Document:

Dated

 

 

 

Employment
contract

 

between

 

CODA
OCTOPUS GROUP, INC.

 

and

 

ANNMARIE
GAYLE

 

    	 

    	 

    

 

Contents

 

Clause

	1.	Interpretation	1
	2.	Term
    of appointment	3
	3.	Duties	3
	4.	Directorship	4
	5.	Directors’
    and Officers’ Insurance and Indemnity	4
	6.	Salary
    and other benefits	5
	7.	Management
    Incentive scheme	5
	8.	Expenses	5
	9.	Holidays	5
	10.	Outside
    interests	6
	11.	Confidential
    information	6
	12.	Intellectual
    property	6
	13.	Termination	8
	14.	Obligations
    upon termination	9
	15.	Post-termination
    restrictions	9
	16.	Notices	11
	17.	Reconstruction
    and amalgamation	11
	18.	Notices	11
	19.	Entire
    agreement and previous contracts	11
	20.	Variation	12
	21.	Counterparts	12
	22.	Governing
    law and jurisdiction	12

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THIS
AGREEMENT (the “Agreement”) is dated 1 March 2017

 

Parties

 

		(1)	Coda
                                         Octopus Group, Inc. a Delaware corporation with its principal place of business at 4020
                                         Kidron Road, Suite No. 4, Lakeland 3381, Florida, United States of America (Company).

 

		(2)	Annmarie
                                         Gayle (Employee).

 

Agreed
terms

 

		1.	Interpretation

 

		1.1	The
                                         definitions and rules of interpretation in this clause 1.1 apply in this Agreement.

 

Appointment:
the employment of the Employee by the Company on the terms of this Agreement.

 

Board:
the board of directors of the Company (including any committee of the board duly appointed by it).

 

Business:
(i) any subsea visualization company or business (incorporated or unincorporated),
or (ii) any other business in which Coda Octopus is engaged or is actively planning to engage as of the date of the Termination
of this Agreement.

 

Capacity:
as agent, consultant, director, employee, owner, partner, shareholder or in any other capacity.

 

Commencement
Date: 1 March 2017

 

Confidential
Information: information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory)
relating to the business, products, financial affairs of the Company or any Group Company for the time being confidential to the
Company or any Group Company and trade secrets including, without limitation, technical data and know-how relating to the business
and/or products of the Company or any Group Company or any of its or their business contacts, customer data or key staff information.

 

Convenience:
termination of this Agreement by the Company without Cause.

 

Employment
IPRs: Intellectual Property Rights created by the Employee in the course of Employee’s employment with the Company (whether
or not during working hours or using Company premises or resources).

 

Employment
Inventions: any invention which is made wholly or partially by the Employee at any time in the course of employment with the
Company (whether or not during working hours or using Company premises or resources, and whether or not recorded in material form).

 

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Group
Company: the Company, any company of which it is a Subsidiary (its holding company) and any Subsidiaries of the Company or
of any such holding company.

 

Incapacity:
any sickness or injury which prevents the Employee from carrying out his duties.

 

Intellectual
Property Rights: patents, rights to inventions, copyright and related rights, trade marks, trade names and domain names, rights
in get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software,
database rights, topography rights, rights in confidential information (including know-how and trade secrets) and any other intellectual
property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for, and
renewals or extensions of, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist
now or in the future in any part of the world.

 

Invention:
any invention, idea, discovery, development, improvement or innovation, whether or not patentable or capable of registration,
and whether or not recorded in any medium.

 

Management
Incentive Scheme: the bonus scheme put in place by the Board of Directors of Coda Octopus
Group, Inc. which is intended to incentivise the management to perform the Group’s annual business plan and under which
a bonus (Stock Grants or Cash) is payable for the achievement of certain performance milestones.

 

Restricted
Business: any business that competes with the Business at the relevant point in time.

 

Restricted
Customer: any firm, company or person who, at any time during the 6 months prior to Termination, was a customer of or in the
habit of dealing with the Company or any Group Company with whom the Employee had contact or about whom Employee became aware
or informed in the course of her engagement under this Agreement.

 

Restricted
Person: anyone employed or engaged by the Company or any Group Company and who could materially damage the interests of the
Company or any Group Company if they were involved in any Capacity in any business concern which competes with the Business.

 

Termination:
the termination of the Employee’s employment with the Company however caused including, without limitation, termination
by the Company in breach of the terms of this agreement.

 

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		1.2	The
                                         headings in this agreement are inserted for convenience only and shall not affect its
                                         construction.

 

		1.3	A
                                         reference to a particular law is a reference to it as it is in force for the time being
                                         taking account of any amendment, extension, or re-enactment and includes any subordinate
                                         legislation for the time being in force made under it.

 

		1.4	A
                                         reference to one gender includes a reference to the other gender.

 

		1.5	The
                                         schedules to this agreement form part of (and are incorporated into) this agreement.

 

		2.	Term
                                         of appointment

 

		2.1	The
                                         Company shall employ the Employee and the Employee shall serve the Company on the terms
                                         of this Agreement.

 

		2.2	The
                                         Appointment shall be deemed to have commenced on the Commencement Date and continue indefinitely
                                         until terminated in accordance with the terms of this Agreement.

 

		2.3	The
                                         Employee shall provide 12 months of notice to terminate this Agreement.

 

		3.	Duties

 

		3.1	The
                                         Employee shall serve the Company as Group Chief Executive and the duties shall include
                                         those set out in Schedule 1 hereto.

 

		3.2	During
                                         the Appointment the Employee shall:

 

		(a)	act
                                         as a director of the Company (subject to the discretion of the stockholders of the Company)
                                         and carry out duties on behalf of any other Group Company including, if so required by
                                         the Board, acting as an officer or consultant of any such Group Company;

 

		(b)	comply
                                         with the Company’s (including its subsidiaries) constitutional charter including
                                         bylaws articles of organization (or equivalent thereof, as amended from time to time)
                                         of any Group Company of which Employee is a director;

 

		(c)	abide
                                         by any statutory, fiduciary or common-law duties to the Company or any Group Company
                                         of which Employee is a director;

 

		(d)	not
                                         do anything that would cause Employee to be disqualified from acting as a director;

 

		(e)	do
                                         such things as are necessary to ensure compliance by Employee and the Company or any
                                         relevant Group Company with any applicable code on Corporate Governance of the US Listing
                                         Authority or any Exchange on which the Company’s securities are, or in the future
                                         may be, listed (as amended from time to time);

 

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		(f)	comply
                                         with the requirements under both legislation and regulation as to the disclosure of inside
                                         information;

 

		(g)	unless
                                         prevented by Incapacity, devote the whole of Employee’s time, attention and abilities
                                         to the business of the Company and any Group Company of which Employee is an officer
                                         or consultant;

 

		(h)	diligently
                                         exercise such powers and perform such duties as may from time to time be assigned to
                                         Employee by the Company or Board together with such person or persons as the Company
                                         or Board may appoint to act jointly with Employee;

 

		(i)	comply
                                         with all reasonable and lawful directions given to Employee by the Board;

 

		(j)	promptly
                                         make such reports to the Board in connection with the affairs of the Company or any Group
                                         Company on such matters and at such times as are reasonably required;

 

		(k)	use
                                         Employee’s best endeavours to promote, protect, develop and extend the business
                                         of the any Group Company;

 

		3.3	All
                                         documents, manuals, hardware and software provided for the Employee’s use by the
                                         Company, and any data or documents (including copies) produced, maintained or stored
                                         on the Company’s computer systems or other electronic equipment (including mobile
                                         phones), remain the property of the Company.

