Document:

Exhibit 10.1

 

TMSR Holding Company Limited

A101 Hanzheng Street City Industry Park,

No.21 Jiefang Avenue, Qiaokou District,

Wuhan, Hubei, China 430000

+86-022-5982-4800 

 

October 4, 2018

 

Zheyi Wang

 

		Re:	Director
Offer Letter

 

Dear Mr. Wang,

 

TMSR Holding Company Limited., a Nevada
corporation (the “Company”), is pleased to offer you a position as of member of its Board of Directors (the
“Board”). We believe your background and experience will be a significant asset to the Company and we look forward
to your participation on the Board. Should you choose to accept this position as a member of the Board, this letter agreement (the
“Agreement”) shall constitute an agreement between you and the Company and contains all the terms and conditions
relating to the services you agree to provide to the Company.

 

1. Term.
This Agreement is effective upon your acceptance and signature below. Your term as director shall continue subject to the provisions
in Section 8 below or until your successor is duly elected and qualified. The position shall be up for re-election each year at
the annual shareholder’s meeting and upon re-election, the terms and provisions of this Agreement shall remain in full force
and effect.

 

2. Services.
You shall render services as a member of the Board and the Board’s committees set forth on Schedule A attached hereto
(hereinafter your “Duties”). During the term of this Agreement, you shall attend and participate in such number
of meetings of the Board and of the committee(s) of which you are a member as regularly or specially called. You may attend and
participate at each such meeting via teleconference, video conference or in person. You shall consult with the other members of
the Board and committee(s) as necessary via telephone, electronic mail or other forms of correspondence.

 

3. Compensation.
As compensation for your services to the Company, you will receive $10,000 in cash per year for serving on the Board starting from
the date of this Agreement, which shall be paid to you quarterly in arrears as determined by the Company. You shall be reimbursed
for reasonable and approved expenses incurred by you in connection with the performance of your Duties.

 

4. No Assignment.
Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior
written consent of the Company.

 

5. Confidential
Information; Non-Disclosure. In consideration of your access to certain Confidential Information (as defined below) of
the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

 

a. Definition.
For purposes of this Agreement the term “Confidential Information” means:

 

i. Any information which
the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial
value or utility in the business in which the Company is engaged; or

 

ii. Any information which
is related to the business of the Company and is generally not known by non-Company personnel. 

 

iii. Confidential Information
includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts, ideas, improvements,
techniques, methods, research, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies,
forecasts, customer and supplier identities, characteristics and agreements.

 

b. Exclusions.
Notwithstanding the foregoing, the term Confidential Information shall not include:

 

i. Any information which
becomes generally available to the public other than as a result of a breach of the confidentiality portions of this Agreement,
or any other agreement requiring confidentiality between the Company and you;

 

ii. Information received
from a third party in rightful possession of such information who is not restricted from disclosing such information; and

 

iii. Information known by
you prior to receipt of such information from the Company, which prior knowledge can be documented.

 

c. Documents. You
agree that, without the express written consent of the Company, you will not remove from the Company’s premises, any notes, formulas,
programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information,
nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions
or copies, to the Company upon the earliest of Company’s demand, termination of this Agreement, or your termination or Resignation,
as defined in Section 8 herein.

 

    	 	1	 

     

    

 

d. Confidentiality.
You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or
indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company,
except as maybe necessary in the course of your business relationship with the Company. You further agree that you will not use
any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your
business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement.

 

e. Ownership.
You agree that Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask
work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating
to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas
and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that
arise out of your Duties (collectively, “Inventions”) and you will promptly disclose and provide all Inventions
to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and
to perfect, obtain, maintain, enforce, and defend any rights assigned. 

 

6. Non-Competition.
You agree and undertake that you will not, so long as you are a member of the Board and for a period of 12 months following termination
of this Agreement for whatever reason, directly or indirectly as owner, partner, joint venture, stockholder, employee, broker,
agent principal, corporate officer, director, licensor or in any other capacity whatsoever, engage in, become financially interested
in, be employed by, or have any connection with any business or venture that is engaged in any activities involving services or
products which compete, directly or indirectly, with the services or products provided or proposed to be provided by the Company
or its subsidiaries or affiliates; provided, however, that you may own securities of any public corporation
which is engaged in such business but in an amount not to exceed at any one time, one percent of any class of stock or securities
of such company, so long as you has no active role in the publicly owned company as director, employee, consultant or otherwise. 

