Document:

EX-10.9

 Exhibit 10.9 

Indemnification Agreement 

This Indemnification Agreement (this “Agreement”) is dated as of [●], 2022, and is between Apexigen, Inc., a
Delaware corporation (the “Company”), and [●], an individual (“Indemnitee”). 

Recitals 

A.    Indemnitee’s service to the Company substantially benefits the Company. 

B.    Individuals are reluctant to serve as directors or officers of corporations or in certain other capacities unless
they are provided with adequate protection through insurance or indemnification against the risks of claims and actions against them arising out of such service. 

C.    Indemnitee does not regard the protection currently provided by applicable law, the Company’s governing
documents and any insurance as adequate under the present circumstances, and Indemnitee may not be willing to serve as a director or officer without additional protection. 

D.    In order to induce Indemnitee to continue to provide services to the Company, it is reasonable, prudent and
necessary for the Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable law. 

E.    This Agreement is a supplement to and in furtherance of the indemnification provided in the Company’s
certificate of incorporation and bylaws, and any resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor, nor shall this Agreement be deemed to limit, diminish or abrogate any rights of Indemnitee
thereunder. 
 The parties therefore agree as follows: 

1.    Definitions.  

(a)    A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of
this Agreement of any of the following events: 
 (i)    the acquisition of the Company by another entity by means of
any transaction or series of related transactions (including, without limitation, any reorganization, merger or consolidation or stock transfer, but excluding any such transaction effected primarily for the purpose of changing the domicile of the
Company), unless the Company’s stockholders of record immediately prior to such transaction or series of related transactions hold, immediately after such transaction or series of related transactions, at least 50% of the voting power of the
surviving or acquiring entity (provided that the sale by the Company of its securities for the purposes of raising additional funds shall not constitute a Change in Control hereunder); or 

 (ii)    the sale of all or substantially all of the assets of the
Company. 
 (b)    “Corporate Status” describes the status of a person who is or was a director,
trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise. 

(c)    “DGCL” means the General Corporation Law of the State of Delaware. 

(d)    “Disinterested Director” means a director of the Company who is not and was not a party to
the Proceeding in respect of which indemnification is sought by Indemnitee. 

(e)    “Enterprise” means the Company and any other corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary. 

(f)    “Expenses” include all reasonable attorneys’ fees, retainers, court costs, transcript
costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any
appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond or other appeal bond or their equivalent, and (ii) for purposes of Section 12(d),
Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company.
Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 

(g)    “Independent Counsel” means a law firm, or a partner or member of a law firm, that is
experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than as Independent Counsel with
respect to matters concerning Indemnitee under this Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or
Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

  
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 (h)    “Proceeding” means any threatened,
pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or proceeding, whether brought in the right of the Company or otherwise and whether of a civil,
criminal, administrative or investigative nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, a potential party, a non-party witness or otherwise by reason of
(i) the fact that Indemnitee is or was a director or officer of the Company, (ii) any action taken by Indemnitee or any action or inaction on Indemnitee’s part while acting as a director or officer of the Company, or (iii) the
fact that they are or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving in such
capacity at the time any liability or Expense is incurred for which indemnification or advancement of expenses can be provided under this Agreement. 

(i)    Reference to “other enterprises” shall include employee benefit plans; references to
“fines” shall include any excise taxes assessed on a person with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director,
officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith
and in a manner they reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the
Company” as referred to in this Agreement. 
 2.    Indemnity in Third-Party Proceedings. The
Company shall indemnify Indemnitee in accordance with the provisions of this Section 2 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to
procure a judgment in its favor. Pursuant to this Section 2, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably
incurred by Indemnitee or on their behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the
Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that their conduct was unlawful. 

3.    Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in
accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3,
Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter
therein, if Indemnitee acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 3 in respect of any claim,

  
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issue or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery
or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such
expenses as the Delaware Court of Chancery or such other court shall deem proper. 
 4.    Indemnification for
Expenses of a Party Who is Wholly or Partly Successful. To the extent that Indemnitee is a party to or a participant in and is successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter therein, the
Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. To the extent permitted by applicable law, if Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, in defense of one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by
Indemnitee or on Indemnitee’s behalf in connection with (a) each successfully resolved claim, issue or matter and (b) any claim, issue or matter related to any such successfully resolved claim, issue or matter. For purposes of this
section, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

5.    Indemnification for Expenses of a Witness. To the extent that Indemnitee is, by reason of their Corporate
Status, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection therewith. 
 6.    Additional Indemnification. 

(a)    Notwithstanding any limitation in Sections 2, 3 or 4, the Company shall indemnify Indemnitee to the fullest
extent permitted by applicable law if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses,
judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on their behalf in connection with the Proceeding or any claim, issue or matter therein. 

(b)    For purposes of Section 6(a), the meaning of the phrase “to the fullest extent permitted by
applicable law” shall include, but not be limited to: 
 (i)    the fullest extent permitted by the
provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; and 

  
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 (ii)    the fullest extent authorized or permitted by any amendments to
or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 

7.    Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any Proceeding (or any part of any Proceeding): 
 (a)    for which
payment has actually been made to or on behalf of Indemnitee under any statute, insurance policy, indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid; 

(b)    for an accounting or disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934,
as amended, or similar provisions of federal, state or local statutory law or common law, if Indemnitee is held liable therefor (including pursuant to any settlement arrangements); 

(c)    for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Securities Exchange Act of 1934, as amended (including any such reimbursements that arise from an accounting
restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in
violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements); 

(d)    initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against
the Company or its directors, officers, employees, agents or other indemnitees, unless (i) the Company’s board of directors authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (ii) the Company
provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii) otherwise authorized in Section 12(d) or (iv) otherwise required by applicable law; or 

(e)    if prohibited by applicable law. 

8.    Advances of Expenses. The Company shall advance the Expenses incurred by Indemnitee in connection with any
Proceeding, and such advancement shall be made as soon as reasonably practicable, but in any event no later than 60 days, after the receipt by the Company of a written statement or statements requesting such advances from time to time (which shall
include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditure made that would cause Indemnitee to waive any privilege
accorded by applicable law shall not be included with the invoice). Advances shall be unsecured and interest free and made without regard to Indemnitee’s ability to repay such advances. Indemnitee hereby

  
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undertakes to repay any advance to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. This Section 8 shall not apply to the extent
advancement is prohibited by law and shall not apply to any Proceeding for which indemnity is not permitted under this Agreement, but shall apply to any Proceeding referenced in Section 7(b) or 7(c) prior to a determination that Indemnitee is
not entitled to be indemnified by the Company. 
 9.    Procedures for Notification and Defense of Claim. 

