Document:

Exhibit 10.1

 

MUTUAL TERMINATION OF SHARE EXCHANGE AGREEMENT

 

This MUTUAL TERMINATION OF
SHARE EXCHANGE AGREEMENT, dated as of July 11, 2022 (this “Agreement”), is entered into by and between DDC
Enterprise Limited, a Cayman Islands company (the “Company”), and Ace Global Business Acquisition Limited, a
British Virgin Islands company (“Ace” and together with the Company, the “Parties”).

 

WHEREAS, the Parties previously
entered into that certain Share Exchange Agreement, dated as of August 23, 2021 (as amended, supplemented or otherwise modified from
time to time, the “Share Exchange Agreement”), by and among (i) Ace, (ii) the Company, and (iii) Norma
Chu Ka Yin, an individual, as the representative (the “Shareholders’ Representative”) of the shareholders
of the Company (collectively, the “Contracting Parties”);

 

WHEREAS, pursuant to Section 12.3(a)
of the Share Exchange Agreement, the Share Exchange Agreement may be terminated by the written agreement of Ace and the Company; and

 

WHEREAS, the Parties desire
to terminate the Share Exchange Agreement as provided herein.

 

NOW, THEREFORE, in
consideration of the premises and the mutual agreements and covenants hereinafter set forth, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereby agree as follows:

 

1.             Definitions.
Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Share Exchange Agreement.

 

2.            Mutual
Termination of the Share Exchange Agreement. Notwithstanding anything to the contrary contained in the Share Exchange Agreement and
except as otherwise provided herein, effective immediately, (a) the Share Exchange Agreement is hereby terminated, and the transactions
contemplated thereby are hereby abandoned, and (b) none of the Contracting Parties or any of their respective Affiliates or representatives,
shall have any further liability or obligation under the Share Exchange Agreement; provided, however, that notwithstanding
the foregoing, no such mutual termination shall relieve any Contracting Party from liability for any fraud or willful breach of the Share
Exchange Agreement, and (i) the agreements contained in Section 8.5 (Confidentiality), Article XI (Dispute Resolution), Section 12.4 (Effect
of Termination) and Article XIII (Miscellaneous) of the Share Exchange Agreement and (ii) any corresponding definitions to the foregoing
clause (i) set forth in Article I of the Share Exchange Agreement shall each survive the mutual termination of the Share Exchange
Agreement and continue in full force and effect in accordance with their respective terms; provided, further, that Article
XIII (Miscellaneous) of the Share Exchange Agreement shall only survive the mutual termination of the Share Exchange Agreement pursuant
to the preceding proviso to the extent such Article is incorporated by reference in this Agreement pursuant to Section 4 below.

 

3.             Further
Assurances. The Parties hereby agree to execute and deliver, and to cause their respective representatives and Affiliates to execute
and deliver, from time to time, such additional documents, conveyances or other assurances reasonably necessary to carry out the intent
of this Agreement.

  

4.             Other
Terms. The provisions of Article XIII (Miscellaneous) of the Share Exchange Agreement are incorporated herein by reference and
shall apply to the terms and provisions of this Agreement and the Parties hereto, mutatis mutandis.

 

[Signature Pages Follow]

 

 

 

    

     

    

 

 

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

 

	 	DDC ENTERPRISE LIMITED
	 	 
	 	By:	/s/ Ka Yin Norma CHU
	 	 	Name: Ka Yin Norma CHU
	 	 	Title: Director

 

 

 

	 	ACE GLOBAL BUSINESS ACQUISITION LIMITED
	 	 
	 	By:	/s/ Eugene Wong
	 	 	Name: Eugene Wong
	 	 	Title: Chief Executive Officer

 

 

 

 

 

[Signature Page to Mutual Termination of Share Exchange
Agreement]Exhibit 10.1

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is made on the _______ day of __________ 20_______.

 

BETWEEN:

 

		(1)	Twenty20
                                            Energy Systems Pte. Ltd. (Registration No. 201425478K), a company duly incorporated
                                            under the laws of Singapore and having its registered office at 3 Phillip Street, #19-01
                                            Royal Group Building, Singapore 048693 (the “Employer”); and

 

		(2)	fULL
                                            NAME (Singapore IC No XXXXXXX. or Country Passport No. XXXXXX) of Full
                                            Address (the “Employee”).

