Document:

Exhibit 10.19

 

NEITHER
THIS NOTE NOR THE SECURITIES INTO WHICH THIS NOTE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

iPOWER
INC.

 

CONVERTIBLE NOTE

 

 

	Issuance Date:  January 27, 2021	Original Principal Amount: $1,000,000
	Note
    No. 1	 

 

 

FOR
VALUE RECEIVED, iPower Inc., a Nevada corporation (“iPower” or the "Maker"), hereby promises to
pay to the order of Bright Century Investment LLC, or registered assigns (the "Holder”)
the amount set out above as the Original Principal Amount, as reduced pursuant to the terms hereof pursuant to redemption,
conversion or otherwise (the "Principal"), when due, whether upon the Maturity Date (as defined below),
acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest
("Interest") on any outstanding Principal at the applicable Interest Rate from the date set out above as the
Issuance Date (the "Issuance Date") until the same becomes due and payable, upon the Maturity Date or acceleration,
conversion, redemption or otherwise (in each case in accordance with the terms hereof).

 

The
Original Principal Amount is One Million Dollars ($1,000,000). For purposes hereof, the term “Outstanding Balance”
means the Original Principal Amount, as reduced or increased, as the case may be, pursuant to the terms hereof for conversion,
breach hereof or otherwise, plus any accrued but unpaid interest, collection and enforcements costs, and any other fees or charges
incurred under this Note.

 

(1)            GENERAL
TERMS

 

(a)           Payment
of Principal. Unless previously converted into shares of the Class A common stock, $0.001 par value, of iPower (the “Class
A Common Stock”) as contemplated hereby, this Note, together with all accrued interest hereon at the Interest Rate, shall
be due and payable on 180th day following the Issuance Date (the "Repayment Date"). In the event that iPower shall not
have completed an initial public offering of its Class A Common Stock (the “IPO”) by a date which shall be six months
from the Issuance Date, the Holder may at its option, to notify iPower within one business day (1) to wait for the IPO and in
which case the “Optional Conversion” in the following Section 3(b) shall apply, or (2) require the Original Principal
Amount of this Note, together with accrued interest hereon, be subject to repayment in six equal monthly installments commencing
on the 30th day of the Holder sending repayment notice to the Company. During the repayment process of the Note, if there is IPO
of the Company, within one business after completion of the IPO, Holder may at its option to convert all or part of the outstanding
unpaid Note per provisions under Optional Conversion.

 

 

 

 

    	 	1	 

     

    

 

(b)           Interest.
In the event the Company does not complete a Qualified IPO (as defined below), interest shall accrue on the Outstanding
Balance at an annual rate of six percent (6%) from the Issuance Date (the “Interest Rate”) and shall be fully
paid on the Maturity Date (or sooner as provided herein) to the Holder or its assignee in whose name this Note is registered
on the records of the Makers regarding registration and transfers of Notes in cash. Upon an optional or mandatory conversion
of the Note into shares of Class A Common Stock (as provided herein), all accrued interest on the Principal Amount subject to
such conversion shall be waived.

 

 (2)            EVENTS OF DEFAULT.

 

(a)           An
“Event of Default,” wherever used herein, means the occurrence and continuation of any one of the following events,
whatever the reason, and whether it shall be voluntary or involuntary, or effected by operation of law or pursuant to any judgment,
decree or order of any court, or any order, rule or regulation of any administrative or governmental body:

 

(i)             The
Maker's failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Note;

 

(ii)
           A Conversion Failure as defined in Section 3(c)(ii);

 

(iii)           The
Maker or any subsidiary of the Maker shall commence, or there shall be commenced against the Maker or any subsidiary of the Maker
under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Maker or any
subsidiary of the Maker commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Maker
or any subsidiary of the Maker or there is commenced against the Maker or any subsidiary of the Maker any such bankruptcy, insolvency
or other proceeding which remains undismissed for a period of ninety-one (91) days; or the Maker or any subsidiary of the Maker
is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered;
or the Maker or any subsidiary of the Maker suffers any appointment of any custodian, private or court appointed receiver or the
like for it or any substantial part of its property which continues undischarged or unstayed for a period of ninety-one (91) days;
or the Maker or any subsidiary of the Maker makes a general assignment for the benefit of creditors; or the Maker or any subsidiary
of the Maker shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they
become due; or the Maker or any subsidiary of the Maker shall call a meeting of its creditors with a view to arranging a composition,
adjustment or restructuring of its debts; or the Maker or any subsidiary of the Maker shall by any act or failure to act expressly
indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action is taken by the
Maker or any subsidiary of the Maker for the purpose of effecting any of the foregoing;

 

(3)            CONVERSION
OF NOTE.This Note shall be convertible into shares of the Maker’s Class A Common Stock, on the terms and conditions
set forth in this Section 3.

