Document:

Exhibit 10.8

 

MORPHIC ROCK HOLDING, LLC

 

CONSULTING AGREEMENT
  (Timothy A. Springer, Ph.D.)

 

This Consulting Agreement (this “Agreement”) is made effective as of June 1, 2015.  In consideration for retaining Timothy A. Springer, Ph.D. (“Consultant”) by Morphic Rock Holding, LLC, f/k/a Integrin Rock, LLC (the “Company”), a Delaware limited liability company.  For good and valuable consideration, the parties hereby agree as follows:

 

1. Retention as Consultant; Services.  The Company hereby retains Consultant and Consultant hereby agrees to perform such consulting services for the Company (or for any of its subsidiaries designated by the Company to receive such services) as the Company or any such subsidiary may from time to time reasonably request (the “Services”), including the services specified on Schedule A attached hereto.

 

2. Availability; Time Commitment.  Consultant will make himself available to render the Services, at such time or times and location or locations as may be mutually agreed, from time to time as requested by the Company or by its designated subsidiary, or as necessary to fulfill his duties.  Consultant will devote his best efforts to performing the Services.  Consultant will devote at least six (6) days per year to performing the Services.

 

3. Compensation.  As of the day first written above, Consultant (together with certain family members and one or more family trusts) holds 5,000,000 Common Units of the Company, representing a 70% equity interest in the Company.  Apart from such equity interest, Consultant will not be entitled to receive, and the Company will not be obligated to pay or provide to Consultant any fee, salary, benefits or other compensation of any kind, except for reasonable out-of-pocket expenses incurred by Consultant in the performance of the Services that the Company approves in advance.  After the Company’s first equity financing, or the formation of a corporate partnership, with aggregate value in gross proceeds and services in kind, in excess of $5,000,000 (together, the “Financing Event”), the Company will pay Consultant $80,000 per year, paid in quarterly installments of $20,000 per quarter commencing within 30 days of the closing of the Financing Event.

 

4. Relationship of Consultant to Others.

 

4.1. The Company recognizes that as of the date first written above Consultant is a member of the faculty of Boston Children’s Hospital (“BCH”) and Harvard Medical School, and may become a member of or contributor to other not-for-profit institutions or associations in the future (the “Institutions”), and that Consultant’s activities are and will be subject to the policies and regulations of the Institutions (the “Applicable Policies”).

 

4.2. Consultant and Company agree to abide by the BCH Mandatory Uniform Consulting Terms as incorporated into this Agreement as Exhibit A and to provide Services which fall, at all times, outside the “Scope of BCH Activities” as set forth on Exhibit A.

 

4.3. Consultant agrees not to solicit employees of the Company or any Company subsidiary to become Consultant or BCH employees. Consultant further agrees not to enter into any agreement with an entity which may reasonably be considered a Company competitor, to the extent that the agreement would embrace services which would overlap with the Services described herein.

 

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4.4. During the term of this Agreement, Consultant will not directly or indirectly (i) provide advice or services to any for-profit third party in the Field (as defined on Schedule A), or (ii) become  an owner, partner, shareholder, consultant, agent, employee or co-venturer of any for-profit third party that has committed or intends to commit (by itself or through any affiliates or collaborators) resources to the Field (other than in Consultant’s capacity as a holder of not more than one percent (1%) of the combined voting power of the outstanding stock of such a third party that is a publicly held company).  The foregoing restrictions will not prohibit Consultant from providing any services, including but not limited to conducting research at or providing educational services to an Institution.

 

4.5.  During the term of this Agreement and for one (1) year thereafter, Consultant will not (i) solicit, encourage, or take any other action which is intended to induce any employee of, or consultant to, the Company or any Company subsidiary to terminate his or her relationship with the Company or with such subsidiary, or (ii) solicit, endeavor to entice away from the Company or any Company Subsidiary or otherwise interfere with the relationship of the Company or any Company subsidiary with any third party who is, or was within the then-most recent twelve month period, a licensor to or customer, collaborator or licensee of the Company or any Company subsidiary.

 

5. Intellectual Property.

 

5.1. Subject to the BCH Mandatory Uniform Consulting Terms, Consultant will promptly disclose in confidence to the Company all inventions, discoveries, ideas, concepts, processes, products, formulas, trademarks, service marks, logos, computer programs or software, source codes, object codes, algorithms, machines, apparatuses, items of manufacture or compositions of matter, or any new uses therefor or improvements thereon, or any new designs or modifications or configurations of any kinds or works of authorship of any kind, including, without limitation, compilations and derivative works, whether or not patentable or copyrightable and know-how that Consultant makes, conceives, develops or reduces to practice, from  the effective date of this Agreement through the expiration or termination of this Agreement and for six (6) months thereafter, and that (i) arise from the Services or other work performed by Consultant for the Company, or (ii) arise from use of facilities, equipment, supplies, materials or Confidential Information of the Company, (along with all patent and other intellectual property rights arising therefrom, collectively, “Developments”).  Consultant will neither make any use of any funds, space, personnel, facilities, equipment or other resources of any Institution or other third party in performing the Services hereunder nor take any other action that would result in any Institution or other third party owning or having a right in any Developments under the Applicable Policies or otherwise.

