Document:

Exhibit 4.60

 

KAIXIN
AUTO GROUP

 

2018 Equity Incentive Plan

 

The Kaixin Auto Group
2018 Equity Incentive Plan (the “Plan”) was adopted by the Sole Director of Kaixin Auto Group, an exempted
company with limited liability incorporated in Cayman Islands (the “Company”) under the applicable laws and
regulations of that jurisdiction.

 

ARTICLE 1

PURPOSE

 

The purpose of the Plan
is to foster and promote the long-term financial success of the Company and its Subsidiaries and materially increase the value
of the Company and its Subsidiaries by (a) encouraging the long-term commitment of the Employees, Consultants, and Outside Directors
of the Company and its Subsidiaries; (b) motivating performance of the Employees, Consultants, and Outside Directors of the Company
and its Subsidiaries by means of long-term performance related incentives; (c) encouraging and providing Employees, Consultants,
and Outside Directors of the Company and its Subsidiaries with an opportunity to obtain an ownership interest in the Company; (d)
attracting and retaining outstanding Employees, Consultants, and Outside Directors by providing incentive compensation opportunities;
and (e) enabling participation by Employees, Consultants, and Outside Directors in the long-term growth and financial success of
the Company and its Subsidiaries.

 

ARTICLE 2

DEFINITIONS

 

For the purpose of the
Plan, unless the context requires otherwise, the following terms shall have the meanings indicated:

 

“Award”
means the grant of any Incentive Share Option, Nonqualified Share Option, or Restricted Shares whether granted singly or in combination
(each individually referred to herein as an “Incentive”).

 

“Award Agreement”
means a written agreement between a Participant and the Company which sets out the terms of the grant of an Award.

 

“Award Period”
means the period set forth in the Award Agreement with respect to a Share Option during which the Share Option may be exercised,
which shall commence on the Date of Grant and expire at the time set forth in the Award Agreement.

 

“Board”
means the board of directors of the Company at a time when there are at least two (2) directors serving at the same time or the
Sole Director at a time when there is only one (1) director serving.

 

“Change of
Control” means any of the following: (i) Continuing Directors cease to constitute at least fifty percent (50%) of the
members of the Board; (ii) the shareholders of the Company approve any plan or proposal for the liquidation or dissolution of
the Company; (iii) any consolidation, merger or share exchange of the Company in which the Company is not the continuing or surviving
corporation or pursuant to which the Company’s Ordinary Shares would be converted into cash, securities or other property;
or (iv) any sale, lease, exchange or other transfer (excluding transfer by way of pledge or hypothecation) in one transaction
or a series of related transactions, of all or substantially all of the assets of the Company; provided, however,
that a transaction described in clause (iii) or (iv) shall not constitute a Change in Control hereunder if after such transaction
(I) Continuing Directors constitute at least fifty percent (50%) of the members of the Board of Directors of the continuing, surviving
or acquiring entity, as the case may be or, if such entity has a parent entity directly or indirectly holding at least a majority
of the voting power of the voting securities of the continuing, surviving or acquiring entity, Continuing Directors constitute
at least fifty percent (50%) of the members of the Board of Directors of the entity that is the ultimate parent of the continuing,
surviving or acquiring entity, and (II) the continuing, surviving or acquiring entity (or the ultimate parent of such continuing,
surviving or acquiring entity) assumes all outstanding Share Options granted under this Plan.

 

    	 	1	 

     

    

 

“Code”
means the United States Internal Revenue Code of 1986, as amended.

 

“Committee”
means the committee appointed or designated by the Board to administer the Plan in accordance with Article 3 of this Plan or,
in the case no such committee is appointed, the Board.

 

“Company”
means Kaixin Auto Group, an exempted company with limited liability incorporated in Cayman Islands (the “Company”)
under the applicable laws and regulations of that jurisdiction, and any successor entity.

 

“Consultant”
means any person performing advisory or consulting services for the Company or a Subsidiary, with or without compensation, to
whom the Company chooses to grant an Award in accordance with the Plan, provided that bona fide services
must be rendered by such person and such services shall not be rendered in connection with the offer or sale of securities in
a capital raising transaction.

 

“Continuing
Director(s)” means the Sole Director at the date of this Plan or Board members who (x) at the date of this Plan were
directors or (y) become directors after the date of this Plan and whose election or nomination for election by the Company’s
shareholders was approved by a vote of a majority of the directors then in office who were directors at the date of this Plan
or whose election or nomination for election was previously so approved.

 

“Corporation”
means any entity that (i) is defined as a corporation under Code Section 7701 and (ii) is the Company or is in an unbroken chain
of corporations (other than the Company) beginning with the Company, if each of the corporations other than the last corporation
in the unbroken chain owns shares possessing a majority of the total combined voting power of all classes of shares in one of
the other corporations in the chain. For purposes of clause (ii) hereof, an entity shall be treated as a Corporation if it satisfies
the definition of a corporation under Section 7701 of the Code.

 

“Date of Grant”
means the effective date on which an Award is made to a Participant as set forth in the applicable Award Agreement.

 

“Employee”
means common law employee (as defined in accordance with the Regulations and Revenue Rulings then applicable under Section 3401(c)
of the Code) of the Company or any Subsidiary of the Company.

 

“Equity Securities”
means the Ordinary Shares, the Preferred Shares, any securities having voting rights in the election of the Board not contingent
upon default, any securities evidencing an ownership interest in the Company, any securities convertible into or exercisable for
any shares of the foregoing, and any agreement or commitment to issue any of the foregoing.

 

    	 	2	 

     

    

 

“Fair Market
Value” means, as of a particular date, (a) if the Ordinary Shares are listed on a national securities exchange, the
closing sales price per Ordinary Share on the consolidated transaction reporting system for the principal securities exchange
for the Ordinary Shares on that date, or, if there shall have been no such sale so reported on that date, on the last preceding
date on which such a sale was so reported, (b) if the Ordinary Shares are not so listed or quoted, such amount as may be determined
by the Committee (acting on the advice of an Independent Third Party, should the Board elect in its sole discretion to utilize
an Independent Third Party for this purpose), in good faith, to be the fair market value per share of Ordinary Shares.

