Document:

Exhibit 10.01

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(this “Agreement”), dated as of June 17, 2015 (the “Effective Date”), is by and between Genie
Energy Ltd., a Delaware corporation (“Parent”), Genie Energy E&P Ltd., an Israeli limited company (“Genie
E&P”, and together with Parent, the “Company”) and Geoffrey Rochwarger, an individual (the “Employee”).

 

WHEREAS, in recognition
of the Employee’s experience and abilities, the Company desires to assure itself of the continued employment of the Employee
in accordance with the terms and conditions provided herein; and

 

WHEREAS, the Employee
wishes to continue to perform services for the Company in accordance with the terms and conditions provided herein; and

 

NOW, THEREFORE, in consideration
of the promises and the respective covenants and agreements of the parties herein contained, and intending to be legally bound
hereby, the parties hereto agree as follows:

 

1. Employment.  The
Company hereby agrees to employ the Employee, and the Employee hereby agrees to be employed by and perform services for the Company
or its subsidiaries and affiliates, on the terms and conditions set forth herein.

 

2. Term.  The
term of this Agreement is for a five (5) year period (the “Term”) and shall commence as of the Effective Date
set forth above and terminate on the fifth anniversary thereof, or upon the Employee's earlier death, or other termination of employment
pursuant to Section 9 hereof.  The Term shall automatically be renewed or extended for successive twenty-four (24) periods
beyond its otherwise scheduled expiration unless, not later than ninety (90) days prior to any such scheduled expiration, either
party hereto shall have notified the other party in writing that such renewal extension shall not take effect.

 

3. Position.
During the Term, the Employee shall serve as Vice Chairman of the Parent and as Chief Executive Officer of Genie E&P, and in
such other capacities as shall be designated by the Board of Directors (the “Board”) or the Chief Executive
Officer of Parent and agreed to by the Employee from time to time.

 

4. Duties and
Reporting Relationship.  During the Term, the Employee shall, on a full-time basis, use his skills and render services
to the best of his abilities on behalf of the Company. The Employee shall report directly to Howard Jonas or a successor to Mr.
Jonas agreed upon by the Company and the Employee (the “Supervisor”).  The Employee shall comply with
all of the policies and procedures of the Company as in effect from time to time.

 

In addition to his duties
at Parent, which shall be substantially consistent with those in the period immediately prior to entering into this Agreement,
Employee shall have primary authority and responsibility for drilling and actual production operations of the Company and its affiliates
in Israel, including those conducted by Afek Oil & Gas Ltd. (“Afek”), as well as other activities as shall
be agreed upon by the Employee and the Supervisor.

 

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In the event that the
Supervisor determines that the Employee is not performing his duties satisfactorily (and such determination is confirmed by the
Board), or the Company ceases to be engaged in the operations managed by the Employee, then the Company shall have the right to
assign another managerial position to the Employee with the Company or one or more of its affiliates. Any such change shall be
made only on not less than sixty (60) days’ prior written notice to the Employee, and the Company will consult with the Employee
on any proposed new role and reasonably consider the Employee’s input. Such changes shall not impact the Employee’s
compensation, reporting obligations or status as a senior executive or otherwise conflict with the other provisions hereof.

 

5. Place of Performance.  The
Employee shall perform his duties and conduct his business at the Company’s locations in Newark, New Jersey, Jerusalem, Israel,
and then current drilling or related locations, including domestic and international travel as shall be required for Company business.

 

The Company acknowledges
that the Employee makes his primary home in Israel, but a portion of the services for Parent will need to be performed in the United
States, including time at Parent’s headquarters in New Jersey. Parent agrees to pay for travel between Israel and the United
States as necessary for the performance of Employee’s duties hereunder, as deemed necessary by the Employee and agreed by
the Supervisor, including attendance at the regularly scheduled quarterly meetings of the Board.

 

6. Compensation
and Related Matters.

 

(a)          Annual Base
Salary.  The Company shall pay to the Employee an annual base salary (the “Base Salary”) at a
rate of FIVE HUNDRED THOUSAND U.S. DOLLARS (US$500,000), payable in accordance with the Company’s standard payroll practices,
less applicable taxes and customary withholdings. The Base Salary shall be paid by Parent and Genie E&P as appropriate in accordance
with applicable tax and other laws and regulation.

 

(b)          Executive Management
Bonus Program.  The Employee shall be entitled to a performance-based bonus at the level determined by the Compensation
Committee of the Board with input from the Supervisor, provided that such bonus shall not be in an amount of less than TWO HUNDRED
FIFTY THOUSAND U.S. DOLLARS (US$250,000) per annum, of which not less than ONE HUNDRED TWENTY FIVE THOUSAND U.S. DOLLARS (US$125,000)
shall be in respect of the Employee’s duties to Parent and not less than ONE HUNDRED TWENTY FIVE THOUSAND U.S. DOLLARS (US$125,000)
shall be in respect of the Employee’s duties to Genie E&P. Bonuses shall be paid at the same time as bonuses are paid
to other executive officers of Parent.

 

(c)          Genie Retail
Energy. The Company will provide to Employee a discretionary bonus based on the profits generated (or other metrics) at Genie
Retail Energy, Inc. and its subsidiaries (“GRE”) (or related entities) for a period of time following January
1, 2015, which program shall be subject to approval of the Compensation Committee of the Board and dependent on the performance
of GRE following the date hereof (“Profit/Performance Share”).

 

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(d)          Employee Benefits.
The Employee shall be entitled to participate in all benefits provided to senior executives of the Company in Israel, including
as set forth in Appendix A annexed hereto, and shall be entitled to all benefits and perquisites that have been provided to him
by the Company in Israel prior to the date hereof.

 

(e)          Business Expenses.
The Company shall reimburse the Employee for all ordinary and necessary business expenses incurred by him in connection with his
employment (including without limitation, expenses for travel (via business class for all travel of more than one (1) hour in duration)
and entertainment incurred in conducting or promoting business for the Company) upon submission by the Employee of receipts and
other documentation in accordance with the Company's normal business expense reimbursement policies.  The Employee must
use the Company’s travel department, if such a department exists, to arrange for all business related travel.

 

(f)          Paid Vacation.
The Company will provide the Employee with thirty (30) days of paid vacation during each calendar year during the Term, as well
as other time off and sick leave in accordance with Company policy in effect from time to time.  

 

(g)          Equity Grants.
Any grants of equity interests (including options, restricted stock, deferred stock grants or units) in the Company or any of its
direct or indirect subsidiaries outstanding on the Effective Date shall remain in full force and effect and shall not be affected
by the execution and delivery hereof, and the Employee’s performance hereunder shall be deemed to constituted continuous
service for each of such grants.

 

To the extent that, following
the date hereof, the Company offers anti-dilution protection on equity grants to other senior officers, it will provide the same
protection to the Employee on equity grants received by him.

 

(h)          Perquisites.
Except to the extent that they become contrary to Company policy, the Employee shall be entitled to all perquisites provided to
him immediately prior to the date hereof in Israel, including, without limitation, a car, telephone, and home office equipment.

 

(i)          Seniority.
For all benefits related matters, the Employee shall be given credit for all period of employment by the Company and all affiliates
and predecessors of the Company prior to the date hereof.

 

7. Non-Disclosure
and Non-Competition Agreement. The Employee agrees that the previously executed Non-Disclosure and Non-Competition Agreement,
a copy of which is attached hereto as Exhibit “A” remains in full force and effect.  Notwithstanding anything
to the contrary contained herein, the remedies provided for in the Non-Disclosure and Non-Competition Agreement are separate and
distinct from those provided for in this Agreement and in no event shall such remedies be superseded by any provision contained
herein.

 

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8. Representation
as to Non-Interference. The Employee represents and warrants to the Company that the execution and delivery of this Agreement,
and the Non-Disclosure and Non-Competition Agreement, do not, and the performance by the Employee of his obligations hereunder
shall not, conflict with, result in the breach of any provisions of or the termination of, or constitute a default under, any
agreement, contract, or other obligation to assign inventions or to keep information confidential, to which the Employee is a
party or by which the Employee was, is, or may be bound.

