Document:

Exhibit 10.12

 

ESCROW DEPOSIT AGREEMENT

 

This ESCROW DEPOSIT
AGREEMENT (this “Agreement”) entered into and dated as of this 15th day of September 2015, by
and among FULING GLOBAL INC., a Cayman Islands corporation (the “Company”), having an address
at Southeast Industrial Zone, Songmen Town, Wenling, Zhejiang Province, Peoples Republic of China 317511, BURNHAM SECURITIES
INC., a FINRA member firm as underwriter (the “Underwriter”), having an address at 40 West 57th
Street, New York, New York 10019, and SIGNATURE BANK (the “Escrow Agent”), a New York State chartered
bank, having an office at 950 Third Avenue, 9th Floor, New York, NY 10022. All capitalized terms not herein defined
shall have the meaning ascribed to them in that certain Registration Statement on Form F-1 of the Company, as initially publicly
filed July 28, 2015 (Registration No. 333-205894), as amended or supplemented from time-to-time, including all attachments, schedules
and exhibits thereto (the “Registration Statement”).

 

 

WITNESSETH:

 

WHEREAS, pursuant
to the terms of the Registration Statement the Company desires to sell (the “Offering”) up to 5,000,000 shares
for an aggregate offering amount of $25,000,000 (“Offering Amount”) of its ordinary shares, par value $0.001
per share (each, a “Share” together, the “Shares”). Each Share is being sold at a price of
$5.00 per Share (share prices and number of Shares are subject to change pending final effective Registration Statement); and

 

WHEREAS, the
Underwriter has an over-subscription option to sell up to an additional 750,000 Shares for an additional $3,750,000 (the
“Over-Subscription Shares”) of offering proceeds; and

 

WHEREAS, the
Underwriter is acting as agent for the sale of the Shares on a “best efforts, all or none basis” on behalf of the Company
whereby if the Offering Amount of securities is not sold, none will be sold and all funds returned to investors; and

 

WHEREAS, unless
the Offering Amount is sold by October 31, 2015 (the “Termination Date”), or, by November 30, 2015 (the “Final
Termination Date”) if the Termination Date has been extended by Company and the Underwriter, the Offering shall terminate
and all funds shall be returned to the subscribers in the Offering and, if the Offering Amount is sold, the Offering may continue
until the Termination Date or Final Termination Date if extended; and

 

WHEREAS, the
Company and the Underwriter desire to establish an escrow account with the Escrow Agent into which the Company and the Underwriter
shall instruct Subscribers introduced to the Company by the Underwriter (the “Subscribers”) to deposit checks
and other instruments for the payment of money made payable to the order of “Signature Bank as Escrow Agent for Fuling
Global Inc.,” and Escrow Agent is willing to accept said checks and other instruments for the payment of money in accordance
with the terms hereinafter set forth; and

 

WHEREAS, the
Company, as issuer, and the Underwriter, as an introducing broker-dealer, represent and warrant to the Escrow Agent that they will
comply with all of their respective obligations under applicable state and federal securities laws and regulations with respect
to sale of the Offering; and

 

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WHEREAS, the
Company and the Underwriter represent and warrant to the Escrow Agent that they have not stated to any individual or entity that
the Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and

 

WHEREAS, the
Company and the Underwriter warrant to the Escrow Agent that a copy of each document that has been delivered to Subscribers
and third parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule I.

 

NOW, THEREFORE,
IT IS AGREED as follows:

 

1.           Delivery
of Escrow Funds.

 

(a)          The Underwriter
and the Company shall instruct Subscribers to deliver to Escrow Agent checks made payable to the order of “Signature Bank,
as Escrow Agent for Fuling Global Inc.” or wire transfer to Signature Bank, 950 Third Avenue, 9th Floor, New York,
NY 10022, ABA No. 026013576 for credit to Signature Bank, as Escrow Agent for Fuling Global, Inc., Account No. 1502534668,
in each case, with the name and address of the individual or entity making payment. In the event any Subscriber’s address
is not provided to Escrow Agent by the Subscriber, then the Underwriter and/or the Company agree to promptly provide Escrow Agent
with such information in writing. The checks or wire transfers shall be deposited into a non interest-bearing account at Signature
Bank entitled “Fuling Global Inc., Signature Bank, as Escrow Agent” (the “Escrow Account”).