 

7. Non-Solicitation.
So long as you are a member of the Board and for a period of 12 months thereafter, you shall not directly or indirectly solicit
for employment any individual who was an employee of the Company during your tenure.

 

8. Termination
and Resignation. Your membership on the Board may be terminated for any or no reason by a vote of the stockholders holding
at least a majority of the shares of the Company’s issued and outstanding shares entitled to vote. Your membership on the
Board or on a Board committee may be terminated for any or no reason by a majority of the Board at any time, if you have been declared
incompetent by an order of a court of competent jurisdiction or convicted of a felony. You may also terminate your membership on
the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company (“Resignation”),
and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice
of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder
will terminate subject to the Company’s obligations to pay you any compensation (including the vested portion of the Shares) that
you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your
Duties as of the effective date of such termination or Resignation. Any Shares that have not vested as of the effective date of
such termination or Resignation shall be forfeited and cancelled.

 

9. Governing
Law. All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations
of the parties hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements made
and to be performed entirely in the State of New York.

 

10. Entire Agreement;
Amendment; Waiver; Counterparts. This Agreement expresses the entire understanding with respect to the subject matter hereof
and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this
Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties
hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach
or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at
any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party
to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate
counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and
may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable,
as an original of such signature.

 

11. Indemnification.
The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses,
including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible amounts (“Losses”),
incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such
Losses incurred as a result of your negligence or willful misconduct. The Company shall advance to you any expenses, including
reasonable attorneys’ fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted
by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance
of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate
documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c)
an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately
be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

 

12. Not an Employment
Agreement. This Agreement is not an employment agreement, and shall not be construed or interpreted to create any right
for you to continue employment with the Company.

 

13. Acknowledgement.
You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive,
and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

 

    	 	2	 

     

    

 

The Agreement has been executed and delivered by the undersigned
and is made effective as of the date set first set forth above.

 

	 	Sincerely,
	 	 	 
	 	TMSR HOLDING COMPANY LIMITED
	 	 	 
	 	By:	/s/ Jiazhen Li
	 	Name: 	Jiazhen Li
	 	Title:	Co-Chairman of the Board

 

AGREED AND ACCEPTED:

 

	/s/ Zheyi Wang	 
	Zheyi Wang	 

 

    	 	3Exhibit 10.1

 

SECOND AMENDMENT TO AGREEMENT OF SALE

 

THIS SECOND AMENDMENT
TO AGREEMENT OF SALE (“Second Amendment”), is made and entered into on this 8th day of October, 2018,
by and between BLONDER TONGUE LABORATORIES, INC., as Seller and JAKE BROWN RD, LLC, as Buyer.

 

Background

 

A. Seller and
Buyer entered into an Agreement of Sale dated August 3, 2018 (the “Original Agreement”) for the sale and purchase
of real property identified as (i) 19.407 acres of land, together with all rights, easements and interests appurtenant thereto,
situate at Lot 8, Block 9000, also known as 1 Jake Brown Road, Old Bridge Township, New Jersey 08857 (the “Land”);
and (ii) all improvements located thereon, including, but not limited to, a commercial building consisting of approximately 128,747
square feet (“the “Building,” and Land and Building, collectively, the “Property”)
and more particularly described on Exhibit “A” attached to the Original Agreement, as amended by Seller’s letter
dated September 20, 2018, which extended the Due Diligence Period expiration date, at Buyer’s request, to October 4, 2018
(the “First Amendment.”). The Original Agreement, as amended by the First Amendment is referred to herein as
the “Agreement”).

 

B. Buyer has now requested
an extension of the Closing Date and Seller has requested certain consideration from Buyer in order to agree to Buyer’s request.

 

NOW, THEREFORE,
the parties, intending to be legally bound agree that, in exchange for the consideration described below, the Agreement shall,
notwithstanding anything therein to the contrary, be modified as follows:

 

1. All capitalized
terms use in this Second Amendment and not otherwise defined herein shall have the same meanings as ascribed to them in the Agreement.

