Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “AGREEMENT”) is made and entered into on December 16, 2021 by and between Feng Huang (the “EXECUTIVE”) and
Li Bang International Corp Inc., a Cayman Islands company (the “COMPANY”).

 

WHEREAS, the Company and the
Executive desire to enter into this Agreement to memorialize the terms and conditions of the Executive’s employment with the Company
starting on the date hereof.

 

NOW, THEREFORE, in consideration
of the premises, the mutual covenants and representations contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

Article I. Employment;
Responsibilities; Compensation

 

Section 1.01
Employment. Subject to ARTICLE III, the Company hereby agrees to employ Executive and
Executive hereby agrees to be employed by the Company, in accordance with this Agreement, for the period commencing on December 16,
2021 and ending on December 16, 2024 (“INITIAL TERM”). the Initial Term shall automatically be extended on yearly basis
unless either party gives written notice to the other party 60 days prior to expiration of the Initial Term that it or she, as
applicable, does not wish to extend this Agreement. Executive’s continued employment after the expiration of the Initial Term
shall be in accordance with and governed by this Agreement, unless modified by the parties to this Agreement in writing. For
purposes of this Agreement the Initial Term and any extended term shall be referred to as the “TERM”. 

 

Section 1.02
Responsibilities; Loyalty

 

(a) Subject
to the terms of this Agreement, Executive is employed in the position of Chief Executive Officer (“CEO”) of the Company, and
shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from
time to time. Executive’s position, job descriptions, duties and responsibilities maybe modified from time to time in the sole discretion
of the Company. 

 

(b) Executive
shall devote the whole of Executive’s professional time, attention and energies to the performance of Executive’s work. Executive
agrees to comply with all policies of the Company, if any, in effect from time to time, and to comply with all laws, rules and regulations,
including those applicable to the Company. 

 

Section 1.03
Compensation and Benefits. As consideration for the services and covenants described in this
Agreement, the Company agrees to compensate Executive in the following manner: 

 

(a) Base
Salary. Commencing in December 2021 and for three consecutive fiscal years during the Executive’s
employment with the Company, the Company shall pay annual Base Salary of US$ 30,000 for each calendar year of service under this Agreement
on a pro-rated basis, payable on a quarterly basis. Annual Base Salary may also be increased from time to time by action of the Board
of Directors of the Company (or any committees or delegees thereof) (the “BOARD”). Termination of the employment shall forfeit
the rights to such annual Base Salary. The Compensation shall also be subject to the approval of Company’s Board of Directors and/or
Compensation Committees.

 

(b) Vacation.
Up to 20 working days per year. Executive may not carry over any unused vacation from prior years.
All the unused vacation will be reimbursed based on base salary.

 

     

     

    

 

(c) Sick
Leave. Absence due to personal illness, excluding pregnancy, shall be allowed up to ten (10) working
days per calenda year, and shall not be accumulative from year to year. 

 

(d) Benefit.

 

(i) The
Company shall pay 100% of the medical insurance premium for the medical insurance coverage mutually agreed by the Company and the Executive.

 

(e) Payment
of all compensation to Executive shall be made in accordance with the terms of this Agreement, applicable state or federal law, and applicable
Company policies in effect from time to time, including normal payroll practices, and shall be subject to all applicable withholdings
and taxes. 

 

Section 1.04 Business
Expenses. The Company shall reimburse Executive for all business expenses that are reasonable and
necessary and incurred by Executive while performing his duties under this Agreement, upon presentation of expense statements,
receipts and/or vouchers or such other information and documentation as the Company may reasonably require. 

 

Article II. Confidential
Information; Post-Employment Obligations; Company Property

 

Section 2.01
Company Property. As used in this Article II, the term the “Company” refers to the
Company and each of its direct and indirect subsidiaries. All written materials, records, data and other documents relating to
Company business, products or services prepared or possessed by Executive during Executive’s employment by the Company are the
Company’s property. All information, ideas, concepts, improvements, discoveries and inventions that are conceived, made,
developed or acquired by Executive individually or in conjunction with others during Executive’s employment (whether during
business hours and whether on Company’s premises or otherwise) that relate to Company business, products or services are the
Company’s sole and exclusive property. All memoranda, notes, records, files, correspondence, drawings, manuals, models,
specifications, computer programs, maps and all other documents, data or materials of any type embodying such information, ideas,
concepts, improvements, discoveries and inventions are Company property. At the termination of Executive’s employment with the
Company for any reason, Executive shall return all of the Company’s documents, data or other Company property to the Company. 

