Document:

ex_263387.htm

 

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT BETWEEN LAWRENCE LEHOUX AND CEN BIOTECH, INC.

 

This Executive Employment Agreement ("Agreement") is entered into as of July 9, 2021, by and between CEN Biotech, Inc. (the "Company"), and Lawrence Lehoux (the "Executive") and effective as of July 9, 2021 (the "Effective Date"). The parties believe it to be in their best interest to document the terms of the Executive's employment with the Company as follows:

 

In consideration of the employment of the Executive by the Company and the mutual agreements in this Agreement, the Executive and the Company agree as follows:

 

1.        Term of Agreement: The term of the Executive's employment pursuant to this Agreement shall commence as of the Effective Date and shall continue for an indefinite period (the "Term), subject to termination in accordance with the provisions hereof.

 

2.        Employment Position/ Duties and Restrictions:

 

a.    During the Term, the Company agrees to employ the Executive and the Executive hereby accepts employment with the Company as its Chief Technology Officer subject to the general supervision, advice and direction of the Company's President, and subject to the terms and conditions of this Agreement. The Executive's authority, duties and responsibilities shall be consistent with such authority, duties and responsibilities as are customary for this position, including, without limitation: overseeing assigned aspects of the Company's domestic and international operations; support the further developing, refining and implementing the Company's growth plans as assigned; and contribute to the Company's domestic and international acquisitions and investments as assigned. Executive shall also perform such other services and duties as the President may from time-to-time designate at its sole discretion.

 

b.

 

c.    During the Term, the Company agrees that Executive may be nominated for election to the Board.

 

d.    Executive shall serve the Company, devote his full working time and attention to his duties, promote the interests of the Company and follow the reasonable and lawful instructions of the Board. Executive shall carry out his duties in a manner consistent with and in compliance with all present and future requirements and limitations of all applicable federal and provincial laws and regulations.

 

e.    Executive agrees that he shall at all times observe and be bound by all proper rules, policies, procedures, practices, and resolutions adopted, or to be adopted, by the Company which are generally applicable to the Company's officers and employees and which do not otherwise conflict with this Agreement.

 

f.    Executive shall not engage in any other business that would interfere with his duties, provided that nothing contained herein is intended to limit Executive's right to:

 

(i)    continue his involvement with organizations with which he was involved prior to the date of execution of this Agreement provided such entity is not a direct competitor of the Company and that his involvement will not interfere or conflict with his duties hereunder; and

 

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(ii)    following the execution of this Agreement, but subject to the prior written consent by the Board, become involved with another business, provided such entity is not a direct competitor of the Company and that his involvement will not interfere or conflict with his duties hereunder.;

 

(iii)    make passive investments in the securities of publicly-owned companies or other businesses which will not interfere or conflict with his duties;

 

(iv)    serve on corporate, civic or charitable boards or engage m charitable activities without remuneration therefore; and

 

(v)    with the prior written consent of the Company's Chairman, sit on the Board of one other company, provided that it is not a direct competitor of the Company.

 

g.    The Company shall, to the maximum extent not prohibited by law, indemnify and hold the Executive harmless for any acts or decisions made by the Executive in the course of fulfilling his responsibilities on behalf of the Company provided he has acted in good faith and in a manner the Executive reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding relating to his conduct in respect of Company matters, had no reasonable cause to believe his conduct was unlawful.

 

	
			3.

				
			Incentive Stock.

			

 

a.    The board of the Company may, from time to time and in its sole discretion, award the Executive additional restricted stock, stock options or other equity based consideration, with any such awards being subject in each case to the applicable agreements governing such award.

 

	
			4.

				
			Ongoing Compensation and Benefits:

			

 

a.    Base Salary: The Executive shall receive an annual base salary ("Base Salary") of Thirty One Thousand Two Hundred Dollars ($31,200.00) payable in accordance with the Company's regular payroll practices, as established from time to time. During the Term, the Company shall periodically review the Executive's Base Salary but, in any event, no less than on an annual basis, taking into consideration such factors as market trends, internal considerations and job performance, and may (but is not obligated to) increase, but not decrease, the annual Base Salary upon such review.

 

b.    Employee Benefits: The Executive may participate in the Company's employee welfare, benefit, retirement and programs and policies that are in effect and generally available to the other senior executives of the Company, including any profit sharing or employee stock purchase, group life, health, hospitalization and disability insurance plans and paid time off (collectively the "Benefit Plans"). The Executive's participation in the Benefit Plan will be subject to the terms and conditions of each Benefit Plan, including eligibility and compliance requirements.

 

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c.    Other Benefits:

 

(i)    Travel - In accordance with the policies of the Company in effect from time to time, the Company shall pay for or reimburse the Executive for all documented business­ related expenses incurred by the Executive in the performance of his duties, including travel expenses, in accordance with the Company's policies and on the same basis as paid, advanced or reimbursed to the Company's other senior executives.

 

(ii)    Work Visas and Permits - The Company shall pay for and secure any necessary work visas or permits reasonably required by the Executive to perform his duties.

 

(iii)    Professional Development and Training - The Company shall pay for or reimburse the Executive for any reasonable professional development or training.

 

(iv)    Paid Time Off - The Executive shall be entitled to:

 

(1)    public holidays in accordance with the Employment Standards Act, 2000 (the "ESA") and, in any event, no less than the same number of holidays and sick days as are generally allowed to executive officers of the Company, and

 

(2)    the greater of (A) four (4) weeks of paid vacation per twelve (12) months' plus ten (10) personal days or (B) the ESA minimum required paid vacation. Except to the extent prohibited by the ESA, vacation days not taken cannot be carried over to a subsequent vacation year and un-used portions are not convertible to cash.

 

(v)    Additional Compensation - In connection with the sale of the Company or any other transaction constituting a Change in Control (defined below) or a strategic transaction, the Board may, but shall not be obligated, to provide the Executive with additional compensation (including, but not limited to additional stock options or restricted stock) for services outside of general scope of duties and responsibilities of the Executive.

