or continued
employment by Company as an employee, and Company’s disclosure to Employee of confidential and proprietary information that Company
determines is necessary to enable Employee to perform Employee’s obligations to Company, Employee and Company hereby agree as follows:

 

1.
Employment.

 

(a) Terms and Conditions
of Employment. Company shall employ Employee and Employee shall be employed by Company on the terms and subject to the conditions
set forth herein.

 

(b) Period of Employment.
The term of employment will be: [at-will/for a period of ____]. The beginning date of employment shall be the Effective Date. Employee
shall conform to all such policies and rules as Company may promulgate from time to time. For at-will employees, Employee’s employment
and compensation can be terminated, with or without cause, with or without notice, at any time, at the option of either Company or Employee.1
All employment agreements between Employee and Company shall be in writing and only the President of Company shall have authority to enter
into or modify an employment agreement with Employee. Upon any termination of Employee’s employment for any reason, except as may
otherwise be requested by the Company in writing, Employee shall resign from any and all directorships, committee memberships or any other
positions Employee holds with the Company or any of its subsidiaries or affiliates.

 

		1	If for a term of employment, delete the “at-will”
language and add: “Termination by the Company for Cause. The Company may terminate Employee’s employment at any time
for Cause. In the event the Company terminates Employee’s employment for Cause, Employee shall be entitled only to (i) accrued
but unpaid base salary through the date of termination of Employee’s employment, and (ii) any unpaid or unreimbursed expenses incurred
in accordance with this Agreement. For the purpose of this Agreement, for “Cause” means (i) a breach of Employee’s
fiduciary duties to the Company including, but not limited to, Employee’s failure to obey any lawful directive of the Board, (ii)
Employee’s personal dishonesty or willful misconduct, (iii) Employee’s willful violation of any law, rule or regulation (other
than traffic violations or similar offenses) or final cease-and-desist order, and/or (iv) a breach by the Employee of any provision of
this Agreement.”

 

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2.
Office and Duties.

 

(a) Primary Duties. Employee
shall be employed as the __________ of the Company, reporting to the Company’s ____________, and such other duties, and responsibilities
as the Board of Directors of the Company (the “Board”) shall reasonably assign to Employee from time to time, including duties
and responsibilities relating to the Company’s wholly-owned and partially owned subsidiaries and other affiliates.

 

(b) Employment Duties; Conflicting
Activities. Employee shall devote Employee’s full business time, attention, skill and best efforts to the performance of Employee’s
duties under this Agreement and shall not engage in any other business or occupation during the term of employment, including, without
limitation, any activity that (x) conflicts with the interests of the Company or its subsidiaries, (y) interferes with the proper and
efficient performance of Employee’s duties for the Company or (z) interferes with the exercise of Employee’s judgment in the
Company’s best interests. Notwithstanding the foregoing, nothing herein shall preclude Employee from (i) serving, with the prior
written consent of the Board, as a member of the board of directors or advisory boards (or their equivalents in the case of a non-corporate
entity) of non-competing businesses and charitable organizations, (ii) engaging in charitable activities and community affairs and (iii)
managing Employee’s personal investments and affairs; provided, however, that the activities set out in clauses (i),
(ii) and (iii) shall be limited by Employee so as not to materially interfere, individually or in the aggregate, with the performance
of Employee’s duties and responsibilities hereunder.

 

3.
No Improper Use of Materials. Employee understands that Employee shall not use the proprietary or confidential information
or trade secrets of any former employer or any other person or entity in connection with Employee’s employment with Company. During
Employee’s employment by Company, Employee shall not improperly use or disclose any proprietary or confidential information or trade
secrets, if any, of any former employer or any other person or entity to whom Employee has an obligation of confidentiality, and Employee
shall not bring onto the premises of Company any unpublished documents or any property belonging to any former employer or any other person
or entity to whom Employee has an obligation of confidentiality unless consented to in writing by that former employer, person, or entity.