 

Section 2.02
Confidential Information; Non-Disclosure.

 

(a) Executive
acknowledges that the business of the Company is highly competitive and that the Company will provide Executive with access to Confidential
Information. Executive acknowledges that this Confidential Information constitutes a valuable, special and unique asset used by the Company
in its business to obtain a competitive advantage over competitors. Executive further acknowledges that protection of such Confidential
Information against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position.
Executive agrees that Executive will not, at any time during or after Executive’s employment with the Company, make any unauthorized
disclosure of any Confidential Information of the Company, or make any use thereof, except in the carrying out of Executive’s employment
responsibilities to the Company. Executive also agrees to preserve and protect the confidentiality of third party Confidential Information
to the same extent, and on the same basis, as the Company’s Confidential Information. 

 

(b) For
purposes hereof, “CONFIDENTIAL INFORMATION” includes all non-public information regarding the Company’s business operations
and methods, existing and proposed investments and investment strategies, seismic, well-log and other geologic and oil and gas operating
and exploratory data, financial performance, compensation arrangements and amounts (whether relating to the Company or to any of its employees),
contractual relationships, business partners and relationships (including customers and suppliers), strategies, business plans and other
confidential information that is used in the operation, technology and business dealings of the Company, regardless of the medium in which
any of the foregoing information is contained, so long as such information is actually confidential and proprietary to the Company. 

 

    2

     

    

 

Section 2.03 Non-Solicitation
of Executives. For a period of six (6) months following the Termination Date, Executive will not, either
directly or indirectly, call on, solicit or induce any other executive or officer of the Company or its affiliates with whom Executive
had contact, knowledge of, or association with in the course of employment with the Company to terminate his employment, and will not
assist any other person or entity in such a solicitation; PROVIDED, HOWEVER, that with respect to soliciting any executive or officer
whose employment was terminated by the Company or its affiliates, or general solicitations for employment not targeted at current officers
or employees of the Company or its affiliates, the foregoing restriction shall not apply.

 

Article III. Termination
of Employment

 

Section 3.01 Termination
of Employment.

 

(a) General:
The rights of Executive upon termination will be governed by this ARTICLE III. 

 

(b) Definitions:
For purposes hereof: 

 

(i) “CAUSE”
shall include (A) continued failure by Executive to perform substantially Executive’s duties and responsibilities (other than
a failure resulting from Permanent Disability) that is materially injurious to the Company and that remains uncorrected for 10 days after
receipt of appropriate written notice from the Board; (B) engagement in willful, reckless or grossly negligent misconduct that is
materially injurious to Company or any of its affiliates, monetarily or otherwise; (C) except as provided by (D), the indictment
of Executive with a crime involving moral turpitude or a felony; (D) the indictment of Executive for an act of criminal fraud, misappropriation
or personal dishonesty; or (E) a material breach by Executive of any provision of this Agreement that is materially injurious to
the Company and that remains uncorrected for 10 days following written notice of such breach by the Company to Executive identifying the
provision of this Agreement that Company determined has been breached. For purposes of (C) and (D), if the criminal charge is subsequently
dismissed with prejudice or the Executive is acquitted at trial or on appeal then the Executive will be deemed to have been terminated
without Cause.

 

(ii) 
“CHANGE OF CONTROL” means the occurrence of any one or more of the following events that occurs after the Effective Date:

 

1) Any
“person” (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “EXCHANGE
ACT”)) becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing more than 50% of the voting power of the then outstanding securities of the Company; provided that a Change
of Control shall not be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation
and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction,
shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled
in the election of directors; or

 

2) The
consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately
prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such
stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of
directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C) a liquidation or dissolution
of the Company.

 

    3

     

    

 

(iii) “GOOD
REASON” shall mean one or more of the following conditions arising not more than six months before Executive’s termination
date without Executive’s consent: (A) a material breach by the Company of any provision of this Agreement; (B) assignment
by the Board or a duly authorized committee thereof to Executive of any duties that materially and adversely alter the nature or status
of Executive’s position, job descriptions, duties, title or responsibilities from those of a President and Chief Executive Officer,
or eligibility for Company compensation plans; (C) requirement by the Company for Executive to relocate to a primary place of business
which is more than [50] miles away from the Executive’s primary place of business as of the Effective Date of this Agreement; or
(D) a material reduction in Executive’s Base Salary in effect at the relevant time. Notwithstanding anything herein to the
contrary, Good Reason will exist only if Executive provides notice to the Company of the existence of the condition otherwise constituting
Good Reason within 90 days of the initial existence of the condition, and the Company fails to remedy the condition on or before the 30th
day following its receipt of such notice. 