 

	
			5.

				
			Termination.

			

 

a.    Definitions. For purposes of this Agreement:

 

(i)       "Cause" means the occurrence of any event constituting just cause at law including, without limitation, the following:

 

(1)    an intentional tort (excluding any tort relating to a motor vehicle) which causes substantial loss, damage or injury to the property or reputation of the Company or its subsidiaries;

 

(2)    continued or repeated gross neglect of the Executive's reasonable duties (for a reason other than illness or incapacity) which is not cured within ten (10) days after written notice thereof by the Board to the Executive.

 

(3)    the disregard of written, material policies of the Company or its subsidiaries which causes a material loss, damage or injury to the property or reputation of the Company or its subsidiaries which is not cured within ten (10) days after written notice thereof by the Board to the Executive;

 

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(4)    any material breach of the Executive's ongoing obligation not to disclose confidential information and not to assign intellectual property developed during employment which, if capable of being cured, is not cured within ten (10) days after written notice thereof is given by the Board to the Executive; or

 

(5)   any substantial willful act which has a material harmful effect on the Company.

 

(ii)     "Change in Control" means the occurrence of any of the following in one or a series of related transactions: (A) an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(l) under the Exchange Act) of more than one-half (1/2) of the voting rights or equity interests in the Company; (B) a replacement of more than one-half (1/2) of the members of the Board in a twelve (12) month period in a single election of directors that is not approved by at least a majority of (1) those individuals who were members of the Board on the date hereof, (2) those individuals who were nominated or appointed to the Board by at least a majority of such members of the Board (collectively, the persons referenced in clauses (1) and (2) shall be referred to herein as the "Incumbent Directors"), and (3) any member of the Board who was nominated or appointed by a majority of the Incumbent Directors at the time of such nomination or appointment; (C) a merger or consolidation of the Company or any affiliate thereof in one or a series of related transactions, unless following such transaction or series of transactions, the holders of the Company's securities prior to the first such transaction continue to hold at least one-half of the voting rights and equity interests in the surviving entity; (D) a sale of all or substantially all of the assets of the Company and its subsidiaries on a consolidated basis; (E) a recapitalization, reorganization or other transaction involving the Company or any affiliate thereof that constitutes or results in a transfer of more than one-half (1/2) of the voting rights or equity interests in the Company, unless following such transaction or series of transactions, the holders of the Company's securities prior to the first such transaction continue to hold at least one-half (1/2) of the voting rights and equity interests in the surviving entity or acquirer of such assets and one-half (1/2) or more of the Board remain the same; or (F) the execution by the Company or its controlling shareholders of an agreement providing for or reasonably likely to result in any of the foregoing events.

 

(iii)    "COBRA" means the U.S. Consolidated Omnibus Budget Reconciliation Act.

 

(iv)    "Disability" means the inability of the Executive to substantially perform the Executive's usual duties (provided, however, that the Company acknowledges its obligations to provide reasonable accommodation to the extent required by applicable law) for a period of sixty (60) consecutive days or any period of ninety (90) days in any 180 day period, in each case, excluding vacation leave and personal days and any holidays. In the event of a dispute between the parties hereto with respect to said Disability, the Executive shall be required to submit to a reasonable examination by a physician mutually chosen by the Company and the Executive, the cost of which shall be paid by the Company, and whose determination shall be binding upon the parties. Subject to applicable law, the Executive shall sign and deliver such documents reasonably requested by such physician to so permit such physician to provide a report including such determination to the Company and any other person reasonably necessary in connection with the resolution of such dispute.

 

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(v)      "Good Reason" means:

 

(1)    a material diminution in the Executive's Base Salary below the amount to which he was entitled as of the Effective Date or as increased during the course of his employment with the Company, excluding one or more reductions (totaling no more than 20% in the aggregate) generally applicable to all senior executives provided, however, that such exclusion shall not apply if the material diminution in the Executive's Base Salary occurs within (A) 60 days prior to the consummation of a Change in Control where such Change in Control was under consideration at the time the Executive provided notice of the occurrence of the event he alleges constitutes Good Reason and his desire to tem1inate his employment with the Company on account of such as required herein, below or (B) twelve (12) months after the date upon which such a Change in Control occurs;

 

b.    Rights of Termination. This Agreement may be terminated as follows:

 

(i)    By the Executive Resigning Without Good Reason. The Executive has the right at any time on a minimum of thirty (30) days' prior written notice to advise the Company that he is resigning his employment. In the event of termination of this Agreement by the Executive by resignation without Good Reason, no sums shall be payable by the Company except for: (i) any unpaid Base Salary through the effective date of resignation, and (ii) reimbursement for any expenses for which the Executive has not theretofore been reimbursed

 

(ii)    By the Executive for Good Reason. Following an event which constitutes Good Reason, the Executive has the right, subject to the provisions of this Section, to terminate his employment and receive from the Company those payments, benefits and perquisites as if the Company had terminated his employment without cause. As a pre-condition of the Executive's ability to terminate his employment with the Company on account of Good Reason, he must provide notice of the occurrence of the event he alleges constitutes Good Reason and his desire to terminate his employment with the Company on account of such within ninety (90) days following the initial existence of the condition he alleges constitutes Good Reason. The Company will have a period of thirty (30) days following receipt of such notice to cure or revoke the condition constituting Good Reason. If the Company does not cure or revoke the event constituting Good Reason within such thirty (30) day period, the Executive's termination date shall be the day immediately following the end of such thirty (30) day period, unless the Company provides for an earlier termination date.