(a)    Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek
indemnification or advancement of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written notification to the Company shall include, in reasonable detail, a description of the nature of the
Proceeding and the facts underlying the Proceeding. The failure by Indemnitee to notify the Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so
notifying the Company shall not constitute a waiver by Indemnitee of any rights. 
 (b)    If, at the time of the
receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of the Proceeding to the insurers in
accordance with the procedures set forth in the applicable policies. The Company shall thereafter take all commercially-reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in
accordance with the terms of such policies. 
 (c)    In the event the Company may be obligated to make any indemnity in
connection with a Proceeding, the Company shall be entitled to assume the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, upon the delivery to Indemnitee of written notice of its
election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee for any fees or expenses of counsel subsequently incurred by
Indemnitee with respect to the same Proceeding. Notwithstanding the Company’s assumption of the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses of Indemnitee’s counsel to the extent (i) the
employment of counsel by Indemnitee is authorized by the Company, (ii) counsel for the Company or Indemnitee shall have reasonably concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of any such
defense such that Indemnitee needs to be separately represented, (iii) the fees and expenses are non-duplicative and reasonably incurred in connection with Indemnitee’s role in the Proceeding despite
the Company’s assumption of the defense, (iv) the Company is not financially or legally able to perform its indemnification obligations or (v) the Company shall not have retained, or shall not continue to retain, such counsel to
defend such Proceeding. The Company shall have the right to conduct such defense as it sees fit in its sole discretion. Regardless of any provision in this Agreement, Indemnitee shall have the right to employ counsel in any

  
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Proceeding at Indemnitee’s personal expense. The Company shall not be entitled, without the consent of Indemnitee, to assume the defense of any claim brought by or in the right of the
Company. 
 (d)    Indemnitee shall give the Company such information and cooperation in connection with the Proceeding
as may be reasonably appropriate. 
 (e)    The Company shall not be liable to indemnify Indemnitee for any settlement
of any Proceeding (or any part thereof) without the Company’s prior written consent, which shall not be unreasonably withheld. 

(f)    The Company shall not settle any Proceeding (or any part thereof) without Indemnitee’s prior written consent,
which shall not be unreasonably withheld. 
 10.    Procedures upon Application for Indemnification.  

(a)    To obtain indemnification, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and as is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Proceeding. The
Company shall, as soon as reasonably practicable after receipt of such a request for indemnification, advise the board of directors that Indemnitee has requested indemnification. Any delay in providing the request will not relieve the Company from
its obligations under this Agreement, except to the extent such failure is prejudicial. 
 (b)    Upon written request
by Indemnitee for indemnification pursuant to Section 10(a), a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case (i) if a Change in Control shall have
occurred, by Independent Counsel in a written opinion to the Company’s board of directors, a copy of which shall be delivered to Indemnitee or (ii) if a Change in Control shall not have occurred, (A) by a majority vote of the
Disinterested Directors, even though less than a quorum of the Company’s board of directors, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the
Company’s board of directors, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Company’s board of directors, a copy of which shall be
delivered to Indemnitee or (D) if so directed by the Company’s board of directors, by the stockholders of the Company. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten
days after such determination. Indemnitee shall cooperate with the person, persons or entity making the determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including
attorneys’ fees and disbursements) reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company, to the extent permitted by applicable law. 

  
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 (c)    In the event the determination of entitlement to indemnification
is to be made by Independent Counsel pursuant to Section 10(b), the Independent Counsel shall be selected as provided in this Section 10(c). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the
Company’s board of directors, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be
selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Company’s board of directors, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of
the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the
case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as
defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written
objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after
the later of (i) submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof and (ii) the final disposition of the Proceeding, the parties have not agreed upon an Independent Counsel, either the
Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and for the appointment as Independent
Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 10(b)
hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the
applicable standards of professional conduct then prevailing). 
 (d)    The Company agrees to pay the reasonable fees
and expenses of any Independent Counsel and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 

11.    Presumptions and Effect of Certain Proceedings. 

(a)    In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity
making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to 

  
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indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall, to the fullest
extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by such person, persons or entity of any determination contrary to that presumption. 

(b)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that
Indemnitee did not act in good faith and in a manner which they reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that their
conduct was unlawful. 
 (c)    For purposes of any determination of good faith, Indemnitee shall be deemed to have
acted in good faith to the extent Indemnitee relied in good faith on (i) the records or books of account of the Enterprise, including financial statements, (ii) information supplied to Indemnitee by the officers of the Enterprise in the
course of their duties, (iii) the advice of legal counsel for the Enterprise or its board of directors or counsel selected by any committee of the board of directors or (iv) information or records given or reports made to the Enterprise by
an independent certified public accountant, an appraiser, investment banker or other expert selected with reasonable care by the Enterprise or its board of directors or any committee of the board of directors. The provisions of this
Section 11(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 

(d)    Neither the knowledge, actions nor failure to act of any other director, officer, agent or employee of the
Enterprise shall be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

12.    Remedies of Indemnitee. 

(a)    Subject to Section 12(e), in the event that (i) a determination is made pursuant to Section 10 of
this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 or 12(d) of this Agreement, (iii) no determination of entitlement to
indemnification shall have been made pursuant to Section 10 of this Agreement within 90 days after the later of the receipt by the Company of the request for indemnification or the final disposition of the Proceeding, (iv) payment of
indemnification pursuant to this Agreement is not made (A) within ten days after a determination has been made that Indemnitee is entitled to indemnification or (B) with respect to indemnification pursuant to Sections 4, 5 and 12(d)
of this Agreement, within 30 days after receipt by the Company of a written request therefor, or (v) the Company or any other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes
any litigation or other action or proceeding designed to 

  
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deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of competent jurisdiction
of their entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at their option, may seek an award in arbitration with respect to their entitlement to such indemnification or advancement of Expenses, to be
conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on
which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce their rights under
Section 4 of this Agreement. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration in accordance with this Agreement. 