 

5.2. Consultant will make and maintain adequate and current written records of all Developments, which records will be available to and remain the property of the Company at all times.  All Developments will be the sole property of the Company.  For purposes of the copyright laws of the United States, all Developments will constitute works made for hire as applicable.  Consultant hereby assigns and, to the extent any such assignment cannot be made at present, hereby agrees to assign to the Company, without further compensation, all right, title and interest in and to all Developments.

 

5.3. Consultant will assist the Company in any reasonable manner to obtain for its own benefit patent and other intellectual property rights in any and all countries with respect to the Developments, and Consultant will execute and deliver, when requested, patent and other applications and assignments therefor.  Consultant will further assist the Company in every way to enforce any such patent rights and other rights, including testifying in any suit or proceeding.

 

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Consultant will perform Consultant’s obligations under this Section without further compensation, except for reimbursement of expenses incurred at the Company’s request and, with respect to any performance after the term of this Agreement or in excess of Consultant’s time commitment during the term of this Agreement (other than reviewing and executing documents), compensation at a reasonable rate for time actually spent by Consultant at the Company’s request.  In the event the Company is unable after reasonable effort to obtain Consultant’s signature on any document which Consultant may be required to sign pursuant to this Section, whether because of Consultant’s physical or mental incapacity or for any other reason whatsoever, Consultant hereby irrevocably appoints each of the President and the Secretary of the Company (whether now or hereafter in office) as Consultant’s attorney-in-fact to execute any such document on Consultant’s behalf.

 

5.4. Consultant shall not, in connection with the Services to be performed under this Agreement, disclose to Company any information which is confidential or proprietary to Consultant or any third party including but not limited to any Institution.

 

6. Confidential Information.

 

6.1. As used in this Agreement, “Confidential Information” means all trade secrets, inventions, Developments and confidential or proprietary or other information owned, possessed or used  by the Company or any Company subsidiary whether prepared, conceived or developed by a consultant or employee of the Company (including Consultant in the course of performing the Services), including (i) all Developments, know-how, technology, business strategies and plans, financial, technical or business information, personnel information and customer lists (an any tangible evidence, record or representation thereof) of the Company and its subsidiaries, (ii) all materials furnished by the Company or its subsidiaries, and (iii) all information of third parties that the Company or any Company subsidiary has an obligation to keep confidential.  In addition, the terms and conditions of this Agreement will be treated by Consultant as Confidential Information hereunder, provided that such terms and conditions may be disclosed to an Institution upon its request.

 

6.2. During the term of this Agreement and at all times thereafter, Consultant will keep and hold all Confidential Information in strict confidence, and Consultant will not use or disclose any of such Confidential Information without the prior written consent, and with the authorization, of the Company, except as may be necessary to perform the Services.  Consultant will not disclose to the Company or any Company Subsidiary, or induce the Company or any Company Subsidiary to use any confidential information or material belonging to any third party.  In the event that Consultant is authorized to disclose any Confidential Information to anyone outside the Company or its subsidiaries in performing the Services, Consultant will take adequate steps, consistent with the policies and practices of the Company, to require that the recipient maintain the confidentiality of the Confidential Information.

 

6.3. The term “Confidential Information” hereunder will not include information that Consultant can establish by competent written evidence (i) is or becomes generally known within the Company’s industry through no fault of Consultant; (ii) was known to Consultant at the time it was disclosed, (iii) is lawfully and in good faith made available to Consultant by a third party who did not derive it from the Company or any Company subsidiary and who imposes no obligation of confidence on Consultant; or (iv) is required to be disclosed by order of a governmental authority or a court of competent jurisdiction, provided that such disclosure is subject to all applicable governmental or judicial protection available for like material and reasonable advance notice of the pendency of any such order is given to the Company.  For the purpose of this Section, Confidential Information will not be deemed to fall within any of the foregoing exceptions merely because such

 

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information is embraced by general disclosures or because individual features or combinations thereof are publicly available.

 

6.4. Upon termination of this Agreement or at any other time upon the request of the Company, Consultant will promptly deliver to the Company all records and materials documenting, evidencing or embodying any Confidential Information.

 

7. No Conflicts.

 

7.1. Consultant agrees to the best of his knowledge that Consultant is permitted to enter into this Agreement and to perform the obligations contemplated hereby, and that this Agreement and the terms and obligations hereof are not inconsistent or otherwise in conflict with any other obligations Consultant may have, under and as modified by the Applicable Policies or otherwise.  In addition, Consultant will not enter into any agreement or modification of any existing agreement (whether written or oral) that are inconsistent with or otherwise conflict with Consultant’s obligations under this Agreement.

 

7.2. Consultant represents and warrants that Consultant has disclosed to the Institutions all aspects of Consultant’s relationship with the Company which are required to be disclosed under the Applicable Policies, and that Consultant has obtained any required consents or approvals of the Institutions concerning such relationship and this Agreement.

 

8. Publication.

 

Consultant shall not publish Confidential Information.

