Document:

Exhibit 10.1

 

STOCK SALE AND PURCHASE
AGREEMENT

 

THIS STOCK SALE AND PURCHASE AGREEMENT
(this “Agreement”) is dated as of December 30, 2021, and is made and entered into by and among Terry Chu (“Buyer”)
and Wave Sync Corp. (“Seller”) with respect to the following facts:

 

A. Seller
owns 1 share of common stock of EGOOS Mobile Technology Company Limited, a British Virgin Islands corporation (the “Company”),
being all the issued and outstanding share of the Company (the “Share”).

 

B. Seller
desires to sell to Buyer, and Buyer desires to purchase from Seller, all the Share on the terms and conditions set forth in this Agreement.

 

Accordingly, for and in consideration
of the premises, the mutual promises, covenants and agreements hereafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Seller and Buyer, intending to be legally bound, do hereby agree as follows:

 

ARTICLE
I

SALE AND PURCHASE

 

Section 1.1

Sale and Purchase of Share.
On and subject to the terms and conditions of this Agreement, effective as of the Closing Date, Buyer shall purchase from Seller, and
Seller shall sell to Buyer, One (1) share of common stock (the “Share”) of the Company registered in the name of Seller
for the consideration specified in Section 1.2 and upon the terms and conditions set forth in this Agreement.

 

Section 1.2

Purchase Price.
The purchase price for the Share (the “Purchase Price”) is One dollars ($1.00). The Purchase Price shall be paid to
the Seller at the Closing, in cash.

 

Section 1.3

Closing Date; Deliveries.
The closing shall occur on December 30, 2021, or such other date as the parties hereto may agree to (the “Closing Date”).
On the Closing Date, Buyer shall deliver a check in the amount of the Purchase Price to Seller, and Seller shall deliver to Buyer a share
certificate representing the Shares issued in the name of the Seller.

 

ARTICLE II

REPRESENTATIONS, WARRANTIES
AND COVENANTS OF SELLER

 

To induce Buyer to enter into and
perform its obligations under this Agreement, Seller hereby represents and warrants to Buyer, and covenants with Buyer, as follows:

 

Section 2.1

Authority and Capacity. Seller has all
requisite power, authority and capacity to enter into this Agreement. The execution, delivery and performance of this Agreement by Seller
does not, and the consummation of the transaction contemplated hereby will not, result in a breach of or default under any agreement to
which Seller is a party or by which Seller is bound.

 

Section 2.2

Binding Agreement. This
Agreement has been duly and validly executed and delivered by Seller and constitutes Seller’s valid and binding agreement, enforceable
against Seller in accordance with and subject to its terms.

 

    1

     

    

 

Section 2.3

Title to Shares.
Seller is the lawful, record and beneficial owner of all of the Shares, free and clear of any liens, claims, agreements, charges, security
interests and encumbrances whatsoever. The sale, conveyance, assignment, and transfer of the Shares in accordance with the terms of this
Agreement transfers to Buyer legal and valid title to the Shares, free and clear of all liens, security interests, hypothecations or pledges.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF BUYER

 

To induce Seller to enter into
and perform their obligations under this Agreement, Buyer represents and warrants to Seller as follows:

 

Section 3.1

Authority and Capacity.
Buyer has all requisite power, authority and capacity to enter into this Agreement. The execution, delivery and performance of this Agreement
by Buyer does not, and the consummation of the transaction contemplated hereby will not, result in a breach of or default under any agreement
to which Buyer is a party or by which Buyer is bound.

 

Section 3.3

Investment
Representations. Buyer is acquiring the Shares for Buyer’s own account and is not acquiring the Shares with a view to or
for sale in connection with any distribution thereof within the meaning of the Securities Act of 1933, as amended.

 

ARTICLE
IV

MISCELLANEOUS

 

Section 4.1

Entire Agreement.
This Agreement constitutes the entire understanding and agreement of the parties relating to the subject matter hereof and supersedes
any and all prior understandings, agreements, negotiations and discussions, both written and oral, between the parties hereto with respect
to the subject matter hereof.