(b)    Neither (i) the failure of the Company, its board of directors, any committee or subgroup of the board of
directors, Independent Counsel or stockholders to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the
Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders that Indemnitee has not met the applicable standard of conduct, shall create a presumption that Indemnitee has or has not met
the applicable standard of conduct. In the event that a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to
this Section 12 shall be conducted in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced
pursuant to this Section 12, the Company shall, to the fullest extent not prohibited by law, have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

(c)    To the fullest extent not prohibited by law, the Company shall be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company
is bound by all the provisions of this Agreement. If a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial
proceeding or arbitration commenced pursuant to this Section 12, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statements not materially misleading, in
connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d)    To the extent not prohibited by law, the Company shall indemnify Indemnitee against all Expenses that are incurred
by Indemnitee in connection with any action for indemnification or advancement of Expenses from the Company under this 

  
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Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company to the extent Indemnitee is successful in such action, and, if requested by
Indemnitee, shall (as soon as reasonably practicable, but in any event no later than 60 days, after receipt by the Company of a written request therefor) advance such Expenses to Indemnitee, subject to the provisions of Section 8. 

(e)    Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification
shall be required to be made prior to the final disposition of the Proceeding. 
 13.    Contribution. To the
fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for
Expenses, judgments, fines or amounts paid or to be paid in settlement, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of
such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the events and transactions giving rise to such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and
its other directors, officers, employees and agents) in connection with such events and transactions. 
 14.    Non-exclusivity. The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be
entitled under applicable law, the Company’s certificate of incorporation or bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. To the extent that a change in Delaware law, whether by statute or judicial
decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Company’s certificate of incorporation and bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall
enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions expressly set forth herein or therein. Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any
other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. Except as expressly set forth herein, the
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 

15.    Primary Responsibility. The Company acknowledges that Indemnitee has or may have certain rights to
indemnification, advancement of expenses, and/or insurance provided by outside sources other than the Company and its insurance providers (the “Secondary Indemnitor”). The Company agrees that, as between the Company and the
Secondary Indemnitor, the Company is primarily responsible for amounts required to be indemnified or advanced under the Company’s certificate of incorporation or bylaws or this Agreement and any obligation of the Secondary Indemnitor to provide
indemnification or advancement for the same amounts is 

  
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secondary to those Company obligations. The Company waives, relinquishes and releases any right of contribution, subrogation or other recovery against the Secondary Indemnitor with respect to the
liabilities for which the Company is primarily responsible under this Section 15. In the event of any payment by the Secondary Indemnitor of amounts otherwise required to be indemnified or advanced by the Company under the Company’s
certificate of incorporation or bylaws or this Agreement, the Secondary Indemnitor shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee for indemnification or advancement of expenses under the
Company’s certificate of incorporation or bylaws or this Agreement. The Secondary Indemnitor is an express third-party beneficiary of the terms of this Section 15. 

16.    No Duplication of Payments. Subject to Section 15 above, the Company shall not be liable under this
Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received payment for such amounts under any insurance policy,
contract, agreement or otherwise. 
 17.    Insurance. To the extent that the Company maintains an insurance
policy or policies providing liability insurance for directors, trustees, general partners, managing members, officers, employees, agents or fiduciaries of the Company or any other Enterprise, Indemnitee shall be covered by such policy or policies
to the same extent as the most favorably-insured persons under such policy or policies in a comparable position. 

18.    Subrogation. Subject to Section 15, in the event of any payment under this Agreement, the Company shall
be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable
the Company to bring suit to enforce such rights. 
 19.    Services to the Company. Indemnitee agrees to serve
as a director or officer of the Company or, at the request of the Company, as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of another Enterprise, for so long as Indemnitee is duly elected or appointed
or until Indemnitee tenders their resignation or is removed from such position. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in
which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and
Indemnitee. Indemnitee specifically acknowledges that any employment with the Company (or any of its subsidiaries or any Enterprise) is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, with or without
notice, except as may be otherwise expressly provided in any executed, written employment contract between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), any existing formal severance policies adopted by the
Company’s board of directors or, with respect to service as a director or officer of the Company, the Company’s certificate of incorporation or bylaws or the DGCL. No such document shall be subject to any oral modification thereof. 

  
 -12- 

 20.    Duration. This Agreement shall continue until and
terminate upon the later of (a) ten years after the date that Indemnitee shall have ceased to serve as a director or officer of the Company or as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of
any other Enterprise, as applicable; or (b) one year after the final termination of any Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and
of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto. 

21.    Successors. This Agreement shall be binding upon the Company and its successors and assigns, including any
direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and
administrators. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement, expressly to
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

22.    Severability. Nothing in this Agreement is intended to require or shall be construed as requiring the
Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order or other applicable law, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including without
limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and
shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto;
and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

23.    Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement and assumed
the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company. 

  
 -13- 

 24.    Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Company’s certificate of incorporation and bylaws and applicable law. 

25.    Modification and Waiver. No supplement, modification or amendment to this Agreement shall be binding unless
executed in writing by the parties hereto. No amendment, alteration or repeal of this Agreement shall adversely affect any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in their Corporate
Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall constitute or be deemed a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver. 

26.    Notices. All notices and other communications required or permitted hereunder shall be in writing and shall
be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier service addressed: 

(a)    if to Indemnitee, to Indemnitee’s address, facsimile number or electronic mail address as shown on the
signature page of this Agreement or in the Company’s records, as may be updated in accordance with the provisions hereof; or 

(b)    if to the Company, to the attention of the Chief Executive Officer or Chief Financial Officer of the Company at 75
Shoreway Road, Suite C, San Carlos, CA 94070, or at such other current address as the Company shall have furnished to Indemnitee, with a copy (which shall not constitute notice) to Ken Clark, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page
Mill Road, Palo Alto, California 94304. 
 Each such notice or other communication shall for all purposes of this Agreement be treated as
effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying
next-business-day delivery, one business day after deposit with the courier), (ii) if sent via mail, at the earlier of its receipt or three days after the same has been deposited in a
regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, when directed
to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. 

27.    Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall
be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee pursuant to

  
 -14- 

 
Section 12(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this
Agreement shall be brought only in the Delaware Court of Chancery, and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the
Delaware Court of Chancery for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, The
Corporation Trust Company, Wilmington, Delaware as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and
validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court of Chancery, and (v) waive, and agree not to plead or to
make, any claim that any such action or proceeding brought in the Delaware Court of Chancery has been brought in an improper or inconvenient forum. 

28.    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in counterparts, each of which shall for all purposes be deemed
to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 

29.    Captions. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not
be deemed to constitute part of this Agreement or to affect the construction thereof. 
 (signature page follows) 

  
 -15- 

 The parties are signing this Indemnification Agreement as of the date stated in the
introductory sentence. 
  

			
	Apexigen, Inc.

