Document:

Exhibit 10.7

 

Final Version

 

NEITHER THIS SECURITY NOR THE SECURITIES INTO
WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED
IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

	
     

    Date: _______________
	 	Principal Amount: $25,000,000

 

 

FORM OF UNSECURED SUBORDINATED CONVERTIBLE
NOTE

DUE MARCH 31, 2026

 

THIS UNSECURED SUBORDINATED
CONVERTIBLE NOTE is a duly authorized and validly issued promissory note of IRIS Parent Holding Corp., a Delaware corporation (the “Company”),
having its principal place of business at 6 Centerpointe Dr. #625, La Palma, CA 90623, designated as its Convertible Note due March 31,
2026 (this “Note”).

 

FOR
VALUE RECEIVED, unless earlier paid or converted into Conversion Shares (as defined herein), the Company promises to pay to Ewoncomfortech
Co., Ltd. or its registered assigns (the “Holder”) the principal amount of Twenty-five Million U.S. Dollars
($25,000,000) (the “Principal Amount”)
and all accrued but unpaid interest hereon on March 31, 2026 (the “Maturity Date”). This Note is subject to the
following additional provisions:

 

Section 1. Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized terms not otherwise defined herein
shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall have the following meanings:

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day
on which commercial banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Common
Stock” means the shares of common stock, par value $0.001 per share, of the Company,  and any other class of securities
into which such securities may hereafter be reclassified or changed.

 

“Conversion
Agent” shall have the meaning set forth in Section 6(d).

 

“Conversion
Date” shall have the meaning set forth in Section 6(c)(iii).

 

“Conversion
Price” shall have the meaning set forth in Section 6(b).

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of this Note in accordance with the terms hereof.

 

“Fee Deferral
Agreement” means any agreements related to any deferral of advisory, legal or other fees incurred or accrued by the Company
or any subsidiary thereof or any of their predecessors (including IRIS) in connection with the consummation of the Transaction (as defined
in the Purchase Agreement).

 

“IRIS”
means Iris Acquisition Corp., a Delaware Corporation.

 

“New
York Courts” shall have the meaning set forth in Section 8(c).

 

    

     

    

 

“Notice
of Conversion” shall have the meaning set forth in Section 6(c)(ii).

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Purchase
Agreement” means the Convertible Note Subscription Agreement, dated as of November 30, 2022 among, inter alia, the Company, IRIS
and the Holder, as amended, modified or supplemented from time to time in accordance with its terms.

 

“Registration
Rights Agreement” means the Registration Rights Agreement dated the date hereof between the Company and Holder attached as Annex
B to the Purchase Agreement, wherein the Company agrees to register the Conversion Shares.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Senior
Indebtedness” shall have the meaning set forth in Section 7(d).

 

“Share
Delivery Date” shall have the meaning set forth in Section 6(c)(iii).

 

“Significant
Subsidiary” shall have the meaning set forth in Rule 1-02(w) of Regulation S-X.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock
Exchange, the OTCQB, or the OTCQX (or any successors to any of the foregoing).

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)); provided, however, that if the Common Stock is then listed or
quoted on more than one Trading Market, then the Trading Market for purposes of any calculations to be made pursuant to the terms of this
Note shall be the Trading Market selected by the Holder in its sole discretion, (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if
the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the
 “Pink Sheets” published by OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of
a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the
Company, the fees and expenses of which shall be paid by the Company.

 

Section 2. Interest.
Interest shall accrue on the unpaid principal balance of this Note at a rate of eight percent (8%) per annum, payable in cash, quarterly
in arrears on the principal amount of the outstanding Note. Interest shall commence on the date hereof and shall continue on the outstanding
unpaid principal amount hereof until paid in full

 

or converted. Interest on this Note shall be computed
on the basis of a year of 365 days and for the actual number of days elapsed.

 

Section 3. Payment.
All payments shall be made in United States dollars at the principal office of the Company, or at such other place as the Company and
Holder shall mutually agree in writing. Prepayment of principal, together with accrued interest, may not be made (i) without the
Holder’s written consent and (ii) prior to payment of all amounts due owed any Fee Deferral Agreements.