 

9. Termination.  The
Employee’s employment hereunder may be terminated without breach of this Agreement as follows:

 

(a)           Death;
Disability.  The Employee’s employment hereunder shall terminate upon his death or “Disability”
(as hereinafter defined), unless otherwise prohibited by applicable law.  Upon any such termination, the Employee (or,
in the event of his death, his estate) (i) shall receive any accrued or vested compensation, including salary, commission, bonus(es),
through the “Date of Termination” (as hereinafter defined), including the Base Salary, plus a portion of his
bonus (and any other performance-based compensation for the year in which the Date of Termination occurs, prorated based on the
portion of a year represented by the period between the prior calendar year end and the Date of Termination, (ii) shall be reimbursed
for unpaid and approved business expenses (in accordance with the Company’s normal business expense reimbursement procedures)
through such Date of Termination, and (iii) and the Company shall continue to pay the Employee (or his estate as applicable) the
Base Salary plus the minimum bonus provided for above through the then scheduled expiration of the Term.  The Employee
(and in the event of his death, his estate) shall not be entitled to any other amounts or benefits from the Company or otherwise,
except payments pursuant to any Company life insurance program/policy then in effect.  For purposes of this Agreement,
“Disability” shall mean the inability of the Employee to perform his duties on account of a physical or mental
illness for a period of sixty (60) consecutive days or ninety (90) days in any six (6) month period.   Following death
or Disability of the Employee this Agreement shall not be renewed upon such expiration regardless of whether a party provides notice
to that effect to the other parties. Notwithstanding anything contained herein to the contrary, during any period of Disability,
the Company shall not be obligated to pay any compensation or other amounts to the Employee except as expressly provided by the
Programs then in effect or in accordance with applicable law and accrued rights.  

 

(b)           Cause;
Resignation without Good Reason.  The Company may terminate the Employee’s employment hereunder for “Cause”
(as hereinafter defined) or the Employee may resign from his position with the Company without “Good Reason”
(as hereinafter defined).  For purposes of this Agreement, the Company shall have “Cause” to terminate
the Employee’s employment hereunder: (i) upon the Employee’s indictment or conviction for the commission of an act
or acts constituting a felony under the laws of the United States or any State thereof or Israel, (ii) upon the Employee’s
commission of fraud, embezzlement or gross negligence against the Company, (iii) upon the Employee’s willful or continued
failure to perform an act permitted by the Company’s rules, policies or procedures, including without limitation, the Company’s
Code of Business Conduct and Ethics that is within his material duties hereunder (other than by reason of physical or mental
illness or disability) or directives of the Board that are consistent with the terms hereof, (iv) upon a material breach of the
terms hereof by the Employee, (v) upon a material breach of the Non-Disclosure and Non-Competition Agreement annexed hereof, (vi)
upon a material violation of the Company’s rules, policies or procedures, including without limitation, the Company’s
Code of Business Conduct and Ethics,; or (vii) upon any misrepresentation by the Employee of a material fact to or concealment
by the Employee of a material fact from the Board or the Supervisor, in the cases of clauses (iii), (iv) or (vi) of this definition,
after written notice has been delivered to the Employee by the Company, which notice specifically identifies the manner in which
the Employee has not substantially performed his duties or has committed a breach or violation, and the Employee's failure to substantially
perform his duties or breach is not cured within fifteen (15) business days after such notice has been given to the Employee.  For
purposes of this Section 7(b), no act or failure to act on the Employee's part shall be deemed “willful” unless done
or omitted to be done, by the Employee not in good faith and without reasonable belief that the Employee's act, or failure to act,
was in the best interest of the Company.

 

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    	EXECUTION DRAFT

    

 

If the Company terminates
the Employee’s employment for Cause, or if the Employee shall resign from the Company without Good Reason, the Employee shall
not be entitled to any severance payments, any unvested stock options, or other unvested equity incentive awards shall terminate,
and the Employee shall relinquish any and all rights to any amounts payable and to any benefits otherwise provided for herein,
provided that the Employee shall (A) be entitled to receive accrued or vested compensation, including salary, commission, and bonus(es),
through the Date of Termination, and (B) have the right to be reimbursed for unpaid and approved business expenses (in accordance
with the Company’s normal business expense reimbursement procedures) through such Date of Termination.

  

If the Employee resigns
from the Company without Good Reason, or if the Employee does not intend to seek renewal of the Term, the Employee shall provide
written notice to the Company at least ninety (90) days prior to the actual Date of Termination of the Employee’s employment,
which ninety day notice period may be waived by the Company in its sole discretion, and in the case of a resignation, the Date
of Termination shall be on the date that the Company sets forth in its communication of waiver.

 

(c)           Termination
without Cause; Resignation for Good Reason. The Employee’s employment hereunder may also be terminated by the Company
at any time for any reason without Cause or by the Employee for “Good Reason”.

 

For purposes of this Agreement,
the Employee shall have “Good Reason” to terminate his employment hereunder upon (i) the Company’s failure
to perform its material duties hereunder, which failure has not been cured by the Company within fifteen (15) days of its receipt
of written notice thereof from the Employee; (ii) a change in the Supervisor or to whom the Employee reports in violation of the
terms hereof, (iii) if the Company imposes unreasonable restrictions on Employee’s ability to perform his duties hereunder,
(iv) a reduction by the Company (without the consent of the Employee, which consent may be revoked at any time) in the Employee’s
Base Salary, or substantial reduction in the other benefits provided to the Employee; (v) the assignment to the Employee of duties
inconsistent with the Employee’s status as a senior executive officer of the Company or a substantial adverse alteration
in the nature or status of the Employee’s responsibilities; (vi) a substantial diminution of the Employee’s responsibilities;
(vii) the relocation of the Employee’s principal place of employment by more than twenty-five (25) miles; (viii) the assignment
of duties inconsistent with the Company’s rules, policies or procedures, including without limitation, the Company’s
Code of Business Conduct and Ethics; (ix) any purported termination of the Employee’s employment not in accordance with the
terms hereof; or (x) any “Change in Control” of Parent.  For purposes of this Agreement, a “Change
in Control” shall mean and shall be deemed to have occurred if (A) any person or group (within the meaning of Rule 13d-3
of the rules and regulations promulgated under the Securities Exchange Act of 1934, as amended), other than Howard Jonas, members
of his immediate family, his affiliates, trusts or private foundations established by or on his behalf, and the heirs, executors
or administrators of Howard Jonas, shall acquire in one or a series of transactions, whether through sale of stock or merger, voting
securities representing more than 50% of the voting power of all outstanding voting securities of Parent or any successor entity
of Parent, or (B) the stockholders of Parent shall approve a complete liquidation or dissolution of Parent. The Employee's right
to terminate the Employee’s employment for Good Reason shall not be affected by the Employee's incapacity due to physical
or mental illness.  The Employee's continued employment shall not constitute consent to, or a waiver of rights, with
respect to any act or failure to act constituting Good Reason hereunder.  Notwithstanding the foregoing, a termination
shall not be treated as a resignation for Good Reason if the Employee shall have consented in writing to the occurrence of the
event giving rise to the claim of resignation for Good Reason.

 

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If the Employee gives
notice of his intent to terminate his employment with Good Reason, the Employee shall first provide written notice to the Company,
which notice specifically identifies the event or circumstances giving rise to the Good Reason for which the Employee is terminating
his employment, within ninety (90) days of when such event or circumstance giving rise to the Good Reason becomes effective or
transpires, provided that such ninety (90) day period shall be tolled during any period when a proposed solution or cure that has
been agreed upon by the Company and the Employee is being implemented, and the Employee shall be entitled to renew his notice upon
a failure of such effort or a change thereto implemented by the Company without his consent.  The notice of Good Reason
must give the Company the opportunity to cure and if the Company fails to cure within thirty (30) days (fifteen (15) days in the
instance of the first clause of the definition of Good Reason) of its receipt of the notice, the Employee’s resignation for
Good Reason shall be deemed effective.

  

If the Company terminates
the Employee’s employment without Cause or the Employee terminates his employment for Good Reason, (1) the Company shall
provide the Employee with at least ninety (90) days’ notice (which time period may be shortened by mutual agreement of the
parties) of its intent to terminate this Agreement without Cause; (2) the Company shall pay to the Employee all accrued or vested
compensation, including salary, commission, and bonus(es) through the Date of Termination, (3) the Company shall reimburse the
Employee for unpaid and approved business expenses through such Date of Termination (in accordance with the Company’s normal
business expense reimbursement procedures), and (4) all awards theretofore granted to the Employee under the Company’s incentive
plans shall immediately vest (and the restrictions thereon lapse) on the day immediately prior to the Date of Termination, and
(5) the Company shall pay to the Employee a severance payment equal to amount calculated for the Severance Period based on an annual
amount of his total cash compensation (including Base Salary, bonus and Profit/Performance Share) received during or in respect
of the calendar year immediately preceding the year in which the Date of Termination occurs (as defined below) (the “Severance
Payment”).  