 

 

 

 

    	 	2	 

     

    

 

(a)            Mandatory
Conversion. Notwithstanding anything to the contrary, express or implied, contained in this Note, at such time as iPower
shall complete its initial public offer (“IPO”), and assuming that it raised a minimum of $15,000,000 in gross
proceeds and has had its Class A Common Stock listed for trading on the Nasdaq Capital Market within six months of the
Issuance Date (a “Qualified IPO”), a “Mandatory Conversion Event” shall be deemed to have occurred.
Upon the occurrence of such Mandatory Conversion Event, the entire Outstanding Principal Amount of this Note (the
“Mandatory Conversion Amount”) shall automatically, and without any further action on the part of the Holder,
convert into that number of shares of fully paid and nonassessable shares of Class A Common Stock as shall be equal to the
quotient of dividing the Mandatory Conversion Amount by the Conversion Price set forth in Section 3(a)(i) below (the
“Mandatory Conversion Shares”). iPower shall not issue any fraction of a share of Class A Common Stock upon any
mandatory conversion under this Section 3(a). If the issuance would result in the issuance of a fraction of a share of Class
A Common Stock, iPower shall round such fraction of a share of Class A Common Stock up to the nearest whole share. iPower
shall pay any and all transfer agent fees, legal fees, costs and any other fees or costs that may be incurred or charged in
connection with the issuance of shares of the Class A Common Stock to the Holder pursuant to this Section 3(a). Within five
(5) Trading Days after iPower gives the Holder notice by facsimile or email transmission that a Mandatory Conversion Event
has occurred, iPower will provide VStock Transfer Company, iPower’s transfer agent, with documentation that the
Mandatory Conversion Shares are eligible for such electronic issuance. In the event that iPower shall fail to issue and
deliver to Holder via “DWAC/FAST” electronic transfer the number of Mandatory Conversion Shares to which the
Holder is entitled upon the occurrence of a Mandatory Conversion Event, the Outstanding Principal Amount of the Note shall
increase by $500 per day until such time as iPower issues and delivers a certificate to the Holder or credit the Holder's
balance account with DTC for the number of Mandatory Conversion Shares to which the Holder is entitled upon such Mandatory
Conversion Event.

 

(i)             “Conversion
Price" shall equal the lesser of (i) a 30% discount to the public offering price per share of the Class A Common Stock registered
in connection with the Qualified IPO, or (ii) a 30% discount of the price per share equal to dividing $200 million by the total
number of (x) outstanding shares of Class A Common Stock immediately prior to the IPO, (y) the number of Class A Common Stock
issuable upon conversion of the 34,500 shares of Series A Preferred Stock, and (z) the number of Class A Common Stock issuable
upon conversion of all outstanding Convertible Notes.

 

(b)           Optional
Conversion. In the event iPower has completed an IPO that does not meet the requirements of a Qualified IPO, the Holder has the
right, at the Holder’s option, to convert the outstanding and unpaid Optional Conversion Amount (as defined below) into
fully paid and nonassessable shares of Class A Common Stock in accordance with Section 3(b), at the Conversion Price (as set forth
in Section 3(a)(i) above). The number of shares of Class A Common Stock issuable upon conversion of any Optional Conversion Amount
pursuant to this Section 3(b) shall be equal to the quotient of dividing the Optional Conversion Amount by the Conversion Price.
iPower shall not issue any fraction of a share of Class A Common Stock upon any conversion. If the issuance would result in the
issuance of a fraction of a share of Class A Common Stock, iPower shall round such fraction of a share of Class A Common Stock
up to the nearest whole share. iPower shall pay any and all transfer agent fees, legal fees, costs and any other fees or costs
that may be incurred or charged in connection with the issuance and legend removal of shares of Class A Common Stock to the Holder
arising out of or relating to the conversion of this Note up to a maximum of five thousand dollars ($5,000).

 

(i)
           "Optional Conversion Amount" means the outstanding
and unpaid Principal Amount to be converted.

 

 (c)           Mechanics of Conversion.