 

4.
Compensation. During the term of Employment, for the services to be rendered pursuant to this Agreement or at the
request of the Company, Employee shall be entitled to the following compensation:

 

(a) Base Salary. Employee
shall be paid an annualized base salary, payable in accordance with the regular payroll practices of the Company, $____________________,
with increases or decreases, if any, as may be approved by the Board or the Compensation Committee from time to time. Payment will be
monthly and made on the 15th of each month of employment.

 

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(b) Annual Bonus and Equity
Compensation. Employee shall be eligible to receive an annual target cash bonus and awards of restricted stock units or other equity-based
incentive compensation consistent with Employee’s position(s) with the Company, in each case, as determined by the Board and the
Compensation Committee of the Board.

 

(c) Benefits. Employee
shall be eligible to receive such employee benefits as may be determined by Company in its sole discretion.

 

(d) Expenses. Company
shall reimburse Employee for all pre-approved travel, entertainment and out-of-pocket expenses incurred by Employee in the course and
scope of authorized Company business.

 

(e) Limited Obligation upon
Termination. In the event Company or Employee terminates Employee’s employment for any reason, Company’s sole obligation
shall be to pay Employee such salary as shall have accrued and remain unpaid as of the date of such termination.

 

5.
Proprietary Information.

 

(a) Work Product.

 

(i) “Work
Product” means all work product, including products of the mind, that result from Employee’s performance of services for
Company, including without limitation all inventions, improvements, discoveries, algorithms, formulas, developments, programming, experimental
work, work in progress, documentation, analyses, reports, data, compilations, designs, plans, specifications, models, diagrams, designs,
techniques, processes, systems, methods, know-how and technology, whether or not reduced to fixed form or practice, and whether or not
protectible by the copyright, patent, trade secret or other intellectual property law of any jurisdiction, which Employee conceives, develops,
contributes to or delivers to Company at any time during Employee’s employment. Work Product also includes without limitation (a)
all “droit moral” or “moral rights of authors” and any and all so call “rental rights”) and (b) to
the extent applicable, all rights in any inventions, improvements, discoveries, algorithms, formulas, developments, programming, experimental
work, work in progress, documentation, analyses, reports, data, designs, plans, specifications, models, diagrams, designs, techniques,
processes, systems, methods, know-how and technology that Employee conceived, developed, contributed to or delivered to Company before
the date of this Agreement while Employee was engaged as an independent contractor or employee of Company.

 

(ii) Company
does and shall exclusively own all Work Product, and all Work Product shall be considered work made for hire by Employee. If any of the
Work Product does not qualify under applicable law as work made for hire by Employee for Company, or if ownership of all right, title
and interest in the intellectual property rights in such Work Product does not otherwise vest exclusively in Company, Employee shall assign,
and upon creation thereof automatically assign, without further consideration, the ownership of all trade secrets, copyrights, patentable
inventions, and other intellectual property rights in such Work Product to Company. In the event Employee has any rights in and to the
Work Product that cannot be assigned to Company as provided above (including, but not limited to, the “droit moral” or “moral
rights of authors” or any similar rights in and/or to the Work Product), whether now know or hereafter to become known, Employee
hereby unconditionally waives such rights and the enforcement thereof, and all claims and causes of action of any kind with respect to
any of the foregoing. In the event Employee has any rights in and to the Work Product that cannot be assigned to Company as provided above
and cannot be so waived, Employee hereby grants to Company an exclusive, worldwide, royalty-free license during the term of such rights
to reproduce, distribute, modify, publicly perform and publicly display (with the right to sublicense and assign) the Work Product, including
without limitation the right to use in any way whatsoever the Work.

 

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(iii) Company
shall have the right to obtain and hold in its own name the copyrights, registrations and any other protections available in or for the
Work Product. Whether or not Employee is still employed by Company at the time, Employee will perform, on Company’s request, and
at Company’s costs and expense, any further acts necessary or desirable to transfer, perfect, and defend Company’s ownership
of the Work Product and of the intellectual property rights therein, including, without limitation, (a) executing, acknowledging and delivering
affidavits and documents of transfer, assignment and conveyance, (b) obtaining and aiding in the enforcement of copyrights and, if applicable,
patents with respect to the Work Product, (c) testifying in connection with any proceeding affecting the right, title or interest of Company
in any Work Product, and (d) performing any other acts Company determines are necessary or desirable to carry out the purposes of this
Agreement.