 

Section 4.2

Governing Law. This
Agreement shall be construed, interpreted and enforced in accordance with, and shall be governed by, the laws of the British Virgin Islands
without reference to, and regardless of, any applicable choice or conflicts of laws principles.

 

Section 4.3

Counterparts. This
Agreement may be executed in any number of counterparts and by the several parties hereto in separate counterparts, each of which shall
be deemed to be an original, and all of which together shall constitute one and the same Agreement.

 

Section 4.4

Further Assurances.
Each of the parties hereto shall from time to time at the request of any other party hereto, and without further consideration, execute
and deliver to such other party such further instruments of assignment, transfer, conveyance and confirmation and take such other action
as such other party may reasonably request in order to more effectively fulfill the purposes of this Agreement.

 

[SIGNATURE PAGE TO FOLLOW]

 

    2

     

    

 

IN WITNESS WHEREOF, this Agreement
has been signed by the parties hereto as of the date first above written.

 

	Buyer:	 
	 	 
	/s/ Terry Chin	 
	Terry Chin	 
	 	 
	Seller:	 
	WAVE SYNC CORP.	 
	 	 
	/s/ Jiang Hui	 
	Jiang Hui	 

 

 

3Exhibit 10.1

 

Execution Copy

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (“Agreement”)
is entered into on January 1st 2022 (the “Effective Date”) by and between Cyngn Inc., a Delaware
corporation (the “Company”) and Lior Tal (“Executive”) (collectively, the “Parties”
and, each, a “Party”).

 

WHEREAS, the Executive currently serves as the Chief
Executive Officer of the Company pursuant to the terms of an Offer Letter dated April 17, 2016, the terms of which are superseded and
replaced in their entirety by this Agreement; and

 

Whereas, the Company desires to enter into this
Agreement to formalize the terms and conditions of the Executive’s employment with the Company, as set forth herein; and

 

WHEREAS, the Executive desires to be employed by
the Company on such terms and conditions.

 

NOW, THEREFORE, in consideration
of the mutual covenants, promises, and obligations set forth herein, the parties agree as follows:

 

1.
Position and Duties.

 

1.1 Position.
As of the Effective Date, the Executive shall serve as the Chief Executive Officer of the Company, reporting to the Board of Directors
of the Company (the “Board”). In such position, the Executive shall have such duties, authority, and responsibilities
as shall be determined from time to time by the Board, which duties, authority, and responsibilities are consistent with the Executive’s
position. The Executive agrees to serve as a member of the Board or as an officer or director of any affiliate of the Company for no
additional compensation.

 

1.2 Duties.
The Executive shall devote substantially all of his business time and attention to the performance of the Executive’s duties hereunder
and will not engage in any other business, profession, or occupation for compensation or otherwise which would conflict or interfere
with the performance of such services either directly or indirectly without the prior written consent of the Board. 

 

1.3 Prior
Obligations. Executive represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by
Executive do not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree
to which Executive is a party or by which he is bound, (ii) Executive is not a party to or bound by any employment agreement, non-compete
agreement, non-solicitation agreement, confidentiality agreement or similar agreement with any other person or entity that would adversely
affect Executive’s performance of his duties hereunder, and (iii) Executive will not use any confidential information or trade secrets
of any third party in connection with the performance of his duties hereunder.

 

2.
Place of Performance. The principal place of Executive’s employment shall be remote; provided, however, that, from time
to time, Executive may be required to travel to the Company’s principal executive office currently located in Menlo Park, California,
or to other locations on Company business.

 

     

     

    

 

3.
Compensation.

 

3.1
Base Salary. The Company shall pay the Executive an annual base salary of $500,000 in periodic installments in accordance
with the Company’s customary payroll practices and applicable wage payment laws, but no less frequently than monthly. The Executive’s
annual base salary, as in effect from time to time, is hereinafter referred to as “Base Salary”.

