Document:

Exhibit
10.2

 

THIS
NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THIS NOTE
HAS 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.

 

MICRONET
ENERTEC TECHNOLOGIES, INC

ENERTEC
ELECTRONICS LTD

 

Secured
Promissory Note

 

	No.
    MICT-3	Original
    Principal Amount:$1,000,000

 

FOR
VALUE RECEIVED, MICRONET ENERTEC TECHNOLOGIES, INC., a corporation organized and existing under the laws of the State of Nevada
(the “Company” or a “Borrower”), and ENERTEC ELECTRONICS LTD, a corporation organized and
existing under the laws of the State of Israel (“Enertec” or a “Borrower” and collectively
with the Company, the “Borrowers”), hereby promise to pay to the order of YA II PN, Ltd. or its registered
assigns (the “Holder”) (i) the outstanding portion of the amount set out above as the Original Principal Amount
(as reduced pursuant to the terms hereof pursuant to scheduled payment, 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 (ii) to pay interest (“Interest”) on any outstanding Principal at the applicable
Interest Rate (as defined below) from the date defined in Section 17 hereof as the Issuance Date (the “Issuance Date”)
until the same is paid, whether upon the Maturity Date or acceleration, redemption or otherwise (in each case in accordance with
the terms hereof) pursuant to the terms of this Promissory Note (the “Note”).

 

This
Note is being issued pursuant to that certain Note Purchase Agreement dated as of October 28, 2016, as amended and supplemented
from time to time (the “Note Purchase Agreement“) among the Holder and the Borrowers. Certain capitalized terms
used herein but otherwise not defined herein are defined in Section 17 or in the Note Purchase Agreement.

 

(1)           GENERAL
TERMS

 

(a)           Maturity
Date. All amounts owed under this Note shall be due and payable on December 20, 2017 (the “Maturity Date”).
On the Maturity Date, the Borrowers shall pay to the Holder an amount in cash representing all then outstanding Principal and
accrued and unpaid Interest.

 

    	 		 

     

    

 

(b)           Interest.
Interest shall accrue on the outstanding Principal balance hereof at a rate equal to 7% per annum (“Interest Rate”).
Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed, to the extent permitted by
applicable law.

 

(c)           Payments
of Principal and Interest. The Borrowers shall use 50% of the net proceeds of any cash raised from financing transactions
completed while this Note is outstanding to make payments hereunder.

 

(2)           NO
PREPAYMENT PENALTY. The Borrowers may prepay all or any part of the balance outstanding hereunder at any time without penalty.

 

(3)            REPRESENTATIONS
AND WARRANTIES. The Borrowers hereby represents and warrants to the Investor that the following are true and correct as of
the date hereof:

 

(a)           (i)
The Borrowers have the requisite corporate power and authority to enter into and perform its obligations under this Note and any
related agreements, in accordance with the terms hereof and thereof, (ii) the execution and delivery of this Note and any related
agreements by the Borrowers and the consummation by it of the transactions contemplated hereby and thereby, have been duly authorized
by the each Borrower’s Board of Directors and no further consent or authorization is required by any Borrower, Board of
Directors, or stockholders, (iii) this Note and any related agreements have been duly executed and delivered by the Borrowers,
(iv) this Note and any related agreements, constitute the valid and binding obligations of the Borrowers enforceable against each
Borrower in accordance with their terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement
of creditors’ rights and remedies.

 

(b)           The
execution, delivery and performance by the Borrowers of its obligations under this Note will not (i) result in a violation of
any Borrower’s incorporation documents or any certificate of designation of any outstanding series of preferred stock or
(ii) conflict with or constitute a default (or an event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Borrower or any of its subsidiaries is a party, or result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities laws and regulations and the rules and regulations of the Principal Market on
which the Common Stock is quoted) applicable to the Borrower or any of its subsidiaries or by which any material property or asset
of the Borrower is bound or affected and which would cause a Material Adverse Effect.

 

(4)           EVENTS
OF DEFAULT. 

