Document:

EX-10.9

 Exhibit 10.9 

ASTRONOVA, INC. 
 2015
EQUITY INCENTIVE PLAN 
 PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT 

THIS PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Agreement”) is made and entered into as of
                     (the “Grant Date”) by and between AstroNova, Inc. (the “Company”) and
                     (the “Grantee”). 

WHEREAS, the Company has adopted the Company’s 2015 Equity Incentive Plan (the “Plan”) pursuant to which Awards of
Restricted Stock Units may be granted; and 
 WHEREAS, the Committee has determined that it is in the best interests of the Company and its
shareholders to grant the Award of Restricted Stock Units provided for herein. 
 NOW, THEREFORE, the parties hereto, intending to be
legally bound, agree as follows: 
 1.    Restricted Stock Units Awarded. Pursuant to Section 8 of
the Plan, the Company hereby issues to the Grantee on the Grant Date an award consisting of, in the aggregate,                      Restricted Stock
Units (the “Total RSUs”). Each Restricted Stock Unit (each, an “RSU” and, collectively, the “RSUs”) represents the right to receive one share of the Company’s common stock, $0.05 par value (the
“Common Stock”), subject to the terms and conditions of the Agreement and the Plan. The actual number of shares of Common Stock which will be earned and vest may be less than the Total RSUs, or even zero, and will be based on the
actual performance level achieved by the Company with respect to Net Sales (as defined in Section 2 hereof), and the Grantee’s continued employment by the Company or a Subsidiary through the applicable Vesting Date (as defined in Section 4
hereof). 
 2.    Definitions. Any capitalized terms and phrases used in this Agreement but
not otherwise defined herein, shall have the respective meanings ascribed to them in the Plan. For purposes of this Agreement, the following capitalized terms shall have the following meanings: 

“Acquisition Growth” means the year over year increase in Net Sales for the applicable Performance Year that is attributable
to the sale and servicing of products acquired by the Company through the acquisition of a company, business or product line, and not developed internally by the Company, as determined in good faith by the Committee, in its sole discretion.

“Acquisition Growth RSUs” means the Earned RSUs for a Performance Year multiplied by the percentage obtained by dividing
Acquisition Growth for such Performance Year by the Annual Revenue Increase for such Performance Year. 
 “Annual Revenue
Increase” means the amount by which Net Sales for any Performance Year (excluding Net Sales in excess of $                    ) exceeds the
greater of (i) $                     or (ii) the highest level of Net Sales for any prior Performance Year. 

  
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 “Applicable Annual Percentage” means the percentage obtained by dividing the
Annual Revenue Increase for a Performance Year, by the Performance Goal, provided that the sum of the Applicable Annual Percentages for all Performance Years in the Performance Period shall not exceed 100%. 

“Determination Date” means, as to any Performance Year, the date on which the Committee certifies the amount of the Annual
Revenue Increase for such Performance Year and the amount of Net Sales for such Performance Year (if any) that are attributable to Acquisition Growth. 

“Earned RSUs” means, with respect to any Performance Year, the number of RSUs equal to the Total RSUs multiplied by the
Applicable Annual Percentage for such Performance Year. 
 “Net Sales” means the consolidated net sales of the Company and
its Subsidiaries for the applicable period, determined in accordance with United States generally accepted accounting principles, as reported in the Company’s audited financial statements for any Performance Year or, for purposes of determining
Earned RSUs in the event of a Change in Control occurring during the Performance Period, as reported in its unaudited financial statements included in its Quarterly Reports on Form 10-Q. 

“Organic Growth RSUs” means the Earned RSUs for a Performance Year minus the Acquisition Growth RSUs (if any) for such
Performance Year. 
 “Performance Goal” means
$                     million. 

“Performance Period” means
                     through
                    . 

“Performance Year” means each fiscal year of the Company during the Performance Period. 

