Document:

Exhibit 10.4

 

ESCROW AGREEMENT

 

This ESCROW AGREEMENT
(this “Agreement”) is made and entered into as of February 6, 2018, by and among: (i) JM Global Holding
Company, a Delaware corporation, which will be known after the consummation of the transactions contemplated by the Share Exchange
Agreement (as defined below) as “TMSR Holding Purchaser Limited” (including any successor entity thereto, “Purchaser”);
(ii) Zhong Hui Holding Limited, a Republic of Seychelles registered company, in the capacity under the Share Exchange Agreement
as the Purchaser Representative (including any successor Purchaser Representative appointed in accordance therewith, the “Purchaser
Representative”); (iii) Chuanliu Ni, a Chinese citizen, in the capacity as the Seller Representative under
the Share Exchange Agreement (including any successor Seller Representative appointed pursuant to and in accordance therewith,
the “Seller Representative”); and (iv) Continental Stock Transfer & Trust Company, as escrow
agent (the “Escrow Agent”). Capitalized terms used herein but not otherwise defined herein shall have
the meaning given to such terms in the Share Exchange Agreement.

 

WHEREAS, on August
28, 2017, Purchaser, the Purchaser Representative and the Seller Representative entered into that certain Share Exchange Agreement
(as amended from time to time in accordance with the terms thereof, the “Share Exchange Agreement”),
by and among Purchaser, the Purchaser Representative, China Sunlong Environmental Technology, Inc., a Cayman Islands business company
with limited liability (the “Company”), the shareholders of the Company named therein (the “Sellers”)
and the Seller Representative, pursuant to which, subject to the terms and conditions thereof, Purchaser will acquire from the
Sellers all of the issued and outstanding equity interests of the Company in exchange for newly issued Purchaser Common Shares,
subject to the withholding of the Escrow Shares (as defined below) being deposited into the Escrow Account (as defined below) in
accordance with the terms and conditions of the Share Exchange Agreement and this Agreement;

 

WHEREAS, pursuant to
the Share Exchange Agreement, Purchaser, the Purchaser Representative and their respective Affiliates and their respective officers,
directors, managers, employees, successors and permitted assigns (the “Purchaser Indemnitees”) are entitled
to be indemnified in certain respects by the Sellers;

 

WHEREAS, in accordance
with the Share Exchange Agreement and this Agreement, at the Closing, Purchaser shall issue to the Escrow Agent 899,543 Purchaser
Common Shares (together with any equity securities paid as dividends or distributions with respect to such shares or into which
such shares are exchanged or converted, the “Escrow Shares”) to be held, along with any other Escrow
Property (as defined below), by the Escrow Agent in a segregated escrow account (the “Escrow Account”)
and disbursed therefrom in accordance with the terms of Article VII of the Share Exchange Agreement and this Agreement;

 

WHEREAS, pursuant to
the Share Exchange Agreement (i) the Seller Representative has been designated as each Seller’s representative and agent
to represent all of the Sellers, and to act on their behalf for purposes of this Agreement, and (ii) the Purchaser Representative
has been exclusively designated to act on behalf of Purchaser to take all necessary actions and make all decisions pursuant to
this Agreement; and

 

WHEREAS, the Escrow
Agent is willing to administer the escrow under the terms and conditions of this Agreement.

 

     

     

    

 

NOW, THEREFORE, in
consideration of the foregoing premises and of the mutual covenants and agreements contained herein, the parties hereto hereby
agree as follows:

 

Section 1.Appointment.
Purchaser and the Seller Representative hereby appoint the Escrow Agent as their escrow agent for the purposes set forth herein,
and the Escrow Agent hereby agrees to perform the duties of their escrow agent under this Agreement. The escrow services to be
rendered by the Escrow Agent under this Agreement will not begin until the Escrow Agent has received the documentation necessary
to establish the Escrow Account on its books and has received the Escrow Shares in accordance with this Agreement.

 

Section 2.Delivery
of Escrow Shares. Pursuant to Section 1.3 of the Share Exchange Agreement, after the Closing, the Purchaser shall deposit stock
certificates for the Escrow Shares (“Escrowed Stock Certificates”) with the Escrow Agent, with each such
Escrowed Stock Certificate being issued in the name of the Escrow Agent; provided, that the Purchaser may alternatively have the
Escrow Agent and the Purchaser’s transfer agent account for the Escrow Shares in book entry form.

 

Section 3.Maintenance
of the Escrow Shares and other Escrow Property. So long as any Escrow Shares are being held in the Escrow Account and are not
disbursed in accordance with this Agreement, any dividends, distributions or other income paid on or otherwise accruing to such
Escrow Shares (the foregoing, together with the Escrow Shares, and as reduced by any disbursements of such Escrow Shares or dividends,
distributions or other income from the Escrow Account by the Escrow Agent in accordance with the terms of this Agreement and the
Share Exchange Agreement, the “Escrow Property”) shall be held by the Escrow Agent in the Escrow Account
in accordance with the terms of this Agreement. During the term of this Agreement, the Escrow Agent shall hold the Escrow Property
in the Escrow Account and shall not sell, transfer, dispose of, lend or otherwise subject to a Lien any of the Escrow Property
except until and to the extent that they are disbursed in accordance with Section 4. Except as the Purchaser Representative
(on behalf of the Purchaser) and the Seller Representative may otherwise agree in joint written instructions executed and delivered
to the Escrow Agent, no part of the Escrow Property may be withdrawn except as expressly provided in this Agreement. While the
Escrow Shares are held in the Escrow Account, the Seller named on the applicable Escrowed Stock Certificate shall have the right
to vote the Escrow Shares included in such Escrowed Stock Certificate.