 

(a)           An
“Event of Default”, wherever used herein, means 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) shall have occurred and be continuing:

 

(i)       the
Borrowers’ failure to pay to the Holder any amount of Principal, Interest or other amounts when and as due and payable under
this Note and such failure was not cure within 5 days following the Holder’s written notice to such effect;

 

    	 	2	 

     

    

 

(ii)       any
Borrower or any subsidiary of any Borrower shall commence, or there shall be commenced against any Borrower or any subsidiary
of any Borrower under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or
any Borrower or any subsidiary of any Borrower commences, or there shall be commenced against any Borrower or any subsidiary of
any Borrower, 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 any Borrower or any
subsidiary of any Borrower, in each case which remains un-dismissed for a period of 61 days; or any Borrower or any subsidiary
of any Borrower is adjudicated insolvent or bankrupt pursuant to a final, non-appealable order; or any order of relief or other
order approving any such case or proceeding is entered; or any Borrower or any subsidiary of any Borrower 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
un-discharged or un-stayed for a period of 61 days; or any Borrower or any subsidiary of any Borrower makes a general assignment
for the benefit of creditors; or any Borrower or any subsidiary of any Borrower shall admit in writing that it is unable to pay
its debts generally as they become due; or any Borrower or any subsidiary of any Borrower shall call a meeting of its creditors
with a view to arranging a composition, adjustment or restructuring of its debts; or any corporate or other action is taken by
any Borrower or any subsidiary of any Borrower for the purpose of effecting any of the foregoing;

 

(iii)       the
common stock of the Company shall cease to be authorized for quotation or trading on the Nasdaq Capital Market, or trading in
the common stock of the Company has been suspended for any reason, for a period of more than ten Trading Days, or the ordinary
shares of Micronet Ltd. shall cease to be authorized for trading on the Tel-Aviv Stock Exchange, or trading in the ordinary shares
of Micronet Ltd. has been suspended for any reason, for a period of more than ten Trading Days and in any such case the failure
was not cured within 20 days.

 

(iv)       the
Company is a party to any agreement memorializing (1) the consummation of any transaction or event (whether by means of a share
exchange or tender offer applicable to the Common Stock, a liquidation, consolidation, recapitalization, reclassification, combination
or merger of the Company or a sale, lease or other transfer of all or substantially all of the consolidated assets of the Company)
or a series of related transactions or events pursuant to which all of the outstanding shares of Common Stock are exchanged for,
converted into or constitute solely the right to receive, cash, securities or other property, (2) a consolidation or merger in
which the Company is not the surviving corporation, or (3) a sale, assignment, transfer, conveyance or other disposal of all or
substantially all of the properties or assets of the Company to another person or entity (each of (1), (2) and (3) a “Change
in Control”) unless in connection with such Change in Control, all Principal and accrued and unpaid Interest due under
this Note will be paid in full or the Holder consents to such Change in Control;

 

    	 	3	 

     

    

 

(v)       a
material event of default or material breach by any Borrower under the Note Purchase Agreement, any other Transaction Documents,
or any other material obligation, instrument, debenture, note or agreement for borrowed money occurring after the Issuance Date
of this Note and continuing beyond any applicable notice and/or grace period.

 

(5)            REMEDIES
UPON DEFAULT.

 

(a)           During
the time that any portion of this Note is outstanding, if (i) any Event of Default has occurred, the Holder, by notice in writing
to any Borrower, may at any time and from time to time declare the full unpaid Principal of this Note or any portion thereof,
together with Interest accrued thereon to be due and payable immediately (the “Accelerated Amount”) or (ii)
any Event of Default specified in Section 4(a)(ii) has occurred, the unpaid Principal of the Note and the Interest accrued thereon
shall be immediately and automatically due and payable without necessity of further action.

 

(6)            REISSUANCE
OF THIS NOTE. Upon receipt by any Borrower of evidence reasonably satisfactory to such Borrower of the loss, theft, destruction
or mutilation of this Note, and, in the case of loss, theft or destruction, of an indemnification undertaking by the Holder to
such Borrower in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the Borrowers shall
execute and deliver to the Holder a new Note representing the outstanding Principal which Note (i) shall be of like tenor with
this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding (iii) shall have
an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have
the same rights and conditions as this Note, and (v) shall represent accrued and unpaid Interest from the Issuance Date.

 

(7)            NOTICES.
Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or
(iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed
to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

 

	If
    to the Borrowers, to:	Micronet
    Enertec Technologies, Inc.
	 	28
    West Grand Avenue, Suite 3
	 	Montvale,
    NJ 07645
	 	Attention:  David
    Lucatz
	 	Email:
    David@micronet-enertec.com
	 	 

    	 	4	 

     

    

 

	With
    a copy to: 	Zysman,
    Aharoni, Gayer and Sullivan & Worcester LLP
	 	1633
        Broadway

        New
        York, NY 10019

        Attention:
        Oded Har-Even, Esq.