 

 

 

 

 

    	 	3	 

     

    

 

(i)             Optional
Conversion. To convert the Optional Conversion Amount into shares of Class A Common Stock on any date (a "Conversion Date"),
the Holder shall (A) transmit by email, facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York, NY
Time, within one business day after completion of the IPO, a copy of an executed notice of conversion in the form attached hereto
as Exhibit A (the "Conversion Notice") to iPower. On or before the fifth Business Day following the date of receipt
of a Conversion Notice (the "Share Delivery Date"), iPower shall (A) if legends are not required to be placed on certificates
of Class A Common Stock pursuant to the then existing provisions of Rule 144 of the Securities Act of 1933 (“Rule 144”)
and provided that the Transfer Agent is participating in the Depository Trust Company ("DTC") Fast Automated Securities
Transfer Program, credit such aggregate number of shares of Class A Common Stock to which the Holder shall be entitled to the
Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (B) if the Transfer
Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified
in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Class
A Common Stock to which the Holder shall be entitled which certificates shall not bear any restrictive legends unless required
pursuant the Rule 144. The Person or Persons entitled to receive the shares of Class A Common Stock issuable upon a conversion
of this Note shall be treated for all purposes as the record holder or holders of such shares of Class A Common Stock upon the
transmission of a Conversion Notice.

 

(ii)            Maker’s
Failure to Timely Convert. If within five (5) Trading Days after iPower receipt of the facsimile or email copy of a Conversion
Notice together with documentation satisfactory to the Transfer Agent that the shares are eligible for such electronic issuance,
iPower shall fail to issue and deliver to Holder via “DWAC/FAST” electronic transfer the number of shares of Class
A Common Stock to which the Holder is entitled upon such holder's conversion of any Optional Conversion Amount (a "Conversion
Failure"), the Outstanding Amount of the Note shall increase by 0.05% per day until such time as iPower issues and delivers
a certificate to the Holder or credit the Holder's balance account with DTC for the number of shares of Class A Common Stock to
which the Holder is entitled upon such holder's conversion of any Optional Conversion Amount. iPower will not be subject to any
penalties once its transfer agent processes the shares to the DWAC system. If iPower fails to deliver shares in accordance with
the timeframe stated in this Section, resulting in a Conversion Failure, the Holder, at any time prior to selling all of those
shares, may rescind any portion, in whole or in part, of that particular conversion attributable to the unsold shares and have
the rescinded conversion amount returned to the Outstanding Balance with the rescinded conversion shares returned to iPower.

 

(iii)           Book-Entry.
Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in accordance with the terms hereof,
the Holder shall not be required to physically surrender this Note to iPower unless (A) the full Optional Conversion Amount
represented by this Note is being converted or (B) the Holder has provided iPower with prior written notice (which notice may
be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender of this Note. The Holder and
iPower shall maintain records showing the Principal converted and the dates of such conversions or shall use such other
method, reasonably satisfactory to the Holder and iPower, so as not to require physical surrender of this Note upon
conversion.

 

 (d)           Limitations on Conversions or Trading.

 

(i)             Beneficial Ownership. If at any time after the Closing, the Buyer shall or would receive shares of Class A Common Stock
in payment of principal under Note, upon conversion of the Note, under the Warrant, or upon exercise of the Warrant, so that the
Buyer would, together with other shares of Class A Common Stock held by it or its Affiliates, own or beneficially own by virtue
of such action or receipt of additional shares of Class A Common Stock a number of shares exceeding 9.99% of the number of shares
of Class A Common Stock outstanding on such date (the “Maximum Percentage”), iPower shall not be obligated and shall
not issue to the Buyer shares of Class A Common Stock which would exceed the Maximum Percentage, but only until such time as the
Maximum Percentage would no longer be exceeded by any such receipt of shares of Class A Common Stock by the Buyer. Upon delivery
of a written notice to iPower, the Holder may from time to time increase (with such increase not effective until the sixty-first
(61st) day after delivery of such notice) or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as
specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first
(61st) day after such notice is delivered to iPower and (ii) any such increase or decrease will apply only to the Holder and its
Affiliates. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 5.13 to the extent necessary to correct this paragraph (or any portion of this paragraph) which
may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 5.13 or to make changes
or supplements necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may
not be waived and shall apply to a successor holder of the Note and Warrant.

 

 

 

 

 

    	 	4	 

     

    

 

(e)           Other Provisions.

 

(i)             Share
Reservation.      iPower shall at all times reserve and keep available out of its authorized Common
Stock a number of shares equal to at least the full number of shares of Class A Common Stock issuable upon conversion of all outstanding
amounts under this Note.