 

Section 4.Delivery
of the Escrow Property. The Escrow Agent shall hold the Escrow Property and shall deliver the Escrow Property to either the
Purchaser or the Seller Representative for further distribution to the Sellers, as applicable, in accordance with the following
procedures:

 

(a) Purchaser
(with the Purchaser Representative acting on its behalf) may assert a claim for indemnification on behalf of an Purchaser Indemnitee
pursuant to the Share Exchange Agreement (an “Indemnification Claim”) by providing written notice (a
“Claim Notice”) of such claim to the Seller Representative and the Escrow Agent, which Claim Notice shall
include (i) a reasonable description of the facts and circumstances which relate to the subject matter of such Indemnification
Claim to the extent then known, (ii) the amount of Losses suffered by the Purchaser Indemnitee in connection with the claim to
the extent known or reasonably estimable (provided, that the Purchaser Representative on behalf of Purchaser may thereafter in
good faith adjust the amount of Losses with respect to the claim by providing a revised Claim Notice to the Seller Representative
and the Escrow Agent (such amount, as it may be adjusted, the “Claim Amount”)) and (iii) whether the
Indemnification Claim results from a Third Party Claim; provided, that the copy of any Claim Notice provided to the Escrow
Agent shall be redacted for any confidential or proprietary information of the Indemnifying Party or the Purchaser Indemnitee described
in clause (i).

 

(b) Unless
the Seller Representative provides to the Purchaser Representative and the Escrow Agent a written notice objecting to such Indemnification
Claim (an “Objection Notice”) (with any Objection Notice provided to the Purchaser Representative, but
not the Escrow Agent, including an attachment with a description, in reasonable detail, of the facts upon which such objection
is based) by 11:59 p.m. New York City time on the thirtieth (30th) day after the delivery of the Claim Notice (the date of the
delivery of the Claim Notice through such time, the “Objection Period”), the Seller Representative on
will be deemed to have accepted responsibility for the Losses set forth in such Claim Notice subject to the limitations on indemnification
set forth in Article VII of the Share Exchange Agreement and will have no further right to contest the validity of such Claim Notice,
and, subject to Section 4(d), the Escrow Agent shall promptly (in any event within five (5) Business Days) after the expiration
of the Objection Period (or, if during the Objection Period, the Seller Representative provides affirmative written instructions
to the Escrow Agent to release such Escrow Property from the Escrow Account, promptly (in any event within five (5) Business Days)
after the Escrow Agent’s receipt of such instructions from the Seller Representative), disburse to the Purchaser Escrow Property
from the Escrow Account in an amount equal to the Claim Amount. If the Seller Representative provides an Objection Notice during
the Objection Period that disputes only a portion of the Claim Amount, subject to Section 4(d), the Escrow Agent shall promptly
(in any event within five (5) Business Days) after the expiration of the Objection Period (or, if during the Objection Period,
the Seller Representative provides affirmative written instructions to the Escrow Agent to release such Escrow Property from the
Escrow Account, promptly (in any event within five (5) Business Days) after the Escrow Agent’s receipt of such instructions
from the Seller Representative), disburse to the Purchaser Escrow Property from the Escrow Account in an amount equal to the undisputed
portion of the Claim Amount.

 

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(c) If
the Seller Representative timely disputes an Indemnification Claim, by providing an Objection Notice to the Purchaser Representative
and the Escrow Agent during the Objection Period, the Purchaser Representative and the Seller Representative shall resolve the
dispute in accordance with the terms of the Share Exchange Agreement. If an Indemnification Claim is disputed by the Seller Representative,
the Escrow Agent shall not distribute to the Seller Representative (or directly to any Seller) any portion of the Escrow Property
with respect to the disputed portion of the Claim Amount, until receipt of (i) joint written instructions executed and delivered
by the Seller Representative and Purchaser Representative on behalf of Purchaser stating that the dispute has been resolved and
that Purchaser Indemnitee has the right to the Claim Amount (or some portion thereof) (“Joint Instructions”)
or (ii) a copy of an arbitration award issued pursuant to Section 11.4 of the Share Exchange Agreement or a court order from a
court of competent jurisdiction establishing the Purchaser Indemnitee’s right to the Claim Amount (or some portion thereof)
pursuant to the Share Exchange Agreement (a “Binding Award”). Upon receipt of such Joint Instructions
or Binding Award, the Escrow Agent shall, without further action on the part of the Seller Representative or the Purchaser Representative,
promptly (in any event within five (5) Business Days) disburse to the Purchaser Escrow Property from the Escrow Account in the
amount set forth in the Joint Instructions or the Binding Award (less any undisputed amounts already disbursed pursuant to Section
4(b)), as applicable.

 

(d) For
the avoidance of doubt, with respect to any Third Party Claim, even if the Seller Representative has agreed that the Sellers are
required to provide indemnification to the Purchaser Indemnitees for such Third Party Claim, except for attorneys’ fees and
other costs and expenses for which the Sellers are responsible to pay to the Purchaser Indemnitees regardless of the outcome of
such Third Party Claim (“Indemnified Third Party Costs”), no payment shall be made by the Escrow Agent
with respect to such Third Party Claim until such Third Party Claim has been sustained in whole or in part by a court of competent
jurisdiction or other binding legal process (including binding arbitration) or settled in whole or in part in accordance with the
provisions of the Share Exchange Agreement (and if any Third Party Claim is decided or settled in part, each part that has not
yet been decided or settled shall not be paid until such remaining part is decided or settled). Escrow Property from the Escrow
Account in an amount equal to Indemnified Third Party Costs shall be disbursed by the Escrow Agent to Purchaser promptly (but in
any event within five (5) Business Days) after the Purchaser Representative provides written notice to the Seller Representative
and the Escrow Agent of such Indemnified Third Party Costs.