 

“Incentive
Share Option” means an incentive stock option within the meaning of Section 422 of the Code, granted pursuant to this
Plan.

 

“Independent
Third Party” means an individual or entity independent of the Company having experience in providing investment banking
or similar appraisal or valuation services and with expertise generally in the valuation of securities or other property for purposes
of this Plan. The Board may utilize one or more Independent Third Parties.

 

“Nonpublicly
Traded” means not listed on a national securities exchange.

 

“Nonqualified
Share Option” means a stock option granted pursuant to this Plan which does not satisfy the requirements of Section
422 of the Code.

 

“Option Price”
means the price which must be paid by a Participant upon exercise of a Share Option to purchase one Ordinary Share.

 

“Ordinary
Share” means the Ordinary Shares which the Company is currently authorized to issue or may in the future be authorized
to issue, or any securities into which or for which the Ordinary Shares of the Company may be converted or exchanged, as the case
may be, pursuant to the terms of this Plan.

 

“Outside Director”
means a director of the Company who is not an Employee.

 

“Participant”
shall mean an Employee, Consultant, or Outside Director of the Company or a Subsidiary to whom an Award is granted under this
Plan.

 

“Permitted
Transferee” means a Shareholder who acquires shares through one or more of the following transfers: (a) any transfer
of Equity Securities by a Shareholder to such Shareholders’ Relative or to a trust for their benefit, provided that all of the beneficial interests in such trust are owned or controlled by such Shareholder; (b) any transfer of Equity
Securities by a Shareholder to its Affiliate.

 

“Plan”
means this Kaixin Auto Group 2018 Equity Incentive Plan, as amended from time to time.

 

“PRC”
means the People’s Republic of China and, for the purposes of this Plan only, excludes the Special Administrative Region
of Hong Kong, the Special Administrative Region of Macau, and Taiwan area.

 

    	 	3	 

     

    

 

“Relative”
of a natural person means any spouse of such person and any parent, child, grandparent, grandchild, sibling, uncle, aunt, nephew,
niece or great-grandparent of such person or such spouse.

 

“Restricted
Share” means Ordinary Shares issued or transferred to a Participant pursuant to Section 6.5 of this Plan which are subject
to restrictions or limitations set forth in this Plan and in the related Award Agreement.

 

“Retirement”
means any Termination of Service solely due to retirement upon or after attainment of age sixty-five (65), or permitted early
retirement as determined by the Committee.

 

“Share Option”
means a Nonqualified Share Option or an Incentive Share Option.

 

“Sole Director”
means the director of the Company when there is only one director serving at any given time.

 

“Subsidiary”
means (i) any Corporation (as defined herein), (ii) any limited partnership, if the Company or any Corporation owns a majority
of the general partnership interest and a majority of the limited partnership interests entitled to vote on the removal and replacement
of the general partner, and (iii) any partnership or limited liability company, if the partners or members thereof are composed
only of the Company, any Corporation or any limited partnership listed in item (ii) above. “Subsidiaries” means
more than one of any such Corporations, limited partnerships, partnerships or limited liability companies.

 

“Termination
of Service” occurs when a Participant who is an Employee or a Consultant of the Company or any Subsidiary shall cease
to serve as an Employee or Consultant of the Company and its Subsidiaries, for any reason; or, when a Participant who is an Outside
Director of the Company or a Subsidiary shall cease to serve as a director of the Company and its Subsidiaries for any reason.

 

“Total and
Permanent Disability” means a Participant is qualified for long-term disability benefits under the Company’s or
Subsidiary’s disability plan or insurance policy; or, if no such plan or policy is then in existence or if the Participant
is not eligible to participate in such plan or policy, that the Participant, because of ill health, physical or mental disability
or any other reason beyond his or her control, is unable to perform his or her duties of employment for a period of six (6) continuous
months, as determined in good faith by the Committee;  provided that, with respect to any Incentive Share Option, Total and Permanent Disability
shall have the meaning given it under the rules governing incentive stock options under the Code.

 

ARTICLE 3

ADMINISTRATION

 

Subject to the terms
of this Article 3, the Plan shall be administered by the Sole Director or the Board as the case may be, or by such committee of
the Board as is designated by resolution of the Board to administer the Plan (the “Committee”).

 

The Committee shall
consist of not fewer than two (2) persons. Any member of the Committee may be removed at any time, with or without cause, by resolution
of the Board. Any vacancy occurring in the membership of the Committee may be filled by appointment by the Board. At any time there
is no Committee to administer the Plan, any references in this Plan to the Committee shall be deemed to refer to the Sole Director
or the Board as the case may be at that time.

 

    	 	4	 

     

    

 

The Committee shall
select one of its members to act as its Chairman. A majority of the Committee shall constitute a quorum, and the act of a majority
of the members of the Committee present at a meeting at which a quorum is present shall be the act of the Committee.

 

The Committee shall
determine and designate from time to time the eligible persons to whom Awards will be granted and shall set forth in each related
Award Agreement, where applicable, the Award Period, the Date of Grant, and such other terms, provisions, limitations, and performance
requirements, as are approved by the Committee, but not inconsistent with the Plan. The Committee shall determine whether an Award
shall include one type of Incentive or two or more Incentives granted in combination. All decisions with respect to any
Award, and the terms and conditions thereof, to be granted under the Plan to any member of the Committee shall be made solely and
exclusively by the other members of the Committee, or if such member is the only member of the Committee, by the Board.

 

The Committee, in its
discretion, shall (i) interpret the Plan, (ii) prescribe, amend, and rescind any rules and regulations necessary or appropriate
for the administration of the Plan, (iii) establish performance goals for an Award and certify the extent of their achievement,
(iv) make such other determinations or certifications and take such other action as it deems necessary or advisable in the administration
of the Plan and (v) implement any procedures or steps or additional or different requirements as may be necessary to comply with
any relevant laws of the PRC that may be applicable to this Plan, any Award pursuant to this Plan or any related documents, including
but not limited to foreign exchange laws, tax laws and securities law of the PRC. Any interpretation, determination, or other action
made or taken by the Committee shall be final, binding, and conclusive on all interested parties.