 

    2

     

    

 

Section 4. Security.
This Note is a general unsecured obligation of the Company.

 

Section 5.
Registration of Transfers and Exchanges.

 

(a) Different
Denominations. This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as
requested by the Holder surrendering the same. No service charge will be payable for such registration of transfer or exchange.

 

(b) Investment
Representations. This Note has been issued subject to certain investment representations of the original Holder set forth in the Purchase
Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and applicable federal and state securities
laws and regulations.

 

(c) Reliance
on Note Register. Prior to due presentment for transfer to the Company of this Note, the Company and any agent of the Company may
treat the Person in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving payment
as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company nor any such agent shall be
affected by notice to the contrary.

 

Section 6.
Conversion.

 

(a) Conversion
Privilege. The Holder shall have the right, at the Holder’s option, to convert all or any portion of the Note on any Conversion
Date.

 

(b) Conversion
Price.

 

i. The conversion
price on the first Trading Day following the closing of the Business Combination shall be $11.50, but shall be adjusted on the first Trading
Day of each calendar month following the month in which the closing of the Business Combination occurs to equal the lowest of (i) $11.50
and (ii) the product (subject to a $5.00 minimum) of (A) the average VWAP during the prior month and (b) 1.1 (the “Conversion
Price”), subject to adjustment for any stock splits, stock dividends, combinations, recapitalizations or other similar event
as set forth in paragraph (ii) below.

 

ii. If the Company
exclusively issues shares of Common Stock as a dividend or distribution on shares of the Common Stock, or if the Company effects a share
split or share combination, the Conversion Price shall be adjusted based on the following formula:

 

	CR1 = CR0 ×	
    OS1

	OS0

 

where,

 

CR0=the
Conversion Price in effect immediately prior to the open of business on the record date of such dividend or distribution, or immediately
prior to the open of business on the effective date of such share split or share combination, as applicable;

 

CR1=the
Conversion Price in effect immediately after the open of business on such record date or effective date, as applicable;

 

OS0 =the
number of shares of Common Stock outstanding immediately prior to the open of business on such record date or effective date, as applicable,
before giving effect to such dividend, distribution, share split or share combination; and

 

OS1=the
number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination,
as applicable.

 

    3

     

    

 

(c) Mechanics
of Conversion.

 

i. Conversion
Shares Issuable Upon Conversion. The number of Conversion Shares issuable upon a conversion hereunder shall be determined by the quotient
obtained by dividing (x) the outstanding principal amount of, together with accrued but unpaid interest on, this Note to be converted,
by (y) the Conversion Price.

 

ii. Notice
of Conversion. Before the Holder of the Note shall be entitled to convert all or any portion of the Note as set forth above, the Holder
shall (1) complete, manually sign and deliver an irrevocable notice to the Company or, if applicable, the Conversion Agent as set
forth in a written notice (or a facsimile thereof) in substantially the form attached hereto as Exhibit A hereto
(a “Notice of Conversion”) at the office of the Conversion Agent, if applicable, and state in writing therein the principal
amount of, together with accrued but unpaid interest on, this Note to be converted, the number of shares of Conversion Shares and the
name or names (with addresses) in which the Holder wishes the shares of Common Stock to be delivered upon settlement of the conversion
to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate endorsement
and transfer documents), at the office of the Conversion Agent, if applicable, (3) if required, furnish appropriate endorsements
and transfer documents, and (4) if required, pay all transfer or similar taxes, if any.

 

iii. Delivery
of Conversion Shares Upon Conversion. A Note shall be deemed to have been converted immediately prior to the close of business on
the date (the “Conversion Date”) that the Holder has complied with the requirements set forth in Section 6(c)(ii) above.
As promptly as practicable following the applicable conversion of the Note (the “Share Delivery Date”), the Company
shall deliver, or cause to be delivered, to the Holder the Conversion Shares. The Company shall deliver any Conversion Shares required
to be delivered by the Company under this Section 6(c) electronically through the Depository Trust Company or another established
clearing corporation performing similar functions.