 

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(e) Payments
from the Escrow Account with respect to any Indemnification Claims shall first be paid with any cash or cash equivalents that are
held in the Escrow Account, then with the Escrow Shares and then with any remaining property in the Escrow Account. For any Escrow
Shares to be disbursed with respect to Indemnification Claims, the Escrow Shares shall be valued at the Purchaser Share Price as
of the date that an Indemnification Claim is finally determined in accordance with the Share Exchange Agreement and this Agreement
(the “Resolution Date”). For the avoidance of doubt, the Resolution Date shall be (i) if no Objection
Notice is delivered by the Seller Representative during the Objection Period (other than with respect to a Third Party Claim),
the 31st day after the date that the Claim Notice is delivered; (ii) if prior to the date described in clause (i) above,
the Seller Representative provides affirmative written instructions to the Escrow Agent to release the Escrow Property for the
amount set forth in the Claim Notice, the date that the Escrow Agent receives such written instructions; (iii) if the Seller Representative
provides an Objection Notice during the Objection Period that disputes only a portion of the Claim Amount (other than with respect
to a Third Party Claim), with respect to the undisputed portion of such Claim Amount, the date that the Escrow Agent receives such
Objection Notice; (iv) with respect to any disputed Claim Amount, either the date that the Escrow Agent receives Joint Instructions
or a Binding Award; or (v) with respect to any Third Party Claim, that date that such Third Party Claim has been sustained in whole
or in part by a court of competent jurisdiction or other binding legal process (including binding arbitration) or settled in whole
or in part in accordance with the provisions of the Share Exchange Agreement (and if any Third Party Claim is decided or settled
in part, the Resolution Date with respect to each part that has not yet been decided or settled shall be the date that such remaining
part is decided or settled); provided, that with respect to Indemnified Third Party Costs, the Resolution Date shall be
the date that the Purchaser Representative notifies the Seller Representative and the Escrow Agent in writing of the amount of
such Indemnified Third Party Costs.

 

(f) With
respect to any Indemnification Claims made in accordance with the Share Exchange Agreement and this Agreement on or prior to the
eighteen (18) month anniversary of the Closing (the “Expiration Date”) that remain unresolved at the
time of the Expiration Date (“Pending Claims”), all or a portion of the Escrow Property reasonably necessary
to satisfy such Pending Claims (as determined based on the Claim Amount included in the Claim Notice (as it may adjusted) provided
by the Purchaser Representative and the Purchaser Share Price as of the Expiration Date), shall remain in the Escrow Account until
such time as such Pending Claim shall have been finally resolved pursuant to the provisions of the Share Exchange Agreement and
this Agreement. After the Expiration Date, any Escrow Property remaining in the Escrow Account that is not subject to Pending Claims,
if any, and not subject to resolved but unpaid claims in favor of an Indemnified Party, shall be transferred by the Escrow Agent
to the Seller Representative (for distribution to Sellers) upon receipt of joint written instructions from the Purchaser Representative
and the Seller Representative. Promptly after the final resolution of all Pending Claims and payment of all indemnification obligations
in connection therewith, the Escrow Agent shall transfer any Indemnity Escrow Property remaining in the Indemnity Escrow Account
to the Seller Representative (for distribution to the Sellers).

 

(g) Any
amount of Escrow Property required to be transferred to any Person pursuant to this Section 4 shall be transferred by the
Escrow Agent pursuant to such delivery instructions as provided by the Purchaser Representative with respect to Purchaser or Seller
Representative with respect to the Sellers. The Escrow Agent shall rely exclusively on instructions provided by the Seller Representative
and the Purchaser Representative on behalf of Purchaser as to the amount and recipient of any distribution of Escrow Property pursuant
to this Section 4, or the relevant order of any court of competent jurisdiction or other award granted pursuant to other
binding legal process (including any binding arbitration). The Escrow Agent has no duty or responsibility to calculate any distribution
or to confirm the accuracy of any distribution amount so instructed.

 

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Section 5.Tax
Matters. Purchaser, the Purchaser Representative and the Seller Representative agree and acknowledge that, for all U.S. and
foreign tax purposes, except as required by applicable Law, the Purchaser shall be the owner of the Escrow Property while held
in the Escrow Account and until released to the Sellers or the Seller Representative for distribution to the Sellers, and all interest,
earnings or income, if any, earned with respect to the Escrow Property while held by the Escrow Agent shall be treated as earned
by the Purchaser until released to the Seller Representative for distribution to the Sellers. The Escrow Agent shall have the right
to deduct and withhold taxes from any payments to be made hereunder if such withholding is required by law and to request and receive
any necessary tax forms, including Form W-9 or the appropriate series of Form W-8, as applicable, or any similar information, from
the applicable recipient of the Escrow Property.

 

Section 6.Duties.
The Escrow Agent’s duties are entirely ministerial and not discretionary, and the Escrow Agent will be under no duty or obligation
to do or to omit the doing of any action with respect to the Escrow Property, except to give notice, provide monthly reports, make
disbursements, keep an accurate record of all transactions with respect to the Escrow Property, hold the Escrow Property in accordance
with the terms of this Agreement and to comply with any other duties expressly set forth in this Agreement. The Escrow Agent shall
not have any interest in the Escrow Property but shall serve as escrow holder only and have only possession thereof. Nothing contained
herein shall be construed to create any obligation or liability whatsoever on the part of the Escrow Agent to anyone other than
the parties to this Agreement. There are no third party beneficiaries to this Agreement.

 

Section 7.Determination
of Purchaser Share Price. In the event that the Escrow Agent has any question as to the applicable Purchaser Share Price, the
Seller Representative and the Purchaser Representative shall cooperate to promptly provide the Escrow Agent with their good faith
determination of the applicable Purchaser Share Price pursuant to Joint Instructions or a Binding Award (and in the event of any
dispute as to the Purchaser Share Price, the Escrow Agent shall not disburse the applicable Escrow Property until such dispute
has been resolved).

 

Section 8.Monthly
Reports Upon Request. The Escrow Agent shall provide monthly account statements to the Purchaser Representative and the Seller
Representative with respect to the Escrow Account. The Purchaser Representative and the Seller Representative have one hundred
twenty (120) days to object in writing to such reports. If no written notice detailing a party's objections has been received by
the Escrow Agent within this period, an acceptance of such reports shall be deemed to have occurred.