 

The Committee may delegate
to officers of the Company, pursuant to a written delegation, the authority to perform specified functions under the Plan. Any
actions taken by any officers of the Company pursuant to such written delegation of authority shall be deemed to have been taken
by the Committee.

 

ARTICLE 4

ELIGIBILITY

 

Any Employee
(including an Employee who is also a director or an officer), Outside Director, or Consultant of the Company whose judgment,
initiative, and efforts contributed or may be expected to contribute to the successful performance of the Company is eligible
to participate in the Plan; provided that only Employees of a Corporation shall be eligible to receive
Incentive Share Options.

 

The Committee, upon
its own action, may grant, but shall not be required to grant, an Award to any Employee, Outside Director, or Consultant of the
Company or any Subsidiary. Awards may be granted by the Committee at any time and from time to time to new Participants, or to
then Participants, or to a greater or lesser number of Participants, and may include or exclude previous Participants, as the Committee
shall determine.

 

Except as required by
this Plan, Awards granted at different times need not contain similar provisions. The Committee’s determinations under the
Plan (including without limitation determinations of which Employees, Outside Directors, or Consultants, if any, are to receive
Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the agreements evidencing same)
need not be uniform and may be made by it selectively among Participants who receive, or are eligible to receive, Awards under
the Plan.

 

    	 	5	 

     

    

 

ARTICLE 5

SHARES SUBJECT TO PLAN

 

5.1 Number Available
for Awards. Subject to adjustment as provided in Articles 11 and 12 hereof, the maximum number of Ordinary Shares that
may be delivered pursuant to Awards granted under this Plan is 40,000,000. As required under U.S. Treasury Regulation Section
1.422-2(b)(3)(i), in no event will the number of Ordinary Shares that may be delivered pursuant to Incentive Share Options granted
under this Plan exceed 40,000,000.

 

Shares to be issued
may be made available from authorized but unissued Ordinary Shares, Ordinary Shares held by the Company in its treasury, or Ordinary
Shares purchased by the Company on the open market or otherwise. During the term of this Plan, the Company will at all times reserve
and keep available the number of Ordinary Shares that shall be sufficient to satisfy the requirements of this Plan.

 

5.2 Reuse of
Shares. Subject to Section 5.2(c) of this Plan, if, and to the extent:

 

(a) A Share Option
shall expire or terminate for any reason without having been exercised in full, or in the event that a Share Option is exercised
or settled in a manner such that some or all of the Ordinary Shares relating to the Share Option are not issued to the Participant
(or beneficiary) (including as the result of the use of shares for withholding taxes), the Ordinary Shares subject thereto which
have not become issued and outstanding shall (unless the Plan shall have sooner terminated) become available for issuance under
the Plan; in addition, with respect to any share-for-share exercise or cashless exercise pursuant to Section 8.3 of this Plan
or otherwise, only the “net” shares issued shall be deemed to have become issued and outstanding for purposes of the
Plan as a result thereof.

 

(b) If Restricted Shares
under the Plan are repurchased for any reason, such Restricted Shares shall (unless the Plan shall have sooner terminated) become
available for issuance under the Plan; provided, however, that if any dividends paid with respect to Restricted
Shares were paid to the Participant prior to the repurchase thereof, such shares shall not be reused for grants or awards.

 

(c) In no event shall
the number of Ordinary Shares subject to Incentive Share Options exceed, in the aggregate, twenty percent (20%) of the authorized
Ordinary Shares plus shares subject to Incentive Share Options which are forfeited or terminated, or expire unexercised.

 

ARTICLE 6

GRANT OF AWARDS

 

6.1 In General.
The Company shall execute an Award Agreement with a Participant after the Committee approves the issuance of an Award. Any
Award granted pursuant to this Plan must be granted within ten (10) years after the date of adoption of this Plan. The Plan shall
be submitted to the Company’s shareholders for approval; however, the Committee may grant Awards under the Plan prior to
the time of shareholder approval. Any such Award granted prior to such shareholder approval shall be made subject to such shareholder
approval. The grant of an Award to a Participant shall not be deemed either to entitle the Participant to, or to disqualify the
Participant from, receipt of any other Award under the Plan.

 

    	 	6	 

     

    

 

6.2 Share Options.
The grant of an Award of Share Options shall be authorized by the Committee and shall be evidenced by an Award Agreement setting
forth: (i) the Incentive or Incentives being granted, (ii) the total number of Ordinary Shares subject to the Incentive(s), (iii)
the Option Price, (iv) the Award Period, (v) the Date of Grant, and (vi) such other terms, provisions, limitations, and performance
objectives, as are approved by the Committee, but not inconsistent with the Plan.

 

6.3 Option Price.
The Option Price for any Ordinary Shares which may be purchased under a Nonqualified Share Option for any Ordinary Shares
may be less than, equal to, or greater than the Fair Market Value of the share on the Date of Grant.

 

The Option Price for
any Ordinary Shares which may be purchased under an Incentive Share Option must be at least equal to the Fair Market Value of the
share on the Date of Grant. If an Incentive Share Option is granted to an Employee who owns or is deemed to own (by reason of the
attribution rules of Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of shares
of the Company (or any parent or Subsidiary), the Option Price shall be at least 110% of the Fair Market Value of the Ordinary
Shares on the Date of Grant.

 

Notwithstanding the
foregoing, the Option Price for any Ordinary Shares which may be purchased under any Share Option shall not be less than the par
value of the Ordinary Shares.