“Retirement” shall mean the date that the Grantee incurs a “separation from service” within the meaning of Treasury
Regulations, Section 1.409A-1(h)(1), provided that the Grantee has attained the age of sixty-five (65) years prior to such separation from service. 

“Vested RSUs” means Earned RSUs that have vested in accordance with Sections 4 or 7 hereof. 

 

	 	3.	Annual Determination of Earned RSUs.

 (a)    RSUs shall be
earned based on the Company’s annual progress in achieving $                     in annual Net Sales by the end of the Performance Period. As
soon as practicable following the completion of each Performance Year, but no later than the April 15th following the end of a Performance Year, the Committee shall determine and certify in writing the amount of Net Sales, the Annual Revenue
Increase and the Applicable Annual Percentage for such Performance Year and the resulting number of Earned RSUs for such Performance Year (if 

  
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any), and, if the Committee determines, in its sole discretion, that a portion of the Annual Revenue Increase for such Performance Year is attributable to Acquisition Growth, the amount of the
Annual Revenue Increase that constitutes Acquisition Growth and the allocation of Earned RSUs between Organic Growth RSUs and Acquisition Growth RSUs. The Committee may rely on others as the basis for its determination and certification, so
long as such reliance is reasonable under the circumstances. As soon as practicable following the Committee’s certification, the Company shall notify the Grantee of the Committee’s determination. 

(b)    Forfeiture of Unearned RSUs. Except as set forth in Section 3(c) below, the Grantee must be an employee
of the Company or a Subsidiary until the Determination Date following a Performance Year to earn any RSUs for such Performance Year and any RSUs that have not been earned and vested as of the date of the Grantee’s termination of employment with
the Company or any Subsidiary shall be canceled and forfeited. Any RSUs that are not, based on the Committee’s determination, earned by performance as of the end of the Performance Period (or deemed to be earned in connection with a Change
in Control under Section 7 below), shall be canceled and forfeited. 
 (c)    Death, Disability or
Retirement. Notwithstanding any other provision of this Agreement, in the event of the death, Disability (as defined in the Plan) or Retirement of the Grantee during the Performance Period (each, a “Termination Event”),
then: 
 (i)    if such Termination Event occurs during the first six (6) months of a Performance Year,
any RSUs that have not been earned as of the date of the Termination Event shall be canceled and forfeited; and 

(ii)    if such Termination Event occurs during the last six (6) months of a Performance Year, the Grantee
shall be entitled to receive a pro rata portion of the Earned RSUs for such Performance Year that constitute Organic Growth RSUs (based upon the Company’s Annual Revenue Increase for such Performance Year) that the Grantee would have been
entitled to receive if the Grantee had remained employed until the Determination Date for such Performance Year, prorated to the date of the Termination Event; and 

(iii)    if such Termination Event occurs after the end of a Performance Year but prior to the
Determination Date for such Performance Year, the Grantee shall be entitled to receive the portion of the Earned RSUs for such Performance Year that constitute Organic Growth RSUs that the Grantee would have been entitled to receive under Section
3(a) if the Grantee had remained employed by the Company or a Subsidiary until the Determination Date for such Performance Year. 

4.    Vesting of Earned RSUs.

(a)     Subject to Section 7 of this Agreement, the Grantee shall become vested in the right to receive the Earned RSUs as
follows: (i) 100% of the Organic Growth RSUs shall vest on the Determination Date therefor, and (ii) the Acquisition Growth RSUs shall vest in three equal installments commencing on the first anniversary of the Determination Date therefor (each a
“Vesting Date”), provided that, the Grantee is employed on such Vesting Date by the Company or a Subsidiary. Except as provided in Sections 4(b) or 7 hereof, or as the Committee may determine in its sole
discretion, if the Grantee has a termination of employment with the Company for any reason prior to the respective Vesting Date, any Earned RSUs that have not vested in accordance with this Section 4(a) shall be canceled and forfeited.