 

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As used herein, the Severance
Period shall mean: (i) if the Date of Termination is on or prior to the fourth (4th) anniversary of the Effective Date,
the period between the Date of Termination and the then scheduled expiration of the Term plus twelve (12) months, and (ii) if the
Date of Termination is following the fourth (4th) anniversary of the Effective Date, the period between the Date of
Termination and the then scheduled expiration of the Term plus twenty four (24) months.

 

As a condition to receiving
the Severance Payment, the Employee will be required to execute and deliver the Company’s standard release agreement (the
“Release Agreement”) within forty-five (45) days following the Date or Termination. Subject to Section 19 hereof,
the Severance Payment will be paid in equal payments over the period following the effective date of the Release Agreement equal
to the Severance Period, on the Company’s regularly scheduled payroll payment dates. The Severance Payment shall be deemed
to be paid by Parent and Genie E&P in the same proportion as Base Salary and bonus.

 

(d)           Severance
upon expiration of the Term. Upon expiration of the Term, and in the event that the Company does not offer to extend the
Term, the Employee shall also be entitled to receive (1) all accrued or vested compensation, including salary, commission, and
bonus(es) through the Date of Termination, (2) unpaid and approved business expenses through such Date of Termination (in accordance
with the Company’s normal business expense reimbursement procedures), and (3) a severance payment in the amount of two hundred
percent (200%) of his total cash compensation (including Base Salary, bonus and Profit/Performance Share) received during or in
respect of the calendar year immediately preceding the year in which the Date of Termination occurs (the “Non-Renewal
Severance Payment”),  subject to his execution and delivery of the Release Agreement within forty-five (45) days
of the end of the Term.  Subject to Section 19 hereof, the Non-Renewal Severance Payment will be paid in equal payments
over the period following the effective date of the Release Agreement equal to the Severance Period, on the Company’s regularly
scheduled payroll payment dates. The Non-Renewal Severance Payment shall be deemed to be paid by Parent and Genie E&P in the
same proportion as Base Salary and bonus. In addition, all awards theretofore granted to the Employee under the Company’s
incentive plans shall immediately vest (and the restrictions thereon lapse) on the day immediately prior to the Date of Termination.

 

(e)           Notice
of Termination. Any termination of the Employee’s employment by the Company (other than termination upon the death of
the Employee) or by the Employee shall be communicated by written Notice of Termination by such party to the other in accordance
with Section 10 hereof.  For purposes of this Agreement, a “Notice of Termination” shall mean a notice
that shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provision so indicated
(as applicable).

 

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(f)           Date
of Termination. “Date Of Termination” shall mean (i) if the Employee’s employment is terminated by
his death, the date of his death, (ii) the date of expiration of the Term if either party elects not to renew the Term for an additional
year or (iii) if the Employee’s employment is terminated pursuant to any of the other terms set forth above, the date specified
in the Notice of Termination.

  

10. Notices.  For
the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by United States certified or
registered mail, return receipt requested, postage prepaid, or by an overnight courier (signature required), sent by facsimile
(with evidence of successful transmission) or by electronic mail (return receipt requested) in each case addressed as follows:

 

If to the Company:

 

Genie Energy Ltd.

520 Broad Street

Newark, New Jersey 07102

Attn:   Chief Executive
Officer

 

with a copy to:

 

Genie Energy Ltd.

520 Broad Street

Newark, New Jersey 07102

Attn:    General
Counsel

 

If to the Employee:

 

Geoffrey Rochwarger

50 Rechov Shimon

Bet Shemesh, Israel, 9954350

 

With a copy to:

 

Geoffrey Rochwarger

350 Warwick Avenue

Teaneck, NJ 07666

 

or to such other address, facsimile number
or email address as either party may have furnished to the other in accordance herewith, except that notices of change of address
shall be effective only upon receipt.

 

11. Miscellaneous.  No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in
writing signed by the Employee and a duly authorized officer of the Company.  No waiver by either party hereto at any
time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent
time.  No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party, which are not set forth expressly in this Agreement.  This Agreement shall be binding
upon and inure to the benefit of the Company, and its successors and assigns, and upon the Employee. The obligations
of the Employee shall not be assignable or otherwise transferable.

 

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12. Validity.  The
invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.

  

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

 

14. Entire Agreement.
 Other than the Company’s Non-Disclosure and Non-Competition Agreement referenced above and the Appendix hereto,
this Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and
supersedes any and all other prior agreements, promises, covenants, arrangements, communications, representations or warranties,
whether oral or written, by any officer, employee or representative of any party hereof; and any prior agreement of the parties
hereto in respect of the subject matter contained herein is hereby terminated and canceled.

 

15. Arbitration.  Except
as set forth in Section 7 and Section 17, the Employee and the Company agree that any claim, controversy or dispute between the
Employee and the Company (including, without limitation, its affiliates, officers, representative or agents) arising out of or
relating to this Agreement, the employment of the Employee, the cessation of employment of the Employee, or any matter relating
to the foregoing shall be submitted to and settled by commercial arbitration in a forum of the American Arbitration Association
(" AAA ") located in the State of New Jersey and conducted in accordance with the National Rules for the Resolution of
Employment Disputes.  In such arbitration: (i) the arbitrator shall agree to treat all evidence and other information
presented by the parties to the same extent as Confidential Information under the Non-Disclosure and Non-Competition Agreement
must be held confidential by the Employee, (ii) the arbitrator shall have no authority to amend or modify any of the terms of this
Agreement, and (iii) the arbitrator shall have ten business days from the closing statements or submission of post-hearing briefs
by the parties to render his or her decision.  Any arbitration award shall be final and binding upon the parties, and
any court, state or federal, having jurisdiction may enter a judgment on the award.  Each party shall bear its/his own
costs of participating in any arbitration proceedings or other dispute proceedings.  The foregoing requirement to arbitrate
claims, controversies, and disputes applies to all claims or demands by the Employee, including, without limitation any rights
or claims the Employee may have under the Age Discrimination in Employment Act of 1967 (which prohibits age discrimination in employment),
Title VII of the Civil Rights Act of 1964 (which prohibits discrimination in employment based on race, color, national origin,
religion, sex, or pregnancy), the Americans with Disabilities Act of 1991 (which prohibits discrimination in employment against
qualified persons with a disability), the Equal Pay Act (which prohibits paying men and women unequal pay for equal work), ERISA,
the New Jersey Law Against Discrimination, the New Jersey Conscientious Employee Protection Act (or other federal or state whistleblower
laws), or any other federal, state, or local laws or regulations pertaining to the Employee’s employment or the termination
of the Employee's employment.

 

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16. Choice
of Law; Jurisdiction.   The validity, interpretation, construction and performance
of this Agreement shall be governed by the laws of the State of New Jersey without regard to its conflicts of law principles. By
executing this Agreement, the Employee consents to the personal jurisdiction of all state and federal courts and arbitration forums
located in the State of New Jersey. 

 

17. Remedies of
the Company.  Notwithstanding the arbitration provisions of Section 15, upon any termination for Cause that may cause
irreparable harm to the Company or upon the violation of the Company’s Non-Disclosure and Non-Competition Agreement, the
Company shall be entitled, if it so elects, to institute and prosecute proceedings to obtain injunctive relief and damages, costs
and expenses, including, without limitation, reasonable attorneys' fees and expenses, with respect to such termination.

 

18. Other Representations.  The
Employee has been advised to obtain independent counsel to evaluate the terms, conditions, and covenants set forth herein and he
has been afforded ample opportunity to obtain such independent advice and evaluation.  The Employee warrants to the Company
that he has relied upon such independent counsel and not upon any representation (legal or otherwise), statement, or advice said
or offered by the Company or the Company’s counsel in connection herewith.

 

19. Section 409A.  All
provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes
or penalties under Section 409A of the Internal Revenue Code (“Section 409A”).  ”). By way
of example, and not limitation, it is the intent of the parties that with regard to the Severance Payment and the Non-Renewal
Severance Payment, including each payment in a series of installment payments, each payment is intended to be a separate payment
for purposes of Treas. Reg. §1.409A-2(b), and is intended to be either: (i) exempt from Section 409A, including, but not
limited to, by compliance with the short-term deferral exemption as specified in Treas. Reg. § 1.409A-1(b)(4) and the involuntary
separation pay exception within the meaning of Treas. Reg. § 1.409A-1(b)(9)(iii), or (ii) in compliance with Section 409A,
including, but not limited to, being paid pursuant to a fixed schedule or specified date pursuant to Treas. Reg. §1.409A-3(a)
and the provisions of this Agreement will be administered, interpreted and construed accordingly. Notwithstanding the foregoing,
if any payment would be subject to additional taxes and interest under Section 409A because the timing of such payment is not
delayed as provided in Code Section 409A(a)(2)(B)(i), and Employee constitutes a "specified employee" within the meaning
of Code Section 409A(a)(2)(B)(i), then any such payments that Employee would otherwise be entitled to during the first six months
following Employee's "separation from service" within the meaning of Code Section 409A(a)(2)(A)(i) shall be accumulated
and paid on the date that is six months after Employee's separation from service (or if such payment date does not fall on a business
day of the Company, the next following business day of the Company), or such earlier date upon which such amount can be paid under
Section 409A without being subject to such additional taxes and interest. In no event shall the Company be liable to Employee
for any tax, penalty, or interest levied on Employee as a result of the application of Code Section 409A to any payments or benefits
provided to Employee by the Company.

