Document:

Exhibit
10.11

 

AMENDMENT
No. 1

 

to

 

EMPLOYMENT
AGREEMENT

 

June
28, 2022

 

(the
“Execution Date”)

 

This
Amendment No. 1 (the “Amendment”) to the employment agreement is entered by and between Hengguang Holding Co., Limited,
a company formed and existing under the laws of the Cayman Islands (the “Company”), and Yao-te Wang, an individual
(“Executive”, and together with the Company, the “Parties”, and each, a “Party”).

 

WHEREAS,
the Parties entered into an Employment Agreement dated August 5, 2021 (the “Existing Agreement”); and

 

WHEREAS,
the Parties hereto desire to amend the Existing Agreement to change certain terms of the Executive’s Employment.

 

NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:

 

1.
Definitions.
Capitalized terms not defined in this Amendment shall have the respective meanings assigned to them in the Existing Agreement.

 

2.
Amendments to the Existing Agreement.
As of the Execution Date, the Existing Agreement is hereby amended or modified as follows:

 

(a)
Section 2 of the Existing Agreement is replaced in its entirety with the following:

 

“Subject
to the terms and conditions of this Agreement, the initial term of the Employment shall commence on August 5, 2021 and continue until
the one (1) year anniversary (the “Term”) from the date (the “Effective Date”) when the Company consummates its
contemplated initial public offering (the “IPO”) of its ordinary shares on a U.S. national stock exchange, unless terminated
earlier pursuant to the terms of this Agreement. Upon expiration of the Term, the Employment shall be automatically extended for successive
one-year terms unless either party gives the other party a thirty (30)-day advance written notice not to renew the Employment prior to
the expiration of the Term or unless terminated earlier pursuant to the terms of this Agreement. Notwithstanding the forgoing, if the
Company fails to consummate the IPO within five (5) years from the Execution Date, unless agreed otherwise, the Company may terminate
the Amendment and the Existing Agreement.”

 

    	 

     

    

 

(b)
Section 7(b) of the Existing Agreement is replaced in its entirety with the following:

 

“Equity
Incentives. In addition to his base salary, the Executive shall be eligible for participation in the Company’s performance
stock bonus (the “Plan”) if adopted by the Board and approved by the shareholders of the Company and Executive’s annual
stock bonus (“Stock Bonus”) shall be subject to the cap of his annual salary as set forth in Section 7(a). The shares of
Stock Bonus to be granted to Executive shall be administered and issued pursuant to the terms and conditions of the Plan. The Executive
shall be entitled to receive 400,000 shares of Company’s Class B Ordinary Shares, valued at $4.50 per share, for his services provided
and to be provided during the period from April 16, 2022 to October 15, 2023.”

 

(c)
Schedule A of the Existing Agreement is replaced in its entirety with the following:

 

Schedule
A

 

“The
annual base salary for the Executive shall be $150,000, payable on a monthly basis commencing from the Effective Date. The Company shall
pay the Executive a one-time bonus of RMB 1.9 Million in cash within three days from the Effective Date. ”

 

3.
Representations and Warranties.
Each Party hereby represents and warrants to the other Party that:

 

(a)
It has the full right, power, and authority to enter into this Amendment and to perform its obligations hereunder and under the Existing
Agreement as amended by this Amendment.

 

(b)
The execution of this Amendment by the individual whose signature is set forth at the end of this Amendment on behalf of such Party,
and the delivery of this Amendment by such Party, have been duly authorized by all necessary action on the part of such Party.

 

(c)
This Amendment has been executed and delivered by such Party and (assuming due authorization, execution, and delivery by the other Party
hereto) constitutes the legal, valid, and binding obligation of such Party, enforceable against such Party in accordance with its terms,
except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws and equitable principles
related to or affecting creditors’ rights generally or the effect of general principles of equity.

 

    	2

     

    

 

4.
Miscellaneous.

 

(a)
This Amendment is governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws
provisions of such jurisdiction.