 

6.4 Maximum Incentive
Share Option Grants. The Committee may not grant Incentive Share Options under the Plan to any Employee which would permit
the aggregate Fair Market Value (determined on the Date of Grant) of the Ordinary Shares with respect to which Incentive Share
Options (under this and any other plan of the Company and its Subsidiaries) are exercisable for the first time by such Employee
during any calendar year to exceed $100,000. To the extent any Share Option granted under this Plan which is designated as an
Incentive Share Option exceeds this limit or otherwise fails to qualify as an Incentive Share Option, such Share Option (or any
such portion thereof) shall be a Nonqualified Share Option. In such case, the Committee shall designate which shares will be treated
as Incentive Share Option shares by causing the issuance of a separate share certificate and identifying such shares as Incentive
Share Option shares on the Company’s share transfer records.

 

6.5 Restricted
Shares. If Restricted Shares are granted to or received by a Participant under an Award (including a Share Option),
the Committee shall set forth in the related Award Agreement: (i) the number of Ordinary Shares awarded, (ii) the price, if any,
to be paid by the Participant for such Restricted Shares, (iii) the time or times within which such Award may be subject to repurchase,
(iv) specified performance goals of the Company, a Subsidiary, any division thereof or any group of Employees of the Company,
or other criteria, which the Committee determines must be met in order to remove any restrictions (including vesting) on such
Award, and (v) all other terms, limitations, restrictions, and conditions of the Restricted Shares, which shall be consistent
with this Plan. The provisions of Restricted Shares need not be the same with respect to each Participant. If the Committee establishes
a purchase price for an Award of Restricted Shares, the Participant must accept such Award within a period of thirty (30) days
(or such shorter period as the Committee may specify) after the Date of Grant by executing the applicable Award Agreement and
paying such purchase price.

 

    	 	7	 

     

    

 

(a) Legend on
Shares. Each Participant who is awarded or receives Restricted Shares shall be issued a share certificate or certificates
in respect of such Ordinary Shares. Such certificate(s) shall be registered in the name of the Participant, and shall bear an
appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, substantially as
provided in Section 15.11 of the Plan.

 

The Committee may require
that the share certificates evidencing Restricted Shares be held in custody by the Company until the restrictions thereon shall
have lapsed.

 

(b) Restrictions
and Conditions. Restricted Shares shall be subject to the following restrictions and conditions:

 

(i) Subject to the
other provisions of this Plan and the terms of the particular Award Agreements, during such period as may be determined by the
Committee commencing on the Date of Grant or the date of exercise of an Award (the “Restriction Period”), the
Participant shall not be permitted to sell, transfer, pledge or assign Restricted Shares. Except for these limitations, the Committee
may in its sole discretion, remove any or all of the restrictions on such Restricted Shares whenever it may determine that, by
reason of changes in applicable laws or other changes in circumstances arising after the date of the Award, such action is appropriate.

 

(ii) Except as provided
in sub-paragraph (i) above or in the applicable Award Agreement, the Participant shall have, with respect to his or her Restricted
Shares, all of the rights of a shareholder of the Company, including the right to vote the shares and the right to receive any
dividends thereon. Certificates for Ordinary Shares free of restriction under this Plan shall be delivered to the Participant promptly
after, and only after, the Restriction Period shall expire without repurchase in respect of such Ordinary Shares. Certificates
for the Ordinary Shares repurchased under the provisions of the Plan and the applicable Award Agreement shall be promptly returned
to the Company by the Participant. Each Award Agreement shall require that (x) each Participant, by his or her acceptance of Restricted
Shares, shall irrevocably grant to the Company a power of attorney to consent to the repurchase of any shares to the Company and
agrees to execute any documents requested by the Company in connection with such repurchase, and (y) such provisions regarding
returns and transfers of share certificates with respect to repurchased Ordinary Shares shall be specifically performable by the
Company in a court of equity or law.

 

(iii) The Restriction
Period of Restricted Shares shall commence on the Date of Grant or the date of exercise of an Award, as specified in the Award
Agreement, and, subject to Article 12 of the Plan, unless otherwise established by the Committee in the Award Agreement setting
forth the terms of the Restricted Shares, shall expire upon satisfaction of the conditions set forth in the Award Agreement; such
conditions may provide for vesting based on (i) length of continuous service, (ii) achievement of specific business objectives,
(iii) increases in specified indices, (iv) attainment of specified growth rates, or (v) other comparable measurements of Company
performance, as may be determined by the Committee in its sole discretion.

 

(iv) Except as otherwise
provided in the particular Award Agreement, upon Termination of Service for any reason during the Restriction Period, the non-vested
Restricted Shares shall be repurchased by the Company from the Participant. In the event a Participant has paid any consideration
to the Company for such repurchased Restricted Shares, the Committee shall specify in the Award Agreement that either (i) the Company
shall be obligated to, or (ii) the Company may, in its sole discretion, elect to pay to the Participant, as soon as practicable
after the event causing repurchase, in cash an amount equal to the lesser of the total consideration paid by the Participant for
such repurchased shares or the Fair Market Value of such repurchased shares as of the date of Termination of Service, as the Committee
in its sole discretion shall select. Upon any repurchase, all rights of a Participant with respect to the repurchased Restricted
Shares shall cease and terminate, without any further obligation on the part of the Company.

 

    	 	8	 

     

    

 

6.6 Maximum Individual
Grants. No Participant may receive during any fiscal year of the Company Awards covering an aggregate of more than one percent
(1%) of the authorized Ordinary Shares.

 

ARTICLE 7

AWARD PERIOD; VESTING

 

7.1 Award Period.

 

		(a)	Subject to the other provisions of this Plan, the Committee
shall specify in the Award Agreement the Award Period for a Share Option. No Share Option granted under the Plan may be exercised
at any time after the end of its Award Period. The Award Period for any Share Option shall be no more than ten (10) years from
the Date of Grant of the Share Option. However, if an Employee owns or is deemed to own (by reason of the attribution rules of
Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of shares of the Company (or
any parent or Subsidiary) and an Incentive Share Option is granted to such Employee, the Award Period of such Incentive Share
Option (to the extent required by the Code at the time of grant) shall be no more than five (5) years from the Date of Grant.