 

iv. Reservation
of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available out of its authorized
and unissued shares of Common Stock for the sole purpose of issuance upon conversion of this Note, each as herein provided, free from
preemptive rights or any other actual contingent purchase rights of Persons other than the Holder, not less than 100% of such aggregate
number of shares of the Common Stock as shall (subject to the terms and conditions set forth in the Purchase Agreement) be issuable upon
the conversion of the then outstanding principal amount of this Note assuming a minimum Conversion Price of $5.00. The Company covenants
that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable
and, if the Registration Statement is then effective under the Securities Act, shall be registered for public resale in accordance with
such Registration Statement (subject to such Holder’s compliance with its obligations under the Registration Rights Agreement).

 

v. Fractional
Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of all or any portion
of this Note. Any fraction of a share to which the Holder would otherwise be entitled to purchase upon such conversion shall be rounded
up to the next whole share.

 

vi. Transfer
Taxes and Expenses. The issuance of Conversion Shares on conversion of this Note shall be made without charge to the Holder hereof
for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such Conversion Shares, provided
that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and delivery
of any such Conversion Shares upon conversion in a name other than that of the Holder of this Note so converted and the Company shall
not be required to issue or deliver such Conversion Shares unless or until the Person or Persons requesting the issuance thereof shall
have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid.
The Company shall pay all Conversion Agent fees required for same-day processing of any conversion hereunder and all fees to the Depository
Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of
the Conversion Shares.

 

    4

     

    

 

vii. Satisfaction.
If the outstanding principal balance of this Note, together with all accrued and unpaid interest hereon, is converted in full into shares
of Common Stock pursuant to this Section 6, then such principal and interest shall be deemed to have been paid in full by the Company
on the date of such conversion.

 

(d) Maintenance
of Office or Agency. The Company may maintain in the contiguous United States an office or agency where the Notes may be surrendered
for registration of transfer or exchange or for presentation for payment or repurchase or for conversion (“Conversion Agent”)
and where notices and demands to or upon the Company in respect of the Notes may be made.

 

Section 7. Subordination.
The indebtedness evidenced by this Note is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right
of payment to the prior payment in full of all of the Senior Indebtedness.

 

(a) Insolvency
Proceedings. If there shall occur any receivership, insolvency, assignment for the benefit of creditors, bankruptcy, reorganization,
or arrangements with creditors (whether or not pursuant to bankruptcy or other insolvency laws), sale of all or substantially all of the
assets, dissolution, liquidation, or any other marshaling of the assets and liabilities of the Company, no amount shall be paid by the
Company in respect of the principal of, interest on or other amounts due with respect to this Note at the time outstanding, unless and
until the principal of and interest on the Senior Indebtedness then outstanding and all amounts owed under any Fee Deferral Agreements
shall be paid in full.

 

(b) No Impairment.
Subject to the terms and conditions hereof, the obligation of the Company to pay to the Holder the principal hereof and interest hereon
as and when the same become due and payable shall remain unimpaired, and, subject to the terms and conditions hereof, nothing shall prevent
the Holder, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.

 

(c) Reliance.
The Holder, by its acceptance hereof, shall be deemed to acknowledge and agree that the foregoing subordination provisions are, and are
intended to be, (i) an inducement to and a consideration of each holder of Senior Indebtedness, whether such Senior Indebtedness
was created or acquired before or after the creation of the indebtedness evidenced by this Note, and each such holder of Senior Indebtedness
shall be deemed conclusively to have relied on such subordination provisions in acquiring and holding, or in continuing to hold, such
Senior Indebtedness and (ii) an inducement to and a consideration of each party to any Fee Deferral Agreement, and each such Person
shall be deemed conclusively to have relied on such subordination provisions in entering into such Fee Deferral Agreement.

 

(d) Definition
of Senior Indebtedness. “Senior Indebtedness” shall mean, unless expressly subordinated to or made on a parity with the
amounts due under this Note, the principal of (and premium, if any), unpaid interest on and amounts reimbursed, fees, expenses, costs
of enforcement and other amounts due in connection with, (i) indebtedness of the Company, or with respect to which the Company is
a guarantor, to banks, commercial finance lenders, insurance companies, leasing or equipment financing institutions or other lending institutions
regularly engaged in the business of lending money (excluding venture capital, investment banking or similar institutions which sometimes
engage in lending activities but which are primarily engaged in investments in equity securities), which is for money borrowed, or purchase
or leasing of equipment in the case of lease or other equipment financing, by the Company, whether or not secured, (ii) any debentures,
notes or other evidence of indebtedness issued in exchange for any indebtedness referred to in clause (i) above, or any indebtedness
arising from the satisfaction of any indebtedness referred to in clause (i) above by a guarantor and (iii) any indebtedness
set forth on Annex A.

