Document:

EX-10.34

 EXHIBIT 10.34 

AMENDED SEVERANCE AGREEMENT 

This AMENDED SEVERANCE AGREEMENT (this
“Agreement”) is entered into and is effective as of                     , 2018 by and between Cortland Bancorp, an Ohio
corporation, and Stanley P. Feret (the “Executive”), Senior Vice President and Chief Lending Officer of The Cortland Savings and Banking Company, an Ohio-chartered bank and wholly owned subsidiary of Cortland Bancorp (the
“Bank”). 
 WHEREAS, recognizing the contributions to the profitability,
growth, and financial strength of Cortland Bancorp and the Bank that the Executive has made and is expected to continue to make, intending to assure itself of the current and future continuity of management and establish minimum severance benefits
for certain officers and other key employees and ensure that officers and other key employees are not practically disabled from discharging their duties if a proposed or actual transaction involving a change in control arises, and finally desiring
to provide additional inducement for the Executive to remain in the employ of Cortland Bancorp and the Bank, Cortland Bancorp desires to enter into a severance agreement with the Executive, 

WHEREAS, Cortland Bancorp and the Executive intend that this Agreement amend and restate in its entirety
the November 24, 2015 Severance Agreement between the Executive and Cortland Bancorp, and 

WHEREAS, as of the effective date of this Agreement none of the conditions or events included in the
definition of the term “golden parachute payment” that is set forth in section 18(k)(4)(A)(ii) of the Federal Deposit Insurance Act [12 U.S.C. 1828(k)(4)(A)(ii)] and in Federal Deposit Insurance Corporation Rule 359.1(f)(1)(ii) [12 C.F.R.
359.1(f)(1)(ii)] exists or, to the best knowledge of Cortland Bancorp, is contemplated insofar as Cortland Bancorp or any of its subsidiaries is concerned. 

NOW THEREFORE, in consideration of these premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows. 
 1. Termination
after a Change in Control. (a) Cash benefit for termination after a Change in Control. If the Executive’s employment terminates involuntarily but without Cause or voluntarily but with Good Reason, in either case within 24 months
after a Change in Control, five business days after the Executive’s employment termination Cortland Bancorp will pay to the Executive cash equal to two times the Executive’s compensation. For this purpose the Executive’s compensation
means the sum of (x) the Executive’s base salary when the Change in Control occurs or when employment termination occurs, whichever amount is greater, including salary deferred at the Executive’s election, plus
(y) any bonus awarded for the most recent whole calendar year before the year in which the Change in Control occurs or for the most recent whole calendar year before the year in which employment termination occurs, whichever amount is
greater, regardless of whether the bonus is paid in the year earned and regardless of whether the bonus is vested or subject to elective deferral. The term bonus means cash or non-cash compensation of the type
that under SEC rules is required to be reported by accelerated filers as bonus in the Summary Compensation Table, specifically Regulation S-K Item 402 (17 C.F.R. 229.402, currently Item 402(c)(2)(iv)). The
amount payable under this section 1(a) will not be reduced to account for the time value of money or discounted to present value. 

  
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 (b) Possible payment delay because of Internal Revenue Code section 409A. If when
employment termination occurs the Executive is a specified employee within the meaning of section 409A of the Internal Revenue Code of 1986, if the cash severance benefit under section 1(a) is considered deferred compensation under section 409A, and
finally if an exemption from the six-month delay requirement of section 409A(a)(2)(B)(i) is not available, the benefit under section 1(a) will be paid to the Executive in a single lump sum without interest on
the first day of the seventh month after the month in which the Executive’s employment terminates. References in this Agreement to section 409A of the Internal Revenue Code of 1986 include rules, regulations, and guidance of general application
issued by the Department of the Treasury under Internal Revenue Code section 409A. 
 (c) Change in Control defined. For purposes of
this Agreement the term Change in Control means a change in control as defined in Internal Revenue Code section 409A and rules, regulations, and guidance of general application thereunder issued by the Department of the Treasury, including –

 (1) Change in ownership: a change in ownership of Cortland Bancorp occurs on the date any one person or group
accumulates ownership of Cortland Bancorp stock constituting more than 50% of the total fair market value or total voting power of Cortland Bancorp stock, 

(2) Change in effective control: (x) any one person or more than one person acting as a group acquires
within a 12-month period ownership of Cortland Bancorp stock possessing 30% or more of the total voting power of Cortland Bancorp stock, or (y) a majority of Cortland Bancorp’s board of
directors is replaced during any 12-month period by directors whose appointment or election is not endorsed in advance by a majority of Cortland Bancorp’s board of directors, or 

(3) Change in ownership of a substantial portion of assets: a change in ownership of a substantial portion of Cortland
Bancorp’s assets occurs if in a 12-month period any one person or more than one person acting as a group acquires from Cortland Bancorp assets having a total gross fair market value equal to or exceeding
40% of the total gross fair market value of all of Cortland Bancorp’s assets immediately before the acquisition or acquisitions. For this purpose, gross fair market value means the value of Cortland Bancorp’s assets or the value of the
assets being disposed of, determined without regard to any liabilities associated with the assets. 
 (d) Involuntary termination with
Cause defined. For purposes of this Agreement, involuntary termination of the Executive’s employment is an involuntary termination with Cause if the Executive commits any of the following acts – 

(1) an act of fraud, embezzlement, or theft while employed by Cortland Bancorp or the Bank, or conviction of or plea of no
contest to a felony or conviction of or plea of no contest to a misdemeanor involving moral turpitude, or the actual incarceration of the Executive for 45 consecutive days or more, or 

  
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 (2) gross negligence, insubordination, disloyalty, or dishonesty in the
performance of duties as an officer of Cortland Bancorp or the Bank; willful or reckless failure to adhere to 
 Cortland Bancorp’s or
the Bank’s written policies; intentional wrongful damage to the business or property of Cortland Bancorp or the Bank, including, without limitation, its reputation, which in Cortland Bancorp’s sole judgment causes material harm to Cortland
Bancorp or the Bank; breach of fiduciary duties to Cortland Bancorp and its stockholders, whether in the Executive’s capacity as an officer or as a director of Cortland Bancorp or the Bank, 

(3) removal of the Executive from office or permanent prohibition of the Executive from participating in the Bank’s
affairs by an order issued under section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. 1818(e)(4) or (g)(1), or 

(4) intentional wrongful disclosure of secret processes or confidential information of Cortland Bancorp or the Bank, which in
Cortland Bancorp’s sole judgment causes material harm to Cortland Bancorp or the Bank, or 
 (5) any actions that cause
the Executive to be terminated for cause under any employment agreement existing on the date hereof or hereafter entered into between the Executive and Cortland Bancorp or the Bank, or 

(6) the occurrence of any event that results in the Executive being excluded from coverage, or having coverage limited for the
Executive as compared to other executives of Cortland Bancorp or the Bank, under a blanket bond or other fidelity or insurance policy covering directors, officers, or employees. 

For purposes of this Agreement, no act or failure to act on the Executive’s part will be considered intentional if it is
due primarily to an error in judgment or negligence. An act or failure to act on the Executive’s part is intentional if it is not in good faith and if it is without a reasonable belief that the action or failure to act is in Cortland
Bancorp’s best interests. Any act or failure to act based upon authority granted by resolutions duly adopted by the board of directors or based upon the advice of counsel for Cortland Bancorp is conclusively presumed to be in good faith and in
Cortland Bancorp’s best interests. 
 (e) Voluntary termination with Good Reason defined. For purposes of this Agreement, a
voluntary termination by the Executive will be considered a voluntary termination with Good Reason if the conditions stated in both clauses (x) and (y) are satisfied – 

(x) a voluntary termination by the Executive is a voluntary termination with Good Reason if any of the following occur
without the Executive’s advance written consent, and the term Good Reason means the occurrence of any of the following without the Executive’s advance written consent – 

1) a material diminution of the Executive’s base salary, 

2) a material diminution of the Executive’s authority, duties, or responsibilities, 

3) a material diminution in the authority, duties, or responsibilities of the supervisor to whom the Executive is required to
report, 
 4) a material diminution in the budget over which the Executive retains authority, 

  
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 5) a material change in the geographic location at which the Executive must
perform services, or 
 6) any other action or inaction that constitutes a material breach by Cortland Bancorp of this
Agreement. 
 (y) the Executive must give notice to Cortland Bancorp of the existence of one or more of the conditions
described in clause (x) within 90 days after the initial existence of the condition, and Cortland Bancorp has 30 days thereafter to remedy the condition. In addition, the Executive’s voluntary termination because of the existence of
one or more of the conditions described in clause (x) must occur within 24 months after the initial existence of the condition. 

2. Additional Benefits after Employment Termination. (a) If the Executive’s employment terminates involuntarily but
without Cause or voluntarily but with Good Reason, in either case within 24 months after a Change in Control, Cortland Bancorp will provide at Cortland Bancorp’s expense and on behalf of the Executive a benefit consisting of reimbursement by
Cortland Bancorp of a portion of the Executive’s cost to continue medical, dental, accident, disability, and life insurance coverage substantially identical to the coverage maintained for the Executive at termination, except to the extent
coverage may be changed in its application to all employees, including reimbursement of a portion of the Executive’s cost to obtain coverage under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) [Pub. L. 99-272, 100 Stat. 82]. Regardless of whether it is sufficient to reimburse the Executive’s entire monthly cost for continued medical, dental, accident, disability, and life insurance coverage, the amount of the
Employer’s reimbursement under this section 2(a) is equal to the monthly medical, dental, accident, disability, and life insurance premium cost incurred by Cortland Bancorp and the Bank on account of the Executive’s participation in
Cortland Bancorp and the Bank’s medical, dental, accident, disability, and life insurance plan in the month immediately before the month in which the Executive’s employment terminated. If providing the medical, dental, accident,
disability, and life insurance coverage reimbursement benefit would result in Cortland Bancorp or any of its affiliates breaching the terms of any insurance policy with an applicable insurer or incurring any penalty or additional tax for failing to
comply with any applicable law, instead of receiving the insurance coverage reimbursement benefit the Executive will be entitled to elect continuation coverage under COBRA section 4980B(f) and, beginning with the first payroll period after the first
day of the seventh month after the month in which the Executive’s employment terminates, Cortland Bancorp will pay to the Executive a monthly cash amount equal to the monthly premium amount the Employer would have paid for the Executive’s
medical, dental, accident, disability, and life coverage had the Executive remained actively employed, less any applicable tax withholdings (each such payment, an “Employer Payment”). The first Employer Payment will include
the amount that the Executive would have received in the seven-month period after the date of employment termination had the Executive otherwise received the Employer Payments during the seven-month period. Any benefit provided by Cortland Bancorp
in accordance with the preceding sentences after employment termination will not count toward the medical and dental plan’s obligation to provide continuation coverage under COBRA or any applicable provision of Cortland Bancorp and the
Bank’s health plans that provide for continuing coverage for the Executive, and the last day of the post-termination period in which the Executive is entitled to the benefit under this section will be deemed to be the date of the
Executive’s “qualifying event” for purposes of COBRA, provided that if application of this sentence would result in Cortland Bancorp or any of its affiliates incurring any penalty or additional tax for failing to comply with any
applicable law, this section will be applied without giving effect to this sentence. 

  
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 (b) Cortland Bancorp’s obligation to pay benefits under section 2(a) will terminate on
the first to occur of (w) the date the Executive becomes eligible for medical, dental, accident, disability, and life insurance coverage under plans provided by another employer, (x) the Executive’s death, or (y)
36 months after the Executive’s employment terminates. Termination of the benefit under section 2(a) does not, however, relieve Cortland Bancorp of its obligation to make a reimbursement payment due but not yet paid to the Executive.
Section 2 will not be interpreted to limit any benefits to which the Executive or the Executive’s dependents or beneficiaries may be entitled under any of Cortland Bancorp and the Bank’s employee benefit plans, agreements, programs,
or practices after the Executive’s employment termination, including without limitation retiree medical benefits. 
 3.
Termination for Which No Benefits Are Payable. The Executive is not entitled to benefits under this Agreement if the Executive’s employment terminates with Cause, if the Executive dies while actively employed by Cortland Bancorp or the
Bank, or if the Executive becomes totally disabled while actively employed by Cortland Bancorp or the Bank. For purposes of this Agreement, the term totally disabled means that because of injury or sickness the Executive is unable to perform the
Executive’s duties. The benefits, if any, payable to the Executive or the Executive’s beneficiary or estate relating to the Executive’s death or disability will be determined solely by such benefit plans or arrangements as Cortland
Bancorp or the Bank may have with the Executive relating to death or disability, not by this Agreement. This section 3 does not apply to or operate to prevent payment of special compensation to which the Executive is entitled under section 18 after
employment termination. 
 4. Term of Agreement. The initial term of this Agreement is three years, commencing on the effective
date of this Agreement first written above. On the first anniversary of the effective date of this Agreement and on each anniversary thereafter this Agreement will be extended automatically for one additional year, unless Cortland Bancorp’s
board of directors gives notice to the Executive in writing at least 90 days before the anniversary that the term will not be extended. If the board of directors determines not to extend the term, the board will promptly notify the Executive.
References herein to the term of this Agreement mean the initial term and extensions of the initial term. Unless terminated earlier, this Agreement terminates when the Executive attains age 65. If the board of directors decides not to extend the
term of this Agreement, this Agreement nevertheless remains in force until its term expires. 
 5. This Agreement Is Not an
Employment Contract. The parties hereto acknowledge and agree that this Agreement is not a management or employment agreement and that nothing in this Agreement gives the Executive any rights or impose any obligations to continued employment by
Cortland Bancorp or the Bank or successor of Cortland Bancorp. 
 6. Payment of Legal Fees. Cortland Bancorp is aware that
after a Change in Control management could cause or attempt to cause Cortland Bancorp to refuse to comply with its obligations under this Agreement, or could institute or cause or attempt to cause Cortland Bancorp to institute litigation seeking to
have this Agreement declared unenforceable, or could take or attempt to take other action to deny Executive the benefits intended under this Agreement. In these circumstances the purpose of this Agreement would be frustrated. Cortland Bancorp
desires that the Executive not be required to incur expenses associated with enforcement of rights under this Agreement, whether by litigation or other legal action, because the cost and expense thereof would substantially detract from

  
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the benefits intended to be granted to the Executive hereunder. Cortland Bancorp desires that the Executive not be forced to negotiate settlement of rights under this Agreement under threat of
incurring expenses. Accordingly, if after a Change in Control it appears to the Executive that (x) Cortland Bancorp has failed to comply with any of its obligations under this Agreement or (y) Cortland Bancorp or any other
person has taken any action to declare this Agreement void or unenforceable, or instituted any litigation or other legal action designed to deny, diminish, or to recover from the Executive the benefits intended to be provided to the Executive
hereunder, Cortland Bancorp irrevocably authorizes the Executive from time to time to retain counsel of the Executive’s choice, at Cortland Bancorp’s expense as provided in this section 6, to represent the Executive in the initiation or
defense of any litigation or other legal action, whether by or against Cortland Bancorp or any director, officer, stockholder, or other person affiliated with Cortland Bancorp, in any jurisdiction. Despite any existing or previous attorney-client
relationship between Cortland Bancorp and any counsel chosen by the Executive under this section 6, Cortland Bancorp irrevocably consents to the Executive entering into an attorney-client relationship with that counsel, and Cortland Bancorp and the
Executive agree that a confidential relationship exists between the Executive and that counsel. The fees and expenses of counsel selected from time to time by the Executive will be paid or reimbursed to the Executive by Cortland Bancorp on a
regular, periodic basis upon presentation by the Executive of a statement or statements prepared by counsel in accordance with counsel’s customary practices, whether suit is brought or not, and regardless of whether incurred in trial,
bankruptcy, or appellate proceedings. Cortland Bancorp’s obligation to pay the Executive’s legal fees under this section 6 operates separately from and in addition to any legal fee reimbursement obligation Cortland Bancorp may have with
the Executive under any separate severance, employment, salary continuation, or other agreement. Despite anything in this Agreement to the contrary, however, Cortland Bancorp is not required to pay or reimburse the Executive’s legal expenses if
doing so violates section 18(k) of the Federal Deposit Insurance Act [12 U.S.C. 1828(k)] and Rule 359.3 of the Federal Deposit Insurance Corporation [12 CFR 359.3]. 

7. Withholding of Taxes. Cortland Bancorp may withhold from any benefits payable under this Agreement all federal, state, local
or other taxes as may be required by law, governmental regulation, or ruling. 
 8. Successors and Assigns. (a) This
Agreement is binding on Cortland Bancorp’s successors. This Agreement is binding upon and enforceable by Cortland Bancorp and any successor to Cortland Bancorp, including any persons acquiring directly or indirectly all or substantially all
of the business or assets of Cortland Bancorp by purchase, merger, consolidation, reorganization, or otherwise. But this Agreement and Cortland Bancorp’s obligations under this Agreement are not otherwise assignable, transferable, or delegable
by Cortland Bancorp. By agreement in form and substance satisfactory to the Executive, Cortland Bancorp will require any successor to all or substantially all of the business or assets of Cortland Bancorp expressly to assume and agree to perform
this Agreement in the same manner and to the same extent Cortland Bancorp would be required to perform had no succession occurred. 
 (b)
This Agreement is enforceable by the Executive’s heirs. This Agreement inures to the benefit of and is enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributes, and
legatees. 

  
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 (c) This Agreement is personal. This Agreement is personal in nature. The
Executive’s right to receive payments hereunder is not assignable or transferable, whether by pledge, creation of a security interest, or otherwise, except for a transfer by Executive’s will or by the laws of descent and distribution. If
the Executive attempts an assignment or transfer that is contrary to this section 8, Cortland Bancorp has no liability to pay any amount to the assignee or transferee. 

9. Notices. Any notice under this Agreement will be deemed to have been effectively made or given if in writing and personally
delivered, delivered by mail properly addressed in a sealed envelope, postage prepaid by certified or registered mail, delivered by a reputable overnight delivery service, or sent by facsimile. Unless otherwise changed by notice, notice is properly
addressed to the Executive if addressed to the address of the Executive on the books and records of Cortland Bancorp at the time of the delivery of the notice, and properly addressed to Cortland Bancorp if addressed to the Board of Directors,
Cortland Bancorp, 194 West Main Street, Cortland, Ohio 44410, Attention: Corporate Secretary. 
 10. Captions and Counterparts.
The headings and subheadings used in this Agreement are included solely for convenience and shall not affect the interpretation of this Agreement. 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 constitute one and the same agreement. 
 11. Amendments and Waivers. No provision of this
Agreement may be modified, waived, or discharged unless the waiver, modification, or discharge is agreed to in a writing signed by the Executive and by Cortland Bancorp. No waiver by either party hereto at any time of any breach by the other party
hereto or waiver of compliance with any condition or provision of this Agreement to be performed by the other party is a waiver of other provisions or conditions at the same or at any other time. 

12. Severability. The provisions of this Agreement are severable. The invalidity or unenforceability of any provision does not
affect the validity or enforceability of the other provisions of this Agreement. Any provision held to be invalid or unenforceable will be reformed to the extent (and only to the extent) necessary to make it valid and enforceable. 