 

2. The parties acknowledge
that the Due Diligence Period has expired as of 4:00 NY time on October 8, 2018 (the “Due Diligence Expiration”)
and Buyer intends to proceed to Closing subject to the fulfillment by Seller of all conditions of Closing required by the Agreement.
Seller acknowledges that Buyer has not yet received a survey performed for Buyer’s behalf and that Seller remains obligated
to address any exceptions to title raised by the title company or Buyer’s lender as a result of said survey which would prevent
a title company from removing the survey exception form the title insurance policy, as and to the extent required by the Agreement.

 

3. The Closing shall
occur or before January 10, 2019, TIME BEING OF THE ESSENCE; provided that Buyer shall have a one-time right to extend the
Closing Date up to an additional 20 calendar days on the condition that (i) written notice of such extension is provided to the
Seller on or before 5:00 p.m. New York Time on January 4, 2018 (“Extension Notice Date”), (ii) such written
notice is accompanied by the wire transfer of an additional amount of $150,000 (the “Extension Deposit”), to
be paid on the Extension Notice Date directly into Sellers designated bank account into which the Second Deposit is required to
be deposited under Section 4 below, and (iii) such Extension Deposit shall become non-refundable in all events if there is a failure
to close for any reason.

 

4. The Second Deposit
shall be funded, no later than close of business on October 9, 2018, by Buyer by wire transfer of immediately available funds directly
into Seller’s designated bank account, the details and wire transfer instructions of which are set forth in the Escrow Release
Authorization attached as Exhibit “A” hereto.

 

5. The parties shall,
simultaneously with the execution of this Second Amendment, execute the Release Authorization attached as Exhibit “A”
hereto, which directs the Escrow Agent to wire transfer the First Deposit funds into Seller’s designated bank account no
later than the close of business on October 9, 2018 and shall each forward the fully executed Escrow Release Authorization to the
Escrow Agent by electronic mail.

 

     

     

    

 

6. Buyer further acknowledges
and agrees that, as of the Due Diligence Expiration, the Deposit is Seller’s property, subject to an obligation to return
an amount equal to the Deposit as set forth in Section 8 below, to be used at Seller’s discretion and subject to no restrictions.
Buyer shall not be entitled to any interest on such funds at Closing and Seller shall not be required to provide an accounting
of the use of the Deposit to Buyer. The parties agree to execute the memorandum of the Agreement in the form attached as Exhibit
“B” hereto and send the original of such memorandum to Escrow Agent to record said memorandum. Seller agrees to
execute any further documents which may be required to record the memorandum and shall have any and all documents required to execute
the memorandum properly notarized as may be required to record same within three (3) business days of Buyer’s request for
same.

 

7. Seller acknowledges
that Buyer has identified the possible need for certain repairs to the parking lot which in aggregate Seller has estimated will
cost up to $60,000 and certain repairs to the lower roof of the Building which in aggregate Buyer has estimated will cost up to
$160,000 (the “Property Repairs”). The Property Repairs constitute “CapX Expense” under and as defined
in Section 3.08(d) of the Lease. Buyer agrees that, in the event Buyer’s lender requires, as a condition of financing the
transaction, the establishment of an escrow at Closing in the amount of the cost estimate of the Property Repairs, as such estimate
may be modified by further agreement of the parties and the Buyer’s lender, that Seller shall pay, from the Purchase Price,
its allocated share of such CapX Expense, as contemplated by the Lease.

 

8. Section 6.01 of
the Agreement is deleted in its entirety and replaced with the following:

 

If Seller defaults hereunder, including
a failure by Seller to fulfill a condition to closing as required in this Agreement of Sale, Buyer shall have the right as its
sole remedy to choose to either (a) terminate this Agreement and be paid by Seller, no later than five (5) business days after
Seller’s receipt of Buyer’s written request therefor, $500,000 in the amount of liquidated damages plus any and all
legal costs and expenses to collect same if Seller does not comply with Buyer’s request for the liquidated damages, or (b)
seek specific performance of Seller’s obligations hereunder.

 

9. Except to the extent
explicitly modified herein, all terms and conditions of the Agreement shall otherwise remain in full force and effect.

 

	
        : 
	SELLER:
	 	 
	 	BLONDER TONGUE LABORATORIES, INC.
	 	 