 

9. Term and Termination.

 

9.1. Subject to earlier termination as expressly provided herein, this Agreement will commence on the date first written above and will continue until the fourth anniversary of that date.  If either party breaches in any material respect any of its material obligations under this Agreement, in addition to any other right or remedy, the non-breaching party may terminate this Agreement in the event that the breach is not cured within thirty days after receipt by such party of written notice of such breach.  Either party may terminate this Agreement for convenience, but only upon six months advance written notice to the other party.

 

9.2. No expiration or termination of this Agreement will relieve or affect any rights or liabilities of the parties which may have accrued prior to the date of expiration or termination.  Notwithstanding anything herein to the contrary, upon any expiration or termination of this Agreement, the provisions of Sections 5, 6, 7, 8, 9 and 10 will survive such expiration or termination and continue in effect in accordance with their terms.

 

10. General.

 

10.1. Consultant recognizes that, in the event of a breach or threatened breach by Consultant of this Agreement, the Company may suffer irreparable harm, and Consultant therefore agrees that, in addition to all other rights and remedies available to the Company at law or in equity, the Company will be entitled to seek injunctive relief to restrain any such breach and to enforce the provisions hereof, without showing or proving any actual damage to the Company.

 

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10.2. The Services to be rendered by Consultant are personal in nature, and Consultant may not assign or transfer this Agreement or any of Consultant’s rights or obligations.  In no event will Consultant assign or delegate responsibility for actual performance of the Services.  Company may not assign or otherwise transfer this Agreement without the prior written consent of Consultant, except  to any wholly owned subsidiary of the Company or in connection with the sale of substantially all of the Company’s assets, including by way of merger, asset sale, stock sale, or other transaction type having the same purpose.  This Agreement will be binding upon and inure to the benefit of the parties and their respective legal representatives, heirs, successors and permitted assigns.

 

10.3. All notices and other communications hereunder will be delivered by hand or sent by registered or certified mail, or by reputable package delivery service, return receipt requested, addressed to the Company at its regular place of business or to Consultant at the address set forth below, or to such other address as such party may designate in writing to the other.

 

10.4. This Agreement, together with Schedule A and Exhibit A attached hereto, constitutes the entire agreement between the parties as to the subject matter hereof, and supersedes any previous oral or written communications, representations, understandings, or agreements between them as to such subject matter.  No provision of this Agreement will be waived, altered or canceled except in writing signed by the party against whom such waiver, alteration or cancellation is asserted.  Any such waiver will be limited to particular instance and the particular time when and for which it is given.

 

10.5. It is understood and agreed that Consultant’s relationship to the Company is that of an independent contractor and that neither this Agreement nor the Services to be rendered hereunder will for any purpose whatsoever or in any way or manner create any employer-employee relationship between the parties.  Consultant understands that Consultant will not be entitled to participate in or to receive any benefit or right under any of the Company’s employee benefit, welfare or like plans.  Consultant will be responsible for paying all withholding and other taxes arising from consideration payable by Company hereunder when they become due and payable.

 

10.6. During the term of this Agreement and at all times thereafter, Consultant will execute and deliver all such documents and will perform all such lawful acts, as the Company considers necessary or advisable to secure its rights hereunder and to carry out the intent of this Agreement.

 

10.7. This Agreement will be governed by, and construed and enforced in accordance with, the laws of The Commonwealth of Massachusetts, without regard to its principles of conflicts of laws.  All litigation arising from or relating to this Agreement will be filed and prosecuted before any court of competent subject matter jurisdiction in Boston, Massachusetts.  Consultant hereby consents to the jurisdiction of such courts over him, stipulates to the convenience, efficiency and fairness of proceeding in such courts, and covenants not to allege or assert the inconvenience, inefficiency or unfairness of proceeding in such courts.

 

10.8. The invalidity or unenforceability of any provision hereof as to an obligation of a party will in no way affect the validity or enforceability of any other provision of this Agreement, provided that if such invalidity or unenforceability materially adversely affects the benefits the other party reasonably expected to receive hereunder, that party will have the right to terminate this Agreement.  Moreover, if one or more of the provisions contained in this Agreement will for any reason be held to be excessively broad as to scope, activity or subject so as to be unenforceable at law, such provision or provisions will be construed by limiting or reducing it or them, so as to be enforceable to the extent compatible with the then-applicable law.

 

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10.9. The titles and headings herein are for reference purposes only and will not in any manner limit the construction of this Agreement which will be considered as a whole.  As used in this Agreement, “herein” and “hereof” will refer to this Agreement as a whole, and “including” and “include” means “including but not limited to” and “includes, without limitation”, respectively.  This  Agreement will not be interpreted or construed against a party because that party or any attorney or representative for that party drafted or participated in the drafting of this Agreement.

 

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IN WITNESS WHEREOF, the parties hereto have duly executed this Consulting Agreement under seal as of the date first set forth above.

 

	
 
    	
MORPHIC   ROCK HOLDING, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert E. Farrell Jr.
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Robert E. Farrell Jr.
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
VP   Finance and Operations
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CONSULTANT
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/   Timothy A. Springer, Ph.D.
    
	
 
    	
 
    
	
 
    	
Print   Name:
    	
Timothy   A. Springer, Ph.D.
    