 

(b)          The
collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c)          The
Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow
Account. If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole
duty of the Escrow Agent shall be to return the check to the Subscriber and advise the Company and the Underwriter promptly thereof.

 

(d)          Funds
or checks received by Underwriter shall be forwarded to the Escrow Agent by noon of the next business day following the date of
receipt thereof by the Underwriter.

 

2.           Release
of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a)          In
the event that the Company and the Underwriter advise the Escrow Agent in writing that the Offering has been terminated (the “Termination
Notice”), the Escrow Agent shall promptly return the funds paid by each Subscriber to said Subscriber without interest
or offset.

 

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(b)          If
prior to 3:00 P.M. Eastern time on the Termination Date, the Escrow Agent receives written notice, in the form of Exhibit A,
attached hereto and made a part hereof, and signed by the Company and the Underwriter, stating that the Termination Date has been
extended to the Final Termination Date (the “Extension Notice”), then the Termination Date shall be so extended.

 

(c)          Provided
that the Escrow Agent does not receive the Termination Notice in accordance with paragraph 2(a) and there is the Offering Amount
deposited into the Escrow Account on or prior to later of the Termination Date or the date stated in the Extension Notice, if any,
received by the Escrow Agent in accordance with paragraph 2(b) above, the Escrow Agent shall, upon receipt of written instructions,
in the form of Exhibit B, attached hereto and made a part hereof, or in a form and substance satisfactory to the Escrow
Agent, received from the Company and the Underwriter, pay the Escrow Funds in accordance with such written instructions, which
instructions shall be limited to payment of the Underwriter’s fee and offering expenses and the payment of the balance to
the Company. Such payment or payments to be made by wire transfer within one (1) Business Day of receipt of such written instructions
which must be received by the Escrow Agent no later than 3:00 PM Eastern Time on a Banking Day for the Escrow Agent to process
such instructions that Banking Day.

 

(d)          If
by 3:00 P.M. Eastern time on the later of the Termination Date or the date stated in the Extension Notice, if any, that the Escrow
Agent has received in accordance with paragraph 2(b) above, the Escrow Agent has not received written instructions from the Company
and the Underwriter regarding the disbursement of the Escrow Funds or the total amount of the Escrow Funds is less than the Offering
Amount, then the Escrow Agent shall promptly return the Escrow Funds to the Subscribers without interest or offset. The Escrow
Funds returned to each Subscriber shall be free and clear of any and all claims of the Escrow Agent.

 

(e)          The
Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal. Should any
party to this Agreement be a non-U.S. entity, the Escrow Agent may require up to an additional five (5) Business Days to open the
Escrow Account.

 

(f)          If
the Termination Date, Final Termination Date or any date that is a deadline under this Agreement for giving the Escrow Agent notice
or instructions or for the Escrow Agent to take action is not a Banking Day, then such date shall be the Banking Day that immediately
preceding that date. A Banking Day is any day other than a Saturday, Sunday or a day that a New York State chartered bank is not
legally obligated to be opened.

 

3.           Acceptance
by Escrow Agent. The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that:

 

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(a)          The
Escrow Agent may act in reliance upon any signature believed by it to be genuine, and may assume that any person who has been designated
by the Underwriter or the Company to give any written instructions, notice or receipt, or make any statements in connection with
the provisions hereof has been duly authorized to do so. Escrow Agent shall have no duty to make inquiry as to the genuineness,
accuracy or validity of any statements or instructions or any signatures on statements or instructions. The names and true signatures
of each individual authorized to act singly on behalf of the Company and the Underwriter are stated in Schedule II, which
is attached hereto and made a part hereof. The Company and the Underwriter may each remove or add one or more of its authorized
signers stated on Schedule II by notifying the Escrow Agent of such change in accordance with this Agreement, which notice shall
include the true signature for any new authorized signatories.

 

(b)          The
Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith. The Escrow
Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless
caused by its willful misconduct or gross negligence.

 

(c)          The
Underwriter and the Company agree to indemnify and hold the Escrow Agent harmless from and against any and all claims, losses,
costs, liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees)
claimed against or incurred by Escrow Agent arising out of or related, directly or indirectly, to this Escrow Agreement unless
caused by the Escrow Agent’s gross negligence or willful misconduct.

 

(d)          In
the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to
(i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of
competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(e)          The
Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow
Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered
to the Escrow Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not
prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to
the Escrow Agent for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account,
and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow
Agent have been collected and are available for withdrawal.