 

(b)
This Amendment shall inure to the benefit of and be binding upon each of the Parties and each of their respective successors and assigns.

 

(c)
The headings in this Amendment are for reference only and do not affect the interpretation of this Amendment.

 

(d)
This Amendment may be executed in counterparts, each of which is deemed an original, but all of which constitute one and the same agreement.
Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as delivery of an original executed
counterpart of this Amendment.

 

(e)
This Amendment constitutes the sole and entire agreement between the Parties with respect to the subject matter contained herein, and
supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect
to such subject matter.

 

(f)
Each Party shall pay its own costs and expenses in connection with this Amendment (including the fees and expenses of its advisors, accountants,
and legal counsel).

 

[Signature
Page Follows Immediately]

 

    	3

     

    

 

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

 

	 	HENGGUANG
    HOLDING CO., LIMITED, Ltd.
	 	 	 
	 	By	 
	 	Name: 
    	Jiulin
    Zhang
	 	Title:
    	Chairman
    of the Board
	 	 	 
	 	Yao-te Wang
	 	 
	 	By	 
	 	Name:	Yao-te
    Wang
	 	Title:	Individual

 

    	4Exhibit 4.1

 

EXECUTION COPY

 

AMENDMENT NO. 1

 

Dated as of June 30, 2022

 

to

 

LOAN AGREEMENT

 

Dated as of March 24, 2022

 

THIS AMENDMENT NO. 1 (this
“Amendment”) is made as of June 30, 2022 by and among Pentair Finance S.à r.l., a Luxembourg private limited
liability company (Société à responsabilité limitée) having its registered office at 26, Boulevard
Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register (Registre de commerce
et des sociétés, Luxembourg) under number B 166305 (the “Borrower”) and Pentair plc (the “Parent”
and the “Guarantor”, collectively with the Borrower, the “Loan Parties”), the Lenders party hereto
and JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders (the “Administrative Agent”),
under that certain Loan Agreement dated as of March 24, 2022, by and among the Loan Parties, the Lenders from time to time party
thereto and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof,
the “Loan Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings
given to them in the Loan Agreement.

 

WHEREAS, the Loan Parties have
requested that certain Lenders agree to increase the Term Loan Commitments under the Loan Agreement by an aggregate principal amount
of $400,000,000 (the “Term Loan Increase”);

 

WHEREAS, the Loan Parties,
the Lenders party hereto and the Administrative Agent have agreed to amend the Loan Agreement on the terms and conditions set forth herein
(the Loan Agreement as so amended, the “Amended Loan Agreement”);

 

NOW, THEREFORE, in consideration
of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Loan Parties, the Lenders party hereto and the Administrative Agent hereby agree to
enter into this Amendment .

 

1.            Amendments
to the Loan Agreement. Effective as of the date of satisfaction of the conditions precedent set forth in Section 2 below
(such date, the “Amendment Effective Date”):

 

(a)           Section 1.01
of the Loan Agreement is hereby amended by inserting in the appropriate alphabetical order the following new definitions:

 

“Amendment No. 1”
means that certain Amendment No. 1 to Loan Agreement, dated as of the Amendment No. 1 Effective Date, among the Borrower, the
Parent, the Administrative Agent and the Lenders party thereto.

 

“Amendment No. 1 Effective
Date” means June 30, 2022.

 

    

    

    

 

(b)            The
last sentence of the definition of “Term Loan Commitment” is hereby amended and restated in its entirety as follows:

 

The initial aggregate amount of the
Term Loan Commitments of all Term Lenders on the Amendment No. 1 Effective Date is $1,000,000,000.

 

(c)           Schedule
2.01 attached hereto as Annex A shall replace Schedule 2.01 to the Loan Agreement in effect immediately prior to the Amendment
Effective Date and the parties hereto acknowledge and agree that each Lender that executes this Amendment as a Lender and which also
has a Term Loan Commitment listed opposite its name in Schedule 2.01 shall be and is a Term Lender under the Amended Loan Agreement.