        Telephone:
        (212) 660-5002

        Email:
        ohareven@zag-sw.com

 

	If
    to the Holder:	YA
    II PN, Ltd.
	 	1012
    Springfield Avenue
	 	Mountainside,
    NJ  07092
	 	Attention:Mark
    Angelo
	 	Telephone:(201)
    985-830
	 	 
	With
    a copy to:	David
    Gonzalez, Esq. 
	 	1012
    Springfield Avenue
	 	Mountainside,
    NJ  07092
	 	Telephone:(201)
    985-8300
	 	Email:  dgonzalez@yorkvilleadvisors.com

 

or
at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified
by written notice given to each other party three Business Days prior to the effectiveness of such change. Written confirmation
of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) mechanically or electronically
generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first
page of such transmission or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence
of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with
clause (i), (ii) or (iii) above, respectively.

 

(8)           No
provision of this Note shall alter or impair the obligations of the Borrowers, which are absolute and unconditional, to pay the
Principal of or Interest (if any) on, this Note at the time, place, and rate, and in the currency, herein prescribed. This Note
is a direct obligation of each Borrower. As long as this Note is outstanding, the Borrowers shall not and shall cause its subsidiaries
not to, without the consent of the Holder, (i) amend its articles of incorporation, bylaws or other charter documents so as to
adversely affect any rights of the Holder under this Note; or (ii) enter into any agreement with respect to any of the foregoing.

 

(9)           This
Note shall be governed by and interpreted in accordance with the laws of the State of New York, without regard to the principles
of conflict of laws. Each of the parties consents to the jurisdiction of the state courts of the State of New York and the U.S. District
Court for the District of New York sitting in Manhattan, in connection with any dispute arising under this Note and hereby waives,
to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens to the bringing of
any such proceeding in such jurisdictions.

 

    	 	5	 

     

    

 

(10)          If
an Event of Default has occurred, then the Borrowers shall reimburse the Holder promptly for all reasonable out-of-pocket fees,
costs and expenses, including, without limitation, reasonable attorneys’ fees and expenses incurred by the Holder in any
action in connection with this Note, including, without limitation, those incurred: (i) during any workout, attempted workout,
and/or in connection with the rendering of legal advice as to the Holder’s rights, remedies and obligations, (ii) collecting
any sums which become due to the Holder in accordance with the terms of this Note, (iii) defending or prosecuting any proceeding
or any counterclaim to any proceeding or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies
of the Holder.

 

(11)         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.

 

(12)          If
any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision
is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.
If it shall be found that any Interest or other amount deemed Interest due hereunder shall violate applicable laws governing usury,
the applicable rate of Interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest.
The Borrowers covenant (to the extent that it may lawfully do so) that each Borrower shall not at any time insist upon, plead,
or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would
prohibit or forgive the Borrowers from paying all or any portion of the Principal of or Interest on this Note as contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this
Note, and the Borrowers (to the extent they may lawfully do so) hereby expressly waive all benefits or advantage of any such law,
and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to
the Holder, but will suffer and permit the execution of every such as though no such law had been enacted.

 

(13)         Whenever
any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day.

 

(14)         Assignment
of this Note by the Borrowers shall be prohibited without the prior written consent of the Holder. Holder shall be entitled to
assign this Note in whole or in part to any person or entity without the consent of the Borrowers.

 

(15)         THE
PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’
ACCEPTANCE OF THE NOTE PURCHASE AGREEMENT AND THIS NOTE.

 

    	 	6	 

     

    

 

(16)         CERTAIN
DEFINITIONS For purposes of this Note, the following terms shall have the following meanings:

 

(a)           “Business Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in
the United States or a day on which banking institutions in the United States are authorized or required by law or other government
action to close.

 

(b)           “Issuance
Date” means the date this Note is executed and delivered by the Borrowers to the Holder.

 

(c)           “Trading
Day” means a day on which the principal Trading Market is open for trading.

 

(d)           “Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the
New York Stock Exchange, OTCBB, or the OTC Markets (or any successors to any of the foregoing).

 

(e)           “Transaction
Documents” shall have the meaning set forth in the Note Purchase Agreement.

 

[Signature
Page Follows]

 

    	 	7	 

     

    

 

IN
WITNESS WHEREOF, each Borrower has caused this Note to be duly executed by a duly authorized officer as of December 22, 2016.

 

	 	BORROWERS:
	 	 
	 	MICRONET
    ENERTEC TECHNOLOGIES, INC.
	 	 	 
	 	By:
    	/s/
    David Lucatz 
	 	Name:
    	David
    Lucatz
	 	Title:
    	Chairman
    President and CEO 
	 	 	 
	 	ENERTEC
    ELECTRONICS LTD
	 	 	 
	 	By:
    	/s/
    Tali Dinar 
	 	Name:
    	Tali
    Dinar
	 	Title:
    	CFO
    of Enertec Electronics Ltd. 