 

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IN WITNESS WHEREOF, the
Employee has executed this Agreement, and Parent and Genie E&P have caused this Agreement to be executed by their duly authorized
representatives, as of the date and year first written above.

 

	 	GENIE ENERGY LTD.
	 	 	 
	 	By: 	/s/ Howard S. Jonas
	 	 	Howard S. Jonas
	 	 	Chief Executive Officer
	 	 	 
		

GENIE ENERGY E&P LTD.

	 	 
	 	By:	/s/ Howard S. Jonas
	 	 	Howard S. Jonas
	 	 	Chairman of the Board
	 	 	 
	 	EMPLOYEE:
	 	 	 
	 	/s/ Geoffrey Rochwarger
	 	Geoffrey Rochwarger

 

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APPENDIX A

 

1.          Employee’s gross monthly salary will be the Israeli
currency (NIS) equivalent of that portion of US$41,666.67 that is paid by Genie Energy E&P in accordance with the Agreement
(at the official Bank of Israel purchase rate on the 15th of the month). Employee's salary will be paid in arrears by direct transfer
to a bank account specified by Employee by the 10th of the month following.

 

2.          It is hereby explicitly represented and clarified that the
Employee’s position under this Agreement is a position that requires a special level of fiduciary duty to the Company and/or
the terms and circumstances of his employment are such that the Company cannot exercise full control over or supervision of his
work and rest hours; accordingly, the Work and Rest Hours Law of 1951 shall not apply to the Employee.

 

3.          The Employee shall be entitled to a total of thirty (30) days
of paid vacation days per each full 12 month period of consecutive employment. The accumulation, redemption and procedures of utilization
thereof shall be the same as prescribed in applicable law with respect to the vacation days granted pursuant to the Annual Vacation
Law, 1951. The Employee will coordinate the dates of his vacation based upon the anticipated personnel needs of the Company. The
right to accumulate vacation days is limited to five (5) working days, and any additional accumulated vacation days which are not
used shall be lost. The Employee shall be entitled to recreation pay (“Dmey Havra’a”) and sick days, in accordance
with the provisions of applicable law.

 

4.          Employee will receive Bituach Minahalim and Keren Hishtalmut
consistent with the levels for employer and employee contributions as in effect during the months of January – May 2015.

 

5.          Nothing in this Addendum shall limit the benefits to which
Employee is entitled under the Agreement.

 

 

12Exhibit 10.25

 

[ENGLISH TRANSLATION ONLY FOR CONVENIENCE.

NOT AN OFFICIAL TRANSLATION.]

 

Lease Contract

 

THIS LEASE CONTRACT (Contract), made between

The Lessor, Tianjin Changhe Heli Investment
Company (Limited partnership),

Beijing Sales Business Segment
(Changhe)

Address: Room 2102, 21/F, GohighLanfeng Tower,
#98 S.Sanhuan Rd.,

Chaoyang District, Beijing
100122

Email: zhangzhifang@gohighfund.com

Tel: 13911582951

As "Party A" hereinafter and

The Lessee, Yatai
Weilai Technology Development Beijing Branch, Shenzhen Yatai Weilai Educational Technology Development Co. Ltd.

Address: Room 509, 5/F, GohighLanfeng Tower,
#98 S.Sanhuan Rd.,

Chaoyang District, Beijing
100122

Email: durong1215@126.com

Mobile: 13501196727

As "Party B" hereinafter

 

Changhe and Zhongtulian are collectively referred
to as the "Parties", and individually as the "Party".

 

Purpose

This Contract is made to define lease of the
premise more particularly set forth hereinafter. For this end, the Parties rely on equality and freewill basis and negotiation
hereby agreed as follows:

 

 

 

Terms of Agreement

1. General

The premise to lease is identified as "Premise"
hereinafter. Information as to this Premise, lease period, rent, security deposit, PMF (Property management fee), and standard
rate as to miscellaneous charges as well as payment terms are referred to Schedule 1 appended hereinafter.

 

2. Lease purpose & utilization policy

1. Changhe admits and Zhongtulian recognizes
this Premise has and serves complex purpose as per housing planning (Purpose). Zhongtulian undertakes to utilize this Premise subject
to this Purpose. Zhongtulian may and shall at its sole discretion, decide whether this Purpose will meet its true intention of
premise utilization, and shall thereby accept liability for such utilization on its own. On no circumstance shall Changhe accept
any liability and obligation whatsoever for this Purpose adequate or not to satisfy Zhongtulian's intention of premise utilization.

 

    	1

    	 

    

 

2. Zhongtulian shall comply with provisions
as prescribed by Changhe and PSP (Property service provider appointed to manage the Tower at which this Premise is housed), including
but without limitation to Tenant Handbook and Decoration Works Manual (collectively the "Settlement Documents"). These
Settlement Documents are constituted as integral part to this Contract. Without prejudice to Zhongtulian's business activity in
ordinary course, PSP shall and may change these Settlement Documents at any time with view to the Tower, as the case may be. These
Settlement Documents after the latest change shall thereby become a part integrated to this Contract and Zhongtulian shall otherwise
be duly informed of these Settlement Documents after such change under written notice.

 

3. Rent, miscellaneous charges, payment
terms 

1. Zhongtulian has the duty to settle payables
as identified in this Contract. These payables shall include but without limited to the Rent (charges payable to Changhe at Zhongtulian’s
account to settle possession of this Premise for lease period), PMF (Property management fee) and Miscellaneous Charges (Collectively
the "Payables").

Zhongtulian's failure to settle the Payables
is constituted as Event of Default. This Event of Default and/or failure to have Changhe and PSP thereby compensated at financial
loss that arises from the same Event of Default shall entitle Changhe / PSP (but not obligated) to deduct compensation sum at such
financial loss from Security Deposit (defined hereinafter). After deduction, Zhongtulian shall suffice the Security Deposit 3 days
since after deduction date; provided the part of Security Deposit to suffice is waivered from interest accrual. This Security Deposit
after deduction of receivables due to Changhe/PSP is refundable at termination of this Contract 30 days only after Zhongtulian
has fulfilled obligations as identified in the Contract (provided always the part of Security Deposit to refund is not accrued
of bearing interest). Where this Premise is caused to renew taken valid as from expiry of the Lease Period (defined hereinafter),
the balance of Security Deposit previously paid is accepted to become a part of deposit applicable to renewal period and refundable
at excess sum or payable due from Zhongtulian at receivable sum.

2. The date at which Changhe/ PSP has receipt
of non-cash payment for these Payables via transfer to specified account is constituted as settlement date (Settlement Date)and
Zhongtulian is thereby deemed to have fulfilled payment duty.

Changhe/PSP may change opening bank and account;
provided Zhongtulian shall be prior informed under a 10 business days notice in writing.

3. If the Settlement Date is an off day (non-business
day), these Payables shall be made at the final business day preceding the non-business day.

4. Any tax that arises from this Contract shall
be spilt to settle at each Party's account in accordance with legal statutes. After payment of the Rent, PMF and Miscellaneous
Charges, Changhe/PSP (beneficiary) shall invoice at receivables, except the Security Deposit (receipt is issued against Security
Deposit after receipt). Zhongtulian is aware and understands that Changhe/PSP is waivered from issue of deductible VAT invoice.
In this case, Changhe/PSP is thereby reduced to the liability to have Zhongtulian compensated or indemnified against failure to
issue the deductible VAT invoice.

 

    	2

    	 

    

 

4. Delivery, renewal, return

1. At contract execution, Zhongtulian has full
receipt of status quo that reflects the Premise and the Tower and facilities adjacent (e.g. roads, buildings), state of ownership
in title of Premise and the Tower, government approvals, as well as possible influence that may arise from utilization of this
Premise. After due investigation, Zhongtulian has acquired the facts above without question and whereby agrees to settle at Changhe's
delivery of this Premise (Delivery) at AS IS state (including physical & legal state). On no occasion shall Zhongtulian claim
any compensation due from Changhe on the ground of ambiguity over the Premise at delivery.