 

		(b)	In the event of Termination of Service of a Participant,
the Award Period for a Share Option shall be reduced or terminated in accordance with the Award Agreement.

 

7.2 Vesting.
The Committee, in its sole discretion, may determine that an Incentive will be immediately vested in whole or in part, or
that all or any portion may not be vested until a date, or dates, subsequent to its Date of Grant, or until the occurrence of
one or more specified events, subject in any case to the terms of the Plan. If the Committee imposes conditions upon vesting,
then, subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any portion
of the Incentive may be vested.

 

ARTICLE 8

EXERCISE OF INCENTIVE

 

8.1 In General.
The Committee, in its sole discretion, may determine that a Share Option will be immediately exercisable, in whole or in part,
or that all or any portion may not be exercised until a date, or dates, subsequent to its Date of Grant, or until the occurrence
of one or more specified events, subject in any case to the terms of the Plan. If a Share Option is exercisable prior to the time
it is vested, the Ordinary Shares obtained on the exercise of the Share Option shall be Restricted Shares which is subject to
the applicable provisions of the Plan and the Award Agreement. If the Committee imposes conditions upon exercise, then subsequent
to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any portion of the Share
Option may be exercised. No Share Option may be exercised for a fractional Ordinary Share. The granting of a Share Option shall
impose no obligation upon the Participant to exercise that Share Option.

 

8.2 Securities
Law and Exchange Restrictions. In no event may an Incentive be exercised or Ordinary Shares be issued pursuant to an Award
if a necessary listing or quotation of the Ordinary Shares on a stock exchange or inter-dealer quotation system or any registration
under state or federal securities laws required under the circumstances has not been accomplished.

 

    	 	9	 

     

    

 

8.3 Exercise
of Share Option.

 

(a) Notice and
Payment. Subject to such administrative regulations as the Committee may from time to time adopt, a Share Option may be exercised
by the delivery of written notice to the Committee setting forth the number of Ordinary Shares with respect to which the Share
Option is to be exercised and the date of exercise thereof (the “Exercise Date”), which shall be at least three
(3) days after giving such notice unless an earlier time shall have been mutually agreed upon.

 

On the Exercise Date,
the Participant shall deliver to the Company consideration with a value equal to the total Option Price of the shares to be purchased,
payable in any one of the following methods: (a) cash, check, bank draft, or money order payable to the order of the Company, (b)
the surrender of Ordinary Shares (including Restricted Shares) owned by the Participant on the Exercise Date, valued at their Fair
Market Value on the Exercise Date, and which the Participant has not acquired from the Company within six (6) months prior to the
Exercise Date, (c) if the Ordinary Shares are no longer Nonpublicly Traded, by delivery (including by FAX) to the Company or its
designated agent of an executed irrevocable option exercise form together with irrevocable instructions from the Participant to
a broker or dealer, reasonably acceptable to the Company, to sell certain of the Ordinary Shares purchased upon exercise of the
Share Option or to pledge such shares as collateral for a loan and promptly deliver to the Company the amount of sale or loan proceeds
necessary to pay such purchase price, and/or (d) in any other form of valid consideration that is acceptable to the Committee in
its sole discretion.

 

In the event that Restricted
Shares are tendered as consideration for the exercise of a Share Option, a number of Ordinary Shares issued upon the exercise of
the Share Option equal to the value of Restricted Shares used as consideration therefor shall be subject to the same restrictions
and provisions as the Restricted Shares so tendered.

 

The Committee may take
all actions necessary to alter the method of exercise of the Share Option and the exchange and transmittal of proceeds with respect
to Participants who are residents in the PRC in order to comply with applicable PRC foreign exchange and tax regulations and any
other applicable PRC laws and regulations.

 

(b) Issuance
of Certificate. Except as otherwise provided in Section 6.5 hereof (with respect to Restricted Shares) or in the
applicable Award Agreement, upon payment of all amounts due from the Participant, the Company shall cause certificates for
the Ordinary Shares then being purchased to be delivered as directed by the Participant (or the person exercising the
Participant’s Share Option in the event of his death) at its principal business office promptly after the Exercise
Date; provided that if the Participant has exercised an Incentive Share Option, the Company may at its
option retain physical possession of the certificate evidencing the shares acquired upon exercise until the expiration of the
holding periods described in Section 422(a)(1) of the Code.

 

The obligation of the
Company to deliver Ordinary Shares shall, however, be subject to the condition that, if at any time the Committee shall determine
in its discretion that the listing, registration, or qualification of the Share Option or the Ordinary Shares upon any securities
exchange or inter-dealer quotation system or under any state or federal law, or the consent or approval of any governmental regulatory
body, is necessary as a condition of, or in connection with, the Share Option or the issuance or purchase of Ordinary Shares thereunder,
the Share Option may not be exercised in whole or in part unless such listing, registration, qualification, consent, or approval
shall have been effected or obtained free of any conditions not reasonably acceptable to the Committee.

 

    	 	10	 

     

    

 

(c) Failure to
Pay. If the Participant fails to pay for any of the Ordinary Shares specified in such notice or fails to accept delivery thereof,
the Participant’s Share Option and right to purchase such Ordinary Shares may be forfeited by the Company.

 

8.4 Disqualifying
Disposition of Incentive Share Option. If Ordinary Shares acquired upon exercise of an Incentive Share Option are disposed
of by a Participant prior to the expiration of either two (2) years from the Date of Grant of such Share Option or one (1) year
from the transfer of Ordinary Shares to the Participant pursuant to the exercise of such Share Option, or in any other disqualifying
disposition within the meaning of Section 422 of the Code, such Participant shall notify the Company in writing of the date and
terms of such disposition. A disqualifying disposition by a Participant shall not affect the status of any other Share Option
granted under the Plan as an incentive stock option within the meaning of Section 422 of the Code.