 

IT IS AGREED that the Employer shall employ
the Employee as Job Title and the Employee shall perform the duties and responsibilities of such office on the terms and conditions
of this Agreement.

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1.	In
                                            this Agreement, except to the extent that the context requires otherwise:

 

“Group Companies”
means collectively the Company and its related corporations, within the meaning of the Companies Act (Cap. 50), and “Group Company”
shall be construed accordingly;

 

“Manager” is defined
in Clause 2.2;

 

“Parties” means the
parties to this Agreement, and “Party” means any one of the Parties; and

 

“SGD” means the lawful
currency of the Republic of Singapore from time to time.

 

		1.2.	Expressions
                                            in the singular shall include the plural and in the masculine shall include the feminine
                                            and vice versa and references to persons shall include corporations and vice versa.

 

		1.3.	References
                                            to any statute or statutory provision shall be construed as references to such statute or
                                            statutory provision as respectively amended or re-enacted or as their operation is modified
                                            by any other statute or statutory provision (whether before or after the date of this Agreement)
                                            and shall include any provisions of which they are re-enactments (whether with or without
                                            modification) and shall include subordinate legislation made under the relevant statute.

 

		1.4.	References
                                            to Clauses and Schedules are references to the clauses of and schedules to this Agreement.

 

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		1.5.	The
                                            headings used in this Agreement are inserted for convenience only and shall not affect its
                                            construction or interpretation.

 

		2.	EMPLOYMENT

 

		2.1.	The
                                            Employer hereby employs the Employee and the Employee hereby agrees to be employed as Job
                                            Title of the Employer on the terms and conditions of this
                                            Agreement. 

 

		2.2.	The
                                            Employee shall report directly to his immediate manager as appointed or such other person
                                            as directed by the Employer from time to time (the “Manager”).
                                            The Employee shall direct any question he may have in relation to his employment or performance,
                                            in the first instance, to the Manager.

 

		3.	COMMENCEMENT DATE

 

		3.1.	The
                                            employment of the Employee shall commence on Start Date or
                                            other such date to be agreed in writing between the Parties, and will continue unless and
                                            until it is terminated in accordance with Clause 14. 

 

		3.2.	The
                                            Employee shall be required to serve a probation period of 3 months.
                                            The Employer will confirm the Employee’s continued employment in writing upon the Employee’s
                                            completion of the probation period to the satisfaction of the Employer. 

 

		4.	DUTIES AND RESPONSIBILITIES

 

		4.1.	The
                                            Employee’s duties and responsibilities include, but are not limited to, the Job Description
                                            as set out in Schedule A. The Employee shall faithfully, to the best of his skill, knowledge
                                            and ability, with due care and diligence, and always in the best interest of the Employer
                                            and its Group Companies, discharge these duties and responsibilities, along with the following
                                            general duties and responsibilities: 

 

		4.1.1.	undertake
                                            and carry out all duties and responsibilities which the Employer or the Manager may from
                                            time to time properly assign to him, notwithstanding that such duties and responsibilities
                                            may not be within the scope of his normal duties and responsibilities;

 

		4.1.2.	obey
                                            and comply with all the Employer’s internal control systems, orders, directions, rules,
                                            regulations, limits of authority, practices, policies and procedures, whether expressed or
                                            implied, from time to time in force; 

 

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		4.1.3.	comply
                                            with the applicable laws, rules, regulations and industry codes of practice relevant to his
                                            position, duties and responsibilities in all territories where the Employer carry on its
                                            business or where he performs duties and responsibilities assigned to him by the Employer;
                                            

 

		4.1.4.	conduct
                                            himself with integrity and in a professional and dignified manner in all dealings with the
                                            Employer, and the Employer’s and its Group Companies’ consultants, employees,
                                            clients and suppliers; and 

 

		4.1.5.	use
                                            all reasonable endeavours to promote and protect the Employer’s and its Group Companies’
                                            interests. 

 

		5.	PLACE OF WORK

 

		5.1.	The
                                            Employee’s place of employment shall be in Singapore or such other place or within
                                            the Asia Pacific region as the Employer may reasonably determine from time to time during
                                            the term of this Agreement.

