Document:

Exhibit 10.4

 

Factory Lease Agreement

 

Lessor: Jiangmen
V-Apparel Manufacturing Limited (hereinafter referred to as Party A)

 

Lessee: Jiangmen Treasure Success Business
Consultancy Co., Ltd. (hereinafter referred to as Party B)

 

After friendly consultation, both parties
reached the following terms:

 

Article 1   Location, area, function
and use of leased property

 

1.1  Party A leases its workshop
B on the first floor, located in Jinfeng Industrial Development District in Luokeng Town, Xinhui District, Jiangmen City (hereinafter
referred to as the “leased property”) to Party B for office use. The area of ​​the leased property is determined
to be 4,564 square meters agreed by both parties.

 

1.2  The
function of this lease property is for office use, and it is leased to Party B. If Party B needs to change the function, it must
obtain the written consent of Party A. All the required procedures to change the function shall be submitted by Party B in accordance
with the relevant government regulations. Party B shall bear all the fees and costs for changing the function.

 

Article 2 Term of Lease

 

2.1  The
lease term is 1 year, that is, from the date of _July 1_, 2020 to the date of __June, 30__, 2021.

 

2.2    One month before the expiration
of the lease term, Party B can propose, with the agreement of Party A, the two parties may renew the lease agreement. Under the
same lease conditions, Party B has priority.

 

Article 3 Delivery of Leased Property

 

3.1 Within three days from the
effective date of this lease contract, Party A will deliver the leased property to Party B as is. Party B agrees to accept leased
property and all its facilities at their current conditions.

 

Article 4 Lease Costs

 

4.1 Lease security deposit

 

The security deposit for this lease agreement
is three times of the first month rent, which equals to RMB 85,000 (approx. $12,042 USD).

 

4.2 Rent

 

The monthly rent per square meter is RMB
6.20 (including tax). When lease expires and Party B is interested in extending, the rent amount will be determined according to
the rent level of properties at the same location at that time, and will be mutually agreed by both parties.

 

Article 5 Payment of rent

 

5.1 Party B shall pay Party A part of
the lease deposit in the amount of RMB 10,000 before the signing of this agreement. The balance of the lease deposit will be paid
to Party A in one lumpsum by July 10, 2020.

 

At the end of the lease term, Party A will
refund the lease deposit unconditionally to Party B within three days after Party B has paid all the rent payable and all costs
incurred as a result of the lease to Party A, and fulfill all the responsibilities agreed in this agreement such as the return
of the leased property to Party A in accordance with the provisions of this agreement.

 

     

     

    

 

5.2   Party B shall pay Party A
the rent of the month on or before the first day of each month, and Party B shall remit to the account designated by Party A. If
Party B pays the rent past due, Party B shall pay a late fee of 0.5% of the total rent owed multiplied by number of days late.

 

Article 6  Fire safety

 

6.1  Party B must strictly abide
by the "Fire Protection Regulations of the People's Republic of China" and relevant systems during the lease period,
and actively cooperate with Party A to do a good job in fire protection, otherwise, all liabilities and losses arising therefrom
shall be borne by Party B.

 

6.2  Party B shall install fire
extinguishers in the lease property according to relevant regulations, and it is strictly forbidden to use the fire-fighting facilities
in the building for other purposes.

 

6.3  If
due to maintenance or other affairs that it is necessary to carry out first-level temporary hot work (including arc welding, gas
welding and other open flame operations) inside the leased property, approval must be obtained from the fire department.

 

Article 7  Property Management

 

7.1  At
the end of the lease term or if the lease is terminated early, Party B should clean up the leased property, complete the move out,
and return the leased property to Party A on the lease expiration date or date of early termination. Any miscellaneous items that
Party B fails to clean up when returning the leased property, the expenses incurred by Party A for cleaning up shall be responsible
by Party B.