	
 
    	
 
    	
 
    
	
 
    	
Address:
    	
[Personally   identifiable information withheld]
    
	
 
    	
 
    
	
 
    	
Facsimile:
    
				

 

—Morphic Rock Holding, LLC — Signature Page to Consulting Agreement—

 

 

SCHEDULE A
 SERVICES AND FIELD

 

“Field” means research, discovery, design, manufacture, clinical development, seeking of regulatory approvals, marketing and/or commercialization of small molecules that target any member of the integrin family of cell adhesion molecules.

 

Specific Services will include:

 

·                  Contribute to the development of the R&D plan of the Company or its designated subsidiaries

 

·                  Contribute to the development of the patent rights and other intellectual property of the Company or its designated subsidiaries

 

·                  At the Company’s request, participate in the Company’s strategic planning (or that of its designated subsidiaries) and attend Scientific Advisory Board meetings of the Company or its designated subsidiaries

 

·                  Be available to represent the Company or its designated subsidiaries to investors and potential partners

 

 

EXHIBIT A — BCH Mandatory Uniform Consulting Terms.

 

1.   Mandatory and superseding nature of these terms

 

These terms must be attached to and incorporated into any personal Consulting Agreement that involves services by any member of the medical or research staff, or any officer or employee, of Boston Children’s Hospital or its supporting affiliated foundations (collectively referred to as BCH).  They apply regardless of the nature of the consulting services, and regardless of the corporate or other nature of the other party to the consulting agreement.   They are incorporated in and enforceable as a term and condition of the Consulting Agreement; supersede any conflicting provisions; and may not be limited, amended or superseded by any other agreement.  They are not negotiable.

 

2.  Definitions

 

(a)                                 Consultant: the BCH staff member, officer of employee who is a party to the consulting agreement.

(b)                                 Consulting Agreement: the set of agreements, oral and written, that together comprise the complete set of rights and obligations between the Consultant and the Company.

(c)                                  Company: the party or parties retaining the Consultant, and any other third party referred to in the Consulting Agreement as the recipient of Consultant services or legal obligations.

(d)                                 Services: the services included within the Consulting Agreement.

(e)                                  HMS: Harvard Medical School.

(f)                                   Scope of BCH Activities: (1) any activities undertaken by Consultant at BCH or using BCH resources (excluding de minimis uses of BCH computer resources, e-mail, calendaring, and telephone); and (2) any activities described within the professional role of the Consultant at BCH, or by BCH, its departments or divisions, as reflected in (i) activities actually or historically undertaken by Consultant at their request or direction or on their behalf; (ii) obligations, whether or not currently undertaken, under directives and assignments of the pertinent chief, the terms of appointment, the Consultant’s job description, sponsored research agreements, customary responsibilities, and other indicators of expectations for the scope of Consultant’s BCH or HMS role.

(g)                                  BCH and HMS Policies: Policies of BCH, its departments and divisions, and of HMS if Consultant is a member of the HMS faculty, concerning ethical conduct, conflicts of interest, intellectual property, confidentiality, compliance with federal and state laws, regulations and policies, and any other matter relating to the Consultant’s appointment or employment.

 

3.   Supremacy of Consultant’s BCH and HMS Obligations

 

Company acknowledges that Consultant has pre-existing and on-going obligations to HMS, BCH, and the sponsors of research at BCH (including obligations under BCH and HMS Policies, grants, contracts, collaborative agreements, and a “participation agreement” assigning to BCH all inventions within the Scope of BCH Activities).  In order to enter into this Consulting Agreement, Company therefore acknowledges and agrees that in the event that any conflict should arise between the Consulting Agreement and Consultant’s obligations to HMS, BCH or sponsors of research at BCH, Consultant shall necessarily notify BCH immediately, and that Consultant’s obligations to BCH, HMS and sponsors of research at BCH shall take precedence over the terms of the Consulting Agreement.  Without limiting the foregoing, Company shall have no rights in any publication, invention, discovery, improvement, or other intellectual property whatsoever, whether or not publishable, patentable, or copyrightable, developed by

 

 

Consultant in whole or in part within the Scope of BCH Activities, even if arising in part from Services. It is understood that the Scope of BCH Activities may change from time to time, and the Consulting Agreement may not restrict such changes.  Services shall exclude disclosure of information derived from the Scope of BCH Activities of Consultant, and information that is confidential under BCH and HMS Policy.   Services for the Company shall consist only of the exchange of ideas and provision of advice.   Consultant shall not conduct research for or on behalf of the Company, act as a Company executive, or take a position with Company that entails fiduciary obligations to Company in conflict with primary obligations to BCH.

 

4.  Assignment of Consultant Intellectual Property

 

Subject to the terms of paragraph 3, above, it is the Consultant’s own choice whether to assign, or to decline to assign, to the Company any right, title and interest the Consultant may have in any invention, discovery, improvement, or other intellectual property that Consultant develops in the course of and arising from Consultant performing Services for the Company under the Consulting Agreement.

 

5.  Confidentiality and Disclosure

 

The Consulting Agreement shall not restrict the Consultant from disclosing to BCH, Consultant’s department or division chief, and other staff or employees of BCH to whom disclosure of Consulting Agreements is required, any aspect of the Consulting Agreement, including an unredacted copy of the Consulting Agreement, compensation and reimbursement paid to Consultant in any form, the nature of Services actually provided, and, for purposes of assessing compliance with paragraph 3 of Exhibit A, any intellectual property disclosed by Consultant to Company.  BCH, and all BCH staff and employees to whom it is disclosed, shall treat such information as confidential business information under BCH policies.

