Document:

Dragon Acquisition Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This employment agreement (this "Agreement") dated as of June
15, 2010 (the "Effective Date"), is made by and between Dragon Acquisition
Corporation, a Cayman Islands company (the “Company”), the parent company of
Qingdao Oumei Real Estate Development Co., Ltd., with an address at Floor 28,
Block C, Longhai Mingzhu Building, No.182 Haier Road, Qingdao 266000, PRC, and
Zhaohui John Liang (the “Executive”) (collectively, the “Parties”). 

WHEREAS, the Company desires to employ the Executive from the
Effective Date until expiration of the term of this Agreement, and the Executive
is willing to be employed by the Company during that period, on the terms and
subject to the conditions set forth in this Agreement; 

WHEREAS, the Executive will have the duties and
responsibilities as described in Section 1 of the Agreement during the period
when the Executive is the Chief Financial Officer of the Company; and 

WHEREAS, the Parties wish to establish the terms of the
Executive’s employment with the Company; 

NOW, THEREFORE, in consideration of the foregoing, of the
mutual promises contained herein and of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties,
intending to be legally bound, hereby agree as follows: 

     1. POSITION/DUTIES. 

     (a) During the Employment Term,
the Executive shall serve as the Chief Financial Officer of the Company. In this
capacity the Executive shall be responsible to lead and manage the operations of
the Company that are related to finance and capital market, including, but is
not limited to, providing expertise in making financial plan and strategy,
accompanying the Company’s investment bankers and investor relations
professionals to meeting with investors, analysts and other market
professionals, and working with the Company’s U.S. legal counsel and auditors to
implement, monitor and oversee the Company’s compliance with the requirements of
the Sarbanes-Oxley Act, the Securities Act of 1933, the Exchange Act of 1934,
and the listing rules as a public company and to advise the Board of Directors
(the “Board”) with respect to the Company’s internal controls and procedures,
including disclosure controls and procedures. 

     (b) During the Employment Term,
the Executive shall report directly to the Chief Executive Officer and the Board
of the Company. The Executive shall obey the lawful directions of the Chief
Executive Officer and the Board to whom the Executive reports and shall use his
diligent efforts to promote the interests of the Company and to maintain and
promote the reputation thereof. 

     (c) Unless the Parties agree
otherwise in writing, during the Employment Term, the Executive shall perform
the services contemplated by this Agreement at the Executive’s office located in
River Vale, New Jersey in the United States; provided, however, that the Company
may, from time to time, require the Executive to travel for up to an aggregate
of five (5) months per annum to other locations on the Company's business.
Notwithstanding the foregoing, nothing in this Agreement is to be construed as
prohibiting the Executive from serving as a director of other entities whether
or not for profit, so long as his service as such does not substantially prevent
or prohibit the Executive from effectively discharging his duties hereunder and
such positions are disclosed to the Board. 

     (d) During the Employment Term,
the Executive shall lead and coordinate the Company’s investor relations
activities which shall include, but is not limited to, communications with
investors, analysts and media, and the Company’s public disclosure, and shall
implement and monitor the corporate governance of the Company in complianpartce
with the applicable laws and regulations. The Executive shall work in
conjunction with other members of the executive management team to support the
Company’s business growth. 

     (e) During the Employment Term,
in the event that the Company engages in any capital markets activities, the
Executive shall take a leading role in such transactions by overseeing
underwriters, counsels and auditors, and preparing and/or reviewing requisite
documentations in connection with such transactions. 

     2. EMPLOYMENT TERM. Except
for earlier termination as provided in Section 6, the Executive’s employment
under this Agreement shall be for two (2) year starting on the Effective Date
and ending on June 15, 2012 (the "Initial Term"). Subject to Section 5, at the
end of the Initial Term this Agreement may be extended for additional terms by
mutual agreement of the Parties (“Additional Term”). The amount of compensation
payable to the Executive during any extension of the Initial Term shall be
discussed and agreed upon by both Parties 30 days before the Agreement
termination date. The Initial Term and any Additional Term shall be referred to
herein as the "Employment Term."