 

7.2  When using the leased property,
Party B must abide by the laws of the People's Republic of China, Jiangmen City regulations, and Party A's relevant regulations
on the management of the leased property. If Party B violates the above regulations and affects the normal operation of other users
around the building, Party B shall compensate for the losses caused.

 

Article 8   Early termination of
the agreement

 

8.1   During the lease period,
if Party B is behind on rent payment for more than one month, and does not pay the outstanding amount within five days after Party
A sends a written notification of demand for payment to Party B , Party A has the right to stop Party B from using the facilities
inside the lease property and all losses caused thereby shall be borne by Party B.

 

If Party B owes rent for more than three
months, Party A has the right to terminate this contract prematurely and execute it in accordance with the second paragraph of
this article. This agreement will automatically terminate on the date that Party A notifies Party B in writing by fax or letter.
Party A has the right to retain the physical assets inside the leased property that belong to Party B (including the assets of
any sublessee). Five days after the date of the written notice of termination, Party A will auction the assets retained to compensate
for any loss or expenses due from Party B related to the lease.

 

8.2  Party B shall not terminate
this agreement prematurely without the written consent of Party A. If Party B needs to terminate the agreement prematurely, it
must notify Party A in writing three months in advance, and complete the following procedures before the agreement can be terminated:
(a) return the lease property to Party A; (b) pay off the rent within the lease period and other expenses generated as a result
of the lease agreement; (c) pay Party A an amount equal to three times the monthly rent as compensation on the day prior to early
termination date, or before. Party A shall return the rental deposit to Party B without interest within five days after Party B
fulfills the above obligations.

 

    2

     

    

 

Article 9 Termination of the agreement

 

In the event that the agreement is prematurely
terminated or when the lease term expires, and both parties have not reached a lease renewal agreement, Party B shall move out
of the leased property on the date of termination or the lease term expiration date and return the lease property to Party A. If
Party B does not move or return the leased property within the time limit, Party B shall pay Party A double rent, but Party A has
the right to notify Party B in writing that it does not accept double rent, and has the right to recover the leased property, and
forcedly remove the items in the leased property but will not be responsible for storage.

 

Article 10 Applicable Law

 

10.1 Disputes in the performance
of this agreement shall be resolved through negotiation between the two parties. If the negotiation fails, they shall be resolved
through arbitration procedures. Both parties agree to use the arbitration committee of Jiangmen as the arbitration institution
for the dispute.

 

10.2 This contract is governed by
the laws of the People's Republic of China and interpreted in accordance with the laws of the People's Republic of China.

 

Article 11  Other terms

 

11.1 Any matters not covered in
this agreement can be discussed and agreed upon between both parties and signed separately into agreement.

 

11.2 This agreement is made in duplicate,
with each party holding one copy.

 

Article 12  Agreement validity

 

This agreement is signed and sealed by
both parties, and takes effect after receiving the first-term lease deposit payment from Party B.  

 

Party A (seal): /s/ Jiangmen
V-Apparel Manufacturing Limited

 

Party B (seal): /s/ Jiangmen Treasure Success
Business Consultancy Co., Ltd.

 

Signing date: July 1, 2020

 

 

3Exhibit 10.1

 

	

 	
        Director Compensation Program 

        including the

        Independent Director Compensation Policy

        pursuant to the

        2012 Long Term Incentive Plan

 

Unless the context otherwise requires, all capitalized terms
used herein shall have the respective meanings assigned to them in the Servotronics, Inc. 2012 Long Term Incentive Plan (the “Plan”).

 

EQUITY AWARDS

 

The following shall constitute the equity awards under the Independent
Director Compensation Policy under the Plan:

 

Annual Retainer
Share Award

 

(a)           Each year, as of
the date of the Company’s annual meeting of shareholders, the Company shall automatically award Restricted Shares to each
Independent Director who has been elected or reelected as a member of the Board of Directors at the annual meeting. The number
of Restricted Shares shall be equal to $25,000 divided by the Fair Market Value of a Share on the date of such election. If a fraction
results, the number of Shares shall be rounded up to the next whole number.