 

4.           Escrow
Account Statements and Information. The Escrow Agent agrees to send to the Company and/or the Underwriter a copy of
the Escrow Account periodic statement, upon request in accordance with the Escrow Agent’s regular practices for providing
account statements to its non-escrow clients and to also provide the Company and/or the Underwriter, or their designee, upon request
other deposit account information, including Escrow Account balances, by telephone or by computer communication, to the extent
practicable. The Company and the Underwriter agree to complete and sign all forms or agreements required by the Escrow Agent for
that purpose. The Company and the Underwriter each consents to the Escrow Agent’s release of such Escrow Account information
to any of the individuals designated by Company or the Underwriter, which designation has been signed in accordance with paragraph
3(a) by any of the persons in Schedule II.  Further, the Company and the Underwriter have an option to receive e-mail notification
of incoming and outgoing wire transfers. If this e-mail notification service is requested and subsequently approved by the Escrow
Agent, the Company and the Underwriter each agrees to provide a valid e-mail address and other information necessary to set-up
this service and sign all forms and agreements required for such service. The Company and the Underwriter each consents to the
Escrow Agent’s release of wire transfer information to the designated e-mail address(es). The Escrow Agent’s liability
for failure to comply with this section shall not exceed the cost of providing such information.

 

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5.           Resignation
and Termination of the Escrow Agent. The Escrow Agent may resign at any time by giving thirty (30) days’ prior written
notice of such resignation to the Underwriter and the Company. Upon providing such notice, the Escrow Agent shall have no further
obligation hereunder except to hold as depository the Escrow Funds that it receives until the end of such 30-day period. In such
event, the Escrow Agent shall not take any action, other than receiving and depositing Subscribers checks and wire transfers in
accordance with this Agreement, until the Company has designated a bank, in compliance with SEC Rule 15c2-4 as successor to the
Escrow Agent. Upon receipt of such written designation signed by the Underwriter and the Company, the Escrow Agent shall promptly
deliver the Escrow Funds to such successor and shall thereafter have no further obligations hereunder. If such instructions are
not received within thirty (30) days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow
Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor.
In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from
all liability thereafter arising with respect to the Escrow Funds.

 

6.           Termination.
The Company and the Underwriter may terminate the appointment of the Escrow Agent hereunder upon written notice specifying the
date upon which such termination shall take effect, which date shall be at least 30 days from the date of such notice. In the event
of such termination, the Company and the Underwriter shall, within thirty (30) days of such notice, appoint a successor escrow
agent and the Escrow Agent shall, upon receipt of written instructions signed by the Company and the Underwriter, turn over to
such successor escrow agent all of the Escrow Funds; provided, however, that if the Company and the Underwriter fail
to appoint a successor escrow agent within such thirty (30)-day period, such termination notice shall be null and void and the
Escrow Agent shall continue to be bound by all of the provisions hereof. Upon receipt of the Escrow Funds, the successor escrow
agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and Signature Bank shall be relieved
of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds and under this Agreement.

 

7.           Investment
and Rule 15c2-4 Compliance. All funds received by the Escrow Agent shall be held only in non-interest bearing bank accounts
at Escrow Agent and disbursed in compliance with Rule 15c2-4 of the Securities and Exchange Commission promulgated under the Exchange
Act of 1934, as amended.

 

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8.           Compensation.
Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,000, which fee shall be paid by
the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all fees,
costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable attorney’s
fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation or termination of
the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed
or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation,
termination, resignation or rescission. To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes
due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts to be paid directly
at any such closing. The Escrow Agent shall be entitled to a fee of $1,000 in the event this Agreement is amended for any reason
in accordance with Section 10(d).

 

9.           Notices.
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall
be deemed to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized
overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

If to Underwriter:

 

Burnham Securities,
Inc.

40 West 57th
Street, 28th Floor

New York,
New York 10019

Attention:
Dan McClory

Fax: (949)
266-5789

 

With a copy to:

 

CKR Law, LLP

1330 Avenue of the Americas

New York, New York 10019

Attention Mark Crone,
Esq. or Ron Levy, Esq.

Phone: (212) 400-6900

Fax: (212) 400-6901

 

If to the Company:

 

Southeast
Industrial Zone, Songmen Town

Wenling,
Zhejiang Province

People’s
Republic of China 317511

Attention:
Chief Financial Officer

Fax: +86-576-86623099

 

    6 

     

    

 

With a copy to:

 

Kaufman &
Canoles, P.C.