13. Governing Law. The validity, interpretation, construction, and performance of this Agreement are governed by and construed in
accordance with the substantive laws of the State of Ohio, without giving effect to the principles of conflict of laws of the State of Ohio. 

14. Entire Agreement. This Agreement constitutes the entire agreement between Cortland Bancorp and the Executive concerning the
subject matter. No rights are granted to the Executive under this Agreement other than those specifically set forth. No agreements or representations, oral or otherwise, expressed or implied concerning the subject matter have been made by either
party that are not set forth expressly in this Agreement. As of the effective date of this Agreement the November 24, 2015 Severance Agreement is void and of no force or effect. 

15. No Mitigation Required. Cortland Bancorp hereby acknowledges that it will be difficult and could be impossible
(x) for the Executive to find reasonably comparable employment after termination and (y) to measure the amount of damages the Executive suffers because of termination. Additionally, Cortland Bancorp acknowledges that its
general severance pay plans do not 

  
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provide for mitigation, offset, or reduction of any severance payment received thereunder. Cortland Bancorp further acknowledges that the payment of benefits by Cortland Bancorp under this
Agreement is reasonable and will be liquidated damages. The Executive is not required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor will any profits, income, earnings, or other
benefits from any source whatsoever create any mitigation, offset, reduction, or any other obligation on the part of the Executive hereunder or otherwise. 

16. Internal Revenue Code Section 409A. Cortland Bancorp and the Executive intend that their exercise of
authority or discretion under this Agreement comply with section 409A of the Internal Revenue Code of 1986. If when the Executive’s employment terminates the Executive is a specified employee, as defined in section 409A of the Internal Revenue
Code of 1986, and if any payments or benefits under this Agreement will result in additional tax or interest to the Executive because of section 409A, then despite any provision of this Agreement to the contrary the Executive is not entitled to the
payments or benefits until the earliest of (x) the date that is at least six months after termination of the Executive’s employment for reasons other than the Executive’s death, (y) the date of the Executive’s
death, or (z) any earlier date that does not result in additional tax or interest to the Executive under section 409A. As promptly as possible after the end of the period during which payments or benefits are delayed under this
provision, the entire amount of the delayed payments will be paid to the Executive in a single lump sum. If any provision of this Agreement does not satisfy the requirements of section 409A, the provision will nevertheless be applied in a manner
consistent with those requirements. If any provision of this Agreement would subject the Executive to additional tax or interest under section 409A, Cortland Bancorp will reform the provision. However, Cortland Bancorp will maintain to the maximum
extent practicable the original intent of the applicable provision without subjecting the Executive to additional tax or interest, and Cortland Bancorp is not required to incur any additional compensation expense as a result of the reformed
provision. References in this Agreement to section 409A of the Internal Revenue Code of 1986 include rules, regulations, and guidance of general application issued by the Department of the Treasury under Internal Revenue Code section 409A. 

17. No Violation of Golden Parachute Rules. Cortland Bancorp, the Bank, and the Executive acknowledge and agree that any payment
to the Executive under this Agreement and any agreement to make a payment to the Executive are or may be subject to the golden parachute limitations of 12 U.S.C. 1828(k) and FDIC rules at 12 C.F.R. Part 359. Cortland Bancorp, the Bank, and the
Executive acknowledge and agree that if any payment or agreement to make a payment under this Agreement would be considered a golden parachute payment under 12 C.F.R. 359.1(f), neither Cortland Bancorp nor the Bank has a contractual or other
obligation to make the payment to the Executive, and the agreement to make the payment is void, unless (x) the payment receives the prior approval of the appropriate Federal banking agency, if required at that time by 12 U.S.C. section
1828(k), 12 C.F.R. Part 359, or other federal or state laws, rules or regulations, and (y) the obligation and the payment comply in all other respects with 12 U.S.C. section 1828(k), 12 C.F.R. Part 359, and other federal and state laws,
rules or regulations, to the extent applicable at the time. 
 18. Restrictions on the Executive’s Post-Employment
Activities. The restrictions in this section 18 have been negotiated, presented to, and accepted by the Executive contemporaneous with the offer and acceptance by the Executive of this Agreement. Cortland Bancorp’s decision to enter into
this Agreement is conditioned upon the Executive’s agreement to be bound by the restrictions contained in this section 18. 

  
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 (a) Promise of no solicitation. The Executive promises and agrees that during the
Restricted Period (as defined below) and in the Restricted Territory (as defined below) the Executive will1: 

1. not directly or indirectly solicit or attempt to solicit any Customer (as defined below) to accept or purchase Financial Products or
Services (as defined below) of the same nature, kind, or variety as provided to the Customer by the Bank during the two years immediately before the Executive’s employment termination with the Bank, 

2. not directly or indirectly influence or attempt to influence any Customer, joint venturer, or other business partner of the Bank to
alter that person or entity’s business relationship with the Bank in any respect, and 
 3. not accept the Financial Products or
Services business of any Customer or provide Financial Products or Services to any Customer on behalf of anyone other than the Bank. 
 (b)
Promise of no competition. The Executive promises and agrees that during the Restricted Period in the Restricted Territory the Executive will not engage, undertake, or participate in the business of providing, selling, marketing, or
distributing Financial Products or Services of a similar nature, kind, or variety (x) as offered by the Bank to Customers during the two years immediately before the Executive’s employment termination with the Bank, or
(y) as offered by the Bank to any of its Customers during the Restricted Period.2 Subject to the above provisions and conditions of this subparagraph (b), the Executive promises that
during the Restricted Period the Executive will not become employed by or serve as a director, partner, consultant, agent, or owner of 5% or more of the outstanding stock of or contractor to any entity providing these prohibited Financial
Products or Services that is located in or conducts business in the Restricted Territory. 
 (c) Promise of no raiding/hiring. The
Executive promises and agrees that during the Restricted Period the Executive will not solicit or attempt to solicit and will not encourage or induce in any way any employee, joint venturer, or business partner of Cortland Bancorp or
the Bank to terminate an employment or contractual relationship with Cortland Bancorp or the Bank. The Executive agrees that the Executive will not hire any person employed by Cortland Bancorp or the Bank during the two-year period before the Executive’s employment termination with the Bank or any person employed by Cortland Bancorp or the Bank during the Restricted Period. 

(d) Promise of no disparagement. The Executive promises and agrees that during the Restricted Period the Executive will not cause
statements to be made (whether written or oral) that reflect negatively on the business reputation of Cortland Bancorp or the Bank. Cortland Bancorp and the Bank likewise promise and agree that during the Restricted Period Cortland Bancorp and the
Bank will not cause statements to be made (whether written or oral) that reflect negatively on the reputation of the Executive. 

 

	1 	 For example, the promise of no solicitation applies if the Executive is conducting prohibited business in the
Restricted Territory or if the entity with, for, or to whom the Executive is conducting prohibited business is located within the Restricted Territory. 

	2 	 For example, the promise of no competition applies if the Executive is conducting prohibited business in the
Restricted Territory or if the entity with, for, or to whom the Executive is conducting prohibited business is located within the Restricted Territory. 

  
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 (e) Acknowledgment. The Executive and Cortland Bancorp acknowledge and agree that the
provisions of this section 18 have been negotiated and carefully determined to be reasonable and necessary for the protection of legitimate business interests of Cortland Bancorp and the Bank. Both parties agree that a violation of section 18 is
likely to cause immediate and irreparable harm that will give rise to the need for court ordered injunctive relief. If a breach or threatened breach by the Executive of any provision of this Agreement occurs, Cortland Bancorp, including its
successors and assigns, is entitled to obtain an injunction without bond restraining the Executive from violating the terms of this Agreement and to institute an action against the Executive to recover damages from the Executive for the breach.
These remedies for default or breach are in addition to any other remedy or form of redress provided under Ohio law. The parties acknowledge that the provisions of this section 18 survive termination of the employment relationship and are
enforceable by Cortland Bancorp and Cortland Bancorp’s successors and assigns. The parties agree that if any of the provisions of this section 18 are deemed unenforceable by a court of competent jurisdiction, the unenforceable provisions may be
stricken as independent clauses by the court in order to enforce the remaining territory restrictions and that the intent of the parties is to afford the broadest restriction on post-employment activities as set forth in this Agreement. Without
limiting the generality of the foregoing, without limiting the remedies available to Cortland Bancorp for violation of this Agreement, and without constituting an election of remedies, if the Executive violates any of the terms of section 18 the
Executive forfeits on the Executive’s own behalf and that of beneficiary(ies) any rights to and interest in any severance or other benefits under this Agreement or other contract the Executive has with Cortland Bancorp or the Bank. 

(f) Definitions: 
 1.
“Restricted Period,” as used herein, means the one-year period immediately after the Executive’s termination and/or separation of employment with Cortland Bancorp or the Bank, regardless of the
reason for termination and/or separation and regardless of whether the term of this Agreement expires before the Executive’s employment termination or expires under section 5 during the one-year period
immediately after the Executive’s termination and/or separation of employment with the Bank. The Restricted Period will be extended in an amount equal to any time period during which a violation of section 18 of this Agreement is proven. 

2. “Restricted Territory,” as used herein, means all of Trumbull, Portage, and Mahoning Counties in Ohio. 

3. “Customer,” as used herein, means any individual, joint venturer, entity of any sort, or other business partner of Cortland
Bancorp or the Bank with, for, or to whom Cortland Bancorp or the Bank has provided Financial Products or Services during the last two years of the Executive’s employment with Cortland Bancorp or the Bank, or any individual, joint venturer,
entity of any sort, or business partner whom Cortland Bancorp or the Bank has identified as a prospective customer of Financial Products or Services within the last two years of the Executive’s employment with Cortland Bancorp or the Bank. 

  
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 4. “Financial Products or Services,” as used herein, means any product or service
that a financial institution or a financial holding company could offer by engaging in any activity that is financial in nature or incidental to such a financial activity under section 4(k) of the Bank Holding Company Act of 1956 and that is offered
by Cortland Bancorp or the Bank or an affiliate on the date of the Executive’s employment termination, including but not limited to banking activities and activities that are closely related and a proper incident to banking, or other products
or services of the type of which the Executive was involved during the Executive’s employment with Cortland Bancorp or the Bank. 
 (g)
Special compensation. The Executive and Cortland Bancorp acknowledge and agree that the post-employment restrictions in this section 18 apply in the Restricted Period without regard to whether a Change in Control has previously occurred.
Because the Executive may be subject to the post-employment restrictions of this section 18 without also being entitled to Change-in-Control benefits under this
Agreement, Cortland Bancorp hereby agrees that the Executive is entitled to one times compensation, as the term compensation is defined in section 1(a), under this section 18(g), payable in a single lump sum, without reduction to account for the
time value of money or discounting to present value, except that the Executive is not entitled to any compensation under this section 18(g) if (x) the Executive is entitled to receive or has received Change-in-Control compensation under this Agreement or (y) the Executive’s employment termination is on account of retirement or occurs after the Executive attains age 65. The provisions of
section 3, prohibiting payment of severance in specified cases, do not apply to or operate to prevent payment of special compensation to which the Executive is entitled under this section 18 after employment termination. 

The special compensation payable under this section 18(g) will be paid to the Executive five days after the Executive’s employment
termination, but if when the Executive’s employment terminates the Executive is a specified employee, as defined in section 409A of the Internal Revenue Code of 1986, and if the special compensation payable under this section 18(g) would be
considered nonqualified deferred compensation under section 409A, and finally if an exemption from the six-month delay requirement of section 409A(a)(2)(B)(i) is not available, rather than being payable five
days after employment termination the special compensation payable under this section 18(g) will be paid to the Executive in a single lump sum without interest on the first day of the seventh month after the month in which the Executive’s
employment terminates. 
 (h) Enforcement by successors. The provisions of this section are binding upon and enforceable by Cortland
Bancorp and any successor to Cortland Bancorp, including any person acquiring directly or indirectly all or substantially all of the business, assets, or stock of Cortland Bancorp by purchase, merger, consolidation, reorganization, or otherwise. The
Executive’s consent is not necessary for any assignment or transfer of the rights and obligations of this section that occurs or is deemed to occur as the result of any person acquiring directly or indirectly all or substantially all of the
business, assets, or stock of Cortland Bancorp by purchase, merger, consolidation, reorganization, or otherwise. 

  
 11 

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

							
	EXECUTIVE	 		 	CORTLAND BANCORP
				
	  
	 		 	By:	 	  

	Stanley P. Feret	 		 		 	James M. Gasior
		 		 	Its:	 	President and Chief Executive Officer

  
 12Exhibit 10.1

 

Execution Version

 

EQUITY
PURCHASE AGREEMENT

 

This
Equity Purchase Agreement (this “Agreement”) is made and entered into as of December 27, 2018 by and
among (i) Hopeway International Enterprises Limited, a private limited company duly organized under the laws of British
Virgin Islands (the “Purchaser”), (ii) Hubei Shengrong Environmental Proection and Energy Saving Technology
Co. Ltd. (the “Company”) a PRC company engaged in the research, development, production and sale of
an array of solid waste recycling systems for the mining and industrial sectors in the PRC, (ii) TMSR Holding Company Limited,
a corporation incorporated under the laws of Nevada (the ‘TMSR”) (iv) Shengrong Environmental Protection
technology (Wuhan) Co. Ltd. (the “Seller”), a limited liability company formed under the laws of the PRC and
the sole equity holder of the Company, The Purchaser, the Company and the Seller are sometimes referred to herein individually
as a “Party” and, collectively, as the “Parties”.

 

RECITALS:

 

WHEREAS,
the Purchaser is the record holder of 8,523,320 issued and outstanding shares of common stock of TMSR;

 

WHEREAS,
the Seller desires to sell to the Purchaser, and the Purchaser desires to purchase from the Seller all of the equity interest
of the Company in exchange for Purchaser’s agreement (the “Consideration”) to irrevocably forfeit
8,523,320 issued and outstanding shares of common stock of TMSR, which shall be cancelled on the books and records TMSR effective
on the date of closing of the transactions (the “Transaction”) contemplated by this Agreement, subject
to the terms and conditions set forth herein and

 

NOW,
THEREFORE, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth
below, and the representations, warranties, covenants and agreements contained in this Agreement, and intending to be legally
bound hereby, the Parties hereto agree as follows:

 

ARTICLE
I

THE EQUITY PURCHASE

 

1.1 Purchase
and Sale of Equity Interests. At the Closing (as hereinafter defined) and subject to and upon the terms and conditions of
this Agreement, the Seller shall sell, transfer, convey, assign and deliver to the Purchaser, and the Purchaser shall purchase,
acquire and accept from the Seller, all of the equity interests of the Company (collectively, the “Purchased Shares”),
free and clear of all Liens (other than potential restrictions on resale under applicable securities Laws)

 

1.2 Consideration.
At the Closing and subject to and upon the terms and conditions of this Agreement, the Shareholder shall deliver to the Seller
the Consideration pursuant to Section 3.3.

 

1.3 Seller’s
Consent. Seller, as the sole shareholder of the Company, hereby approves, authorizes and consents to the Company’s execution
and delivery of this Agreement and the Ancillary Documents, the performance by the Company of its obligations hereunder and thereunder
and the consummation by the Company of the transactions contemplated hereby and thereby. Seller acknowledges and agrees that the
consent set forth herein is intended and shall constitute such consent of the Seller as may be required (and shall, if applicable,
operate as a written shareholder resolution of the Company) pursuant to the Company Charter, any other agreement in respect of
the Company to which the Seller is a party and all applicable Laws.

 

     

     

    

 

ARTICLE
II

CLOSING

 

2.1 Closing.
Subject to the satisfaction or waiver of the conditions set forth in Article III, the consummation of the transactions
contemplated by this Agreement (the “Closing”) shall take place at the offices of Hunter Taubman Fischer&
Li LLC, 1450 Broadway, New York, NY 10018, on the first (1st) Business Day after all the closing conditions to this
Agreement have been satisfied or waived at 10:00 a.m. local time, or at such other date, time or place as the Purchaser and the
Company may agree (the date and time at which the Closing is actually held being the “Closing Date”).

 

ARTICLE
III

CLOSING CONDITIONS

 

3.1 Conditions
to Each Party’s Obligations. The obligations of each Party to consummate the transactions described herein shall be
subject to the satisfaction or written waiver (where permissible) by the Seller and the Purchaser of the following conditions:

 

(a) Requisite
Regulatory Approvals. All Consents required to be obtained from or made with any Governmental Authority in order to consummate
the transactions contemplated by this Agreement shall have been obtained or made.

 

(b) No
Law. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law (whether temporary, preliminary
or permanent) or Order that is then in effect and which has the effect of making the transactions or agreements contemplated by
this Agreement illegal or which otherwise prevents or prohibits consummation of the transactions contemplated by this Agreement.

 

(c) No
Litigation. There shall not be any pending Action brought by a third-party non-Affiliate to enjoin or otherwise restrict the
consummation of the Closing.

 

3.2 Conditions
to Obligations of the Company and the Seller. In addition to the conditions specified in Section 3.1, the obligations
of the Company and the Seller to consummate the transactions contemplated by this Agreement are subject to the satisfaction or
written waiver (by the Company and the Seller) of the following condition:

 

(a) Completion
of Purchase Consideration. At the Closing, Purchaser shall deliver to Continental Stock, TMSR’s authorized transfer
agent, a duly executed stock power in the form attached as Exhibit A hereto, on the date of closing of the Transaction.

 

(b) Fairness
Opinion. TMSR’s board of directors (the “TMSR Board”) shall have received a fairness opinion from Benchmark
Company, LLC (or such other financial advisor as approved by TMSR Board).

 

(c) Assignment
of Intellectual Property. The Seller shall have received from the Company executed Intellectual Property Assignment Agreement
by and between the Company and Seller in the form substantially as Exhibit A

 

(d) Transfer
of Retained Employees. The Seller shall have received from the Company termination agreements executed by all the Retained
Employees listed in Exhibit C in a form satisfactory to the Purchaser and cause the Retained Employees to deliver their signature
to employment agreement with Seller in the form substantially as Exhibit B.

 

    2

     

    

 

3.3 Conditions
to Obligations of the Purchaser. In addition to the conditions specified in Section 3.1, the obligations of the
Purchaser to consummate the transactions contemplated by this Agreement are subject to the satisfaction or written waiver (by
the Purchaser) of the following conditions:

 

(a) AIC
Registration and Transfer Instruments. The Purchaser’s shareholders, Ms. Jiazhen Li and Mr. Xiaonian Zhang shall be
registered as the shareholders of the Company with competent local Administrative of Industry and Commerce (“AIC”),
together with executed instruments of transfer in respect of the Purchased Shares in favor of the Purchaser (or its nominee).

 

3.4 Frustration
of Conditions. Notwithstanding anything contained herein to the contrary, no Party may rely on the failure of any condition
set forth in this Article III to be satisfied if such failure was caused by such the failure of such Party or
its Affiliates to comply with or perform any of its covenants or obligations set forth in this Agreement. 

 

ARTICLE
IV

PURCHASER
REPRESENTATIONS AND WARRANTIES

 

 Purchaser
hereby jointly and severally represent and warrant to the Seller as follows:

 

4.1 Due
Organization and Good Standing. The Purchaser is a business company duly incorporated, validly existing and in good standing
under the Laws of British Virgin Islands.