 

3.2 Annual
Bonus. The Executive shall be eligible to earn an annual performance bonus in the target amount of 60% of his Base Salary
(the “Annual Bonus”). The Compensation Committee of the Board (the “Compensation Committee”) will
determine the terms of the Annual Bonus, including the performance objectives to be achieved. Any earned Annual Bonus will be paid within
the period necessary for compliance with Treasury Regulation Section 1.409A-1(b)(4). Except as otherwise provided in Section 5, the Executive
must be employed by the Company on the last day of the applicable performance year in order to be eligible to earn any part of the Annual
Bonus.

 

3.3
Equity Awards. The
Executive shall be eligible to participate in the Company’s 2013 Equity Incentive Plan, the 2021 Incentive Plan (the “2021
Plan”) or any successor plan, subject to the terms of such plan, as determined by the Compensation Committee, in its
sole discretion.

 

3.4
Employee Benefits. The Executive shall be eligible to participate in all employee benefit, fringe benefit and perquisite
plans, practices, and programs maintained by the Company for similarly situated executives, as in effect from time to time (collectively,
“Employee Benefit Plans”), on a basis which is no less favorable than is provided to other similarly situated executives
of the Company, subject to the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or terminate any
Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

 

3.5
Business Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business,
entertainment, and travel expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder
in accordance with the Company’s expense reimbursement policies and procedures.

 

3.6 Indemnification.
The Company has entered into the standard form of officer and director indemnification agreement with the Executive. The Company will
use commercially reasonable efforts to maintain third party directors and officers indemnification insurance for the Executive on the
same terms and conditions as apply to the members of the Board and similarly situated executive officers.

 

3.7
Clawback Provisions. Any amounts payable to the Executive by the Company are subject to any clawback policy (whether in
existence as of the Effective Date or later adopted) established by the Company to the extent such policies are required under all applicable
laws.

 

    2

     

    

 

4.
Employment At Will. Executive’s employment with the Company will be “at-will” employment and may be terminated
by either the Company or Executive at any time with or without cause or with or without notice.

 

5. Severance
Rights.

 

5.1 Termination
without Cause or Resignation for Good Reason Not During Protection Period. If the Company terminates Executive’s employment
without Cause or if Executive resigns for Good Reason (and other than as a result of Executive’s death or Disability (as defined
in the 2021 Plan)) other than during the Protection Period (as defined below), and provided such termination constitutes a “separation
from service” (as defined under Treasury Regulation Section 1.409A-1(h)), and provided Executive signs, and allows to become effective
not later than 60 days following the termination date, the Company’s standard form of release of claims (the “Release”),
complies with his continuing obligations to the Company, and resigns from all positions Executive then holds with the Company and its
affiliates, the Company will pay Executive the following severance (the “Severance”).

 

(a) The
Company will make continuing payments of Executive’s Base Salary as in effect on the date of Executive’s termination (ignoring
any reduction that forms the basis for Good Reason) for the first twelve (12) months following the termination date, payable in accordance
with the Company’s standard payroll procedures, but no amount will be paid until the 60th day following termination, at which time
the Company will make a lump sum payment equal to the amounts that would otherwise have been paid through that date, with the balance
paid thereafter on the normal payroll cycle.

 

(b) The
Company will make a lump sum payment equal to the pro-rated amount of the Executive’s target Annual Bonus for the year of termination
(ignoring any reduction in Base Salary that forms the basis for Good Reason), equal to the product of (x) the target Annual Bonus and
(y) a fraction, the numerator of which is the number of days in the applicable performance period through the termination date and the
denominator of which is the total number of days in the applicable performance period. The Company will pay this amount on the 60th day
following the termination.

 

(c) The
Company will reimburse to Executive for the payments Executive makes for medical, vision and dental coverage under Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended or comparable state law (“COBRA”) for the first twelve (12) months after
the termination date, or, if earlier, (y) the date Executive or his dependents cease to be eligible for COBRA or (z) the date Executive
becomes eligible for group health insurance coverage from another employer. Notwithstanding the foregoing, if the Company’s making payments
under this Section paragraph would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care
Act (the “ACA”), or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated
thereunder), the parties agree to reform paragraph in a manner as is necessary to comply with the ACA.

 

(d) The
Company will accelerate the vesting of each of the Executive’s then-outstanding time-based equity awards as to 25% of the then-unvested
shares subject to each such award, effective as of the termination date.