	 	By:	/s/ Robert J. Pallé
	 	Name:	Robert J. Pallé, Chief Executive Officer
	 	 
	:	BUYER:
	 	 
	 	JAKE BROWN RD, LLC
	 	 
	 	By:	/s/ Arvee Claravall
	 	Name:	Arvee Claravall
	 	Title:	CFO

 

    	 	2	 

     

    

  

EXHIBIT
“A”

 

ESCROW
RELEASE AUTHORIZATION

 

	 	October 8, 2018

 

Riverside Abstract

Attention: Azi Mindick

 

		Re:	Agreement of Sale dated August 3, 2018 between
Blonder Tongue Laboratories, Inc. as Seller and Jake Brown Rd, LLC as Buyer, as amended.

 

Reference is made to the Agreement of Sale referred to above
and specifically the provisions of Article Thirteen thereof relating to the duties of the Escrow Agent. Capitalized terms used
but not defined herein shall have the meanings ascribed to them in the Agreement of Sale.

 

The undersigned hereby jointly direct the
Escrow Agent to immediately distribute, no later than close of business on October 9, 2018, the amount of $250,000 plus any accrued
interest, via wire transfer funds, to Blonder Tongue Laboratories, Inc. in accordance with the following wiring instructions:

 

	 	Bank Name:	Sterling National Bank
	 	Address:	400 Rella Blvd., Suite 308
	 	ABA#:	 
	 	Account Name:	Blonder Tongue Laboratories, Inc.
	 	Account #:	 

 

Upon disbursal, the balance of the Escrow will be $0.00.

 

IN WITNESS WHEREOF, the undersigned
has executed this Escrow Release Authorization as of the date first above written.

 

	JAKE BROWN RD, LLC, a New Jersey limited liability company
	 	 
	By:	/s/ Arvee Claravall	 
	 	Arvee Claravall, CFO	 
	 	 	 
	BLONDER TONGUE LABORATORIES, INC., a Delaware corporation
	 	 	 
	By:  	/s/ Robert J. Pallé	 
	 	Robert J. Pallé, Chief Executive Officer	 

 

    	 	3	 

     

    

 

Return to:

 

Jeffrey Dayon, Esq.

Montgomery McCracken Walker & Rhoads
LLP

437 Madison Avenue

New York, NY 10022

 

		Property:	One Jake Brown Road, Lot 8 of Block 9000, Old Bridge Township,
Middlesex County

 

MEMORANDUM OF AGREEMENT OF SALE

 

KNOW ALL MEN BY THESE
PRESENTS that Blonder Tongue Laboratories, Inc. (hereinafter referred to as “Seller”) has entered into a certain Agreement
of Sale (“Agreement”) with Jake Brown Rd, LLC (“Buyer”) dated August 3, 2018, pertaining to (i) a certain
piece or parcel of land consisting of 19.407 acres, together with all rights, easements and interests appurtenant thereto, situate
at Lot 8, Block 9000, also known as 1 Jake Brown Road, Old Bridge Township, New Jersey; and (ii) all improvements located thereon,
including, but not limited to, a commercial building consisting of approximately 128,747 square feet and more particularly described
on Exhibit “A” attached hereto (hereinafter the “Property”).

 

The parties agree that,
to the extent there is a wrongful failure to discharge this Memorandum of Agreement of Sale from title by Buyer, Seller shall be
entitled to be reimburse by Buyer for Seller’s legal and other costs and expenses incurred by Seller to have the Memorandum
discharged or otherwise removed from title to the Property.

 

This Memorandum is
intended for recording purposes only, and, except to the extent explicitly set forth herein, does not add to, diminish, amend or
modify said Agreement in any respect.

 

IN WITNESS WHEREOF,
the undersigned have executed this Memorandum of Agreement of Sale, this 8th day of October, 2018.

 

	
        

        ATTEST:
	SELLER:
	 	 
	 	BLONDER TONGUE LABORATORIES, INC.
	 	 