 

(iv) “Third
Party Work Product” means a third party’s invention, work of authorship, information or other product of the mind that
would constitute Work Product were it the result of Employee’s performance of services for Company. Employee shall not to use any
Third Party Work Product in Employee’s performance of services for Company unless Company has the right to use such Third Party
Work Product.

 

(v) “Pre-existing
Work Product” means inventions, works of authorship, or other product of the mind that (a) would constitute Work Product were
it the result of Employee’s performance of services for Company, and (b) that Employee developed, authored or invented before Employee’s
employment or engagement as an independent contractor by Company. If Employee uses any of Pre-existing Work Product in performing services
for Company, then Employee hereby grants Company a perpetual, royalty free, world-wide, irrevocable license to use in the operation of
its business the portion of Pre-Existing Work Product that Employee so uses.

 

(vi) Excluded
Projects. Notwithstanding any provision hereof to the contrary, the term “Work Product” shall not include the projects
identified on Exhibit A attached hereto, if any, and Employee shall have the right to continue work on and to retain all ownership rights
in the Excluded Projects.

 

(b) Records.

 

(i) “Records”
means all records and other materials (other than Employee’s personal copies of Employee’s personal employment and financial
records), and all copies thereof, in whatever form or media created and maintained, relating in any way to the business of Company or
its assignors, predecessors, affiliates, subsidiaries, clients, vendors or contractors. Records include but are not limited to, engineering,
laboratory and research notes and notebooks, technical, cost and sales data, drawings, plans, sketches, blueprints, memoranda, specifications,
charts, designs, models, diagrams, manuals, reports, business plans and forecasts, customer lists, and records as to customer requirements
and usages, and contracts with customers, vendors and service providers. “Business Materials” means all equipment and
devices that embody, demonstrate, or are described by any of the Records.

 

(ii) Employee
acknowledges and agrees that all Records made or received by Company (or its assignors, predecessors, affiliates and subsidiaries) and
all Business Materials are and shall remain Company’s exclusive property. Upon termination of Employee’s employment with Company
for any reason, Employee shall return to Company all Records and Business Materials in Employee’s custody or control. Employee agrees
that Employee will not keep for himself or give to any third person any copies of any Records or Business Materials.

 

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(c) Confidential Information.

 

(i) “Confidential
Information” means: (a) information, data or analysis (including, without limitation, all information, data, or analysis set
forth or reflected in the Records and Business Materials) with respect to any Work Product or any other private or confidential matters
relating to Company’s products, sales or business (collectively “Company Information”), and (b) information and
data that has been disclosed to Company under an agreement between the disclosing party and Company requiring Company to maintain its
confidentiality (such agreements hereafter “Third Party Confidentiality Agreements” and such information hereafter
“Third Party Information”).

 

(ii) Employee
acknowledges and agrees that (a) Company Information constitutes valuable trade secrets of Company that does, or reasonably may be expected
to, give Company an economic, technological, competitive or other advantage that has actual or potential economic value to Company, (b)
the value of Company Information depends on its being not generally known to, and not being readily ascertainable by proper means by,
other persons, and (c) Company makes efforts that are reasonable under the circumstances to maintain the secrecy of the Company Information.

 

(iii) To
preserve the value of the Company Information to Company and to enable Company to comply with requirements applicable to Third Party Information,
both now and after Employee ceases to be employed by Company, Employee shall treat as trade secrets, hold in strictest confidence and
not disclose directly or indirectly to any person, firm, corporation or other entity without Company’s express authorization any
Confidential Information that may come to Employee’s knowledge or attention. Employee may disclose Company Information only (a)
to the extent expressly authorized by Company, or (b) to other Company employees while Employee is employed by Company, to the extent
actually required by performance of Employee’s duties for Company. Employee will comply with the provisions of all Third Party Confidentiality
Agreements. These restrictions do not apply to information or data that has been published and made available to the public by or with
approval of the owner of information or data, or to disclosure required by law, provided that Employee first gives Company prompt notice
of any action or proceeding to request or require release of the Confidential Information. Employee shall use his or her best efforts
to cause Company to be given a full opportunity to restrain or otherwise prohibit release of such information.