 

		4.	Directorship

 

		4.1	All
                                         directors are subject to re-election at the Company’s Annual General Meeting. The
                                         appointment as a Director shall automatically terminate if the Employee is not re-elected
                                         at the Annual General Meeting of Stockholders or if Employee becomes prohibited by law
                                         from serving as a Director.

 

		4.2	If
                                         during the Appointment, the Employee ceases to be a director of the Company (otherwise
                                         than by reason of Employee’s death, resignation or disqualification pursuant to
                                         the bylaws of the Company, as amended from time to time, or by statute or court order),
                                         the Appointment shall continue with the Employee in all other respects, except as a director
                                         and the terms of this Agreement (other than those relating to the holding of the office
                                         of director) shall continue in full force and effect. The Employee shall have no claims
                                         in respect of such cessation as a director.

 

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		5.	Directors’
                                         and Officers’ Insurance and Indemnity

 

		5.1	Subject
                                         to the terms of the Company’s directors and officers’ liability insurance
                                         policy, during and for a period of a maximum of seven (7) years after termination the
                                         Employee shall be entitled to director and officer insurance coverage for Employee’s
                                         acts and/or omissions while an officer and/or director of the Company on a basis no less
                                         favourable than the coverage provided the Company’s current officers and directors.

 

		5.2	Subject
                                         to applicable law, in the event that there is a shortfall in the D&O Insurance cover
                                         including any compulsory excess that may be applicable, the Company shall indemnify the
                                         Employee on a dollar for dollar basis for any amounts that Employee may pay in respect
                                         of any actions or liability arising out of or in connection with the Employee serving
                                         as a director of the Company.

 

		6.	Salary
                                         and other benefits

 

		6.1	The
                                         Employee shall be paid an initial salary of US$230,000 per annum.

 

		6.2	The
                                         Employee’s salary shall accrue from day to day and be payable monthly in arrears.

 

		6.3	The
                                         Employee’s salary shall be reviewed by the Board annually.

 

		7.	Management
                                         Incentive scheme

 

		7.1	Unless
                                         otherwise agreed in writing, the Employee shall be entitled to participate in any Management
                                         Incentive Scheme that may be put in place from time to time to include a Chief Executive
                                         Bonus of up to $100,000 for achievement of target and which is dependent upon the Group
                                         achieving its Agreed Annual Business Plan. Any payments (whether in cash or kind) are
                                         contingent upon achieving substantially the annual defined performance milestones.

 

		8.	Expenses

 

		8.1	The
                                         Company shall reimburse (or procure the reimbursement of) all reasonable expenses wholly,
                                         properly and necessarily incurred by the Employee in the course of the Appointment, subject
                                         to production of receipts or other appropriate evidence of payment.

 

		8.2	The
                                         Employee shall abide by the Company’s policies on expenses as communicated to Employee
                                         from time to time.

 

		8.3	Any
                                         credit card supplied to the Employee by the Company shall be used only for expenses incurred
                                         in the course of the Appointment.

 

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		9.	Holidays

 

		9.1	The
                                         Employee shall be entitled to 30 days of paid vacation days during each year, plus all
                                         public holidays observed in Scotland. If the Employee is required to work on any such
                                         public holiday, Employee will receive a paid vacation day for each such public holiday
                                         that she works.

 

		9.2	If
                                         either party has served notice to terminate this Agreement, the Company may require the
                                         Employee to take any accrued but unused holiday entitlement during the notice periods.

 

		9.3	The
                                         Employee shall be entitled to accrue unused holiday not used in any calendar year up
                                         to a maximum of 24 days of accrued holiday time.

 

		10.	Outside
                                         interests

 

		10.1	During
                                         the Appointment the Employee shall not, except as a representative of the Company or
                                         with the prior written approval of the Board, whether paid or unpaid, be directly or
                                         indirectly engaged, concerned or have any financial interest in any Capacity in any other
                                         business, trade, profession or occupation (or the setting up of any business, trade,
                                         profession or occupation).

 

		10.2	Notwithstanding
                                         clause 10.1, the Employee may hold an investment by way of shares or other securities
                                         of not more than 5% of the total issued share capital of any company (whether or not
                                         it is listed or traded on a recognised stock exchange) where such company does not carry
                                         on a business similar to or competitive with any business for the time being carried
                                         on by the Company or any Group Company.

 

		11.	Confidential
                                         information

 

		11.1	The
                                         Employee acknowledges that in the course of the Appointment Employee will have access
                                         to Confidential Information. The Employee has therefore agreed to accept the restrictions
                                         in this clause 11.

 

		11.2	The
                                         Employee shall not (except in the proper course of Employee’s duties), either during
                                         the Appointment or at any time after its termination (howsoever arising), use or disclose
                                         to any person, company or other organisation whatsoever (and shall use Employee’s
                                         best endeavours to prevent the publication or disclosure of) any Confidential Information.
                                         This shall not apply to:

 

		(a)	any
                                         use or disclosure authorised by the Board or required by law; or

 

		(b)	any
                                         information which is already in, or comes into, the public domain other than through
                                         the Employee’s unauthorised disclosure; or

 

		(c)	any
                                         protected disclosure within applicable whistleblowing regulations.

 

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		12.	Intellectual
                                         property

 

		12.1	The
                                         Employee acknowledges that all Employment intellectual Property Rights (“IPRs”),
                                         Employment Inventions and all materials embodying them shall automatically belong to
                                         the Company to the fullest extent permitted by law. To the extent that they do not vest
                                         in the Company automatically, the Employee holds them on trust for the Company.

 

		12.2	The
                                         Employee acknowledges that, because of the nature of Employee’s duties and the
                                         particular responsibilities arising from the nature of such duties, Employee has, and
                                         shall have at all times while employed by the Company, a special obligation to further
                                         the interests of the Company.

 

		12.3	To
                                         the extent that legal title in any Employment IPRs or Employment Inventions does not
                                         vest in the Company by virtue of clause 12.1, the Employee agrees, immediately upon creation
                                         of such rights and inventions, to offer to the Company in writing a right of first refusal
                                         to acquire them on arm’s length terms to be agreed between the parties.