  
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 (b)    If the Grantee’s termination from employment with the Company is
by reason of a Termination Event, any unvested Earned RSUs (including any RSUs that are determined to be Earned RSUs following the Termination Event in accordance with Section 3(c) hereof) shall vest as follows: (i) Organic Growth RSUs shall become
vested as of the later of the date of such Termination Event or the Determination Date and (ii) any Acquisition Growth RSUs that would have otherwise vested within twelve months of the Termination Event shall become vested as of the date of such
Termination Event. 
 (c)    An employment relationship between the Company and the Grantee shall be deemed to exist
during any period in which the Grantee is employed by the Company or any Subsidiary of the Company. Whether authorized leave of absence, or absence on military or government service, shall constitute termination of the employment relationship
between the Company and the Grantee shall be determined by the Committee at the time thereof. 

5.    Delivery of Stock Certificates.  

(a)    As soon as practicable after the Vesting Date of any Earned RSUs, and consistent with Section 409A of the Code, the
Company shall issue and deliver to the Grantee, or the Grantee’s beneficiary or estate as the case may be, Common Stock representing the number of shares of Common Stock equal to the number of Vested RSUs, shall be issued either (i) in
certificate form or (ii) in book-entry or electronic form, registered in the name of the Grantee. All certificates representing Common Stock shall contain the legend(s) referenced in Section 6 hereof. The number of shares delivered shall
be net of the number of shares withheld, if any, pursuant to Section 10. The Company shall not be required to deliver any fractional share of Common Stock, but will make a cash payment in lieu thereof equal to the Fair Market Value (determined as of
the applicable Vesting Date) of the fractional share to which the Grantee or the Grantee’s beneficiary or estate, as the case may be, is entitled to hereunder. No payment will be required from the Grantee upon the issuance or delivery of shares
of Common Stock except that any amount necessary to satisfy applicable federal, state or local tax requirements shall be withheld or paid promptly in accordance with Section 10. 

(b)    If the Grantee is deemed a “specified employee” within the meaning of Section 409A of the Code, as
determined by the Committee, at a time when the Grantee becomes eligible for settlement of the RSUs upon his “separation from service” within the meaning of Section 409A of the Code, then to the extent necessary to prevent any accelerated
or additional tax under Section 409A of the Code, such settlement will be delayed until the earlier of: (a) the date that is six months following the Grantee’s separation from service and (b) the Grantee’s death. 

  
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 6.    Transfer Restrictions.

(a)    Absent prior written consent of the Committee, the Award granted hereunder to the Grantee may not be sold, assigned
transferred, pledged or otherwise encumbered, whether voluntarily or involuntarily, by operation of law or otherwise. 

(b)    Except for authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise
issuable or deliverable to the Grantee as a result of the vesting of the RSU, as permitted by Section 10(b)(ii), the Grantee may not sell, transfer, pledge or otherwise encumber more than fifty percent (50%) of the Common Stock issued upon vesting
of the RSUs unless and until the Grantee meets the ownership level of Common Stock specified for such Grantee in the Company’s Stock Ownership and Retention Guidelines, as the same may be amended from time to time in the discretion of the
Board, provided, however, such restrictions shall lapse upon the death or Disability of the Grantee. Any and all certificates representing shares of Common Stock issued hereunder shall have appropriate legends evidencing such transfer restrictions.

 7.    Change In Control.  

(a)    Notwithstanding anything herein to the contrary, in the event that a Change in Control (as defined in the Plan)
occurs during the Performance Period, the number of Earned RSUs shall be calculated as follows: Any unearned RSUs would be deemed earned based on upon the Projected Net Sales as of the end of the Performance Period, as determined by the Committee in
its sole discretion. “Projected Net Sales” means the estimated Net Sales for the fiscal year ending                     
(“Fiscal                     ”), calculated by applying the average annualized rate of increase in Net Sales from
                     through the fiscal quarter ended immediately preceding the Change in Control for the balance of the Performance Period.