 

6.  No Consultant Warranties.

 

Any provision of the Consulting Agreement purporting to impose a warranty obligation on Consultant is superseded and void.  Without limiting the foregoing: Consultant shall use reasonable efforts not to use any facilities, funds, or equipment owned or administered by BCH in the performance of the Services.  Any provision of the Consultant Agreement which imposes a higher obligation is void and superseded by this provision.

 

7.  Non-competition

 

Company and Consultant may agree on provisions which restrict Consultant from soliciting Company’s employees to become Consultant employees.  However, any provision requiring Consultant to refrain from entering into agreements with competing organizations, to the extent it relates to or overlaps the present or future Scope of BCH Activities, is void.

 

8.  Use of names, depictions and logos

 

Company shall not use Consultant’s name or depiction, or the name, logos, trademarks, or depictions of BCH, HMS, or any officer, director, employee, appointee, medical staff member or employee of either, or any adaptation thereof, in any promotional, advertising or marketing literature, or in any other way without the prior written consent of BCH, the individual, or HMS, as appropriate, provided however that in neutral circumstances that do not imply endorsement or advocacy, or otherwise misrepresent the terms of the Consulting Agreement or Consultant’s role, Company may accurately state that Consultant is a consultant to Company, and list his or her professional degrees and titles.

 

 

9. Consultant’s personal activity.

 

Each party to the Consulting Agreement acknowledges that Consultant is entering into the Agreement, and providing Services, in the Consultant’s personal capacity and not as an employee or agent of BCH; BCH is not a party to the Consulting Agreement and has no liability or obligation thereunder except as its own policies create an obligation of confidentiality as described in paragraph 5; and BCH is an intended, third-party beneficiary of this Agreement, and certain provisions of this Agreement are for the benefit of BCH and are enforceable by BCH in its own name.

 

10.  Termination

 

In addition to any provision for termination, the Consulting Agreement shall be terminable without cause on thirty days notice at the request of the BCH Office of General Counsel, operating on the request of the Consultant’s department or division chief or supervisor.Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”),
is entered into as of May 27, 2019 (the “Effective Date”), by and between Senmiao Technology Limited, incorporated
under the laws of the State of Nevada (the “Company”) and Xi Wen, an individual (the “Executive”).
Except with respect to the direct employment of the Executive by the Company and the direct employment of the Executive by Sichuan
Senmiao Ronglian Technology Co., Ltd., the Company’s variable interest entity (“Sichuan Senmiao”), the
term “Company” as used herein with respect to all obligations of the Executive hereunder shall be deemed to include
the Company and all of its subsidiary and variable interest entity (collectively, the “Group”).

 

RECITALS

 

WHEREAS, the Executive has served as the Chief Executive Officer
of the Company since August 1, 2018 and has not received any compensation for such services;

 

WHEREAS, the Executive has served as the Executive Director
of Sichuan Senmiao since February 2017 and has not received any compensation for such services; and

 

WHEREAS, the Company desires to continue to employ the Executive
as its Chief Executive Officer and to pay the Executive appropriate compensation for such services.

 

NOW, THEREFORE, in consideration of the mutual promises set
forth in this Agreement, the parties agree as follows:

 

	1.  	POSITION

 

The Company and the Executive hereby agree that Executive shall
continue to serve in the positions of Chief Executive Officer of the Company and Executive Director of Sichuan Senmiao (the “Employment”).

 

	2.  	TERM	 

 

Subject to the terms and conditions of this Agreement, the initial
term of the Employment shall be three (3) years commencing on the Effective Date, unless terminated earlier pursuant to the terms
of this Agreement. The Employment will be renewed automatically for additional one-year terms if neither the Company nor the Executive
provides a notice of termination of the Employment to the other party within thirty (30) days prior to the expiration of the applicable
term.

 

	3.  	DUTIES AND RESPONSIBILITIES

 

	 	(a)	The Executive’s duties at the Company will include all the duties and responsibilities associated with a Chief Executive Officer of a U.S.-listed public company with its primary operations in the People’s Republic of China.  As Chief Executive Officer of the Company, the Executive shall be primarily responsible for managing the day-to-day affairs and operations of the Company and each member of the Group as well as all tasks and responsibilities normally associated with the offices of Chief Executive Officer of a company of similar size and nature to the Company and Executive Director of a company of similar size and nature to Sichuan Senmiao.  During the term of his Employment, Executive shall report and be responsible to the Company’s the Board of Directors (including any designated compensation or other committee thereof, the “Board”).  Executive shall also perform such other duties and responsibilities as may be determined by the Board as long as such duties and responsibilities are consistent with those of the Company’s Chief Executive Officer.

 

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	 	(b)	The Executive shall devote all of his working time, attention and skills to the performance of his duties to the Company and the Group and shall faithfully and diligently serve the Company and the Group in accordance with this Agreement, the Articles of Incorporation and Bylaws of the Company, as amended and restated from time to time, and the guidelines, policies and procedures of the Company approved from time to time by the Board.