 
			
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

 
			
	
	Indemnitee
	
	  

	(Signature)
	
	  

	(Print name)
	
	  

	(Street address)
	
	  

	(City, State and ZIP)

  
 (Signature page to
Indemnification Agreement)Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

THIS
AGREEMENT IS MADE effective the 9th day of May, 2022

 

BETWEEN:

 

VISION
HYDROGEN CORPORATION., incorporated

under
the laws of the State of Nevada,

 

(hereinafter
called the “Corporation”)

 

OF
THE FIRST PART,

AND:

 

MATTHEW
HIDALGO

 

(hereinafter
called the “Employee”)

 

OF
THE SECOND PART.

 

WHEREAS
the Corporation is engaged in the business of developing renewable energy projects for the commercial, industrial and transportation
sectors, directly and through its Affiliates;

 

AND
WHEREAS the Employee has the qualifications, skills and experience necessary to serve the Corporation in the role of Chief Financial
Officer and Corporate Secretary;

 

AND
WHEREAS the Employee is knowledgeable in the business of the Corporation, the industry in which the Corporation operates and the
Corporation’s record keeping, accounting, reporting and organizational obligations and requirements;

 

AND
WHEREAS the Employee is willing to serve the Corporation in the capacity and on the terms and conditions herein provided.

 

NOW
THEREFORE IT IS HEREBY AGREED AS FOLLOWS:

 

	1.	DEFINITIONS

 

1.1
Definitions. In this Agreement the following terms shall have the following meanings:

 

		(a)	“Affiliate”
                                            means a Person that is controls, is controlled by, or is under common control with, another
                                            Person;
	 	 	 
		(b)	“Agreement”
                                            means this agreement as it may be amended or supplemented from time to time; and the
                                            expressions “hereof”, “herein”, “hereto”, “hereunder”,
                                            “hereby” and similar expressions refer to this agreement and unless otherwise
                                            indicated, references to “Sections” or “Articles” are references
                                            to sections or articles in this Agreement;

 

    	 

    	2

    

 

		(c)	“Board”
                                            means the board of directors of the Corporation, or a committee thereof duly constituted
                                            to assume part or all of the role of the Board for the purpose of this Agreement;
	 	 	 
		(d)	“Business
                                            Day” means business days in New Jersey, exclusive of statutory holidays and weekends;
	 	 	 
		(e)	“Cause”
                                            means

 

		(i)	the
                                            failure or refusal or repeated reluctance of the Employee to perform his duties and responsibilities
                                            at an acceptable level or standard, or to comply fully in all material respects with the
                                            Corporation’s policies and procedures as instituted from time to time, provided that
                                            the Employee has been provided written notice of such failure, refusal or repeated reluctance
                                            and has not corrected his behaviour (to the satisfaction of the Corporation) within three
                                            (3) business days of receiving such notice, and provided further that the Employee shall
                                            only be entitled to correct his behaviour pursuant to such notice on a one time basis. In
                                            case of intentional breach of the Corporation’s policies, a corrective notice need
                                            not be given by the Corporation,
	 	 	 
		(ii)	For
                                            purposes of clarity, any subsequent failure, refusal or repeated reluctance to perform his
                                            duties and responsibilities at an acceptable level or standard will not require written notice
                                            of such failure by the Corporation and corresponding opportunity for the Employee to correct
                                            the behaviour,
	 	 	 
		(iii)	any
                                            dishonesty on the part of the Employee materially affecting the Corporation,
	 	 	 
		(iv)	the
                                            Employee being charged with a felony offence or any other crime involving moral turpitude,
                                            fraud or misrepresentation,
	 	 	 
		(v)	use
                                            of alcohol or illegal drugs by the Employee interfering with the performance of his obligations
                                            under this Agreement,
	 	 	 
		(vi)	any
                                            wilful and intentional act on the part of the Employee having the effect of materially injuring
                                            the reputation, business or business relationships of the Corporation,
	 	 	 
		(vii)	any
                                            material breach (not covered by any of the above (i) through (v) above) of any of the provisions
                                            of this Agreement, and
	 	 	 
		(viii)	any
                                            other act or omission which at law would entitle the Corporation to terminate this Agreement;

 

		(f)	“Corporation”
                                            means Vision Hydrogen Corporation., a corporation formed under the laws of the State
                                            of Nevada;
	 	 	 
		(g)	“Compensation
                                            Committee” means the Compensation Committee of the Board, as constituted from time
                                            to time, and, in the event that there is no Compensation Committee, the Board;

 

    	 

    	3

    

 

		(h)	“Confidential
                                            Information” means any and all information of a sensitive or proprietary nature
                                            related to the Corporation or its business including, but not limited to information pertaining
                                            to the Corporation’s properties and developments, contracts, agreement and understandings,
                                            letters of intent, development and permitting applications, projected costs, sales, income,
                                            profit, profitability, pricing, salaries or wages, marketing information, corporate information
                                            and intellectual property. Confidential Information does not include any information that,
                                            through no fault of the receiving party

 

		(i)	is
                                            within the Public Domain at the date of its disclosure to the receiving party, or subsequently
                                            enters the Public Domain (but only after it enters the Public Domain), or
	 	 	 
		(ii)	is
                                            or becomes (but only after it becomes)

 

		(A)	independently
                                            developed by or on behalf of the receiving party as shown by documentary evidence, or
	 	 	 
		(B)	disclosed
                                            to the receiving party by a third party not having an obligation of confidence to the proprietor
                                            of the information as shown by the documentary evidence, or

 

		(iii)	is
                                            Residual Information.

 

No
combination of information shall be deemed to be within any of the above exceptions, whether or not the component parts of the combination
are within one or more of the exceptions in Sections 1.1(f)(i) and (ii), unless the combination itself and its economic value and principles
of operation are themselves so excepted;

 

		(i)	“Duties”
                                            shall have the meaning set forth in Section 2.2 below;
	 	 	 
		(j)	“Person”
                                            means any individual, partnership, limited partnership, joint venture, syndicate, sole
                                            proprietorship, company or corporation with or without share capital, unincorporated association,
                                            trust, trustee, executor, administrator or other legal personal representative, regulatory
                                            body or agency, government or governmental agency, authority or entity however designated
                                            or constituted;
	 	 	 
		(k)	“Public
                                            Domain” means readily accessible to the public in a written publication, and does
                                            not include information that is only available by substantial searching of the published
                                            literature, and information the substance of which must be pieced together from a number
                                            of different publications and/or sources;
	 	 	 
		(l)	“Residual
                                            Information” means general information not specified as being confidential in nature
                                            by the Corporation that is in tangible form and is retained in memory by the Employee including
                                            the ideas, concepts, know-how and techniques as well as any business opportunities that have
                                            been considered by the Corporation but rejected or unsuccessfully pursued by the Corporation;
                                            and
	 	 	 
		(m)	“Term”
                                            shall have the meaning set forth in Section 2.1 below.