     3. COMPENSATION. 

          (a)
Base Salary. In consideration of the services to be rendered hereunder,
the Company hereby agrees to pay the Executive an annual base salary of two
hundred thousand U.S. dollars ($200,000) payable in equal monthly installments
(the “Base Salary”). The payment of Base Salary hereunder shall not in any way
limit or reduce any other obligation of the Company hereunder, and no other
compensation, benefit or payment hereunder shall in any way limit or reduce the
obligation of the Company to pay the Executive’s Base Salary hereunder. The
Board, at any time and from time to time, may increase (but not reduce) the Base
Salary payable under this Agreement, and increase in the Base Salary shall
become effective at the time indicated by the Board without the need for an
amendment to this Agreement. At the end of the first twelve-month period of the
Employment Term, if the Chinese currency (Renminbi or RMB) has appreciated more
than five percent (5%) against the U.S. currency (U.S. Dollar) over the
immediately preceding twelve-month period, then the Executive’s annual Base
Salary for the next twelve-month period shall be adjusted upward by the same
percentage ratio. 

          (b)
Stock Options. The Board shall form a compensation committee, and the
compensation committee shall, in an expeditious manner, establish a compensation
and incentive program for the Company’s officers, including a stock options
plan. Subject to the terms and conditions provided in this Agreement, the
Company agrees to grant the Executive stock options to purchase shares of the
common stock of the Company (“Stock Options”). However, since no stock options
plan is currently in place, the Company agrees to follow the terms and
conditions set forth in Attachment A annexed hereto and made a part hereof, in
granting the Executive Stock Options. 

          (c)
Incentive & Bonus Plans. During the term of his employment under this
Agreement, at the Board’s discretion, the Executive shall be eligible to
participate in all bonus and incentive plans established by the Board. 

          (d)
Withholding of Taxes. The Executive understands that the services to be
rendered under this Agreement will cause the Executive to recognize taxable
income, which is considered under the Internal Revenue Code of 1986, as amended,
and applicable regulations thereunder as compensation income subject to the
withholding of income tax (and Social Security or other employment taxes). The
Executive hereby consents to the withholding of such taxes. The Company shall,
in accordance with applicable law and regulations, be responsible for all U.S.
federal, state and local government imposed employer tax payment or matching,
including, but not limited to, Federal Insurance Contributions Act (FICA) taxes
and federal and state unemployment taxes. 

     4. EMPLOYEE BENEFITS. 

          (a)
Benefit Plans. The Executive shall be eligible to participate in any
employee benefit plan of the Company, including, but not limited to, equity,
pension, thrift, profit sharing, life, disability, health, accident and other
insurance programs, education, or other retirement or welfare benefits that the
Company has adopted or may adopt, maintain or contribute to the benefit of its
senior executives, at a level commensurate with his positions, subject to
satisfying the applicable eligibility requirements. 

          (b)
Vacation and Holidays. The Executive shall be entitled to an annual paid
vacation in accordance with the Company's policy applicable to senior executives
from time to time in effect, but in no event less than three (3) weeks per
calendar year (as prorated for partial years), which vacation may be taken at
such times as the Executive elects with due regard to the needs of the Company.
The Executive shall be entitled to all standard U.S. legal public Holidays. 

          (c)
Business and Entertainment Expenses. During the Employment Term, the
Company shall reimburse the Executive for his reasonable out-of-pocket business
and entertainment expenses incurred in connection with the Company's business,
including office equipments and expenses, travel expenses, food, and lodging
while away from home. In the event that the Executive uses his personal car
while traveling on the Company's business, the Executive shall be reimbursed at
the Internal Revenue Services standard mileage rate (currently US$0.50 per mile)
plus tolls and parking. Expenses shall be reimbursed on a monthly basis. 