 

4.2 Authorization;
Binding Agreement. The Purchaser has all requisite corporate power and authority to execute and deliver this Agreement, to
perform its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby (a) have been duly and validly authorized and (b) no other corporate
proceedings, other than as set forth elsewhere in the Agreement, are necessary to authorize the execution and delivery of this
Agreement or to consummate the transactions contemplated hereby. This Agreement has been, and shall be when delivered, duly and
validly executed and delivered by the Purchaser, assuming the due authorization, execution and delivery of this Agreement by the
other parties hereto, and constitutes, or when delivered shall constitute, the valid and binding obligation of the Purchaser,
enforceable against the Purchaser in accordance with its terms, except to the extent that enforceability thereof may be limited
by applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application affecting the enforcement
of creditors’ rights generally or by any applicable statute of limitation or by any valid defense of set-off or counterclaim,
and the fact that equitable remedies or relief (including the remedy of specific performance) are subject to the discretion of
the court from which such relief may be sought (collectively, the “Enforceability Exceptions”).

 

4.3 Governmental
Approvals. No Consent of or with any Governmental Authority, on the part of the Purchaser is required to be obtained or made
in connection with the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated
hereby, other than (a) such filings as may be required in any jurisdiction in which such Party is qualified or authorized to do
business as a foreign corporation in order to maintain such qualification or authorization, (b) such filings as contemplated by
this Agreement, (c) any filings required with NASDAQ with respect to the transactions contemplated by this Agreement, or (d) applicable
requirements, if any, of the Securities Act of 1933, as amended (the “Securities Act”), the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and/ or any state “blue sky” securities
laws, and the rules and regulations thereunder.

 

    3

     

    

 

4.4 Non-Contravention.
The execution and delivery by the Purchaser of this Agreement and the consummation of the transactions contemplated hereby, and
compliance with any of the provisions hereof, will not (a) conflict with or violate any provision of the Organizational Documents
of such Party (if any), (b) conflict with or violate any Law, Order or Consent applicable to such Party or any of its properties
or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice
or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation
or modification of, (iv) accelerate the performance required by such Party under, (v) result in a right of termination or acceleration
under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation of any lien
upon any of the properties or assets of such Party under, (viii) give rise to any obligation to obtain any third party consent
or provide any notice to any Person or (ix) give any Person the right to declare a default, exercise any remedy, claim a rebate,
chargeback, penalty or change in delivery schedule, accelerate the maturity or performance, cancel, terminate or modify any right,
benefit, obligation or other term under, any of the terms, conditions or provisions of, any material contract of such Party.

 

ARTICLE
V

COMPANY
REPRESENTATIONS AND WARRANTIES

 

The
Company hereby represents and warrants to the Purchaser as follows:

 

5.1 Due
Organization and Good Standing. The Company is a business company duly incorporated, validly existing and in good standing
under the Laws of PRC.

 

5.2 Authorization;
Binding Agreement. The Company has all requisite corporate power and authority to execute and deliver this Agreement, to perform
its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby (a) have been duly and validly authorized and (b) no other corporate
proceedings, other than as set forth elsewhere in the Agreement, are necessary to authorize the execution and delivery of this
Agreement or to consummate the transactions contemplated hereby. This Agreement has been, and shall be when delivered, duly and
validly executed and delivered by the Company, assuming the due authorization, execution and delivery of this Agreement by the
other parties hereto, and constitutes, or when delivered shall constitute, the valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except to the extent that enforceability thereof may be limited by the Enforceability
Exceptions.

 

    4

     

    

 

5.3 Governmental
Approvals. No Consent of or with any Governmental Authority, on the part of the Company is required to be obtained or made
in connection with the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated
hereby and thereby, other than (a) such filings as may be required in any jurisdiction in which the Company is qualified or authorized
to do business as a foreign corporation in order to maintain such qualification or authorization, (b) such filings as contemplated
by this Agreement, (c) any filings required with NASDAQ with respect to the transactions contemplated by this Agreement, or (d)
applicable requirements, if any, of the Securities Act, the Exchange Act and/ or any state “blue sky” securities laws,
and the rules and regulations thereunder.

 

5.4 Non-Contravention.
The execution and delivery by the Company of this Agreement and the consummation of the transactions contemplated hereby, and
compliance with any of the provisions hereof, will not (a) conflict with or violate any provision of the Organizational Documents
of the Company (if any), (b) conflict with or violate any Law, Order or Consent applicable to the Company or any of its properties
or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice
or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation
or modification of, (iv) accelerate the performance required by the Company under, (v) result in a right of termination or acceleration
under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation of any lien
upon any of the properties or assets of the Company under, (viii) give rise to any obligation to obtain any third party consent
or provide any notice to any Person or (ix) give any Person the right to declare a default, exercise any remedy, claim a rebate,
chargeback, penalty or change in delivery schedule, accelerate the maturity or performance, cancel, terminate or modify any right,
benefit, obligation or other term under, any of the terms, conditions or provisions of, any material contract of the Company.

 

ARTICLE
VI

TERMINATION AND EXPENSES

 

6.1 Termination.
This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior to the Closing as
follows:

 

(a) by
mutual written consent of the Purchaser and the Seller; or

 

(b) by
written notice by either the Purchaser or the Seller if a Governmental Authority of competent jurisdiction shall have issued an
Order or taken any other action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by this
Agreement, and such Order or other action has become final and non-appealable; provided, however, that
the right to terminate this Agreement pursuant to this Section 6.1(b) shall not be available to a Party if the
failure by such Party or its Affiliates to comply with any provision of this Agreement has been a substantial cause of, or substantially
resulted in, such action by such Governmental Authority.

 

6.2 Effect
of Termination. This Agreement may only be terminated in the circumstances described in Section 6.1 and pursuant
to a written notice delivered by the applicable Party to the other applicable Parties, which sets forth the basis for such termination,
including the provision of Section 6.1 under which such termination is made. In the event of the valid termination
of this Agreement pursuant to Section 6.1, this Agreement shall forthwith become void, and there shall be no Liability
on the part of any Party or any of their respective Representatives, and all rights and obligations of each Party shall cease,
and nothing herein shall relieve any Party from Liability for any willful breach of any representation, warranty, covenant or
obligation under this Agreement or any Fraud Claim against such Party, in either case, prior to termination of this Agreement.
Without limiting the foregoing, and except as provided in this Article VI, the Parties’ sole right prior to
the Closing with respect to any breach of any representation, warranty, covenant or other agreement contained in this Agreement
by another Party or with respect to the transactions contemplated by this Agreement shall be the right, if applicable, to terminate
this Agreement pursuant to Section 6.1.

 

    5

     

    

 

6.3 Fees
and Expenses. All Expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid
by the Party incurring such expenses. As used in this Agreement, “Expenses” shall include all out-of-pocket
expenses (including all fees and expenses of counsel, accountants, investment bankers, financial advisors, financing sources,
experts and consultants to a Party hereto or any of its Affiliates) incurred by a Party or on its behalf in connection with or
related to the authorization, preparation, negotiation, execution or performance of this Agreement or any Ancillary Document related
hereto and all other matters related to the consummation of this Agreement.

 

ARTICLE
VII

RELEASES

 

7.1 Release
and Covenant Not to Sue. Effective as of the Closing, to the fullest extent permitted by applicable Law, the Purchaser, on
behalf of itself and its Affiliates, respectively (the “Releasing Persons”), will release and discharge
the Seller from and against any and all Actions, obligations, agreements, debts and Liabilities whatsoever, whether known or unknown,
both at law and in equity, which such Releasing Person now has, has ever had or may hereafter have against the Seller arising
on or prior to the Closing Date or on account of or arising out of any matter occurring on or prior to the Closing Date, including
any rights to indemnification or reimbursement from Seller, whether pursuant to its Organizational Documents, Contract or otherwise,
and whether or not relating to claims pending on, or asserted after, the Closing Date. From and after the Closing, each Releasing
Person hereby irrevocably covenants to refrain from, directly or indirectly, asserting any Action, or commencing or causing to
be commenced, any Action of any kind against the Seller or its Affiliates, based upon any matter purported to be released hereby.
Notwithstanding anything herein to the contrary, the releases and restrictions set forth herein shall not apply to any claims
a Releasing Person may have against any party pursuant to the terms and conditions of this Agreement or any Ancillary Document.

 

ARTICLE
VIII

SURVIVAL AND INDEMNIFICATION

 

8.1 Survival.
All representations and warranties of the Purchaser contained in this Agreement (including all schedules and exhibits hereto and
all certificates, documents, instruments and undertakings furnished pursuant to this Agreement) shall survive the Closing through
and until the second (2nd) anniversary of the Closing Date; provided, however, that the representations and warranties
contained in Sections 4.1 (Due Organization and Good Standing), 4.2 (Authorization; Binding Agreement) and 4.6 (Ownership), shall
survive indefinitely. Additionally, Fraud Claims against the Purchaser or Shareholder shall survive indefinitely. If written notice
of a claim for breach of any representation or warranty has been given before the applicable date when such representation or
warranty no longer survives in accordance with this Section 8.1, then the relevant representations and warranties shall survive
as to such claim, until the claim has been finally resolved. All covenants, obligations and agreements of the Purchaser contained
in this Agreement (including all schedules and exhibits hereto and all certificates, documents, instruments and undertakings furnished
pursuant to this Agreement), including any indemnification obligations, shall survive the Closing and continue until fully performed
in accordance with their terms. For the avoidance of doubt, a claim for indemnification under any subsection of Section 8.2 other
than clauses (i) or (ii) thereof may be made at any time.

 

    6

     

    

 

8.2 Indemnification
by the Purchaser. Subject to the terms and conditions of this Article VIII, from and after the Closing, the Purchaser and
their respective successors and assigns (with respect to any claim made under this Section 8.2, the “Indemnifying
Parties”) will jointly and severally indemnify, defend and hold harmless the Seller and its Affiliates and their
respective officers, directors, managers, employees, successors and permitted assigns (with respect to any claim made under this
Section 8.2, the “Indemnified Parties”) from and against any and all losses, Actions, Orders, Liabilities,
damages (including consequential damages), diminution in value, Taxes, interest, penalties, Liens, amounts paid in settlement,
costs and expenses (including reasonable expenses of investigation and court costs and reasonable attorneys’ fees and expenses),
(any of the foregoing, a “Loss”) paid, suffered or incurred by, or imposed upon, any Indemnified Party
to the extent arising in whole or in part out of or resulting directly or indirectly from (whether or not involving a Third Party
Claim): (i) the breach of any representation or warranty made by the Purchaser or Shareholder set forth in this Agreement or in
any certificate delivered by the Purchaser or Shareholder pursuant to this Agreement; (ii) the breach of any covenant or agreement
on the part of Purchaser or Shareholder set forth in this Agreement or in any certificate delivered by Purchaser or Shareholder
pursuant to this Agreement; (iii) any Action by Person(s) who were holders of equity securities of the Seller, including options,
warrants, convertible debt or other convertible securities or other rights to acquire equity securities of the Seller, prior to
the Closing arising out of the sale, purchase, termination, cancellation, expiration, redemption or conversion of any such securities;
or (iv) any Fraud Claims.

 

8.3 Limitations
and General Indemnification Provisions.

 

(a) Solely
for purposes of determining the amount of Losses under this Article VIII (and, for the avoidance of doubt, not
for purposes of determining whether there has been a breach giving rise to the indemnification claim), all of the representations,
warranties and covenants set forth in this Agreement (including the disclosure schedules hereto) or any Ancillary Document that
are qualified by materiality or words of similar import or effect will be deemed to have been made without any such qualification.

 

(b) No
investigation or knowledge by an Indemnified Party its Representatives of a breach of a representation, warranty, covenant or
agreement of an Indemnifying Party shall affect the representations, warranties, covenants and agreements of the Indemnifying
Party or the recourse available to the Indemnified Parties under any provision of this Agreement, including this Article
VIII, with respect thereto.

 

(c) The
amount of any Losses suffered or incurred by any Indemnified Party shall be reduced by the amount of any insurance proceeds paid
to the Indemnified Party or any Affiliate thereof as a reimbursement with respect to such Losses (and no right of subrogation
shall accrue to any insurer hereunder, except to the extent that such waiver of subrogation would prejudice any applicable insurance
coverage), net of the costs of collection and the increases in insurance premiums resulting from such Loss or insurance payment.

 

8.4 Indemnification
Procedures.

 

(a) In
order to make a claim for indemnification hereunder, the Seller must provide written notice (a “Claim Notice”)
of such claim to the Indemnifying Parties, 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 and (ii) the amount of Losses suffered
by the Indemnified Party in connection with the claim to the extent known or reasonably estimable (provided, that the Seller may
thereafter in good faith adjust the amount of Losses with respect to the claim by providing a revised Claim Notice to Indemnifying
Parties).

 

    7

     

    

 

(c) In
the case of any claim for indemnification under this Article VIII arising from a claim of a third party (including
any Governmental Authority) (a “Third Party Claim”), the Seller must give a Claim Notice with respect
to such Third Party Claim to the Indemnifying Parties promptly (but in no event later than thirty (30) days) after the Indemnified
Party’s receipt of notice of such Third Party Claim; provided, that the failure to give such notice will not
relieve the Indemnifying Party of its indemnification obligations except to the extent that the defense of such Third Party Claim
is materially and irrevocably prejudiced by the failure to give such notice. The Indemnifying Parties will have the right to defend
and to direct the defense against any such Third Party Claim, at its expense and with counsel selected by Indemnifying Parties,
unless (i) the Indemnifying Parties fails to acknowledge fully to the Seller the obligations of the Indemnifying Parties to such
Indemnified Party within twenty (20) days after receiving notice of such Third Party Claim or contests, in whole or in part, its
indemnification obligations therefor or (ii) at any time while such Third Party Claim is pending, (A) there is a conflict of interest
between the Indemnifying Parties and the Seller in the conduct of such defense, (B) the applicable third party alleges a Fraud
Claim or (C) such claim is criminal in nature, could reasonably be expected to lead to criminal proceedings, or seeks an injunction
or other equitable relief against the Indemnified Parties. If the Indemnifying Parties elects, and is entitled, to compromise
or defend such Third Party Claim, it will within twenty (20) days (or sooner, if the nature of the Third Party Claim so requires)
notify the Seller of its intent to do so, and Indemnifying Parties and the Indemnified Party will, at the request and expense
of Indemnifying Parties, cooperate in the defense of such Third Party Claim. If Indemnifying Parties elects not to, or at any
time is not entitled under this Section 8.4 to, compromise or defend such Third Party Claim, fails to notify
the Seller of its election as herein provided or refuses to acknowledge or contests its obligation to indemnify under this Agreement,
the Seller may pay, compromise or defend such Third Party Claim. Notwithstanding anything to the contrary contained herein, the
Indemnifying Parties will have no indemnification obligations with respect to any such Third Party Claim which is settled by the
Indemnified Party or the Seller without the prior written consent of Indemnifying Parties (which consent will not be unreasonably
withheld, delayed or conditioned); provided, however, that notwithstanding the foregoing, the Indemnified
Party will not be required to refrain from paying any Third Party Claim which has matured by a final, non-appealable Order, nor
will it be required to refrain from paying any Third Party Claim where the delay in paying such claim would result in the foreclosure
of a Lien upon any of the property or assets then held by the Indemnified Party or where any delay in payment would cause the
Indemnified Party material economic loss. The Indemnifying Parties’ right to direct the defense will include the right to
compromise or enter into an agreement settling any Third Party Claim; provided, that no such compromise or settlement
will obligate the Indemnified Party to agree to any settlement that requires the taking or restriction of any action (including
the payment of money and competition restrictions) by the Indemnified Party other than the execution of a release for such Third
Party Claim and/or agreeing to be subject to customary confidentiality obligations in connection therewith, except with the prior
written consent of the Seller (such consent to be withheld, conditioned or delayed only for a good faith reason). Notwithstanding
the Indemnifying Parties’s right to compromise or settle in accordance with the immediately preceding sentence, Indemnifying
Parties may not settle or compromise any Third Party Claim over the objection of the Seller; provided, however, that consent by
the Seller to settlement or compromise will not be unreasonably withheld, delayed or conditioned. The Seller will have the right
to participate in the defense of any Third Party Claim with counsel selected by it subject to the Indemnifying Parties’
right to direct the defense.

 

(d) With
respect to any direct indemnification claim that is not a Third Party Claim, the Indemnifying Parties will have a period of thirty
(30) days after receipt of the Claim Notice to respond thereto. If Indemnifying Parties does not respond within such thirty (30)
days, Indemnifying Parties on behalf of Indemnifying Parties 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 this Article VIII and will
have no further right to contest the validity of such Claim Notice. If Indemnifying Parties responds within such thirty (30) days
after the receipt of the Claim Notice and rejects such claim in whole or in part, the Seller will be free to pursue such remedies
as may be available under this Agreement, any Ancillary Documents or applicable Law.

 

    8

     

    

 

8.5 Exclusive
Remedy. From and after the Closing, except with respect to Fraud Claims related to the negotiation or execution of this Agreement
or claims seeking injunctions or specific strict performance, indemnification pursuant to this Article VIII shall
be the sole and exclusive remedy for the Parties with respect to matters arising under this Agreement of any kind or nature, including
for any misrepresentation or breach of any warranty, covenant, or other provision contained in this Agreement or in any certificate
or instrument delivered pursuant to this Agreement or otherwise relating to the subject matter of this Agreement, including the
negotiation and discussion thereof.

 

ARTICLE
IX

MISCELLANEOUS

 

9.1 Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one
Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business
Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable
Party at the following addresses (or at such other address for a Party as shall be specified by like notice):

 

	 	If
    to the Sellers:	TMSR
        Holding Company Limited.

        Address:
        A101 Hanzheng Street City Industry Park,

        No.21
        Jiefang Avenue, Qiaokou District,

        Wuhan,
        Hubei, China 430000

        Attn:
        Zheyi Wang

        Title:
        Co-Chairman and Director  

 

 

	 	With
    a copy to:	Hunter
        Taubman Fischer & Li LLC

        1450
        Broadway, 26th Floor

        New
        York, New York 10018

        Fax:
        212-202-6380

        Attn.:
        Joan Wu, Esq.

	 	 	 
	 	If
    to the Purchaser:	Hopeway
        International Enterprises Limited

        Address:
        A101 Hanzheng Street City Industry Park,

        No.21
        Jiefang Avenue, Qiaokou District, Wuhan, Hubei,

        China
        430000

        Attn:
        Jiazhen Li

 

9.2 Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the
Parties hereto and their respective successors and permitted assigns. This Agreement shall not be assigned by operation of Law
or otherwise without the prior written consent of the Purchaser and the Seller, and any assignment without such consent shall
be null and void; provided that no such assignment shall relieve the assigning Party of its obligations hereunder.

 

9.3 Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the
transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any Person
that is not a Party hereto or thereto or a successor or permitted assign of such a Party.