 

(iv) Involuntary
Termination. For purposes of this Agreement, “Involuntary Termination” shall mean either: a termination without Cause
or a termination for Good Reason. In no event will it be deemed an independent and sufficient basis for an Involuntary Termination 

 

(c) Involuntary
Termination.

 

(i) Involuntary
Termination After Change in Control. If, prior to the expiration of the Employment Period and within twelve (12) months following
a Change in Control, Executive is subject to an Involuntary Termination (as defined in Section 3.01.b.iv), then the Company
will pay “Change in Control Severance Benefits” to Executive (which shall be the sole benefits Executive is entitled to under
these circumstances). The Change in Control Severance Benefits will be a payment (less applicable withholdings and deductions) equivalent
to 18 months of Executive’s Base Salary (as in effect immediately prior to the Change in Control, or the date of the termination
of Executive’s employment, whichever is greater), payable as a single lump sum within 74 days of Executive’s termination of
employment.

 

(ii) Involuntary
Termination — No Change in Control. If, prior to the expiration of the Employment Period, no Change in Control has occurred
in the preceding twelve (12) months and Executive is subject to an Involuntary Termination (as defined in Section 3.01.b.iv),
then the Company will pay “Severance Benefits” to Executive (which shall be the sole benefits Executive is entitled to under
these circumstances). The Severance Benefits will be a payment (less applicable withholdings and deductions) equivalent to 12 months
of Executive’s Base Salary as in effect immediately prior to the date of Executive’s termination of employment, payable as
a single lump sum within 74 days of the termination of Executive’s employment.

 

(iii) Determination
of Good Reason. In order for Executive to terminate for Good Reason, (i) Executive must notify the Board, in writing, within
ninety (90) days of the event constituting Good Reason of Executive’s intent to terminate employment for Good Reason, that
specifically identifies in reasonable detail the facts and events that the Executive believes constitute Good Reason; (ii) the event
must remain uncured for thirty (30) days following the date that Executive notifies the Board in writing of Executive’s intent
to terminate employment for Good Reason (the “Notice Period”), and; (iii) the termination date must occur within sixty
(60) days after the expiration of the Notice Period.

 

(d) Voluntary
Resignation; Termination For Cause. If Executive’s employment with the Company terminates
(i) voluntarily by Executive (other than for Good Reason during the period following a Change in Control) or (ii) by the Company
for Cause, then Company shall have no duty to make any payments or provide any benefits to Executive pursuant to this Agreement other
than the amount of Executive’s Base Salary and Over-Time Allowance, if any, accrued through the Termination Date. The use of the
term “Cause” in Section 3.01.b.i in no way limits the right of the Company to terminate Executive’s
employment pursuant to the provisions of this Article III. The Company must notify the Executive, in writing, that the Executive
is being terminated for Cause, and such notice shall identify in reasonable detail the facts and events that the Company believes constitute
Cause.

 

(e) Accrued
Wages; Expenses. Without regard to the reason for, or the timing of, Executive’s termination
of employment: (i) the Company will pay Executive any unpaid Base Salary and Over-Time Allowance due for periods prior to the Termination
Date, and; (ii) following submission of proper expense reports by Executive, the Company will reimburse Executive for all expenses
reasonably and necessarily incurred by Executive in connection with the business of the Company prior to the Termination Date. These
payments will be made promptly upon the Termination Date and within the period of time mandated by law, subject to provisions set forth
herein.

 

    4

     

    

 

Article IV. Miscellaneous

 

Section 4.01 Notices.
All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been
duly given if delivered personally, mailed by certified mail (return receipt requested) or sent by overnight delivery service, or electronic
mail, or facsimile transmission.