 

		5.2.	The
                                            Employee acknowledges and agrees that, for the proper performance of his duties and responsibilities,
                                            the Employer shall have the discretion to do the following at any time: 

 

		5.2.1.	transfer
                                            the Employee from one assignment to another;

 

		5.2.2.	transfer
                                            the Employee to any of the Company’s subsidiaries and/or associate companies; 

 

		5.2.3.	require
                                            that the Employee work at any of the offices of the Company and/or its subsidiaries and/or
                                            associate companies.

 

		5.2.4.	require
                                            the Employer to travel extensively and/or over extended periods of time.

 

		6.	HOURS OF WORK

 

		6.1.	The
                                            Employee’s usual working hours shall be from 9:00 a.m. to 6:00 p.m., Monday to Friday.
                                            During a full work day, the Employee shall be entitled to a 1-hour long rest period, which
                                            shall be taken in whole or in part at such time(s) as shall be agreed between the Employer
                                            and the Employee. 

 

		6.2.	The
                                            Employee may also be required to work additional hours beyond usual working hours as may
                                            be necessary for the proper performance of his duties and responsibilities. 

 

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		7.	REMUNERATION PACKAGE

 

		7.1.	Base
                                            Salary

 

		7.1.1.	The
                                            Employer shall pay the Employee a base monthly salary of SGD0.00,
                                            which shall be processed for payment to the Employee’s nominated bank account on the
                                            last day of each calendar month in arrears.

 

		7.1.2.	Any fees bank fees associated with international
                                            transfer or currency exchange in relation to any payment made to the Employee under this
                                            Agreement shall be borne by the Employee.

 

		7.1.3.	The
                                            Employer and the Employee hereby acknowledge and agree that the base monthly salary has been
                                            calculated to compensate the Employee for all usual working hours that the Employee is required
                                            to work, all additional hours that the Employee may be required to work and all duties and
                                            responsibilities that the Employee is required to perform under this Agreement.

 

		7.1.4.	The
                                            Employee shall not be entitled to be paid at any additional penalty rates, overtime rates,
                                            allowances or loadings, unless so required by the law or with the prior written approval
                                            of the Employer in advance.

 

		7.2.	Variable
                                            Performance Bonus

 

		7.2.1.	The
                                            Employee may be awarded a variable performance bonus payment on a discretionary basis as
                                            determined by the Employer each year. 

 

		7.2.2.	The
                                            Employer and the Employee hereby acknowledge and agree that the absolute amount of the variable
                                            performance bonus to be awarded is solely at the discretion of the Employer and is dependent
                                            on the Employer’s performance as well the Employee’s individual performance,
                                            as set out in the Employer’s Performance Management Policy (as amended from time to
                                            time). 

 

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		7.2.3.	As
                                            at the date of this Agreement, the Employee’s target performance bonus is SGD0.00.

 

Explanation:

 

The
SGD0.00 per annum target performance bonus is for “Strong” performance of
100% on annual performance review. The amount of bonus payable can slide from 0 to 125% based on the Manager’s rating and contingent
on the Employer reaching 75% of its stated objectives.

 

Full
details of the criteria are set out in the Performance Management Policy.

 

		7.3.	The
                                            Employee’s remuneration package as set out in this Clause 7 shall be subject to review
                                            by the Employer on a yearly basis. 

 

		7.4.	The
                                            payment of the Employee’s remuneration package shall, where applicable, be subjected
                                            to statutory deductions and/or withholding as required by the relevant legislation (e.g.
                                            Central Provident Fund contributions for an employee who is a Singapore citizen or Permanent
                                            Resident, or Singapore withholding tax for an employee who is not a Singapore citizen or
                                            Permanent Resident). 

 

		7.5.	Save
                                            as provided for in Clause 7.4, it shall be the Employee’s sole responsibility to ensure
                                            that income taxes are filed with and payments made to the relevant authorities in the respective
                                            countries, which may include the Employee’s home country, Singapore and any country
                                            where the Employee performs his duties and responsibilities.

 

		8.	EXPENSES

 

The
Employee shall be entitled to have refunded to him all out-of-pocket expenses reasonably and properly incurred by him in the performance
of his duties and responsibilities under this Agreement and in accordance with the Employer’s guidelines and policies in respect
of such expenditure in force at the date of the expenditure. Any expenditure made outside such guidelines and polices may not be reimbursed.