(b)    By way of example (and for no other purpose): 

(i)    Assume that the Change in Control occurs following the 6th fiscal quarter in the Performance Period
(i.e., the second quarter of the fiscal year ending January 31, 2017) and Net Sales for the fiscal year ended January 31, 2016 (“Fiscal 2016”) were $100 million (representing a 13.25% annual rate of increase) and Net Sales for the
first two quarters of the fiscal year ended January 31, 2017 (“Fiscal 2017”) were $55 million (representing a 10% annualized rate of increase), then (A) the average annual rate of increase in Net Sales over such 6-quarter period
would be 11.625%, resulting in Projected Net Sales for Fiscal 2018 of $124 million, or a total projected increase of $35.7 million during the Performance Period, which equates to 57.86% of the Performance Goal (124-88.3=35.7; 35.7/61.7=57.86%); (B)
18.96% of the RSUs would have been earned with respect to Fiscal 2016 (100-88.3=11.7; 11.7/61.7=18.96%); (C) an additional 38.9% of the RSUs would be earned on the Change in Control (124-100=24; 42/61.7=38.9%); and (D) the balance of the RSUs
(42.14%) would be forfeited. 
 (ii)    Assume instead, that the Change in Control occurred during the
first quarter of Fiscal 2017 and Net Sales for Fiscal 2016 were $105 million, representing an 18.91% annual rate of increase, then (A) the average annual rate of increase in Net Sales over the 4-quarter period
would be 18.91%, resulting in Projected Net Sales for Fiscal 

  
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2018 of $148.5 million, representing a total projected increase of $60.2 million during the Performance Period, which equates to 97.5% of the Performance Goal (148.5-88.3=60.2; 60.2/61.7=97.5%);
(B) 27.07% of the RSUs would have been earned based upon Fiscal 2016 Net Sales (105-88.3=16.7; 16.7/61.7=27.07%); (C) an additional 70.50% of the RSUs would be earned on the Change in Control (148.5-105=43.5; 43.5/61.7=70.50%; and (D) the balance of
the RSUs (2.43%) would be forfeited. 
 (c)    Notwithstanding anything herein to the contrary, upon a Change in
Control, any Earned RSUs (including RSUs deemed earned as provided in Sections 3(c) and Section 7(a) hereof), shall immediately vest. 

8.     Rights as Shareholder. The Grantee shall not have any rights of a shareholder of the
Company holding shares of Common Stock, unless and until the RSUs vest and are settled by the issuance of such shares of Common Stock. Notwithstanding the foregoing, with respect to any Vested RSUs, the Grantee shall have the right to participate in
any dividend of the Common Stock that has a record date on or after the Vesting Date for such RSUs. 

9.    Adjustments. If any change is made to the outstanding Common Stock or the
capital structure of the Company, if required, the RSUs shall be adjusted as contemplated by Section 11.2 of the Plan. 

10.    Tax Liability and Withholding. 

(a)    The Grantee acknowledges and agrees that the Company and its Subsidiaries have the right to deduct from payments of
any kind otherwise due to Grantee any federal, state or local taxes of any kind required by law to be withheld with respect to the grant of RSUs or vesting of Earned RSUs hereunder. 

(b)    The Committee may permit the Grantee to satisfy any federal, state or local tax withholding obligation by any of
the following means, or by a combination of such means: 
  

	 	(i)	tendering a cash payment. 

  

	 	(ii)	authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable or deliverable to the Grantee as a result of the vesting of Earned RSUs; provided, however, that no
shares of Common Stock shall be withheld with a value exceeding the minimum amount of tax required to be withheld by law. 

  

	 	(iii)	delivering to the Company previously owned and unencumbered shares of Common Stock. 