 

(ii)            This
Note may not be prepaid by the Company for a period of not less than six (6) months following the Issuance Date. Thereafter, the
Note may either be prepaid by the Company in whole or in part without penalty, fees or premium upon not less than ten (10) business
days prior written notice to the Holder (the “Prepayment Notice”) which shall set forth the date on which the Note
shall be prepaid (the “Prepayment Date”), subject to the Holder’s right to convert all or any portion of this
Note into shares of Class A Common Stock prior to the Prepayment Date.

 

(iii)          
All calculations under this Section 3 shall be rounded up to the nearest whole share.

 

(iv)
         Nothing herein shall limit a Holder's right to pursue actual damages or
declare an Event of Default pursuant to Section 2 herein for iPower's failure to deliver certificates or credit entries representing
shares of Class A Common Stock upon conversion within the period specified herein and such Holder shall have the right to pursue
all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief, in each case without the need to post a bond or provide other security. The exercise of any such rights shall not prohibit
the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

 

(v)           The
Maker shall use its best efforts to assist the Holder to obtain a legal opinion for the removal of any restrict legend in connection
with any shares converted from this Note.

 

(vi)          This Note is one of the two Convertible Notes issued on or about the date of this Note by the Maker in an aggregate principal
amount of $3,000,000, the “Notes”). Each of the Notes shall rank equally without preference or priority of any kind
over one another, and all payments and recoveries under the Notes payable on account of principal and interest on the Notes shall
be paid and applied ratably and proportionately on the balance of all outstanding Notes on the basis of their original principal
amount.

 

(4)
           REISSUANCE OF THIS NOTE.

 

(a)             Assignability.
The Maker may not assign this Note. This Note will be binding upon the Maker and its successors and will inure to the benefit
of the Holder and its successors and assigns and may be assigned by the Holder to anyone of its choosing without Maker’s
approval.

 

(b)           Lost, Stolen or Mutilated Note. Upon receipt by the Maker of evidence reasonably satisfactory to the Maker of the loss,
theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Maker in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the
Maker shall execute and deliver to the Holder a new Note representing the outstanding Principal.

 

(5)            NOTICES.      Any notices, consents, waivers or other communications required or permitted to be given under the terms shall
be handled according to the Notice clause in the Securities Purchase Agreement.

 

 

 

 

 

    	 	5	 

     

    

 

The addresses for such
communications shall be: If to the Makers:

 

iPower Inc.

2399 Bateman Ave.

Duarte, CA 91010

Attn: Investor Affairs & Chenlong Tan,

CEO Email: ipo@meetipower.com

 

If to the Holder:

Bright Century Investment LLC

16800 Aston st, Suite 275

Irvine, CA 92606

Larryliu36@gmail.com

Attn: Yaojun Liu

 

(6)            APPLICABLE
LAW AND VENUE. This Note shall be governed by and construed in accordance with the laws of the State of California, without giving
effect to conflicts of laws thereof. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement shall be brought only in the state courts of California or in the federal courts located in the city and county
of Los Angeles, in the State of California. Both parties and the individuals signing this Agreement agree to submit to the jurisdiction
of such courts.

 

(7)             WAIVER. Any waiver by the Holder of a breach of any provision of this Note shall not operate as or be construed to be a
waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Holder to
insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that
party of the right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver must be
in writing.

 

IN WITNESS WHEREOF, each of the Makers has caused this
Convertible Note to be duly executed by a duly authorized officer as of the date set forth above.

 

 

	 	MAKER:
	 	IPOWER INC.
	 	 
	 	 
	 	By: /s/ Chenlong Tan                         
	 	 
	 	Name: Chenlong Tan
	 	Title: Chief Executive Officer

 

 

 

 

 

Note No. [2021001]

 

 

 

 

 

    	 	6	 

     

    

 

EXHIBIT A

 

NOTICE OF CONVERSION

 

 

Attn: Chenlong Tan

 

iPower Inc.

 

 

 

The
undersigned hereby elects to convert $[           ] of the $[         ]
Convertible Note (Note No. [           ]) issued to [                 ]
on January [  ], 2021 into Shares of Common Stock of iPower Inc. according to the conditions set forth in such Note
as of the date written below.

 

If the number of shares to be delivered represents more than 4.99% of the common stock outstanding,
this conversion notice shall immediately automatically extinguish and debenture Holder must be immediately notified.