 

    	 

    	4

    

 

	2.	TERMS
                                            OF EMPLOYMENT

 

	2.1	Engagement.
                                            The Corporation hereby engages the Employee as the Corporation’s Chief Financial
                                            Officer and Corporate Secretary with effect from the date of this Agreement for a term of
                                            one year or until the earlier termination hereof pursuant to Article 7 hereof (the “Term”).
                                            The Parties may engage in discussions to extend the Term, not more than 90 days before the
                                            expiry of the Term.

 

	2.2	Duties
                                            & Responsibilities. The detailed initial duties and responsibilities of the Employee
                                            are set forth in Schedule “A” attached hereto (the “Duties”).
                                            The Employee shall serve and perform in the capacity described in Section 2.1 hereof, and
                                            in addition to the Duties shall have such other supplementary duties, responsibilities, and
                                            authorities as are designated for the offices of Chief Financial Officer and Secretary pursuant
                                            to the Bylaws of the Corporation, or as may be assigned to the Employee from time to time
                                            by the Board. The Employee will use best practices in designing and implementing systems
                                            to manage the Company’s finances and otherwise discharge the Duties, at all times with
                                            a view to maintaining cost controls and economies.

 

	2.3	Reporting.
                                            The Employee shall report and be responsible to the Chief Executive officer of the Corporation
                                            (the “CEO”), or such other persons as a designated by the CEO, and - in
                                            addition to the timely preparation, review, approval and dissemination of the Corporation’s
                                            quarterly and annual financial statements – shall present a detailed monthly status
                                            report on the third Business Day of each month during the Term to the CEO, which report shall
                                            include a monthly internal cash flow statement as well as a narrative description of activities
                                            tasked, initiated, in progress and/or concluded during the preceding month.

 

	2.4	Efforts.
                                            The Employee shall devote his best efforts, abilities, knowledge and experience to the
                                            faithful and timely performance of the Duties, and at a minimum he will commit not less than
                                            60% of his working time to the Corporations’ affairs or such greater time as is required
                                            to adequately perform the Duties. The Employee will be available, in person or via videoconference,
                                            not less than five (5) hours per weekday between 10:00am and 3:00pm (Eastern Time), in all
                                            cases professionally groomed and attired, and if by videoconference in a quiet professional
                                            and workmanlike environment free of background noise or distractions.

 

	2.5	Non-Compete.
                                            The Employee shall not engage in (i) any business or endeavour which is in direct or
                                            indirect competition with the Corporation or any Affiliate, (ii) any business or endeavour
                                            that may be perceived as damaging to the good reputation of the Corporation, or (iii) any
                                            business or endeavour which would interfere with the full and timely performance of the Duties.

 

	2.6	Place
                                            of Service. In connection with the Employee’s employment by the Corporation during
                                            the Term, the Employee shall be based and the Employee’s services shall be performed
                                            in Dallas Texas, Jersey City New Jersey or at such other or location as required by the Corporation
                                            and agreed to by the Employee (acting reasonably), save and except for such travel as is
                                            required for the Employee to perform his Duties.

 

    	 

    	5

    

 

	3.	REMUNERATION
                                            AND BENEFITS

 

	3.1	Annual
                                            Base Salary. The Corporation shall pay the Employee, as compensation for all services
                                            rendered by the Employee under this Agreement, a monthly salary (the “Salary”)
                                            of Thirteen Thousand Five Hundred and No/100 United States Dollars (USD $13,500.00). Subject
                                            to Article 4 hereof, the Base Salary shall be subject to all appropriate federal and state
                                            withholding and payroll taxes and shall be paid by the Corporation to the Employee in accordance
                                            with regular payroll policies and practices of the Corporation as set by the Employee and
                                            approved by the CEO. The Base Salary shall be deemed inclusive and the Employee shall not
                                            be entitled to participate in any other compensation or benefit plans. At the request of
                                            the Employee, within a reasonable time (not to exceed 90 days) following the timely filing
                                            of the Corporation’s annual financial results the Compensation Committee may review
                                            the Base Salary for upward adjustment. The Employee recognisees that as an executive irregular
                                            hours of work are a condition of the Employee’s employment by the Corporation and agrees
                                            that any “overtime” hours will not be additionally compensated.

 

	3.2	Discretionary
                                            Bonus. In addition to the Base Salary, the Corporation may also pay the Employee discretionary
                                            annual bonus compensation (the “Bonus Compensation”), in such amount,
                                            if any, determined by the Compensation Committee to be proper and appropriate for each fiscal
                                            year of the Corporation during the term of this Agreement. Such Annual Bonus Compensation
                                            shall be based upon such factors as the Compensation Committee shall deem appropriate and
                                            consistent with factors applicable to other employee of the Corporation, including (i) the
                                            Employee’s contributions to the success of the business operations of the Corporation,
                                            its divisions and its subsidiaries for each fiscal year of the Corporation during the term
                                            hereof; (ii) the Corporation’s share price performance viewed objectively as well as
                                            against its peer group within the industry; (iii) the success of the Corporation’s
                                            development activities; (iv) the consolidated revenues, expenses and profits of the Corporation,
                                            its divisions and its subsidiaries for each fiscal year of the Corporation during the term
                                            hereof, as determined in accordance with generally accepted accounting principles; and (v)
                                            the general overall economic performance of the Corporation, its divisions and its subsidiaries
                                            for each fiscal year of the Corporation. Bonuses hereunder will be considered earned and
                                            paid 6 months after the subject fiscal year has ended, provided that the Employee is then
                                            still employed by the Corporation.

 

	3.3	Expenses.
                                            The Corporation shall reimburse the Employee for reasonable out-of-pocket expenses incurred
                                            by him in accordance with the Corporation’s standard expense practices. Any expenses
                                            in excess of $2,500 individually or in any given monthly period $5,000 in the aggregate must
                                            be pre-approved by the CEO or such other persons as a designated by the CEO for this purpose.
                                            Notwithstanding the preceding any travel by the Employee must be pre-approved by the CEO.
                                            Prior to the reimbursement of any expenses, the Employee shall prepare a summary of the expenses
                                            incurred and submit it to the Corporation in the Corporations standard form together with
                                            appropriate supporting receipts, invoices, or other documentation acceptable to the Corporation.
                                            The Corporation may (where approved by the CEO) make an advance to cover anticipated expenses,
                                            such advances being repayable to the extent remaining after the matter requiring the advance
                                            is concluded, and in any event upon termination of this Agreement.