Two James
Center, 14th Floor

1021 E. Cary
St.

Richmond,
VA 23219

Attention:
Anthony W. Basch

Fax: 1 (804)
771-5777

 

If to Escrow Agent:

 

Signature Bank

950 Third Avenue, 9th
Floor

New York, New York 10022

Attention: John
Gonzalez, Group Director & Senior Vice President

Fax: (646) 822-1520

 

10.         General.

 

(a)          This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements
made and to be entirely performed within such State, without regard to choice of law principles and any action brought hereunder
shall be brought in the courts of the State of New York, located in the County of New York. Each party hereto irrevocably waives
any objection on the grounds of venue, forum nonconveniens or any similar grounds and irrevocably consents to service of process
by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts. Each of the parties hereto
hereby waives all right to trial by jury in any action, proceeding or counterclaim arising out of the transactions contemplated
by this Agreement.

 

(b)          This
Agreement sets forth the entire
agreement and understanding of the parties with respect to the matters contained herein and supersedes all prior agreements, arrangements
and understandings relating thereto.

 

(c)          All
of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties
hereto, as well as their respective successors and assigns.

 

(d)          This
Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a
written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any
party at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to
enforce the same. No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by
conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any
such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement. No party may
assign any rights, duties or obligations hereunder unless all other parties have given their prior written consent.

 

    7 

     

    

 

(e)          If
any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining
provisions.

 

(f)          This
Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments
and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

11.          Form
of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence
of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however,
that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of
his or her signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other
party.

 

12.          No
Third Party Beneficiaries. This Agreement is solely for the benefit of the parties and their respective successors and permitted
assigns, and no other person has any right, benefit, priority or interest under or because of the existence of this Agreement.

 

[Signature Page Follows]

 

    8 

     

    

 

[Counterpart Signature Page to Escrow
Agreement]

 

IN WITNESS WHEREOF, the parties
have duly executed this Agreement as of the date first set forth above.

 

	FULING GLOBAL, INC.	 	BURNHAM SECURITIES, INC.	 
	 	 	 	 	 	 
	By:	/s/ Xinfu Hu	 	By:       	/s/ Daniel J. McClory	 
	 	Name: Xinfu Hu	 	 	Name: Daniel J. McClory	 
	 	Title:  CEO	 	 	Title:   Managing Director	 

 

SIGNATURE BANK

 

	By:	/s/ John Gonzalez	 
	 	Name:  John Gonzalez	 
	 	Title:   Group Director / SVP	 

 

	By:	/s/ Stephen Fry	 
	 	Name:  Stephen Fry	 
	 	Title:   Senior Client Associate	 

 

    9 

     

    

 

Schedule
I

 

OFFERING DOCUMENTS

 

    10 

     

    

 

Schedule
II

 

The Escrow Agent is
authorized to accept instructions signed or believed by the Escrow Agent to be signed by any one of the following on behalf of
the Company and the Underwriter.

 

Fuling Global Inc.

 

	Name	 	True Signature
	 	 	 
	Xinfu Hu	 	/s/ Xinfu Hu

 

Burnham Securities Inc.

  

	Name	 	True Signature
	 	 	 
	Daniel J. McClory	 	/s/ Daniel J. McClory
	 	 	 
	Rashaun Williams	 	/s/ Rashaun Williams

 

     

     

    

 

Exhibit A

 

EXTENSION NOTICE

 

Date: October __, 2015

 

Signature Bank

950 Third Avenue, 9th Floor

New York, New York 10022

Attention: John Gonzalez, Group Director
& Senior Vice President

 

Dear Mr. Gonzalez:

 

In
accordance with the terms of paragraph 2(b) of the Escrow Deposit Agreement dated as of September 15, 2015 by and among
Fuling Global Inc., a Cayman Islands company (the “Company”), Burnham Securities Inc. (the
“Underwriter”), and Signature Bank (the “Escrow Agent”), the Company and Underwriter
hereby notifies the Escrow Agent that the Termination Date has been extended to November __, 2015 (the “Final
Termination Date”).