 Any shares of Common
Stock withheld in accordance with this Section 10 shall be treated as if issued and sold by the Grantee when determining the share retention requirements applicable to the Grantee under the share ownership and/or retention requirements of this
Agreement (including Section 6 hereof) and/ or guidelines of the Company. 

  
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 (c)    Notwithstanding any action the Company takes with respect to any or
all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and the Company (i) makes no
representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting or settlement of the RSUs or the subsequent sale of any shares; and (i) does not commit to structure the RSUs to reduce or
eliminate the Grantee’s liability for Tax-Related Items. 
 11.    Compliance with
Law. The issuance and transfer of shares of Common Stock shall be subject to compliance by the Company and the Grantee with all applicable requirements of federal and state securities laws and with all applicable
requirements of any stock exchange on which the Company’s shares of Common Stock may be listed. No shares of Common Stock shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory
agencies have been fully complied with to the satisfaction of the Company and its counsel. 

12.    Acceptance by Grantee. The Grantee hereby acknowledges receipt of a copy of
the Plan and this Agreement. The Grantee has read and understands the terms and provisions thereof, and accepts the RSUs subject to all of the terms and conditions of the Plan and this Agreement. The Grantee acknowledges that there may be adverse
tax consequences upon the vesting or settlement of the RSUs or disposition of the underlying shares and that the Grantee has been advised to consult a tax advisor prior to such vesting, settlement or disposition. 

13.    Notices. Any notice hereunder to the Company shall be addressed to it at its
office, 600 East Greenwich Avenue, West Warwick, Rhode Island 02893, and any notice hereunder to the Grantee shall be addressed to the Grantee at the address reflected on the records of the Company, subject to the right of either party to designate
at any time hereafter in writing some other address. 

14.    Interpretation. Any dispute regarding the interpretation of this Agreement
shall be submitted by the Grantee or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Grantee and the Company. 

15.    Rhode Island Law to Govern. This Agreement shall be construed and administered in
accordance with and governed by the laws of the State of Rhode Island. 
 16.    Successors and
Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein,
this Agreement will be binding upon the Grantee and the Grantee’s beneficiaries, executors, administrators and the person(s) to whom the RSUs may be transferred by will or the laws of descent or distribution. 

17.    Discretionary Nature of Plan. The Plan is discretionary and may be amended, cancelled or
terminated by the Company at any time, in its discretion. The grant of the RSUs in this Agreement does not create any contractual right or other right to receive any RSUs or other Awards in the future. Future Awards, if any, will be at the sole
discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Grantee’s employment with the Company. 

  
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 18.    Section 409A. This Agreement is intended to
comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding
the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties,
interest or other expenses that may be incurred by the Grantee on account of non-compliance with Section 409A of the Code. 

19.    Clawback. The Common Stock received under this Agreement constitutes
incentive compensation. The Grantee agrees that any Common Stock received with respect to this Agreement will also be subject to any clawback/forfeiture provisions required by any law, now or in the future, applicable to the Company, including,
without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and/or any applicable regulations or listing standards and/or policy adopted by the Company. 

20.     Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed
an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic
means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized
officer and the Grantee has executed this Agreement as of the day and year first above written. 
  

			
	ASTRONOVA, INC.
		
	By:	 	 
	 Name:
 Title:
	 	
	
	 
	Grantee

  
 9Exhibit 10.1

 

Employment
Agreement

 

This
Employment Agreement (this “Agreement”) is entered into in Urumqi, Xinjiang, China on September 9, 2016 by
and between:

 

Party
A: China Lending Corporation (“the Company”)

Address:
11th Floor, Satellite Building, 473 Satellite Road, Economic Technological Development Zone, Urumqi, Xinjiang, China, 830000

Legal
Representative: Li Jingping, President and Chief Executive Officer

 

Party
B: Li Jingping

Address:
T-F-15 at Green Town, Shuimogou District, Urumqi, Xinjiang, China

 

	Chapter
    1	General
    Provisions

 

	1.	Pursuant
                                         to the Labor Law of the People’s Republic of China, the Labor Contract Law of the
                                         People’s Republic of China and other relevant provisions, the parties hereto have,
                                         after mutual discussions and consultations and careful consideration and adequate communications
                                         and understanding, reached the following terms and conditions:

 

	Chapter 2	Term

 

	2.	This
                                         Agreement shall have an initial term commencing on September 9, 2016 and ending on December
                                         31, 2016, and shall, subject to Chapter 10 below, automatically renew for successive
                                         one year periods.