 

Section 4.02 Severability
and Reformation. If any one or more of the terms, provisions, covenants or restrictions of this Agreement
shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions shall remain in full force and effect, and the invalid, void or unenforceable provisions shall be deemed severable.
Moreover, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to
duration, geographical scope, activity or subject, it shall be reformed by limiting and reducing it to the minimum extent necessary, so
as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

 

Section 4.03 Assignment.
This Agreement shall be binding upon and inure to the benefit of the heirs and legal representatives
of Executive and the permitted assigns and successors of the Company, but neither this Agreement nor any rights or obligations hereunder
shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession)
or by the Company, except that the Company may assign this Agreement to any successor (whether by merger, purchase or otherwise), if such
successor expressly agrees to assume the obligations of the Company hereunder.

 

Section 4.04 Amendment.
This Agreement may be amended only by writing signed by Executive and by the Company. 

 

Section 4.05 GOVERNING
LAW. THIS AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO RULES RELATING TO CONFLICTS OF LAW. 

 

Section 4.06 Jurisdiction.
Each of the parties hereto hereby irrevocably consents and submits to the exclusive jurisdiction of
the state and federal courts located in NEW YORK in connection with any proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby and waives any objection to venue in NEW YORK. In addition, each of the parties hereto hereby waives
trial by jury in connection with any claim or proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby.

 

Section 4.07 Entire
Agreement. This Agreement contains the entire understanding between the parties hereto with respect
to the subject matter hereof and supersedes in all respects any prior or other agreement or understanding, written or oral, between the
Company or any affiliate of the Company and Executive with respect to such subject matter, including the Employment Agreement. 

 

Section 4.08 Counterparts;
No Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which
will be deemed an original. For purposes of determining whether a party has signed this Agreement or any document contemplated hereby
or any amendment or waiver hereof, only a handwritten signature on a paper document or a facsimile transmission of a handwritten original
signature will constitute a signature, notwithstanding any law relating to or enabling the creation, execution or delivery of any contract
or signature by electronic means. 

 

Section 4.09 Construction.
The headings and captions of this Agreement are provided for convenience only and are intended to have
no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed in
accordance to its fair meaning and not strictly for or against the Company or Executive. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” 

 

[signature page follows]

 

    5

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on the date first written above:

 

	 	Li Bang International Corp Inc.
	 	 
	 	/s/ Feng Huang
	 	Name: Feng Huang
	 	Title: CEO and Chairman of Board
	 	 
	 	Executive
	 	 
	 	/s/ Feng Huang
	 	Feng Huang

 

 

6Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement
(the “AGREEMENT”) is made and entered into on December 16, 2021 by and between Yinjun Chen (the “EXECUTIVE”) and
Li Bang International Corp Inc., a Cayman Islands company (the “COMPANY”).

 

WHEREAS, the Company and the
Executive desire to enter into this Agreement to memorialize the terms and conditions of the Executive’s employment with the Company
starting on the date hereof.

 

NOW, THEREFORE, in consideration
of the premises, the mutual covenants and representations contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

Article I. Employment;
Responsibilities; Compensation

 

Section 1.01 Employment.
Subject to ARTICLE III, the Company hereby agrees to employ Executive and Executive hereby agrees to be employed by the Company,
in accordance with this Agreement, for the period commencing on December 16, 2021 and ending on December 16, 2024 (“INITIAL TERM”).
the Initial Term shall automatically be extended on yearly basis unless either party gives written notice to the other party 60 days prior
to expiration of the Initial Term that it or she, as applicable, does not wish to extend this Agreement. Executive’s continued employment
after the expiration of the Initial Term shall be in accordance with and governed by this Agreement, unless modified by the parties to
this Agreement in writing. For purposes of this Agreement the Initial Term and any extended term shall be referred to as the “TERM”.

 

Section 1.02 Responsibilities;
Loyalty

 

(a) Subject
to the terms of this Agreement, Executive is employed in the position of Chief Financial Officer (“CFO”) of the Company, and
shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from
time to time. Executive’s position, job descriptions, duties and responsibilities maybe modified from time to time in the sole discretion
of the Company. 

 

(b) Executive
shall devote the whole of Executive’s professional time, attention and energies to the performance of Executive’s work. Executive
agrees to comply with all policies of the Company, if any, in effect from time to time, and to comply with all laws, rules and regulations,
including those applicable to the Company. 

 

Section 1.03 Compensation
and Benefits. As consideration for the services and covenants described in this Agreement, the Company
agrees to compensate Executive in the following manner: 

 

(a) Base
Salary. Commencing in December 2021 and for three consecutive fiscal years during
the Executive’s employment with the Company, the Company shall pay annual Base Salary of US$ 30,000 for each calendar year of service
under this Agreement on a pro-rated basis, payable on a quarterly basis. Annual Base Salary may also be increased from time to time by
action of the Board of Directors of the Company (or any committees or delegees thereof) (the “BOARD”). Termination of the
employment shall forfeit the rights to such annual Base Salary. The Compensation shall also be subject to the approval of Company’s
Board of Directors and/or Compensation Committees.