 

	 	(c)	During the term of Employment or other association with the Group, the Executive shall use his best efforts to perform his duties hereunder. The Executive shall not, without the prior written consent of the Board, become an employee of any entity other than the Company or any member of the Group, and shall not be concerned or interested in any business or entity that engages in the same business in which the Company or any member of the Group engages (any such business or entity, a “Competitor”), provided that nothing in this clause shall preclude the Executive from holding less than one percent (1%) of the outstanding voting equity of any Competitor that is listed on any securities exchange or recognized securities market anywhere. The Executive shall notify the Company in writing of his interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require.

 

	4.  	NO BREACH OF CONTRACT

 

The Executive hereby represents to the Company that: (i) the
execution and delivery of this Agreement by the Executive and the performance by the Executive of his duties hereunder shall not
constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or
otherwise bound except for agreements entered into by and between the Executive and any member of the Group pursuant to applicable
law, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade
secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement
or carrying out his duties hereunder; (iii) that the Executive is not bound by any confidentiality, trade secret or similar
agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

 

	5.  	LOCATION

 

The Executive will be based in Sichuan Province, China. The
Company reserves the right to transfer or second the Executive to any location in China or elsewhere in accordance with its operational
requirements. Executive acknowledges that his position will require travel, both within and outside of China.

 

	6.  	COMPENSATION AND BENEFITS

 

	 	(a)	Base Salary. The Executive’s initial base salary shall be (i) One Hundred Thousand U.S. Dollars ($100,000) per year for his service to the Company, paid quarterly in arrears, and (ii) RMB 600,000 per year for his service to Sichuan Senmiao, paid monthly in arrears, and such compensation is subject to annual review and adjustment by the Board.  The payment of Base Salary shall commence immediately upon the Company’s receipt of proceeds of a financing of at least $1,000,000.  The Executive shall also be entitled to receive salary, as and in the amounts approved by the Board, from any other member of the Group. 

 

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	 	(b)	Bonus. The Executive shall be eligible for a cash bonus of up to Fifty Thousand U.S. Dollars ($50,000) per fiscal year upon satisfaction of certain performance targets as determined by the Board in its discretion.  The cash bonuses are subject to annual review and adjustment by the Board. Any bonuses proposed to be paid to the Executive from any member of the Group shall be subject to review and approval by the Board in advance of payment.

 

	 	(c)	Equity Incentives. To the extent the Company adopts and maintains an equity incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof as determined by the Board.

 

	 	(d)	Benefits. The Executive is eligible for participation in any standard employee benefit plan of the Company or any member of the Group that currently exists or may be adopted by the Company or any member of the Group in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan, provided that such plans shall be subject to review and approval by the Board.

 

	 	(e)	Expenses. The Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses incurred by the Executive in the performance of his duties under this Agreement; provided that he properly accounts for such expenses in accordance with the Company’s policies and procedures.

 

	7.  	TERMINATION OF THE AGREEMENT

 

	 	(a)	
        By the Company.

         

        (i) For Cause. The Company may terminate the Employment
        for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable U.S.
        federal or state law, in which case notice or remuneration will be provided in accordance with applicable law), if:

         

        (1)   
        the Executive is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement;

         

        (2)   
        the Executive has been grossly negligent or acted dishonestly to the detriment of the Company;

         

        (3)   
        the Executive has engaged in actions amounting to willful misconduct or failed to perform his duties hereunder and such
        failure continues after the Executive is afforded not less than fifteen (15) days to cure such failure; or

         

        (4)   
        the Executive violates Sections 8, 9 or 10 of this Agreement.

         

        Upon termination for “cause”, the Executive
        shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive will not be
        entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive’s
        right to all other benefits will terminate, except as required by any applicable law.

         

        (ii) For death and disability. The Company
may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically
required by applicable U.S. federal or state law, in which case notice or remuneration will be provided in accordance with
applicable law), if:

         

 

    	 	3	 

     

    

 

	 	 	

        (1)   
        the Executive has died, or

         

        (2)   
        the Executive has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board,
        renders the Executive unable to perform the essential functions of his employment with the Company, with or without reasonable
        accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case
        that longer period would apply.

         

        Upon termination for death or disability, the Executive
        shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive will not be
        entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive’s
        right to all other benefits will terminate, except as required by any applicable law.

         

        (iii) Without Cause. The Company may terminate the
        Employment without cause, at any time, upon thirty (30) days’ prior written notice. Upon termination without cause, the Company
        shall provide the following severance payments and benefits to the Executive: (1) a lump sum cash payment equal to three (3)
        months of the Executive’s base salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated
        amount of his target annual bonus for the year immediately preceding the termination, if any; (3) payment of premiums for
        continued health benefits under the Company’s health plans for three (3) months following the termination, if any; and (4) immediate
        vesting of 100% of the then-unvested portion of any outstanding equity awards held by the Executive.

         

        Upon termination without cause, the Executive shall also be
        entitled to the amount of base salary earned and not paid prior to termination.

         

        In order to be eligible for, and as a condition precedent for
        the payment of, the severance payments and benefits under this Section 7(a)(iii), the Executive must execute and deliver to the
        Company a general release of the Company and all members of the Group and their affiliates in a form reasonably satisfactory to
        the Board.