          (d)
Insurance. The Executive and each individual direct family member of the
Executive shall be provided by the Company with medical, vision and dental
insurance plans providing international standard coverage as determined by the
Company after consultation with the Executive. 

2 

     5. TERMINATION. The
Executive's employment and the Employment Term shall terminate on the first of
the following to occur: 

          (a)
Disability. The thirtieth (30th) day following a written notice of
termination by the Company to the Executive due to Disability. For purposes of
this Agreement, "Disability" shall mean a determination by the Board in
accordance with applicable law that due to a physical or mental injury, illness
or incapacity, the Executive is unable to perform the essential functions of his
job for a period of more than six (6) consecutive months. Any determination by
the Board with respect to Executive's Disability must be based on a
determination of competent medical authority or authorities, a copy of which
determination must be delivered to the Executive at the time it is delivered to
the Board. In the event the Executive disagrees with the determination described
in the previous sentence, the Executive shall have the right to submit to the
Board a determination by a competent medical authority or authorities of the
Executive's own choosing to the effect that the aforesaid determination is
incorrect and that the Executive is capable of performing his duties under this
Agreement. If, upon receipt of such determination, the Board wishes to continue
to seek to terminate this Agreement under the provisions of this section, the
Parties shall submit the issue of the Executive’s Disability to arbitration in
accordance with the provisions of this Agreement. 

          (b)
Death. Automatically on the date of death of the Executive. 

          (c)
Cause. Immediately upon written notice of termination by the Company to
the Executive for Cause. "Cause" shall mean, as determined by the Board (or its
designee) (1) conduct by the Executive in connection with his employment duties
or responsibilities that is fraudulent, unlawful or grossly negligent; (2) the
willful misconduct of the Executive; (3) the willful and continued failure of
the Executive to perform the Executive's duties with the Company (other than any
such failure resulting from incapacity due to physical or mental illness); or
(4) any material breach by the Executive of any provision of this Agreement;
provided, however, that no such termination shall be deemed to be a Termination
for Cause unless the Company has provided the Executive with written notice of
what it reasonably believes are the grounds for any Termination for Cause and
the Executive fails to take appropriate remedial actions during the thirty (30)
day period following receipt of such written notice. 

          (d)
Without Cause. On the sixtieth (60th) day following written notice of
termination by either Party to the other Party without Cause, other than for
death or Disability of the Executive. Termination without cause shall also
include termination after a Change of Control (as defined herein) and
termination by the Executive for Good Reason (as defined herein). For purposes
of this Agreement, a “change in control” shall be defined as (1) the sale of
more than fifty percent (50%) of the Company’s outstanding capital stock, other
than in connection with an underwritten public offering of the Company’s
securities; or (2) the sale, lease, transfer, conveyance or other disposition of
all or substantially all of the assets of the Company; or (3) a merger,
consolidation, or like business combination or reorganization of the Company (or
similar transaction) in which the Company is not the surviving entity or
following which the Company’s shareholders immediately prior to such transaction
no longer control a majority of the Company’s voting stock. “Good Reason” shall
mean (1) that without the Executive’s prior written consent and in the absence
of Cause, one or more of the following events occurs: (i) any materially adverse
change in the Executive’s authority, duties, or responsibilities or any
assignment to the Executive of duties and responsibilities materially
inconsistent with those normally associated with the Executive’s position; or
(ii) a reduction in the Executive’s salary or benefits; or (iii) the Executive
is required to be primarily based at any office more fifty (50) miles outside
the metropolitan area of the Executive’s then current business address,
excluding travel required in the performance of the Executive’s
responsibilities. In this regard, the Executive hereby acknowledges that the
Executive shall be required as part of his responsibilities to spend a
significant amount of time working at the Company’s offices located in the
Peoples Republic of China, subject to the provisions in Section 1(c) of this
Agreement; and (2) within sixty (60) calendar days of learning of the occurrence
of any event specified in clause (1), and in the absence of any circumstances
that constitute Cause, the Executive terminates employment with the Company, by
written notice to the Company; provided, however, that the events set forth in
subparagraphs (1)(i), (2)(ii) or (3)(iii) shall not constitute Good Reason for
purposes of this Agreement unless, within thirty (30) calendar days of the
Executive’s learning of such event, the Executive gives written notice of the
event to the Company, and the Company fails to remedy such event within thirty
(30) calendar days of receipt of such notice. 