 

    3

     

    

 

5.2 Termination
without Cause or Resignation for Good Reason during Protection Period. If immediately prior to, on or within 12 months after a Change
of Control (the “Protection Period”), the Company terminates Executive’s employment without Cause (and other
than as a result of Executive’s death or Disability (as defined in the 2021 Plan)), or if Executive resigns for Good Reason during
the Protection Period, and provided such termination constitutes a “separation from service” (as defined under Treasury Regulation
Section 1.409A-1(h)), and provided Executive signs, and allows the Release to become effective not later than 60 days following the termination
date, complies with his continuing obligations to the Company, and resigns from all positions Executive then holds with the Company and
its affiliates, the Company will pay Executive the following severance (the “CIC Severance”):

 

(a) The
Company will make a lump sum payment equal to eighteen (18) months of Executive’s Base Salary as in effect on the date of Executive’s
termination (ignoring any reduction that forms the basis for Good Reason), payable on the 60th day following the termination date.

 

(b) The
Company will make a lump sum payment equal to 150% of Executive’s target Annual Bonus as in effect on the date of Executive’s
termination (ignoring any reduction in Base Salary that forms the basis for Good Reason), payable on the 60th day following the termination
date.

 

(c) The
Company will reimburse to Executive for the payments Executive makes for medical, vision and dental coverage under COBRA for the first
eighteen (18) months after the termination date, or, if earlier, (y) the date Executive or his dependents cease to be eligible for COBRA
or (z) the date Executive becomes eligible for group health insurance coverage from another employer. The Company will reimburse to Executive
for the payments Executive makes for medical, vision and dental coverage under Consolidated Omnibus Budget Reconciliation Act of 1985,
as amended or comparable state law (“COBRA”) for the first eighteen (18) months after the termination date, or, if
earlier, (y) the date Executive or his dependents cease to be eligible for COBRA or (z) the date Executive becomes eligible for group
health insurance coverage from another employer. Notwithstanding the foregoing, if the Company’s making payments under this Section paragraph
would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care Act (the “ACA”),
or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder), the parties agree
to reform paragraph in a manner as is necessary to comply with the ACA.

 

(d) The
Company will accelerate the vesting of each of the Executive’s then-outstanding time-based equity awards in full, effective as of
the termination date.

 

    4

     

    

 

5.3 Exclusive
Remedy. In the event of a termination of Executive’s employment, the provisions of Section 5 are intended to be and are exclusive
and in lieu of and supersede any other rights or remedies to which Executive otherwise may be entitled, whether at law, tort or contract
or in equity, or under this Agreement (other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable
expenses). Any severance benefits provided hereunder are intended to offset any obligations to provide severance or advance notice of
termination under applicable laws like the WARN Act.

 

5.4 Confidential
Information; Cooperation. Executive’s receipt of any payments or benefits under Section 5 will be subject to Executive continuing
to comply with the terms of the Confidential Information Agreement and the provisions of this Agreement. In addition, Executive agrees
that in consideration for the Company’s promises under this Agreement, that upon his termination, he will fully cooperate with the
Company in effecting an orderly transition of his duties and in ensuring that the business of the Company is conducted in a professional,
positive and competent manner through his separation. Executive agrees that following his termination, he will, without any additional
compensation, respond to reasonable requests for information from the Company regarding matters that may arise in the Company’s
business. Executive further agrees to fully and completely cooperate with the Company, its advisors and its legal counsel with respect
to any litigation that is pending against the Company and any claim or action that may be filed against the Company in the future. Such
cooperation will include making himself available at reasonable times and places for interviews, reviewing documents, testifying in a
deposition or a legal or administrative proceeding, and providing advice to the Company in preparing defenses to any pending or potential
future claims against the Company. The Company agrees to pay/reimburse Executive for any approved travel expenses incurred as a result
of his cooperation with the Company.

 

5.5 No
Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any
earnings that Executive may receive from any other source reduce any such payment (except as expressly provided herein with respect to
COBRA).