 

 

	Date of Conversion:	 
	Optional Conversion Amount:	 
	Conversion Price:	 
	Shares to be Delivered:	 
	Shares delivered in name of:	 

 

 

 

 

	 	HOLDER:
	 	 
	 	[                      ]
	 	 
	 	By: ______________________
	 	 
	 	Title: ____________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	7Exhibit 10.20

 

 

iPower, Inc.

2399 Bateman Ave.

Duarte,
CA 91010

 

January 28, 2021

 

Kevin Liles

4 Huyler Landing road Cresskill,

NJ 07626

 

Re: Director Offer Letter

 

Dear Kevin:

 

iPower,
Inc. (the “Company”) is pleased to offer you a position as a member of its board of directors (the “Board”),
effective as of the closing of the Company’s initial public offering (the “Effective Date”); provided
that you consent to be named in the Registration Statement on Form S-1 of the Company filed in connection therewith, and any amendments
thereto, as a person about to become a director of the Company. We believe that your background and experience will be a significant
asset to the Company, and we look forward to your participation on the Board. Should you choose to accept this position as a member
of the Board, this letter agreement (this “Agreement”) shall constitute an agreement between you and the Company
and contains all the terms and conditions relating to the services that you agree to provide the Company.

 

1.            Term.
This Agreement is effective as of Effective Date. Your initial term as a director shall be for a term of one year, subject
to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-election
each year at the Company’s annual stockholder’s meeting and upon re-election, the terms and provisions of this Agreement
shall remain in full force and effect.

 

2.            Services.
You shall render services as a member of the Board and the Board’s committees set forth on Schedule A attached hereto
(hereinafter your “Duties”). During the term of this Agreement, you shall attend and participate in such number
of meetings of the Board and any committees on which you serve as a member as regularly or specially called. You may attend and
participate at each such meeting, via teleconference, video conference or in person. You shall consult with the other members
of the Board as necessary via telephone, electronic mail or other forms of correspondence.

 

3.            Services
for Others. You shall be free to represent or perform services for other persons during the term of this Agreement. However,
you agree that you do not presently perform and do not intend to perform, during the term of this Agreement, similar Duties, consulting
or other services for companies whose businesses are or would be, in any way, competitive with the Company (except for companies
previously disclosed by you to the Company in writing). Should you propose to perform similar Duties, consulting or other services
for any such company, you agree to notify the Company in writing in advance (specifying the name of the organization for whom
you propose to perform such services) and to provide information to the Company sufficient to allow it to determine if the performance
of such services would conflict with areas of interest to the Company.

 

 

 

 

    	 	1	 

     

    

 

4.           Compensation.
Assuming your material compliance with the terms of this Agreement, compensation for your services to the Company shall be
as described in this section.

 

a.         You
will receive a $25,000 cash fee per annum, payable in equal
quarterly installments, subject to your continuing service as a member of the Board, with the first payment commencing 90 days
following the completion of any of the following: (i) an initial public offering of the Company’s securities pursuant to
an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”),
(ii) otherwise, when the Company becomes a publicly reporting company under the Exchange Act of 1934, as amended.

 

b.          You
will be granted $30,000 worth of restricted stock units (“RSUs”) issuable under the Company’s 2020 Equity
Incentive Plan, with the following vesting schedule: 1/4 of the Restricted Stock Units will vest quarterly commencing immediately
following the completion of any of the following: (i) an initial public offering of the Company’s securities pursuant to
an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”),
(ii) otherwise, when the Company becomes a publicly reporting company under the Exchange Act of 1934, as amended, in accordance
with the terms of a separate Restricted Stock Unit Award Agreement between you and the Company. Any unvested Restricted Stock
Units will expire upon termination of your service.

 

c.          You
shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel
expenses for in-person meetings).

 

d.          Any unvested RSUs awarded under this Section 4 will expire upon termination of your service, whether by Resignation
(as defined below) or otherwise.

 

5.           D&O
Insurance Policy. Prior to the Effective Date of this Agreement, the Company will maintain a directors and officers liability
insurance policy in a commercially reasonable amount.

 

6.            No
Assignment. Because of the personal nature of the services to be rendered by you under this Agreement, this Agreement
is non-assisgnable.