 

		12.4	The
                                         Employee agrees:

 

		(a)	to
                                         give the Company full written details of all Employment Inventions which relate to or
                                         are capable of being used in the business of any Group Company promptly on their creation;

 

		(b)	at
                                         the Company’s request and in any event on the termination of Employee’s employment
                                         to give to the Company all originals and copies of correspondence, documents, papers
                                         and records on all media which record or relate to any of the Employment IPRs;

 

		(c)	not
                                         to attempt to register any Employment IPR nor patent any Employment Invention unless
                                         requested to do so by the Company; and

 

		(d)	to
                                         keep confidential each Employment Invention unless the Company has consented in writing
                                         to its disclosure by the Employee.

 

		12.5	The
                                         Employee acknowledges that, except as provided by law, no further remuneration or compensation
                                         other than that provided for in this Agreement is or may become due to the Employee in
                                         respect of Employee’s compliance with this clause.

 

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		12.6	The
                                         Employee undertakes to use Employee’s best endeavours to execute all documents
                                         and do all acts both during and after her employment by the Company as may, in the opinion
                                         of the Board, be necessary or desirable to vest the Employment IPRs in the Company, to
                                         register them in the name of the Company and to protect and maintain the Employment IPRs
                                         and the Employment Inventions. Such documents may, at the Company’s request, include
                                         waivers of all and any statutory moral rights relating to any copyright works which form
                                         part of the Employment IPRs. The Company agrees to reimburse the Employee’s reasonable
                                         expenses of complying with this clause 12.5.

 

		12.7	The
                                         Employee agrees to give all necessary assistance to the Company to enable it to enforce
                                         its IPRs against third parties, to defend claims for infringement of third party IPRs
                                         and to apply for registration of IPRs, where appropriate throughout the world, and for
                                         the full term of those rights.

 

		12.8	The
                                         Employee hereby irrevocably appoints the Company to be Employee’s attorney to execute
                                         and do any such instrument or thing and generally to use her name for the purpose of
                                         giving the Company or its nominee the benefit of this clause 12. The Employee acknowledges
                                         in favour of a third party that a certificate in writing signed by any Director or the
                                         Secretary of the Company that any instrument or act falls within the authority conferred
                                         by this clause 12 shall be conclusive evidence that such is the case.

 

		13.	Termination

 

		13.1	Notwithstanding
                                         the provisions set forth in Clause 2.1 hereof, the Company may terminate the Engagement
                                         with immediate effect for Cause without notice and with no liability to make any further
                                         payment to the Employee (other than those set out in Clause 13.2. hereof).

 

		13.2	In
                                         this context “Cause” shall mean if the Employee:

 

		(a)	In
                                         the reasonable opinion of the Board), is guilty of any gross misconduct affecting the
                                         business of the Company or any Group Company; or

 

		(b)	In
                                         the reasonable opinion of the Board), commits any serious or repeated breach or non-observance
                                         of any of the provisions of this Agreement or refuses or neglects to comply with any
                                         reasonable and lawful directions of the Board; or

 

		(c)	is,
                                         in the reasonable opinion of the Board, negligent and incompetent in the performance
                                         of Employee’s duties; or

 

		(d)	is
                                         guilty of any fraud or dishonesty or acts in any manner which in the opinion of the Company
                                         or the Board brings or is likely to bring the Employee or the Company or any Group Company
                                         into disrepute or is materially adverse to the interests of any Group Company; or

 

		(e)	is
                                         unable by reason of Incapacity to perform Employee’s duties under this Agreement
                                         for an aggregate period of 12 weeks in any 52 weeks’ period; or

 

		13.3	The
                                         rights of the Company under clause 13.1 are without prejudice to any other rights that
                                         it might have at law to terminate the Appointment or to accept any breach of this Agreement
                                         by the Employee as having brought the Agreement to an end. Any delay by the Company in
                                         exercising its rights to terminate shall not constitute a waiver thereof.

 

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		14.	Obligations
                                         upon termination

 

		14.1	On
                                         the Termination Date the Employee shall:

 

		(a)	immediately
                                         deliver to the Company all documents, books, materials, records, correspondence, papers
                                         and information (on whatever media and wherever located) relating to the business or
                                         affairs of any Group Company or their business contacts, any keys, and any other property
                                         of any Group Company, which is in its or his possession or under its or his control;

 

		(b)	irretrievably
                                         delete any information relating to the business of any Group Company stored on any magnetic
                                         or optical disk or memory and all matter derived from such sources which is in its or
                                         his possession or under its or his control outside the premises of the Company; and

 

		(c)	provide
                                         a signed statement that she has complied fully with her obligations under this Clause
                                         14.

 

		14.2	Regardless
                                         of the reason for any termination of this Agreement, the Employee shall be entitled to:

 

		(a)	any
                                         unpaid portion of the Salary through to Termination Date;

 

		(b)	reimbursement
                                         of any outstanding business expenses which are properly incurred in accordance with the
                                         Company’s expense policy and/or practice in force from time to time.

 

		(c)	Directors’
                                         and Officers’ insurance coverage in accordance with the terms of this Agreement.

 

		14.3	Termination
                                         payments due under this Agreement shall be made no later than within 60 days of the termination
                                         date.

 

		14.4	In
                                         the event that the Company terminates for Convenience, the Company shall, in addition
                                         to the payments provided for in Clause 14.2, pay the Employee the following:

 

		(a)	A
                                         lump sum payment equal to the annual base salary payable to the Employee; and

 

		(b)	a
                                         separation bonus of $150,000 (whether or not the performance milestones have been achieved);
                                         and

 

		(c)	vesting
                                         of any stock grant provided for in the Management Incentive Plan.

 

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		15.	Post-termination
                                         restrictions

 

		15.1	In
                                         order to protect the Confidential Information, trade secrets and business connections
                                         of the Company and each Group Company to which the Employee has access as a result of
                                         the Engagement, the Employee covenants with the Company that:

 

		(a)	for
                                         12 months after Termination, Employee wil not solicit or endeavour to entice away from
                                         the Company or any Group Company the business or custom of a Restricted Customer with
                                         a view to providing goods or services to that Restricted Customer in competition with
                                         the Business; and

 

		(b)	for
                                         12 months after Termination, Employee will not offer to employ or engage or otherwise
                                         endeavour to entice away from the Company or any Group Company any Restricted Person;
                                         and

 

		(c)	for
                                         12 months after Termination, be involved in any Capacity with any business concern which
                                         is (or intends to be) in competition with the Business; and

 

		(d)	for
                                         12 months after Termination, be involved with the provision of goods or services to (or
                                         otherwise have any business dealings with) any Restricted Customer in the course of any
                                         business concern which is in competition with the Business; and

 

		(e)	at
                                         any time after Termination, represent herself as connected with the Company or any Group
                                         Company in any Capacity.