 

    	 	8	 

     

    

 

Schedule
II

(Holder
Account Information)

 

 

9Exhibit 10.1

 

CHINA COMMERCIAL CREDIT, INC.

No. 1688, Yunli road, Tongli

Wujiang, Jiangsu Province

People’s Republic of China

(86-0512) 6396-0022

 

December 22, 2016

 

Ms. Boling Liu

Xin'an 4th Rd, XinAn, Baoan District,

Shenzhen, Guangdong Province,

China, 518133 

 

	Re:	Director Offer Letter

 

Dear Ms. Liu,

 

China Commercial Credit, Inc., a Delaware
corporation (the “Company”), is pleased to offer you a position as of member of its Board of Directors (the
“Board”).  We believe 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 (the “Agreement”) shall constitute an agreement between you and the Company and contains all the terms
and conditions relating to the services you agree to provide to the Company.

 

1.           Term.  This
Agreement is effective upon your acceptance and signature below. Your term as director shall continue 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 annual shareholder’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 of the committee(s) of which you are 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 and committee(s) as necessary via telephone, electronic mail or other forms of correspondence.

 

3.           Compensation.  As
compensation for your services to the Company, you will receive $20,000 in cash per year for serving on the Board starting from
January 1, 2017, which shall be paid to you quarterly in arrears as determined by the Company.

 

You shall be reimbursed
for reasonable and approved expenses incurred by you in connection with the performance of your Duties.

 

4.           [intentionally
left blank]

 

5.           No
Assignment.  Because of the personal nature of the services to be rendered by you, this Agreement may not be
assigned by you without the prior written consent of the Company.

 

6.           Confidential
Information; Non-Disclosure.  In consideration of your access to certain Confidential Information (as defined
below) of the Company, in connection with your business relationship with the Company, 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.

 

    

     

    

 

iii.         Confidential
Information includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts,
ideas, improvements, techniques, methods, research, 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 shall not include:

 

i.         
  Any information which 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 earliest of Company's demand, termination of this Agreement, or 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 maybe 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. 

 

e.           Ownership.  You
agree that Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work
rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating
to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas
and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that
arise out of your Duties (collectively, “Inventions”) and you will promptly disclose and provide all Inventions
to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and
to perfect, obtain, maintain, enforce, and defend any rights assigned.

 

7.           Non-Competition.  You
agree and undertake that you will not, so long as you are a member of the Board and for a period of 12 months following termination
of this Agreement for whatever reason, directly or indirectly as owner, partner, joint venture, stockholder, employee, broker,
agent principal, corporate officer, director, licensor or in any other capacity whatsoever, engage in, become financially interested
in, be employed by, or have any connection with any business or venture that is engaged in any activities involving services or
products which compete, directly or indirectly, with the services or products provided or proposed to be provided by the Company
or its subsidiaries or affiliates; provided, however, that you may own securities of any
public corporation which is engaged in such business but in an amount not to exceed at any one time, one percent of any class of
stock or securities of such company, so long as you has no active role in the publicly owned company as director, employee, consultant
or otherwise.

 

    2

     

    

 

8.            Non-Solicitation.  So
long as you are a member of the Board and for a period of 12 months thereafter, you shall not directly or indirectly solicit for
employment any individual who was an employee of the Company during your tenure.

  

9.            Termination
and Resignation.  Your membership on the Board may be terminated for any or no reason by a vote of the stockholders
holding at least a majority of the shares of the Company’s issued and outstanding shares entitled to vote. Your membership
on the Board or on a Board committee may be terminated for any or no reason by a majority of the Board at any time, 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 or on a committee for any 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 Shares) 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 Shares 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 law of the State of New York applicable to agreements
made and to be performed entirely in the State of New York.

 

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 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, 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 negligence or willful misconduct.  The Company shall advance to you any expenses,
including reasonable attorneys’ 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 continue employment with the Company.

 

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

 

    3

     

    

 

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

 

	 	Sincerely,
	 	 	 
	 	CHINA COMMERCIAL CREDIT, INC.
	 	 	 
	 	By:	/s/ Mingjie Zhao
	 	Name:	Mingjie Zhao
	 	Title:	Chief Executive Officer

 

AGREED AND ACCEPTED:

 

	/s/ Boling Liu	 
	Boling Liu	 

  

    4

     

    

 

Schedule A

 

The director is offered to serve on the following Board committee(s):

 

	 	Audit Committee
	 	
        Nominating and Governance Committee

        Compensation committee

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