 

(iv) Employee
will use Confidential Information, Records and Business Materials only in performing his or her duties to Company, as directed by Company.
Employee will not use Confidential Information, Records and Business Materials for any other purpose or without the approval or direction
of Company.

 

(v) The
foregoing provisions relating to Confidential Information are in addition to, and not in place of, Employee’s obligations under
common law with respect to Confidential Information.

 

(d) Modification or Restatement
of Agreement. By executing this Agreement, Employee intends to assure Company as fully as possible that Employee will keep Confidential
Information, Records and Business Materials in strictest confidence and that Employee acknowledge Company’s ownership and control,
rights and responsibilities with respect to the same. Therefore, at Company’s request, Employee will execute modifications, amendments
or restatements of this Agreement that Company determines are appropriate to achieve Employee’s purpose in executing this Agreement,
including, without limitation, modifications, amendments or restatements that clarify, enhance and expand the definition or protection
of the Confidential Information, Records and Business Materials. No further consideration to Employee shall be required for any such modification,
amendment or restatement to be legally effective.

 

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(e) Breach. If Employee
breaches or threatens to breach any of Employee’s obligations under this Agreement, or if Company reasonably believes that there
is an imminent risk that Employee will breach any of Employee’s obligations under this Agreement, then in addition to any other
remedies and damages available to it, Company shall be entitled to injunctive relief to restrain future breach, violation or injury by
Employee, Employee’s partners, agents, employers and all persons acting for or with Employee, without the necessity of posting bond
or of proving that there is no adequate remedy at law or imminent irreparable injury to Company. Company shall not be prohibited from
pursuing other remedies for Employee’s breach or threatened breach, including recovery of damages. Employee understands that should
Company undertake any actions in response to a breach or threat of a breach by Employee, Employee may be liable to Company for any legal
fees that Company incurs as a result of those actions.

 

6.
Non-Solicitation.

 

(a) Non-Solicitation of Employees.
During the term of Employee’s employment and for a period of one (1) year after Employee’s employment with Company is terminated
for any reason, Employee shall not, directly or indirectly, individually or on behalf of any other person, firm, partnership, corporation,
or business entity of any type, hire, solicit, assist or in any way encourage any current employee, independent contractor or consultant
of Company or any subsidiary of Company to terminate his or her employment relationship or consulting relationship with Company or subsidiary,
nor shall Employee hire or solicit the employment services of any former employee, independent contractor or consultant of Company or
any subsidiary of Company whose employment or other relationship to Company has been terminated for less than six (6) months,

 

(b) Non-Solicitation of Customers.
For a period of one (1) year after Employee’s employment with Company is terminated for any reason, Employee shall not, directly
or indirectly, individually or on behalf of any other person, firm, partnership, corporation, or business entity of any type, solicit
or contact for the purpose of solicitation any Customer of Company. For purposes of this Section 6(b), “Customer” shall mean
any company or business entity that Employee had contact with or performed services for during Employee’s employment with Company.

 

(c) Requirement to Notify
New Employer. For a period of one (1) year following termination of Employee’s employment hereunder, Employee shall notify any
subsequent employer of Employee of Employee’s obligations under this Agreement, and shall provide written notice to Company of such
notification.

 

7.
Legal and Equitable Remedies. Employee acknowledges that Company shall suffer damages incapable of ascertainment
in the event that any of the provisions of Sections 5, 6, and/or 12(a) hereof are breached, and that Company shall be irreparably damaged
in the event that the provisions of Sections 5, 6, and/or 12(a) are not enforced. Therefore, should any dispute arise with respect to
the breach or threatened breach of Sections 5, 6, and/or 12(a) of this Agreement, Employee agrees that, in addition to any and all other
remedies available to Company, an injunction or restraining order or other equitable relief may be issued or ordered by a court of competent
jurisdiction restraining any breach or threatened breach of Sections 5, 6, and/or 12(a) of this Agreement. Employee agrees not to assert
in any such action that an adequate remedy exists at law. All expenses, including without limitation attorneys' fees and expenses incurred
in connection with any legal proceeding arising as a result of a breach or threatened breach of Sections 5, 6, and/or 12(a) of this Agreement
shall be borne by the losing party to the fullest extent permitted by law. The losing party
hereby agrees to indemnify and hold harmless the other party from and against all such expenses.