 

(b) Vacation. Up
to 20 working days per year. Executive may not carry over any unused vacation from prior years. All the unused vacation will be reimbursed
based on base salary.

 

     

     

    

 

(c) Sick
Leave. Absence due to personal illness, excluding pregnancy, shall be allowed up to ten
(10) working days per calenda year, and shall not be accumulative from year to year. 

 

(d) Benefit.

 

(i) The
Company shall pay 100% of the medical insurance premium for the medical insurance coverage mutually agreed by the Company and the Executive.

 

(e) Payment
of all compensation to Executive shall be made in accordance with the terms of this Agreement, applicable state or federal law, and applicable
Company policies in effect from time to time, including normal payroll practices, and shall be subject to all applicable withholdings
and taxes. 

 

Section 1.04 Business
Expenses. The Company shall reimburse Executive for all business expenses that are reasonable and necessary
and incurred by Executive while performing his duties under this Agreement, upon presentation of expense statements, receipts and/or vouchers
or such other information and documentation as the Company may reasonably require. 

 

Article II. Confidential
Information; Post-Employment Obligations; Company Property

 

Section 2.01 Company
Property. As used in this Article II, the term the “Company” refers to the Company and each
of its direct and indirect subsidiaries. All written materials, records, data and other documents relating to Company business, products
or services prepared or possessed by Executive during Executive’s employment by the Company are the Company’s property. All
information, ideas, concepts, improvements, discoveries and inventions that are conceived, made, developed or acquired by Executive individually
or in conjunction with others during Executive’s employment (whether during business hours and whether on Company’s premises
or otherwise) that relate to Company business, products or services are the Company’s sole and exclusive property. All memoranda,
notes, records, files, correspondence, drawings, manuals, models, specifications, computer programs, maps and all other documents, data
or materials of any type embodying such information, ideas, concepts, improvements, discoveries and inventions are Company property. At
the termination of Executive’s employment with the Company for any reason, Executive shall return all of the Company’s documents,
data or other Company property to the Company. 

 

Section 2.02 Confidential
Information; Non-Disclosure.

 

(a) Executive
acknowledges that the business of the Company is highly competitive and that the Company will provide Executive with access to Confidential
Information. Executive acknowledges that this Confidential Information constitutes a valuable, special and unique asset used by the Company
in its business to obtain a competitive advantage over competitors. Executive further acknowledges that protection of such Confidential
Information against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position.
Executive agrees that Executive will not, at any time during or after Executive’s employment with the Company, make any unauthorized
disclosure of any Confidential Information of the Company, or make any use thereof, except in the carrying out of Executive’s employment
responsibilities to the Company. Executive also agrees to preserve and protect the confidentiality of third party Confidential Information
to the same extent, and on the same basis, as the Company’s Confidential Information. 

 

(b) For
purposes hereof, “CONFIDENTIAL INFORMATION” includes all non-public information regarding the Company’s business operations
and methods, existing and proposed investments and investment strategies, seismic, well-log and other geologic and oil and gas operating
and exploratory data, financial performance, compensation arrangements and amounts (whether relating to the Company or to any of its employees),
contractual relationships, business partners and relationships (including customers and suppliers), strategies, business plans and other
confidential information that is used in the operation, technology and business dealings of the Company, regardless of the medium in which
any of the foregoing information is contained, so long as such information is actually confidential and proprietary to the Company. 

 

Section 2.03 Non-Solicitation
of Executives. For a period of six (6) months following the Termination Date, Executive will not, either
directly or indirectly, call on, solicit or induce any other executive or officer of the Company or its affiliates with whom Executive
had contact, knowledge of, or association with in the course of employment with the Company to terminate his employment, and will not
assist any other person or entity in such a solicitation; PROVIDED, HOWEVER, that with respect to soliciting any executive or officer
whose employment was terminated by the Company or its affiliates, or general solicitations for employment not targeted at current officers
or employees of the Company or its affiliates, the foregoing restriction shall not apply.

 

    2

     

    

 

Article III. Termination
of Employment

 

Section 3.01 Termination
of Employment.