 

    9

     

    

 

9.4 Arbitration.
Any and all disputes, controversies and claims (other than applications for a temporary restraining order, preliminary injunction,
permanent injunction or other equitable relief or application for enforcement of a resolution under this Section 9.4)
arising out of, related to, or in connection with this Agreement or the transactions contemplated hereby (a “Dispute”)
shall be governed by this Section 9.4. A party must, in the first instance, provide written notice of any Disputes
to the other parties subject to such Dispute, which notice must provide a reasonably detailed description of the matters subject
to the Dispute. The parties involved in such Dispute shall seek to resolve the Dispute on an amicable basis within ten (10) Business
Days of the notice of such Dispute being received by such other parties subject to such Dispute; the “Resolution Period”); provided,
that if any Dispute would reasonably be expected to have become moot or otherwise irrelevant if not decided within sixty (60)
days after the occurrence of such Dispute, then there shall be no Resolution Period with respect to such Dispute. Any Dispute
that is not resolved during the Resolution Period may immediately be referred to and finally resolved by arbitration pursuant
to the then-existing Expedited Procedures of the Commercial Arbitration Rules (the “AAA Procedures”)
of the American Arbitration Association (the “AAA”). Any party involved in such Dispute may submit the
Dispute to the AAA to commence the proceedings after the Resolution Period. To the extent that the AAA Procedures and this Agreement
are in conflict, the terms of this Agreement shall control. The arbitration shall be conducted by one arbitrator nominated by
the AAA promptly (but in any event within five (5) Business Days) after the submission of the Dispute to the AAA and reasonably
acceptable to each party subject to the Dispute, which arbitrator shall be a commercial lawyer with substantial experience arbitrating
disputes under acquisition agreements. The arbitrator shall accept his or her appointment and begin the arbitration process promptly
(but in any event within five (5) Business Days) after his or her nomination and acceptance by the parties subject to the Dispute.
The proceedings shall be streamlined and efficient. The arbitrator shall decide the Dispute in accordance with the substantive
law of the State of New York. Time is of the essence. Each party shall submit a proposal for resolution of the Dispute to the
arbitrator within twenty (20) days after confirmation of the appointment of the arbitrator. The arbitrator shall have the power
to order any party to do, or to refrain from doing, anything consistent with this Agreement, the Ancillary Documents and applicable
Law, including to perform its contractual obligation(s); provided, that the arbitrator shall be limited to ordering pursuant to
the foregoing power (and, for the avoidance of doubt, shall order) the relevant party (or parties, as applicable) to comply with
only one or the other of the proposals. The arbitrator’s award shall be in writing and shall include a reasonable explanation
of the arbitrator’s reason(s) for selecting one or the other proposal. The seat of arbitration shall be in New York County,
State of New York. The language of the arbitration shall be English.

 

9.5 Governing
Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of
New York without regard to the conflict of laws principles thereof. Subject to Section 9.4, all Actions arising out
of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York,
New York (or in any court in which appeal from such courts may be taken) (the “Specified Courts”). Subject
to Section 9.4, each Party hereto hereby (a) submits to the exclusive jurisdiction of any Specified Court for
the purpose of any Action arising out of or relating to this Agreement brought by any Party hereto and (b) irrevocably waives,
and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action
is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated
hereby may not be enforced in or by any Specified Court. Each Party agrees that a final judgment in any Action shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each Party irrevocably
consents to the service of the summons and complaint and any other process in any other action or proceeding relating to the transactions
contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such Party
at the applicable address set forth in Section .1. Nothing in this Section 9.5 shall affect the right
of any Party to serve legal process in any other manner permitted by Law.

 

    10

     

    

 

9.6 WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.6.

 

9.7 Specific
Performance. Each Party acknowledges that the rights of each Party to consummate the transactions contemplated hereby are
unique, recognizes and affirms that in the event of a breach of this Agreement by any Party, money damages may be inadequate and
the non-breaching Parties may have not adequate remedy at law, and agree that irreparable damage would occur in the event that
any of the provisions of this Agreement were not performed by an applicable Party in accordance with their specific terms or were
otherwise breached. Accordingly, each Party shall be entitled to seek an injunction or restraining order to prevent breaches of
this Agreement and to seek to enforce specifically the terms and provisions hereof, without the requirement to post any bond or
other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which
such Party may be entitled under this Agreement, at law or in equity.

 

9.8 Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall
be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable,
and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired
thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties will substitute
for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid,
legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.

 

9.9 Amendment.
This Agreement may be amended, supplemented or modified only by execution of a written instrument signed by the Purchaser and
the Seller.

 

9.10 Waiver.
The Purchaser on behalf of itself and its Affiliates, the Company on behalf of itself and its Affiliates, and the Seller on behalf
of itself, may in its sole discretion (i) extend the time for the performance of any obligation or other act of any other non-Affiliated
Party hereto, (ii) waive any inaccuracy in the representations and warranties by such other non-Affiliated Party contained
herein or in any document delivered pursuant hereto and (iii) waive compliance by such other non-Affiliated Party with any covenant
or condition contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed
by the Party or Parties to be bound thereby. Notwithstanding the foregoing, no failure or delay by a Party in exercising any right
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise
of any other right hereunder.

 

9.11 Entire
Agreement. This Agreement and the documents or instruments referred to herein, including any exhibits, annexes and schedules
attached hereto, which exhibits, annexes and schedules are incorporated herein by reference, embody the entire agreement and understanding
of the Parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations,
warranties, covenants or undertakings, other than those expressly set forth or referred to herein or the documents or instruments
referred to herein, which collectively supersede all prior agreements and the understandings among the Parties with respect to
the subject matter contained herein.

 

    11

     

    

 

9.12 Interpretation.
The table of contents and the Article and Section headings contained in this Agreement are solely for the purpose of reference,
are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement.
In this Agreement, unless the context otherwise requires: (a) any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and words in the singular, including any defined terms, include the plural and vice versa;
(b) 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; (c) any accounting term used and not otherwise defined in this Agreement or any Ancillary Document has the meaning assigned
to such term in accordance with GAAP; (d) “including” (and with correlative meaning “include”) means including
without limiting the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed
by the words “without limitation”; (e) the words “herein,” “hereto,” and “hereby”
and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not
to any particular Section or other subdivision of this Agreement; (f) the word “if” and other words of similar import
when used herein shall be deemed in each case to be followed by the phrase “and only if”; (g) the term “or”
means “and/or”; (h) any reference to the term “ordinary course” or “ordinary course of business”
shall be deemed in each case to be followed by the words “consistent with past practice”; (i) any agreement, instrument,
insurance policy, Law or Order defined or referred to herein or in any agreement or instrument that is referred to herein means
such agreement, instrument, insurance policy, Law or Order as from time to time amended, modified or supplemented, including (in
the case of agreements or instruments) by waiver or consent and (in the case of statutes, regulations, rules or orders) by succession
of comparable successor statutes, regulations, rules or orders and references to all attachments thereto and instruments incorporated
therein; (j) except as otherwise indicated, all references in this Agreement to the words “Section,” “Article”,
“Schedule”, “Exhibit” and “Annex” are intended to refer to Sections, Articles, Schedules,
Exhibits and Annexes to this Agreement; and (k) the term “Dollars” or “$” means United States dollars.
Any reference in this Agreement to a Person’s directors shall including any member of such Person’s governing body
and any reference in this Agreement to a Person’s officers shall including any Person filling a substantially similar position
for such Person. Any reference in this Agreement or any Ancillary Document to a Person’s shareholders shall include any
applicable owners of the equity interests of such Person, in whatever form, including with respect to the Purchaser its shareholders
under the BVI Act or its Organizational Documents. The Parties have participated jointly in the negotiation and drafting of this
Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party
by virtue of the authorship of any provision of this Agreement. To the extent that any Contract, document, certificate or instrument
is represented and warranted to by the Company to be given, delivered, provided or made available by the Company, in order for
such Contract, document, certificate or instrument to have been deemed to have been given, delivered, provided and made available
to the Purchaser or its Representatives, such Contract, document, certificate or instrument shall have been posted to the electronic
data site maintained on behalf of the Company for the benefit of the Purchaser and its Representatives and the Purchaser and its
Representatives have been given access to the electronic folders containing such information. 

 

9.13 Counterparts.
This Agreement may be executed and delivered (including by facsimile or other electronic transmission) in one or more counterparts,
and by the different Parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but
all of which taken together shall constitute one and the same agreement.

 

    12

     

    

 

ARTICLE
X

DEFINITIONS

 

10.1 Certain
Definitions. For purpose of this Agreement, the following capitalized terms have the following meanings:

 

“Action”
means any notice of noncompliance or violation, or any claim, demand, charge, action, suit, litigation, audit, settlement, complaint,
stipulation, assessment or arbitration, or any request (including any request for information), inquiry, hearing, proceeding or
investigation, by or before any Governmental Authority.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control
with such Person.

 

“Ancillary
Documents” means each agreement, instrument or document attached hereto as an Exhibit, including the other agreements,
certificates and instruments to be executed or delivered by any of the parties hereto in connection with or pursuant to this Agreement.

 

“Business
Day” means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in
New York, New York are authorized to close for business.

 

“BVI
Act” means the British Virgin Islands Business Companies Act, 2004, as amended.

 

“Company
Charter” means the memorandum and articles of association of the Company, as amended and effective under the BVI
Act.

 

“Company
Ordinary Shares” means the ordinary shares, par value $1.00 per share, of the Company.

 

“Consent”
means any consent, approval, waiver, authorization or Permit of, or notice to or declaration or filing with any Governmental Authority
or any other Person.

 

“Contracts”
means all contracts, agreements, binding arrangements, bonds, notes, indentures, mortgages, debt instruments, purchase order,
licenses, franchises, leases and other instruments or obligations of any kind, written or oral (including any amendments and other
modifications thereto).

 

“Control”
of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by contract, or otherwise. “Controlled”,
“Controlling” and “under common Control with” have correlative meanings. Without limiting the foregoing
a Person (the “Controlled Person”) shall be deemed Controlled by (a) any other Person (the “10%
Owner”) (i) owning beneficially, as meant in Rule 13d-3 under the Exchange Act, securities entitling such Person
to cast ten percent (10%) or more of the votes for election of directors or equivalent governing authority of the Controlled Person
or (ii) entitled to be allocated or receive ten percent (10%) or more of the profits, losses, or distributions of the Controlled
Person; (b) an officer, director, general partner, partner (other than a limited partner), manager, or member (other than a member
having no management authority that is not a 10% Owner) of the Controlled Person; or (c) a spouse, parent, lineal descendant,
sibling, aunt, uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law, or brother-in-law of an Affiliate of the Controlled
Person or a trust for the benefit of an Affiliate of the Controlled Person or of which an Affiliate of the Controlled Person is
a trustee.

 

    13

     

    

 

“Retained
Employees” means all the employees listed on Exhibit [   ].

 

“Fraud
Claim” means any claim based in whole or in part upon fraud, willful misconduct or intentional misrepresentation.

 

“GAAP”
means generally accepted accounting principles as in effect in the United States of America.

 

“Governmental
Authority” means any federal, state, local, foreign or other governmental, quasi-governmental or administrative
body, instrumentality, department or agency or any court, tribunal, administrative hearing body, arbitration panel, commission,
or other similar dispute-resolving panel or body.

 

“Intellectual
Property Rights” means all patents, patent applications, trademarks, trademark applications, service marks, trade
names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights as necessary
or required for use in connection with the Company’s business.

 

“Law”
means any federal, state, local, municipal, foreign or other law, statute, legislation, principle of common law, ordinance, code,
edict, decree, proclamation, treaty, convention, rule, regulation, directive, requirement, writ, injunction, settlement, Order
or Consent that is or has been issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into
effect by or under the authority of any Governmental Authority.

 

“Liabilities”
means any and all liabilities, indebtedness, Actions or obligations of any nature (whether absolute, accrued, contingent or otherwise,
whether known or unknown, whether direct or indirect, whether matured or unmatured and whether due or to become due), including
tax liabilities due or to become due.

 

“Lien”
means any mortgage, pledge, security interest, attachment, right of first refusal, option, proxy, voting trust, encumbrance, lien
or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof), restriction
(whether on voting, sale, transfer, disposition or otherwise), any subordination arrangement in favor of another Person, any filing
or agreement to file a financing statement as debtor under the Uniform Commercial Code or any similar Law.

 

“NASDAQ”
means the NASDAQ Capital Market.

 

“Order”
means any order, decree, ruling, judgment, injunction, writ, determination, binding decision, verdict, judicial award or other
action that is or has been made, entered, rendered, or otherwise put into effect by or under the authority of any Governmental
Authority.

 

“Organizational
Documents” means, with respect to the Purchaser, the Purchaser Charter, and with respect to any other Party, its
Certificate of Incorporation and Bylaws or similar organizational documents, in each case, as amended.

 

“Person”
means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership),
limited liability company, association, trust or other entity or organization, including a government, domestic or foreign, or
political subdivision thereof, or an agency or instrumentality thereof.

 

“Purchaser
Charter” means the articles of association of the Purchaser, as amended and effective under the BVI Act.

 

    14

     

    

 

“Representative”
means, as to any Person, such Person’s Affiliates and its and their managers, directors, officers, employees, agents and
advisors (including financial advisors, counsel and accountants).

 

“Taxes”
means (a) all direct or indirect federal, state, local, foreign and other net income, gross income, gross receipts, sales, use,
value-added, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment,
social security and related contributions due in relation to the payment of compensation to employees, excise, severance, stamp,
occupation, premium, property, windfall profits, alternative minimum, estimated, customs, duties or other taxes, fees, assessments
or charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts with respect
thereto, (b) any Liability for payment of amounts described in clause (a) whether as a result of being a member of an affiliated,
consolidated, combined or unitary group for any period or otherwise through operation of law and (c) any Liability for the payment
of amounts described in clauses (a) or (b) as a result of any tax sharing, tax group, tax indemnity or tax allocation agreement
with, or any other express or implied agreement to indemnify, any other Person.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS]

 

    15

     

    

 

IN WITNESS WHEREOF, each Party hereto
has caused this Agreement to be signed and delivered by its respective duly authorized officer as of the date first written above.

 

The Purchaser:

 

	Hopeway International Enterprises Limited	 
	a BVI company	 
	 	 
	By:  	/s/Jiazhen Li	 
	 	Name: Jiazhen Li	 
	 	Title: Sole Director	 
	 	 	 
	The Seller:	 
	 	 
	TMSR Holding Company Limited	 
	a Nevada company	 
	 	 
	By:	/s/Zheyi Wang	 
	 	Name: Zheyi Wang	 
	 	Title: Co-Chairman	 
	 	 	 
	The  Company :	 
	 	 
	Hubei Shengrong Proection and Energy Saving Technology Co. Ltd	 
	a PRC company	 
	 	 
	By:	/s/Jiazhen Li	 
	 	Name: Jiazhen Li	 
	 	Title: Sole Director 	 

 

     

     

    

 

Exhibit
A

INTELLECTUAL PROPERTY ASSIGNMENT AGREEMENT

 

This INTELLECTUAL
PROPERTY ASSIGNMENT AGREEMENT (this “Agreement”) is made and entered into December 27, 2018 (as defined
in the EPA (as defined below)) (the “Effective Date”), by and between Hubei Shengrong Environmental Protection
Energy-Saving Science and Technology Co. Ltd., a PRC limited liability company (“Hubei Shengrong”), and Shengrong
Environmental Protection Technology (Wuhan) Co., Ltd., a PRC limited liability company (“Shengrong WOFE”). Hubei
Shengrong and Shengrong WOFE are hereinafter also referred to as the “Parties,” and individually as a “Party.”

 

RECITALS

 

WHEREAS,
Hubei Shengrong is Hubei ShengrongEPAEPAHubei Shengrongmainly engaged in the research, development, production
and sale of an array of solid waste recycling systems for the mining and industrial sectors in the PRC (the
“Business”), EPA and

 

WHEREAS, TMSR
Holding Company Limited (“TMSR”), Shengrong WOFE, Hubei Shengrong and Hopeway International Enterprises Limited. (
“Hopeway” ) entered into certain EPA (the “EPA”) on December 27, 2018 pursuant to which Shengrong WOFE
shall sell 100% equity interests in Hubei Shengrong to Hopeway in exchange for Hopeway’s agreement to irrevocably forfeit
and cancel 8,523,320 shares of common stock, par value $0.001 (the “Shares”) of TMSR. The of transaction contemplated
in EPA is hereby referred as Transaction;

 

WHEREAS, in
connection with the Transaction, Hubei Shengrong shall assign, and Shengrong WOFE shall obtain, certain Intellectual Property Rights
(as defined in the EPAEPA) that are related to the business purchased by Shengrong WFOE, in accordance with the terms and conditions
of this Agreement;

 

NOW, THEREFORE,
in consideration of the mutual representations, warranties, covenants and other terms and conditions contained herein, Hubei Shengrong
and Shengrong WOFE hereby agree as follows:

 

AGREEMENT

 

1. DEFINITIONS; INTERPRETATION.

 

1.1 Terms Defined
in this Agreement. The following capitalized terms when used in this Agreement shall have the following definitions. Capitalized
terms that are used in this Agreement but not defined herein shall have the meanings set forth in the EPA.

 

1.1.1 “Assigned
IPR” means, collectively, the Assigned Patents, the Assigned Trademarks and the Assigned Other IPR.

 

1.1.2 “Assigned
Patents” means, collectively, (a) the Patents listed in Schedule 1.1.2 hereto, and (b) any Patents or Patent applications
within the same Patent Family as any Patent listed in Schedule 1.1.2 hereto, which Patents and Patent applications were
obtained or filed by a Hubei Shengrong Party prior to the Effective Date.

 

1.1.4 “Assigned
Technology” means solely owned by Hubei ShengrongHubei Shengrong, that is (a) used in the Business as currently conducted
by Hubei ShengrongHubei Shengrong, or (b) the design, development, distribution, maintenance and support of the products that are
currently being developed (in their current form), manufactured, sold or supported by Hubei ShengrongHubei Shengrong, or (c) otherwise
specifically listed in Schedule 1.1.4 hereto.

 

1.1.5 “Assigned
Trademarks” means the Trademarks listed in Schedule 1.1.5 hereto.

 

1.1.7 “Existing
Rights and Obligations” means, with respect to any Assigned IPR, (a) the Pre-Existing Rights and Obligations under or
with respect to such Assigned IPR, and (b) the other rights of Hubei Shengrong, and Hubei Shengrong granted under the IP License
Agreement under or with respect to such Assigned IPR.

 

    Ex A-1

     

    

 

1.1.8 “Other
IPR” means Intellectual Property Rights other than Patents or Trademarks.

 

1.1.9 “Patent
Family” means, with respect to a Patent (the “Subject Patent”), a group of Patents that consists of:
(a) all Patents that claim priority to the same non-provisional Patent application as the Subject Patent, and all Patent applications
from which priority is claimed by the Subject Patent and all Patents issuing from such Patent applications; (b) all foreign counterparts
of the Subject Patent and the Patent applications and Patents described in clause (a) above; and (c) all Patents and Patent applications
that are subject to a terminal disclaimer that disclaims the term of any such Patent or Patent application beyond the term of the
Subject Patent.

 

1.1.10 “Pre-Existing
Rights and Obligations” means, with respect to any Assigned IPR, any releases, licenses, immunities, covenants not to
sue or assert, and other rights and covenants (and any rights or options to obtain or receive any of the foregoing) granted or
otherwise provided under or with respect to such Assigned IPR prior to the Effective Date (including those that continue in effect
on or after the Effective Date) by Hubei Shengrong or any preceding owner of the Assigned IPR, other than any of the foregoing
granted or otherwise provided under any Assumed Contract. For clarity, Pre-Existing Rights and Obligations apply only to the Assigned
IPR and not to any other Intellectual Property Right of Shengrong WOFE or Shengrong WOFE’s Affiliates.