 

(b)           If an Independent
Director is elected or appointed to the Board of Directors other than at an annual meeting of the Company and has not received
an award pursuant to paragraph (a) during the twelve months preceding election or appointment, the Company shall automatically
award to the Independent Director a number of Restricted Shares that is equal to the amount determined pursuant to paragraph (a)
based on the date of election or appointment multiplied by a fraction, the numerator of which is the remainder of 365 minus the
number of days between the adjournment of the last annual meeting and the effective date of the appointment or election, and the
denominator of which is 365. If a fraction results, the number of Restricted Shares shall be rounded up to the next whole number.

 

(c)           The Company shall
issue the Restricted Shares awarded under this paragraph (a) or (b) on the first business day following the effective date of the
election, reelection or appointment. The Restricted Shares awarded under paragraph (a) will vest in four quarterly installments
on the date of each of the three regularly scheduled quarterly board meetings to review the financial statements for the quarters
ending June 30, September 30 and December 31 (each a “Quarterly Board Meeting”) each year following the annual meeting
and the remainder of which shall vest on the date of the next annual meeting. The Restricted Shares awarded under paragraph (b)
will vest in equal parts on the date of the remaining Quarterly Board Meetings and the remainder of which shall vest on the date
of the next annual meeting. The Company will credit a bookkeeping account with amounts equal to the dividends payable with respect
to the Restricted Shares and the amounts credited to the dividend account will be payable as the Restricted Shares vest. If an
Independent ceases to serve as a Board member for any reason other than due to death, then all Restricted Stock that is not then
vested shall be immediately forfeited. If an Independent Director ceases to serve as a Board member by reason of death then all
Restricted Stock shall immediately become vested.

 

     

     

    

 

CASH COMPENSATION

 

Payment Amount

 

Independent Directors shall be eligible to receive an annual
cash retainer of $60,000 for service on the Board. For purposes of this Policy, “annual” means from Annual Shareholders’
Meeting to Annual Shareholders’ Meeting each year.

 

No Separate Meeting Fees

 

No separate meeting fees shall be paid for Board or committee
meetings or for actions taken by unanimous written consent in lieu of a meeting in accordance with the Company’s Bylaws.

 

Payment Schedule

 

The annual retainers for service on the Board as set forth above
shall be paid by the Company in arrears in twelve equal monthly installments, the first installment being paid on the date of the
one month anniversary of the Annual Shareholders’ Meeting and the remaining installments being paid on each successive one
month anniversary date (each such payment date, a “Monthly Payment Date”); provided, however, that if the Company’s
Annual Shareholders’ Meeting for the following year occurs prior to the end of the one year period, the final Monthly Payment
Date shall be paid on the day of such Annual Shareholders’ Meeting. If any Independent Director holds office as a director
of the Board for less than a full monthly period, such Independent Director shall only be entitled to a pro-rated amount of their
applicable annual retainer as measured from the most recent Monthly Payment Date through the date on which the Independent Director
shall have ceased to serve on the Board.

 

New Directors

 

In the event a new Independent Director is elected or appointed
to the Board, such Independent Director shall be eligible to receive as compensation for service as a member of the Board a pro-rated
amount of the annual retainer as measured from the date of appointment or election through the next scheduled Monthly Payment Date
and thereafter shall be paid in conformity with the other Independent Directors.

 

TRAVEL EXPENSE REIMBURSEMENT

 

Each of the Independent Directors shall be entitled to receive
reimbursement for reasonable travel expenses which they properly incur in connection with their functions and duties as a director.

 

Reimbursement for travel expenses incurred is also initiated
by the Director, by submitting a Director Expense Reimbursement Form and accompanying receipts to the Finance Department. The reimbursement
will be processed within one week of receipt by the Finance Department.

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