2. This Premise at AS IS state shall be caused
to deliver for Zhongtulian's settlement three (3) days since after date of the first down payment of the Rent and Security Deposit
payable to Changhe (Delivery). Zhongtulian and Changhe shall process settlement procedures to take effect this Delivery. This Delivery
is deemed to complete since after field survey/inspection and key delivery. The date at which Zhongtulian and Changhe sign and
seal on the Delivery Summary is deemed as Delivery Date. If the delivery procedures are failed to process at scheduled or the Delivery
Summary is failed to sign, the third day after receipt of the first down payment of the Rent and Security Deposit from Zhongtulian
is accepted as the Delivery Date and Changhe shall thereby be deemed to have fulfilled its duty of premise delivery. The Lease
Period, Rent Holiday (inclusive of decoration works period) identified in this Contract are kept intact without change.

3. Zhongtulian may reflect intention to renew
the Lease Period under a notice in writing (Renewal Notice) three (3) months prior to its end. At equal terms and conditions, Zhongtulian
has the priority to renew the Lease Period; provided renewal details shall be caused to define under prior negotiation with Changhe
together. After post-negotiation acceptance, Changhe may enter into renewal agreement with Zhongtulian to take effect another Lease
Period. Zhongtulian shall be treated to waiver renewal so long as this Renewal Notice is late to issue or renewal agreement is
failed to sign three (3) months on and before the current Lease Period at its expiry. In this case, the Contract shall end at its
expiry.

4. This Premise shall be returned to Changhe
three (3) days since after end of this Contract. At return, this Premise shall be in clean and good conditions. Within the Premise,
corridor walls after previous removal (these walls after removal shall be replaced with glass walls, whose upper opening has vent
to enable air circulation) shall be recovered back to the initial state. Return procedures are processed together only after these
walls are completed for recovery. After removal of private goods off from this Premise and return of the key, Zhongtulian shall
return the premise to Changhe and finish conducting the procedures that deregister/change the Premise as registered place of business
(e.g. energy supply account is ascribed to Zhongtulian in its name, this account shall be transferred to Changhe or its designee
of third party seven (7) days since after contract end); sign Delivery Summary with Changhe to acknowledge the Premise at return.
This Delivery Summary is worked to reflect the state of Premise at return only and Zhongtulian is not thereby treated as fully
discharged its duty to return, unless this Delivery Summary has Changhe's notes that acknowledge this Premise meets return conditions
and this return has taken effect. Zhongtulian shall use efforts to process and finish troubles or defects as mentioned in the Delivery
Summary to take effect the return and removal or may alternatively appoint Changhe to do so in its stead; provided Changhe shall
thereby be paid compensation to cover the cost of services as appointed above.

 

    	3

    	 

    

 

For the purpose of remnants left at the Premise
at end of return period, Zhongtulian consents these remnants are vested to Changhe as title owner through conveyance without charge.
Changhe is at liberty to dispose these remnants and charge at Zhongtulian's account to settle disposal costs. If this Premise is
late to return, Zhongtulian shall, at cancellation/termination date of this Contract, settle possession fee, PMF and miscellaneous
charges at the sum twice as much as the standard rate of current daily rent and PMF payable to Changhe for late period and otherwise
have Changhe compensated at resulting loss of any description that arises from late return. This compensation is valid until the
Premise is returned at the state consistent to return conditions as identified herein; provided that possession fee and compensation
sum are not workable as continuation to take effect premise renewal or lease.

In addition to the agreements above, Changhe
may, immediately after the end date of this Contract, take action to cease energy supply and provision of PMS to the Premise in
full or in part; change premise door lock, vacate the Premise; remove or dispose Zhongtulian's goods such as decorations, facilities
installed at the Premise(the right to remove or dispose shall not be interpreted as Changhe's duty to keep decorations, facilities
with due prudence, and Changhe is waivered from compensation due to Zhongtulian) ; provided costs in removal or disposal above
are at Zhongtulian's charge to settle.

 

5. Premise-Decoration works, renovation

1. Zhongtulian may access to the Premise to
commence decoration works (Decoration Works) only after payment of the first down payment of the Rent, PMF, Security Deposit and
other payables (including decoration works deposit, provisional water supply & power feed bills to which Zhongtulian's contractor
of decoration works is allowed to settle) and receipt of written approval from Changhe/PSP and government authority to design plans
(construction drawings inclusive) and to the Decoration Works(Collectively the "Decoration Design Plan"; the same as
hereinafter). Since this Delivery is taken effect, Zhongtulian shall comply with Tower' rules and regulations (collectively the
"Policy"); accept legal liability for the Premise and; settle insurance fee and Miscellaneous Charges in connection with
the Premise. This Decoration Design Plan upon Changhe/PSP approval shall not thereby reduce Zhongtulian's duties, obligations and
liabilities as identified in this Contract, nor constitute as Changhe/PSP security that assures this Decoration Design Plan meeting
legal conformance.

2. Upon contract execution, Zhongtulian shall
present the Decoration Design Plan (construction drawings inclusive) to Changhe/PSP prior to the commencement of Decoration Works
at site of the Premise. The Decoration Design Plan (construction drawings inclusive) after presence requires Changhe/PSP to deliver
after-review opinions in writing. Zhongtulian shall rely on these opinions to amend the Decoration Design Plan (construction drawings
inclusive), comply with provisions and restrictions specified in Changhe/PSP's internal documents (e.g. Tenant Handbook, Decoration
Works Manual) and depend on decoration works drawings and specifications upon approval by local competent fire department as basis
to commence the Decoration Works to renovate the Premise.

 

    	4

    	 

    

 

3. These Decoration Works are bound to Changhe/PSP's
schedules and management rules. Zhongtulian shall have these schedules and rules been taken into full account. These schedules
and rules are rejected as basis to request for change in Lease Period, Rent Holiday and levy any compensation upon Changhe for
payment.

4. If Zhongtulian or Zhongtulian's appointed
contractor of decoration works is attributable to failure to pay off the first down payment of the Rent, PMF, Security Deposit
and Miscellaneous Charges (decoration works security deposit inclusive)or; late delivery of Decoration Design Plan to Changhe and
PSP (this delivery shall be deemed as due receipt under written approval from Changhe and PSP) or; failure to obtain Changhe/PSP
approval for this Decoration Design Plan or; late delivery of this Decoration Design Plan filed with fire department or government
department or; failure to obtain approval or; existing defaults otherwise, Changhe and PSP may thereby reject to take effect decoration
procedures. In this case, the Lease Period and Rent Holiday are not whereby changed and Changhe is waivered from any liability
whatsoever for late commencement of Decoration Works.

5.Changhe and PSP may supervise Zhongtulian
and its appointed contractor’s activity that carries out these Decoration Works at the Premise (provided always that works
in connection with air-conditioning system, fire system, electro mechanic engineering works and upholstery works installed at public
area shall be assigned to contractor specified by Changhe/PSP to carry out). In the period of works, Zhongtulian shall correct/
reconstruct such construction works that conflict with the Decoration Design Plan after Changhe/PSP approval, at Changhe/PSP demand
at any time and; shall otherwise bear the cost that arises from correction/ reconstruction above and construction hours at its
account.

6. These Decoration Works shall be managed
to process consistent to national and regional specifications. Without Changhe’s consent, these Decoration Works shall be
processed in a way not cause to damages to Changhe's existing construct, facilities and house structure; hindrance or influence
on the Tower's extent of facilities and plants to work in regular state of applications; physical injury/property damages to Changhe
or any third party; influence on Changhe and other tenants to carry out ordinary business activities (Zhongtulian's business activities
inclusive).

7. Zhongtulian’s intention to renovate
or reconstruct the Premise shall be caused to obtain prior Changhe & PSP approval. In connection with this Decoration Design
Plan, Zhongtulian has the duty to obtain approval necessary for the works with respect to government program, environment protection,
fire considerations, business registration (if any) and settles the particular approval costs. Changhe has the duty and may assist
to obtain approval, review and license above within reasonable extent.

 

    	5

    	 

    

 

8. Zhongtulian shall comply with Changhe &
PSP instructions and managing policy to process construction activities in the period of Decoration Works (including incoming and
outgoing construction, decoration materials, construction team and vehicle entry/exit to and from site of works).