 

Hubei ShengrongHubei
ShengrongEPA1.2 Interpretation.

 

1.2.1 Certain Terms.
The words “hereof,” “herein,” “hereunder” and similar words refer to this Agreement as a whole
and not to any particular provision of this Agreement. The term “including” is not limited and means “including
without limitation.”

 

1.2.2 Section References;
Titles and Subtitles. Unless otherwise noted, all references to Sections, Schedules and Exhibits herein are to Sections, Schedules
and Exhibits of this Agreement. The titles, captions and headings of this Agreement are inserted for convenience of reference only
and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

 

1.2.3 Reference to
Entities, Agreements, Statutes. Unless otherwise expressly provided herein, (a) references to an entity include its successors
and permitted assigns, (b) references to agreements (including this Agreement) and other contractual instruments shall be deemed
to include all subsequent amendments, restatements and other modifications thereto or supplements thereof, and (c) references to
any statute or regulation are to be construed as including all statutory and regulatory provisions consolidating, amending, replacing,
supplementing or interpreting such statute or regulation.

 

2. ASSIGNMENT OF Assigned IPR.

 

2.1 Assignment of
Assigned IPR. Subject to (a) the Existing Rights and Obligations under or with respect to any Assigned IPR, and (b) payment
of the Purchase Price as set forth in the EPAEPA, if any, Hubei Shengrong hereby irrevocably assigns, conveys, sells, and transfers
to Shengrong WOFE all of Hubei ShengrongHubei Shengrong’ worldwide right, title and interest in and to each Assigned IPR,
including the goodwill associated with the Assigned Trademarks and associated with the business or Technology (as applicable) to
which the Assigned Trademarks pertain, and including any other benefits, privileges, causes of action and remedies relating to
any of the foregoing, whether before or hereafter accrued (including the right to sue and recover damages for all past, present
or future infringement, misappropriation, violation, unlawful imitation or breach thereof, or other violations of any rights in
any Assigned IPR, and to settle and retain proceeds from any such actions).

 

2.2 No Other Assignments.
The Parties acknowledge and agree that Hubei ShengrongHubei Shengrong do not have any obligation to assign, convey, sell or
transfer to Shengrong WOFE, and shall not be deemed to have assigned, conveyed, sold or transferred to Shengrong WOFE, in each
case, whether hereunder or under any other Transaction Agreement, any right, title or interest in or to any Intellectual Property
Rights other than those expressly provided in Section 2.1.

 

    Ex A-2

     

    

 

2.3 Delivery. Hubei
Shengrong shall deliver copies (including electronic) of the Assigned Technology through the transfer of books and records, documentation,
Software, electronic files, facilities, personal property contained therein, and employees, if any, pursuant to the EPA.

 

3. Additional Terms.

 

3.1 Subsequent Transfers.
Any assignment, conveyance, transfer by Shengrong WOFE of any right, title or interest in or to each Assigned IPR, and any
grant or other provision of any exclusive right or license by Shengrong WOFE under or with respect to such Assigned IPR, in each
case, shall be subject to the Existing Rights and Obligations under or with respect to such Assigned IPR. Shengrong WOFE agrees
to notify in writing any purchaser, assignee or exclusive licensee of any Assigned IPR that such Assigned IPR is subject to the
Existing Rights and Obligations prior to such assignment, conveyance, sale or transfer.

 

3.2 Further Assurances.
Hubei Shengrong agrees to execute, deliver and file or cause to be executed, delivered and filed such further documents and
instruments, and take all other actions as may be reasonably requested by Shengrong WOFE, in order to effect the terms of this
Agreement and to record or perfect Shengrong WOFE’s rights in and to each Assigned IPR;

 

3.3 Prosecution
and Maintenance. Except as set forth in Section 3.2, Hubei ShengrongHubei Shengrong shall have no responsibility for any actions
or costs, including attorneys’ fees and patent office fees, in any jurisdiction, having a due date on or after the Effective
Date that are associated with the prosecution, maintenance or enforcement of any Assigned IPR.

 

3.4 Right to Royalties
Under Contracts Entered into Prior to the Effective Date. To the extent that Hubei Shengrong Party receives royalties or other
consideration in connection with any Pre-Existing Rights and Obligations under or with respect to any Assigned IPR, and such royalties
are attributable in part to any releases, licenses, immunities, covenants not to sue or assert, or other rights or covenants granted
or otherwise provided under or with respect to such Assigned IPR, Shengrong WOFE agrees that, notwithstanding Section 2.1, Hubei
Shengrong Party shall continue to have the right to, and Shengrong WOFE waives any right to, receive the royalties or other consideration
paid to Hubei ShengrongHubei Shengrong in connection with such Pre-Existing Rights and Obligations.

 

4. Warranty and DISCLAIMER.

 

4.1 Warranties.
Each Party represents and warrants that it has the right and authority to enter into this Agreement.

 

4.2 Disclaimer.
EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT OR THE EPA, NEITHER PARTY MAKES ANY OTHER REPRESENTATIONS OR WARRANTIES
IN CONNECTION WITH THIS AGREEMENT (INCLUDING, IN THE CASE OF HUBEI SHENGRONG, ANY ASSIGNED IPR OR ASSIGNED TECHNOLOGY), WHETHER
EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY, ENFORCEABILITY, VALIDITY, FITNESS
FOR A PARTICULAR PURPOSE, TITLE OR NON-INFRINGEMENT.

 

    Ex A-3

     

    

 

5. Notices.

 

All notices, requests,
demands, claims and other communications hereunder shall be in writing and shall be deemed duly given (a) upon receipt if delivered
personally, (b) upon confirmation if sent by facsimile with transmission confirmation or (c) on the first Business Day following
dispatch if sent by a nationally-recognized overnight courier service; provided, however, that, if delivered on a date that is
not a Business Day or after 5:00 p.m. on a Business Day, such notice, request, demand, claim or other communication shall be deemed
delivered on the next succeeding Business Day; provided, further, that such notice, request, demand, claim or other communication
is delivered to the applicable Party at such Party’s address or facsimile number as set forth below.

 

If to Shengrong WOFE, addressed
to it at:

 

Shengrong Environmental Protection
Technology (Wuhan) Co., Ltd.

A101 Hanzheng Street City Industry
Park, No.21 Jiefang Avenue

Qiaokou District,

Wuhan, Hubei, China 430030

Attention: Renqi Yang

 

If to Hubei Shengrong, addressed
to it at:

 

Hubei Shengrong Environmental
Protection Energy-Saving Science and Technology Co. Ltd.

A101 Hanzheng Street City Industry
Park, No.21 Jiefang Avenue

Qiaokou District,

Wuhan, Hubei, China 430030

Attention: Jiazhen Li

 

6. Assignment.

 

Neither this Agreement
nor any rights, interests or obligations hereunder may be assigned, delegated or otherwise transferred by either Party (whether
voluntarily or involuntarily and whether by merger, transfer of assets, operation of Applicable Law or otherwise), without the
other Party’s express prior written approval

 

7. Miscellaneous.

 

7.1 No Third-Party
Beneficiaries. This Agreement shall not confer any rights or remedies upon any Person other than the Parties and their respective
successors and permitted assigns.

 

7.2 Entire Agreement.
This Agreement (including any appendices, exhibits and schedules attached hereto)constitutes the entire agreement between the Parties
and supersede any prior understandings, agreements or representations by or between the Parties, written or oral, to the extent
that they relate in any way to the subject matter hereof .

 

7.3 Counterparts
and Facsimile Signatures. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument. The counterparts of this Agreement may be executed
and delivered by facsimile or other electronic signature by either Party to the other Party and the receiving Party may rely on
the receipt of such document so executed and delivered by facsimile or other electronic method as if the original had been received.

 

7.4 Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of China.

 

7.5 Dispute Resolution.
Any dispute arising from or in connection with this Contract shall be submitted to Hubei Branch of China International Economic
and Trade Arbitration Commission (CIETAC) for arbitration which
shall be conducted in accordance with the Hubei CIETAC’s arbitration rules in effect at the time of applying for arbitration.
The arbitral award is final and binding upon both parties.

 

7.6 Amendments and
Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by both
Parties. No waiver by either Party of any provision of this Agreement or any default, misrepresentation, or breach of warranty
or covenant hereunder, whether intentional or not, shall be valid unless the same shall be in writing and signed by the Party making
such waiver, nor shall such waiver be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty
or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

7.7 Severability.
Any term or provision of this Agreement that is held as invalid or unenforceable in any situation in any jurisdiction shall not
affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending
term or provision in any other situation or in any other jurisdiction.

 

[Signature Page Follows]

 

    Ex A-4

     

    

 

[Signature Page to Intellectual Property
Assignment Agreement]

 

IN WITNESS WHEREOF, the Parties
have caused this Agreement to be executed and delivered by their respective duly authorized representatives to become effective
as of the Effective Date.

 

	Shengrong Environmental Protection Technology (Wuhan) Co., Ltd.:	 
	 	 	 
	By:	/s/ Rengqi Yang	 
	Name: 	Renqi Yang	 
	Title: 	Sole Director	 

 

     

     

    

 

[Signature Page to Intellectual Property
Assignment Agreement]

 

	Hubei Shengrong Environmental Protection Energy-Saving Science and Technology Co. Ltd.:	 
	 	 	 
	By:	/s/ Jiazhen Li	 
	Name: 	Jiazhen Li	 
	Title:	 	 

 

     

     

    

 

Schedule 1.1.2

 

List of Assigned Patents

 

	No.	 	Certificate No.	 	Patent content	 	Type	 	Patent No.	 	Term	 	Place of Patent
	 	 	 	 	 	 	 	 	 	 	 	 	 
	1	 	615552	 	Axial Sporting Method and Device with Permanent-Magnet Drum Eccentric Inner Surface	 	invention	 	ZL2009 1 0061341.9	 	20 years	 	PRC
	 	 	 	 	 	 	 	 	 	 	 	 	 
	2	 	619237	 	Method and Device for Axial Separation by The Inner Surface of a Permanent Megnetic arched groove	 	invention	 	ZL2009 1 0061407.4	 	20 years	 	PRC
	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	895657	 	production and manufacturing method of aerated concrete block by using manganese carbonate tailings  removed the heavy metal	 	invention	 	ZL2010 1 0196244.3	 	20 years	 	PRC
	 	 	 	 	 	 	 	 	 	 	 	 	 
	5	 	1334384	 	Axial Sporting Device with Permanent-Magnet Drum Eccentric Inner Surface	 	utility model	 	ZL2009 2 0084557.2	 	10 years	 	PRC
	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	1334383	 	Device for Axial Separation by The Inner Surface of a Permanent Magnetic arched groove	 	utility model	 	ZL2009 2 0084699.9	 	10 years	 	PRC
	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	Method and Device for Axial Separation by The Inner Surface of a Permanent Magnetic arched groove	 	 	 	US8,746,457
B2	 	10/06/2014 to 30/10/ 2030, subject to any patent term adjustments or terminal disclaimers	 	U.S.
	 	 	 	 	 	 	 	 	 	 	 	 	 
	8	 	 	 	Axial Sporting Method and Device with Permanent-Magnet Drum Eccentric Inner Surface	 	 	 	US8,746,458 B2	 	10/06/2014 to 23/08/2030, subject to any patent term adjustments or terminal disclaimers	 	U.S.

 

     

     

    

 

SCHEDULE 1.1.5

 

List of Assigned TRADEMARKS

 

	No.	 	Certificate No.	 	Trademark	 	Approved goods
	 	 	 	 	 	 	 
	1	 	6576227	 		 	category 7: washer,
    slag screen (machine), ore sand processor, flotation machine, magnetic separator, ore washer, ore contamination
    precipitation, mine select machine, waste treatment equipment, and waste treatment machine (machine). 
	 	 	 	 	 	 	 
	2	 	6617166	 		 	category 6: undressed or half-processed cast iron,
    ferrotitanium, manganese powder, ferrosilicon, packaging and tinsel for packaging, metal in powder form, zinc powder, sheet
    metal and plate metals, pig iron or half forging iron, and undressed or half-processed common metal. 
	 	 	 	 	 	 	 
	3	 	19842647	 		 	category 35: market analysis, providing business and
    trading information, business agent service, business negotiation and contracting on behalf of a third party, providing
    business information via website, import & export agent, auction, sales promotion on behalf of a third party, purchasing
    for a third party, and providing on-line market for purchaser and seller.

 

     

     

    

 

Exhibit
B 

   

FORM
OF EMPLOYMENT contract

 

劳动合同

 

Company:

 

	Name of Employer:	Shengrong Environmental Protection Technology (Wuhan) Co., Ltd.
	 	 
	Legal Address:	A101 Hanzheng Street City Industry Park, No.21 Jiefang Avenue, Qiaokou District, Wuhan, Hubei, 430030 China
	 	 
	Legal Representative:	Renqi Yang

 

公司:

 

	雇主名称:	声荣环保科技技术(武汉)有限公司
	 	 
	法定地址:	武汉市硚口区解放大道1号汉正街都市工业园A101
	 	 
	法定代表人:	杨仁啟

 

Employee:

 

	Name of Employee:	 
	 	 
	ID Card No/Passport No.:	 
	 	 
	Domicile:	Room 502, No.63, Lane 4265 Shanglan Road, Pudong New District, Shanghai City, China

 

员工:

 

	员工姓名:	 
	 	 
	身份证号/护照号:	 
	 	 
	住址:	上海市浦东新区上南路4265弄63号502室

 

    Ex B-1

     

    

 

This Contract is made and entered into
by and between [      ] (hereinafter the “Employee”) and Shengrong Environmental Protection Technology (Wuhan) Co., Ltd.
(hereinafter the “Company”) on [     ], 2018.

 

本合同由[     ](以下简称“员工”)和声荣环保科技技术(武汉)有限公司(以下简称“公司”)于2018年
月 日签订。

 

The Company and the Employee (individually,
the “Party”, collectively, the “Parties”) enter into this Contract and establish employment
relations on the basis of equal and voluntary agreement and in accordance with the Labor Contract Law of the People’s Republic
of China (hereinafter “China” or the “PRC”) and the provisions of other relevant laws and
regulations.

 

公司和员工(单独称“一方”,各方称“双方”)在平等和自愿的基础上依照中华人民共和国劳动合同法(以下简称“中国”或
“PRC”)和其他相关法律法规的规定签订此合同并建立劳动关系。

 

		1.	TERM OF CONTRACT

 

合同条款

 

		1.1	The Parties agree that this Contract shall be valid for a fixed period of two years, and, subject
to Article 1.2 and Article 6 herein, shall become effective on [ ], 2018. This Contract shall automatically renew upon expiration
of the two-year term for an additional one or two years unless being terminated pursuant to the relevant provisions hereof.

 

双方同意本合同为固定期限合同,期限应为两年,应从2018年[
]月[ ]日起开始生效(受制于本合同第1.2款和第6条)。本合同在两年有效期满后将自动续延一年或两年,除非按照本合同的相关条款规定被终止。

 

		1.2	The Employee’s employment is conditional upon the truthful representation of the Employee’s
background, education, qualifications, employment, and experiences. In the event that the Employee, in order to be employed by
the Employer, has made any material misrepresentation, used falsified documents, or failed to provide relevant proof and certificates
required under the hiring procedures or failed to disclose any material information of the Employee including without limitation
such Employee's medical history of serious illness, and the Employer may deem such act as fraud under relevant laws and regulations
and/or that the hiring requirements have not been met and in such event, the Employer may terminate this Contract.

 

在员工所提供的个人背景、教育情况、相关资格、雇佣情况及经历真实有效的前提下本劳动合同才生效。如果员工为了获得雇主的雇佣,做出实质性虚假陈述,使用伪造的文件,或者未能提供雇佣程序所要求的相关证据或证明,或者未能披露该员工的任何实质性信息(包括但不限于员工的重大疾病史),则视为存在相关劳动法律法规规定的虚假情形且/或未达到雇佣要求,公司有权解除本合同。

 

    Ex B-2

     

    

 

		2.	JOB DESCRIPTION

 

岗位描述

 

		2.1	The Company agrees to employ the Employee in the position of Department Manager reporting to Executive
Director or such other supervisor(s) as the Company may direct, or, other position(s) to be reasonably designated by the Company
from time to time.

 

公司同意聘用员工担任部门经理一职,并直接向执行董事或公司指定的其他主管汇报,或者担任由公司不时合理指派的其他职务。

 

		2.2	While employed by the Company, the Employee will devote his or her entire business time and attention
to developing and improving the business and best interests of the Company and its affiliated companies and will carry out to the
best of his or her ability such duties, tasks and responsibilities as the Company and its affiliated companies may request of or
assign to the Employee from time to time.

 

在受聘于公司期间,员工应贡献其全部工作时间和精力以拓展和提升公司及其关联公司的业务、实现公司及其关联公司利益最大化,并尽力完成公司不时要求或分派给员工的职责、任务和责任。

 

		3.	REMUNERATION

 

劳动报酬

 

		3.1	Starting base salary of the Employee (which includes all allowances, subsidies and any other kind
of welfare incomes payable under relevant laws and regulations) will be [      ] (gross) per month which is payable on a monthly basis
on the 15th day of next month.

 

员工每月的基本工资为人民币(税前)[  ](RMB [  ])(该工资已经包括各项法定或规定的津贴、补贴和其它福利性收入),于次月15日发放。

 

		3.2	The Company reserves the rights to make reasonable adjustment(s) or change(s) to the position of
the Employee based on the actual needs of the Company and the Employee’s performance, and the rights to adjust or change
the Employee’s base salary accordingly. The Company will communicate with the Employee for the reasons of such adjustment/change
before it being made.

 

公司有权根据公司需要及员工的个人表现对员工的岗位进行合理调整,并对员工工资作相应的调整。在作出调整之前,公司将与员工说明调整的理由。

  

    Ex B-3

     

    

 

		3.3	The Company will contribute, for benefit of the Employee, to social insurance funds and the housing
fund as required under the law. The portion to be contributed by the Employee will be withheld by the Company from Employee’s
monthly salary and deposited in the relevant social insurance funds and the housing fund.

 

公司将按照法律规定为员工缴纳公司部分的社保及住房公积金。员工应缴纳的个人部分将由公司在员工当月的工资中代扣代缴存入有关社保和住房公积金帐户。

 

		3.4	The Employee shall pay individual income tax as required by law. The Company shall, according to
law, withhold the individual income tax from the Employee’s monthly salary to pay to relevant tax authority on behalf of
the Employee.

 

员工有依法缴纳个人所得税的义务。公司将依据法律规定将员工须缴纳的个人所得税从员工的当月工资中扣除,代扣代缴给相关的税务部门。

 

		4.	EMPLOYMENT PROTECTION AND CONDITION

 

劳动保护和工作条件

 

		4.1	The Company provides safe and clean working environment in accordance with relevant laws and regulations.
If there is any danger or special risks in relation to the working environment of the Employee, the Company will take specific
protective measures, and provide specific training to the Employee.