 

(iii)    By the Company for Cause. The Company may terminate this Agreement and the Executive's employment hereunder for Cause by written notice to the Executive. In the event of termination of this Agreement by the Company for Cause, no sums shall be payable by the Company except for: (i) any unpaid Base Salary through the date of termination, (ii) reimbursement for any expenses for which the Executive has not theretofore been reimbursed and (iii) only if the act of Cause does not constitute willful misconduct, disobedience or willful neglect of duty that is not trivial and has not been condoned by the Company, any other amount due under the ESA for termination pay or severance pay.

 

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(iv)    By the Company for Death or Disability.

 

(1)    In the event the Company terminates the Executive's employment as a result of the Disability of the Executive, the Company shall give fifteen (15) days' advance written notice to that effect to the Executive.

 

(2)    In the event of termination of this Agreement as a result of the death or Disability of the Executive where such death or Disability was the direct or proximate cause from the Executive conducting the Company business, no sums shall be payable by the Company thereafter except for: (A) any unpaid Base Salary through the date of termination; (B) reimbursement for any expenses for which the Executive shall not have theretofore been reimbursed; (C) the Company shall continue to pay to the Executive (or the estate of the Executive) his Base Salary for a period of [one (1) year] (the "On-Duty Severance Period"), payable in accordance with the Company's regular payroll practices, as established from time to time; (D) if Executive is a qualified beneficiary under COBRA, pay to the Executive (or the Executive's eligible dependents) COBRA continuation coverage premiums, including coverage for Executive's eligible dependents, in the event the Executive elects such coverage, for the On-Duty Severance Period, and in the event that the COBRA continuation expires prior to the expiration of the On-Duty Severance Period, an amount equal to such COBRA continuation premiums for the remaining months in the On-Duty Severance Period; (E) other than in the event of death, maintain, to the extent permitted under the applicable insured benefit plan, the employer portion of the premium for the benefits to which the Executive was entitled as of the date of termination for the duration of the On-Duty Severance Period; and (F) all Restricted Stock previously issued to the Executive shall automatically vest.

 

(3)    In the event of termination of this Agreement as a result of the death or Disability of the Executive where such death or Disability was other than the direct or proximate cause from the Executive conducting the Company business, no sums shall be payable by the Company thereafter except for: (A) any unpaid Base Salary through the date of termination; (B) reimbursement for any expenses for which the Executive shall not have theretofore been reimbursed; (C) any benefits and other matters required by applicable law, including the ESA; and (D) if the Executive is a qualified beneficiary under COBRA, COBRA continuation coverage premiums, including coverage for the Executive's eligible dependents, in the event the Executive elects such coverage, for a period of six (6) months after the date of employment termination (the "Disability Coverage Period"), and in the event that the COBRA continuation expires prior to the expiration of the Disability Coverage Period, an amount equal to such COBRA continuation premiums for the remaining months in the Disability Coverage Period.

 

(v)      By the Company Without Cause. The Company may terminate this Agreement and the Executive's employment hereunder at any time without Cause and the Executive may terminate this Agreement for Good Reason, and in either case the Executive and the Company agree as follows:

 

(1 ) no sums shall be payable by the Company thereafter except that: (i) the Company shall continue to pay to the Executive his Base Salary for a period of one (1) year (the "Severance Period"), payable in accordance with the Company' s regular payroll practices, as established from time to time, (ii) to the extent permitted under the applicable insured benefit plans, the Company shall maintain the employer portion of the premium for the benefits which the Executive then enjoys for the Severance Period, (iii) all Restricted Stock previously issued to the Executive shall automatically vest, and (iv) reimbursement for any expenses for which the Executive has not theretofore been reimbursed.

 

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(vi) Release Notwithstanding anything in this Agreement to the contrary, except for amounts required to be paid pursuant to the ESA, any other payments, benefits or perquisites payable by the Company to the Executive upon termination of employment is conditional on the Executive executing a release reasonably acceptable in form and substance to the Company, of and from any and all claims that the Executive has, or may have, against the Company relating to the Executive's employment with, and the termination of that employment by, and services to, the Company, other than claims arising under this Agreement and claims which cannot be waived under applicable law.

 

6.    No Mitigation Obligation. Executive shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for herein be reduced by any compensation earned by other employment or otherwise.

 

7.    Tax Matters. The Company may withhold from any amounts payable under this Agreement all federal, provincial, city or other taxes as the Company is required to withhold pursuant to any applicable law, regulation or ruling.

 

8.    Compliance with Section 409A; Deferral of Certain Payments. Notwithstanding anything herein to the contrary, where applicable in respect of the residency of the Executive, this Agreement shall at all times be operated in accordance with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"). In particular, and without limiting the generality of the foregoing: (a) if any action taken hereunder in connection with any stock right, including the vesting, extension or renewal of the stock right, would result in the stock right becoming subject to the provisions of Section 409A of the Code, such action shall not be taken or shall be taken only to the extent that it will not result in the stock right becoming subject to Section 409A; (b) if any payment otherwise due hereunder would be, when otherwise due, subject to additional taxes and interest under Section 409A of the Code, then such payment shall be deferred to the extent required to avoid such additional taxes and interest; and (c) if you, at the time of your "separation from service" from the Company, are a "specified employee," then to the extent any payment under this Agreement upon your termination of employment is subject to Section 409A of the Code, no such payment shall be made for six (6) months following your "separation from service." The terms "separation from service" and "specified employee" shall have the meanings set forth under Section 409A of the Code and the regulations and rulings issued thereunder.