 

		9.	BENEFITS

 

		9.1.	Health
                                            Care & Clinical Plan - Outpatient

 

The
Employee shall have access to Employer self-insured outpatient medical for both himself and his dependants (i.e. spouse and child(ren),
if any) with the following limits: 

 

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		9.1.1.	Outpatient
                                            Clinical capped at SGD500.00 per annum; and 

 

		9.1.2.	Outpatient
                                            Specialist capped at SGD1,500.00 per annum.

 

Employees who have fully exhausted the Employer self-insured
outpatient medical limits shall remain eligible for reimbursement of medical consultation fee only, provided:

 

		9.1.3.	the
                                            medical practitioner is registered under the Medical Registration Act (Cap. 174) or dentists
                                            registered under the Dental Registration Act (Cap. 76) of Singapore; and

 

		9.1.4.	after
                                            the examination, the Employee is certified by the medical practitioner to be entitled to
                                            paid sick leave

 

		9.2.	Hospital
                                            & Surgical Insurance 

 

The
Employee shall be covered under the Employer’s Group Hospital & Surgical Insurance, details of which are set out in the insurance
policy which shall be made available by the Employer to the Employee upon the Employee’s request.

 

		9.3.	Travel
                                            Insurance 

 

The
Employee shall be covered under the Employer’s Travel Insurance, details of which are set out in the insurance policy which shall
be made available by the Employer to the Employee upon the Employee’s request.

 

		9.4.	Laptop
                                            Computer

 

The
Employee shall be provided with a laptop computer if the Employer deems it to be necessary for business purposes.

 

		9.5.	Mobile
                                            Phone 

 

The
Employee shall be provided with a personal mobile phone if the Employer deems it to be necessary for business purposes.

 

		9.6.	The
                                            Employer reserves the right to revise or terminate any benefit set out in this Clause 9 at
                                            any time in its sole discretion.

 

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		10.	LEAVE

 

		10.1.	Annual
                                            Leave

 

The
Employee shall be entitled to the following days of annual leave per calendar year: 

 

	 Length of employment
	No.
    of days of annual leave
	Less than
    3 years	14 days
	3 years
    to less than 5 years	15 days
	5 years
    and more	16 days

    + 1 day per year of employment from the 5th
    year, subject to a maximum of 20 days

 

Annual
leave is to be taken at a time mutually agreed between the Parties and subject to the operational requirements of the Employer, provided
that requests for annual leave at particular times will not unreasonably be refused. Requests for annual leave will be required in writing.

 

Annual
leave shall accumulate at a rate of 1/12 of the annual entitlement at the end of each full calendar month of employment. Annual leave
may be accumulated from year to year. No annual leave loading is payable.

 

On
termination of employment, the Employee shall be paid any accumulated but unused annual leave as at the termination of this Agreement,
less statutory deductions and/or withholding as required by the relevant legislation.

 

The
Employer may direct the Employee to take a period of annual leave at particular times (e.g. annual shutdown periods) or where the Employee
has accrued but not used an excessive amount leave including any period where the Employee is serving his notice period.

 

		10.2.	Sick
                                            Leave

 

The
Employee shall be entitled to paid sick leave* as follows:

 

		10.2.1.	up
                                            to 14 days in each year if no hospitalisation is necessary; or

 

		10.2.2.	up
                                            to 60 days in each year (including the 14 days in paragraph 10.2.1) if hospitalisation is
                                            necessary.

 

Any
application for paid sick leave of more than 1 day must be accompanied by a medical certificate signed by a duly qualified doctor.

 

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Sick
leave may not be accumulated from year to year and any unused sick leave will not be paid at the termination of this Agreement.

 

*Note:
Employees who malinger will face immediate termination of employment by the Employer.

 

		10.3.	Critical
                                            Illness Leave

 

The
Employee shall be granted 2 consecutive days’ critical illness leave in any 1 year in the event of hospitalisation of his spouse,
child(ren) or parents. 

 

		10.4.	Compassionate
                                            Leave

 

The
Employee shall be granted 3 consecutive days’ compassionate leave in any 1 year in the event of the death of an immediate family
member, i.e. spouse, child(ren), parents, parents-in-law and siblings.

 

		10.5.	Public
                                            Holidays

 

The
Employee shall enjoy all public holidays under the Holidays Act (Cap. 126) or gazetted as a public holiday, or in accordance with the
laws of the country where he is working in or from. 