 

ARTICLE 9

AMENDMENT OR DISCONTINUANCE

 

Subject to the limitations
set forth in this Article 9, the Board may at any time and from time to time, without the consent of the Participants, alter,
amend, revise, suspend, or discontinue the Plan in whole or in part; provided, however, that no amendment which
requires shareholder approval in order for the Plan and Incentives awarded under the Plan to continue to comply with Sections
162(m), 421, and 422 of the Code, including any successors to such Sections, shall be effective unless such amendment shall be
approved by the requisite vote of the shareholders of the Company entitled to vote thereon. Any such amendment shall, to the extent
deemed necessary or advisable by the Committee, be applicable to any outstanding Incentives theretofore granted under the Plan,
notwithstanding any contrary provisions contained in any Award Agreement. In the event of any such amendment to the Plan, the
holder of any Incentive outstanding under the Plan shall, upon request of the Committee and as a condition to the exercisability
thereof, execute a conforming amendment in the form prescribed by the Committee to any Award Agreement relating thereto. Notwithstanding
anything contained in this Plan to the contrary, unless required by law, no action contemplated or permitted by this Article 9
shall adversely affect any rights of Participants or obligations of the Company to Participants with respect to any Incentive
theretofore granted under the Plan without the consent of the affected Participant.

 

ARTICLE 10

TERM

 

The Plan shall be effective
from the date that this Plan is approved by the Board. Unless sooner terminated by action of the Board, the Plan will terminate
on February 1, 2028, but Incentives granted before that date will continue to be effective in accordance with their terms and conditions.

 

ARTICLE 11

CAPITAL ADJUSTMENTS

 

In the event that the
Committee shall determine that any dividend or other distribution (whether in the form of cash, Ordinary Shares, other securities,
or other property), recapitalization, stock split, reverse stock split, rights offering, reorganization, merger, consolidation,
split-up, spin-off, split-off, combination, subdivision, repurchase, or exchange of Ordinary Shares or other securities of the
Company, issuance of warrants or other rights to purchase Ordinary Shares or other securities of the Company, or other similar
corporate transaction or event affects the Ordinary Shares such that an adjustment is determined by the Committee to be appropriate
to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then
the Committee shall, in such manner as it may deem equitable, adjust any or all of the (i) the number of shares and type of Ordinary
Shares (or the securities or property) which thereafter may be made the subject of Awards,(ii) the number of shares and type of
Ordinary Shares (or other securities or property) subject to outstanding Awards,(iii) the number of shares and type of Ordinary
Shares (or other securities or property) specified as the annual per-participant limitation under Section 6.6 of the Plan, (iv)
the number of shares and type of Ordinary Shares (or other securities or property) specified as the annual per-participant limitation
under Section 6.6 of the Plan, (v) the Option Price of each outstanding Award, and (v) the amount, if any, the Company pays for
forfeited Ordinary Shares in accordance with Section 6.5; provided, however, that the number of Ordinary Shares
(or other securities or property) subject to any Award shall always be a whole number. In lieu of the foregoing, if deemed appropriate,
the Committee may make provision for a cash payment to the holder of an outstanding Award.

 

    	 	11	 

     

    

 

Notwithstanding the
foregoing, no such adjustment or cash payment shall be made or authorized to the extent that such adjustment or cash payment would
cause the Plan or any Share Option to violate Section 422 of the Code. Such adjustments shall be made in accordance with the rules
of any securities exchange, stock market, or stock quotation system to which the Company is subject.

 

Upon the occurrence
of any such adjustment or cash payment, the Company shall provide notice to each affected Participant of its computation of such
adjustment or cash payment which shall be conclusive and shall be binding upon each such Participant.

 

ARTICLE 12

RECAPITALIZATION, MERGER AND CONSOLIDATION

 

12.1 No Effect
on Company’s Authority. The existence of this Plan and Incentives granted hereunder shall not affect in any way the
right or power of the Company or its shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations,
or other changes in the Company’s capital structure and its business, or any merger or consolidation of the Company, or
any issuance of bonds, debentures, preferred or preference shares ranking prior to or otherwise affecting the Ordinary Shares
or the rights thereof (or any rights, options, or warrants to purchase the same), or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar
character or otherwise.

 

12.2 Conversion
of Incentives Where Company Survives. Subject to any required action by the shareholders, if the Company shall be the surviving
or resulting corporation in any merger, consolidation or share exchange, any Incentive granted hereunder shall pertain to and
apply to the securities or rights (including cash, property, or assets) to which a holder of the number of Ordinary Shares subject
to the Incentive would have been entitled.

 

12.3 Exchange
or Cancellation of Incentives Where Company Does Not Survive. In the event of any merger, consolidation or share exchange
pursuant to which the Company is not the surviving or resulting corporation, there shall be substituted for each Ordinary Share
subject to the unexercised portions of outstanding Share Options, that number of shares of each class of shares or other securities
or that amount of cash, property, or assets of the surviving, resulting or consolidated company which were distributed or distributable
to the shareholders of the Company in respect to each Ordinary Share held by them, such outstanding Share Options to be thereafter
exercisable for such shares, securities, cash, or property in accordance with their terms.

 

    	 	12	 

     

    

 

Notwithstanding the
foregoing, however, all Share Options may be canceled by the Company as of the effective date of any such reorganization, merger,
consolidation, or share exchange, or any dissolution or liquidation of the Company, by giving notice to each holder thereof or
his personal representative of its intention to do so and by permitting the purchase during the thirty (30) day period next preceding
such effective date of all of the Ordinary Shares (whether or not vested) subject to such outstanding Share Options.

 

ARTICLE 13

LIQUIDATION OR DISSOLUTION

 

Subject to Section 12.3
hereof, in case the Company shall, at any time while any Incentive under this Plan shall be in force and remain unexpired, (i)
sell all or substantially all of its property, or (ii) dissolve, liquidate, or wind up its affairs, then each Participant shall
be entitled to receive, in lieu of each Ordinary Share of the Company which such Participant would have been entitled to receive
under the Incentive, the same kind and amount of any securities or assets as may be issuable, distributable, or payable upon any
such sale, dissolution, liquidation, or winding up with respect to each Ordinary Share of the Company.