 

9.    Confidentiality. The Company is engaged in those businesses reported or disclosed in documents filed with the applicable securities commission(s) as well as those opportunities under active development at a point in time and as may be set out in the Company's strategic plan(s) and the provision of services ancillary thereto (collectively the "Business"). In doing so, it has built up and established an extensive trade, reputation and goodwill in the Business. The Executive acknowledges and agrees that as a result of the nature of the Company's business and the nature of Executive's position with the Company, the Executive will come into contact with, have access to and learn various trade secrets and other Confidential Information, which are the property of the Company and its Affiliates. Such Confidential Information includes , but is not limited to:

 

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a.    the names, addresses, and phone numbers of the Company's and its afiliate's customers and referral sources and all other confidential information relating to those customers and referral sources, including any other information relating to customers and referral sources that has been obtained or made known to the Executive as the result of performing services for the Company;

 

b.    Marketing Information, including, without limitation, the Company' s marketing methods , materials, and strategies;

 

c.    Financial Information, including, without limitation , pncmg information, cost information, sales figures, sales reports, compensation paid to the Company's and its affiliate's employees, accounting/financial records (including , but not limited to, balance sheets, profit and loss statements, tax returns, payable and receivable information, bank account information and other financial reporting information);

 

d.    Operations and Strategic Information, including, without limitation, the existence and content of business plans, strategy plans, matters of a business nature such as information about the Company's and its affiliate's files, internal memoranda, personnel policies, payroll, and terms of employment;

 

e.    any information whose release could do harm to the Company or that could provide another Company with a competitive advantage, including methodology and analytical techniques, staff and shareholder information, information on current and prospective clients, and marketing strategies; and

 

f.    contemplated acquisitions, marketing investigations and surveys.

 

10.      Confidential Information shall not include any information which (i) the Executive possessed prior to the Effective Date, (ii) has or will provide to the Company, and (iii) any information that is, or subsequently becomes, publicly available without Executive's breach of any obligation owed to the Company under this Agreement.

 

11.      In recognition of the Company's need to protect the legitimate business interests and assets of the Company and the affiliates, and in consideration of the rights granted to the Executive in this Agreement, the Executive hereby agrees that with regard to any Confidential Information, at all times during the Term and for a period of two years following termination of the Term, for any reason, the Executive will regard and treat all such information as strictly confidential and wholly owned by the Company or its affiliate, as the case may be, and will not, for any reason or in any fashion, either directly or indirectly, use or reproduce any such Confidential Information or disclose, transfer, assign, disseminate or otherwise communicate any such Confidential Information to any person or entity for any purpose other than in accordance with this Agreement or pursuant to the instructions of a duly authorized representative of the Company.

 

12.      At the expiry of the Executive's employment with the Company or at any other time that the Company so requests, the Executive shall return or cause to be returned to the Company all tangible property of the Company and shall not retain any copies of such property.

 

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13.      Non-Solicitation of Customers. The Executive will not while employed by the Company and for a period of one (1) year following termination of employment, directly or indirectly by assisting others, solicit or accept, or attempt to solicit or accept, any business competitive to the business of the Company, from any customer with whom Executive had material contact (i.e. dealt with, supervised dealings with, obtained confidential information concerning, or had resultant earnings on) during employment with the Company.

 

14.      Non-solicitation of Employees. The Executive will not, during his/her employment with the Company, and for a period of one (1) year following termination of said employment, directly or indirectly by assisting others, solicit, recruit, raid, or hire, or attempt to solicit, recruit, raid, or hire any person who is an employee of the Company and with whom Executive became familiar as a result of Executive's employment with the Company.

 

15.      Specific Enforcement. The Company and the Executive expressly agree that a violation of any of the covenants contained in Sections 9 - 13 shall cause irreparable injury to the Company and that, accordingly, the Company shall be entitled, in addition to any other rights and remedies it may have at law or in equity, to temporary and permanent injunctive relief enjoining and restraining the Executive from doing or continuing to do any such act and any other violation or threatened violation of Section 9, 10, 11, 12 or 13.

 

16.      In the event the Executive is in breach of Section 12 or 13 hereof, the period of restraint set forth therein shall be automatically tolled and suspended for the amount of time that the breach continues.

 

17.      Severability ..In the event any provision of this Agreement shall be found to be void, the remaining provisions of this Agreement shall nevertheless be binding with the same effect as though the void part were deleted; provided, however, if any of Sections 9 - 13 shall be declared invalid, in whole or in part, the Executive shall execute, as soon as possible, a supplementary agreement with the Company providing, to the extent legally possible, the protection afforded by said Sections. It is expressly understood and agreed by the parties hereto that the Company shall not be barred from enforcing the restrictive covenants contained in each of Section 9, 10, 11, 12 and 13 as each are separate and distinct, so that the invalidity of any one or more of said covenants shall not affect the enforceability and validity of the other covenants.

 

18.      Waiver. The waiver of a breach of any provision of this Agreement by either of the Parties shall not operate or be construed as a waiver by such Party of the breach of any other provisions of this Agreement or as a waiver of a subsequent breach of the same provision of this Agreement.

 

19.      Successors and Binding Agreement.

 

a.    The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance reasonably satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This Agreement will be binding upon and inure to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the "Company" for the purposes of this Agreement), but will not otherwise be assignable, transferable or delegable by the Company.

 

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b.    This Agreement will inure to the benefit of and be enforceable by the Executive's personal or legal representatives, executors, administrators, successors, heirs, distributees and legatees.

 

c.    This Agreement is in the nature of a personal services contract and the duties assigned to Employee hereunder are non-delegable. Without limiting the generality or effect of the foregoing, the Executive's right to receive payments hereunder will not be assignable, transferable or delegable, whether by pledge, creation of a security interest, or otherwise, other than by a transfer by the Executive's will or by the laws of descent and distribution and, in the event of any attempted assignment or transfer contrary to this Section 8(c), the Company will have no liability to pay any amount so attempted to be assigned, transferred or delegated.

 

20.     Notices. For all purposes of this Agreement, all communications, including without limitation notices, consents, requests or approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed), or five (5) business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three (3) business days after having been sent by a nationally recognized overnight courier service such as FedEx or UPS, addressed to the Company (to the attention of the Secretary of the Company) at its principal executive office and to the Executive at his principal residence, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt.

 

21.     Governing Law. The validity, interpretation, construction and performance of this Agreement will be governed by and construed in accordance with the substantive laws of the Province of Ontario.