 

Very truly yours,

 

Fuling Global Inc.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Burnham Securities Inc. 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

     

     

    

 

Exhibit B

 

FORM OF ESCROW RELEASE NOTICE

 

Date:

 

Signature Bank

950 Third Avenue, 9th Floor

New York, New York 10022

Attention: John Gonzalez, Group Director
& Senior Vice President

 

Dear Mr. Gonzalez:

 

In accordance with the terms of paragraph
2(c) of an Escrow Deposit Agreement originally dated entered into as of September 15, 2015 (the "Escrow Agreement"),
by and between ____________ (the "Company"), Signature Bank (the "Escrow Agent") and __________
(the "Underwriter"), the Company and Underwriter hereby notify the Escrow Agent that the ________ closing will
be held on ___________ for gross proceeds of $_________.

 

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER AS FOLLOWS (wire instructions
attached):

 

	________________________:	$
	 	 
	________________________:	$
	 	 
	________________________:	$
	 	 
	________________________:	$

 

Very truly yours,

 

Fuling Global Inc.

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

Burnham Securities Inc. 

 

	By:	 	 
	Name:	 	 
	Title:Exhibit 10.13

 

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT entered into and effective
the 1st day of January, 2013, by and between Fuling Plastics USA Co., (“Company”), and Philip Prinzi, (“Employee”).

 

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

 

1. DEFINITIONS: For purposes of this Agreement,
the following definitions shall apply:

 

(a) “Net Invoice
Amount” shall mean the price at which a customer could buy FOB Ningbo for all products, regardless of invoice prices actually
billed to the final customer.

 

(b) “Supported
Business” shall mean all accounts sold by JCK Enterprises under his Contractor Agreement, effective January 1st, 2013.

 

(c) “Confidential
and Proprietary Information” shall mean any and all information disclosed or made available to the Employee or known by the
Employee as a direct or indirect consequence of or through his employment relationship to the Company and not generally known in
the industry in which the Company is or may become engaged, including, but not limited to, customers and brokers, marketing plans,
product development plans, publications, equipment, and financial information, and any information related to the Company’s
and its Affiliates’ products, devices, structures, processes, procedures, methods, formulae, techniques, services, or finances
including, but not limited to information relating to research, development, inventions, manufacture, purchasing, accounting, engineering,
marketing, merchandising, or selling.

 

2. In consideration of Employee fulfilling
the duties and responsibilities set forth herein, Company shall pay Employee a gross salary of $64,000 for Supported Business up
to a total Net Invoice Amount of $10 Million annually, to be paid in monthly amounts of $5,333.33 on the first of each month, beginning
January 1, 2013 and extending through December 31, 2017. If Supported Business exceeds $10 Million in any calendar year, the following
year’s gross salary will be increased by $4,000 for every $1 Million in excess of the base $10 Million.

 

3. Position and Duties: Employee shall
serve as the Logistics Manager of the Company, responsible only to its Chief Executive Officer (“CEO”). Employee’s
primary duty in this position will be to perform all logistics functions required to support unparalleled service to Wendy’s
and any other accounts secured by JCK Enterprises. In addition, Employee will be available to support Company in any other efforts
requiring logistics support.

 

4. Company agrees to reimburse Employee
for certain reasonable and necessary business expenses incurred on behalf of the company, including expenses for a fax line, dedicated
phone line, and cellular phone usage in excess of 700 minutes per month, not to exceed $200 per month. Employee will obtain Company
approval in advance of any business expense exceeding $750.The Company will not provide Employee a company-owned vehicle for
his work. However, the Company shall pay for rental car expenses incurred on behalf of the Company. In the event that Employee
uses its own car for its work, the Company shall pay for such usage at the prevailing IRS allowed rate, currently $0.555 per mile.
Under no circumstances will the Employee operate a vehicle without proper insurance required by the Federal and State Laws. Employee’s
failure to comply will constitute a material breach of contract.

 

     

     

    

 

5. Non-Disclosure of Confidential Information.
Except as required in the performance of his duties to the Company, during the Employment Agreement and for a period of five (5)
years after Agreement expiration, Employee shall treat as confidential and shall not, directly or indirectly, use, disseminate,
disclose, publish, or otherwise make available to any person, firm, corporation, unincorporated association, or other entity any
Confidential and Proprietary Information or any portion thereof. Upon the expiration of the Agreement, all papers, documents, records,
lists, notebooks, files, and similar items containing Confidential and Proprietary Information, including copies thereof, then
in the Employee’s possession, whether prepared by himself or others, shall be promptly returned to the Company. If at any
time after the expiration of the Contract, the Employee determines that it has any Confidential and Proprietary Information in
its possession or control, Employee shall immediately return to the Company all such Confidential and Proprietary Information,
including all copies and portions thereof.