 

Section 9.Authorized
Parties; Reliance. The parties hereby acknowledge that the Purchaser Representative has the sole and exclusive authorization
to act on behalf of Purchaser under this Agreement. The Purchaser Representative on behalf of Purchaser and the Seller Representative
agree to provide, on Exhibit A (as it may be amended from time to time) to this Agreement, the names and specimen signatures
of those persons who are authorized to issue notices and instructions to the Escrow Agent and execute required documents under
this Agreement. The Escrow Agent may rely and shall be protected in acting or refraining from acting upon any written notice, instruction
or request furnished to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party
or parties. The Escrow Agent is entitled to rely on, and shall be fully protected in relying on, the instructions and notices from
any one of the authorized signers, as identified on the attached Exhibit A (as it may be amended from time to time) to this
Agreement, from each of the Purchaser Representative (on behalf of Purchaser) and the Seller Representative, either acting alone,
until such time as their authority is revoked in writing, or until successors have been appointed and identified by notice in the
manner described in Section 15 below.

 

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Section 10.Good
Faith. The Escrow Agent shall not be liable for any action taken by it in good faith and reasonably believed by it to be authorized
or within the rights or powers conferred upon it by this Agreement and may consult with counsel of its own choice and shall have
full and complete authorization and protection for any action taken or suffered by it hereunder in good faith and in accordance
with the opinion of such counsel.

 

Section 11.Right
to Resign. The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving such notice in
writing of such resignation specifying a date when such resignation shall take effect, which shall be a date not less than sixty
(60) days after the date of the notice of such resignation. Similarly, the Escrow Agent may be removed and replaced following the
giving of thirty (30) days’ notice to the Escrow Agent by all of the other parties hereto. In either event, the Purchaser
Representative and the Seller Representative shall agree upon a successor Escrow Agent. If the Seller Representative and the Purchaser
Representative are unable to agree upon a successor or shall have failed to appoint a successor prior to the expiration of sixty
(60) days following the date of resignation or thirty (30) days following the date of removal, the then-acting Escrow Agent may
petition any court of competent jurisdiction for the appointment of a successor escrow agent or otherwise appropriate relief, and
any such resulting appointment shall be binding upon all of the parties hereto. Any successor Escrow Agent shall execute and deliver
to the predecessor Escrow Agent, the Purchaser Representative and the Seller Representative an instrument accepting such appointment
and the transfer of the Escrow Property and agreeing to the terms of this Agreement.

 

Section 12.Compensation.
The Escrow Agent shall be entitled to receive the fees as set forth on Exhibit B for the services to be rendered hereunder,
and to be paid or reimbursed for all reasonable documented out-of-pocket expenses, disbursements and advances, including reasonable
documented out-of-pocket attorneys’ fees, incurred or paid in connection with carrying out its duties hereunder, such amounts
to be paid one-half (1/2) equally by Purchaser and the Seller Representative (on behalf of the Sellers).

 

Section 13.Indemnification.
Each of Purchaser and the Seller Representative (on behalf of the Sellers) hereby agrees to jointly and severally indemnify the
Escrow Agent for, and to hold it harmless against any loss, liability or expense incurred without gross negligence or willful misconduct
on the part of the Escrow Agent, arising out of or in connection with its entering into this Agreement and carrying out its duties
hereunder. Notwithstanding the foregoing, as between Purchaser and the Seller Representative, each of Purchaser and the Seller
Representative (on behalf of the Sellers), between themselves, shall be responsible for one-half (1/2) of such indemnification
obligations, and each of Purchaser and the Seller Representative shall have the right to seek contribution from the other to the
extent that it pays for more than one-half (1/2) of such indemnification obligations.

 

Section 14.Disputes.
If a controversy arises between the parties hereto as to whether or not or to whom the Escrow Agent shall transfer all or any portion
of the Escrow Property or as to any other matter arising out of or relating to this Agreement or the Escrow Property, the Escrow
Agent shall not be required to determine the same, shall not make any transfer of and shall retain the Escrow Property in dispute
without liability to anyone until the rights of the parties to the dispute shall have finally been determined by mutual written
agreement of the Purchaser Representative on behalf of Purchaser and the Seller Representative, or by a final non-appealable judgment
or order of any state or federal court located in New York County, New York (or in any court in which appeal from such courts may
be taken) but the Escrow Agent shall be under no duty whatsoever to institute or defend any such proceedings. The Escrow Agent
shall be entitled to assume that no such controversy has arisen unless it has received notice of such controversy or conflicting
written notices from the parties to this Agreement. Any disputes arising out of, related to, or in connection with, this Agreement
between Purchaser, the Purchaser Representative and/or the Seller Representative, including a dispute arising from a party’s
failure or refusal to sign a joint written notice hereunder, shall be determined by arbitration conducted in accordance with the
provisions of Section 11.4 of the Share Exchange Agreement (other than (i) disputes subject to the procedure under Section 1.5
of the Share Exchange Agreement, which will be determined in accordance with such section, or (ii) applications for a temporary
restraining order, preliminary injunction, permanent injunction or other equitable relief or application for enforcement of any
arbitration award pursuant to this Section 14 or Section 12.4 of the Share Exchange Agreement).

 

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Section 15.Notices.
Except to the extent expressly set forth herein, all notices and communications hereunder shall be in writing and shall be deemed
to be given if (a) delivered personally, (b) sent by facsimile or email (with affirmative confirmation of receipt), (c) sent by
recognized overnight courier that issues a receipt or other confirmation of delivery or (d) sent by registered or certified mail,
return receipt requested, postage prepaid to the parties as follows:

 

	
        

        If to Purchaser or the Purchaser Representative, to:

        Zhong Hui Holding Limited

        Room 15A, 15/F, SPA Centre

        52-55 Lockhart Road

        Wanchai, Hong Kong

        Attention: Qi (Jacky) Zhang

        Facsimile No.: 852-31158800

        Telephone No.: 852-37471690

        Email: sqz5259@163.com
	
        with a copy (which will not constitute notice) to:

        Ellenoff Grossman & Schole LLP

        1345 Avenue of the Americas, 11th Floor

        New York, New York 10105

        Attn:Douglas Ellenoff, Esq.