9. Zhongtulian is rejected to commence removal
or reconstruction at the Premise; install or take apart any facilities or equipment attached to the Premise; damage the Tower or
Premise appearance; post or hang commercial mark, logo, board and promotion materials onto/above outdoor & indoor walling and
windows of the Tower; commence any other renovation and reconstruction works to the Tower/Premise, without prior Changhe / PSP
approval in writing or approval from competent authority. Zhongtulian has the duty to correct its default in the preceding clause
and manage to restore seven (7) business days since after receipt of Changhe’s written notice. Failure to recover shall entitle
Changhe to remove added-on facilities & set-ups and restore other than consent under a prior notice, without being charged
for compensation. Any cost that arises from after-default removal is at Zhongtulian's account.

10. After completion of the premise’s
decoration works, Zhongtulian has the responsibility to obtain fire protection approval or other review procedures (if any) from
relevant government departments on its own. Otherwise Changhe or PSP has the right to reject Zhongtulian for entering into the
Tower and stop power feed and PMS, due to which Zhongtulian has no right to reject for paying the Rent, PMF, or ask for any kinds
of compensation from Changhe or PSP.

12. Any loss/damages that arise from the Decoration
Works are at Zhongtulian to compensate.

13. At contract termination, Zhongtulian shall
restore reconstruction/decoration works that alterthe Premise’s initial structure. The restoration cost is at Zhongtulian's
account without compensation from Changhe.

14. Unless this clause is agreed not to apply
or such application is obvious to infringe initial agreements, any existing works within the Lease Period (including restoration
works, reconstruction works and renovation works since after contract termination) shall be deemed as Decoration Works which shall
be processed in accordance with this clause.

 

6. Premise- Sublease, transfer/ subtransfer

1. Without Changhe prior consent, Zhongtulian
is denied to sublease this Premise (sublease shall mean any form of activity to lease this Premise to third party for utilization
or use together). Default in sublease shall entitle Changhe to cancel this Contract. If sublease is accepted under Changhe's consent
in writing, Zhongtulian shall accept the joint and several liabilities for tenant. Unless Changhe prior consent, sublease is deemed
to take effect if Zhongtulian is one of the followings:

(1) Partner structure has change, in case of
partnership;

(2) Death, becoming disabled or insane in case
of individual (sole proprietorship inclusive);

 

    	6

    	 

    

 

(3) Liquidation, dissolution, business combination,
M&A, change in shareholders as holder of majority of voting share;

(4) Sublease under other circumstances without
prior Changhe’s consent in writing.

2. Zhongtulian holds none of question as to
Changhe's right to sell, dispose, transfer, gift or mortgage this Premise to third party within the Lease Period. When this Premise
is caused to transfer by Changhe (i.e. Tianjin Changhe Heli Investment Company (Limited partnership), Beijing Sales Business Segment)
as transferor, Zhongtulian will give up the priority to purchase the Premise.

When this Premise is processed by Changhe to
transfer, the third party (assignee) may and shall exercise the rights, duties and obligations and liabilities the same as applicable
to Changhe as set forth herein. In this case, Changhe is waivered from any rights and duties and obligations and liabilities as
transferor. Zhongtulian shall use efforts in every aspect to assist with Changhe to deliver the Premise to take effect assignee
settlement. Failure to do so will not thereby reduce assignee's rights, duties and obligations and liabilities, including the ones
that the same may succeed to the transferor’s. At the receipt date of Changhe’s notice, Zhongtulian shall settle the
Rent payable to the assignee and carry out duties and obligations as prescribed herein, otherwise Zhongtulian shall accept the
liability for late payment and other events of default.

 

7. Rights and obligations 

1. In case of Changhe

(1) Changhe shall undertake that it has legal
rights, authorizations and powers to lease this Premise. Changhe shall present authorization documents upon authorization by title
owner of this Premise (Title Owner) to enter into this Contract. As the Title Owner's designee, Changhe may present as the Title
Owner's representative to exercise lessor rights in its name. If Changhe itself is title owner of this Premise, Changhe shall deliver
documents to certify title capacity, or shall accept legal liabilities on its part. On the premise that Zhongtulian complies with
this Contract in every aspect, Changhe ensures Zhongtulian may utilize this Premise throughout the Lease Period, without disturbance
from Changhe and/or its representative (except the circumstances agreed otherwise herein);

(2) Changhe/PSP has and keeps the duty to upkeep
public facilities and systems to work in good conditions, maintain public area clean and neat (excluding the area to Zhongtulian's
extent under independent rent coverage);

(3) Changhe ensures that power feed to the
Premise is distributed in a way regular throughout the Lease Period if only Zhongtulian's activity is consistent to this Contract,
except power disruption due to force majeure, power feed service provider or government department or other circumstances as identified
herein otherwise;

(4) Changhe/PSP has the right and may select
location at lobby, floor and lift area at which this Premise is leased to the Tower's extent, to erect tenant board to present
Zhongtulian company name. Location, pattern and production in connection with this tenant board are subjected to Changhe/PSP to
define. Zhongtulian name printed onto tenant board is consistent to the designation as specified in premise registration record.
After receipt Changhe/PSP notice in writing, Zhongtulian shall pay out board production fee as required;

 

    	7

    	 

    

 

(5) Changhe & PSP have the entitlements
to inspect the Tower (including in-tower passages, public area, systems, equipment and pipes installed at site of Tower). Changhe
or its authorized designee (PSP inclusive) may send team to enter the Premise, intend for purpose as to security, patrol, repair
or property maintenance under a prior notice to Zhongtulian; provided Changhe or its authorized designee may access to the Premise
to resolve/troubleshoot exceptional occasions or dangerous accidents immediately after occurrence, without prior notice; and Changhe
will use the best efforts when exercise of the access right, so as to reduce influence on Zhongtulian’s activity in ordinary
course of office hours;

(6) Changhe may change the Tower' s designation
under a one-month prior notice; provided such change is not required to obtain Zhongtulian’s opinions or have Zhongtulian
thereby compensated;

(7) Changhe or its authorized designee may
invite potential tenant to visit the Premise and check in-premise facilities during business hours, valid for the period of 90
days prior to end of this Contract under a prior notice (except Zhongtulian has concluded a prior renewal agreement with Changhe
to take effect the Lease Period); provided filed inspection and visit shall be caused to reduce influence on Zhongtulian office;

(8) Changhe has and reserves the right to reconstruct,
upgrade any part of this Tower/Premise. In either case, Changhe may terminate this Contract under a prior 30 days notice, return
the balance of Security Deposit to Zhongtulian and instruct PSP to return PMF security balance to Zhongtulian; on the part of Zhongtulian,
it is waivered to settle the rent attributable to the remaining part of the Lease Period. Under this circumstance, Changhe may
continue this Contract without discharge and grant Zhongtulian rent deduction valid for reconstruction/upgrade duration, alternatively;

(9) Changhe may utilize Zhongtulian name, trade
name, trade mark, logo, brand applicable to business activities since after contract execution. This utilization is intended to
promote this Tower to acquire broader public recognition and Zhongtulian accepts this utilization is at free charge; provided promotion
contents shall be restricted to existing business relationship between Changhe and Zhongtulian;

(10) Zhongtulian shall obtain integral approvals
in connection with business registration, sanitation (where required), environment protection review (where required), fire protection
necessary for this Premise under possession. Changhe may give deliverable where required (e.g. title documents or others equivalent
to title ownership) expedient to obtain the said approvals without delay. Changhe is not needed to deliver materials other than
title documents or shall accept liability for otherwise. If Changhe’s deliverables are late to present, and are unenforceable,
illegal, false or incomplete so as to disable Zhongtulian to settle/possess this Premise, Changhe may postpone the Rent Holiday
after recognition, at sole discretion;

 

2. In case of Zhongtulian

(1) Zhongtulian has the right to use facilities
exclusive to the Premise and public facilities and equipment to the Tower's extent (including but not limited to air-conditioning
system, heating set-ups, fire protection/alarm system, lighting facilities, power feed cables, tubing & piping systems) Zhongtulian
ensures to protect these facilities from human damages. Zhongtulian ensures to keep in-premise facilities, decorations, equipment
and attachments to work in good conditions throughout the Lease Period (unless normal wears and tears). Zhongtulian assures not
to alter existing facilities, partitions or install overload goods in excess of standard floor load to the Premise's extent, without
receipt of prior Changhe/PSP consent;

 

    	8

    	 

    

 

(2) Zhongtulian shall obtain prior Changhe/PSP
consent in writing as to possession of public area at the Tower, and shall thereby settle the sum such as rent, PMF and Miscellaneous
Charges that arise from such possession;

(3) Zhongtulian shall obtain and maintain approvals,
permits and licenses (e.g. fire protection approval) in accordance with legal statutes and government policy and ensure to carry
out legal business activities; Zhongtulian undertakes to obtain legal and valid business license or incorporation documents and
permits and approvals from government departments or competent authorities prior to business activities to carry out at the Premise,
and sends printed copies to Changhe; Zhongtulian commits to maintain the said permits and approvals and business license valid
for the Lease Period; Zhongtulian commits these permits and approvals and business license are consistent to required rules, in
all aspects and bear risks in independent business activities. Changhe shall be waivered from any liability for Zhongtulian’s
business pattern, line of business, business strategy, propaganda & promotion activities and other business activities. Zhongtulian
shall inform Changhe & PSP of receipt of any notice or summons based on the Premise from relevant government departments within
48 hours in writing.