 

(a) General:
The rights of Executive upon termination will be governed by this ARTICLE III. 

 

(b) Definitions:
For purposes hereof: 

 

(i) “CAUSE”
shall include (A) continued failure by Executive to perform substantially Executive’s duties and responsibilities (other than
a failure resulting from Permanent Disability) that is materially injurious to the Company and that remains uncorrected for 10 days after
receipt of appropriate written notice from the Board; (B) engagement in willful, reckless or grossly negligent misconduct that is
materially injurious to Company or any of its affiliates, monetarily or otherwise; (C) except as provided by (D), the indictment
of Executive with a crime involving moral turpitude or a felony; (D) the indictment of Executive for an act of criminal fraud, misappropriation
or personal dishonesty; or (E) a material breach by Executive of any provision of this Agreement that is materially injurious to
the Company and that remains uncorrected for 10 days following written notice of such breach by the Company to Executive identifying the
provision of this Agreement that Company determined has been breached. For purposes of (C) and (D), if the criminal charge is subsequently
dismissed with prejudice or the Executive is acquitted at trial or on appeal then the Executive will be deemed to have been terminated
without Cause.

 

(ii) 
“CHANGE OF CONTROL” means the occurrence of any one or more of the following events that occurs after the Effective Date:

 

1) Any
“person” (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “EXCHANGE
ACT”)) becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing more than 50% of the voting power of the then outstanding securities of the Company; provided that a Change
of Control shall not be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation
and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction,
shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled
in the election of directors; or

 

2) The
consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately
prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such
stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of
directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C) a liquidation or dissolution
of the Company.

 

(iii) “GOOD
REASON” shall mean one or more of the following conditions arising not more than six months before Executive’s termination
date without Executive’s consent: (A) a material breach by the Company of any provision of this Agreement; (B) assignment
by the Board or a duly authorized committee thereof to Executive of any duties that materially and adversely alter the nature or status
of Executive’s position, job descriptions, duties, title or responsibilities from those of a President and Chief Executive Officer,
or eligibility for Company compensation plans; (C) requirement by the Company for Executive to relocate to a primary place of business
which is more than [50] miles away from the Executive’s primary place of business as of the Effective Date of this Agreement; or
(D) a material reduction in Executive’s Base Salary in effect at the relevant time. Notwithstanding anything herein to the
contrary, Good Reason will exist only if Executive provides notice to the Company of the existence of the condition otherwise constituting
Good Reason within 90 days of the initial existence of the condition, and the Company fails to remedy the condition on or before the 30th
day following its receipt of such notice. 

 

(iv) Involuntary
Termination. For purposes of this Agreement, “Involuntary Termination” shall mean either: a termination without Cause
or a termination for Good Reason. In no event will it be deemed an independent and sufficient basis for an Involuntary Termination 

 

    3

     

    

 

(c) Involuntary
Termination.

 

(i) Involuntary
Termination After Change in Control. If, prior to the expiration of the Employment Period and within twelve (12) months following
a Change in Control, Executive is subject to an Involuntary Termination (as defined in Section 3.01.b.iv), then the Company
will pay “Change in Control Severance Benefits” to Executive (which shall be the sole benefits Executive is entitled to under
these circumstances). The Change in Control Severance Benefits will be a payment (less applicable withholdings and deductions) equivalent
to 18 months of Executive’s Base Salary (as in effect immediately prior to the Change in Control, or the date of the termination
of Executive’s employment, whichever is greater), payable as a single lump sum within 74 days of Executive’s termination of
employment.

 

(ii) Involuntary
Termination — No Change in Control. If, prior to the expiration of the Employment Period, no Change in Control has occurred
in the preceding twelve (12) months and Executive is subject to an Involuntary Termination (as defined in Section 3.01.b.iv),
then the Company will pay “Severance Benefits” to Executive (which shall be the sole benefits Executive is entitled to under
these circumstances). The Severance Benefits will be a payment (less applicable withholdings and deductions) equivalent to 12 months
of Executive’s Base Salary as in effect immediately prior to the date of Executive’s termination of employment, payable as
a single lump sum within 74 days of the termination of Executive’s employment.