 

If the Company shall,
at any time prior to the expiration of any Incentive, make any partial distribution of its assets, in the nature of a partial liquidation,
whether payable in cash or in kind (but excluding the distribution of a cash dividend payable out of earned surplus and designated
as such) then in such event the Option Prices then in effect with respect to each Share Option shall be reduced, on the payment
date of such distribution, in proportion to the percentage reduction in the tangible book value of the Company’s Ordinary
Shares (determined in accordance with generally accepted accounting principles) resulting by reason of such distribution.

 

ARTICLE 14

INCENTIVES IN SUBSTITUTION FOR

INCENTIVES GRANTED BY OTHER ENTITIES

 

Incentives may be granted
under the Plan from time to time in substitution for similar instruments held by employees or directors of a corporation, partnership,
or limited liability company who become or are about to become Employees or Outside Directors of the Company or any Subsidiary
as a result of a merger or consolidation of the employing corporation with the Company, the acquisition by the Company of equity
of the employing entity, or any other similar transaction pursuant to which the Company becomes the successor employer. The terms
and conditions of the substitute Incentives so granted may vary from the terms and conditions set forth in this Plan to such extent
as the Committee at the time of grant may deem appropriate to conform, in whole or in part, to the provisions of the Incentives
in substitution for which they are granted.

 

ARTICLE 15

MISCELLANEOUS PROVISIONS

 

15.1 Investment
Intent. The Company may require that there be presented to and filed with it by any Participant under the Plan, such evidence
as it may deem necessary to establish that the Incentives granted or the Ordinary Shares to be purchased or transferred are being
acquired for investment and not with a view to their distribution.

 

    	 	13	 

     

    

 

15.2 Nonpublicly
Traded Ordinary Shares. In the event a Participant receives, as Restricted Shares or pursuant to the exercise of a Share Option,
Ordinary Shares that are Nonpublicly Traded (as defined herein), the Committee may impose restrictions and conditions on the transfer
or other disposition of those shares. The restrictions and conditions may be reflected in the Award Agreement or in a separate
shareholders’ agreement.

 

15.3 No Right
to Continued Employment. Neither the Plan nor any Incentive granted under the Plan shall confer upon any Participant any right
with respect to continuance of employment by the Company or any Subsidiary.

 

15.4 Indemnification
of Board and Committee. No member of the Board or the Committee, nor any officer or Employee of the Company acting on behalf
of the Board or the Committee, shall be personally liable for any action, determination, or interpretation taken or made in good
faith with respect to the Plan, and all members of the Board and the Committee, each officer of the Company, and each Employee
of the Company acting on behalf of the Board or the Committee shall, to the extent permitted by law, be fully indemnified and
protected by the Company in respect of any such action, determination, or interpretation.

 

15.5 Effect of
the Plan. Neither the adoption of this Plan nor any action of the Board or the Committee shall be deemed to give any person
any right to be granted an Award or any other rights except as may be evidenced by an Award Agreement, or any amendment thereto,
duly authorized by the Committee and executed on behalf of the Company, and then only to the extent and upon the terms and conditions
expressly set forth therein.

 

15.6 Compliance
with Other Laws and Regulations. Notwithstanding anything contained herein to the contrary, the Company shall not be required
to sell or issue Ordinary Shares under any Incentive if the issuance thereof would constitute a violation by the Participant or
the Company of any provisions of any law or regulation of any governmental authority or any national securities exchange or inter-dealer
quotation system or other forum in which Ordinary Shares are quoted or traded; and, as a condition of any sale or issuance of
Ordinary Shares under an Incentive, the Committee may require such agreements or undertakings, if any, as the Committee may deem
necessary or advisable to assure compliance with any such law or regulation. The Plan, the grant and exercise of Incentives hereunder,
and the obligation of the Company to sell and deliver Ordinary Shares, shall be subject to all applicable federal and state laws,
rules and regulations and to such approvals by any government or regulatory agency as may be required.

 

15.7 Lock-up
Agreement. The Company may require that an Award Agreement include a provision requiring a Participant to agree that in connection
with an underwritten public offering of Ordinary Shares, upon the request of the Company or the principal underwriter managing
such public offering, no Ordinary Shares received by the Participant under such Award Agreement may be sold, offered for sale
or otherwise disposed of without the prior written consent of the Company or such underwriter, as the case may be, for 180 days
after the effectiveness of the registration statement filed in connection with such offering, or such longer period of time as
the Board may determine, if all of the Company’s directors and officers agree to be similarly bound. The obligations under
this Section 15.7 shall remain effective for all underwritten public offerings with respect to which the Company has filed a registration
statement on or before the date five (5) years after the closing of the Company’s initial public offering, provided,
however, that this Section 15.7 shall cease to apply to any such Ordinary Shares sold to the public pursuant to an effective
registration statement or an exemption from the registration requirements of the Securities Act in a transaction that complied
with the terms of the applicable Award Agreement.

 

    	 	14	 

     

    

 

15.8
Tax Requirements. The Company shall have the right to deduct from all amounts hereunder paid in cash or other form, any
federal, state, or local taxes required by law (including taxes in the PRC where applicable) to be withheld with respect to such
payments. The Participant receiving Ordinary Shares issued under the Plan shall be required to pay the Company the amount of any
taxes which the Company is required to withhold with respect to such Ordinary Shares (including
the sale of Ordinary Shares as may be required to comply with foreign exchange rules in the PRC for Participants resident in the
PRC).

 

Notwithstanding the
foregoing, in the event of an assignment of a Nonqualified Share Option pursuant to Section 15.9, the Participant who assigns the
Nonqualified Share Option shall remain subject to withholding taxes upon exercise of the Nonqualified Share Option by the transferee
to the extent required by the Code or the rules and regulations promulgated thereunder.