 

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8.
Defend Trade Secrets Act. As required by the Defend Trade Secrets Act, the Company hereby notifies Employee that
misappropriation or improper disclosure of the Company’s trade secret or confidential information is protected by law if the disclosure
is made in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney, solely for the
purpose of reporting or investigating a suspected violation of law, or is made in a complaint or other document filed in a lawsuit or
other proceeding, or in an anti-retaliation lawsuit, if the filing is made under seal, and there is no disclosure of trade secret information
except pursuant to court order. This immunity applies to trade secret law violations of any state or federal law and in both civil and
criminal contexts.

 

9.
Taxes.

 

(a) The Company may withhold
from any payments made under this Agreement, including payments made pursuant to Section 4, all applicable taxes, including, but not limited
to, income, employment and social insurance taxes, as shall be required by law. Employee acknowledges and represents that the Company
has not provided any tax advice to Employee in connection with this Agreement and that Employee has been advised by the Company to seek
tax advice from Employee’s own tax advisors regarding this Agreement and payments that may be made to Employee pursuant
to this Agreement, including, specifically, the application of the provisions of Sections 280G or 409A of the Internal Revenue Code of
1986, as amended (the “Code”) to such payments.

 

(b) In the event that any amount
otherwise payable pursuant to this Agreement would be deemed to constitute a parachute payment (a “Parachute Payment”)
within the meaning of Section 280G of the Code, and if any such Parachute Payment, when added to any other payments which are deemed to
constitute Parachute Payments, would otherwise result in the imposition of an excise tax under Section 4999 of the Code, the amounts payable
hereunder shall be reduced by the smallest amount necessary to avoid the imposition of such excise tax. Any such limitation shall be applied
to such compensation and benefit amounts, and in such order, as the Company shall determine in its sole discretion.

 

10.
Set Off; Mitigation. The Company’s obligation to pay Employee the amounts provided and to make the arrangements
provided hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by Employee to the Company or its subsidiaries
or affiliates. Employee shall not be required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking
other employment or otherwise and the amount of any payment provided for pursuant to this Agreement shall not be reduced by any compensation
earned as a result of Employee’s other employment or otherwise.

 

11.
Delay in Payment. Notwithstanding any provision in this Agreement to the contrary, any payment otherwise required
to be made hereunder to Employee at any date as a result of the termination of Employee’s employment shall be delayed for such period
of time as may be necessary to meet the requirements of section 409A(a)(2)(B)(i) of the Code. On the earliest date on which such payments
can be made without violating the requirements of section 409A(a)(2)(B)(i) of the Code, there shall be paid to Employee, in a single cash
lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence.

 

12.
Miscellaneous.

 

(a) Non-Disparagement.
During the term of this Agreement, Employee shall not disparage Company or disclose to any third party the conditions of Employee’s
employment with Company except as may be required in filings made pursuant to applicable law and the rules and regulations of the Securities
and Exchange Commission.

 

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(b) Survival. Sections
1, 3, 5, 6, 7, 9, 10, 11 and 12 shall survive the termination of this Agreement for any reason (whether such termination is by Company,
by Employee, upon the expiration of this Agreement by its terms or otherwise).

 

(c) Severability. The
provisions of this Agreement shall be considered severable in the event that any of such provisions are held by a court of competent jurisdiction
to be invalid, void or otherwise unenforceable. Such invalid, void or otherwise unenforceable provisions automatically shall be replaced
by other provisions that are valid and enforceable and that are as similar as possible in term and intent to those provisions deemed to
be invalid, void or otherwise unenforceable. Notwithstanding the foregoing, the remaining provisions hereof shall remain enforceable to
the fullest extent permitted by law.