 

		11.	CONFIDENTIAL INFORMATION

 

		11.1.	As
                                            a result of the Employee’s employment with the Employer, he may obtain, derive or create
                                            information belonging to the Employer or to the clients or Group Companies of the Employer
                                            which are not obtainable or circulated in the public domain, whether or not such information
                                            may amount to trade secrets (collectively, “Confidential Information”).

 

		11.2.	Such
                                            Confidential Information may include, without limitation, financial data, business plans,
                                            marketing plans, technical data, product development, clients’ lists and employees’
                                            lists, reports, studies, trade secrets, transactions, pricing, notes, programmes, know-how
                                            relating to the business or any of the Employer’s suppliers, agents, distributors,
                                            shareholders, management, Work Product (defined below), including information that is not
                                            marked confidential, in whatever form, including oral, written, tangible, or intangible,
                                            in paper, electronic or any other form.

 

		11.3.	For
                                            the avoidance of doubt, the Employee hereby acknowledges that all Confidential Information
                                            is the property of the Employer and all Confidential Information and copies thereof shall
                                            be returned to the Employer upon request and, in any event, upon the termination of the Employee’s
                                            employment.

 

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		11.4.	The
                                            Employer expects all employees to keep such Confidential Information carefully guarded from
                                            any form of improper use and/or disclosure. The Employee shall at all times both during the
                                            continuance of this Agreement as well as after its termination:

 

		11.4.1.	keep
                                            all Confidential Information confidential. The Employee shall not whether directly or indirectly,
                                            provide, circulate and/or transmit, or cause to be provided, circulated and/ or transmitted,
                                            any copies of or any portion of Confidential Information to any person or entity other than
                                            the officers or employees of the Employer who reasonably need to have access to the Confidential
                                            Information for the purposes of their duties under their employment with the Employer; and
                                            

 

		11.4.2.	not
                                            use any portion of Confidential Information for any purpose other than the performance of
                                            the Employee’s duties and obligations under this Agreement.

 

		11.5.	In
                                            the event that the Employee discloses Confidential Information in accordance with Clause
                                            11.4.1 or 11.4.2, the Employee shall procure that the recipient of the Confidential Information
                                            is bound by confidentiality obligations that are at least as strict as those set out in this
                                            Agreement, and does not use the same except for the purposes for which the disclosure is
                                            made.

 

		11.6.	The
                                            Employee’s obligations in this Clause 11 shall remain in effect and shall survive the
                                            termination of this Agreement, except to the extent that:

 

		11.6.1.	such
                                            Confidential Information becomes generally available to the public other than as a result
                                            of unauthorised disclosure by the Employee or persons to whom he has made the information
                                            available in breach of this Clause 11. For the avoidance of doubt, Confidential Information
                                            shall not be deemed to be generally available to the public merely because any part of the
                                            Confidential Information is embodied in general disclosures or because individual features,
                                            components, or combinations thereof are now or have subsequently become known to the public;

 

		11.6.2.	such
                                            Confidential Information has been released by the Employer or such other relevant disclosing
                                            party to another person or entity without restriction; or

 

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		11.6.3.	such
                                            Confidential Information is required to be released by law, pursuant to an order of a court,
                                            provided that the Employee notifies the Employer in writing as soon as reasonably possible.

 

		12.	INTELLECTUAL PROPERTY RIGHTS

 

		12.1.	In
                                            this Agreement, “Intellectual Property Rights”
                                            includes without limitation any patent, copyright, design right, trade mark, service mark,
                                            trade dress, trade name, goodwill, geographical indication, integrated circuit layout-design
                                            right, know-how, Confidential Information, trade secret, any application (whether pending,
                                            in process or issued) for any of the foregoing, any other industrial, intellectual property
                                            or protected right similar to the foregoing (whether registered, registrable or unregistered)
                                            in any country worldwide and in any form, media or technology now known as later to be developed.

 

		12.2.	The
                                            Employee hereby acknowledges and agrees that during his employment with the Employer, all
                                            processes, studies, flow charts, diagrams, devices, programmes, reports and other data, writings,
                                            tape recordings, computer programmes or any other works or materials, whether in paper, electronic
                                            or any other form, that are created, generated or developed by the Employee (whether alone
                                            or with any other person, and whether or not they are created, generated or developed by
                                            him during or outside of working hours, and within the Employer’s premises or otherwise)
                                            or which has been furnished by the Employer to him or which he has obtained as a result of
                                            his employment with the Employer (hereinafter referred to collectively as the “Work
                                            Product”), shall remain the property of the Employer.