                 Stuart Neuhauser, Esq.

        Facsimile No.: (212) 370-7889

        Telephone No.: (212) 370-1300

        Email:ellenoff@egsllp.com

                   sneuhauser@egsllp.com

	
        If to the Seller Representative, to:

        Dr. Chuanliu Ni

        A101 Dushi Chanye Yuan, Hanzheng Street

        No.21 Jiefang Avenue, Qiaokou District

        Wuhan, Hubei, China

        Facsimile No.: 022-5982-4809

        Telephone No.: 022-5982-4800

        Email: cni@TJComex.com
	
        with a copy (which will not constitute notice) to:

        Allbright Law Offices

        11\12F, Shanghai Tower, No.501 Yincheng Middle Road, 

Pudong New District, Shanghai 200120 China

        Attention: Steve Zhu

        Facsimile No.: 86-21-20511999

        Telephone No.: 86-21-20511000

        Email: stevezhu@allbrightlaw.com

        and

        Hunter Taubman Fischer & Li LLC

        1450 Broadway, 26th Floor

        New York, NY 10018

        Attention: Joan Wu

        Facsimile No.: 212-202-6380

        Telephone No.: 212-530-2208

        Email: jwu@htflawyers.com

	
        If to the Escrow Agent, to:

        Continental Stock Transfer & Trust Company

        1 State Street, 30th Floor

        New York, NY 10004

        Attention: Account Administration

        Facsimile No: (212) 509-5150

        Telephone No: (212) 845-4000
	 

 

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or at such other address as any of the
above may have furnished to the other parties in a notice duly given as provided herein. Any such notice or communication given
in the manner specified in this Section 14 shall be deemed to have been given (i) on the date personally delivered or transmitted
by facsimile or email (with affirmative confirmation of receipt), (ii) one (1) Business Day after the date sent by recognized overnight
courier that issues a receipt or other confirmation of delivery or (iii) three (3) Business Days after being sent by registered
or certified mail, return receipt requested, postage prepaid.

 

Section 16.Term.
This Agreement shall terminate upon the final, proper and complete distribution of the Escrow Property in accordance with the terms
hereof; provided, that Purchaser’s and the Seller Representatives’ obligations under Section 13 hereof shall
survive any termination of this Agreement.

 

Section 17.Entire
Agreement. The terms and provisions of this Agreement (including the Exhibits hereto, which are hereby incorporated by reference
herein) constitute the entire agreement between the Escrow Agent and the other parties hereto with respect to the subject matter
hereof. Notwithstanding the foregoing, as between Purchaser and the Seller Representative, the terms of the Share Exchange Agreement
shall control and govern over the terms of this Agreement in the event of any conflict or inconsistency between this Agreement
and the Share Exchange Agreement. The actions of the Escrow Agent shall be governed solely by this Agreement.

 

Section 18.Amendment;
Waiver. This Agreement may be amended or modified only by a written instrument duly signed by the parties hereto, and any provision
hereof may be waived only by a written instrument duly signed by the party against whom enforcement of such waiver is sought.

 

Section 19.Severability.
In the event that any provision of this Agreement or the application thereof, becomes or is declared by a court of competent jurisdiction
to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and effect and the application
of such provision to other Persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto.
The parties further agree to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision
that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision.

 

Section 20.Further
Assurances. From time to time on and after the date hereof, the Purchaser Representative and the Seller Representative shall
deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do and cause to be done such
further acts as the Escrow Agent shall reasonably request (it being understood that the Escrow Agent shall have no obligation to
make any such request) to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith
or to assure itself that it is protected in acting hereunder.

 

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Section 21.Accounting.
In the event of the resignation or removal of the Escrow Agent, upon the termination of this Agreement or upon demand at any time
of either the Purchaser Representative or the Seller Representative under reasonable circumstances, the Escrow Agent shall render
to the Purchaser Representative, the Seller Representative and the successor escrow agent (if any) an accounting (free of charge)
in writing of the property constituting the Escrow Property.

 

Section 22.Interpretation.
The parties acknowledge and agree that: (a) this Agreement is the result of negotiations between the parties and will not be deemed
or construed as having been drafted by any one party, (b) each party and its counsel have reviewed and negotiated the terms and
provisions of this Agreement (including any Exhibits attached hereto) and have contributed to its revision and (c) the rule of
construction to the effect that any ambiguities are resolved against the drafting party will not be employed in the interpretation
of this Agreement. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. In this Agreement, unless the context otherwise requires: (i) words of the masculine,
feminine or neuter gender will include the masculine, neuter or feminine gender, and words in the singular number or in the plural
number will each include, as applicable, the singular number or the plural number; (ii) reference to any Person includes such Person’s
successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement, and reference to
a Person in a particular capacity excludes such Person in any other capacity; (iii) reference to any law means such law as amended,
modified codified or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated
thereunder; (iv) any agreement or instrument defined or referred to herein or in any agreement or instrument that is referred to
herein means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or consent
and references to all attachments thereto and instruments incorporated therein; (v) the term “or” means “and/or”;
(vi) the words “herein, “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Article, Section or other subdivision; (vii) the words “include,” “includes”
and “including” when used herein shall be deemed in each case to be followed by the words “without limitation”;
(viii) any reference herein to “dollars” or “$” shall mean United States dollars; and (ix) reference to
any Section or Exhibit means such Section hereof or Exhibit hereto.