 

公司为员工提供符合相关法律法规规定的安全卫生的工作环境。如员工的工作环境涉及危险或有特殊风险,公司将采取专门的防护措施,并将对员工进行专门培训或教育。

 

		4.2	The Company will, based on the actual status of the Employee’s position, provide necessary
working condition and labor protection articles for use in accordance with relevant laws and company policies.

 

公司根据员工岗位的实际情况,按照相关法律及公司规定向员工提供必要的工作条件和劳动防护用品。

 

		5.	BENEFITS AND VACATION

 

福利及假期

 

The Employee will be subject
to, and enjoy the benefits of, Company rules and policies, which may from time to time be amended and made available to all affected
employees. The Employee will be entitled to paid annual leave pursuant to the Employee Manual adopted by Company which shall be
in line with the relevant laws and regulations.

 

员工有权根据公司的规章和制度享有公司提供的福利待遇,公司有权不时对相关制度进行修订并告知受影响的员工。员工将按照公司颁行的员工手册的规定享受带薪假期,该员工手册应符合相关的国家法律规定。

 

    Ex B-4

     

    

 

		6.	PHYSICAL EXAMINATION

 

健康检查

 

This Employment Contract is contingent
upon successful completion of a physical examination of the Employee, to the extent required by the Company, before employment.

 

若公司要求,员工需进行一次入职前健康检查,若员工能顺利通过,则视为满足本合同生效条件。

 

		7.	CONFIDENTIAL INFORMATION AND Invention Assignment Agreement

 

保密信息与发明转让协议

 

The
Employee acknowledges that he is and will continue to be exposed to confidential information of the Company due to his position
and for protection of the Company’s confidential information and intellectual properties, the Employee agrees to enter into
an additional Confidential Information and Invention Assignment Agreement with the
Company in form and substance as set forth in Appendix I attached hereto.

 

员工确认:其目前和将来均会因其职务而接触公司的保密信息,为保护公司的保密信息和知识产权,员工同意与公司另签订一份保密信息与发明转让协议(其格式和内容见本协议附件一)。

 

		8.	NON-COMPETITION And NON-SOLICITATION

 

竞业限止和不得招揽

 

		8.1	NON-COMPETITION

 

竞业限制

 

The Employee hereby acknowledges
that the Company’s business is highly competitive and agrees to enter into an additional NON-COMPETITION AGREEMENT with the
Company in form and substance as set forth in Appendix II hereto.

 

员工特此确认公司的业务具有高度竞争性,且同意与公司另签订一份竞业限制协议(其格式和内容见本协议附件二)。

 

    Ex B-5

     

    

 

		8.2	NON-SOLICITATION

 

不得招揽

 

The
Employee agrees that, during the term of his employment with the Company and for a period of twenty-four (24) months immediately
following the termination of his employment relationship with the Company for any reason, whether with or without cause, he shall
not either directly or indirectly solicit, induce, recruit or encourage any employees of the Company or its affiliated companies
to leave their employment, or take away such employees, or attempt to solicit, induce, recruit, encourage or take away employees
of the Company or its affiliated companies and/or any suppliers, customers or consultants of the Company or its affiliated companies,
either for himself or for any other person or entity.

 

员工同意在其受雇于公司期间内以及因为任何原因与公司的雇用关系终止后接下来的二十四(24)个月内,不论这种雇用关系的终止是否事出有因,员工将不会直接或间接的引诱、促使、招募或鼓励公司或其关联公司的任何雇员离职,或是无论是为自己还是为其他个人或组织,带走,或试图引诱、促使、招募、鼓励或带走公司或其关联公司的雇员和/或公司或其关联公司的任何供应商、客户或顾问。

 

		9.	Conflict of interest Guidelines

 

The Employee agrees to diligently
adhere to the Conflict of Interest Guidelines attached as Exhibit III hereto.

 

员工同意勤谨地遵守本协议附件三所列的利益冲突准则

 

		10.	Employment Period

 

If,
during the employment with the Company, the Company provides the Employee with special training expenses or specific technology
trainings, and if the employment with the Company is terminated prior to the term of employment agreed with the Company, the Employee
shall compensate the Company the training expenses proportional to the remaining period for services yet to be provided.

 

在员工受雇于公司期间,如果公司向员工提供特别培训费用或特别技术培训且员工与公司的雇用关系在约定的雇用期限期满前终止,则员工应根据剩余服务期限就相应比例的培训费用对公司进行补偿。

 

    Ex B-6

     

    

 

		11.	MODIFICATION, TERMINATION AND EXPIRATION OF THE LABOR CONTRACT

 

劳动合同的修改、解除和到期

 

		11.1	The Company maintains the right to terminate this Contract and dismiss the Employee without prior
notice under any of the following circumstances:

 

若遇下列情况,公司可在不事先通知的情况下解除本劳动合同:

 

		(a)	when the Employee does not meet the conditions for employment during the probationary period;

 

在试用期内员工被证明不符合聘用条件;

 

		(b)	the Employee is held criminally or administratively liable in accordance with the relevant laws
or administrative regulations;

 

依据相关法律和行政法规,员工须承担刑事或行政责任;

 

		(c)	when the Employee commits a serious breach of labor discipline or of the rules or policies or ethical
code of the Company (“Company Rules”); such Company Rules will be signed by the Employee for acknowledgement
within one month after signing this Contract and updated by the Company in a form of public notice from time to time);

 

员工严重违反公司的劳动纪律、规定、制度或行为准则(“公司规定”)该等公司规定将在本合同签订后的一(1)个月内由员工签订,并以公告的形式作不时更新
;

 

		(d)	when the Employee is negligent or is involved in improper financial dealings, thus causing serious
harm to the interests of the Company;

 

员工玩忽职守或营私舞弊,并对公司利益造成重大损失;

 

		(e)	when the Employee is concurrently involved in any employment relationship with any other employer,
which causes severe effect on the performance of his/her own duties to the Company, or refuses to make correction in a fixed term
as required by the Employer; or

 

员工同时与其他用人单位建立劳动关系,对完成公司的工作任务造成严重影响,或者经公司提出,在限期内拒不改正;或

 

		(f)	when this Contract is deemed invalid due to circumstances under Article 1.2 and Article 8 of this
Contract, or because this Contract was entered into with fraud of the part of Employee.

 

由于本合同第1.2条和第8条规定的情形,或者以其他欺诈手段使公司与之订立劳动合同,致使合同无效。

  

    Ex B-7

     

    

 

		11.2	The Company maintains the right to terminate this Contract in accordance with relevant PRC laws
and regulations prior to the expiration date of this Contract by giving to the Employee a thirty (30) day written notice or compensation
of one (1) month in lieu of such notice under any of the following circumstances:

 

若遇下列情况,公司可依据相关中国法律和规定在本合同期限届满前三十(30)天书面通知员工或者额外支付劳动者一(1)个月基本工资的情况下解除本劳动合同:

 

		(a)	when, due to illness or non-work-related injuries, the Employee is unable to perform his or her
original duties or is unable to perform appropriate alternative duties when a statutory medical treatment period has ended;

 

员工患病或非因工负伤,在规定的医疗期满后不能从事原工作,也不能从事由公司另行安排的工作的;

 

		(b)	when the Employee is incompetent in performing his or her duties, provided that training has been
provided to the Employee or adjustments have been made to the Employee’s position;

 

员工不胜任工作,经过培训或调整工作岗位,仍无法胜任工作的;

 

		(c)	when there are changes in the circumstances which were relied upon by the Parties at the time of
signing, causing this Contract impossible to perform, and the two Parties are unable to negotiate and agree upon any amendments
to this Contract;

 

劳动合同订立时所依据的客观情况发生重大变化,致使本合同无法履行,经双方协商无法就变更合同内容达成一致的;

 

		(d)	when the Company encounters serious operational difficulties and lay off employees in accordance
with law.

 

当公司遇到严重的营运困难,依法裁员时。

 

		11.3	The Employee may terminate this Contract after giving a thirty (30)-day prior written notice to
the Company.

 

员工若需解除聘用关系,应提前三十(30)天以书面形式通知公司。

 

		11.4	If any of the circumstances under Article 11.1 of this Contract occurs, the Company is entitled
to terminate the employment with the Employee without prior written notice.

 

如存在本合同第11.1款所述的情况之一,公司有权不提前发出书面通知即解聘员工。

  

    Ex B-8

     

    

 

		12.	LABOR DISPUTES

 

劳动争议

 

Labor disputes under this Contract
shall be resolved as follows:

 

与本合同相关的劳动争议应通过下列方式解决:

 

		(a)	consultation between the Employee and the Company;

 

由员工及公司协商解决;

 

		(b)	if no resolution is made through consultation within thirty (30) days, the dispute shall be settled
with the competent Employment Dispute Arbitration Commission in Wuhan;

 

若在三十(30)天内仍无法协商一致,则应将争议提交武汉市有管辖权的劳动争议仲裁委员会进行仲裁;

 

		(c)	In case either party is not satisfied with the arbitral award, it may file a law suit with the
competent People’s Court within fifteen (15) days from receipt of the arbitral award.

 

如果任何一方对仲裁结果不满,可在得到仲裁结果之日起十五(15)日内向人民法院提起诉讼。

 

		13.	GOVERNING LAW

 

法律适用

 

This Contract and the rights
and duties of the Parties hereunder shall be governed by and construed and enforced in accordance with the PRC laws, without regard
to principles of conflicts of laws.

 

本合同及由此产生的双方的权利和义务应受中国法律管辖,按照中国法律解释和执行,不适用冲突法的原则。

 

    Ex B-9

     

    

 

		14.	MISCELLANEOUS

 

其它

 

		14.1	The Employee represents that, prior to signing this Contract, the Employee has read, fully understands
and voluntarily agrees to the terms and conditions as stated above, that the Employee was not coerced to sign this Contract, the
Employee was not under duress at the time the Employee signed this Contract, that, by signing this Contract, the Employee will
not violate the terms of any other agreement previously entered by the Employee and that, prior to signing this Contract, the Employee
had adequate time to consider entering into this Contract, including, without limitation, the opportunity to discuss the terms
and conditions of this Contract, as well as its legal consequences, with an attorney of the Employee's choice.

 

员工声明,在签署本合同之前,员工已阅读并充分理解、自愿同意本合同的有关条款和条件,员工并非受强迫而签订本合同,员工在签订本合同时未受监禁,并且,签署本合同不会使员工违反其原先签订的任何其它协议;在签署本合同之前,员工已有充分的时间考虑是否签署本合同,包括但不限于获得与员工选择的律师讨论本合同有关条款和条件、以及相应的法律后果的机会。

 

		14.2	This Contract constitutes the entire understanding and agreement between the Parties hereto with
regard to the matters herein, and supersedes all prior communications, negotiations, and agreements relating thereto. No modification
or amendment of this Contract will be effective unless made in writing and signed by both Parties.

 

本合同应视为双方对于本合同项下所述事宜的全面理解和协议,并替代此前双方在此问题上的所有沟通、协商和协议。对于本合同的任何修改或修正需以双方书面签署为准。

 

		14.3	This Contract shall be made in two originals; each Party shall hold one original copy.

 

本合同以中文书写,一式贰份,双方各执一份原件。

 

[Follow by Execution Page]

 

[下为签字页]

 

    Ex B-10

     

    

 

Execution Page

 

签字页

 

The Parties are signing this Employment
Contract on the date stated in the introductory clause.

 

鉴此,双方同意在首页标明的日期签署本劳动合同。

 

EMPLOYER

 

雇主

 

Authorized Representative: ________________________

 

授权代表

 

Executed with the Corporate Seal

 

公司公章

 

EMPLOYEE

 

员工

 

Agreed by: ________________________

 

    Ex B-11

     

    

 

Appendix IConfidential Information
and Invention Assignment Agreement

 

附件一保密信息和发明转让协议

 

SHENGRONG ENVIRONMENTAL PROTECTION TECHNOLOGY
(WUHAN) CO., LTD.

CONFIDENTIAL INFORMATION AND

INVENTION ASSIGNMENT AGREEMENT (PRC EMPLOYEES)

 

As a condition of my
employment with Shengrong Environmental Protection Technology (Wuhan) Co., Ltd. (the “Company” and, together with all
of its direct or indirect parent companies, subsidiaries or subsidiaries of its parent companies, collectively referred to as the
“Company Group”) and in consideration of my employment with the Company and my receipt of the compensation now and
hereafter paid to me by the Company, I agree to the following provisions of this Shengrong Environmental Protection Technology
(Wuhan) Co., Ltd. Confidential Information and Invention Assignment Agreement (this “Agreement”):

 

1. Confidential
Information.

 

1.1 Company Information.
I agree at all times during the term of my employment and after termination, to hold in the strictest confidence, and not to use,
except for the benefit of the Company Group, or to disclose to any person, corporation or other entity without written consent
of the Company, any Confidential Information. I understand that “Confidential Information” means any proprietary or
confidential information of the Company Group, its affiliates, their clients, customers or their partners, and the Company Group’s
licensors, including, without limitation, technical data, trade secrets, research and development information, product plans, services,
customer lists and customers (including, but not limited to, customers of the Company Group on whom I called or with whom I became
acquainted during the term of my employment), supplier lists and suppliers, software, developments, inventions, processes, formulas,
technology, designs, drawings, engineering, hardware configuration information, personnel information, marketing, finances or other
business information disclosed to me by or obtained by me from the Company Group, its affiliates, their clients, customers or their
partners, and the Company Group’s licensors either directly or indirectly in writing, orally or by drawings or observation
of parts or equipment.

 

1.2 Company Property.
I understand that all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted
in connection with my work or using the facilities of the Company Group are property of the Company Group and subject to inspection
by the Company Group, at any time. Upon termination of my employment with the Company (or at any other time when requested by the
Company), I will promptly deliver to the Company all documents and materials of any nature pertaining to my work with the Company
and will provide written certification of my compliance with this Agreement. Under no circumstances will I have, following my termination,
in my possession any property of the Company Group, or any documents or materials or copies thereof containing any Confidential
Information. In the event of the termination of my employment, I agree to sign and deliver the “Termination Certification”
attached hereto as Exhibit B.

 

1.3 Former Employer
Information. I agree that I will not, during my work with the Company, improperly use or disclose any trade secrets of
any other person or entity or proprietary information of any former employer or other person or entity with which I have an agreement
or duty to keep in confidence such information and that I will not bring onto the premises of the Company Group any unpublished
document or proprietary information belonging to any such employer, person or entity unless consented to in writing by such employer,
person or entity. I agree to indemnify the Company Group and hold it harmless from all claims, liabilities, damages and expenses,
including reasonable attorneys fees and costs for resolving disputes, arising out of or in connection with any violation or claimed
violation of a third party’s rights resulting from any use by the Company Group of such proprietary information or trade
secrets improperly used or disclosed by me.

 

    Ex B-12

     

    

 

1.4 Third Party
Information. I recognize that the Company Group has received and in the future will receive from third parties their confidential
or proprietary information subject to a duty on the Company Group’s part to maintain the confidentiality of such information
and to use it only for certain limited purposes. I agree to hold all such confidential or proprietary information in the strictest
confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out my work for
the Company consistent with the Company Group’s agreement with such third party.

 

2.
Inventions.

 

2.1 Inventions
Retained and Licensed. I have attached hereto, as Exhibit A, a list describing all inventions, original works of authorship,
developments, improvements, trade secrets, and IC lay-out designs/mask works which were made by me prior to my employment with
the Company which belong to me, which relate to the Company Group’s proposed or current business, products or research and
development, and which are not assigned to any member of the Company Group hereunder (collectively referred to as “Prior
Inventions”); or, if no such list is attached, I represent that there are no such Prior Inventions. I agree that I will
not incorporate any Prior Inventions into any products, processes or machines of the Company Group; provided, however,
that if in the course of my employment with the Company, I incorporate into a product, process or machine of the Company Group
a Prior Invention owned by me or in which I have an interest, I represent that I have all necessary rights, powers and authorization
to use such Prior Invention in the manner it is used and such use will not infringe any right of any company, entity or person
and, in such a circumstance, each member of the Company Group is hereby granted and shall have a nonexclusive, royalty-free, sublicensable,
transferable, irrevocable, perpetual, worldwide license to make, have made, modify, use, sell and otherwise exploit such Prior
Invention as part of or in connection with such product, process or machine. I agree to indemnify the Company Group and hold it
harmless from all claims, liabilities, damages and expenses, including reasonable attorneys fees and costs for resolving disputes,
arising out of or in connection with any violation or claimed violation of a third party’s rights resulting from any use,
sublicensing, modification, transfer, or sale by the Company Group of such a Prior Invention.

 

2.2 Assignment
of Inventions. I agree that I will promptly make full written disclosure to the Company, will hold in trust for the sole
right and benefit of the Company, and hereby assign to the Company, or its designee, all my right, title, and interest in and to
any and all inventions, designs, original works of authorship, processes, formulas, computer software programs, databases, mask
works, developments, concepts, improvements or trade secrets, whether or not patentable or registrable under patent, copyright,
circuit layout design or similar laws in the People’s Republic of China (“PRC”) or anywhere else in the
world, which I may solely or jointly conceive or develop or reduce to practice or cause to be conceived or developed or reduced
to practice, during the period of time I am in the employ of the Company (whether or not during business hours) that are either
related to the scope of my employment with the Company or make use, in any manner, of the resources of the Company Group (collectively
referred to as “Inventions”). I acknowledge that the Company shall be the sole owner of all rights, title and
interest in the Inventions created hereunder. In the event the foregoing assignment of Inventions to the Company is ineffective
for any reason, each member of the Company Group is hereby granted and shall have a royalty-free, sublicensable, transferable,
irrevocable, perpetual, worldwide license to make, have made, modify, use, sell and otherwise exploit such Inventions as part of
or in connection with any product, process or machine. I also hereby forever waive and agree never to assert any and all rights
I may have in or with respect to any Inventions even after termination of my employment with the Company. I further acknowledge
that all Inventions created by me (solely or jointly with others), to the extent permitted by applicable law, are “works
made for hire” or “inventions made for hire,” as those terms may be defined in the PRC Copyright Law, the PRC
Patent Law and the Regulations on Computer Software Protection, respectively, and all titles, rights and interests in or to such
Inventions are or shall be vested in the Company.

 

    Ex B-13

     

    

 

2.3 Remuneration.
I agree that the remuneration received by me pursuant to my employment agreement with the Company includes any bonuses or remuneration
which I may be entitled to under applicable PRC law for any “works made for hire,” “inventions made for hire”
or other Inventions assigned to the Company pursuant to this Agreement.

 

2.4 Maintenance
of Records. I agree to keep and maintain adequate and current written records of all Inventions. The records will be in
the form of notes, sketches, drawings, and any other format that may be specified by the Company. The records will be available
to and remain the sole property of the Company at all times.