 

5.6 Post-Termination
Option Exercise Period. If the Executive’s termination of employment (for any reason) occurs within the (2) year period immediately
following the Effective Date, then provided Executive signs the Release, and allows it to become effective not later than 60 days following
the termination date, complies with his continuing obligations to the Company, and resigns from all positions Executive then holds with
the Company and its affiliates, the Company will extend the post-termination exercise period with respect to all stock options held by
the Executive until the earliest of (i) the date that is five (5) years after the termination date, (ii) the date the Executive breaches
his continuing obligations to the Company and (iii) the original expiration date of the stock options. If the Executive’s termination
of employment (for any reason) occurs after the (2) year period immediately following the Effective Date, then provided Executive signs
the Release, and allows it to become effective not later than 60 days following the termination date, complies with his continuing obligations
to the Company, and resigns from all positions Executive then holds with the Company and its affiliates, the Company will extend the post-termination
exercise period with respect to all stock options held by the Executive until the earliest of (i) the date that is three (3) years after
the termination date, (ii) the date the Executive breaches his continuing obligations to the Company and (iii) the original expiration
date of the stock options.

 

    5

     

    

 

5.7 Definitions.

 

(a) Cause.
For purposes of this Agreement, “Cause” means: (i) Executive’s failure to perform his assigned duties and
responsibilities as an employee (other than a failure resulting from Executive’s Disability) after receiving written notice thereof
from the Company or the Board describing Executive’s failure to perform such duties or responsibilities and a 30 day opportunity
to cure such failure (to the extent capable of cure); (ii) Executive engaging in any act of dishonesty, fraud or misrepresentation
with respect to the Company that has or is reasonably likely to result in material harm to the Company or its stockholders; (iii) Executive’s
violation of any federal or state law or regulation applicable to the business of the Company or its affiliates that has or is reasonably
likely to result in material harm to the Company or its stockholders; (iv) Executive’s breach of his representations in this Agreement,
any provision of his confidentiality agreement or invention assignment agreement (including, but not limited to, the Confidential Information
Agreement) between Executive and the Company (or any affiliate of the Company) or of his statutory duties to the Company and its stockholders;
or (v) Executive being convicted of, or entering a plea of nolo contendere to, any felony.

 

(b) Good
Reason. For purposes of this Agreement, “Good Reason” means Executive’s resignation from all positions he
then holds with the Company and any affiliates within 30 days following the expiration of any Company cure period (discussed below) following
the occurrence of one or more of the following, without Executive’s consent: (i) a material reduction in Executive’s Base
Salary; (ii) a material reduction of Executive’s authority, duties, title or responsibilities, including by virtue of the Company
being acquired and made part of a larger entity whether as a subsidiary, business unit or otherwise; or (iii) any material breach by the
Company of any material provision of this Agreement. In order for an event to qualify as Good Reason, Executive must provide written notice
to the Company of the acts or omissions constituting the grounds for “Good Reason” within 30 days after the initial existence
of the grounds for “Good Reason,” the Company fails to reasonably remedy such act or omission within 30 days thereafter, and
Executive’s resignation from all positions is effective not later than 30 days after the expiration of such cure period.

 

6.
Confidential Information and Inventions Assignment. The Executive has previously
signed the Company’s standard form of confidential information and inventions assignment agreement (the “CIIAA”), the
terms of which are incorporated by reference herein and remain in full force and effect. Nothing in this Agreement or the CIIAA
prohibits Executive from reporting to any governmental authority or attorney information concerning suspected violations of law involving
the disclosure of trade secrets, provided that Executive does so consistent with 18 U.S.C. Section 1833.

 

7.
Governing Law: Jurisdiction and Venue. This Agreement, for all purposes, shall
be construed in accordance with the laws of California without regard to conflicts of law principles. Any action or proceeding by either
of the parties to enforce this Agreement shall be brought only in a state or federal court located in the state of California, county
of Santa Clara. The parties hereby irrevocably submit to the non-exclusive jurisdiction of such courts and waive the defense of inconvenient
forum to the maintenance of any such action or proceeding in such venue.

 

8.
Entire Agreement. Unless specifically provided herein, this Agreement, including the CIIAA, contains all of the understandings
and representations between the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous
understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter. The parties mutually
agree that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of the
Agreement.