 

(iii) Determination
of Good Reason. In order for Executive to terminate for Good Reason, (i) Executive must notify the Board, in writing, within
ninety (90) days of the event constituting Good Reason of Executive’s intent to terminate employment for Good Reason, that
specifically identifies in reasonable detail the facts and events that the Executive believes constitute Good Reason; (ii) the event
must remain uncured for thirty (30) days following the date that Executive notifies the Board in writing of Executive’s intent
to terminate employment for Good Reason (the “Notice Period”), and; (iii) the termination date must occur within sixty
(60) days after the expiration of the Notice Period.

 

(d) Voluntary
Resignation; Termination For Cause. If Executive’s employment with the Company
terminates (i) voluntarily by Executive (other than for Good Reason during the period following a Change in Control) or
(ii) by the Company for Cause, then Company shall have no duty to make any payments or provide any benefits to Executive
pursuant to this Agreement other than the amount of Executive’s Base Salary and Over-Time Allowance, if any, accrued through
the Termination Date. The use of the term “Cause” in Section 3.01.b.i in no way limits the right
of the Company to terminate Executive’s employment pursuant to the provisions of this Article III. The Company must
notify the Executive, in writing, that the Executive is being terminated for Cause, and such notice shall identify in reasonable
detail the facts and events that the Company believes constitute Cause.

 

(e) Accrued
Wages; Expenses. Without regard to the reason for, or the timing of, Executive’s
termination of employment: (i) the Company will pay Executive any unpaid Base Salary and Over-Time Allowance due for periods
prior to the Termination Date, and; (ii) following submission of proper expense reports by Executive, the Company will
reimburse Executive for all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company
prior to the Termination Date. These payments will be made promptly upon the Termination Date and within the period of time mandated
by law, subject to provisions set forth herein.

 

    4

     

    

 

Article IV. Miscellaneous

 

Section 4.01 Notices.
All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been
duly given if delivered personally, mailed by certified mail (return receipt requested) or sent by overnight delivery service, or electronic
mail, or facsimile transmission.

 

Section 4.02 Severability
and Reformation. If any one or more of the terms, provisions, covenants or restrictions of this Agreement
shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions shall remain in full force and effect, and the invalid, void or unenforceable provisions shall be deemed severable.
Moreover, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to
duration, geographical scope, activity or subject, it shall be reformed by limiting and reducing it to the minimum extent necessary, so
as to be enforceable to the extent compatible with the applicable law as it shall then appear. 

 

Section 4.03 Assignment.
This Agreement shall be binding upon and inure to the benefit of the heirs and legal representatives
of Executive and the permitted assigns and successors of the Company, but neither this Agreement nor any rights or obligations hereunder
shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession)
or by the Company, except that the Company may assign this Agreement to any successor (whether by merger, purchase or otherwise), if such
successor expressly agrees to assume the obligations of the Company hereunder.

 

Section 4.04 Amendment.
This Agreement may be amended only by writing signed by Executive and by the Company. 

 

Section 4.05 GOVERNING
LAW. THIS AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REFERENCE TO RULES RELATING TO CONFLICTS OF LAW. 

 

Section 4.06 Jurisdiction.
Each of the parties hereto hereby irrevocably consents and submits to the exclusive jurisdiction of
the state and federal courts located in NEW YORK in connection with any proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby and waives any objection to venue in NEW YORK. In addition, each of the parties hereto hereby waives
trial by jury in connection with any claim or proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby.

 

Section 4.07 Entire
Agreement. This Agreement contains the entire understanding between the parties hereto with respect
to the subject matter hereof and supersedes in all respects any prior or other agreement or understanding, written or oral, between the
Company or any affiliate of the Company and Executive with respect to such subject matter, including the Employment Agreement. 

 

Section 4.08 Counterparts;
No Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which
will be deemed an original. For purposes of determining whether a party has signed this Agreement or any document contemplated hereby
or any amendment or waiver hereof, only a handwritten signature on a paper document or a facsimile transmission of a handwritten original
signature will constitute a signature, notwithstanding any law relating to or enabling the creation, execution or delivery of any contract
or signature by electronic means. 

 

Section 4.09 Construction.
The headings and captions of this Agreement are provided for convenience only and are intended to have
no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed in
accordance to its fair meaning and not strictly for or against the Company or Executive. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” 

 

[signature page follows]

 

    5

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on the date first written above:

 

	 	Li Bang International Corp Inc.

 

	 	/s/ Feng Huang
	 	Name: Feng Huang
	 	Title: CEO and Chairman of Board

 

	 	Executive

 

	 	/s/ Yinjun Chen
	 	Yinjun Chen

 

 

6

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