(4) Zhongtulian shall obtain prior consent
from Changhe & PSP and city appearance management authority to install advertisements, logo, light box, post, large commercial
presence at indoor & outdoor area to the Tower/Premise’s extent (including but without limitation to corridors, passages,
railing, lift car/entrance, staircase, escalators, exit). Zhongtulian shall settle installation cost and process approval procedures
(if required) on its own;

(5) Zhongtulian shall maintain fire facilities
attached to the Premise and accept safety liability on its own. Zhongtulian shall keep its goods installed and kept to the Premise's
extent. Zhongtulian shall maintain security systems and procedures to protect these goods. Changhe/PSP is waivered from safety
liability for these goods. Zhongtulian shall buy the required insurance items to cover its personnel and goods (including but without
limitation to employer & employee insurance, liability insurance against third party claim, property insurance against exclusive
goods and equipment) and maintain these insurance items valid for the Lease Period. Zhongtulian shall accept the liability for
resulting loss that arises from incomplete security system. Zhongtulian shall consolidate efforts to better the Premise safe. Changhe
/ PSP may assist to better safety and security in connection with the Premise, provided this safety and security charges are at
Zhongtulian's account;

(6) Zhongtulian shall reflect damages in the
Premise to which it is ascribed under an immediate notice. Changhe/PSP may take action to restore damages when these damages are
either acknowledged at notice receipt or within regular inspection and thereby levy restoration cost on Zhongtulian to settle;

 

    	9

    	 

    

 

(7) Zhongtulian shall not take activities at
the Premise dangerous to Changhe/PSP and other tenants, or carry out such business activities that reduce/damage the Tower's public
image. Zhongtulian shall not bring any animal (including but without limitation to poultry, pet animals) to the Tower or feed inside.
Zhongtulian shall not lodge inside the Tower overnight on any ground;

(8) Zhongtulian commits to keep from any doings
that may damage Changhe’s goodwill and name; hindering or affecting tenants adjacent, user's legal rights; disturbing, interfering
or upsetting Changhe or others from carrying out ordinary and regular business activities;

(9) Zhongtulian shall not or allow others to
carry out such conducts that may invalidate insurance that covers the Tower in full or in part or cause to extra payment of insurance
premium. If Zhongtulian’s fault in the preceding clause results in reinsurance or extra premium at Changhe's account, Zhongtulian
shall thereby have Changhe compensated at the payable in reinsurance or extra premium or other charges at its charge;

(10) Zhongtulian commits to keep the Premise
clean and neat at any time; carry garbage/wastes to specified collection depot, without dumping, discharging or stacking of any
goods, furniture, garbage and other articles at public area that may possibly cause to potential safety troubles dangerous to other
tenants or users at the Tower;

(11) Zhongtulian may remove its goods off from
the Premise for relocation under a prior notice to Changhe/PSP. Zhongtulian shall comply with Changhe/PSP agenda and route to carry
out relocation and obtain exit pass. At the Tower, each premise has allocation distribution of 30 watt/square meter power load.
Zhongtulian may operate large-power electric equipment under a prior notice to Changhe/PSP to inquire whether power supply is adequate
to meet equipment operation purpose (Power feed notice). Changhe/PSP failure to obtain issue of power feed notice from Zhongtulian
may alter power current movement to the Premise's extent, Zhongtulian shall thereby settle compensation at resulting loss in the
Tower/tenants in this case. Zhongtulian shall not deposit or keep any goods dangerous to the Tower/other persons or such articles
and items deemed dangerous and poisonous at the Premise (e.g. weapons, powders, gunpowder, nitre, kerosene or others recognized
as flammable, explosive, illegal and hazardous goods);

(12) Zhongtulian shall not take activities
in connection with sales, business solicitation, auction and others alike, at any place to the extent of the Tower and the Premise,
except receipt of prior Changhe/PSP consent in writing;

(13) Zhongtulian acknowledges it is void of
any collaboration relationship with Changhe, unless this relationship is identified under Changhe prior acceptance or specified
in agreement entered into with Changhe or served as address for Zhongtulian purpose. Zhongtulian shall not incorporate the words
to its business name in Chinese and English, as follows: [高和gohigh], [高和资本gohighcapital],[高和基金gohighfund]
and words such as the Tower's designation or the ones alike;

(14) Zhongtulian shall cause to its personnel
(employee, customer, visitor and others) to comply with the same duties, obligations and liabilities to which Zhongtulian shall
carry out and accept. Zhongtulian shall accept the several and joint liabilities for its personnel in connection with compensation
and indemnification.

 

    	10

    	 

    

 

8. Contract cancellation, event of default

1. This Contract is accepted to cancel through
negotiation together.

2. Since after one of the followings, either
parties of Changhe and Zhongtulian may immediately cancel this Contract, without thereby accepting cancellation liability for contract
cancellation; provided Changhe shall return the previous receipt of Security Deposit and Rent at balance to Zhongtulian without
bearing interests:

(1) This Premise is ascribed to relocation
extent due to municipal works to commence under laws;

(2) This Contract has to be discontinued after
the Premise has breakage, loss or other damages that disable to take effect regular possession any more, due to earthquake or other
force majeure circumstances;

(3) Either parties of Zhongtulian or Changhe
goes into bankruptcy or liquidation proceedings;

3. Zhongtulian may cancel this Contract ex
parte since after Changhe has one of the events of default as follows. In this case, the Security Deposit and Rent at balance under
the previous receipt shall be returned to Zhongtulian without bearing interests and Zhongtulian shall otherwise be compensated
at liquidated damages, using the sum twice as much as the Security Deposit:

(1) This Premise is late to deliver for a period
of 15 full days;

(2) This Premise at delivery is less than the
Purpose as identified herein;

(3) Substantial structure of this Premise at
delivery has defects and may expose Zhongtulian to danger.

4. Changhe may cancel this Contract ex parte,
immediately after Zhongtulian has one of the events of default as follows.

(1) Has default in payment for the Rent, PMF
or Miscellaneous Charges for a period of 15 full days or such default valued at RMB10000 in accumulation;

(2) Take activities to change the Purpose,
alter the Premise or damage its substantial structure without prior consent;

(3) Carry out illegal activities under disguise
of this Premise;

(4) Fail to correct wrongdoing against the
Contract 15 days since after receipt of correction notice.

When Zhongtulian is ascribed to this Contract
caused to early cancel/discontinue, Changhe's previous receipt of the Rent Security Deposit shall become non-refundable sum without
return, and Zhongtulian shall be charged at liquidated damages, using the sum twice as much as the Rent payable for the entitled
Rent Holiday and Decoration Works Period.

5. After Changhe’s activity to early
cancel this Contract due to any cause other than Zhongtulian, the previous receipt of the Rent Security Deposit shall be wholly
refunded to Zhongtulian; besides, Zhongtulia shall otherwise be compensated at liquidated damages at the sum equivalent to the
Rent Security Deposit. Apart from the refund and liquidated damages, Changhe is waivered from any compensation liability for early
cancellation, and this Contract shall take effect cancellation upon issue date of cancellation notice from Changhe. Since after
contract cancellation, Changhe and Zhongtulian shall process procedures together to return this Premise.

 

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6. Late payment of the Rent, PMF, and Miscellaneous
Charges shall cause to collection of due from Zhongtulian without delay and shall levy liquidated damages on Zhongtulian, using
0.01% of the outstanding payable a day until payable in default is fully collected after payment. Late payment of Miscellaneous
Charges will accrue late fee as penalty (imposed by government administrative department). This late fee is at Zhongtulian's account
for payment. In this case, Zhongtulian shall otherwise have Changhe or PSP fully compensated at resulting loss that arises from
such late payment.