 

6. Employee acknowledges that his adherence
to the terms of the covenants set forth in Paragraph 5 are necessary to protect the value of Company’s business, that a breach
of such covenants will result in irreparable and continuing damage to the Company, and that money damages would not adequately
compensate Company for any such breach, and therefore, that Company would not have an adequate remedy at law. In the event any
action or proceeding shall be instituted by Company to enforce any provision of Paragraph 5, Employee hereby waives the claim or
defenses in such actions that (i) money damages are adequate to compensate the Company for such breach, and (ii) there is an adequate
remedy at law available to Company, and shall not urge in any such action or proceeding the claim or defense that such remedy at
law exists. Company shall have, in addition to any and all remedies at law, the right, without posting of bond or other security,
to request an injunction, both temporary and permanent, specific performance and/or other equitable relief to prevent the violation
of any obligation under Paragraph 5. The parties agree that the remedies of Company for breach of Paragraph 5 shall be cumulative,
and seeking or obtaining injunctive or other equitable relief shall not preclude the making of a claim for damages or other relief.
The parties to this Agreement also agree that Company shall be entitled to such damages as Company can show it has sustained by
reason of such breach.

 

7. Termination of Contract. The Company
will not terminate the Contract without “CAUSE”, which shall mean: (i) Employee’s theft, dishonesty, or falsification
of any Company documents or records; (ii) Employee’s improper use or disclosure of Company’s confidential or proprietary
information; (iii) any intentional act by Employee that has a materially detrimental effect on Company’s reputation or business;
(iv) Employee’s failure to perform assigned duties after written notice from Company and a reasonable opportunity to cure;
or (v) any uncured material breach by Employee of any written agreement between Employee and Company. In the event that the Company
terminates this Contract without cause, the Company shall pay the Employee a cancellation fee of $64,000.

 

8. This contract encompasses the entire
agreement of the parties and there are no other agreements or understandings, either written or oral.

 

9. This contract may not be modified or
amended except in writing with the same degree of formality with which this contract has been executed.

 

10. Should any part or provision of this
contract be adjudicated inoperative or invalid, the remaining provisions of the contract will remain in effect and operate as if
the invalid or inoperative provision had never existed.

 

11. The construction, interpretation of
this contract, and all transactions under it shall be governed by the laws of the State of New York.

 

     

     

    

 

12. Dispute Resolution: In the event of
any dispute or claim relating to or arising out of this agreement (including, but not limited to, any claims of breach of contract,
wrongful termination or age, sex, race or other discrimination), Company and Employee agree that all such disputes shall be fully
and finally resolved by binding arbitration conducted by the American Arbitration Association in the City and State of New York
in accordance with its National Arbitration Rules, as those rules are currently in effect. Company and Employee acknowledge that
by accepting this arbitration provision, they are waiving the right to a jury trial in the event of such dispute, provided however,
that this arbitration provision shall not apply to any disputes or claims relating to or arising out of the misuse or misappropriation
of trade secrets or proprietary information. Arbitration fees will be shared equally by Company and Employee.

 

13. The Parties acknowledge that each Party
has had an opportunity to consult with its respective legal counsel regarding this Agreement and that accordingly, the terms of
the Agreement are not to be construed against any Party because that Party drafted the Agreement or construed in favor of any Party
because that Party failed to understand the legal effect of the provisions of the Agreement.

 

WITNESS OUR SIGNATURES, this 20th day of
December, 2012.

  

	COMPANY	 	EMPLOYEE

	 	 	 	 	 
	BY:	/s/Xinfu Hu	 	BY:	/s/ Philip Prinzi
    
	 	 	 	 	 
	TITLE:	General Manager	 	TITLE:	Director of Logistics, Fuling
    Plastics USA Inc.

 

     

     

    

 

FIRST
Addendum to THAT CERTAIN Employment Agreement

 

between
Fuling Plastics USA, Co. and Philip Prinzi

 

Dated
January 1, 2013

 

This ADDENDUM is attached to and forms part of the Employment
Agreement between Fuling Plastics USA, Co. (aka Fuling Plastics USA, Inc.), a New York Corporation and subsidiary of Taizhou Fuling
Plastics Company, Ltd. , and Philip Prinzi , as of January 1, 2013

 

To the extent that any of the terms or conditions contained
in this ADDENDUM may contradict or conflict with any of the terms or conditions of the attached Agreement, it is expressly understood
and agreed that the terms of this ADDENDUM shall take precedence and supersede the attached Agreement.