 

    	 

    	6

    

 

	3.4	Vacation.
                                            The Employee shall be entitled to paid vacation of up to fifteen (15) Business Days each
                                            calendar year during the Employment Period, exclusive of statutory holidays and weekends,
                                            which vacation shall be taken by the Employee in accordance with the Corporation’s
                                            vacation plans, policies and practices as then in effect and with a view to the business
                                            requirements of the Corporation, in each case with advance notice to approve of the CEO or
                                            such other persons as a designated by the CEO for this purpose. The Employee shall not be
                                            entitled to any compensation for earned unused vacation time at the completion of the Term.
                                            In addition, as an executive the Employee recognizes that he may need to be available to
                                            the Corporation during vacation periods, and that he will not receive additional compensation
                                            for same.

 

	4.	RELATIONSHIP

 

	4.1	Employment
                                            Relationship and Indemnification. While the intention of the Parties is that the Employee
                                            is in an employment relationship with the Corporation, the Corporation recognizes that the
                                            relationship may at law be characterized as a consulting services relationship, in which
                                            case the Employee will render monthly invoices to the Corporation. In this regard, the Employee
                                            acknowledges and agrees that he is and shall be liable for the full amount of any payment
                                            of funds which may be demanded, in relation to the Employee pursuant to any laws, legislation,
                                            rules or regulations promulgated by any government having jurisdiction over the Corporation
                                            or the Employee for taxes or other deductions (including any and payroll taxes) as a result
                                            of this Agreement, or any payment which may, in future, be found to be payable in respect
                                            of the Employee, and the Employee hereby covenants and agrees to indemnify and save harmless
                                            the Corporation from any actions, causes of action, claims, demands or other proceedings
                                            (including all legal costs) made against the Corporation by any regulatory authority under
                                            such statutes and grants the Company a right of set-off against any securities of the Corporation
                                            or its Affiliates held by the Contractor or its Affiliates as far as this relates to events
                                            which are under control of the Contractor or Appointed Contractor.

 

	5.	CONFIDENTIAL
                                            INFORMATION AND PROPERTY OF THE CORPORATION

 

	5.1	Employee’s
                                            Obligations as to Confidential Information and Materials. Confidential Information, whether
                                            in written, oral, electronic, magnetic, photographic, optical, or other form, or in cloud
                                            storage, and whether now existing or developed or created during the currency of the Employee’s
                                            relationship or engagement with the Corporation (excepting information obtained from general
                                            or public sources) is highly confidential in nature and proprietary to the Corporation. In
                                            this regard, the Employee acknowledges that damages pursued by an action at law may not be
                                            an adequate remedy for the Employee’s breach of its obligations under this Article
                                            5, and the Employee agrees that the Corporation shall be entitled to equitable remedies including
                                            but not limited to interlocutory or permanent injunctions, which the Employee agrees not
                                            to oppose.

 

	5.2	Use
                                            of Corporation Communication and Documents Storage Systems. The Employee shall send and
                                            receive all electronic communications exclusively through and shall store copies of all documents
                                            material to the business and affairs of the Corporation exclusively on the Corporation’s
                                            data storage systems in accordance with the Corporation’s information technology policies
                                            and procedures as established from time to time. When and as provided, the Employee will
                                            also use a Corporation telephone number.

 

    	 

    	7

    

 

	5.3	General
                                            Skills. The general skills and Residual Information and other experience gained by the
                                            Employee during the Employee’s relationship with the Corporation, and information within
                                            the Public Domain or generally known within the industries or trades in which the Corporation
                                            competes, is not considered Confidential Information.

 

	5.4	Preservation
                                            of Confidential Information. During the currency of Employee’s relationship with
                                            the Corporation, the Employee may have access to all or a portion of the Corporation’s
                                            Confidential Information and, as such, will occupy a position of trust and confidence with
                                            respect to the Corporation’s affairs and business. The Employee will take the following
                                            steps to preserve the confidential and proprietary nature of the Confidential Information:

 

		(a)	The
                                            Employee will not at any time disclose or otherwise permit any person or entity whatsoever
                                            access to any of the Confidential Information other than as specifically required in the
                                            performance of the Employee’s duties to the Corporation.

 

		(b)	The
                                            Employee will take all reasonable precautions to prevent disclosure of the Confidential Information
                                            and will follow all the Corporation’s reasonable instructions to the Employee in respect
                                            of the same.

 

		(c)	The
                                            Employee will not use at any time, or otherwise permit any person or entity to use, any of
                                            the Confidential Information other than as required in the strict performance of the Employee’s
                                            duties.

 

		(d)	Within
                                            the five (5) Business Days following termination of the Employee’s relationship with
                                            the Corporation, for any reason whatsoever, the Employee will deliver to the Corporation
                                            all property of the Corporation, including all computers and other communication equipment,
                                            keys and access cards as well as all other tangible materials embodying the Confidential
                                            Information, including, without limitation, any documentation, records, listings, notes,
                                            data, sketches, drawings, memoranda, models, accounts, reference materials, samples, machine-readable
                                            media and equipment which in any way relate to the Confidential Information as well as any
                                            login and password information related thereto.

 

	5.5	Continuation
                                            of Confidentiality Obligations. The Employee acknowledges and agrees that the obligations
                                            set out in this Article 5 are of paramount importance to the Corporation and will to remain
                                            in effect for a period of five (5) years following termination of the Employee’s relationship
                                            with the Corporation. The Employee further acknowledges that the obligations set out in this
                                            Article are not in substitution for any obligations which the Employee may now or hereafter
                                            owe to the Corporation and which exist apart from this Article 5 and do not replace any rights
                                            of the Corporation with respect to any such obligations, at law or otherwise.

 

    	 

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	5.6	Communication
                                            of Confidential Information. The Employee agrees to communicate to the Corporation all
                                            Confidential Information obtained in the course of performing the Duties.