 

		15.2	None
                                         of the restrictions in Clause 13 shall prevent the Employee from being engaged or concerned
                                         in any business concern insofar as the Employee’s duties or work shall relate solely
                                         to geographical areas where the business concern is not in competition with the Business.

 

		15.3	The
                                         restrictions imposed on the Employee by Clause 13.1 apply to either of them acting:

 

		(a)	directly
                                         or indirectly including through legal or natural persons under Employee’s control
                                         or related to Employee; and

 

		(b)	on
                                         Employee’s own behalf or on behalf of, or in conjunction with, any firm, company
                                         or person.

 

		15.4	Each
                                         of the restrictions in this Clause 15 is intended to be separate and severable. If any
                                         of the restrictions shall be held to be void but would be valid if part of their wording
                                         were deleted, such restriction shall apply with such deletion as may be necessary to
                                         make it valid or effective.

 

		15.5	The
                                         terms of this Clause 15 shall not apply if in terminating the Agreement the Company is
                                         in breach of the terms of this Agreement.

 

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		16.	Notices

 

		16.1	Any
                                         notice given under this Agreement shall be in writing and signed by or on behalf of the
                                         party giving it and shall be served by delivering it personally, or sending it by pre-paid
                                         recorded delivery or registered post to the relevant party at its registered office for
                                         the time being or by sending it by fax to the fax number notified by the relevant party
                                         to the other party. Any such notice shall be deemed to have been received:

 

		(a)	if
                                         delivered personally, at the time of delivery;

 

		(b)	in
                                         the case of pre-paid recorded delivery or registered post, 48 hours from the date of
                                         posting;

 

		(c)	in
                                         the case of fax, at the time of transmission.

 

		16.2	In
                                         proving such service it shall be sufficient to prove that the envelope containing such
                                         notice was addressed to the address of the relevant party and delivered either to that
                                         address or into the custody of the postal authorities as a pre-paid recorded delivery
                                         or registered post or that the notice was transmitted by fax to the fax number of the
                                         relevant party).

 

		17.	Reconstruction
                                         and amalgamation

 

If
the Appointment is terminated at any time by reason of any reconstruction or amalgamation of the Company or any Group Company,
whether by winding up or otherwise, and the Employee is offered employment with any concern or undertaking involved in or resulting
from such reconstruction or amalgamation on terms which (considered in their entirety) are no less favourable to any material
extent than the terms of this Agreement, the Employee shall have no claim against the Company or any such undertaking arising
out of or connected with such termination.

 

		18.	Entire
                                         agreement and previous contracts

 

Each
party on behalf of itself (and in the case of the Company, as agent for any Group Companies) acknowledges and agrees with the
other party (the Company acting on behalf of itself and as agent for each Group Company) that:

 

		(a)	this
                                         Agreement together with any documents referred to in it constitutes the entire agreement
                                         and understanding between the Employee and the Company and any Group Company and supersedes
                                         any previous agreement between them relating to the Appointment (which shall be deemed
                                         to have been terminated by mutual consent);

 

		(b)	in
                                         entering into this Agreement neither party nor any Group Company has relied on any Pre-Contractual
                                         Statement; and

 

		(c)	the
                                         only remedy available to each party for breach of this Agreement shall be for breach
                                         of contract under the terms of this Agreement and no party shall have any right of action
                                         against any other party in respect of any Pre-Contractual Statement.

 

Nothing
in this Agreement shall, however, operate to limit or exclude any liability for fraud.

 

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		19.	Amendments

 

No
amendment of this Agreement or of any of the documents referred to in it shall be valid unless it is in writing and signed by
or on behalf of each of the parties.

 

		20.	Counterparts

 

This
Agreement may be executed in any number of counterparts, each of which, when executed, shall be an original, and all the counterparts
together shall constitute one and the same instrument.

 

		21.	Governing
                                         law and jurisdiction

 

		21.1	This
                                         Agreement and any dispute or claim arising out of or in connection with it or its subject
                                         matter or formation (including non-contractual disputes or claims) shall be governed
                                         by and construed in accordance with the laws of the State of Delaware.

 

		21.2	The
                                         parties irrevocably agree that the courts of Delaware shall have exclusive jurisdiction
                                         to settle any dispute or claim that arises out of or in connection with this Agreement
                                         or its subject matter or formation (including non-contractual disputes or claims).

 

This
document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

 

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Schedule
Role Description

 

Employee’s
Position Title: Group Chief Executive Officer

 

Reporting
Line: Board of Directors of Coda Octopus Group, Inc.,

 

Job
Summary

 

The
Employee serves as chief executive of Coda Octopus Group, Inc., and, in partnership with the Board, is responsible for the success
of Coda Octopus Group, Inc. Together, the Board and the Employee assure the accomplishment of Coda Octopus’ mission and
vision and its business plans, and the accountability of Coda Octopus to its diverse constituents.

 

The
Board delegates responsibility for management and day-to-day operations to the Employee, and Employee has the authority to carry
out these responsibilities, in accordance with the direction and policies established by the Board. The Employee provides direction
to the Board enabling it to carry out its governance functions.

 

Accountabilities

 

		1)	Mission,
                                         policy and planning

 

		a)	Helps
                                         the Board determine Coda Octopus’ values, mission, vision, and short- and long-term
                                         goals.

 

		b)	Helps
                                         the Board monitor and evaluate Coda Octopus’ effectiveness and results.

 

		c)	Keeps
                                         the Board fully informed on the condition of Coda Octopus and on all the important factors
                                         influencing it.

 

Identifies
problems and opportunities and addresses them; brings those which are appropriate to the Board and/or its committees; and, facilitates
discussion and deliberation.

 

Informs
the Board and/or its committees about trends, issues, problems and activities in order to facilitate policy-making and recommends
policy positions.

 

    	15

    	 

    

 

		2)	Management
                                         and administration

 

		a)	Provides
                                         general oversight of all Coda Octopus’ activities, manages the day-to-day operations,
                                         and assures a smoothly functioning, efficient organization.

 

		b)	Assures
                                         organizational stability through development and implementation of standards and controls,
                                         systems and procedures, and regular evaluation.

 

		c)	Recommends
                                         staffing and financing to the Board of Directors. In accordance with Board action, recruits
                                         personnel, negotiates professional contracts, and sees that appropriate salary structures
                                         are developed and maintained.

 

		d)	Specifies
                                         accountabilities for management personnel and evaluates performance regularly.

 

		3)	Governance

 

		a)	Helps
                                         the Board articulate its own role and accountabilities and that of its committees and
                                         individual members, and helps evaluate performance regularly.