 

    5

     

    

 

Section 8. Miscellaneous.

 

(a) Notices.
Any and all notices or other communications or deliveries to be provided by the Holder hereunder shall be in writing and delivered personally,
by facsimile, by email attachment, or sent by a nationally recognized overnight courier service, addressed to the Company, at the address
set forth above, or such other facsimile number, email address, or address as the Company may specify for such purposes by notice to the
Holder delivered in accordance with this Section 8(a). Any and all notices or other communications or deliveries to be provided by
the Company hereunder shall be in writing and delivered personally, by facsimile, by email attachment, or sent by a nationally recognized
overnight courier service addressed to each Holder at the facsimile number, email address or address of the Holder appearing on the books
of the Company, or if no such facsimile number or email attachment or address appears on the books of the Company, at the principal place
of business of such Holder, as set forth in the Purchase Agreement. Any notice or other communication or deliveries hereunder shall be
deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile
at the facsimile number or email attachment to the email address set forth on the signature pages attached hereto prior to 5:30 p.m. (New
York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment to the email address set forth on the signature pages attached hereto on
a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day
following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (iv) upon actual receipt by the
party to whom such notice is required to be given.

 

(b) Lost
or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, the Company shall execute and deliver, in exchange
and substitution for and upon cancellation of a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed Note,
a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss,
theft or destruction of such Note, and of the ownership hereof, reasonably satisfactory to the Company.

 

(c) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflict of laws thereof.
Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions contemplated by
any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders,
employees or agents) shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New
York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper
or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any other manner permitted by applicable law. Each party hereto hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Note or the transactions
contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions of this Note, then the prevailing party
in such action or proceeding shall be reimbursed by the other party for its attorneys fees and other costs and expenses incurred in the
investigation, preparation and prosecution of such action or proceeding.

 

(d) Amendment;
Waiver. The provisions of this Note, including the provisions of this Section 8(d), may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the
Company and the Holder. Any waiver by the Company or the Holder of a breach of any provision of this Note shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Company
or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive
that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note on any other occasion.

 

    6

     

    

 

(e) Severability.
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision
is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. The Company
covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying
all or any portion of the principal of this Note as contemplated herein, wherever enacted, now or at any time hereafter in force, or which
may affect the covenants or the performance of this Note, and the Company (to the extent it may lawfully do so) hereby expressly waives
all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

 

(f) Execution
and Counterparts. This Note may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it
being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

(g) Successors
and Assigns. This Note shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties
and shall inure to the benefit of each such holder. Neither party may assign its rights or obligations hereunder without the prior written
consent of the other parties hereto.

 

(h) Remedies,
Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Note shall be cumulative
and in addition to all other remedies available under this Note, the Purchase Agreement and any other agreement, document or instrument
delivered hereby or thereby (the “Transaction Documents”) and any of the other Transaction Documents at law or in equity
(including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s right to
pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note. The Company covenants to
the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth
or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received
by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance
thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that
the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened
breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach or any
such threatened breach, without the necessity of showing economic loss and without any bond or other security being required. The Company
shall provide all information and documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s
compliance with the terms and conditions of this Note.

 

(i) Next
Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day.

 

(j) Headings.
The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit or affect
any of the provisions hereof.

 

*********************

 

(Signature Pages Follow)

 

    7

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Note to be duly executed by a duly authorized officer as of the date first above indicated.

 

	 	
    IRIS PARENT HOLDING CORP.