 

(d) Entire Agreement; Amendment.
This Agreement contains the entire agreement between Company and Employee with respect to the subject matter hereof. This Agreement may
not be amended, changed, modified or discharged, nor may any provision hereof be waived, except by an instrument in writing, executed
by or on behalf of the party against whom enforcement of any amendment, waiver, change, modification or discharge is sought. No course
of conduct or dealing shall be construed to modify, amend or otherwise affect any of the provisions hereof.

 

(e) Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if physically delivered,
delivered by express mail or other expedited service or upon receipt if mailed, postage prepaid, via first class mail as follows:

 

	
    If to Company:
	
    Attn: General Counsel

    Aerocentury Corp.

    3000 El Camino Real, Bld. 4, Suite 200

    Palo Alto, CA 94306

    Email: __________________

     

	If to Employee:	
    Attn: ___________________

    _______________________

    _______________________

    Tel: ____________________

    E-mail: __________________ 

 

and/or to such other persons
and addresses as any party hereto shall have specified in writing to the other.

 

(f) Assignability. This
Agreement shall not be assignable by Employee, but shall be binding upon and shall inure to the benefit of Employee’s heirs, executors,
administrators and legal representatives. This Agreement shall be assignable by Company to any affiliate, subsidiary or division thereof
and to any successor in interest.

 

(g) Governing Law. This
Agreement shall be governed by and construed under the laws of the State of California, without regard to the principles of conflicts
of laws thereof.

 

(h) Venue/Jurisdiction.
Employee hereby irrevocably agrees that any suit, action, or other proceeding arising out of or in any way related to this Agreement may
be brought only in the state or federal courts in the county of Santa Clara, California, and Employee agrees to the non-exclusive personal
jurisdiction and venue of any court in the county of Santa Clara, California.

 

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(i) Waiver and Further Agreement.
Any waiver of any breach of any terms or conditions of this Agreement shall not operate as a waiver of any other breach of such terms
or conditions or any other term or condition hereof nor shall any failure to enforce any provision hereof operate as a waiver of such
provision or of any other provision hereof. Each of the parties hereto agrees to execute all such further instruments and documents and
to take all such further action as the other party may reasonably require in order to effectuate the terms and purposes of this Agreement.

 

(j) Headings of No Effect.
The headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation
of this Agreement.

 

(k) Interpretation. When
the context so requires in this Agreement, words of one gender include one or more other genders, singular words include the plural, and
plural words include the singular. Use of the word “include” or “including” is intended as an introduction to
illustrative matters and not as a limitation. The word “party” when used in this Agreement means either Employee or Company
unless another meaning is required by the context. The word “person” includes individuals, entities and governmental authorities.
The words “government” and “governmental authority” are intended to be construed broadly and include governmental
agencies, bodies, boards, departments and officers and individuals acting in any official capacity.

 

(l) Legal Review. EMPLOYEE
HAS READ THIS AGREEMENT, UNDERSTOOD THIS AGREEMENT AND HAS HAD THE OPPORTUNITY TO HAVE THIS AGREEMENT REVIEWED BY AN ATTORNEY TO THE FULLEST
EXTENT EMPLOYEE HAS DESIRED.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first written above.

 

	
     
	Employer
	 	 
	 	Aerocentury Corp.
	 	 
	 	 
	 	Name: 
	 	Title:
	 	 
	 	Employee
	 	 
	 	 
	 	Name:  
	 	An Individual

 

    10Exhibit 10.6

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (this “Agreement”), made effective as of October 1, 2021 (the “Effective
Date”), is by and between AeroCentury Corp, a Delaware Corporation (the “Company”), and Florence
Ng (“Employee”).

 

WHEREAS,
the Company believes that Employee possesses the necessary qualifications and abilities to serve as General Counsel and Vice President
of Operation of the Company (“GC”) and to serve as an executive director (“Director”)
of the Board of Director of the Company (the “Board.”)