 

2.            Conditions
of Effectiveness. This Amendment shall become effective as of the first date on which each of the following conditions shall have
been satisfied:

 

(a)            The
Administrative Agent (or its counsel) shall have received either (A) counterparts of this Amendment duly executed by each of the
Loan Parties, the Required Lenders, each Lender with a Term Loan Commitment that is being increased pursuant to this Amendment and the
Administrative Agent or (B) written evidence satisfactory to the Administrative Agent (which may include facsimile or electronic
transmission of an executed signature page of this Amendment) that such parties have executed counterparts of this Amendment.

 

(b)            The
Administrative Agent (or its counsel) shall have received a favorable written opinion (addressed to the Administrative Agent and the
Lenders and dated the Amendment Effective Date) of each of (i) Foley & Lardner LLP, special counsel for the Loan Parties,
(ii) Arthur Cox, special Irish counsel for the Loan Parties and (iii) Allen & Overy, Société en Commandite
Simple, inscrite au barreau de Luxembourg, special Luxembourg counsel for the Loan Parties, in each case in form and substance reasonably
satisfactory to the Administrative Agent and its counsel and covering such matters relating to the Loan Parties, this Amendment and the
Amended Loan Agreement as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsels to deliver such
opinions.

 

(c)            The
Administrative Agent shall have received such other documents and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization, existence and good standing (or the equivalent) of the Loan Parties, the authorization of this
Amendment, the Amended Loan Agreement and any other legal matters relating to the Loan Parties, the Amendment and the Amended Loan Agreement,
all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

 

(d)            The
Administrative Agent shall have received for the account of each Term Lender that delivers its executed signature page to this Amendment
by no later than the date and time specified by the Administrative Agent (in consultation with the Borrower), an upfront fee in respect
of the incremental portion of its increased Term Loan Commitment in an amount equal to the applicable amount previously disclosed to
the Term Lenders (and established by the Administrative Agent in consultation with the Borrower).

 

(e)            The
Administrative Agent shall have received payment and/or reimbursement of the Administrative Agent’s and its affiliates’ fees
and expenses (including the reasonable, documented and invoiced fees, disbursements and other charges of one primary counsel (and one
additional local counsel in each applicable jurisdiction) for the Administrative Agent) in accordance with the Loan Documents, to the
extent invoiced (in reasonable detail) to the Borrower at least one (1) Business Day prior to the Amendment Effective Date.

 

    2

    

    

 

The Administrative Agent shall notify the Borrower
and the Lenders of the Amendment Effective Date, and such notice shall be conclusive and binding.

 

3.             Representations
and Warranties of the Loan Parties. Each Loan Party hereby represents and warrants as follows:

 

(a)            Each
of this Amendment and the Amended Loan Agreement constitutes a valid and binding agreement of each Loan Party enforceable against the
applicable Loan Parties in accordance with its terms, except to the extent that the enforceability thereof may be limited by the effect
of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws now or hereafter affecting creditors’ rights
generally, any mandatory applicable provisions of Luxembourg law of general application and general principles of equity.

 

(b)            As
of the date hereof and immediately after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing
and (ii) the representations and warranties of the Loan Parties set forth in the Loan Agreement (other than the representations
contained in Sections 3.04(c) and 3.05 of the Loan Agreement) are true and correct in all material respects (provided
that any representation or warranty that is qualified by materiality or Material Adverse Effect is true and correct in all respects),
or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date.