 

		b)	Works
                                         with the Board Chair to enable the Board to fulfill its governance functions and facilitates
                                         the optimum performance by the Board, its committees and individual Board members.

 

		c)	Focuses
                                         Board attention on long-range strategic issues.

 

		4)	Financing

 

		a)	Promotes
                                         products and product development that are produced in a cost-effective manner, employing
                                         economy while maintaining an acceptable level of quality.

 

		b)	Oversees
                                         the fiscal activities of the organization including budgeting, reporting and audit.

 

    	16

    	 

    

 

	Executed
    by Coda Octopus Group acting by Geoff Turner, Director	/s/ 

        ......................................

        Signature
        and Date

	 	 
	Executed
    by Annmarie Gayle, Director	/s/ 

        ......................................

        Signature
        and Date:

 

    	17Exhibit 4.10

 

MASTER SERVICES AGREEMENT

 

Between

 

JINKOSOLAR HOLDING CO., LTD.

 

And

 

Jiangxi
JinkoSolar Engineering Co., Ltd.

 

Dated as of October 18, 2016 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	ARTICLE 1	 
	 	 	 	 
	 	 	DEFINITIONS.	 
	 	 	 	 
	Section 1.1	 	Capitalized terms	3
	 	 	 	 
	 	 	ARTICLE 2	 
	 	 	 	 
	 	 	SERVICES.	 
	 	 	 	 
	Section 2.1	 	Initial Services	5
	Section 2.2	 	Additional Services	6
	Section 2.3	 	Scope of Services	6
	Section 2.4	 	Limitation on Provision of Services	6
	Section 2.5	 	Standard of Performance; Standard of Care	7
	Section 2.6	 	Prices for Services	8
	Section 2.7	 	Changes in Services	8
	Section 2.8	 	Services Performed by Third Parties	8
	Section 2.9	 	Cooperation	9
	 	 	 	 
	 	 	ARTICLE 3	 
	 	 	 	 
	 	 	CHARGES AND PAYMENT.	 
	 	 	 	 
	Section 3.1	 	Procedure	9
	Section 3.2	 	Late Payments	9
	 	 	 	 
	 	 	ARTICLE 4	 
	 	 	 	 
	 	 	TERM AND TERMINATION.	 
	 	 	 	 
	Section 4.1	 	Termination Dates	9
	Section 4.2	 	Early Termination by the Recipient	9
	Section 4.3	 	Termination by the Provider	10
	Section 4.4	 	Effect of Termination of Services	10
	 	 	 	 
	 	 	ARTICLE 5	 
	 	 	 	 
	 	 	MISCELLANEOUS.	 
	 	 	 	 
	Section 5.1	 	DISCLAIMER OF WARRANTIES	10
	Section 5.2	 	Limitation of Liability; Indemnification	10
	Section 5.3	 	Compliance with Law and Governmental Regulations	12
	Section 5.4	 	No Partnership or Joint Venture; Independent Contractor	12
	Section 5.5	 	Non-Exclusivity	12
	Section 5.6	 	Expenses	12
	Section 5.7	 	Further Assurances	12
	Section 5.8	 	Confidentiality	13
	Section 5.9	 	Headings	13

 

     i

     

    

 

	Section 5.10	 	Interpretation	14
	Section 5.11	 	Amendments	14
	Section 5.12	 	Notices	14
	Section 5.13	 	Assignment; No Third-Party Beneficiaries	15
	Section 5.14	 	Entire Agreement	15
	Section 5.15	 	Counterparts	15
	Section 5.16	 	Severability	15
	Section 5.17	 	Incorporation by Reference	15
	Section 5.18	 	Governing Law and Jurisdiction	16

 

     ii

     

    

 

MASTER SERVICES AGREEMENT

 

This Master Services Agreement is dated
as of October 18, 2016, by and between JinkoSolar Holding Co., Ltd., an exempted company with limited liability incorporated under
the laws of the Cayman Islands (“JinkoSolar”), on behalf of itself and other members of JinkoSolar Group, and
Jiangxi JinkoSolar Engineering Co., Ltd., a limited liability company incorporated under the laws of the PRC (“Jinko Power”),
on behalf of itself and other members of Jinko Power Group.

 

RECITALS

 

WHEREAS, on October
11, 2016, Wide Wealth Group Holding Limited, a 55%-owned indirect subsidiary of JinkoSolar, entered into a share transfer agreement
with Shangrao Kangsheng Technology Co., Ltd., a company incorporated with limited liability under the laws of the People’s
Republic of China, formed by a buyer consortium led by Mr. Xiande Li, chairman of the board of directors of JinkoSolar;

 

WHEREAS, on October 18, 2016, Shangrao Kangsheng
Technology Co., Ltd. completed acquisition of all of JinkoSolar’s 55% equity interest in Jinko Power (the “Acquisition”);

 

WHEREAS, prior to the completion of the
Acquisition, members of JinkoSolar Group provided certain services to members of Jinko Power Group and the parties desire that
certain such services shall continue to be provided post the completion of the Acquisition.

 

NOW, THEREFORE, in consideration of the
foregoing recitals, the mutual covenants and undertakings contained herein and the transactions contemplated herein, the receipt
and sufficiency of which are acknowledged, the parties hereby mutually agree as follows:

 

ARTICLE 1

 

DEFINITIONS.

 

Section 1.1           Capitalized
terms. Capitalized terms used in the Schedule but not otherwise defined therein, will have the meaning ascribed to such word in
this Agreement. For purposes of this Agreement, the following words and phrases will have the following meanings:

 

“Acquisition” has the
meaning set forth in the recitals of this Agreement.

 

“Actual Cost” has the
meaning set forth in Section 2.6 of this Agreement.

 

“Additional Services”
has the meaning set forth in Section 2.2 of this Agreement.

 

“Affiliate” of any Person
means a Person that controls, is controlled by, or is under common control with such Person; provided that, under this Agreement,
“Affiliate” of any member of JinkoSolar Group excludes members of Jinko Power Group, and “Affiliate” of
any member of Jinko Power Group excludes members of JinkoSolar Group. As used herein, “control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through
ownership of voting securities or other interests, by contract or otherwise.

 

    	 	3	 

     

    

 

“Agreement” means this
Master Services Agreement, together with the Schedule hereto, as the same may be amended from time to time in accordance with the
provisions hereof.

 

“Arbitration Notice”
has the meaning set forth in Section 5.18 of this Agreement.

 

“Claims” has the meaning
set forth in Section 5.2(d) of this Agreement.

 

“Dispute” has the meaning
set forth in Section 5.18 of this Agreement.

 

“Force Majeure Event”
has the meaning set forth in Section 2.4(b) of this Agreement.

 

“Governmental Authority”
means any federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official
or other regulatory, administrative or governmental authority.

 

“Historical Levels” has
the meaning set forth in Section 2.4(a) of this Agreement.