 

	Chapter 3	Scope
of Work

 

	3.	According
                                         to Party A’s work requirements, Party B agrees to assume the position of President
                                         and Chief Executive Officer (to carry out works relating to the listed company).
                                         With respect to Party B’s job duties, work assignments, responsibility goals, job
                                         disciplines, relevant management policies, etc., the rules formulated by Party A for
                                         that job and other relevant provisions shall apply.

 

	Chapter 4	Party
B’s Obligations

 

	4.	Party
                                         B agrees that, in addition to the obligations and responsibilities set forth herein,
                                         he or she shall also:

 

	4.1.	Within
                                         the specified work hours, contribute his or her time, energy and skills exclusively in
                                         fulfilling the obligations established by Party A and effectively performing his or her
                                         duties, in order to exert best efforts to ensure the successful completion of Party A’s
                                         assignments; and

 

	4.2.	Comply
                                         with the provisions of this Agreement, Party A’s internal rules and policies and
                                         relevant laws and regulations, fulfill his or her duties to Party A, and not to engage
                                         in any activities that harm Party A’s interests or to abuse his or her position
                                         or duties at Party A to directly or indirectly seek personal benefits.

 

	Chapter 5	Primary
Work Location, Work Hours, Labor Protection and Work Conditions

 

	5.	Party
                                         B shall principally work at the Party’s A headquarters located in Urumqi, Xinjiang,
                                         China and other cities. Party A shall be required to work Monday through Friday
                                         from 10:00 a.m. to 7:00 p.m. Party B’s work hours shall be mainly
                                         for the purpose of meeting the needs of the listed company. CEO may change work hours
                                         for the needs of the listed company.

 

	6.	Party
                                         A shall provide Party B with proper work conditions and facilities and labor protection
                                         up to the local government’s standards. Party B shall comply with Party A’s
                                         labor safety policies.

 

	7.	Party
                                         A is responsible for arranging education and trainings to Party B with respect to professional
                                         skills, labor safety and
hygiene policies and the Company’s articles of association.

 

     

     

    

 

	8.	Party
                                         A shall reimburse Party B’s business travel, entertainment and other expenses incurred
                                         for work purposes, for which Party B is obligated to completely provide supporting voucher
                                         documents.

 

	Chapter 6	Remunerations

 

	9.	Party
                                         B’s total remunerations include monthly cash payments and performance bonus portion.

 

	9.1.	Monthly
                                         payments. Party A will deposit the RMB 78,750 due for each month on the tenth
                                         day of the next month to a personal account designated by Party B in PRC, subject to
                                         Party B’s individual performance review and Party A’s performance as a company
                                         on the whole.

 

	9.2.	Performance
                                         bonus. Party A shall pay to Party B an annual bonus in the amount of RMB 607,500,
                                         payable in January of the next year, subject to Party A’s Compensation Committee’s
                                         satisfaction of Party B’s annual performance review and Party A’s performance
                                         as a company on the whole.

 

	Chapter 7	Benefits
and Holidays

 

	10.	Party
                                         B shall be entitled to the China public holidays and statutory holidays. Party B who
                                         is required to work on public holidays will be compensated by alternative day(s) off
                                         as substitution.

 

	10.1.	Annual
                                         Leave. Party B is entitled to the paid annual leave pursuant to Party A’s vacation
                                         policy.