	 	 
	 	By:	 
	 	 	Name: Chris Kim
	 	 	Title: CEO, Secretary and Treasurer

 

    8

     

    

 

Exhibit A

 

[FORM OF NOTICE OF CONVERSION]

 

	To:	[Name and Address of Conversion Agent/the Company]

 

The undersigned registered
owner of this Note hereby exercises the option to convert this Note, or the portion hereof below designated, into shares of Common Stock
in accordance with the terms of the Note, and directs that any cash payable and any shares of Common Stock issuable and deliverable upon
such conversion, together with any cash for any fractional share, and any Notes representing any unconverted principal amount, together
with any accrued but unpaid interest, thereof, be issued and delivered to the registered Holder hereof unless a different name has
been indicated below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person
other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with
Section 6(c)(vi) of the Note. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in
the Note.

 

	Dated:	 	 	 
	 	 	 
	 	 	Signature
	Signature Guarantee	 	 

 

[Signature(s) must be guaranteed by

an eligible guarantor institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

Commission Rule 17Ad-15 if shares of Common Stock are to

be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.]

 

Fill in for registration of shares if to be issued,

and Notes if to be delivered, other than to and in the name

of the registered holder:

	 	 
	(Name)	 
	(Street Address)	 
	(City, State and Zip Code)	 
	Please print name and address	 

 

	Principal amount, together with accrued but unpaid interest on, the Note to be converted (if less than all):	 
	$__________,000	 
	
     

    Number of Conversion Shares: _______________
	 
	
     

    NOTICE: The above signature(s) of the Holder(s) hereof
must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change
whatever.
	 

	Social Security or Other Taxpayer Identification Number:	 

 

    9Exhibit 10.1

 

Antelope Enterprise Holdings Limited

Junbing Industrial Zone, Anhai, Jinjiang City

Fujian Province, PRC

 

December 1, 2022

 

Mr. Ishak Han

Floor 1, Building 2, Odis Industrial Building

Luozu Industrial Avenue, Luozu Community, Shiyan
Street

Baoan District, Shenzhen, China

 

	Re:	Director Offer Letter

 

Dear Mr. Ishak Han,

 

Antelope Enterprise Holdings Limited, a British
Virgin Islands exempted company with limited liability (the “Company”), is pleased to offer you a position as of member of
its Board of Directors (the “Board”). We believe your background and experience will be a significant asset to the Company
and we look forward to your participation on the Board. Should you choose to accept this position as a member of the Board and Class I
director, this letter agreement (the “Agreement”) shall constitute an agreement between you and the Company and contains all
the terms and conditions relating to the services you agree to provide to the Company.

 

1. Term. This
Agreement is effective upon your acceptance and signature below. Your term as a director shall commence on December 1, 2022, and continue
subject to the provisions in Section 8 below or until your successor is duly elected and qualified. The position shall be up for re-election
at the next annual shareholder’s meeting and upon re-election, the terms and provisions of this Agreement shall remain in full force
and effect.

 

2. Services.
You shall render services as a member of the Board and the Board’s committees set forth on Schedule A attached
hereto (hereinafter your “Duties”). During the term of this Agreement, you shall attend and participate in such number of
meetings of the Board and of the committee(s) of which you are a member as regularly or specially called. You may attend and participate
at each such meeting via teleconference, video conference or in person. You shall consult with the other members of the Board and committee(s)
as necessary via telephone, electronic mail or other forms of correspondence.

 

3. Compensation.
As compensation for your services to the Company, you will receive compensation as set forth on Schedule B attached
hereto (hereinafter, the “Compensation”) per year for serving on the Board during your term as a director, which shall be
paid to you quarterly in arrears as determined by the Company. You shall be reimbursed for reasonable and approved expenses incurred by
you in connection with the performance of your Duties.

 

4. No Assignment.
Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written
consent of the Company.

 

5. Confidential Information;
Non-Disclosure. In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection
with your business relationship with the Company, you hereby represent and agree as follows:

 

a. Definition.
For purposes of this Agreement the term “Confidential Information” means:

 

i. Any information
which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial
value or utility in the business in which the Company is engaged; or

 

ii. Any information
which is related to the business of the Company and is generally not known by non-Company personnel. 

 

    	 	1	 

     

    

 

iii. Confidential
Information includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts, ideas,
improvements, techniques, methods, research, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses,
strategies, forecasts, customer and supplier identities, characteristics and agreements.