 

22.     Money. All monetary sums stated herein refer to US Funds.

 

23.     Validity. If any provision of this Agreement or the application of any provision hereof to any person or circumstances is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstances will not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal will be reformed to the extent (and only to the extent) necessary to make it enforceable, valid or legal.

 

24.     Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement. References to Sections are to references to Sections of this Agreement. Any reference in this Agreement to a provision of a statute, rule or regulation will also include any successor provision thereto.

 

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25.      Board Membership. Subject to the termination of this Agreement, during the Term, at each annual meeting of the Company's stockholders , the Company will nominate the Executive to serve as a member of the Board unless such nomination is not consistent with the goals and objectives of the Company's nominating committee. The Executive's service as a member of the Board will be subject to any required stockholder approval. Upon the termination of the Executive's employment for any reason, unless otherwise requested by the Board, the Executive agrees to resign from the Board (and all other positions held at the Company and its affiliates), and the Executive, at the Board's request, will execute any documents necessary to reflect his resignation.

 

26.      Entire Agreement. This Agreement, once executed by the parties will constitute the entire agreement between the parties relating to the employment of the Executive and supersedes any prior agreements, whether written or oral. No amendment to these terms will be effective unless in writing and signed by both parties.

 

27.      Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same agreement.

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first above written.

 

 

Signatures on next page:

 

 

	 	COMPANY:	 
	 	 	 
	 	 	 
	 	CEN Biotech Inc.	 
	 	 	 
	 	 	 
	 	/s/ Bahige Chaaban	 
	 	Bahige Chaaban, CEO	 
	 	 	 
	 	 	 
	 	EXECUTIVE:	 
	 	 	 
	 	
			

				 
	 	 	 
	 	 	 
	 	Lawrence Lehoux	 

 

 

 

11Exhibit 10.1

 

INDEMNIFICATION AGREEMENT 

 

This INDEMNIFICATION AGREEMENT (this “Agreement”)
is made as of                 , 2021 by and between Jianzhi Education Technology Group Company Limited, an exempted company incorporated and existing
under the laws of the Cayman Islands (the “Company”), and                 , an individual, (Passport/PRC ID Card No.                 ) (the “Indemnitee”).

 

WHEREAS, the Indemnitee has agreed to serve as a director or officer
of the Company and in such capacity will render valuable services to the Company; and

 

WHEREAS, in order to induce and encourage highly experienced and capable
persons such as the Indemnitee to render valuable services to the Company, the board of directors of the Company (the “Board”)
has determined that this Agreement is not only reasonable and prudent, but necessary to promote and ensure the best interests of the Company
and its shareholders;

 

NOW, THEREFORE, in consideration of the premises and mutual agreements
hereinafter set forth, and other good and valuable consideration, including, without limitation, the service of the Indemnitee, the receipt
of which hereby is acknowledged, and in order to induce the Indemnitee to render valuable services the Company, the Company and the Indemnitee
hereby agree as follows:

 

1. Definitions. As used in this Agreement:

 

(a) “Change in Control” shall mean a change
in control of the Company of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A
(or in response to any similar item on any similar or successor schedule or form) promulgated under the United States Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the “Act”), whether or
not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall
be deemed to have occurred (irrespective of the applicability of the initial clause of this definition) if (i) any “person”
(as such term is used in Sections 13(d) and 14(d) of the Act, but excluding any trustee or other fiduciary holding securities pursuant
to an employee benefit or welfare plan or employee share plan of the Company or any subsidiary or affiliate of the Company, or any entity
organized, appointed, established or holding securities of the Company with voting power for or pursuant to the terms of any such plan)
becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company
representing 30% or more of the combined voting power of the Company’s then outstanding securities without the prior approval of
at least two-thirds of the Continuing Directors (as defined below) in office immediately prior to such person’s attaining such interest;
(ii) the Company is a party to a merger, consolidation, scheme of arrangement, sale of assets or other reorganization, or a proxy contest,
as a consequence of which Continuing Directors in office immediately prior to such transaction or event constitute less than a majority
of the Board of the Company (or any successor entity) thereafter; or (iii) during any period of two (2) consecutive years, individuals
who at the beginning of such period constituted the Board of the Company (including for this purpose any new director whose election or
nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the directors then still
in office who were directors at the beginning of such period) (such directors being referred to herein as “Continuing Directors”)
cease for any reason to constitute at least a majority of the Board of the Company.

 

(b) “Disinterested Director” with respect
to any request by the Indemnitee for indemnification or advancement of expenses hereunder shall mean a director of the Company who neither
is nor was a party to the Proceeding (as defined below) in respect of which indemnification or advancement is being sought by the Indemnitee.

 

(c) The term “Expenses” shall mean, without
limitation, expenses of Proceedings, including attorneys’ fees, disbursements and retainers, accounting and witness fees, expenses
related to preparation for service as a witness and to service as a witness, travel and deposition costs, expenses of investigations,
judicial or administrative proceedings and appeals, amounts paid in settlement of a Proceeding by or on behalf of the Indemnitee, costs
of attachment or similar bonds, any expenses of attempting to establish or establishing a right to indemnification or advancement of expenses,
under this Agreement, the Company’s Memorandum of Association and Articles of Association as currently in effect (the “Articles”),
applicable law or otherwise, and reasonable compensation for time spent by the Indemnitee in connection with the investigation, defense
or appeal of a Proceeding or action for indemnification for which the Indemnitee is not otherwise compensated by the Company or any third
party. The term “Expenses” shall not include the amount of judgments, fines, interest or penalties, or excise taxes assessed
with respect to any employee benefit or welfare plan, which are actually levied against or sustained by the Indemnitee to the extent sustained
after final adjudication.