     6. CONSEQUENCES OF
TERMINATION. 

          (a)
Disability. Upon termination of the Employment Term because of the
Executive's Disability, the Company shall pay or provide to the Executive (1)
any unpaid Base Salary and any accrued vacation through the date of termination;
(2) any unpaid Annual Bonus accrued with respect to the fiscal year ending on or
preceding the date of termination; (3) reimbursement for any unreimbursed
expenses properly incurred through the date of termination; (4) incentive
compensation to the extent earned and vested; and (5) all other payments or
benefits to which the Executive may be entitled under the terms of any
applicable employee benefit plan, program or arrangement (collectively, "Accrued
Benefits"). Additionally, the Company shall pay to the Executive a lump sum
payment equal to four (4) months of Base Salary. 

3 

          (b)
Death. Upon the termination of the Employment Term because of the
Executive's death, the Executive's estate shall be entitled to any Accrued
Benefits. Additionally, the Company shall pay to the Executive's estate a lump
sum payment equal to four (4) months of Base Salary. 

          (c)
Termination for Cause. Upon the termination of the Employment Term by the
Company for Cause or by either Party in connection with a failure to renew this
Agreement, the Company shall pay to the Executive any Accrued Benefits through
the date of termination. 

          (d)
Termination without Cause. Upon the termination of the Employment Term
without Cause, the Company shall pay to the Executive (1) the Accrued Benefits,
and (2) a lump sum payment equal to four (4) months of Base Salary. In addition,
in the event of termination without Cause, the Company shall provide the
Executive with the opportunity to vest and exercise all stock options issued to
the Executive pursuant to Section 3(b) of this Agreement. 

     7. SURVIVAL OF COMPANY’S
OBLIGATIONS AND NO ASSIGNMENT. This Agreement will be binding on, and inure
to the benefit of, the executors, administrators, heirs, successors, and assigns
of the Parties; provided, however, this Agreement and the rights or obligations
hereunder may not be assigned either by Company or by the Executive without
first obtaining the written consent of the other Party hereto. 

     8. NOTICES. For the
purpose of this Agreement, notices and all other communications provided for in
this Agreement shall be in writing and shall be deemed to have been duly given
(1) on the date of delivery if delivered by hand, (2) on the date of
transmission, if delivered by confirmed facsimile, (3) on the first business day
following the date of deposit if delivered by guaranteed overnight delivery
service, or (4) on the fourth business day following the date delivered or
mailed by United States registered or certified mail, return receipt requested,
postage prepaid, addressed as follows: 

If to the Executive: 

Zhaohui John Liang 
634 Donna Ct. 
River Vale, NJ 07675

U.S. 

If to the Company: 

Dragon Acquisition Corporation 
c/o Qingdao Oumei Real
Estate Development Co., Ltd. 
Attn.: Weiqing Zhang 
Floor 28, Block C

Longhai Mingzhu Building, 
No.182 Haier Road, Qingdao 266000 
People’s
Republic of China 
Tel: (86) 532 8099 7969

With a copy to: 

Pillsbury Winthrop Shaw Pittman LLP 
2300 N Street, N.W.