 

4.             Appointment.
It is hereby understood and agreed by the parties hereto that: (x) JPMorgan Chase Bank, N.A., BofA Securities, Inc., Citibank,
N.A., MUFG Bank, Ltd., U.S. Bank National Association and PNC Capital Markets LLC are hereby designated as the joint lead arrangers
and joint lead bookrunners in respect of the Term Loan Increase (y) Bank of America, N.A., Citibank, N.A., MUFG Bank, Ltd.,
U.S. Bank National Association and PNC Bank, National Association are hereby designated as syndication agents in respect of the Term
Loan Increase and (z) Wells Fargo Bank, National Association and BMO Harris Bank, N.A. are hereby designated as documentation agents
in respect of the Term Loan Increase.

 

5.             New
Lenders. Each of the undersigned financial institutions that is not a party to the Loan Agreement prior to the Amendment Effective
Date agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the Amendment Effective Date, become a
Lender and a Term Lender for all purposes of the Credit Agreement, with a Term Loan Commitment as set forth on Schedule 2.01 attached
hereto as Annex A.

 

6.             Confirmation
of Guarantees. The Guarantor, by its execution of this Amendment, hereby consents to this Amendment and confirms and ratifies that
all of its obligations as a Guarantor under the Amended Loan Agreement shall continue in full force and effect for the benefit of the
Administrative Agent and the Lenders with respect to the Amended Loan Agreement and, for the avoidance of doubt, acknowledges and agrees
and confirms that the Term Loans made by the Term Lenders to the Borrower on the Amendment Effective Date are part of the “Guaranteed
Obligations” that are guaranteed by the Guarantors under the Amended Loan Agreement.

 

7.             Reference
to and Effect on the Loan Agreement.

 

(a)           From
and after the effectiveness of the amendment to the Loan Agreement evidenced hereby, the terms “Agreement”, “this Agreement”,
“herein”, “hereinafter”, “hereto”, “hereof” and words of similar import, as used in the
Amended Loan Agreement, shall, unless the context otherwise requires, refer to the Amended Loan Agreement, and the term “Loan Agreement”,
as used in the other Loan Documents, shall mean the Amended Loan Agreement.

 

    3

    

    

 

(b)            Each
Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full
force and effect and are hereby ratified and confirmed.

 

(c)            The
execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative
Agent or the Lenders, nor constitute a waiver of any provision of the Loan Agreement, the Loan Documents or any other documents, instruments
and agreements executed and/or delivered in connection therewith.

 

(d)            This
Amendment shall be a Loan Document.

 

8.            Governing
Law; Jurisdiction. This Amendment shall be construed in accordance with and governed by the law of the State of New York. Each Loan
Party hereby irrevocably and unconditionally submits, for itself and its property, to only the jurisdiction of (i) the United States
District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction,
the Supreme Court of the State of New York sitting in the Borough of Manhattan) and (ii) any U.S. federal or Illinois state court
sitting in Chicago, Illinois, and in each case any appellate court from any thereof, in any action or proceeding arising out of
or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State
or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Nothing in this Amendment or any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise
have to bring any action or proceeding relating to this Amendment or any other Loan Document against any Loan Party or its properties
(i) in the courts of any jurisdiction, and (ii) in respect of any Loan Party incorporated in Luxembourg only, any courts having
jurisdiction where the head office, central administration, centre of main interest, place of effective management, domicile and/or establishment
of that Loan Party is situated or where any asset of that Loan Party is situated.

 

9.             Headings.
Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

 

10.           Counterparts.
This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to this Amendment and the transactions contemplated hereby shall be deemed
to include Electronic Signatures (as defined below), deliveries or the keeping of records in electronic form, each of which shall be
of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be. As used herein, “Electronic Signatures” means any electronic symbol or process
attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept
such contract or record.

 

[Signature Pages Follow]

 

    4

    

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the day and year first
above written.