 

    

     

    

 

(d) The term “Independent Legal Counsel”
shall mean any firm of attorneys reasonably selected by the Board of the Company, so long as such firm has not represented the Company,
the Company’s subsidiaries or affiliates, the Indemnitee, any entity controlled by the Indemnitee, or any party adverse to the Company,
within the preceding five (5) years. Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include
any person who, under applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or the Indemnitee in an action to determine the Indemnitee’s right to indemnification or advancement of expenses
under this Agreement, the Company’s Articles, applicable law or otherwise.

 

(e) The term “Proceeding” shall mean any
threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, or other proceeding (including, without
limitation, an appeal therefrom), formal or informal, whether brought in the name of the Company or otherwise, whether of a civil, criminal,
administrative or investigative nature, and whether by, in or involving a court or an administrative, other governmental or private entity
or body (including, without limitation, an investigation by the Company or its Board), by reason of (i) the fact that the Indemnitee is
or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, whether
or not the Indemnitee is serving in such capacity at the time any liability or expense is incurred for which indemnification or reimbursement
is to be provided under this Agreement, (ii) any actual or alleged act or omission or neglect or breach of duty, including, without limitation,
any actual or alleged error or misstatement or misleading statement, which the Indemnitee commits or suffers while acting in any such
capacity, or (iii) the Indemnitee attempting to establish or establishing a right to indemnification or advancement of expenses pursuant
to this Agreement, the Company’s Articles, applicable law or otherwise.

 

(f) The phrase “serving at the request of the Company
as an agent of another enterprise” or any similar terminology shall mean, unless the context otherwise requires, serving at the
request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability
company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic. The phrase “serving at the request of
the Company” shall include, without limitation, any service as a director/an executive officer of the Company which imposes duties
on, or involves services by, such director/executive officer with respect to the Company or any of the Company’s subsidiaries, affiliates,
employee benefit or welfare plans, such plan’s participants or beneficiaries or any other enterprise, foreign or domestic. In the
event that the Indemnitee shall be a director, officer, employee or agent of another corporation, partnership, joint venture, limited
liability company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic, 50% or more of the ordinary shares,
combined voting power or total equity interest of which is owned by the Company or any subsidiary or affiliate thereof, then it shall
be presumed conclusively that the Indemnitee is so acting at the request of the Company.

 

2. Services by the Indemnitee. The Indemnitee agrees
to serve as a director or officer of the Company under the terms of the Indemnitee’s agreement with the Company for so long as the
Indemnitee is duly elected or appointed or until such time as the Indemnitee tenders a resignation in writing or is removed from the Indemnitee’s
position; provided, however, that the Indemnitee may at any time and for any reason resign from such position (subject to any other contractual
obligation or other obligation imposed by operation of law).

 

3. Proceedings by or in the Right of the Company. The
Company shall indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in
any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was
a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, against all
Expenses, judgments, fines, interest or penalties, and excise taxes assessed with respect to any employee benefit or welfare plan, which
are actually and reasonably incurred by the Indemnitee in connection with the defense or settlement of such a Proceeding, if the Indemnitee
acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company;
except that no indemnification under this section shall be made in respect of any claim, issue or matter as to which such person
shall have been adjudicated by final judgment by a court of competent jurisdiction to be liable to the Company for willful misconduct
in the performance of his/her duty to the Company, unless and only to the extent that the court in which such Proceeding was brought shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such amounts which such other court shall deem proper.

 

    2

     

    

 

4. Proceeding Other Than a Proceeding by or in the Right
of the Company. The Company shall indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or
is otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company), by reason of the fact that the Indemnitee
is or was a director or officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise,
against all Expenses, judgments, fines, interest or penalties, and excise taxes assessed with respect to any employee benefit or welfare
plan, which are actually and reasonably incurred by the Indemnitee in connection with such a Proceeding, to the fullest extent permitted
by applicable law; provided, however, that any settlement of a Proceeding must be approved in advance in writing by the Company (which
approval shall not be unreasonably withheld).

 

5. Indemnification for Costs, Charges and Expenses of Witness
or Successful Party. Notwithstanding any other provision of this Agreement (except as set forth in subparagraph 9(a) hereof), and
without a requirement for determination as required by Paragraph 8 hereof, to the extent that the Indemnitee (a) has prepared to serve
or has served as a witness in any Proceeding in any way relating to (i) the Company or any of the Company’s subsidiaries, affiliates,
employee benefit or welfare plans or such plan’s participants or beneficiaries or (ii) anything done or not done by the Indemnitee
as a director or officer of the Company or in connection with serving at the request of the Company as an agent of another enterprise,
or (b) has been successful in defense of any Proceeding or in defense of any claim, issue or matter therein, on the merits or otherwise,
including the dismissal of a Proceeding without prejudice or the settlement of a Proceeding without an admission of liability, the Indemnitee
shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee in connection therewith to the fullest extent
permitted by applicable law.

 

6. Partial Indemnification. If the Indemnitee is entitled
under any provision of this Agreement to indemnification by the Company for a portion of the Expenses, judgments, fines, interest or penalties,
or excise taxes assessed with respect to any employee benefit or welfare plan, which are actually and reasonably incurred by the Indemnitee
in the investigation, defense, appeal or settlement of any Proceeding, but not, however, for the total amount of the Indemnitee’s
Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, then
the Company shall nevertheless indemnify the Indemnitee for the portion of such Expenses, judgments, fines, interest or penalties or excise
taxes to which the Indemnitee is entitled.

 

7. Advancement of Expenses. The Expenses incurred by
the Indemnitee in any Proceeding shall be paid promptly by the Company in advance of the final disposition of the Proceeding at the written
request of the Indemnitee to the fullest extent permitted by applicable law; provided, however, that the Indemnitee shall set forth in
such request reasonable evidence that such Expenses have been incurred by the Indemnitee in connection with such Proceeding, a statement
that such Expenses do not relate to any matter described in subparagraph 9(a) of this Agreement, and an undertaking in writing to repay
any advances if it is ultimately determined as provided in subparagraph 8(b) of this Agreement that the Indemnitee is not entitled to
indemnification under this Agreement.