 

Section 23.Successors
and Assigns. This Agreement and the rights and obligations hereunder may not be assigned without the prior written consent
of each of the parties hereto; provided, however, that (a) if the Seller Representative is replaced in accordance
with the terms of the Share Exchange Agreement, the replacement Seller Representative shall automatically become a party to this
Agreement as if it were the original Seller Representative hereunder upon providing (i) written notice to the Escrow Agent and
Purchaser of such replacement and accepting its rights and obligations under this Agreement and (ii) the Escrow Agent with the
documentation referenced in Section 28 hereof from such replacement Seller Representative and any replacement authorized
individuals to act on behalf of the Seller Representative for purposes of Exhibit A, and (b) if the Purchaser Representative
is replaced in accordance with the terms of the Share Exchange Agreement, the replacement Purchaser Representative shall automatically
become a party to this Agreement as if it were the original Purchaser Representative hereunder upon providing (i) written notice
to the Escrow Agent and the Seller Representative of such replacement and accepting its rights and obligations under this Agreement
and (ii) the Escrow Agent with the documentation referenced in Section 28 hereof from such replacement Purchaser Representative
and any replacement authorized individuals to act on behalf of Purchaser or the Purchaser Representative for purposes of Exhibit
A This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors
and permitted assigns.

 

    	 	9	 

     

    

 

Section 24.Failure
or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of any party hereto in the exercise of any right
hereunder will impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty,
covenant or agreement herein, nor will any single or partial exercise of any such right preclude any other (or further) exercise
thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive to or
exclusive of, any rights or remedies otherwise available to a party hereunder.

 

Section 25.Governing
Law; Venue. The terms and provisions of this Agreement shall be construed and enforced in accordance with the laws of the State
of New York without reference to its conflict of law provisions. Subject to Section 14, each of the parties hereto irrevocably
consents to the exclusive jurisdiction and venue of any state or federal court located in New York County, New York (or in any
court in which appeal from such courts may be taken) in connection with any matter based upon or arising out of this Agreement
or the matters contemplated herein, agrees that process may be served upon them in any manner authorized by the laws of the State
of New York for such Persons and waives and covenants not to assert or plead any objection which they might otherwise have to such
jurisdiction, venue and such process.

 

Section 26.Waiver
of Jury Trial. EACH PARTY HEREBY WAIVES THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY LITIGATION, CLAIM, CAUSE OF ACTION
OR OTHER LEGAL PROCEEDING BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION
OF ANY TYPE BROUGHT BY ANY OF THE PARTIES HERETO AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT
CLAIMS, OR OTHERWISE. THE PARTIES HERETO EACH AGREE THAT ANY SUCH LITIGATION, CLAIM, CAUSE OF ACTION OR OTHER LEGAL PROCEEDING
SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES HERETO FURTHER AGREE THAT THEIR RESPECTIVE
RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS,
IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY
TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

Section 27.Counterparts.
This Agreement may be executed simultaneously in two or more counterparts (including by facsimile or other electronic transmission),
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

Section 28.U.S.
Patriot Act. Purchaser and the Seller Representative agree to provide the Escrow Agent with the information reasonably requested
by the Escrow Agent to verify and record Purchaser’s and the Seller Representative’s respective identities pursuant
to the Escrow Agent’s procedures for compliance with the U.S. Patriot Act and any other applicable laws.

 

Section 29.Representations
of the Parties. Each of the parties hereto hereby represents and warrants that as of the date hereof: (a) it has the power
and authority to execute and deliver this Agreement and to perform its obligations hereunder, and all such actions have been duly
and validly authorized by all necessary proceedings; and (b) this Agreement has been duly authorized, executed and delivered by
it, and constitutes a legal, valid and binding agreement of it.

 

{REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK; SIGNATURE PAGE FOLLOWS}

 

    	 	10	 

     

    

 

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

 

	 	The Purchaser:
	 	 
	 	JM GLOBAL HOLDING COMPANY
	 	 	 
	 	By:	/s/
    Tim Richerson
	 	 	Name:  Tim Richerson
	 	 	Title:  Chief Executive Officer
	 	 	 
	 	The Purchaser Representative:
	 	 	 
	 	ZHONG HUI HOLDING LIMITED,
	 	solely in its capacity under the Share Exchange Agreement as the Purchaser Representative
	 	 	 
	 	By: 	/s/
    Qi (Jacky) Zhang
	 	 	Name:  Qi (Jacky) Zhang
	 	 	Title:  Sole Director
	 	 	 
	 	The Seller Representative:
	 	 
	 	/s/
    Chuanliu Ni
	 	Chuanliu Ni, solely in the capacity under the Share Exchange Agreement as the Seller Representative
	 	 	 
	 	The Escrow Agent:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as escrow agent
	 	 	 
	 	By:	/s/
    Margaret B Lloyd
	 	 	Name: /s/ Margaret B Lloyd
	 	 	Title: Vice President

 

[Signature Page to Escrow Agreement]

 

     

     

    

 

EXHIBIT A

AUTHORIZED SIGNERS

 

Purchaser:

 

Individuals authorized by the Purchaser Representative:

 

	Name	 	Telephone Number	 	Specimen Signature
	1.	Qi (Jacky) Zhang	 	 	 	 
	2.		 	 	 	 
	3.		 	 	 	 

 

Seller
Representative:

 

	Name

	 	Telephone
    Number	 	Specimen
    Signature
	1.	Chuanliu
    Ni	 		 	

 

     

     

    

 

EXHIBIT B

FEE INFORMATION

 

Legal Review and Execution - $2,500.00

 

Monthly Administrative Fee - $200.00Exhibit
10.5

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”), is entered into as of February 6, 2018 (the “Effective Date”),
by and between JM Global Holding Company, a Delaware corporation (the “Company”), and Xiaoyan Shen, an individual
(the “Executive”). Except with respect to the direct employment of the Executive by the Company, the term “Company”
as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its
subsidiaries and affiliated entities (collectively, the “Group”).

 

RECITALS

 

A.
The Company desires to employ the Executive as its Chief Financial Officer and Secretary to assure itself of the services of the
Executive during the term of Employment (as defined below).

 

B.
The Executive desires to be employed by the Company as its Chief Financial Officer and Secretary during the term of Employment
and upon the terms and conditions of this Agreement.

 

AGREEMENT

 

The
parties hereto agree as follows:

 

	 	1.	POSITION

 

The
Executive hereby accepts a position of Chief Financial Officer and Secretary (the “Employment”) of the Company.