 

		12.3.	All
                                            Intellectual Property Rights subsisting in or in relation to any Work Product created by
                                            the Employee (whether alone or with any other person and whether or not it is created, generated
                                            or developed by him during or outside of working hours, and within the Employer’s premises
                                            or otherwise) during his employment with the Employer shall belong to the Employer exclusively
                                            upon creation, and he shall promptly record and disclose such Work Product to the Employer,
                                            and at the request and expense of the Employer do all things necessary or desirable to assign
                                            the rights to the Employer in relation to such Work Product.

 

		12.4.	The
                                            Employee shall not at any time do or cause to be done any act of thing that in any way impairs
                                            or which may tend to impair the Employer’s ownership, title and/or interest in the
                                            Intellectual Property Rights or Work Product. Upon termination of the Employee’s employment
                                            in any manner provided herein, he shall cease to and desist from all use of the Intellectual
                                            Property Rights or Work Product.

 

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		12.5.	The
                                            Employee shall not do anything during the course of his employment that would in any way
                                            breach, violate or infringe any applicable laws, regulations, rules, directives, circulars,
                                            notices or directions relating to any/or governing the Intellectual Property Rights of any
                                            third parties. Without limitation to the foregoing, the Employee shall not download any material
                                            that infringes any Intellectual Property Rights, or use any unauthorised or infringing copies
                                            of software in the course of performing his duties.

 

		13.	EXCLUSIVITY AND CONFLICT OF INTEREST

 

		13.1.	While
                                            employed by the Employer, the Employee is expected to devote his whole time and attention
                                            to the services of the Employer and shall not be engaged in any other business or occupation
                                            or be in any way connected with another business or company without the prior written consent
                                            of the Employer.

 

		13.2.	The
                                            Employee shall declare all possible conflicts of interest and he shall not act in conflict
                                            of interest of the Employer, including being directly or indirectly engaged, concerned or
                                            interested in any other business or employment which is wholly or partly similar to or any
                                            way connected or in competition with the business carried on by the Employer and its Group
                                            Companies.

 

		14.	WARRANTY

 

The
Employee represents and warrants that he is not bound by or subject to any court order, agreement or undertaking which in any way restricts
or prohibits him from entering into this Agreement or from performing his duties under it.

 

		15.	TERMINATION OF EMPLOYMENT

 

		15.1.	During
                                            the probation period, either Party may terminate this Agreement by giving to the other Party
                                            one (1) week’s notice in writing, or payment in lieu of such notice.

 

		15.2.	After
                                            the probation period, either Party may terminate this Agreement by giving to the other Party
                                            one (1) month’s notice in writing, or payment in lieu of such notice. 

 

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		15.3.	During
                                            any notice period, the Employee shall continue to perform his duties and responsibilities
                                            in good faith and to the best of his abilities, while the Employer reserves the right to
                                            require the Employee (and if it does so the Employee shall agree) not to work for the Employer
                                            whether at the Employer’s premises or otherwise during the notice period. In the event
                                            that the Employer exercises this right:

 

		15.3.1.	the
                                            Employee shall continue to be an employee of the Employer during the notice period, and he
                                            shall not be engaged in any alternative employment or activity with any other company, firm
                                            or person without the Employer’s prior written consent; 

 

		15.3.2.	the
                                            Employee shall continue to comply with his obligations under this Agreement, where applicable;
                                            and 

 

		15.3.3.	the
                                            Employer shall continue to comply with its obligations under this Agreement, where applicable
                                            (including its obligations in relation to the Employee’s remuneration). 

 

		15.4.	The
                                            Employer may forthwith terminate this Agreement immediately without notice or payment in
                                            lieu of such notice in the event:

 

		15.4.1.	of
                                            the Employee’s wilful failure or negligence in the performance of his duties and responsibilities;
                                            

 

		15.4.2.	of
                                            the Employee’s failure to improve his performance to the Employer’s satisfaction
                                            within a reasonable period after he has been warned of the improvement required and the consequences
                                            of a failure to improve; 

 

		15.4.3.	of
                                            the Employee’s breach of any material term of this Agreement; 

 

		15.4.4.	of
                                            the Employee’s commission of any act in breach of the Employer’s policies and
                                            procedures or applicable industry codes of practice or laws; 

 