 

	10.2.	Sick
                                         Leave must be certified by a registered doctor.

 

	10.3.	Unauthorized
                                         Absences. Without prejudice to the other rights of Party A, Party A may deduct the equivalent
                                         amount of basic daily salary from Party B’s salary for every day of absence from
                                         employment without the prior permission of Party A.

 

	Chapter 8	Labor
Disciplines

 

	11.	Party
                                         B shall comply with Party A’s lawfully formulated labor disciplines and the Company’s
                                         articles of association, strictly abide by Party A’s instructions and decisions,
                                         safeguard all the assets of Party A and observe professional ethics.

 

	12.	If
                                         Party B violates any relevant laws, labor disciplines or the Company’s articles
                                         of association which results in any economic losses to Party A, Party A may impose penalties
                                         on Party A pursuant to the relevant provisions.

 

	13.	In
                                         the event of any economic losses caused to Party A due to Party B’s violation of
                                         relevant laws, labor disciplines or the Company’s articles of association, Party
                                         A has the right to claim compensation from Party B for the losses.

 

	14.	Party
                                         A has the right to make reasonable modifications to the labor disciplines and the Company’s
                                         articles of association according to its business needs, provided that Party A shall
                                         inform Party B in the forms regarded as proper by Party A, which forms include but not
                                         limited to notification, public announcement, e-mail and memorandum.

 

	15.	Party
                                         B shall not hold any concurrent position at any other enterprise or organization during
                                         the period of his employment with Party A, unless with the permission of Party A. All
                                         service inventions, creations, developments, designs, renovations, production results
                                         made by Party B during the period of his or her employment shall be owned by Party A,
                                         and all intellectual property rights obtained therefrom, including but not limited to
                                         patent rights, copyrights and non-patent technologies, shall be owned by Party A.

 

    	 	2	 

     

    

 

	Chapter 9	Confidentiality
Obligations

 

	16.	Party
                                         B shall keep confidential Party A’s proprietary information and confidential information
                                         concerning Party A and its subsidiaries and affiliates and its and their respective businesses
                                         including without limitation, confidential information regarding suppliers, customers,
                                         products, and marketing and pricing data, as long as such information is not publicly
                                         disclosed, except as required either by law or by a court of competent jurisdiction,
                                         and shall comply with Party A’s relevant confidentiality policies. Unless as required
                                         either by law or by a court of competent jurisdiction or subject to prior written consent
                                         from Party A, Party B shall not use, or disclose to any third party, any materials or
                                         information of Party A.

 

	17.	Non-compete.
                                         During the term of Party B’s employment hereunder and for a term of two years following
                                         termination, Party B shall not initiate, directly or indirectly, on his own behalf or
                                         on behalf of any person, contact with any person who is or was a customer of Party A
                                         within the twelve (12) month period preceding the termination of Party B’s employment
                                         hereunder, or who was a prospective customer of Party A with whom Party B had dealings
                                         with in the twelve (12) month period preceding the termination of Party B’s employment,
                                         for the purpose of conducting any business which is the same as or which competes with
                                         any part of the business of Party A with which Party B was involved.

 

	18.	Party
                                         B agrees that Party A shall, according to any reasonable operational needs, whether direct
                                         or indirect, have the right to disclose Party B’s personal information, including
                                         but not limited to his or her name, address, nationality, position, and salary, this
                                         Agreement and the renewals and changes thereof.

 

	Chapter 10	Change
and Termination of Agreement

 

	19.	If
                                         any laws and regulations applicable for this Agreement is amended, the corresponding
                                         portions hereof or annexes hereto shall be amended accordingly. In the event of any material
                                         change to, or any conflict with relevant Chinese laws and regulations by, any objective
                                         condition on which the entry into the Agreement was based, which makes the performance
                                         of the Agreement impossible, the parties may, after friendly consultation, change the
                                         relevant portions of the Agreement pursuant to the relevant laws and regulations.