         

        (iv) Change of Control Transaction. If the Company
        or its successor terminates the Employment upon a merger, consolidation, or transfer or sale of all or substantially all of
        the assets of the Company with or to any other individual(s) or entity (the “Change of Control Transaction”),
        the Executive shall be entitled to the following severance payments and benefits upon such termination: (1) a lump sum cash
        payment equal to three (3) months of the Executive’s base salary at a rate equal to the greater of his annual salary
        in effect immediately prior to the termination, or his then current annual salary as of the date of such termination; (2) a
        lump sum cash payment equal to a pro-rated amount of his target annual bonus for the year immediately preceding the termination;
        (3) payment of premiums for continued health benefits under the Company’s health plans for three (3) months following
        the termination; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the
        Executive.

 

	 	(b)	
        By the Executive. The Executive may terminate the Employment
        at any time with thirty (30) days’ prior written notice to the Company without cause or if (1) there is a material reduction
        in the Executive’s authority, duties and responsibilities unless such reduction was made with his consent, or (2) there
        is a material reduction in the Executive’s annual salary (the occurrences in (1) and (2) being referred to as “Good
        Reason”). Upon the Executive’s termination of the Employment due to Good Reason, the Company shall provide compensation
        to the Executive equivalent to 3 months of the Executive’s base salary that he is entitled to immediately prior to such termination.

         

        In order to be eligible for, and as a condition precedent for
        the payment of, the severance payments and benefits under this Section 7(b), the Executive must execute and deliver to the Company
        a general release of the Company and all members of the Group and their affiliates in a form reasonably satisfactory to the Board.

 

    	 	4	 

     

    

 

	 	(c)	Notice of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

 

	8.  	CONFIDENTIALITY AND NONDISCLOSURE

 

	 	(a)	Confidentiality and Non-disclosure. The Executive hereby agrees at all times during the term of the Employment and after its termination, to hold in the strictest confidence, and not to use, except for the benefit of the Group, or to disclose to any person, corporation or other entity without written consent of the Company, any Confidential Information. The Executive understands that “Confidential Information” means any proprietary or confidential information of the Company, its affiliates, or their respective clients, customers or partners, including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel information, marketing, finances, information about the suppliers, investors, joint ventures, affiliates, financing sources and financial partners and other persons with whom the Group does business, information regarding the skills and compensation of other employees of the Company or other business information disclosed to the Executive by or obtained by the Executive from the any member of the Group, or their respective investors, customers or partners either directly or indirectly in writing, orally or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Executive.

 

	 	(b)	Company Property. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted in connection with his work or using the facilities of the Group are property of the Company or applicable Group member and subject to inspection by the Company, at any time. Upon termination of the Executive’s employment with the Company (or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his work with the Group and will provide written certification of his compliance with this Agreement.  Under no circumstances will the Executive have, following his termination, in his possession any property of the Group, or any documents or materials or copies thereof containing any Confidential Information.

 

	 	(c)	Former Employer Information. The Executive agrees that he has not and will not, during the term of his employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises of the Company any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Company and each Group member and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit, arising out of or in connection with any violation of the foregoing.

 

    	 	5	 

     

    

 

	 	(d)	Third Party Information. The Executive recognizes that the Company and Group members may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company’s or applicable Group member’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company, Group members and such third parties, during the Executive’s employment by the Group and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Company’s agreement with such third party.

 

This Section 8 shall survive the termination
of this Agreement for any reason. In the event the Executive breaches this Section 8, the Company shall have right to seek
remedies permissible under applicable law.

 

	9.  	CONFLICTING EMPLOYMENT.

 

The Executive hereby agrees that, during the term of the Employment,
he will not engage in any other employment, occupation, consulting or other business activity related to the business in which
the Company is now involved or becomes involved during the term of the Employment, nor will the Executive engage in any other activities
that conflict with his obligations to the Group without the prior written consent of the Company.

 

	10.  	NON-COMPETITION AND NON-SOLICITATION

 

In consideration of the salary paid to
the Executive by the Company and the Group, the Executive agrees that during the term of the Employment and for a period of twelve
(12) months following the termination of the Employment for whatever reason:

 

	 	(a)	The Executive will not approach clients, investors, customers or contacts of the Company or the Group, users of the Company’s or the Group’s services, or other persons or entities introduced to the Executive in the Executive’s capacity as a representative of the Company or the Group for the purposes of doing business with such persons or entities which will harm the business relationship between the Company or the Group and such persons and/or entities;

 

	 	(b)	the Executive will not assume employment with or provide services as a director, consultant or otherwise for any Competitor, or engage, whether as principal, partner, licensor or otherwise, in any Competitor; and

 

	 	(c)	the Executive will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit the services of any officer, director or employee of or consultant to the Company or any member of the Group employed or engaged as at or after the date of such termination, or in the twelve (12) months preceding such termination.