 

“HKIAC” has the meaning
set forth in Section 5.18 of this Agreement.

 

“HKIAC Rules” has the
meaning set forth in Section 5.18 of this Agreement.

 

“Indemnitee” has the
meaning set forth in Section 5.2(d) of this Agreement.

 

“Indemnitor” has the
meaning set forth in Section 5.2(d) of this Agreement.

 

“Information” means information
in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies, reports, records,
books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings,
blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs
or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged communications),
memoranda and other materials prepared by attorneys or under their direction (including attorney work product), and other technical,
financial, employee or business information or data.

 

“Initial Services” has
the meaning set forth in Section 2.1 of this Agreement.

 

“Jinko Power” has the
meaning set forth in the preamble of this Agreement.

 

“Jinko Power Group” means
Jinko Power and its subsidiaries.

 

“JinkoSolar” has the
meaning set forth in the preamble of this Agreement.

 

“JinkoSolar Group” means
JinkoSolar and its subsidiaries.

 

“Law” means any law,
statute, rule, regulation or other requirement imposed by a Governmental Authority.

 

    	 	4	 

     

    

  

“Person” means an individual,
a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability
entity, any other entity and any Governmental Authority.

 

“PRC” means the People’s
Republic of China, which, for purposes of this Agreement only, does not include the Hong Kong Special Administrative Region, the
Macau Special Administrative Region and Taiwan.

 

“Provider” means, with
respect to any particular Service, the entity or entities identified on the Schedule as the party to provide such Service.

 

“Recipient” means, with
respect to any particular Service, the entity or entities identified on the Schedule as the party to receive such Service.

 

“Review Meetings” has
the meaning set forth in Section 2.9 of this Agreement.

 

“Schedule” has the meaning
set forth in Section 2.1 of this Agreement.

 

“Service Period” means,
with respect to any Service, the period commencing on the date hereof and ending on the earlier of (i) the date the Recipient
terminates the provision of such Service pursuant to Section 4.2, (ii) the date the Provider terminates the provision
of such Service pursuant to Section 4.3, or (iii) the third anniversary of the date hereof.

 

“Services” has the meaning
set forth in Section 2.2 of this Agreement.

 

“Tax” means all forms
of direct and indirect taxation or duties imposed, or required to be collected or withheld, including charges, together with any
related interest, penalties or other additional amounts.

 

“Termination Fees” has
the meaning set forth in Section 4.2 of this Agreement.

 

“Termination Notice”
has the meaning set forth in Section 4.2 of this Agreement.

 

“U.S. GAAP” means generally
accepted accounting principles in the United States as in effect from time to time.

 

“VAT” means value added
tax, goods and services tax and any sales, transfer, services, consumption, business, use or transaction tax.

 

ARTICLE 2

SERVICES.

 

Section 2.1           Initial
Services. Except as otherwise provided herein, during the applicable Service Period, each Provider agrees to provide, or
with respect to any service to be provided by an Affiliate of the Provider, to cause such Affiliate to provide, to the
Recipient, or with respect to any service to be provided to an Affiliate of the Recipient, to such Affiliate, the services
that have been provided by the Provider and/or its Affiliates to the Recipient or its Affiliate (the “Initial
Services”), including but not limited to the services set forth on the Schedule (the “Schedule”)
annexed hereto.

 

    	 	5	 

     

    

 

Section 2.2           Additional
Services. From time to time during the applicable Service Period, the parties may identify additional services that the Provider
will provide to the Recipient in accordance with the terms of this Agreement (the “Additional Services” and,
together with the Initial Services, the “Services”). If the parties agree to add any Additional Services, the
parties will mutually create a Schedule or amend the existing Schedule for each such Additional Service setting forth the identities
of the Provider and the Recipient, a description of such Service, the term during which such Service will be provided, the cost,
if any, for such Service and any other provisions applicable thereto. In order to become a part of this Agreement, such amendment
to the Schedule must be executed by a duly authorized representative of each party, at which time such Additional Service will,
together with the Initial Services, be deemed to constitute a “Service” for the purposes hereof and will be subject
to the terms and conditions of this Agreement. The parties may, but will not be required to, agree on Additional Services during
the applicable Service Period. Notwithstanding anything to the contrary in the foregoing or anywhere else in this Agreement, any
service actually performed by the Provider upon written or oral request by the Recipient in connection with this Agreement will
be deemed to constitute a “Service” for the purposes of Article 3 and Section 5.2, but such “Service”
will only be incorporated into this Agreement by an amendment as set forth in this Section 2.2 and Section 5.11. Notwithstanding
the foregoing, neither party will have any obligation to agree to provide Additional Services.

 

Section 2.3           Scope
of Services. Notwithstanding anything to the contrary herein, (i) neither the Provider nor any of its Affiliates will be required
to perform or to cause to be performed any of the Services for the benefit of any third party or any other person other than the
applicable Recipient or its Affiliates, and (ii) the Provider makes no warranties, express or implied, with respect to the
Services, except as provided in Section 2.5.

 

 

 Section
2.4            Limitation on Provision of Services.

 

(a)           Except
as expressly contemplated in the Schedule, neither the Provider nor any of its Affiliates will be obligated to perform or to cause
to be performed any Service in a volume or quantity that exceeds on an annualized basis 100 percent of the historical volumes or
quantities of Services performed by it or its Affiliates for the business of the Recipient during calendar year 2015 (“Historical
Levels”); provided, however, that if the Recipient wishes to increase the volume or quantity of such Services provided
under this Agreement by more than such amount, the Recipient will make a request to the appropriate Provider in writing in accordance
with Section 5.12 at least fifteen (15) days prior to the next Review Meeting setting out in as much detail as reasonably
possible the change requested and the reason for requesting the change, which request will be considered at the next Review Meeting.
The Provider may, in its sole discretion, choose to accommodate or not to accommodate any such request in part or in full.

 

(b)           In
case performance of any terms or provisions hereof will be delayed or prevented, in whole or in part, because of, or related to,
compliance with any Law, decree, request or order of any Governmental Authority, either local, state, federal or foreign, or because
of riots, war, public disturbance, strike, labor dispute, fire explosion, storm, flood, acts of God, major breakdown or failure
of transportation, manufacturing, distribution or storage facilities, or for any other reason which is not within the control
of the party whose performance is interfered with and which by the exercise of reasonable diligence such party is unable to prevent
(each, a “Force Majeure Event”), then upon prompt notice by the party so suffering to the other party, the
party suffering will be excused from its obligations hereunder during the period such Force Majeure Event continues, and no liability
will attach against either party on account thereof. No party will be excused from performance if such party fails to use reasonable
diligence to remedy the situation and remove the cause and effect of the Force Majeure Event.