 

NOW,
THEREFORE, in consideration of the mutual promises contained herein, the benefits to be derived by each party hereunder and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1. Term.
The term of this Agreement is three (3) years from the Effective Date. In the event that the roles under this Agreement shall be modified
or reduced, the compensation set out in Schedule A shall remain unchanged for the duration of the Term of this Agreement. As Director,
the Employee shall hold office until such time that her successor is duly elected and qualified, or until her death or removal from office.
The role of Director will be automatically removed from the Board if she resigns her office by writing delivered to the Board, becomes
prohibited by law from acting as a director or commits a material breach of this Agreement pursuant to Section 5 below.

 

2. Compensation
and Expenses.

 

a. Compensation. The
Employee’s compensation shall be provided by the Company in a separate schedule A attached herein (“Schedule A”). The
compensation may be paid by the Company, a subsidiary or affiliated entity or a combination thereof, as designated by the Company
from time to time.

 

b. Expenses.
Upon submission of appropriate receipts, invoices or vouchers as may be reasonably required by the Company, the Company will reimburse
Employee for all reasonable out-of-pocket expenses, travel expenses and other expenses incurred in connection with the performance of
work duties under this Agreement.

 

3. Confidential
Information. The Employee recognizes and acknowledges that the Employee will have access to Confidential Information (as defined
below) relating to the business or interests of the Company or of persons with whom the Company may have business relationships. The
Employee agrees that both during and after her time as an employee of the Company, the Employee will not use for her own, or for another’s
benefit, or disclose or permit the disclosure of any confidential information relating to the Company, including without limitation any
information about the deliberations of the Company. The term “Confidential Information” means any non-public
information that relates to the actual or anticipated business and/or products, research or development of the Company, its affiliates
or subsidiaries, or to the Company’s, its affiliates’ or subsidiaries’ technical data, trade secrets, or know-how,
including, but not limited to, research, product plans, or other information regarding the Company’s, its affiliates’ or
subsidiaries’ products or services and markets therefor, customer lists and customers, prospective customers, software, developments,
inventions, processes, methodologies, algorithms, know-how, procedures, formulas, technology, designs, drawings, engineering, hardware
configuration information, marketing, finances, business plans, vendor relationships, passwords, encryption coding, search technology,
analytics, transaction data, ledgers, and other business information disclosed by the Company, its affiliates or subsidiaries, either
directly or indirectly, in writing, orally or by drawings or inspection of premises, parts, equipment, programs, formulas, ledgers or
other property of Company, its affiliates or subsidiaries. The Employee also agrees during her appointment that she will not, other than
for the benefit of the Company and in connection with his service as a director, make any notes, memoranda, electronic records, tape
records, films, photographs, plans, drawings or any form of record relating to any matter within the scope of the business or concerning
the dealings or affairs of the Company and will return any such items at any time at the request of the Board. The Employee confirms
that she has notified the Board in writing of all other directorships, appointments and interests, including any directorship, appointment
or interest in a company, business or undertaking which competes or is likely to compete with the Company or which could otherwise potentially
give rise to a conflict with his duties with the Company.

 

     

     

    

 

4. Duties,
Time and Commitment. During the continuance of the Employee’s appointment, the Employee will be expected to: (i) faithfully,
efficiently, competently and diligently perform her duties and exercise such powers as are appropriate to her roles; (ii) in so far as
reasonably possible, perform works required as the GC, attend all meetings of the Board and of any committees of the Board of which she
is a member; (iii) comply with all reasonable requests, instructions and regulations made or given by the Board (or by any duly authorized
committee thereof) and give to the Board such explanations, information and assistance the Board may reasonably require; (iv) act in
the best interests of the Company; and (v) use commercially reasonable efforts to promote and extend the interests and reputation of
the Company, including assisting the Board in relation to public and corporate affairs and providing, for the benefit of the Board, the
Employee’s particular knowledge and experience.

 

5. Termination
for Material Breach. The Employee’s service to the Company may be terminated by the Company pursuant to the provision of written
notice to the Director, in the event of a breach by the Employee of any of the provisions of this Agreement; provided however,
that the Director shall have been given reasonable notice and an opportunity to promptly cure any such event of a material breach.