 

All capitalized terms shall have the same meanings as set forth
in the Contractor Agreement unless otherwise defined herein.

 

WHEREAS, Taizhou Fuling Plastics Company, Ltd. is the parent
company of the Company; and

 

WHEREAS, Taizhou Fuling Plastics Company, Ltd. has established
a new Pennsylvania corporation, Fuling Plastic USA, Inc. that will perform the same business functions as the Company, among others;
and

 

WHEREAS, the Parties have entered into the Employment Agreement;
and

 

WHEREAS, the Parties each have remaining rights, duties, and
obligations under the Employment Agreement; and

 

WHEREAS, the Parties wish to modify the terms of the original
Employment Agreement as set forth herein.

 

NOW THEREFORE, in consideration of the mutual promises herein,
Parties, intending to be legally bound, hereby agree to the following:

 

		1.	The Employment Agreement is amended by substituting, Fuling Plastics USA, Inc. or Fuling Plastics USA, Co. with Fuling Plastic
USA, Inc. wherever it appears in the Contractor Agreement and the Contractor Agreement shall be binding between Fuling Plastic
USA, Inc., a Pennsylvania Corporation, and Philip Prinzi.

		2.	All respective rights, duties, and obligations of the Parties under the Employment Agreement are unaffected by this change.

		3.	The Employment Agreement is binding upon, and shall inure to the benefit of the Parties themselves, as well as their respective
representatives, successors, and permitted assigns.

		4.	Taizhou Fuling Plastics Company, Ltd. guarantees to the Employee
as primary obligor the due and proper performance by the Company of each and every obligation of the Company arising under the
Employment Agreement.

		5.	The Parties reaffirm no other terms or conditions of the above-mentioned original Employment Agreement not hereby otherwise
modified or amended shall be negated or changed as a result of this here stated addendum.

 

WITNESS OUR SIGNATURES, this 29th day of September, 2014.

 

     

     

    

 

	COMPANY	 	CONTRACTOR
	 	 	 	 	 
	BY:	/s/Guilan Jiang	 	BY:	/s/ Philip Prinzi 
	 	 	 	 	 
	TITLE:	President	 	TITLE:	VP Logistics            09/29/14

 

     

     

    

 

SECOND ADDENDUM TO THAT
CERTAIN EMPLOYMENT AGREEMENT

BETWEEN
FULING PLASTIC USA, INC. (AND FORMERLY FULING PLASTICS USA, CO.) AND PHILIP PRINZI DATED JANUARY 1, 2013

 

This SECOND
ADDENDUM is attached to and forms part of the EMPLOYMENT AGREEMENT, as modified by the FIRST ADDENDUM (collectively "the Agreement"),
between Fuling Plastic USA, Inc., a Pennsylvania Corporation and subsidiary of Taizhou Fuling Plastics Company, Ltd., and Philip
Prinzi (collectively "the Parties") as of August 1, 2015.

 

The terms of
the Agreement are hereby ratified, affirmed and incorporated herein and shall continue to apply in all respects, as amended hereby.

 

To the extent
that any of the terms or conditions contained in this SECOND ADDENDUM may contradict or conflict with any of the terms or conditions
of the Agreement, it is expressly understood and agreed that the terms of this SECOND ADDENDUM shall take precedence and supersede
the Agreement.

 

All capitalized
terms shall have the same meanings as set forth in the Agreement unless otherwise defined herein.

 

WHEREAS, the Parties have entered
into the Agreement; and

 

WHEREAS, the
Parties each have remaining rights, duties, and obligations under the Agreement; and

 

WHEREAS, the
Parties wish to modify the terms of the original Employment Agreement as set forth herein.

 

NOW THEREFORE,
in consideration of the mutual promises herein, Parties, intending to be legally bound, hereby agree to the following:

 

	 	1.	Paragraph 2, is modified
    as follows: "In consideration of Employee fulfilling the duties and responsibilities set forth herein, Company shall
    pay Employee a gross salary of $64,000 for Supported Business up to a total Net Invoice Amount of $10 Million annually, to
    be paid in monthly amounts of $5,333.33 on the first
    of each month, beginning January 1, 2013 and
    extending through December 31, 2020. If Supported Business exceeds $10 Million in any calendar year, the following year’s
    gross salary will be increased by $4,000 for every $1 Million in excess of the base $10 Million."