Washington, D.C. 20037 
Attention: Louis A. Bevilacqua, Esq. 
Tel.:
(202) 663-8000 

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

4 

     9. PROTECTION OF THE COMPANY'S
BUSINESS. 

          (a)
Confidentiality. Because of the Executive's employment by the Company,
the Executive will have access to trade secrets and confidential information
about the Company, its products, its customers, and its methods of doing
business (the "Confidential Information"). The Executive shall hold in a
fiduciary capacity for the benefit of the Company and shall not disclose to
others or use, whether directly or indirectly, any Confidential Information
regarding the Company, except (i) as in good faith deemed necessary by the
Executive to perform his duties hereunder, (ii) to enforce any rights or defend
any claims hereunder or under any other agreement to which the Executive is a
party, provided that such disclosure is relevant to the enforcement of such
rights or defense of such claims and is only disclosed in the formal proceedings
related thereto, (iii) when required to do so by a court of law, by any
governmental agency having supervisory authority over the business of the
Company or by any administrative or legislative body (including a committee
thereof) with jurisdiction to order him to divulge, disclose or make accessible
such information, provided that the Executive shall give prompt written notice
to the Company of such requirement, disclose no more information than is so
required, and cooperate with any attempts by the Company to obtain a protective
order or similar treatment, (iv) as to such Confidential Information that shall
have become public or known in the Company's industry other than by the
Executive's unauthorized disclosure, or (v) to the Executive's spouse, attorney
and/or his personal tax and financial advisors as reasonably necessary or
appropriate to advance the Executive's tax, financial and other personal
planning (each an "Exempt Person"), provided, however, that any disclosure or
use of Confidential Information by an Exempt Person shall be deemed to be a
breach of this Section 9(a) by the Executive. 

          (b)
Non-Competition. In consideration of the Executive's access to the
Confidential Information, the Executive agrees that for a period of six (6)
months after termination of the Executive's employment, the Executive shall not,
directly or indirectly, use such Confidential Information to compete with the
business of the Company, as the business of the Company may then be constituted,
within any province, region or locality in which the Company is then doing
business or marketing its products. The Executive agrees that direct competition
means development, production, promotion, or sale of products or services
competitive with those of the Company. Indirect competition means employment by
any competitor or third party providing products competing with the Company's
products, for which the Executive will perform the same or similar function as
he performs for the Company. Notwithstanding anything to the contrary contained
in the Agreement, the provisions of this Section 9(b) shall not be applicable in
the event of any Termination without Cause with respect to the Executive. In
addition, for a period of six (6) months after termination of the Executive's
employment, the Executive shall not induce or attempt to induce any employee of
the Company to discontinue his or her employment with the Company for the
purpose of becoming employed by any competitor of Company, nor shall the
Executive initiate discussions, negotiations or contacts with persons known by
the Executive to be a customer or supplier of the Company at the time of the
Executive's termination of employment for the purpose of competing with the
Company. 

          (c)
Cooperation. Subject to the Executive's other reasonable business
commitments, following the Employment Term, the Executive shall be available to
cooperate with the Company and its outside counsel and provide information with
regard to any past, present, or future legal matters which relate to or arise
out of the business the Executive conducted on behalf of the Company and its
subsidiaries and affiliates, and, upon presentation of appropriate
documentation, the Company shall compensate the Executive for any out-of-pocket
expenses reasonably incurred by the Executive in connection therewith. 

          (d)
Liability. Notwithstanding the provisions in this Section 9 the Executive
shall not be liable for any mistakes of fact, errors of judgment, for losses
sustained by the Company or any subsidiary or for any acts or omissions of any
kind, unless caused by the negligence or willful or intentional misconduct of
the Executive. 

     10. INDEMNIFICATION. The
Company agrees that it shall indemnify and hold the Executive harmless to the
fullest extent permitted by applicable law from and against any loss, cost,
expense or liability resulting from or by reason of the fact of the Executive’s
employment hereunder, whether as an officer, employee, agent, fiduciary,
director or other official of the Company, except to the extent of any expenses,
costs, judgments, fines or settlement amounts which result from conduct which is
determined by a court of competent jurisdiction to be knowingly fraudulent or
deliberately dishonest or to constitute some other type of willful misconduct.