		15.4.5.	the
                                            Employee is guilty of dishonesty, fraud, any criminal or statutory offence or gross, serious
                                            or persistent misconduct, in all cases whether or not in connection with or referable to
                                            his employment with the Employer; 

 

		15.4.6.	of
                                            his engagement or employment, in whatever capacity, in a business which is in competition
                                            with any business the Employer and/or its Group Companies are/is engaging in; 

 

		15.4.7.	the
                                            Employee commits an act of bankruptcy, become bankrupt or make any general arrangement or
                                            composition with his creditors; 

 

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		15.4.8.	the
                                            Employee commits an act or omission which in the opinion of the Employer, directly or indirectly
                                            brings discredit or disrepute to the Employer and/or its Group Companies; 

 

		15.4.9.	the
                                            Employee commits an act or omission which in the opinion of the Employer, directly or indirectly,
                                            would materially prejudice the business of the Employer and/or its Group Companies;

 

		15.4.10.	the
                                            Employee is prohibited or ceases to be permitted under any applicable law from working and/or
                                            living in Singapore, and the Employee cannot overcome such prohibition within a reasonable
                                            period of time to the satisfaction of the Employer; or

 

		15.4.11.	any
                                            other ground exists entitling the Employer to terminate this Agreement without notice at
                                            law.

 

		15.5.	The
                                            Employee shall have no claim against the Employer for any damages or otherwise whatsoever
                                            by reason of termination of the Employee’s employment under this Clause 15 and no delay
                                            or forbearance by the Employer in exercising any such right of termination shall constitute
                                            a waiver of that right.

 

		15.6.	The
                                            provisions of Clauses 11, 12 and 16 and any provision which is expressed or intended to operate
                                            or to have effect after the termination of this Agreement shall survive the termination of
                                            this Agreement. The termination of this Agreement shall be without prejudice to any other
                                            accrued rights or remedies of the Parties.

 

		15.7.	Upon
                                            the termination of this Agreement, the Employee shall remove his possessions from the Employer’s
                                            premises and immediately deliver to the Employer all means of access to the Employer’s
                                            premises and all the Employer’s property including but not limited to Confidential
                                            Information and Work Product and copies thereof that are within the Employee’s possession,
                                            custody or control.

 

		16.	NON-SOLICITATION AND NON-COMPETITION

 

		16.1.	During
                                            the Employee’s employment, the Employee will be dealing with the Employer’s and/or
                                            its Group Companies’ customers, clients, suppliers, agents, consultants and/or employees.
                                            The Employee hereby acknowledges that it is commercially important to the Employer that he
                                            is restricted in the way he deals with such persons following the end of his employment,
                                            and accordingly he agrees to the restrictions set out in this Clause 16.

 

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		16.2.	The
                                            Employee hereby undertakes that he will not (without the prior written consent of the Employer)
                                            for the period of 12 months immediately from the date of termination of this Agreement (the
                                            “Termination Date”), regardless of the
                                            reason for leaving:

 

		16.2.1.	negotiate
                                            with, solicit business from or endeavour to entice away from the Employer or Group Companies
                                            the business of any person, firm, company or organisation who or which to the Employee’s
                                            knowledge is or was a customer, client, supplier or agent of the Employer or its Group Companies
                                            (or who had business dealings with the Employer or its Group Companies);

 

		16.2.2.	either
                                            alone or jointly with or as an employee, agent, representative, director, shareholder or
                                            executive of any person, company or other entity, directly or indirectly carry on or be engaged
                                            or concerned or interested in any business which is in direct or indirect competition with
                                            the Employer or the Group Companies;

 

		16.2.3.	solicit
                                            or endeavour to entice away from or discourage from dealing with the Employer or Group Companies
                                            or introduce or refer to a competitor of the Employer or Group Companies any person who before
                                            or after the Termination Date is a supplier to the Employer or Group Companies whether or
                                            not such person would commit a breach of contract by reason of leaving service or transferring
                                            business; and

 

		16.2.4.	interfere
                                            with, solicit or endeavour to entice away from the Employer or Group Companies any person
                                            who to the Employee’s knowledge is and was, at the Termination Date an employee of
                                            the Employer or Group Companies.

 

		16.3.	At
                                            no time after the Termination Date shall the Employee directly or indirectly represent himself
                                            as being interested in or employed by or in any way connected with the Employer or its Group
                                            Companies other than as a former employee of the Employer. 