 

	 	PENTAIR
  Finance S.à r.l.,
	 	as the Borrower

 

	 	By:	/s/ James Charles Lucas

	 	Name:	 James Charles Lucas

	 	Title:	 Manager

 

Signature Page to Amendment No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	PENTAIR
  PLC,
	 	as the Parent

 

	 	By:	/s/ Karla Robertson

	 	Name:	 Karla Robertson

	 	Title:  Executive Vice President, General Counsel, Secretary and Chief Social Responsibility Officer

 

Signature Page to Amendment No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	JPMORGAN CHASE BANK, N.A.,
	 	individually as a Lender and as Administrative Agent

 

	 	By:	/s/ Will Price

	 	Name:	 Will Price

	 	Title:	  Vice President

 

Signature Page to Amendment No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	BANK OF AMERICA, N.A.,
	 	as a Lender

 

	 	By:	/s/ Adrian Plummer

	 	Name:	 Adrian Plummer

	 	Title:	 Vice President

 

Signature Page to Amendment No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	CITIBANK, N.A.,
	 	as a Lender

 

	 	By:	/s/ James Oleskewicz

	 	Name:	 James Oleskewicz

	 	Title:	 Vice President

 

Signature Page to Amendment No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	MUFG BANK, LTD,
	 	as a Lender

 

	 	By:	/s/ Brett Parker

	 	Name:	 Brett Parker

	 	Title:	 Authorized Signatory

 

Signature Page to Amendment
No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as a Lender

 

	 	By:	/s/ Tyrone Parker

	 	Name:	 Tyrone Parker

	 	Title:	 Vice President

 

Signature Page to Amendment No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as a Lender

 

	 	By:	/s/ Ana Gaytan

	 	Name:	 Ana Gaytan

	 	Title:	 Assistant Vice President

 

Signature Page to Amendment No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	as a Lender

 

	 	By:	/s/ Kara Treiber

	 	Name:	 Kara Treiber

	 	Title:	 Director

 

Signature Page to Amendment No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	BMO HARRIS BANK, N.A.,
	 	as a Lender

 

	 	By:	/s/ Wesley M. Anderson

	 	Name:	 Wesley M. Anderson

	 	Title:	 Managing Director

 

Signature Page to Amendment No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	BANCO BILBAO VIZCAYA ARGENTARIA, S.A., NEW YORK
  BRANCH,
	 	as a Lender

 

	 	By:	/s/ Stephen Johnson

	 	Name:	 Stephen Johnson

	 	Title:	 Managing Director

 

	 	By:	/s/ Miriam Trautmann

	 	Name:	 Miriam Trautmann

	 	Title:	 Senior Vice President

 

Signature Page to Amendment No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	BANK OF CHINA, LOS ANGELES BRANCH,
	 	as a Lender

 

	 	By:	/s/ Liming Xiao

	 	Name:	 Liming Xiao

	 	Title:	 Senior Vice President

 

Signature Page to Amendment No. 1 to 

Loan Agreement dated as of March 24, 2022 

Pentair Finance S.à r.l.

 

    

    

    

 

ANNEX A

 

SCHEDULE 2.01

 

COMMITMENTS

 

	LENDER	 	TERM LOAN 

    COMMITMENT	 
	JPMORGAN CHASE BANK, N.A. 
	 	$	125,000,000	 
	 	 	 	 	 
	BANK OF AMERICA, N.A. 
	 	$	192,500,000	 
	 	 	 	 	 
	CITIBANK, N.A. 
	 	$	50,000,000	 
	 	 	 	 	 
	MUFG BANK, LTD. 
	 	$	120,000,000	 
	 	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION 
	 	$	125,000,000	 
	 	 	 	 	 
	PNC BANK, NATIONAL ASSOCIATION 
	 	$	102,500,000	 
	 	 	 	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION	 	$	87,500,000	 
	 	 	 	 	 
	BMO HARRIS BANK, N.A. 
	 	$	82,500,000	 
	 	 	 	 	 
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH	 	$	60,000,000	 
	 	 	 	 	 
	BANK OF CHINA, LOS ANGELES BRANCH 
	 	$	55,000,000	 
	 	 	 	 	 
	AGGREGATE TERM LOAN COMMITMENTS	 	$	1,000,000,000

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