     11. SECTION HEADINGS AND
INTERPRETATION. The section headings used in this Agreement are included
solely for convenience and shall not affect, or be used in connection with, the
interpretation of this Agreement. Expressions of inclusion used in this
agreement are to be understood as being without limitation. 

5 

     12. SEVERABILITY. The
provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or
enforceability of the other provisions hereof. 

     13. COUNTERPARTS. This
Agreement may be executed in several counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same
Agreement. 

     14. GOVERNING LAW AND
VENUE. This agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of New Jersey, the United States, without
regard to rules governing conflicts of law. Any controversy, claim or dispute
arising out of or relating to this Agreement or the Executive’s employment by
the Company, including, but not limited to, common law and statutory claims for
discrimination, wrongful discharge, and unpaid wages, or breach of this
Agreement shall be settled by arbitration in Bergen County, New Jersey in
accordance with the prevailing Commercial Arbitration Rules and/or National
Rules for the Resolution of Employment Disputes of the American Arbitration
Association, and judgment on the award rendered by the arbitrators may be
entered in any court having jurisdiction. There must be three (3) arbitrators,
one to be chosen directly by each Party at will, and the third arbitrator to be
selected by the two arbitrators so chosen. The prevailing party in any such
action or litigation involving this Agreement shall be entitled to recover
attorney’s fees and costs from the non-prevailing party. 

     15. ENTIRE AGREEMENT. This
Agreement contains the entire agreement between the Parties with respect to the
subject matter hereof and supersedes all prior agreements, written or oral, with
respect thereto. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
Party which are not expressly set forth in this Agreement. 

     16. WAIVER AND AMENDMENT.
No provision of this Agreement may be modified, amended, waived or discharged
unless such waiver, modification, amendment or discharge is agreed to in writing
and signed by the Executive and such officer or director as may be designated by
the Board. No waiver by either Party at any time of any breach by the other
Party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other Party shall be deemed a waiver or
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. 

6 

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

DRAGON ACQUISITION CORPORATION

/s/ Weiqing
Zhang                   
 
By: Weiqing Zhang 
Title: Chief Executive Officer 

EXECUTIVE 

/s/Zhaohui John
Liang             
 
By: Zhaohui John Liang 

7 

ATTACHMENT A 

TERMS AND CONDITIONS FOR GRANTING THE COMPANY’S STOCK OPTIONS

     Subject to the terms and
conditions provided in this Agreement, the Company agrees to grant the Executive
stock options to purchase shares of the common stock of the Company, according
to the terms of the Company’s stock options plan to be established by the
Board’s compensation committee, immediately upon the establishment of such stock
options plan, and subject to the following terms and conditions: 

	 	1. 	
      The Stock Options granted to the Executive shall entitle
      the Executive to purchase shares of the common stock of the Company, the
      number of which shall be determined by the Board but in no event fewer
      than one point two percent (1.2%) of the total number of the Company’s
      outstanding ordinary shares as of the date of the grant, which shall occur
      within three (3) months of the Effective Date.

	 	 	 
	 	2. 	
      Each of said Stock Options shall carry an exercise price
      to be determined by the Board. In no event shall said exercise price
      exceed $5.00 per share.

	 	 	 
	 	3. 	
      Fifty percent (50%) of said Stock Options shall vest at
      the end of the first six (6) months of the Employment Term of the
      Executive, with an additional five percent (5%) vesting every month
      thereafter until all such Stock Options are vested.

	 	 	 
	 	4. 	
      If the Company’s stock options plan is not established
      and approved by the Board within three (3) months of the Effective Date,
      the Company shall immediately grant the Executive Stock Options to
      purchase shares of the common stock of the Company, the number of which
      shall be one point two percent (1.2%) of the total number of the Company’s
      outstanding ordinary shares as of the date of the grant; each of said
      Stock Options shall carry an exercise price to be determined by the Board.
      In no event shall said exercise price exceed $5.00 per share. Fifty
      percent (50%) of said Stock Options shall vest at the end of the first six
      (6) months of the Employment Term of the Executive, with an additional
      five percent (5%) vesting every month thereafter until all such Stock
      Options are vested.