 

8. Indemnification Procedure; Determination of Right to Indemnification.

 

(a) Promptly after receipt by the Indemnitee of notice of the
commencement of any Proceeding, the Indemnitee shall, if a claim for indemnification or advancement of Expenses in respect thereof is
to be made against the Company under this Agreement, notify the Company of the commencement thereof in writing. The omission to so notify
the Company will not relieve the Company from any liability which the Company may have to the Indemnitee under this Agreement unless the
Company shall have lost significant substantive or procedural rights with respect to the defense of any Proceeding as a result of such
omission to so notify.

 

(b) The Indemnitee shall be conclusively presumed to have met
the relevant standards of conduct, if any, as defined by applicable law, for indemnification pursuant to this Agreement and shall be absolutely
entitled to such indemnification, unless a determination is made that the Indemnitee has not met such standards by (i) the Board by a
majority vote of a quorum thereof consisting of Disinterested Directors, (ii) the shareholders of the Company by majority vote of a quorum
thereof consisting of shareholders who are not parties to the Proceeding due to which a claim for indemnification is made under this Agreement,
(iii) Independent Legal Counsel as set forth in a written opinion (it being understood that such Independent Legal Counsel shall make
such determination only if the quorum of Disinterested Directors referred to in clause (i) of this subparagraph 8(b) is not obtainable
or if the Board of the Company by a majority vote of a quorum thereof consisting of Disinterested Directors so directs), or (iv) a court
of competent jurisdiction; provided, however, that if a Change of Control shall have occurred and the Indemnitee so requests in writing,
such determination shall be made only by a court of competent jurisdiction.

 

    3

     

    

 

(c) If a claim for indemnification or advancement of Expenses
under this Agreement is not paid by the Company within thirty (30) days after receipt by the Company of written notice thereof, the rights
provided by this Agreement shall be enforceable by the Indemnitee in any court of competent jurisdiction. Such judicial proceeding shall
be made de novo. The burden of proving that indemnification or advances are not appropriate shall be on the Company. Neither the failure
of the directors or shareholders of the Company or Independent Legal Counsel to have made a determination prior to the commencement of
such action that indemnification or advancement of Expenses is proper in the circumstances because the Indemnitee has met the applicable
standard of conduct, if any, nor an actual determination by the directors or shareholders of the Company or Independent Legal Counsel
that the Indemnitee has not met the applicable standard of conduct shall be a defense to an action by the Indemnitee or create a presumption
for the purpose of such an action that the Indemnitee has not met the applicable standard of conduct. The termination of any Proceeding
by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself (i) create
a presumption that the Indemnitee did not act in good faith and in a manner which he reasonably believed to be in the best interests of
the Company and/or its shareholders, and, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe
that his conduct was unlawful or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification or advancement of Expenses
under this Agreement, except as may be provided herein.

 

(d) If a court of competent jurisdiction shall determine that
the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and
reasonably incurred by the Indemnitee in connection with such adjudication (including, but not limited to, any appellate proceedings).

 

(e) With respect to any Proceeding for which indemnification
or advancement of Expenses is requested, the Company will be entitled to participate therein at its own expense and, except as otherwise
provided below, to the extent that it may wish, the Company may assume the defense thereof, with counsel reasonably satisfactory to the
Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of a Proceeding, the Company will not
be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in connection with the defense
thereof, other than as provided below. The Company shall not settle any Proceeding in any manner which would impose any penalty or limitation
on the Indemnitee without the Indemnitee’s written consent. The Indemnitee shall have the right to employ his/her own counsel in
any Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense of the
Proceeding shall be at the expense of the Indemnitee, unless (i) the employment of counsel by the Indemnitee has been authorized by the
Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee
in the conduct of the defense of a Proceeding, or (iii) the Company shall not in fact have employed counsel to assume the defense of a
proceeding, in each of which cases the fees and expenses of the Indemnitee’s counsel shall be advanced by the Company. The Company
shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee has
reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee.

 

9. Limitations on Indemnification. No payments pursuant
to this Agreement shall be made by the Company:

 

(a) To indemnify or advance funds to the Indemnitee for Expenses
with respect to (i) Proceedings initiated or brought voluntarily by the Indemnitee and not by way of defense, except with respect to Proceedings
brought to establish or enforce a right to indemnification under this Agreement or any other statute or law or otherwise as required under
applicable law or (ii) Expenses incurred by the Indemnitee in connection with preparing to serve or serving, prior to a Change in Control,
as a witness in cooperation with any party or entity who or which has threatened or commenced any action or proceeding against the Company,
or any director, officer, employee, trustee, agent, representative, subsidiary, parent corporation or affiliate of the Company, but such
indemnification or advancement of Expenses in each such case may be provided by the Company if the Board finds it to be appropriate;

 

(b) To indemnify the Indemnitee for any Expenses, judgments,
fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, sustained in any Proceeding
for which payment is actually made to the Indemnitee under a valid and collectible insurance policy, except in respect of any excess beyond
the amount of payment under such insurance;

 

    4

     

    

 

(c) To indemnify the Indemnitee for any Expenses, judgments,
fines, interest or penalties sustained in any Proceeding for an accounting of profits made from the purchase or sale by the Indemnitee
of securities of the Company pursuant to the provisions of Section 16(b) of the Act or similar provisions of any foreign or United States
federal, state or local statute or regulation;

 

(d) To indemnify the Indemnitee for any Expenses, judgments,
fines, interest or penalties, or excise taxes assessed with respect to any employee benefit or welfare plan, for which the Indemnitee
is indemnified by the Company otherwise than pursuant to this Agreement;

 

(e) To indemnify the Indemnitee for any Expenses (including
without limitation any Expenses relating to a Proceeding attempting to enforce this Agreement), judgments, fines, interest or penalties,
or excise taxes assessed with respect to any employee benefit or welfare plan, on account of the Indemnitee’s conduct if such conduct
shall be finally adjudged to have been knowingly fraudulent, deliberately dishonest or willful misconduct, including, without limitation,
breach of the duty of loyalty; or

 

(f) If a court of competent jurisdiction finally determines
that any indemnification hereunder is unlawful. In this respect, the Company and the Indemnitee have been advised that the U.S. Securities
and Exchange Commission takes the position that indemnification for liabilities arising under securities laws is against public policy
and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication;

 

(g) To indemnify the Indemnitee in connection with Indemnitee’s
personal tax matter; or

 

(h) To indemnify the Indemnitee with respect to any claim related
to any dispute or breach arising under any contract or similar obligation between the Company or any of its subsidiaries or affiliates
and such Indemnitee.