 

b. Exclusions.
Notwithstanding the foregoing, the term Confidential Information shall not include:

 

i. Any information
which becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement,
or any other agreement requiring confidentiality between the Company and you;

 

ii. Information
received from a third party in rightful possession of such information who is not restricted from disclosing such information; and

 

iii. Information
known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

 

c. Documents. You agree
that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs,
data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you
make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies, to
the Company upon the earliest of Company's demand, termination of this Agreement, or your termination or Resignation, as defined in Section
8 herein.

 

d. Confidentiality. You
agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly,
any Confidential Information or anything relating to such information without the prior written consent of the Company, except as maybe
necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information
without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company,
and that the provisions of this paragraph (d) shall survive termination of this Agreement.

 

e. Ownership. You agree
that Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark
rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions
(whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived
or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively,
 “Inventions”) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at
its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights
assigned.

 

6. Non-Competition.
You agree and undertake that you will not, so long as you are a member of the Board and for a period of 24 months following termination
of this Agreement for whatever reason, directly or indirectly as owner, partner, joint venture, shareholder, employee, broker, agent principal,
corporate officer, director, licensor or in any other capacity whatsoever, engage in, become financially interested in, be employed by,
or have any connection with any business or venture that is engaged in any activities involving services or products which compete, directly
or indirectly, with the services or products provided or proposed to be provided by the Company or its subsidiaries or affiliates; provided,
however, that you may own securities of any public corporation which is engaged in such business but in an amount not to
exceed at any one time, one percent of any class of stock or securities of such company, so long as you has no active role in the publicly
owned company as director, employee, consultant or otherwise. 

 

7. Non-Solicitation.
So long as you are a member of the Board and for a period of 24 months thereafter, you shall not directly or indirectly solicit for employment
any individual who was an employee of the Company during your tenure.

 

8. Termination and Resignation.
Your membership on the Board or on a Board committee may be terminated for any or no reason by a vote of the shareholders holding at least
a majority of the shares of the Company’s issued and outstanding shares entitled to vote. Your membership on the Board or on a Board
committee shall be terminated if you become of unsound mind or are prohibited by law from being so. You may also terminate your membership
on the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company (“Resignation”),
and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation
by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject
to the Company's obligations to pay you any compensation (including the vested portion of the Shares) that you have already earned and
to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of
such termination or Resignation. Any Shares that have not vested as of the effective date of such termination or Resignation shall be
forfeited and cancelled.

 

9. Governing Law.
All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder,
shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed entirely in
the State of New York.

 

10. Entire Agreement;
Amendment; Waiver; Counterparts. This Agreement expresses the entire understanding with respect to the subject matter hereof and
supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may
be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any
term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term
or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by
any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such
provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original
and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a
facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

 

    	 	2	 

     

    

 

11. Indemnification.
The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses,
including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible amounts (“Losses”),
incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses
incurred as a result of your negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys’
fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs
and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such
proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence,
amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made
by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or
settlement that you are not entitled to be indemnified by the Company.

 

12. Not an Employment
Agreement. This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right for you
to continue employment with the Company.

 

13. Acknowledgement.
You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final
all decisions or interpretations of the Board of the Company of any questions arising under this Agreement.

 

    	 	3	 

     

    

 

The Agreement has been executed and delivered
by the undersigned and is made effective as of the date set first set forth above.

 

	 	Sincerely,
	 	 	 
	 	
    Antelope Enterprise Holdings Limited

	 	 
	 	 	 
	 	By:	/s/Meishuang Huang
	 	Name:	Meishuang Huang
	 	Title:	Chief Executive Officer

 

AGREED AND ACCEPTED:

  

 

	By:	/s/Ishak Han	 
	Name: Ishak Han	 

 

    	 	4	 

     

    

 

Schedule A

 

The Director is offered to serve on the following
Board committee(s):

 

	Committee	Title
	Audit Committee	Member
	Nominating and Governance Committee	Member
	Compensation Committee	Member

 

    	 	5	 

     

    

 

Schedule B

Compensation

 

During your term as a member of Board of Directors
of the Company, you will receive cash compensation in the amount of RMB 10,000, payable quarterly.

 

    	 	6

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