 

		16.4.	If,
                                            during the course of the Employee’s employment or the period of 12 months immediately
                                            following the Termination Date, any third party makes him an offer of employment or a contract
                                            of services or any other contract which would or might involve him being in breach of any
                                            of the aforesaid restrictions, he shall promptly, and before accepting such offer, bring
                                            the terms of this clause to such third party’s attention. 

 

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		16.5.	The
                                            Employee agrees that each of the restrictions set out in this Clause 16 represents a separate
                                            and independent restriction, shall be severally enforceable as such, and that such restrictions
                                            are reasonable in every respect. If for any reason whatsoever, any one or more of such restrictions
                                            shall either taken by itself or themselves together be adjudged to go beyond what is reasonable
                                            in all the circumstances for the protection of the legitimate interests of the Employer,
                                            such restriction or restrictions shall be severed from this Agreement without affecting the
                                            remainder of the other restrictions contained in this Clause 16 which shall remain in full
                                            force and effect. 

 

		16.6.	The
                                            Employee shall notify the Employer in writing at the commencement of his employment of any
                                            current restraints of trade that might affect his employment with the Employer. The Employee
                                            shall indemnify and keep the Employer indemnified should the Employer suffer or incur any
                                            losses, claims or demands as a result of the Employee’s failure to honour or abide
                                            by any such restraints. 

 

		17.	ENTIRE AGREEMENT

 

This
Agreement including any schedules and annexures hereto contains the whole agreement between the Parties relating to the subject matter
of this Agreement as at the date hereof to the exclusion of any terms implied by law which may be excluded by contract and supersedes
all previous negotiations, representations and agreements whether written or oral.

 

		18.	General
                                            Terms and Conditions

 

		18.1.	The
                                            Employee’s employment shall also be subjected to the general terms and conditions as
                                            contained in the prevailing human resources policies and procedures of the Employer to the
                                            extent that they are not inconsistent with the terms of this Agreement.

 

		18.2.	All
                                            terms and conditions of the Employee’s employment may be modified from time to time
                                            in the Employer’s sole discretion.

 

		18.3.	The
                                            various provisions of this Agreement are severable and if any provision is held to be invalid,
                                            illegal or unenforceable in any respect by any court of competent jurisdiction, such invalidity,
                                            illegality or unenforceability shall not affect the remaining provisions of this Agreement.
                                            This Agreement shall be construed as if such invalid, illegal or unenforceable provision
                                            had been deleted and the remaining provisions shall continue to be in full force and effect.

 

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		18.4.	No
                                            failure on the part of the Employer to exercise, and no delay on its part in exercising,
                                            any right or remedy under this Agreement will operate as a waiver thereof, nor will any single
                                            or partial exercise of any right or remedy preclude any other or further exercise thereof
                                            or the exercise of any other right or remedy. The rights and remedies provided in this Agreement
                                            are cumulative and not exclusive of any other rights and remedies (whether provide by any
                                            law or otherwise). 

 

		18.5.	The
                                            Employee hereby consents to the Employer’s collection, use and disclosure of his personal
                                            data for the management of his employment with the Employer and all matters that may arise
                                            therefrom, including but not limited to matters related to the Employee’s performance,
                                            evaluation, discipline or policy compliance.

 

		18.6.	A
                                            person who is not a party to this Agreement shall have no right under the Contracts (Rights
                                            of Third Parties) Act (Cap. 53B) to enforce any provision of this Agreement.

 

		19.	Governing
                                            Law and Jurisdiction

 

This
Agreement shall be governed by Singapore law and the Parties agree to submit to the non-exclusive jurisdiction of the Singapore courts. 

 

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SCHEDULE A

 

Duties and Responsibilities

 

(Please see attached – Job Title Job
Description Form)

 

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IN WITNESS WHEREOF this Agreement has
been entered into on the day and year first above written.

  

	SIGNED by	 	)
	Director of	 	)
	Twenty20 Energy Systems Pte Ltd	 	)
	in the presence of:	 	)
	 	 	 
	 	 	 
	Witness’ Signature	 	 
	Name:	 	 
	 	 	 
	SIGNED by	 	)
	FULL NAME	 	)
	in the presence of:	 	)
	 	 	 
	 	 	 
	Witness’ Signature	 	 
	Name:	 	 
	Address:	 	 

 

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