 

    	 	6	 

     

    

 

The provisions contained in Section 11 are considered reasonable
by the Executive in order to protect the legitimate business interests of Company and the Group. In the event that any such provisions
should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application
reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

 

This Section 10 shall survive the termination of this Agreement
for any reason. In the event the Executive breaches this Section 11, the Executive acknowledges that there will be no adequate
remedy at law, and the Company or the applicable member of the Group shall be entitled to injunctive relief and/or a decree for
specific performance, and such other relief as may be proper (including monetary damages if appropriate). In any event, the Company
or the applicable member of the Group shall have right to seek all remedies permissible under applicable law.

 

	11.  	WITHHOLDING TAXES

 

Notwithstanding anything else herein to the contrary, the Company
or the applicable Group member may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due
or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes
as may be required to be withheld pursuant to any applicable law or regulation.

 

	12.  	ASSIGNMENT

 

This Agreement is personal in its nature and neither of the
parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder;
provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any
member of the Group without such consent, and (ii) in the event of a Change of Control Transaction, this Agreement shall,
subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge
and perform all the promises, covenants, duties, and obligations of the Company hereunder. 

 

	13.  	SEVERABILITY

 

If any provision of this Agreement or the application thereof
is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without
the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

 

	14.  	ENTIRE AGREEMENT

 

This Agreement constitutes the entire agreement and understanding
between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or
written agreements concerning such subject matter. The Executive acknowledges that he has not entered into this Agreement in reliance
upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this Agreement must
be in writing and signed by the Executive and the Company.

 

    	 	7	 

     

    

 

	15.  	GOVERNING LAW; JURISDICTION 

 

This Agreement and all issues pertaining to the Employment or
the termination of the Employment shall be governed and interpreted in accordance with the laws of New York without regard to choice
of law principles, except the arbitration provision which shall be governed by the Federal Arbitration Act. Executive agrees that
if, for any reason, any provision hereof is unenforceable, the remainder of this Agreement will nonetheless remain binding and
in effect. Any dispute regarding the Employment or this Agreement, other than any injunctive relief available under Section 10
hereof, which cannot be resolved by negotiations between the Executive and the Company shall be submitted to, and solely determined
by, final and binding arbitration conducted by the American Arbitration Association (“AAA”) in accordance with
its arbitration rules applicable to employment disputes, and the parties agree to be bound by the final award of the arbitrator
in any such proceeding. The arbitrator shall apply the laws of the State of New York with respect to the interpretation or enforcement
of this Agreement, or to any claims involving the Employment or the termination of the Employment. All questions regarding whether
or not a dispute is subject to arbitration will be resolved by the arbitrator. Arbitration shall be held in the AAA New York City
Office unless the parties agree to another location in writing. The parties irrevocably submit to the exclusive jurisdiction of
the AAA and waive the defenses of improper venue or forum non conveniens. The parties waive personal service of any demand for
arbitration and of any summons, complaint, and any other legal process issued in regard to any dispute concerning or arising from
this Agreement or your employment with the Company. You further agree that you may be given notice of any such arbitration, action,
or suit, by the means set forth in Section 18 of this Agreement. Judgment upon the award by the arbitrator may be entered in any
court having jurisdiction, including in The People’s Republic of China or Hong Kong. The arbitrator shall award costs and
attorney fees to the prevailing party. As part of this Agreement, Executive agrees that Executive may not participate in a representative
capacity or as a member of any class of claims pertaining to any claim against the Company. There is no right or authority for
any claims subject to this Agreement to be arbitrated on a class or collective action basis or on any basis involving claims brought
in a purported representative capacity on behalf of any other person or group of people similarly situated. Such claims are prohibited.
Furthermore, claims brought by or against either the Company or the Executive may not be joined or consolidated in the arbitration
with claims brought by or against any other person or entity unless otherwise agreed to in writing by all parties involved.

 

	16.  	AMENDMENT

 

This Agreement may not be amended, modified or changed (in whole
or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed
by both of the parties hereto.

 

	17.  	WAIVER

 

Neither the failure nor any delay on the part of a party to
exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy,
power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as
a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it
is in writing and is signed by the party asserted to have granted such waiver.

 

	18.  	NOTICES

 

All notices, requests, demands and other communications required
or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered
by hand, (ii) otherwise delivered against receipt therefor, (iii) sent by a recognized courier with next-day or second-day
delivery or (iv) by email to the last known address of the other party, with communications to the Company being to the attention
of the Company’s Chief Financial Officer.

 

    	 	8	 

     

    

 

	19.  	COUNTERPARTS

 

This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall
constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually
or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic or electronic
copies of such signed counterparts may be used in lieu of the originals for any purpose, and signed counterparts may be delivered
by electronic means.

 

	20.  	NO INTERPRETATION AGAINST DRAFTER

 

Each party recognizes that this Agreement is a legally binding
contract and acknowledges that it, or he has had the opportunity to consult with legal counsel of choice. In any construction of
the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter
of such terms.

 

IN WITNESS WHEREOF, this Agreement has been executed as of the
date first written above.

 

	 	Senmiao Technology Limited
	 	 	 
	 	By:	/s/ Xiaoyuan Zhang
	 	Name: 	Xiaoyuan Zhang
	 	Title:	Chief Financial Officer
	 	 	 
	 	Executive
	 	 	 
	 	Signature: 	/s/ Xi Wen
	 	Name:	Xi Wen

 

    	 	9

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