 

2.5 Patent and
Copyright Registrations. I agree to assist the Company, or its respective designees, at the expense of the Company, in
every proper way to secure the Company’s rights in the Inventions in any and all countries, to further evidence, record and
perfect any grant or assignment by me of the Inventions hereunder and to perfect, obtain, maintain, enforce and defend any rights
so granted or assigned, including the disclosure to the Company of all pertinent information and data with respect thereto, the
execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary
in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns and nominees
the sole and exclusive rights, title and interest in and to such Inventions. I further agree that my obligation to execute or cause
to be executed, when it is in my power to do so, any such instrument or papers shall continue after the termination of this Agreement.
If the Company is unable because of my mental or physical incapacity or for any other reason to secure my signature to apply for
or to pursue any application for any patents or copyright registrations covering Inventions or original works of authorship assigned
to the Company as set forth above, then I hereby irrevocably designate and appoint the Company and its duly authorized officers
and agents as my agent and attorney in fact, to act for and in my behalf and stead to execute and file any such applications and
to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon
with the same legal force and effect as if executed by me.

 

3.
Notification of New Employer. In the event that I leave the employ of the Company, I hereby grant consent to notification
by the Company to my new employer about my rights and obligations under this Agreement.

 

4.
Representations. I agree to execute any proper oath or verify any proper document required to carry out the terms of this
Agreement. I represent that my performance of all the terms of this Agreement will not breach any agreement to keep in confidence
proprietary information acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into,
and I agree I will not enter into, any oral or written agreement in conflict herewith.

  

    Ex B-14

     

    

 

5.
Arbitration and Relief.

 

5.1 Arbitration.
I AGREE THAT ANY DISPUTE OR CONTROVERSY ARISING OUT OF, RELATING TO, OR CONCERNING ANY INTERPRETATION, CONSTRUCTION, PERFORMANCE
OR BREACH OF THIS AGREEMENT, SHALL BE SUBMITTED TO THE CHINA INTERNATIONAL ECONOMIC AND TRADE ARBITRATION COMMISSION (“CIETAC”)
FOR ARBITRATION. THE ARBITRATION SHALL BE CONDUCTED IN [WUHAN] IN ACCORDANCE WITH
THE THEN APPLICABLE ARBITRATION RULES OF CIETAC. IF PERMITTED BY CIETAC, THERE SHALL BE THREE (3) ARBITRATORS. ONE ARBITRATOR
SHALL BE SELECTED BY THE COMPANY; ONE ARBITRATOR SHALL BE SELECTED BY ME; AND THE THIRD ARBITRATOR EITHER SHALL BE ASSIGNED BY
CIETAC OR BE MUTUALLY SELECTED BY THE COMPANY AND ME. THE ARBITRATOR(S) MAY GRANT INJUNCTIONS OR OTHER RELIEF IN SUCH DISPUTE OR
CONTROVERSY. THE ARBITRATION AWARD SHALL BE FINAL, CONCLUSIVE AND BINDING ON THE PARTIES TO THE ARBITRATION. FOR THE PURPOSES OF
ENFORCEMENT, JUDGMENT MAY BE ENTERED ON THE ARBITRATION AWARD IN ANY COURT HAVING JURISDICTION. THE COMPANY AND I SHALL EACH PAY
ONE-HALF OF THE COSTS AND EXPENSES OF SUCH ARBITRATION, AND EACH OF US SHALL SEPARATELY PAY OUR COUNSEL FEES AND EXPENSES.

 

5.2 Relief.
I agree that it would be impossible or inadequate to measure and calculate the Company’s damages from any breach of the covenants
set forth herein. Accordingly, notwithstanding Section 5(a) above, I agree that if I breach (or threaten a breach of) this Agreement,
the Company will have available (to the extent allowed by applicable law), in addition to any other right or remedy available,
the right to obtain an injunction from a court of competent jurisdiction restraining such breach or threatened breach and to specific
performance of any such provision of this Agreement.

 

6.
General Provisions.

 

6.1 Terms and Conditions
of Employment. I acknowledge that the terms and conditions of my employment with the Company are provided for in a separate
employment agreement between me and the Company and no provision of this Agreement shall be construed as conferring upon me a right
to be an employee of the Company.

 

6.2 Governing Law.
This Agreement will be governed by the laws of the PRC.

 

6.3 Entire Agreement.
This Agreement sets forth the entire agreement and understanding between the Company and me relating to the subject matter herein
and merges all prior discussions between us. No modification of or amendment to this Agreement, nor any waiver of any rights under
this Agreement, will be effective unless in writing signed by the party to be charged. Any subsequent change or changes in my duties,
salary or compensation will not affect the validity or scope of this Agreement.

 

6.4 Waiver and
Severability. The waiver of a breach of any provision of this Agreement shall not operate or be construed as a waiver of
any other or subsequent breach. If any provision of this Agreement is held to be invalid, void or unenforceable, the remaining
provisions shall nevertheless continue in full force and effect without being impaired or invalidated in any way.

 

6.5 Successors
and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives and
will be for the benefit of the Company Group, its successors, and its assigns. The Company may assign its rights and obligations
under this Agreement to a third party.

 

6.6 Language.
This Agreement may be written in the Chinese language and in the English language. In the event there is any conflict or inconsistency
between the English version and the Chinese version of this Agreement, the English version shall prevail.

 

6.7 Application
of this Agreement. I hereby agree that my obligations set forth in Sections 1 and 2 under this Agreement and the definitions
of “Confidential Information” and “Inventions” contained therein shall be equally applicable to any work
performed by me, and any Confidential Information and Inventions relating thereto, for the Company prior to the execution of this
Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    Ex B-15

     

    

 

This Confidential Information
and Invention Assignment Agreement is made effective as of the date on which I began my employment with the Company.

 

	 	 	 
	 	 	Signature
	 	 	 
	 	 	[       ]
	 	 	Employee Name (typed or printed)
	 	 	 
	 	 	 
	 	 	Date
	 	 	 
	 	 	 
	 	 	Signature
	 	 	 
	 	 	Renqi Yang
	 	 	Company Representative (typed or printed)
	 	 	 
	 	 	 
	 	 	Date
	 	 	 
	 	 	 
	Signature	 	 
	 	 	 
	Witness Name (typed or printed):	 	 
	 	 	 
	Date	 	 

  

SIGNATURE PAGE TO CONFIDENTIAL INFORMATION
AND

INVENTION ASSIGNMENT AGREEMENT (PRC EMPLOYEES)

 

    Ex B-16

     

    

EXHIBIT
A

LIST OF PRIOR INVENTIONS

	
        Title
	 	
        Date
	 	
        Identifying
        Number

        or Brief Description

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

______ No inventions or
improvements

______ Additional Sheets Attached

 

Signature of Employee:
________________

Print Name of Employee:

Date: ____________

 

    Ex B-17

     

    

 

EXHIBIT B

 

Shengrong
Environmental Protection Technology (Wuhan) Co., Ltd.

 

TERMINATION CERTIFICATION

 

This is to certify that I do not have in
my possession, nor have I failed to return, any devices, records, data, notes, reports, proposals, lists, correspondence, specifications,
drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items
belonging to Shengrong Environmental Protection Technology (Wuhan) Co., Ltd. (the “Company”), its subsidiaries, parent
companies, affiliates, successors or assigns (together, the “Company Group”).

 

I further certify that I have complied
with all the terms of the Company’s Confidential Information and Invention Assignment Agreement signed by me, including the
reporting of any inventions and original works of authorship (as defined therein), conceived or made by me (solely or jointly with
others) covered by that agreement.

 

I further agree that, in compliance with
the Confidential Information and Invention Assignment Agreement, I will preserve as confidential all trade secrets, confidential
knowledge, data or other proprietary information relating to products, processes, know-how, designs, formulas, developmental or
experimental work, computer programs, databases, other original works of authorship, customer lists, business plans, financial
information or other subject matter pertaining to any business of the Company Group, its affiliates or any of their employees,
clients, consultants or licensees.

 

I further agree that for twenty-four (24)
months from this date, I will not hire any employees of the Company Group and I will not solicit, induce, recruit or encourage
any of the Company Group’s employees to leave their employment.

 

	Date:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	(Employee’s Signature)
	 	 	 	 
	 	 	 	(Type/Print Employee’s Name)

 

 

    Ex B-18

     

    

 

声荣环保科技技术(武汉)有限公司有限公司

 

保密信息及发明转让协议
(中国雇员)

  

作为我受雇于声荣环保科技技术(武汉)有限公司(简称“公司”,与其所有直接或间接母公司、子公司或其母公司的子公司合称“集团公司”)的条件,以及鉴于我与公司之间的雇用关系和我现在及将来收受公司所付之报酬,我同意遵守本公司的保密信息及发明转让协议之规定(“本协议”):

  

(1) 保密信息

  

(a) 公司信息。我同意,在我受雇于公司期间以及雇用期限终止后对保密信息进行严格保密,除非为了集团公司的利益,不使用保密信息,并且在未经公司书面同意的情况下,不向任何个人、公司或其他组织披露任何保密信息。我理解,“保密信息”指的是集团公司、其关联企业、他们各方的客户、顾客或合作伙伴的以及集团公司许可方的专有或保密信息,包括但不限于,由集团公司、其关联企业、他们各方的客户、顾客、或合作伙伴以及集团公司的许可方直接或间接以书面、口头或零部件或设备的图纸或观测数据的方式向我披露的、或我从该等各方直接或间接以该等方式取得的:技术数据、商业秘密、研发信息、产品规划、服务、客户名单和客户(包括但不限于,我在雇用期内所联系的或逐渐熟悉的集团公司客户)、供应商名单和供应商、软件、开发、发明、程序、配方、技术、设计、图纸、工程管理、硬件配置信息、人事信息、营销、财务或其他业务信息。

  

(b )公司财产。我理解,与我工作有关或利用集团公司的设施创造的、收到的或传送的所有文件(包括电脑记录、传真和电子邮件)和资料属于集团公司财产,这些财产在任何时候都处于集团公司的监控之下。当我与公司的雇用关系结束时(或在其他任何时间当公司要求时),我将及时交给公司与我在公司的工作相关的所有文件和资料,并提供我已遵守本协议的书面确认文件。在我雇用期限终止后,任何情况下都不得占有集团公司的任何财产,或含有保密信息的任何文件或资料或复印件。在我雇用期限终止的情况下,我同意签署和递交作为本协议附件二的“雇用终止证明”。

  

(c) 前任雇主信息。我同意,在我为公司工作期间,我将不会不正当地使用或披露任何其他个人或组织的商业秘密或我已签署协议或有义务为其就以下信息保密的任何前任雇主或其他个人或组织的专有信息,并且除非经过该等雇主、个人或组织的书面同意,我不会将任何属于该等雇主、个人和组织的任何尚未发表的文件或专有信息带入集团公司的场所。如果由于集团公司使用该类由我不正当使用或披露的他人的专有信息或商业秘密而导致对第三方的任何侵权行为或声称的侵权行为,而使集团公司因此或与此相关而遭受任何请求、责任、损害赔偿以及费用,包括因解决争议而发生的合理的律师费和开支,我同意对集团公司作出赔偿,使其免受损害。

  

(d) 第三方信息。我认同,集团公司已经并且将来会从第三方收到该等第三方的保密或专有信息,而且集团公司有义务为该等信息保密,并且仅可将之用于某些限定的目的。我同意对所有该等保密或专有信息予以最严格的保密,不将其披露给任何个人、公司或其他组织机构;并且除非在我为公司完成工作的必要限度内并在符合集团公司与该第三方协议的条件下才使用该等信息。

  

    Ex B-19

     

    

 

(2) 发明

  

(a) 保留和许可的发明。我已经在本协议附件一列出了属于我所有的,与集团公司计划或当前的业务、产品或研发有关的,我没有在此转让给集团公司任一成员的,在我受雇于公司之前即由我作出的全部发明、具有署名权原创作品、开发、改良、商业秘密和集成电路布局设计/掩膜作品(合称“前期发明”);否则,如果没有这样一个附件,我声明不存在该等前期发明。我同意我将不会把任何前期发明融入集团公司的产品、程序或机械:但是,在我受雇于公司的期间内,如果我将任何自身拥有的或享有权益的前期发明融入集团公司的产品、程序或机械中,我声明:我拥有所有必要的权利、权限和授权,以按照当前使用的方式使用该等前期发明,并且该等使用将不会侵犯任一公司、组织或个人的任何权利;而且在该等情况下,特此授予集团公司的每一成员,且该等每一成员均享有该等前期发明的非排他性的、免许可费的、可再许可的、可转让的、不可撤销的、永久的、全世界范围的许可,他们有权作为该等产品、工序或机械的一部分或为该等产品、工序或机械之相关目的制造、使他人制造、修改、使用、出售并以其他方式利用该等
前期发明。如果因集团公司使用、再许可、修改、转让或出售该等任一前期发明而导致对第三方的任何侵权行为或声称的侵权行为,而使集团公司因此或与此相关而遭受任何请求、责任、损害赔偿以及费用,包括因解决争议而发生的合理的律师费及开支,我同意赔偿集团公司,使其免受损害。

  

(b) 发明的转让。我同意以书面方式及时地向公司披露我在受雇于公司期间(不论是否在工作时间之内)的与我雇用工作范围相关的,或者以任何方式运用集团公司资源所单独或与他人共同发明或开发或投入应用、或促使其被发明或开发或投入应用的任何及所有发明、设计、具有署名权的原创作品、程序、配方、电脑软件程序、数据库、掩膜作品、开发、概念、改良或商业秘密(合称“发明”),不论其可否依据专利权、电路布局设计、著作权或类似法律在中华人民共和国(“中国”)或世界其他任何地方申请专利或注册,我会以受托方式为公司独有的权利和利益持有我对该等发明的全部权利、所有权和利益,并在此将其转让给公司或其指定人。我认可,公司应为本协议项下所创造之发明的全部权利、所有权和权益之唯一所有权人。如果由于任何原因前述将发明转让予公司的行为无效,特此授予集团公司的每一成员,且该等每一成员均享有该等发明的免许可费的、可再许可的、可转让的、不可撤销的、永久的、全世界范围的许可,他们有权作为任何产品、工序或机械的一部分或为该等产品、工序或机械之相关目的制造、使他人制造、修改、使用
、出售并以其他方式利用该等发明。我在此同时永远地放弃和同意永远不主张自身在任何发明中或就任何发明所可能享有的任何权利,即使在我与公司的雇用关系结束后。我进一步确认,由我(独自或与他人共同)创造的全部发明,在适用法律允许的限度内,属于中国著作权法、中国专利法和中国计算机软件保护条例中定义的“职务作品”或“职务发明”,并且该等发明中所包含的或享有的全部所有权、权利和权益均属或应属公司所有。

  

(c) 薪酬。我同意,我依据与公司的雇用合同所获得的薪酬包括了我根据本协议向公司转让任何“职务作品”、“职务发明”或其他发明而在适用的中国法律下有权享有的任何奖励或报酬。

  

(d) 记录的保存。我同意保存并维持充足和现有的有关所有发明的书面记录。这些记录将会以注释、草图、图纸以及公司指定的任何其他形式保存。这些记录将在任何时间对公司开放,且为公司独享的财产。

   

    Ex B-20

     

    

 

(e) 专利权和著作权的注册。我同意协助公司或其相应指定人,在公司承担费用的情况下,通过所有的正当途径,保护公司在任何及所有国家对发明享有的权利,以进一步证明、登记和完善我在本协议项下将发明授予或转让予公司或其相应指定人,并完善、取得、维护、强制执行和保护任何该等授予或转让的权利。这些协助包括向公司披露所有与发明相关的信息和数据,签署所有的申请书、说明书、宣誓书、转让书以及公司认为为了申请及取得该等权利或为了将有关该等发明的独享和排他的权利、产权及利益转让和让与给公司、它的继任人、受让人或指定人而必需的所有其他文件。我进一步同意,在我的能力范围内,我签署或促使该类文件被签署的义务即使在本协议终止后仍将继续。如果因我的精神或身体障碍或其他任何原因以致公司无法获取我的签名以申请或申请注册有关如上所述转让给公司的发明或具有署名权的原创作品的任何专利或著作权,我在此不可撤销地指定和委派公司及其正式授权的高级职员和代理人作为我的代理人和授权人,代表并代替我去签署和递交任何该类申请以及进一步采取法律许可的其他一切行动来获得专利或著作权
登记书,上述代理行为应具有和我本人亲自签署相同的法律效力和效果。

  

(3) 对新雇主的通知。在我与公司解除雇用关系的情况下,我在此同意,公司可将我在本协议下的权利和义务通知我的新雇主。

  

(4) 声明。我同意签署因执行本协议条款所要求的任何的宣誓书或验证任何适当的文件。我声明,我对本协议项下所有条款的履行将不会违反在我受雇于公司前签订的针对因信赖或信托关系掌握的专有信息而签订的其他任何保密协议。我没有签订,而且同意将来也不会签订任何与本协议相冲突的口头或书面协议。

  

(5) 仲裁和救济。

  

(a) 仲裁。我同意,因对本协议的任何解释、释义、履行或违约引起的或与之相关或有关的任何争议或纠纷,均应提交中国国际经济贸易仲裁委员会(“CIETAC”)通过仲裁解决。仲裁应按照当时适用的CIETAC仲裁规则在[武汉]进行。如CIETAC允许,则仲裁应由三(3)名仲裁员主持。其中两名仲裁员由公司和我各选派一名;第三名仲裁员应由CIETAC指派或由公司和我一致选派。仲裁员可在该等争议或纠纷中签发禁止令或采取其他救济措施。仲裁裁决应为终局的,结论性的,且对仲裁双方均具约束力。为执行仲裁裁决之目的,
任何有管辖权的法院均可就仲裁裁决作出判决。公司和我应对半分摊该等仲裁的仲裁费和开支,并且我们每一方应各自支付自己的律师费和开支。

  

(b) 救济。我同意,因违反本协议中的承诺而对公司造成的损失将可能是无法或无法充分衡量和计算的。因此,尽管有上述5(a)的规定,我同意,如果我违反(或威胁违反)本协议,在其他任何可以行使的权利和救济以外,公司将有权(在适用法律允许的限度内)向有管辖权的法院取得禁止令,以阻止该等违反行为或威胁的违反行为,并使本协议下的任何该等条款能得到实际履行。

  

(6)一般条款。

 

(a) 雇用条款和条件。
我认可,我受雇于公司的条款和条件规定在我与公司之间另行签署的一份雇用合同中,本协议任一规定不得解释为赋予我成为公司雇员的任何权利。

  

    Ex B-21

     

    

 

(b) 准据法。本协议受中国法律管辖。

  

(c) 完整协议。本协议构成公司和我对本合同标的的完整协议和理解,并取代双方之间以前所有的讨论。除非经承担义务一方的书面签署,任何对本协议的修改或添加,或对本协议项下任何权利的放弃均不产生效力。任何以后关于我工作职责、薪水或补偿金的变化均不影响本协议的有效性或范围。

  

(d) 弃权和可分割性。对本协议任何条款的违约行为的不追究并不构成或被视为对其他或今后任何违约的行为的不追究。如果本协议的任何条款被认为无效、失效或不能强制执行,则剩余的条款仍应具有完全的效力和有效性,在任何方面均不受影响或失效。

  

(e) 继任人和受让人。本协议对于我的继承人、指定执行遗嘱人、遗产管理人和其他的法定代表人均具有约束力,并为集团公司及其继任人和受让人的利益而订立。公司可将其在本协议项下的权利和义务转让给第三方。

  

(f) 语言。 本协议以中英文两种语言书就。若本协议英文文本与中文文本之间有任何冲突或不一致之处,应以英文文本为准。

 