	 	 	 
	 	5. 	
      In connection therewith, a Stock Option Agreement shall
      be separately entered into by the Company and the
  Executive.

8Dragon Acquisition Corporation: Exhibit 10.2 - Filed by newsfilecorp.com

Exhibit 10.2 

INDEPENDENT DIRECTOR AGREEMENT 

THIS INDEPENDENT DIRECTOR
AGREEMENT (this “Agreement”) is made and entered into this 22nd day
of June, 2010 by and between DRAGON ACQUISITION CORPORATION, a
company established under the laws of the Cayman Islands (the “Company”)
and Mr. Lawrence Lee, an individual residing at Room 2-201, 58 Manao Road,
Changning District, Shanghai 201103, People’s Republic of China (the
“Director”). 

RECITALS: 

WHEREAS, the Company has
appointed the Director to serve on the Company’s board of directors (the
“Board”) and the Director desires to accept such appointment to serve on
the Board; and 

WHEREAS, the Director has
been appointed as a member of one or more committees of the Board; and 

WHEREAS, the Director has
been appointed to serve as Chairman of one or more committees of the Board. 

AGREEMENT: 

NOW, THEREFORE, in
consideration of the foregoing and the Director’s services to the Company as a
member of the Board, as a member of such Committees of the Board to which he may
be appointed from time to time and as Chairman of one or more committees to
which he may be appointed in such capacity from time to time, and intending to
be legally bound hereby, the Company and the Director hereby agree as follows:

1.  

Term.
The Director hereby agrees to act as a director of the Company upon the
terms and conditions contained in this Agreement and in accordance with the
provisions of the amended and restated memorandum and articles of association of
the Company, as may be further amended from time to time (the
“Articles”). The term of this Agreement shall commence as of the date of
the Director’s appointment by the Board and shall continue until the Director’s
earlier resignation or removal from office in accordance with the Articles. 

2. 

Compensation.
The Company agrees to compensate the Director, and the Director agrees to
accept, an annual compensation fee in the amount of US$40,000 for his
service as (a) a member of the Board, (b) as a member of each committee of the
Board to which he may be appointed and (c) as Chairman of each committee of the
Board to which he may be appointed (collectively referred to hereinafter as the
“Annual Fee”). The Annual Fee shall be payable in cash and shall be paid
to the Director, pro rata, on the last day of each fiscal quarter. In the event
that the Director serves less than a full year on the Board, the Company shall
only be obligated to pay the pro rata portion of such Annual Fee to the Director
for his services performed during such year. 

3. 

Independence.
The Director acknowledges that his appointment hereunder is contingent upon the
Board’s determination that he is “independent” with respect to the Company, as
such term is defined by Section 5605(a)(2) of the Nasdaq Stock Market Rules, and
that his appointment may be terminated by the Company in the event that the
Director does not maintain such independence. 

4. 

Duties.
The Director shall exercise his powers in good faith and in the best
interests of the Company, including but not limited to, the following: 

(a) 

Conflicts of Interest. In the
event that the Director has a direct or indirect financial or personal interest
in a contract or transaction to which the company is a party, or the Director is
contemplating entering into a transaction that involves use of corporate assets
or competition against the Company, the Director shall promptly disclose such
potential conflict to the applicable Board committee and proceed as directed by
such committee. 

(b) 

Corporate Opportunities. Whenever
the Director becomes aware of a business opportunity, related to the Company’s
business, which one could reasonably expect the Director to make available to
the Company, the Director shall promptly disclose such opportunity to the
applicable Board committee and proceed as directed by such committee. 

(c) 

Candor. The Director shall ensure
that, through the appropriate legal channels, he provides to the Company’s
shareholders all material relevant information known to him when a voting or
investment decision has been submitted to the shareholders. 