 

		2.	Paragraph 7, in its entirety, is replaced as follows: "Termination of Contract. The Company will not terminate the Contract
without "CAUSE", which shall mean: (i) theft, dishonesty, or falsification of any Company documents or records; (ii)
improper use or disclosure of Company's confidential or proprietary information; (iii) any intentional act by employee that has
a materially detrimental effect on Company's reputation or business; (iv) failure to perform assigned duties after written notice
from Company and a reasonable opportunity to cure; (v) any uncured material breach by employee of any written agreement between
employee and Company; (vi) arrest or conviction for a felony; (vii) use of drugs or excessive alcohol in the workplace; (viii)
misconduct that may subject the Company to criminal or civil liability; (ix) employee’s breach of duty of loyalty, including
diversion or usurpation of corporate opportunities belonging to the Company; or (x) willful disregard of Company procedures that
Employee has received notice of. In the event that the Company terminates this Contract without cause, the Company shall pay the
Employee a cancellation fee of $64,000, and employee shall not be entitled to any other salary, compensation, commission, damages
or benefits other than the cancellation fee."

 

     

     

    

 

		3.	The Parties reaffirm that no other terms or conditions of the Agreement, not hereby modified or
amended, shall be negated or changed as a result of this stated addendum .

 

WITNESS
OUR SIGNATURES, this 24th day of July, 2015.

 

	COMPANY	 	EMPLOYEE
	 	 	 	 	 
	BY:	/s/Xinfu Hu	 	BY:	/s/ Philip Prinzi
	 	 	 	 	 
	TITLE:	General Manager	 	 	 
	 	 	 	 	 

 

     

     

    

 

THIRD ADDENDUM TO THAT CERTAIN EMPLOYMENT
AGREEMENT

 

BETWEEN FULING PLASTIC USA, INC (AND
FORMERLY FULING PLASTICS USA, CO) AND PHILIP PRINZI

 

DATED JANUARY 1, 2013

 

This THIRD ADDNDUM is attached to and forms part of
the EMPLOYMENT AGREEMENT, as modified by the FIRST ADDENDUM and the SECOND ADDENDUM (Collectively “the Agreement”)
between Fuling Plastic USA, Inc., A subsidiary of Taizhou Fuling Plastics, LTD and Philip Prinzi (Collectively “the Parties”)
as of August 3, 2015.

 

The terms of the Agreement and prior Addendums are hereby
ratified, affirmed and incorporated herein and will continue to apply unless otherwise defined hereby.

 

To the extent
that any of the terms or conditions contained in this THIRD ADDENDUM may contradict or conflict with any of the terms or conditions
of the Agreement, it is expressly understood and agreed that the terms of this THIRD ADDENDUM shall take precedence and supersede
the Agreement.

 

All capitalized
terms shall have the same meanings as set forth in the Agreement unless otherwise defined herein.

 

WHEREAS, the Parties have entered
into the Agreement; and

 

WHEREAS, the
Parties each have remaining rights, duties, and obligations under the Agreement; and

 

WHEREAS, the
Parties wish to modify the terms of the original Employment Agreement as set forth herein.

 

NOW THEREFORE,
in consideration of the mutual promises herein, Parties, intending to be legally bound, hereby agree to the following:

 

		1.	From the period of August 3, 2015 until January 31, 2016 Philip Prinzi shall be titled as VICE PRESIDENT, OPERATIONS of FULING
PLASTIC USA, INC. And assume the duties and responsibilities of that position.

		2.	As additional compensation (in addition to all other compensation in prior agreements), Philip Prinzi will be paid the sum
of $10,000 USD per month for each month or partial month that this agreement is in effect.

		3.	During this period, Philip Prinzi, agrees to help locate, hire and train a suitable replacement.

		4.	This addendum, the position of VICE PRESIDENT, OPERATIONS and the ADDITIONAL compensation shall cease upon the written consent
of both parties, when a suitable replacement is found.

 

WITNESS OUR SIGNATURES,
this 8th day of August, 2015

 

	COMPANY	 	EMPLOYEE
	 	 	 	 	 
	BY:	/s/Xinfu Hu	 	BY:	/s/ Philip Prinzi
	 	 	 	 	 
	TITLE:	General Manager

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