 

6. Insurance.
The Company agrees to use commercially reasonable efforts to procure and maintain an insurance policy or policies providing directors’
and officers’ liability insurance. Employee shall be covered by such policy or policies, in accordance with her terms, to the maximum
extent of the coverage available for any of the Company’s directors or officers. The Employee shall be covered under a health insurance
coverage that the Company shall subscribe to for its full-time employees working in its U.S. office.

 

7. Limitation
of Liability; Right to Indemnification. The Company shall indemnify the Employee in her capacity as GC and executive director of
the Company to the fullest extent permitted by applicable law against all debts, judgments, costs, charges or expenses incurred or sustained
by the Employee in connection with any action, suit or proceeding to which the Employee may be made a party by reason of his being or
having been an employee or director of the Company. The Company shall have the right to assume, with legal counsel of its choice, the
defense of the Employee in any such action, suit or proceeding for which the Company is providing indemnification to Employee. Should
Employee determine to employ separate legal counsel in any such action, suit or proceeding, any costs and expenses of such separate legal
counsel shall be the sole responsibility of Employee. If the Company does not assume the defense of any such action, suit or other proceeding,
the Company shall, upon request of the Employee, promptly advance or pay any amount for costs or expenses (including, without limitation,
the reasonable legal fees and expenses of counsel retained by Employee) incurred by Employee in connection with any such action, suit
or proceeding. The Company shall not be obligated to indemnify Employee against any actions that constitute, in the reasonable discretion
of the Board of Directors, an act of gross negligence, fraud or willful misconduct.

 

8. Amendments
and Waiver. No supplement, modification or amendment of this Agreement will be binding unless executed in writing by both parties.
No waiver of any provision of this Agreement on a particular occasion will be deemed or will constitute a waiver of that provision on
a subsequent occasion or a waiver of any other provision of this Agreement.

 

    2

     

    

 

9. Binding
Effect. This Agreement will be binding upon and inure to the benefit of and be enforceable by the parties and their respective successors
and assigns.

 

10. Severability.
The provisions of this Agreement are severable, and any provision of this Agreement that is held by a court of competent jurisdiction
to be invalid, void, or otherwise unenforceable in any respect will not affect the validity or enforceability of any other provision
of this Agreement.

 

11. Governing
Law. This Agreement will be governed by and construed and enforced in accordance with the laws of California without giving effect
to the principles of conflicts of laws.

 

12. Entire
Agreement. This Agreement constitutes the entire understanding between the parties with respect to the subject matter hereof, superseding
all negotiations, prior discussions and prior agreements and understanding relating to such subject matter.

 

13. Notices.
Every notice relating to this Agreement shall be in writing and shall be given by personal delivery or by registered or certified
mail, postage prepaid, return receipt requested; to:

 

If
to the Employee, to the address for notice on the signature page to this Agreement or, if no such address is provided, to the last address
of the Employee provided by the Employee to the Company.

 

Either
of the parties may change their address for purposes of notice hereunder by giving notice in writing to such other party pursuant to
this Section 13.

 

14. Miscellaneous.
This Agreement may be executed by the Company and Employee in any number of counterparts, each of which shall be deemed an original instrument,
but all of which together shall constitute but one and the same instrument. Any party may execute this Agreement by facsimile signature
and the other party will be entitled to rely on such facsimile signature as evidence that this Agreement has been duly executed by such
party.

 

The
parties hereto have executed this Agreement as of the date first written above.

 

	AEROCENTURY
    CORPORATION	 	EMPLOYEE

	 	 	 
	By: 	/s/ Yucheng Hu	 	By:	 /s/ Florence Ng
	Name: 	Yucheng Hu	 	Name:	 Florence Ng
	Title: 	CEO and Chairman 	 	 

 

    3

     

    

 

Schedule
A

 

Annual
compensation package: US$ 165,000, shall be paid to the Employee each month on the last business day of a month.

 

One-time
signing fee: In addition to the above, the Company shall pay Employee a one-time signing fee, on the Effective Date of this Agreement,
the amount of: US$18,750, to compensate the Employee for the works performed prior to the commencement of this Agreement.

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