 

    	 	6	 

     

    

  

(c)          Notwithstanding
anything to the contrary contained herein, this Agreement will not constitute an agreement for the Provider to provide Services
to the Recipient to the extent that the provision of any such Services would not be in compliance with applicable Laws.

 

Section 2.5           Standard
of Performance; Standard of Care.

 

(a)          The
Provider will use its commercially reasonable efforts to provide and cause its Affiliates to provide the Services in a manner
which is substantially similar in nature, quality and timeliness to the services provided by the applicable Provider to the applicable
Recipient immediately prior to the date hereof; provided, however, that nothing in this Agreement will require the Provider to
prioritize or otherwise favor the Recipient over any third parties or any of the Provider’s or the Provider’s Affiliates’
business operations. The Recipient acknowledges that the Provider’s obligation to provide the Services is contingent upon
the Recipient (A) providing in a timely manner all information, documentation, materials, resources and access requested
by the Provider and (B) making timely decisions, approvals and acceptances and taking in a timely manner such other actions
requested by the Provider, in each case that the Provider (in its reasonable business judgment) believes is necessary or desirable
to enable the Provider to provide the Services; provided, however, that the Provider requests such approvals, information, materials
or services with reasonable prior notice to the extent practicable. Notwithstanding anything to the contrary herein, the Provider
shall not be responsible for any failure to provide any Service in the event that the Recipient has not fully complied with the
immediately preceding sentence. The parties acknowledge and agree that nothing contained in the Schedule will be deemed to (A) increase
or decrease the standard of care imposed on the Provider, (B) expand the scope of the Services to be provided as set forth
in Article 2, except to the extent that the Schedule references a Service that was not provided immediately prior to the
date hereof, or (C) limit Sections 5.1 and 5.2.

 

(b)          The
Provider’s sole responsibility to the Recipient for errors or omissions committed by the Provider in performing the Services
will be to correct such errors or omissions in the Services at no additional cost to the Recipient; provided, however, that the
Recipient must promptly advise the Provider of any such error or omission of which it becomes aware after having used commercially
reasonable efforts to detect any such errors or omissions.

 

(c)          The
parties and their respective Affiliates will use good faith efforts to cooperate with each other in connection with the performance
of the Services hereunder, including producing on a timely basis all information that is reasonably requested with respect to
the performance of Services; provided, however, that such cooperation not unreasonably disrupt the normal operations of the parties
and their respective Affiliates; provided further, that the party requesting cooperation will pay all reasonable out-of-pocket
costs and expenses incurred by the party furnishing cooperation, unless otherwise expressly provided in this Agreement. Subject
to the foregoing terms, the parties will cooperate with each other in making information available as needed in the event of a
Tax audit or in connection with statutory or governmental compliance issues, whether in the PRC or any other country; provided,
however, that the provision of such information will be without representation or warranty as to the accuracy or completeness
of such information. For the avoidance of doubt, and without limiting any privilege or protection that now or hereafter may be
shared by the Provider and the Recipient, neither party will be required to provide any document if the party who would provide
such document reasonably believes that so doing would waive any privilege or protection (e.g., attorney-client privilege) applicable
to such document.

 

    	 	7	 

     

    

  

(d)           If
the Provider reasonably believes it is unable to provide any Service because of a failure to obtain necessary consents (e.g.,
third-party approvals or instructions or approvals from the Recipient required in the ordinary course of providing a Service),
licenses, sublicenses or approvals contemplated by this Section 2.5(d), such failure shall not constitute a breach hereof
by the Provider and the parties will cooperate to determine the best alternative approach; provided, however, that in no event
will the Provider be required to provide such Service until an alternative approach reasonably satisfactory to the Provider is
found or the consents, licenses, sublicenses or approvals have been obtained.

 

Section 2.6           Prices
for Services. Services provided to any Recipient pursuant to the terms of this Agreement will be charged at the prices set forth
for such Service on the Schedule. At the end of each twelve (12) months during the Service Period, the Provider will review the
charges, costs and expenses actually incurred by the Provider in providing any Service (collectively, “Actual Cost”)
during the previous twelve (12) months. In the event the Provider determines that the Actual Cost for any service materially differs
from the aggregate costs charged to Recipient for that Service for that period, the Provider will deliver to Recipient documentation
for such Actual Cost and the parties will renegotiate in good faith to adjust the appropriate costs charged to the Recipient prospectively.

 

Section 2.7           Changes
in Services. The parties agree and acknowledge that any Provider may make changes from time to time in the manner of performing
the applicable Services if such Provider is making similar changes in performing similar services for itself, its Affiliates or
other third parties, if any, and if such Provider furnishes to the Recipient substantially the same notice (in content and timing)
as such Provider provides to its Affiliates or other third parties, if any, respecting such changes. In addition, and without limiting
the immediately preceding sentence in any way, and notwithstanding any provision of this Agreement to the contrary, such Provider
may make any of the following changes without obtaining the prior consent of the Recipient: (i) changes to the process of
performing a particular Service that do not adversely affect the benefits to the Recipient of such Provider’s provision or
quality of such Service in any material respect or materially increase the charge for such Service; (ii) emergency changes
on a temporary and short-term basis; and (iii) changes to a particular Service in order to comply with applicable Law or regulatory
requirements.

 

Section 2.8          Services
Performed by Third Parties. Nothing in this Agreement will prevent the Provider from using its Affiliates or third parties to perform
all or any part of a Service hereunder. The Provider will remain fully responsible for the performance of its obligations under
this Agreement in accordance with its terms, including any obligations it performs through its Affiliates or third parties, and
the Provider will be solely responsible for payments due any such Affiliates or third parties.

 

    	 	8	 

     

    

 

Section 2.9          Cooperation.
Each party will designate in writing to the other party one (1) representative to act as a contact person with respect
to all issues relating to the provision of the Services pursuant to this Agreement. Such representatives will hold review meetings
by telephone or in person, as mutually agreed upon, approximately once every quarter to discuss issues relating to the provision
of the Services under this Agreement (“Review Meetings”). In the Review Meetings such representatives will be
responsible for (A) discussing any problems identified relating to the provision of Services and, to the extent changes are
agreed upon, implementing such changes and (B) providing notice that any Service has since the prior Review Meeting for the
first time exceeded, or is anticipated to exceed, the usual and customary volume for such Service as described in the Schedule.

 

ARTICLE 3

CHARGES AND PAYMENT.

 

Section 3.1          Procedure.
Charges for the Services will be charged to and payable by the Recipient. Amounts payable pursuant to the terms of this Agreement
will be paid to the Provider on a semi annual basis.

 

Section 3.2          Late
Payments. If the Recipient fails to pay any amount payable by it under this Agreement on its due date, interest shall accrue
daily on the overdue amount from the due date up to the date of the actual payment at a rate equal to the benchmark lending interest
rate that is applicable to six-month term RMB loans as published by the People’s Bank of China from time to time. Any interest
accruing under this Section 3.2 shall be immediately payable by the Recipient on demand by the Provider.