 

	 	2.	TERM

 

	 	 	Subject
    to the terms and conditions of this Agreement, the initial term of the Employment shall be three years commencing on the Effective
    Date, unless terminated earlier pursuant to the terms of this Agreement. The Employment will be renewed automatically for
    additional one-year terms if neither the Company nor the Executive provides a notice of termination of the Employment to the
    other party or otherwise proposes to re-negotiate the terms of the Employment with the other party within three months prior
    to the expiration of the applicable term.

 

	 	3.	DUTIES
    AND RESPONSIBILITIES

 

	 	(a)	The
    Executive’s duties at the Company will include all jobs assigned by the Company’s Board of the Directors (the
    “Board”).

 

	 	(b)	The
    Executive shall devote all of his working time, attention and skills to the performance of his duties at the Company and shall
    faithfully and diligently serve the Company in accordance with this Agreement, the Certificate of Incorporation and Bylaws
    of the Company, as amended and restated from time to time (the “Charter Documents”), and the guidelines,
    policies and procedures of the Company approved from time to time by the Board.

 

	 	(c)	The
    Executive shall use his best efforts to perform his duties hereunder. The Executive shall not, without the prior written consent
    of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and
    shall not be concerned or interested in any business or entity that engages in the same business in which the Company engages
    (any such business or entity, a “Competitor”), provided that nothing in this clause shall preclude the
    Executive from holding any shares or other securities of any Competitor that is listed on any securities exchange or recognized
    securities market anywhere if such shares or securities represent less than 5% of the competitors outstanding shares and securities.
    The Executive shall notify the Company in writing of his interest in such shares or securities in a timely manner and with
    such details and particulars as the Company may reasonably require.

 

	 	4.	NO
    BREACH OF CONTRACT

 

The
Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance
by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms
of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements entered into by and
between the Executive and any member of the Group pursuant to applicable law, if any; (ii) that the Executive has no information
(including, without limitation, confidential information and trade secrets) relating to any other person or entity which would
prevent, or be violated by, the Executive entering into this Agreement or carrying out his duties hereunder; (iii) that the Executive
is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except
for other member(s) of the Group, as the case may be.

 

    	 	1	 

     

    

 

	 	5.	COMPENSATION
    AND BENEFITS

 

	 	(a)	Base
    Salary. The Executive’s initial base salary shall be RMB240,000 ($36,923) per year, paid in periodic installments
    in accordance with the Company’s regular payroll practices, and such compensation is subject to annual review and adjustment
    by the Board.

 

	 	(b)	Bonus.
    The Executive shall be eligible for Bonuses determined by the Board.

 

	 	(c)	Equity
    Incentives. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate
    in such plan pursuant to the terms thereof as determined by the Board.

 

	 	(d)	Benefits.
    The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or
    may be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health
    insurance plan and travel/holiday plan.

 

	 	(e)	Expenses.
    The Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other
    expenses incurred by the Executive in the performance of his duties under this Agreement; provided that he properly accounts
    for such expenses in accordance with the Company’s policies and procedures.

 

	 	6.	TERMINATION
    OF THE AGREEMENT

 

	 	(a)	By
    the Company.

 

(i)
For Cause. The Company may terminate the Employment for cause, at any time, without notice or remuneration (unless notice
or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance
with applicable law), if:

 

(1)
the Executive is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement,

 

(2)
the Executive has been grossly negligent or acted dishonestly to the detriment of the Company,

 

(3)
the Executive has engaged in actions amounting to willful misconduct or failed to perform his duties hereunder and such failure
continues after the Executive is afforded a reasonable opportunity to cure such failure; or

 

(4)
the Executive violates Section 7 or 9 of this Agreement.

 

Upon
termination for cause, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination.
However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination,
and the Executive’s right to all other benefits will terminate, except as required by any applicable law.

 

(ii)
For death and disability. The Company may also terminate the Employment, at any time, without notice or remuneration (unless
notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in accordance
with applicable law), if:

 

(1)
the Executive has died, or

 

(2)
the Executive has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board,
renders the Executive unable to perform the essential functions of his employment with the Company, with or without reasonable
accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case
that longer period would apply.

 

Upon
termination for death or disability, the Executive shall be entitled to the amount of base salary earned and not paid prior to
termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason
of the termination, and the Executive’s right to all other benefits will terminate, except as required by any applicable
law.

 

(iii)
Without Cause. The Company may terminate the Employment without cause, at any time, upon one-month prior written notice.
Upon termination without cause, the Company shall provide the following severance payments and benefits to the Executive: (1)
a lump sum cash payment equal to 12 months of the Executive’s base salary as of the date of such termination; (2) a lump
sum cash payment equal to a pro-rated amount of his target annual bonus for the year immediately preceding the termination, if
any; (3) payment of premiums for continued health benefits under the Company’s health plans for 12 months fo1lowing the
termination, if any; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding equity awards held by the
Executive.

 

Upon
termination without, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination.

 

    	 	2	 

     

    

 

(iv)
Change of Control Transaction. If the Company or its successor terminates the Employment upon a merger, consolidation,
or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity (the
“Change of Control Transaction”), the Executive shall be entitled to the following severance payments and benefits
upon such termination: (1) a lump sum cash payment equal to 12 months of the Executive’s base salary at a rate equal to
the greater of his/her annual salary in effect immediate1y prior to the termination, or his/her then current annua1 salary as
of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his/her target annual bonus for the
year immediately preceding the termination; (3) payment of premiums for continued health benefits under the Company’s health
plans for 12 months fo1lowing the termination; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding
equity awards held by the Executive.

 

	 	(b)	By
    the Executive. The Executive may terminate the Employment at any time with a one-month prior written notice to the Company,
    if (1) there is a material reduction in the Executive’s authority, duties and responsibilities, or (2) there is a material
    reduction in the Executive’s annual salary. Upon the Executive’s termination of the Employment due to either of
    the above reasons, the Company shall provide compensation to the Executive equivalent to 12 months of the Executive’s
    base salary that he is entitled to immediately prior to such termination. In addition, the Executive may resign prior to the
    expiration of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the
    Employment is agreed to by the Board.