 

	5.7	Confidentiality
                                            and Non-Competition. The Employee hereby agrees, in addition to (and not in substitution
                                            for) the responsibilities of the Employee as an officer of the Corporation under applicable
                                            laws and regulations, including prohibitions relating to corporate opportunities, self-dealing
                                            and conflicts of interest, that he will not at any time during the Term and for a period
                                            of two (2) years thereafter:

 

		(a)	knowingly
                                            interfere with or endeavor to contact (or permit, encourage or facilitate any other party
                                            to contact) any of the individuals or entities with whom the Corporation or its securities
                                            had an active business relationship during the three (3) year period immediately prior to
                                            the termination of the Employee’s relationship with the Corporation;

 

		(b)	knowingly
                                            interfere with or endeavor to contact (or permit, encourage or facilitate any other party
                                            to contact) any of the individuals or entities who were active financiers or participated
                                            in private placements of the Corporation or its securities during the three (3) year period
                                            immediately prior to the termination of the Employee’s relationship with the Corporation;
                                            or

 

		(c)	interfere
                                            with or knowingly entice away any employee or contractor of the Corporation who was an employee
                                            of the Corporation within three (3) years following the termination of the Employee’s
                                            relationship with the Corporation.

 

	5.8	Notice.
                                            If the Employee is required by law, rule, regulation, subpoena or regulatory agency or
                                            stock exchange rule (“Legal Process”) to disclose any Confidential Information,
                                            the Employee will provide the Corporation with immediate notice of such requirement and will
                                            attempt to obtain confidential treatment for any Confidential Information that is required
                                            to be disclosed prior to making any such disclosure. If, provided that the Employee has used
                                            reasonable efforts to obtain assurances that confidential treatment will be afforded such
                                            information, the Employee is nonetheless required by Legal Process to disclose any Confidential
                                            Information, the Employee may only disclose such Confidential Information that it is required
                                            by law to be disclosed.

 

	5.9	Limitation.
                                            The provisions of this Article 5 shall not prevent the Employee, following the termination
                                            of this Agreement, from providing his services to other companies, including companies working
                                            in the same general business as the Corporation.

 

	6.	INTELLECTUAL
  PROPERTY OF THE CORPORATION

 

	6.1	Corporation’s
                                            Rights. The Employee affirms and agrees that all right, title, and interest in or to
                                            any and all of the work product of the Employee is and shall be the property of the Corporation.

 

	6.2	Disclosure.
                                            The Employee agrees to promptly disclose to the Corporation all of the work product created
                                            in the performance of his Duties, and to act to preserve the Corporation’s interests
                                            in the same. Regardless of whether this Agreement has been terminated, the Employee agrees
                                            to execute, acknowledge, and deliver any instruments, and to provide whatever other assistance
                                            is required, to confirm the ownership by the Corporation of such rights. No additional compensation
                                            shall be paid to the Employee in respect of any of the matters referred to in this Section
                                            6.2.

 

    	 

    	9

    

 

	6.3	No
                                            Rights. Nothing in this Agreement shall be construed to grant to the Employee any express
                                            or implied option, license or other rights, title or interest in or to the Confidential Information
                                            or other property of the Corporation.

 

	7.	TERMINATION

 

	7.1	Termination
  by the Corporation. The Corporation may terminate this Agreement in the following circumstances:

 

		(a)	For
                                            Cause. At any time by the Corporation forthwith, without notice and without pay in lieu
                                            of notice, for Cause;

 

		(b)	Death.
                                            Automatically upon the death of the Employee;

 

		(c)	Bankruptcy.
                                            Automatically in the event the Employee is subject to any bankruptcy, insolvency or other
                                            similar proceeding;

 

		(d)	Disability.
                                            At any time by notice in writing from the Corporation to the Employee if the Employee shall
                                            become permanently disabled; for the purposes hereof, the Employee shall be deemed to be
                                            permanently disabled immediately following any period of 60 consecutive calendar days during
                                            which the Employee is prevented from performing his duties for more than 30 calendar days
                                            in the aggregate by reason of illness or mental or physical disability despite reasonable
                                            accommodation efforts of the Corporation; or

 

		(e)	Without
                                            Cause. At any time, upon (i) payment by the Corporation to the Employee of a lump sum
                                            equal to three (3) month’s Base Salary less statutory/payroll deductions as well as
                                            any unaccounted advances or other monies due to the Corporation by the Employee (the “Notice
                                            Payment”), (ii) notice to the Employee that this agreement will terminate ninety
                                            (90) calendar days from the date of such notice, with confirmation that the Employee will
                                            continue to perform and be compensated for the Duties hereunder in accordance with the terms
                                            of this Agreement for such 90 day period, or (iii) some combination of (i) and (ii), all
                                            at the sole discretion of the Corporation. In the event of (i) or (iii), should the Employee
                                            secure alternative employment during the said 90-day period the Employee shall reimburse
                                            the pro rated portion of the Notice Payment to the Corporation; otherwise the Employee shall
                                            not be required to mitigate.

 

	7.2	Termination
                                            by the Employee. The Employee may only terminate this Agreement by providing no less
                                            than ninety (90) calendar days’ written notice to the Corporation. In the event the
                                            Employee provides such notice to the Corporation, the Employee’s employment shall terminate
                                            on the date the period of such notice period expires, and the Employee shall continue to
                                            devote his best efforts, abilities, knowledge and experience to the faithful and timely performance
                                            of his Duties through to the end of such period. Notwithstanding the foregoing, the Corporation
                                            may at any time following receipt of the Employee’s notice under this Section 7.2 request
                                            that the Employee cease in his Duties on a stated date prior to the expiry of such notice
                                            period, in which case the obligation of the Corporation to compensate the Employee shall
                                            also cease on that date.

 

	7.3	Effect
                                            of Termination. Upon the termination of this Agreement pursuant to Sections 7.1(a) through
                                            (d), the parties expressly agree that the Corporation’s liability to the Employee shall
                                            be limited to all accrued and unpaid portions of the Base Salary due up to the date of termination
                                            as well as any Expenses properly incurred prior to the date of termination, less any advances
                                            against Expenses not accounted for.

 

    	 

    	10

    

 

	8.	NOTICE

 

Unless
otherwise permitted by this Agreement, all notices, requests, demands and other communications hereunder shall be in writing and shall
be deemed to have been fully given if personally delivered to the party to whom the notice or other communication is directed or if mailed
by prepaid registered mail on the fifth Business Day after the date on which it is so mailed (provided that if there is an interruption
in the regular postal service during such period arising out if a strike, lockout, work slow-down or similar labour dispute in the postal
system, all days during which such interruption occurs shall not be counted:

 

Notice
to the Corporation:

 

VISION
HYDROGEN CORPORATION

95
Christopher Columbus Drive

16th
Floor

Jersey
City, NJ 07302

Attention:
Chef Executive Officer

ahromyk@firstfinance.com

 

With
a copy to the Company’s Board of Directors:

 

c/o
SICHENZIA ROSS FERENCE LLP

1185
6th Ave Floor 31

New
York, NY 10036

trose@srf.law

 

Notice
to the Employee:

 

MATT
HIDALGO

 

or
to such other address as each party may from time to time notify the other of in writing. Notices may not be given by facsimile.