 

    6

     

    

 

9.
Modification and Waiver. No provision of this Agreement may be amended or
modified unless such amendment or modification is agreed to in writing and signed by both parties. No waiver by either of the parties
of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall
be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure
of or delay by either of the parties in exercising any right, power, or privilege hereunder operate as a waiver thereof to preclude any
other or further exercise thereof or the exercise of any other such right, power, or privilege.

 

10.
Severability. Should any provision of this Agreement be held by a court of
competent jurisdiction to be enforceable only if modified, or if any portion of this Agreement shall be held as unenforceable and thus
stricken, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding
upon the parties with any such modification to become a part hereof and treated as though originally set forth in this Agreement.

 

11.
Captions. Captions and headings of the sections and paragraphs of this Agreement
are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any
section or paragraph.

 

12.
Counterparts. This Agreement may be executed in separate counterparts, each
of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

 

13.
Section 409A.

 

13.1 The
Parties intend that all payments and benefits in this Agreement are exempt from Section 409A of Internal Revenue Code (the “Code”),
and any ambiguities or ambiguous terms herein will be interpreted to be exempt. To the extent not so exempt, the Parties intend that all
payments and benefits will comply with Section 409A, and any ambiguities or ambiguous terms herein will be interpreted as such. Every
payment, installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2)
of the Treasury Regulations. The severance benefits described herein are intended to be exempt from Section 409A pursuant to Treasury
Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9).

 

13.2 For
purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments
to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section
409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement
are exempt from or comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties,
interest, or other expenses that may be incurred by the Executive on account of non-compliance with Section 409A.

 

13.3
Specified Employees. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive
in connection with his termination of employment is determined to constitute “nonqualified deferred compensation” within
the meaning of Section 409A and the Executive is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i),
then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Termination
Date or, if earlier, on the Executive’s death (the “Specified Employee Payment Date”). The aggregate of any
payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to the Executive in a lump sum
on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original
schedule.

 

    7

     

    

 

13.4
Reimbursements. To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement
shall be provided in accordance with the following:

 

(a) the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(b) any
reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the calendar
year in which the expense was incurred; and

 

(c) any
right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

 

14.
Successors and Assigns. This Agreement is personal to the Executive and shall
not be assigned by the Executive. Any purported assignment by the Executive shall be null and void from the initial date of the purported
assignment. The Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation,
or otherwise) to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the
Company and permitted successors and assigns.

 

15. Notice.
Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have been duly given when
personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or when delivered
by a private courier service such as UPS or Federal Express that has tracking capability. In the case of Executive, mailed notices will
be addressed to him at the home address that he most recently communicated to the Company’s Human Resource department in writing.
In the case of the Company, mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the Company’s
Chairman of the Board with a copy to the Company’s chief legal officer. Notice may also be given through the official Company email
address for the affected Party.

 

16. Representations
of the Executive. The Executive represents and warrants to the Company that:

 

(a) The
Executive’s acceptance of employment with the Company and the performance of his duties hereunder will not conflict with or result in
a violation of, a breach of, or a default under any contract, agreement, or understanding to which he is a party or is otherwise bound.

 

(b) The
Executive’s acceptance of employment with the Company and the performance of his duties hereunder will not violate any non-solicitation,
non-competition, or other similar covenant or agreement of a prior employer.

 

17.
Withholding. The Company shall have the right to withhold from any amount
payable hereunder any Federal, state, and local taxes in order for the Company to satisfy any withholding tax obligation it may have
under any applicable law or regulation.

 

18.
Survival. Upon the expiration or other termination of this Agreement, the
respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to
carry out the intentions of the parties under this Agreement.

 

19.
Acknowledgement of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES
THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD
AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT.

 

    8

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.

 

	 	CYNGN, INC.
	 	 	 
	 	By	/s/ Donald Alvarez

	 	Name: 	Donald Alvarez
	 	Title:	Chief Financial Officer

 

	EXECUTIVE	 
	 	 
	/s/ Lior Tal
	 
	Lior Tal	 

 

 

9

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