 

	20.	In
                                         the occurrence of following circumstances, Party A has the right to unilaterally terminate
                                         this Agreement without a prior written notice, provided that Party A shall inform Party
                                         B of such termination decision, and the termination shall take effect immediately:

 

	20.1.	Party
                                         B materially violates the Company’s labor disciplines or rules and policies (including
                                         but not limited to labor disciplines and the Company’s articles of association);

 

	20.2.	Party
                                         B commits gross negligence or engages in malpractices for selfish ends, thereby causing
                                         material losses to Party A;

 

	20.3.	Party
                                         B establishes employment relationship concurrently with any other employer, thereby causing
                                         material impact on the completion of Party A’s work assignments;

 

	20.4.	Party
                                         B uses such means as fraud, coercion or taking advantage of other’s unfavorable
                                         position to cause the execution or change of the Agreement by Party A against its genuine
                                         will, thus leading to void the Agreement;

 

	20.5.	Party
                                         B is held criminally liable pursuant to the law.

 

	21.	During
                                         the term of this Agreement, Party A may terminate this Agreement at any time by giving
                                         Party B 60-day prior written notice.

 

	22.	During
                                         the term of the Agreement, Party B has the right to resign and terminate the Agreement,
                                         provided that he or she shall give a 60-day prior written notice to Party A.

 

    	 	3	 

     

    

 

	23.	Immediately
                                         upon termination of the Agreement, Party B shall cease its engagement in any activities
                                         in Party A’s name or complete any business as Party A so requested, and shall settle
                                         all the accounts. Party B shall, within 3 days of the termination hereof, return all
                                         of Party A’s assets that are in Party B’s possession and deliver all the
                                         documents and files (including but not limited to any written documents and electronic
                                         documents). Party A will handle the departure formalities for Party B after Party A’s
                                         confirmation and issue a departure consent letter. If Party B fails to complete the said
                                         transfer formalities, Party A may refuse to handle the departure formalities for Party
                                         B.

 

	Chapter 11	Economic Compensation and Indemnification

 

	24.	If
                                         Party B terminates this Agreement in violation of any provisions hereof, he or she shall,
                                         pursuant to the provisions of laws and regulations, compensate for the losses caused
                                         to Party A due to such termination.

 

	Chapter
    12	Resolution of
Labor Disputes

 

	25.	Any
                                         dispute arising from the interpretation and performance hereof shall be resolved through
                                         friendly consultation by the parties. If such friendly consultation fails, either or
                                         both of the parties may, within one year of the occurrence of the dispute, submit it
                                         for arbitration by a labor dispute arbitration committee having jurisdiction over the
                                         dispute. In case the parties have no disagreement as to the arbitral award rendered by
                                         such labor dispute arbitration commission, such arbitral award is final and binding upon
                                         the parties. In case the parties refuse to accept the arbitration award made by that
                                         labor dispute arbitration committee, they may file an action with a court of jurisdiction.

 

	Chapter
    13	Miscellaneous

 

	26.	The
                                         invalidity or non-enforceability of any provision shall not affect the validity of any
                                         other provisions hereof.

 

	27.	Either
                                         party’s failure to perform, or delay in performance of, any of the rights hereunder
                                         shall not constitute a waiver of such right.
	 	 

	28.	In
                                         the case of any discrepancy between this Agreement and any related laws and regulations,
                                         the provisions of such laws and regulations shall prevail.

 

	29.	This
                                         Agreement shall become effective upon signing and affixation of seals by both parties
                                         on the date first written above.

 

    	 	4	 

     

    

 

	Party
    A: China Lending Corporation	 	Party
    B: Li Jingping
	 	 	 
	By:	/s/
    Chan Sung Him Stephen	 	By:	/s/
    Li Jingping
	Name:	Chan
    Sung Him Stephen	 	 	 
	Its:	Chief
    Financial Officer	 	 	 

 

 

5

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