 

	9.	MISCELLANEOUS

 

	9.1	Entire
                                            Agreement. This Agreement contains the entire understanding and agreement between the
                                            parties and supersedes all prior communications, representations and agreements whether verbal
                                            or written between the parties with respect to the subject matter hereof. This Agreement
                                            may be amended or modified only by written instrument signed by all parties hereto.

 

	9.2	Survival.
                                            The rights and obligations of the parties set out under Articles 4, 5, 6, 8 and 9 of this
                                            Agreement survive the termination of this Agreement insofar as is necessary to give full
                                            effect to the terms hereof.

 

	9.3	Governing
                                            Law. The provisions of this Agreement shall be governed by and interpreted exclusively
                                            in accordance with the laws of the State of New York. The parties irrevocably attorn to the
                                            exclusive jurisdiction of the Courts of New York, siting in Manhattan, with respect to any
                                            legal proceedings arising here from.

 

	9.4	Independent
                                            Legal Advice. The Corporation has obtained legal advice concerning this Agreement and
                                            has requested that the Employee obtain independent legal advice with respect to this Agreement.
                                            The Employee hereby represents and warrants to the Corporation that it has been advised to
                                            obtain independent legal advice, and that prior to the execution of this Agreement he has
                                            obtained independent legal advice or has, in his discretion, knowingly and willingly elected
                                            not to do so.

 

	9.5	Severability.
                                            The invalidity or unenforceability of any particular provision of this Agreement shall not
                                            affect any other provision thereof, and this Agreement shall be construed as though such
                                            invalid or unenforceable provision were omitted.

 

[Remainder
of page intentionally left blank.]

 

    	 

    	11

    

 

IN
WITNESS WHEREOF the parties have executed this Agreement with effect from the date first written above.

 

	 	VISION
    HYDROGEN CORPORATION
	 	 
	 	Per:	/s/
    Andrew Hromyk
	 	 	Andrew
    Hromyk, CEO

 

	SIGNED,
    SEALED AND DELIVERED	)	 
	in
    the presence of	)	 
	 	)	 
	 	)	 
	 	)	/s/
    Matthew Hidalgo
	Witness	)	MATTHEW
    HIDALGO

 

    	 

    	12

    

 

Schedule
“A” 

Vision
Hydrogen Corporation

CFO
and Corporate Secretary – Scope of Duties

 

This
Scope of Duties is in addition to and not in derogation of the duties, responsibilities and other terms of employment provided in the
Employment Agreement to which this Schedule “A” is attached. 

 

Overview

 

The
CFO shall manage and oversee the accounting, regulatory and financial reporting of Vision Hydrogen Corporation (the “Corporation”).
The scope of the CFO’s day-to-day activities shall primarily be recording all financial transactions and complying in a timely
manner with all of the Corporation’s regulatory, disclosure and compliance requirements. In addition, the CFO will oversee and
facilitate all monthly quarterly and annual financial reporting.

 

The
Corporate Secretary shall maintain in the Corporation’s dataroom all corporate records including all shareholder and director minutes,
meeting materials, registers and such other records as are required by applicable law and best corporate practice, from inception. Materials
shall be properly indexed and cross referenced, when applicable.

 

The
CFO/Corporate Secretary shall report to the CEO or such other person(s) as designated by the CEO.

 

Bookkeeping
& Accounting

 

The
CFO will by June 1, 2022 transition the Corporation’s accounting package to a centralized system that can accommodate bank feeds
and consolidated reporting by hosting all subsidiary accounts on a single online accounting package. Currently the Corporation is anticipating
using XERO as its consolidated accounting package for all corporate entities. The Corporation shall hire a certified XERO specialist
to set-up and migrate the accounting data, which process will be managed by the CFO.

 

Bookkeeping
and accounting duties shall include:

 

		●	Administration
                                            and input of A/P (including expense reports)
		●	Bi-weekly
                                            Batch payment processing
		●	Monthly
                                            bank reconciliations
		●	Month/quarter-end
                                            accruals and journal entries
		●	Oversee
                                            all other accounting system management and functionality
		●	Ensure
                                            all intercompany account balances are maintained and reconciled
		●	Other
                                            regular accounting functions and internal reporting as may be required
		●	Ensure
                                            accounting controls are maintained

 

Financial
Reporting (External)

 

External
Financial Reporting duties shall include:

 

		●	Liaise
                                            with corporate auditors for quarterly 10Q and annual 10K
		●	Prepare
                                            quarter-end consolidated working papers and review/audit support
		●	Oversee
                                            audit and quarterly review process on behalf of consolidation group
		●	Prepare
                                            draft 10K and 10Q in conjunction with senior management and counsel review
		●	Ensure
                                            timely filing of the above as well as any other regulatory reports as may be required

 

    	 

    	13

    

 

Treasury
Functions

 

		●	Set-up
                                            and maintain bank accounts for the Corporation, as directed
		●	Set-up
                                            and approve banking transactions as may be required
		●	Ensure
                                            safe-guard of cash assets by maintaining relevant internal controls including a minimum of
                                            two signatures for withdrawing or transferring any funds from any accounts with a balance
                                            in excess of $50,000.
		●	Maintain
                                            monthly and quarterly cashflow estimates and provide updates as requested

		○	Note:
                                            Subsidiary cash requirements shall be supplied in a pre-approved format

 

Regulatory
and Other Functions

 

Duties
shall include:

 

		●	Maintain
                                            a schedule of regular and monitor for adhoc all statutory reporting requirements
		●	Prepare
                                            initial drafts of and liaise with corporate counsel for review of all SEC reports and other
                                            reporting documents
		●	Oversee
                                            tax specialists for preparing and filing returns
		●	Liaise
                                            with transfer agent and support regulatory or shareholder transfers/filings
		●	Ensure
                                            all exchange filing requirements (OTC or other) are maintained and in full compliance
		●	Coordinate
                                            board and audit committee communications as instructed, includ9ng invitation, agendas, minutes
                                            and
		●	Maintain,
                                            as requested, suitable email communications and file storage structures for the Corporation’s
                                            team members
		●	Prepare,
                                            as requested, financial projections for the Corporation
		●	Such
                                            other duties as may be assigned by the Board and consistent with the role of CFO and Corporate
                                            Secretary

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