(d) 

Confidentiality. The Director
agrees and acknowledges that, by reason of the nature of his duties as Director,
he will have or may have access to and become informed of confidential and
secret information which is a competitive asset of the Company
(“Confidential Information”), including without limitation any
lists of customers or suppliers, distributors, financial statistics, research
data or any other statistics and plans or operation plans or other trade secrets
of the Company and any of the foregoing which belong to any person or company
but to which the Director has had access by reason of his relationship with the
Company. The Director agrees faithfully to keep in strict confidence, and not,
either directly or indirectly, to make known, divulge, reveal, furnish, make
available or use (except for use in the regular course of his employment duties)
any such Confidential Information. The Director acknowledges that all manuals,
instruction books, price lists, information and records and other information
and aids relating to the Company’s business, and any and all other documents
containing Confidential Information furnished to the Director by the Company or
otherwise acquired or developed by the Director, shall at all times be the
property of the Company. Upon termination of the Director’s services hereunder,
the Director shall return to the Company any such property or documents which
are in his possession, custody or control, but his obligation of confidentiality
shall survive such termination until and unless any such Confidential
Information shall have become, through no fault of the Director, generally known
to the public. The obligations of the Director under this subsection are in
addition to, and not in limitation or preemption of, all other obligations of
confidentiality which the Director may have to the Company under general legal
or equitable principles. 

2 

5. 

Expenses.
Upon submission of adequate documentation by the Director to the Company, the
Director shall be reimbursed for all reasonable expenses incurred by him in
connection with his positions as a member of the Board and for his services as a
member of each committee of the Board to which he may be appointed. 

6. 

Withholding.
The Director agrees to cooperate with the Company to take all steps necessary or
appropriate for the withholding of taxes by the Company required under law or
regulation in connection herewith, and the Company may act unilaterally in order
to comply with such laws. 

7. 

Binding
Effect. This Agreement shall be binding upon and inure to the benefit of
the Company and its successors and assigns. 

8. 

Recitals.
The recitals to this Agreement are true and correct and are incorporated herein,
in their entirety, by this reference. 

9. 

Validity.
The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect. 

10. 

Headings
and Captions. The titles and captions of paragraphs and subparagraphs
contained in this Agreement are provided for convenience of reference only, and
shall not be considered terms or conditions of this Agreement. 

11. 

Neutral
Construction. Neither party hereto may rely on any drafts of this
Agreement in any interpretation of the Agreement. Both parties to this Agreement
have reviewed this Agreement and have participated in its drafting and,
accordingly, neither party shall attempt to invoke the normal rule of
construction to the effect that ambiguities are to be resolved against the
drafting party in any interpretation of this Agreement. 

12.  

Counterparts.
This Agreement may be executed in one (1) or more counterparts, each of which
shall be deemed to be an original but all of which together will constitute one
and the same instrument. 

13. 

Miscellaneous.
This Agreement shall be construed under the laws of the State of New York,
without application to the principles of conflicts of laws. This Agreement
constitutes the entire understanding between the parties with respect to its
subject matter, and there are no prior or contemporaneous written or oral
agreements, understandings, or representations, express or implied, directly or
indirectly related to this Agreement that are not set forth or referenced
herein. This Agreement supersedes all negotiations, preliminary agreements, and
all prior and contemporaneous discussions and understandings of the parties
hereto and/or their affiliates. The Director acknowledges that he has not relied
on any prior or contemporaneous discussions or understandings in entering into
this Agreement. The terms and provisions of this Agreement may be altered,
amended or discharged only by the signed written agreement of the parties
hereto. 

3 

IN WITNESS
WHEREOF, the parties hereto have executed this Independent Director
Agreement as of the day and year first above written. 

COMPANY: 

DRAGON ACQUISITION CORPORATION, 
a Cayman Islands company

By:/s/ Weiqing
Zhang                      
 
Name: Weiqing Zhang 
Title: Chief Executive Officer 

DIRECTOR: 

/s/ Lawrence
Lee                                 
 
Lawrence Lee

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