	 	By:	/s/ Robert J. Pallé
	 	Name:	Robert J. Pallé
	 	Title:	President and CEO
	 	 	 
	ATTEST: 	BUYER:
	 	 
	 	JAKE BROWN RD, LLC
	 	 
	 	By:	/s/ Arvee Claravall
	 	Name:	Arvee Claravall
	 	Title:	CFO

 

    	 	4	 

     

    

 

	
        STATE OF NEW JERSEY
	:
	 	:  ss
	COUNTY OF MIDDLESEX	:

 

On this, the 8th day
of October, 2018, before me, a Notary Public in and for the State of New Jersey, personally appeared _________________, who acknowledged
himself to be the _________ of BLONDER TONGUE LABORATORIES, INC., a New Jersey corporation, and that he as such officer, being
authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the corporation
by himself as ____________________ for the purposes therein contained.

 

IN WITNESS WHEREOF,
I hereunto set my hand and official seal.

 

	
        

         
	 
	 	Notary Public

 

My Commission Expires:

  

	STATE OF NEW YORK	:
	 	:  ss
	COUNTY OF _____________	:

 

On this, the ________
day of October, 2018, before me, a Notary Public in and for the State of New Jersey, personally appeared _________________, who
acknowledged himself to be the _________ of JAKE BROWN RD, LLC, a New limited liability company, and that he as such ______, being
authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the limited liability
company by himself as ____________________ for the purposes therein contained.

 

IN WITNESS WHEREOF,
I hereunto set my hand and official seal.

 

	
         
	 
	 	Notary Public

 

My Commission Expires:

 

    	 	5	 

     

    

 

EXHIBIT A

 

Legal Description

 

Real property in the Township of Old Bridge, County of Middlesex,
State of New Jersey, described as follows:

 

ALL THAT CERTAIN lot, piece or parcel of land, situate, lying
and being in the Township of Old Bridge, County of Middlesex, State of New Jersey:

 

BEGINNING at a point in the Easterly line of Jake Brown Road,
variable width, distant 346.37 feet on a course bearing North 06 degrees 50 minutes 00 seconds East, from the intersection of the
said line of Jake Brown Road extended Southerly with the Northerly line of Patio Greens Drive, extended Westerly, and running;
thence

 

1. North 06 degrees 50 minutes 00 second East, 32.39 feet along
the Easterly line of Jake Brown Road, as shown on a plat entitled Final Map Section 2 Patio Greens dated 9/5/84, filed with the
Middlesex County Clerk on 8/20/85 as Map No. 4886, File No. 972, to a point of curvature; thence

 

2. Northerly along a curve to the left, having a radius of 1,000.00
feet, an arc length of 76.55 feet to a point of tangency; thence

 

3. North 02 degrees 26 minutes 50 seconds East, 541.66 feet
along the Easterly line of Jake Brown Road to a point of curvature, being the beginning of the second course in Deed Book 2669,
Page 827; thence

 

4. Northeasterly along a curve to the right, having a radius
of 50.00 feet, an arc length of 78.54 feet to a point of tangency; thence

 

5. South 87 degrees 33 minutes 10 seconds East, 792.91 feet
along the Southerly line of Jake Brown Road to a point of curvature; thence

 

6. Easterly along a curve to the left, having a radius of 200.00
feet, an arc length of 210.90 feet to a point of tangency; thence

 

7. North 32 degrees 01 minutes 44 seconds East, 244.08 feet
to a point in the Easterly line of the present Jake Brown Road and the old Jake Brown Road, being the terminus of the 6th course
in Deed Book 2660, Page 86, thence

 

8. South 53 degrees 58 minutes 40 seconds East, 396.54 feet
along the line of Lot 9 to a point; thence

 

9. South 44 degrees 50 minutes 00 seconds West, 189.49 feet
along the line of Lot 1 in Block 9002 as shown on a plat entitled Final Map Section 3 Patio Greens dated 3/31/82, filed in the
Middlesex County Clerk's Office on 4/19/84 as Map No. 4690, File No. 970; thence

 

10. South 43 degrees 03 minutes 07 seconds West, 849.65 feet
to a point, said point being 9.25 feet Easterly of the point of beginning in the Deed Book 3289, Page 68 and 9.25 feet Westerly
of the terminus of the 3rd course in Deed Book 3289, Page 68, Tract 2; thence

 

11. North 88 degrees 14 minutes 26 seconds West, 792.62 feet
to a point, being the point and place of beginning.

 

NOTE: FOR INFORMATION ONLY: Being Lot(s) 8, Block(s) 9000; Tax
Map of the Township of Old Bridge, County of Middlesex, State of New Jersey.

 

    	 	6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]