 

Such payments shall
be required to be made prior to the delivery of any certificate representing such Ordinary Shares. Such payment may be made (i)
by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares under (iii)
below) the required tax withholding obligation of the Company; (ii) the actual delivery by the exercising Participant to the Company
of Ordinary Shares that the Participant has not acquired from the Company within six months prior to the date of exercise, which
shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under
(iii) below) the required tax withholding payment; (iii) the Company’s withholding of a number of shares to be delivered
upon the exercise of the Share Option, which shares so withheld have an aggregate fair market value that equals (but does not exceed)
the required tax withholding payment; or (iv) any combination of (i), (ii), or (iii).

 

15.9 Share Option
Assignability. Incentive Share Options may not be transferred, assigned, pledged, hypothecated or otherwise conveyed or encumbered
other than by will or the laws of descent and distribution and may be exercised during the lifetime of the Participant only by
the Participant or the Participant’s legally authorized representative, and each Award Agreement in respect of an Incentive
Share Option shall so provide. The designation by a Participant of a beneficiary will not constitute a transfer of the Share Option.
The Committee may waive or modify any limitation contained in the preceding sentences of this Section 15.9 that is not required
for compliance with Section 422 of the Code.

 

Except as otherwise
provided herein, Nonqualified Share Options may not be transferred, assigned, pledged, hypothecated or otherwise conveyed or encumbered
other than by will or the laws of descent and distribution. The Committee may, in its discretion, authorize all or a portion of
a Nonqualified Share Option granted to a Participant to be on terms which permit transfer by such Participant to (i) the spouse,
children or grandchildren of the Participant (“Immediate Family Members”) and (ii) a trust or trusts for the
exclusive benefit of such Immediate Family Members, provided that (x) there shall be no consideration for any
such transfer, (y) the Award Agreement pursuant to which such Nonqualified Share Option is granted must be approved by the Committee
and must expressly provide for transferability in a manner consistent with this Section, and (z) subsequent transfers of transferred
Nonqualified Share Options shall be prohibited except those by will or the laws of descent and distribution.

 

    	 	15	 

     

    

 

Following any transfer,
any such Nonqualified Share Option shall continue to be subject to the same terms and conditions as were applicable immediately
prior to transfer, provided that for purposes of Articles 8, 9, 11, 13 and 15 hereof the term “Participant”
shall be deemed to include the transferee. The events of Termination of Service shall continue to be applied with respect to the
original Participant, following which the Nonqualified Share Options shall be exercisable by the transferee only to the extent
and for the periods specified in the Award Agreement. The Committee and the Company shall have no obligation to inform any transferee
of a Nonqualified Share Option of any expiration, termination, lapse or acceleration of such Share Option. The Company
shall have no obligation to register with any federal or state securities commission or agency any Ordinary Shares issuable or
issued under a Nonqualified Share Option that has been transferred by a Participant under this Section 15.9.

 

15.10 Use of
Proceeds. Proceeds from the sale of Ordinary Shares pursuant to Incentives granted under this Plan shall constitute general
funds of the Company.

 

15.11 Legend.
Each certificate representing Restricted Shares issued to a Participant shall bear the following legend, or a similar legend deemed
by the Company to constitute an appropriate notice of the provisions hereof (any such certificate not having such legend shall
be surrendered upon demand by the Company and so endorsed):

 

On the face of the certificate:

 

“Transfer of
these shares is restricted in accordance with conditions printed on the reverse of this certificate.”

 

On the reverse:

 

“The shares
evidenced by this certificate are subject to and transferrable only in accordance with that certain Kaixin Auto Group 2018 Equity
Incentive Plan, a copy of which is on file at the principal office of the Company. No transfer or pledge of the shares evidenced
hereby may be made except in accordance with and subject to the provisions of said Plan. By acceptance of this certificate, any
holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said Plan.”

 

The following legend
shall be inserted on a certificate evidencing Ordinary Shares issued under the Plan if the shares were not issued in a transaction
registered under the applicable federal and state securities laws:

 

“Shares represented
by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have been issued
pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered
for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions otherwise in compliance
with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon
an opinion of counsel satisfactory to the Company.”

 

A copy of this Plan
shall be kept on file in the principal office of the Company.

 

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

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF, the
Company has caused this instrument to be executed as of January 31, 2018 by its Sole Director.

 

		Kaixin Auto Group
	 	 	 
	 	 	 
		By:	/s/ Joseph Chen
	 	 	Joseph Chen
	 	 	Sole Director

 

    	 	17Exhibit 4.61

 

POWER
OF ATTORNEY

 

I, Ren Jintao, a citizen of the People's
Republic of China (the “PRC”), PRC ID card number 110102197805152331, hereby irrevocably authorize Shanghai
Renren Automobile Technology Company Limited. (“WFOE”) or the individual or entity that is designated by
WFOE (each, a “Representative”) to the extent permitted by applicable laws of the PRC, as my sole attorney to
singly exercise the following powers and rights during the term of this Power of Attorney (“POA”).

 

I hereby authorize and designate the Representative
to vote on my behalf at the shareholders' meetings of Shanghai Jieying Automobile Sales Co., Ltd. (“PRC Company”)
and exercise the full voting rights as its shareholder as granted to me by law and under the Articles of Association of PRC Company,
including but not limited to, the right to propose the holding of shareholders' meeting, to accept any notification about the holding
and discussion procedure of the meeting, to attend the shareholders' meeting of PRC Company and exercise the full voting rights
(such as to serve as my authorized representative at the shareholders' meeting of PRC Company, to designate and appoint the executive
director or directors of the board of PRC Company and the general manager and to decide the allotment of the profits, etc.), and
to sell or transfer any or all of my equity interest in PRC Company.

 

In exercising the rights and powers provided
hereunder, the Representative shall act with due care and diligence and pursuant to this POA and the applicable laws.

 

The term of this Power of Attorney is ten
(10) years from its date of execution, and shall be automatically terminate upon the assignment of the loan in the principal amount
of Renminbi 49,500,000 from WFOE to the undersigned, to a third party acceptable to WFOE.

 

	 	Nominee: Ren Jintao
	 	 
	 	 /s/ Ren Jintao
	 	Date: August 18 of 2017

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}]]