 

10. Continuation of Indemnification. All agreements and
obligations of the Company contained herein shall continue during the period that the Indemnitee is a director or officer of the Company
(or is or was serving at the request of the Company as an agent of another enterprise, foreign or domestic) and shall continue thereafter
so long as the Indemnitee shall be subject to any possible Proceeding by reason of the fact that the Indemnitee was a director or officer
of the Company or serving in any other capacity referred to in this Paragraph 10.

 

11. Indemnification Hereunder Not Exclusive. The indemnification
provided by this Agreement shall not be deemed to be exclusive of any other rights to which the Indemnitee may be entitled under the Company’s
Articles, any agreement, vote of shareholders or vote of Disinterested Directors, provisions of applicable law, or otherwise, both as
to action or omission in the Indemnitee’s official capacity and as to action or omission in another capacity on behalf of the Company
while holding such office.

 

12. Successors and Assigns.

 

(a) This Agreement shall be binding upon the Indemnitee, and
shall inure to the benefit of, the Indemnitee and the Indemnitee’s heirs, executors, administrators and assigns, whether or not
the Indemnitee has ceased to be a director or officer, and the Company and its successors and assigns. Upon the sale of all or substantially
all of the business, assets or share capital of the Company to, or upon the merger of the Company into or with, any corporation, partnership,
joint venture, trust or other person, this Agreement shall inure to the benefit of and be binding upon both the Indemnitee and such purchaser
or successor person. Subject to the foregoing, this Agreement may not be assigned by either party without the prior written consent of
the other party hereto.

 

    5

     

    

 

(b) If the Indemnitee is deceased and is entitled to indemnification
under any provision of this Agreement, the Company shall indemnify the Indemnitee’s estate and the Indemnitee’s spouse, heirs,
executors, administrators and assigns against, and the Company shall, and does hereby agree to assume, any and all Expenses actually and
reasonably incurred by or for the Indemnitee or the Indemnitee’s estate, in connection with the investigation, defense, appeal or
settlement of any Proceeding. Further, when requested in writing by the spouse of the Indemnitee, and/or the Indemnitee’s heirs,
executors, administrators and assigns, the Company shall provide appropriate evidence of the Company’s agreement set out herein
to indemnify the Indemnitee against and to itself assume such Expenses.

 

13. Subrogation. In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all
documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit
to enforce such rights.

 

14. Severability. Each and every paragraph, sentence,
term and provision of this Agreement is separate and distinct so that if any paragraph, sentence, term or provision thereof shall be held
to be invalid, unlawful or unenforceable for any reason, such invalidity, unlawfulness or unenforceability shall not affect the validity,
unlawfulness or enforceability of any other paragraph, sentence, term or provision hereof. To the extent required, any paragraph, sentence,
term or provision of this Agreement may be modified by a court of competent jurisdiction to preserve its validity and to provide the Indemnitee
with the broadest possible indemnification permitted under applicable law. The Company’s inability, pursuant to a court order or
decision, to perform its obligations under this Agreement shall not constitute a breach of this Agreement.

 

15. Savings Clause. If this Agreement or any paragraph,
sentence, term or provision hereof is invalidated on any ground by any court of competent jurisdiction, the Company shall nevertheless
indemnify the Indemnitee as to any Expenses, judgments, fines, interest or penalties, or excise taxes assessed with respect to any employee
benefit or welfare plan, which are incurred with respect to any Proceeding to the fullest extent permitted by any (a) applicable paragraph,
sentence, term or provision of this Agreement that has not been invalidated or (b) applicable law.

 

16. Interpretation; Governing Law. This Agreement shall
be construed as a whole and in accordance with its fair meaning and any ambiguities shall not be construed for or against either party.
Headings are for convenience only and shall not be used in construing meaning. This Agreement shall be governed and interpreted in all
respects in accordance with the laws of the Cayman Islands without regard to the conflict of laws principles thereof.

 

17. Amendments. No amendment, waiver, modification, termination
or cancellation of this Agreement shall be effective unless in writing signed by the party against whom enforcement is sought. The indemnification
rights afforded to the Indemnitee hereby are contract rights and may not be diminished, eliminated or otherwise affected by amendments
to the Company’s Articles, or by other agreements, including directors’ and officers’ liability insurance policies,
of the Company.

 

18. Counterparts. This Agreement may be executed in one
or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts
have been signed by each party and delivered to the other.

 

19. Notices. Any notice required to be given under this
Agreement shall be directed to the Company at Jianzhi Education Technology Group Company Limited, 27/F, Tower A, Yingdu Building, Zhichun
Road, Haidian District, Beijing 100098, People’s Republic of China, Attention: Chief Financial Officer, and to the Indemnitee at
or to such other address as either party shall designate to the other in writing.

 

    6

     

    

 

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

 

	 	Jianzhi Education Technology Group Company Limited
	 	 	 
	 	By:	            
	 	Name: 	 
	 	Title:  	 
	 	 	 
	 	INDEMNITEE
	 	 
	 	By:	 
	 	Name:  	 

  

[Signature Page to Indemnification Agreement]

 

 

7

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