 

	 	(c)	Notice
    of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written
    notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific
    provision(s) of this Agreement relied upon in effecting the termination.

 

	 	7.	CONFIDENTIALITY
    AND NON-DISCLOSURE

 

	 	(a)	Confidentiality
    and Non-disclosure. The Executive hereby agrees at all times during the term of the Employment and after his termination,
    to hold in the strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person,
    corporation or other entity without prior written consent of the Company, any Confidential Information. The Executive understands
    that “Confidential Information” means any proprietary or confidential information of the Company, its affiliates,
    or their respective clients, customers or partners, including, without limitation, technical data, trade secrets, research
    and development information, product plans, services, customer lists and customers, supplier lists and suppliers, software
    developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel information,
    marketing, finances, information about the suppliers, joint ventures, franchisees, distributors and other persons with whom
    the Company does business, information regarding the skills and compensation of other employees of the Company or other business
    information disclosed to the Executive by or obtained by the Executive from the Company, its affiliates, or their respective
    clients, customers or partners, either directly or indirectly, in writing, orally or otherwise, if specifically indicated
    to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall
    not include information that is generally available and known to the public through no fault of the Executive.

 

	 	(b)	Company
    Property. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials
    created, received or transmitted in connection with his work or using the facilities of the Company are property of the Company
    and subject to inspection by the Company at any time. Upon termination of the Executive’s employment with the Company
    (or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and
    materials of any nature pertaining to his work with the Company and will provide written certification of his compliance with
    this Agreement. Under no circumstances will the Executive have, following his termination, in his possession any property
    of the Company, or any documents or materials or copies thereof containing any Confidential Information.

 

	 	(c)	Former
    Employer Information. The Executive agrees that he has not and will not, during the term of his employment, (i) improperly
    use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the
    Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the
    premises of the Company any document or confidential or proprietary information belonging to such former employer, person
    or entity unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Company
    and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys’
    fees and costs of suit, arising out of or in connection with any violation of the foregoing.

 

	 	(d)	Third
    Party Information. The Executive recognizes that the Company may have received, and in the future may receive, from third
    parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality
    of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company
    and such third parties, during the Executive’s employment by the Company and thereafter, a duty to hold all such confidential
    or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner
    consistent with, and for the limited purposes permitted by, the Company’s agreement with such third party.

 

This
Section 7 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 7,
the Company shall have right to seek remedies permissible under applicable law.

 

    	 	3	 

     

    

 

	 	8.	CONFLICTING
    EMPLOYMENT.

 

The
Executive hereby agrees that, during the term of his employment with the Company, he or she will not engage in any other employment,
occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved
during the term of the Executive’s employment, nor will the Executive engage in any other activities that conflict with
his obligations to the Company without the prior written consent of the Company.

 

	 	9.	NON-COMPETITION
    AND NON-SOLICITATION

 

In
consideration of the salary paid to the Executive by the Company and subject to applicable law, the Executive agrees that during
the term of the Employment and for a period of one (1) year following the termination of the Employment for whatever reason:

 

	 	(a)	The
    Executive will not approach clients, customers or contacts of the Company or other persons or entities introduced to the Executive
    in the Executive’s capacity as a representative of the Company for the purposes of doing business with such persons
    or entities which will harm the business relationship between the Company and such persons and/or entities;

 

	 	(b)	The
    Executive will not assume employment with or provide services as a director or otherwise for any Competitor, or engage, whether
    as principal, partner, licensor or otherwise, in any Competitor; and

 

	 	(c)	The
    Executive will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to
    solicit the services of any employee of the Company employed as at or after the date of such termination, or in the year preceding
    such termination.

 

The
provisions contained in Section 9 are considered reasonable by the Executive and the Company. In the event that any such provisions
should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of
application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

 

This
Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9,
the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief
and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate).
In any event, the Company shall have right to seek all remedies permissible under applicable law.

 

	 	10.	WITHHOLDING
    TAXES

 

Notwithstanding
anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts
otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment,
or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

	 	11.	ASSIGNMENT

 

This
Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer
this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement
or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a Change of Control
Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor
and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

 

	 	12.	SEVERABILITY

 

If
any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or
applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions
of this Agreement are declared to be severable. 

 

	 	13.	ENTIRE
    AGREEMENT

 

This
Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the
Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, including any
prior agreements between the Executive and a member of the Group. The Executive acknowledges that he or she has not entered into
this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment
to this Agreement must be in writing and signed by the Executive and the Company.

 

	 	14.	GOVERNING
    LAW; JURISDICTION

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware and each of the parties irrevocably
consents to the jurisdiction and venue of the federal and state courts located in Delaware.

 

    	 	4	 

     

    

 

	 	15.	AMENDMENT

 

This
Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly
referring to this Agreement, which agreement is executed by both of the parties hereto.

 

	 	16.	WAIVER

 

Neither
the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other
or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power
or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted
such waiver.

 

	 	17.	NOTICES

 

All
notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be
deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii)
sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

 

	 	18.	COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose
signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties
reflected hereon as the signatories.

 

Photographic
copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

	 	19.	NO
    INTERPRETATION AGAINST DRAFTER

 

Each
party recognizes that this Agreement is a legally binding contract and acknowledges that it, he or she has had the opportunity
to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against
either party on the basis of that party being the drafter of such terms.

 

[remainder
of this page left intentionally blank]

 

    	 	5	 

     

    

 

IN
WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

 

	 	JM
    Global Holding Company
	 	 	 
	 	By:	/s/
    Timothey James Richerson
	 	Name:	Timothey
    James Richerson
	 	Title:	Chief
    Executive Officer, 

Chief Financial Officer and Director

 

	 	Executive
	 	 	 
	 	Signature:	/s/
    Xiaoyan Shen
	 	Name:	Xiaoyan
    Shen 

 

 

6

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