(g) 本协议的适用。我特此同意,本协议第1和第2部分中规定的我的义务以及本协议中的“保密信息”和“发明”的定义应同等适用于我在签署本协议之前为公司所做的任何工作以及与之相关的任何保密信息和发明。

  

[本页以下部分特意留空]

  

    Ex B-22

     

    

 

本保密信息和发明转让协议于我开始受雇于公司之日起生效。

  

	 	 
	签名	 
	 	 
	何建波	 
	雇员姓名(打印或印刷)	 
	 	 
	 	 
	日期	 
	 	 
	 	 
	签名	 
	 	 
	杨仁啟	 
	公司代表(打印或印刷)	 
	 	 
	 	 
	日期	 
	 	 
	 	 
	签名	 
	 	 
	见证人名称或姓名(打印或印刷)	 
	 	 
	 	 
	日期	 

 

 保密信息及发明转让协议(中国雇员)签字页

    Ex B-23

     

    

 

附件一

 

前期发明清单

  

名称
  日期  识别号码或简要描述

 

____没有发明或改良

____有另外的附加页

雇员的签名: 

雇员姓名(印刷体)

日期:

 

    Ex B-24

     

    

 

附件二

  

声荣环保科技技术 (武汉)
有限公司

 

雇用终止证明

 

在此证实,我没有占有,或忘记归还,属于武汉声荣环保节能科技有限公司(“公司”)、其子公司、母公司、关联企业、继任人或受让人(合称“集团公司”)的任何装置、记录、数据、注释、报告、计划、清单、信函、说明书、图纸、蓝图、草图、资料、设备、其他文件或财产,或者任何上述物品的复制品。

  

我进一步证实我已遵守我所签署的与公司的《保密信息及发明转让协议》中的所有条款,包括报告该协议包含的由我(单独或与他人共同)构思或创造的任何发明和具有署名权的原创作品(如该协议中之定义)。

 

我进一步同意,为遵守《保密信息及发明转让协议》,我将对与集团公司、其关联企业或它们的任何雇员、客户、顾问或被许可人的任何业务相关的所有商业秘密、保密知识、数据或其他与产品相关的专有信息、工序、专有技术、设计、配方、开发性的或试验性的作品、电脑程序、数据库、其他具有署名权的原创作品、客户名单、业务计划、财务信息或其他标的物进行保密。

  

我进一步同意,在本证明签署日起二十四(24)个月内,我将不雇用集团公司的任何雇员,也不会引诱、促使、招募或鼓励集团公司的任何雇员离职。

 

日期:

 

(雇员签名)

  

(雇员姓名印刷体)

  

    Ex B-25

     

    

 

Appendix
III Non-Competition Agreement

 

附件三    竞业限制协议

  

PARTIES
TO THE CONTRACT

 

合同各方

 

The
Parties of this Non-competition Agreement (hereinafter the “Agreement”) are:

 

本竞业限制协议
(以下简称“本协议”) 的各方是:

 

		1.	Shengrong
                                         Environmental Protection Technology (Wuhan) Co., Ltd., with its legal address at
                                         A101 Hanzheng Street City Industry Park, No.21 Jiefang Avenue, Qiaokou District, Wuhan,
                                         Hubei, 430030 China (hereinafter referred to as “Party A” or the “Company”);

 

声荣环保科技技术(武汉)有限公司,法定地址:中国湖北省武汉市硚口区解放大道1号汉正街都市工业园A101(以下简称“甲方”或“公司”);

 

		2.	[   
                                         ] an individual with Chinese identity number of [ ] and residential address
                                         at [ ], China (hereinafter referred to as “Party B” or the “Employee”).

 

[   
]

 

,身份证号码是
210105197004201431, 住址为:[
](以下简称“乙方”或“雇员”)。

 

Each
party is hereinafter individually referred to as a “Party” and collectively as the “Parties”.

以下合同单独一方称为“一方”,各方成为“双方”。

 

WHEREAS,
Party A is a limited liability company established in Wuhan, People’s Republic of China (“PRC” or “China”)
and has signed an employment contract with Party B;

鉴于,甲方为在中华人民共和国
(“PRC” 或
“中国”)
武汉设立的一家有限责任公司,
且已与乙方签订劳动合同;

   

WHEREAS,
Party A wishes to protect its confidential information and to prevent illegal using of skills, knowledge, experience, ideas and
influence obtained during Party B’s assignment to the Company for the benefit of a competitor of Party A;

鉴于,
甲方希望保护它的保密信息并防止乙方为甲方竞争者的利益而非法使用其在甲方公司任职期间获得的技巧、知识、经历、意见和影响;

  

    Ex B-26

     

    

 

WHEREAS,
Party B is willing to enter into an agreement to provide such protection to the Company upon the term and conditions set forth
in this Agreement.

 

鉴于,乙方愿意签订协议并根据本协议的条款和条件为公司提供该种保护。

 

NOW,
the Parties agree as follows:

 

现双方同意:

 

		1.	NON-COMPETITION

 

竞业限制

 

		1.1	Party
B agrees that, during the term of his employment with the Company and for a period of twenty-four (24) months immediately following
the termination of his employment relationship with the Company for any reason, whether with or without good cause or for any
or no cause, he shall not, without the prior written consent of the Company, directly or indirectly (including, without limitation,
through any existing or future Affiliate (as defined below)), perform any of the following actions:

 

乙方同意,在其受雇于公司期间以及其与公司因任何原因(无论有无正当理由或因故或无故)解释劳动关系之后二十四(24)个月内,未经公司事先书面同意,其不得直接或间接(包括但不限于通过任何现有或未来的关联方(定义见下文))从事下列任何行为:

  

(a) engage
in research, development, manufacture, licensing, marketing, distribution or sale of any existing or future products or services
relating to the Business (as defined below);

 

从事与业务(定义见下文)相关的任何现有或未来产品或服务的研究、开发、制造、许可、营销、分销或销售;

 

(b) have
any ownership interest in, manage, operate, control, be connected with as a stockholder (except as permitted by Section 1.2),
joint venture, officer, director, agent, representative, partner or employee of, or consultant to, or otherwise engage or invest
or participate in, the Business or any person or entity that engages in the Business in the Territory (as defined below), or competes
with the Business in the Territory;

  

    Ex B-27

     

    

 

作为股东(除非根据第1.2条被允许)、合资企业、高级职员、董事、代理人、代表、合伙人或雇员或顾问管理、运营、控制或以其他方式从事或投资或参与业务或在区域(定义见下文)内从事业务的任何人或实体,或对其拥有任何权益或与其相关联;

 

(c) accept
any business relating to the Business from any existing or prospective Business customer of the Company or any of its existing
or future Affiliates engaged in the Business, or solicit or knowingly encourage any such customer to terminate or adversely alter
any relationship with respect to the Business such person may have with the Company or any of its existing or future Affiliates
engaged in the Business; and

 

从公司或其从事业务的任何现有或未来的关联方的任何现有或潜在业务客户处接受任何与业务相关的业务,或请求或有意鼓励任何该等客户终止其与公司或其从事业务的任何现有或未来的关联方可能建立的任何与业务相关的关系,或对该等关系做出不利变动。

 

(d) market,
sell, distribute, endorse or promote, any products or services that are competitive with products or services of the Business.

 

销售、出售、分销、代言或推广与业务的产品或服务有竞争关系的任何产品或服务。

  

		1.2	Consistent
with the foregoing provisions of Section 1.1, Employee may own (solely as a passive investor) securities in any publicly-held
corporation that may be engaged in the Business, but only to the extent Employee does not own, of record or beneficially, an aggregate
of one percent (1%) or more of the outstanding beneficial ownership of such corporation.

 

根据前述第1.1条的规定,员工可(仅作为被动投资者)拥有可能从事业务的任何公众持股公司的证券,但唯一前提是,雇员在册或实益拥有的该公司证券在该公司的发行在外实益所有权中所占的总比例不足百分之一(1%)。

 

		1.3	“Affiliate”,
                                         as used herein, means, with respect to any person or entity, any person or entity directly
                                         or indirectly controlling, controlled by or under direct or indirect common control with
                                         such other person or entity.

 

“关联方”在本协议中使用时指,就任何人或实体而言,直接或间接控制其他人或实体、被其他人或实体控制或与其他人或实体一同受到直接或间接控制的任何人或实体。

 

		1.4	“Business”,
                                         as used herein, includes, (i) all past and current products and services sold or provided
                                         by the Company or any of its Affiliates, (ii) all products and services sold or provided
                                         by the Company or any of its Affiliates, and (iii) all products under development by
                                         the Company or any of its Affiliates.

  

    Ex B-28

     

    

 

“业务”在本协议中使用时包括(i)公司或其任何关联方出售或提供的一切过去和现在的产品和服务,(ii)公司或其任何关联方出售或提供的一切产品和服务,及(iii)公司或其任何关联方正在开发的一切产品。

 

		1.5	“Territory”,
                                         as used herein, means the People’s Republic of China.

 

“区域”在本协议中使用时指中华人民共和国。

 

		1.6	Subject
                                         to Party B’s full compliance with this Agreement, the Company shall pay to Party
                                         B a monthly compensation of one half of the base salary as listed in Article 3.1 of the
                                         Employment Contract until the earlier of (i) the end of the Non-Competition Period, and
                                         (ii) the date on which the Company decides not to enforce this Agreement by notifying
                                         Party B in writing thereof.

 

若乙方完全履行本协议,公司应向乙方支付金额为月基本工资(参见劳动合同第3.1款的规定)的一半的竞业限制月补偿金,直到(1)竞业限制期间结束;且(2)公司决定不再实行本协议并书面通知乙方之日(以两者中先发生的日期为准)。

 

		2.	REMEDIES

 

救济

 

Party
B acknowledges and agrees that any actual or threatened breach of any of the provisions may cause irreparable harm to Party A.
Party A shall be entitled to seek all applicable relief and remedies for a breach by Party B including, but not limited to, specific
performance of any provision of this Agreement, damages and / or injunctive relief including (without limitation) an injunction
to restrain Party B or others from using or disclosing, in whole or in part, directly or indirectly, any Confidential Information.

 

乙方确认并同意任何违反本协议规定的实际或威胁行为会给甲方造成不可挽回的损失。若乙方违反规定,甲方有权寻求所有适用的救济,包括但不限于,对本协议任何规定的实际履行,赔偿和/或禁令救济,包括(不限于)限制乙方或其他人直接或间接使用或披露全部或部分保密信息的指令。

  

    Ex B-29

     

    

 

		3.	REPRESENTATIONS

 

陈述

 

Party
B represents that he/she:

 

乙方陈述,他/她:

 

		(i)	is
                                         familiar with the covenants to keep confidential, not to compete and not to solicit set
                                         forth in this Agreement,

 

熟悉本协议的保密、不竞争及不招揽的条款;

 

		(ii)	is
                                         fully aware of his or her obligations hereunder, including, without limitation, the length
                                         of time, scope and geographic coverage of these covenants,

 

完全知晓其的义务,包括但不限于,适用这些条款的时间长度、范围和地理有效面;

 

		(iii)	finds
                                         the length of time, scope and geographic coverage of these covenants to be reasonable,
                                         and

 

认为适用这些条款的时间长度、范围和地理适用范围为合理;且

 

		(iv)	is
                                         receiving specific, bargained-for consideration for his or her covenants not to compete
                                         and not to solicit.

 

接受对非竞争、非招揽条款的具体的、争取的考虑。

 

		4.	GOVERNING
LAW

 

法律适用

 

This
Agreement and the rights and duties of the Parties hereunder shall be governed by and construed and enforced in accordance with
the PRC laws, without regard to principles of conflicts of laws.

 

本协议及由此产生的双方的权利和义务应受中国法律管辖,按照中国法律解释和执行,不适用冲突法的原则。

 

		5.	AMENDMENTS

 

修改

 

This
Agreement shall not be changed or modified in whole or in part except by an instrument in writing signed by each Party hereto.

 

除非各方签署书面文件进行修改,本协议的全部或部分不得任意改动或修改。

 

		6.	WAIVER

 

放弃权利

 

Failure
of any Party to enforce any of its terms, provisions or covenants shall not be construed as a waiver of the same or of the right
of such Party to enforce the same. Waiver by any Party of any breach or default by any other Party of any term or provision of
this Agreement shall not operate as a waiver of any other breach or default.

  

    Ex B-30

     

    

 

任何一方不履行本协议内容、规定或条款,不得视为对主张另一方履行义务的权利的放弃。任何一方的违约或对本协议内容或规定的违反不应视为对其他违反行为进行追究的权利的放弃。

 

		7.	SEVERABILITY

 

可分割性

 

In
the event that any one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remainder of the Agreement shall not in any way be affected or impaired thereby.
Moreover, if any one or more of the provisions contained in this Agreement shall be held to be excessively broad as to duration,
activity or subject, such provisions shall be construed by limiting and reducing them so as to be enforceable to the maximum extent
allowed by applicable law.

 

在本协议的任何一个或多个规定须被认为是无效、非法或不可执行的情况下,本协议剩余部分的有效性、合法性和可行性不应被以任何方式影响或减损。并且,如果本协议包含的任何一个或多个条款在持续时间、活动性或主体方面被认为过分宽泛,这些条款应被限制或缩小范围以使它们在适用法律允许的范围内最大限度地被履行。

 

		8.	EFFECTIVE
DATE

 

生效日期

 

This
Agreement shall become effective once signed by both Parties.

 

本协议一经双方签署即生效。

 

		9.	COUNTERPARTS

 

文本

 

This
Agreement may be executed in several counterparts, each of which shall be an original, but all of which together shall constitute
one and the same agreement.

 

本协议有多个有效的文本,每一文本均为原件,但整体上应视为一个相同的协议。

  

    Ex B-31

     

    

 

Execution
Page of Appendix III

 

附件三签字页

  

The
Parties are signing this Agreement as Appendix III of Employment Contract on the date stated in the introductory clause.

 

鉴此,双方同意在首页标明的日期签署本协议作为劳动合同的附件三。

  

	Party A:	 	Party B:
	甲方:	 	乙方:
	 	 	 
	Shengrong Environmental Protection Technology (Wuhan) Co., Ltd.	 	 
	声荣环保科技技术(武汉)有限公司	 	 

 

	 	 	 
	Signed by Authorized Representative	 	Signed by Employee
	授权代表	 	员工姓名

  

    Ex B-32

     

    

 

Appendix
IV Shengrong Environmental Protection Technology (Wuhan) Co., Ltd.

 

CONFLICT
OF INTEREST GUIDELINES

 

附件四
声荣环保科技技术(武汉)有限公司

 

利益冲突准则

 

 

 

It
is the policy of Shengrong Environmental Protection Technology (Wuhan) Co., Ltd., a limited liability company established under
the laws of People’s Republic of China (the “Company”) and its subsidiaries, parent companies, affiliates, successors
or assigns (together, the "Company Group") to conduct its affairs in strict compliance with the letter and spirit of
the law and to adhere to the highest principles of business ethics. The following are potentially compromising situations which
must be avoided. Any exceptions must be reported to the board of directors of the Company and written approval from the board
of directors for continuation must be obtained.

  

		1.	Revealing
confidential information to any third party or misusing confidential information. Unauthorized divulging of information is a violation
of this policy whether or not for personal gain and whether or not harm to the Company is intended. (The Confidential Information
and Invention Assignment elaborates on this principle and is a binding agreement.)

 

		2.	Accepting
or offering substantial gifts, excessive entertainment, favors or payments which may be deemed to constitute undue influence or
otherwise be improper or embarrassing to the Company.

 

		3.	Participating
in civic or professional organizations that might involve divulging confidential information of the Company.

 

		4.	Initiating
or approving any form of personal or social harassment of employees.

 

		5.	Investing
or holding outside directorships in suppliers, customers or competing companies, including financial speculation, where such investment
of directorship might influence in any manner a decision or course of action of the Company,

 

		6.	Borrowing
from or lending to employees, customers or suppliers.

 

		7.	Contracting
with relatives or personal friends for providing services, goods or consulting to the Company.

 

		8.	Improperly
using or disclosing to the Company any proprietary information or trade secrets of any former or concurrent employer or other
person or entity with whom obligations of confidentiality exist.

 

		9.	Unlawfully
discussing prices, costs, customers, sales or markets with competing companies or their employees.

 

		10.	Making
any unlawful agreements with distributors with respect to prices.

 

		11.	Improperly
using or authorizing the use of any inventions which are the subject of patent claims of any other person or entity.

 

		12.	Engaging
in any conduct which is not in the best interest of the Company. Each officer, employee
and independent contractor must take every necessary action to ensure compliance with these guidelines and to bring problem areas
to the attention of higher management for review. Violations of this conflict of interest policy may result in immediate discharge.

  

    Ex B-33

     

    

 

声荣环保科技技术(武汉)有限公司是一家根据中华人民共和国法律设立的有限责任公司(“公司”)。公司及其子公司、母公司、关联方、继受方或受让方(合称“公司集团”)在开展各项事务时恪守法律的条文和精神,并坚持最高的商业道德原则。下列情形可能不利于公司,因此必须予以避免。若有任何例外情形,须向公司董事会报告,且在继续行动之前必须得到董事会的书面批准。

  

1.
对任何第三方泄露保密信息或滥用保密信息。未经授权泄露信息即构成对本政策的违反,无论这么做是否旨在谋取私利或是否有意对公司造成损害。(保密信息及发明转让协议对此原则有详细规定,且该协议为具有约束力的协议。)

 

2.
可能被视为对公司构成不正当影响或公司认为不当或令公司感到难堪的下列行为:接受或提供大量礼物、过多的招待、赠予或付款,

 

3.
参加可能涉及泄露公司保密信息的民间或专业组织。

 

4.
发起或批准对雇员的任何形式的个人或社会骚扰。

 

5.
对供应商、顾客或竞争公司进行投资(包括金融投机),或担任其外部董事,且该等投资或董事任职可能以任何方式影响公司的某项决定或行动步骤。

 

6.
与雇员、顾客或供应商发生借贷关系。

 

7.
与亲属或私人朋友为向公司提供服务、产品或咨询而订立合同。

 

8.
不当地使用或向公司披露任何前雇主或其他现雇主或对其仍负有保密义务的其他个人或实体的任何专有信息或商业秘密。

 

9.
非法地与竞争公司或其雇员讨论价格、成本、顾客、销售或市场事宜。

 

10.
与分销商就价格达成任何非法协议。

 

11.
不当地使用或授权使用任何其他人或实体专利申请范围内的任何发明。

 

12.
从事任何不符合公司最大利益的行动。

  

每位高级职员、雇员及独立承包商须采取一切必要措施确保遵守这些准则,若出现问题须报上级管理人员审核。违反本利益冲突可能导致立即解雇。

  

I
have read, understand and accept the provisions of this document.

 

我已经阅知并接受本文件。

  

	 	 
	Signed by Employee 	 
	员工签名	 

  

    Ex B-34

     

    

 

Exhibit
C 

Retained
Employees

 

	Employee
        Name

         

	Jianbo
        He

         

	Linxin
        Li

         

	Gaofei
        Liu

         

	Youhong
        Qian

         

	Hannian
        Zhang

         

	Peng
        Zhang

         

	Fajun
        Zhu

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