7. Zhongtulian shall correct its default in
any item of duties or obligations as per Changhe's instruction within the specified correction timeframe. Failure to do so shall
accrue liquidated damages imposed per day, using the rate equivalent to the Daily Rent payable to Changhe until such default is
corrected after all. In this case, Changhe may exercise other rights (e.g. suspend energy supply, cease PMS) until Zhongtulian
has corrected the default at all.

 

9. Liability waiver 

1. Zhongtulian and Changhe hereby undertake
and agree unless any of the consequences (presented hereinafter) to which Changhe is attributable on purpose, Changhe is waivered
from any form of legal liability and is not obligated to have Zhongtulian thereby compensated or reduce the Rent due from Zhongtulian:

(1) Damages or losses that result from theft,
robbery or criminal case of any description;

(2) Electro mechanic system & plant fault,
water supply/drainage breakdown, power leakage/disruption, equipment fault after repair, due to force majeure, exception (Smoke,
flood, fire) to which Changheis not ascribed;

(3) Zhongtulian loss caused due to third party
(unless such loss is ascribed to Zhongtulian and/or Changhe after investigation);

(4) Disruption/inconvenience caused due to
change in public corridor/passage or restrictions caused from works other than the Premise coverage (repair, reconstruction, decoration
work);

(5) Other losses or damages subsisting in Zhongtulian
that arise from circumstances other than event of default on the part of Changhe.

2. Zhongtulian shall always be informed immediately
after suspension/disruption of water supply, power distribution, or other forms of energy, caused due to local accident, regular
repair/maintenance actions processed by water supply/power feed service provider or caused due to exceptions other than Changhe.
In either case, Changhe is waivered from liability for suspension /disruption above. If Changhe is ascribed to the suspension /disruption
which disables the Premise to work in good conditions for Zhongtulian’s application, Changhe shall use efforts to recover
without delay. In the recovery period, Zhongtulian shall settle the Rent and PMF as usual without deduction. Unless expressly defined
otherwise herein, Changhe doesn't accept the liability to have Zhongtulian compensated or indemnified for the Premise and its attachments
of facilities/equipment and power supply under repair/ upkeep.

 

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Article 10 Solutions for Contract Disputes

The formation of the contract, validity, interpretation,
performance, and the settlement of disputes shall apply to the laws in People's Republic of China. Disputes generated when performing
this contract should be resolved through negotiation by the two sides. If there is no agreement upon the negotiations, either party
shall have the right to file a suit to the local People's Court.

 

Miscellaneous

1. An agreement can be supplemented
as to uncovered matters with the consensus of both parties through consultation. The supplementary agreement and this contract
are equally valid.

2. If the house rented by
Party B will be used by newly established organization in future, Party B should complete the establishment, which refers to the
acquisition of business license or formal establishment document, within 30 days since the enforcement of this contract.
Or Party A has the right to terminate this contract. The newly established organization who acquires business license or formal
establishment document should sign a third party agreement with the both parties within 3 days since the acquisition to
include the partial or whole rights and obligations transferred by Party B in this contract and Party B’s joint liability
to the newly established organization.

3. Unless there is clear
statement in the contract, Party B is not allowed to refuse to pay or reduce the rent payment, property management fee, deposit
or other expenses which should be undertaken by the lessee for any reason according to the contract.

4. No matter whether Party
B takes the rental housing as contact address or not, the rental housing will be always considered as Party B’s valid contact
address within the term of lease. Timely written notice is required when there is an address change or appointment of
other address. The party who delays the notice is responsible for the caused legal consequence. The receipt date of notice sent
out by person is the day the notice arrives at the appointed address (the receipt document signed by the opposite side will be
considered as delivery certificate). The receipt date of notice delivered by post will be considered as three days after the issue
date (the mail delivery record of express companies will be considered as delivery certificate). Documents (including but not limited
to documents such as property management related rules) stuck on marked positions of the leaser or property company building and
indwelling files on proper positions (including mailbox) in the rental housing can be seen as reasonable notice for the lessee.
The date of lien or posting will be considered as the receipt date.

5. This contract is valid
since the date of signature or stamp by both parties. This contract is in quadruplicate and two copies for each party with equal
legal effect.

(The end of Text)

 

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Party A: Tianjin Changhe Heli Investment Company
(Limited partnership),

Beijing Sales Business Segment (seal)

Person in Charge (or Authorized Representative):
(signature)

 

 

 

Party B: Yatai Weilai Technology Development
Beijing Branch, Shenzhen Yatai Weilai Educational Technology Development Co. Ltd. (seal)

Person in Charge (or Authorized Representative):
(signature)

 

 

 

 

Signature Date:

 

 

 

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Appendix I Main Clauses of Leasing Contract

1. Inherited from the former
development organization Tianjin Shihao Business Information Consulting Center (general partnership), the rental housing (hereinafter
referred to as the original house) is located in Room 509 and 511, GohighLanfeng Tower, Block 1 of #98 S.Sanhuan Rd., Chaoyang
District, Beijing, and the lease area (the area of structure) is 352.74 square meters. Please refer to Appendix II for the
plan of the expanded house. The house is rented by Party B for office use only and the above-mentioned areas subject to the measured
areas stated in housing ownership certificates.

 

2. The lease term of the
original house is from March 1, 2014 to March 19, 2015; the lease term of the expanded rental house is from May
1, 2014 to March 19, 2015. When the above-mentioned leases expire, the both parties agree to continue the leases and
renewed lease will expire on March 19, 2018.

1) The lease term of the
original house is from March 1, 2014 to March 19, 2015. Party A offers Party B periods of decoration works and free
rent lasting for three months. The two-month decoration works period is from March 1, 2014 to June 30, 2014; the
one-month rent-free period is from September 1, 2014 to September 30, 2014.

2) The renewed lease term
of the original house is from March 20, 2015 to March 19, 2018. Party A offers Party B a rent-free period lasting
for three months and seven days. The first one-month rent-free period is from May 20, 2015 to June 19, 2015; the
second one-month rent-free period is from August 20, 2015 to September 19, 2015; the third one-month rent-free period
is from November 20, 2015 to December 19, 2015; the fourth seven-day rent-free period is from March 13, 2016
to March 19, 2016.

Within the decoration works periods or rent-free
periods, rent is exempted from Party B but related property management fees and other expenses generated because of Party B shall
be paid.

 

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3. Standard of Rent

1) Standard of house rental
(including the original and expanded rental housing): 6.5 yuan/square meter/day, the monthly rent of the original house is RMB
69,739.64 including the property management fees and housing rental taxes.

2) Area of the original house:
352.74 square meters.

3) To avoid ambiguity, the
daily rent is implemented following the standard: daily rent=monthly rent * 12/365.

4) The rent is paid bimonthly,
the lessee is asked to pay the rent for the following two months before the 15th of each due month; the first
rent is asked to be paid before or on the contract signing date.

5) In the former lease term
of original and expanded rental house, Party B is asked to transfer the rent to Party A’s account based on the above-mentioned
standard and the property management fees will be transferred to the property management company by Party A (except in the decoration
works and rent-free periods); in the renewed lease term of original and expanded rental house, Party B is asked to pay the property
management fees to the property management company directly and the net rent to the Party A account. The net rent of the original
house is RMB 59,862.92.

 

4. Property Management Fees
and Other Expenses

The standard of annual property management
fees in the renewed lease term is 28 yuan per square meter. The monthly property management fee of the house (the original and
expanded house) is 9,876.72 yuan. The property management company of the Tower is entitled to adjust the property management
fees and other related expenses based on actual situation but a prior notice in 30 days and related explanatory documents are required.

 

5. Deposit

The deposit of this house equals to the rent
of two months. The deposit of the original house valuing RMB 139,479.28 is paid to Party A by Party B on the contract signing day.

 

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6. Other Expenses

Other expenses incurred due to the house rental,
including but not limited to water, electricity, gas, network, landline, television communication, decoration management fees and
etc, shall be paid by Party B to related departments or the property management company. The above-mentioned fees should be paid
according to the requirements of property management company and charging departments. When there is an adjustment on the charges,
the fees should be paid according to the latest adjusted standards.

 

7. Account Appointed by Party
A

Account Name: Tianjin Changhe Heli Investment
Company (Limited partnership), Beijing Sales Business Segment

Opening Branch: Beijing Jianguomen Sub-branch
of China Everbright Bank Co., Ltd.

Account No.:[*]

 

(The end of Text)

 

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Appendix II The Plan

The house plan is only used to confirm the
scope and location of rental housing. It cannot be used as basis of lease area.

 

 

 

 

 

 

 

 

 

 

 

 

 

    	18

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