 

7.           Confidential
Information; Non-Disclosure. In consideration for your access to certain Confidential Information (as defined below) of
the Company, in connection with your service as a member of the Board, you hereby represent and agree as follows:

 

a.     
Definition. For purposes of this Agreement the term “Confidential Information” means:

 

i.       Any
information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or
could have commercial value or utility in the business in which the Company is engaged; or

 

ii.     
Any information which is related to the business of the Company and is generally not known by non-Company personnel.

 

 

 

 

    	 	2	 

     

    

 

iii.     Confidential
Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs,
inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice),
discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data,
know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier
identities, characteristics and agreements.

 

b.    
Exclusions. Notwithstanding the foregoing, the term Confidential Information does not include:

 

i.        Any
information which is, or otherwise becomes, generally available to the public other than as a result of a breach of the confidentiality
portions of this Agreement, or any other agreement requiring confidentiality between the Company and you;

 

ii.      Information
received from a third party in rightful possession of such information who is not restricted from disclosing such information;
and

 

iii.      Information
known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

 

c.       
  Documents. You agree that, without the express written consent of the Company, you will not remove from the Company's
premises any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or
constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents
or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement,
or upon your termination or Resignation, as defined in Section 9 herein.

 

d.     
    Confidentiality. You agree that you will hold in trust and confidence all Confidential Information and will not
disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior
written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further
agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary
in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination
of this Agreement.

 

8. 
         Non-Solicitation. During the term of your appointment and service as a member of the Board, you shall not directly
solicit for employment any employee of the Company with whom you have had contact due to your appointment.

 

9.            Termination
and Resignation. Your membership on the Board may be terminated for any or no reason at any meeting of the Board or by
written consent of a majority of the Board at any time, or if you have been declared incompetent by an order of a court of competent
jurisdiction or convicted of a felony. You may also terminate your membership on the Board for any reason or no reason by delivering
your written notice of resignation to the Company (“Resignation”), and such Resignation shall be effective
upon the time specified therein or, if no time is specified, upon receipt of the notice of Resignation by the Company. Upon the
effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's
obligations to pay you any compensation (including the vested portion of the RSUs) that you have already earned and to reimburse
you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such
termination or Resignation. Any RSUs that have not vested as of the effective date of such termination or Resignation shall be
forfeited and cancelled.

 

10.    
    Governing Law. All questions with respect to the construction and/or enforcement of
this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the laws of the
State of California applicable to agreements made and to be performed entirely in the State of California.

 

 

 

 

    	 	3	 

     

    

 

11. 
       Entire Agreement; Amendment; Waiver; Counterparts. This Agreement expresses the entire understanding with respect
to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter
hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written
consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver
of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement.
The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect
the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement
may be executed in separate counterparts each of which will be deemed an original and all of which taken together will constitute
one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed
to be the same, and equally enforceable, as an original of such signature.

 

12.        Indemnification.
The Company shall, to the maximum extent provided under applicable law, and in accordance with the Company’s bylaws,
indemnify and hold you harmless from and against any expenses, including reasonable attorney’s fees, judgments, fines,
settlements and other legally permissible amounts (“Losses”), incurred in connection with any proceeding
arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross
negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorney’s fees
and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such
costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final
disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate
documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and
(c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall
ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by
the Company.

 

13.       
Not an Employment Agreement. This Agreement is not an employment agreement, and shall not be construed or interpreted
to create any right for you to obtain or continue employment with the Company.

 

14.        Acknowledgement.
You accept this Agreement is subject to the terms and provisions of this Agreement. You agree to accept as binding, conclusive
and final all decisions or interpretations of the Board of the Company regarding any questions arising under this Agreement.

 

[Remainder of Page Intentionally Left Blank; Signature
page follows]

 

 

 

 

    	 	4	 

     

    

 

This Agreement has been executed
and delivered by the undersigned and is made effective as of the date set first set forth above.

 

 

 

	 	Sincerely,
	 	 
	 	iPower Inc.
	 	 
	 	 
	 	By: /s/ Chenlong Tan                          
	 	Name: Chenlong Tan
	 	Title: Chief Executive Officer

 

 

 

 

AGREED AND ACCEPTED:

 

 

/s/ Kevin Liles                       

Name:
Kevin Liles

 

 

 

 

 

  

 

 

 

 

 

[Signature Page to Director Offer Letter]

 

 

 

    	 	5	 

     

    

 

 

 

SCHEDULE A

 

 

The director is offered to serve on the following Board
committees:

 

Audit committee 

Compensation & Talent Committee 

Nominating & Corporate Governance Committee (Chair)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]