 

ARTICLE 4

TERM AND TERMINATION.

 

Section 4.1          Termination
Dates. Unless otherwise terminated pursuant to this Article 4, this Agreement will terminate with respect to any Service at
the close of business on the last day of the Service Period for such Service, unless the parties have agreed in writing to
an extension of the Service Period.

 

Section 4.2          Early
Termination by the Recipient. As provided in the Schedule (regarding the required number of days for written notice), the
Recipient may terminate this Agreement with respect to either all or any one or more of the Services, at any time and from time
to time (except in the event such termination will constitute a breach by Provider of a third party agreement related to providing
such Services), by giving the required written notice to the Provider of such termination (each, a “Termination Notice”).
Early termination by the Recipient will obligate the Recipient to pay to the Provider a termination fee equal to the direct costs
incurred by the Provider and/or its Affiliates in connection with their provision of Services at the time of the early termination
(the “Termination Fees”). Unless provided otherwise in the Schedule, all Services of the same type must be terminated
simultaneously. As soon as reasonably practicable after its receipt of a Termination Notice, the Provider will advise the Recipient
as to whether early termination of such Services will require the termination or partial termination, or otherwise affect the provision
of, certain other Services. If this will be the case, the Recipient may withdraw its Termination Notice within ten (10) days.
If the Recipient does not withdraw the Termination Notice within such period, such termination will be final and the Recipient
will be deemed to have agreed to the termination, partial termination or affected provision of such other Services and to pay the
Termination Fees.

 

    	 	9	 

     

    

 

Section 4.3           Termination
by the Provider. The Provider may terminate this Agreement with respect to either all or any one or more of the Services, at any
time and from time to time, by giving the required written notice to the Recipient of such termination, if the Recipient breaches
any material provision of this Agreement (including a failure to timely pay an invoiced amount); provided, however,
that the Recipient will have thirty (30) days after receiving such written notice to cure any breach which is curable
before the termination becomes effective.

 

Section 4.4           Effect
of Termination of Services. In the event of any termination with respect to one or more, but less than all, of the Services, this
Agreement will continue in full force and effect with respect to any Services not so terminated. Upon the termination of any or
all of the Services, the Provider will cease, or cause its applicable Affiliates or third-party providers to cease, providing the
terminated Services. Upon each such termination, the Recipient will promptly (i) pay to the Provider all fees accrued through
the effective date of the Termination Notice, and (ii) reimburse the Provider for the termination costs actually incurred
by the Provider resulting from the Recipient’s early termination of such Services, if any, including those costs owed to
third-party providers, but excluding costs related to the termination of any particular Provider employees in connection with such
termination of Services (including wrongful termination claims) unless the Recipient was notified in writing that such particular
employees were being engaged in order for the Provider to provide such Services.

 

ARTICLE 5

MISCELLANEOUS.

 

Section 5.1           DISCLAIMER
OF WARRANTIES. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, THE PROVIDER MAKES NO AND DISCLAIMS ALL WARRANTIES,
EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT,
WITH RESPECT TO THE SERVICES, TO THE EXTENT PERMITTED BY APPLICABLE LAW. THE PROVIDER MAKES NO REPRESENTATIONS OR WARRANTIES AS
TO THE QUALITY, SUITABILITY OR ADEQUACY OF THE SERVICES FOR ANY PURPOSE OR USE.

 

Section 5.2           Limitation
of Liability; Indemnification.

 

(a)          Each
party acknowledges and agrees that the obligations of the other party hereunder are exclusively the obligations of such other party
and are not guaranteed directly or indirectly by such other party’s shareholders, members, managers, officers, directors,
agents or any other person. Subject to the terms of this Agreement, each party will look only to the other party and not to any
manager, director, officer, employee or agent for satisfaction of any claims, demands or causes of action for damages, injuries
or losses sustained by any party as a result of the other party’s action or inaction.

 

    	 	10	 

     

    

 

(b)          Notwithstanding
(A) the Provider’s agreement to perform the Services in accordance with the provisions hereof, or (B) any term
or provision of the Schedule to the contrary, the Recipient acknowledges that performance by the Provider of the Services pursuant
to this Agreement will not subject the Provider, any of its Affiliates or their respective members, shareholders, managers, directors,
officers, employees or agents to any liability whatsoever, except as directly caused by the gross negligence or willful misconduct
on the part of the Provider or any of its members, shareholders, managers, directors, officers, employees and agents; provided,
however, that the Provider’s liability as a result of such gross negligence or willful misconduct will be limited to an amount
not to exceed the lesser of (i) the price paid for the particular Service, (ii) the Recipient’s or its Affiliate’s
cost of performing the Service itself during the remainder of the applicable Service Period or (iii) the Recipient’s
cost of obtaining the Service from a third party during the remainder of the applicable Service Period; provided further that the
Recipient and its Affiliates will exercise their commercially reasonable efforts to minimize the cost of any such alternatives
to the Services by selecting the most cost effective alternatives which provide the functional equivalent of the Services replaced.

 

(c)          NOTWITHSTANDING
ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY, IN NO EVENT WILL EITHER PARTY OR ITS RESPECTIVE AFFILIATES BE LIABLE FOR
ANY SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS SUFFERED BY THE OTHER PARTY OR
ITS AFFILIATES, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, IN CONNECTION WITH ANY DAMAGES ARISING HEREUNDER; PROVIDED, HOWEVER,
THAT TO THE EXTENT EITHER PARTY OR ITS RESPECTIVE AFFILIATES IS REQUIRED TO PAY (A) ANY AMOUNT ARISING OUT OF THE INDEMNITY
SET FORTH IN Section 5.2(b) AND (B) ANY SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES
OR LOST PROFITS TO A THIRD PARTY WHO IS NOT AN AFFILIATE OF EITHER PARTY, IN EACH CASE IN CONNECTION WITH A THIRD-PARTY CLAIM,
SUCH DAMAGES WILL CONSTITUTE DIRECT DAMAGES OF THE INDEMNIFIED PARTY AND WILL NOT BE SUBJECT TO THE LIMITATION SET FORTH IN THIS
Section 5.2(c).

 

(d)         The
Recipient agrees to indemnify and hold harmless the Provider, the Provider or its Affiliates and their respective members, shareholders,
managers, directors, officers, employees and agents with respect to any claims or liabilities (including reasonable attorneys’
fees) (“Claims”), which may be asserted or imposed against the Provider or such persons by a third party who
is not an affiliate of either party, as a result of (A) the provision of the Services pursuant to this Agreement, or (B) the
material breach by the Recipient of a third-party agreement that causes or constitutes a material breach of such agreement by
the Provider, except (with respect to both of the foregoing) for any claims which are directly caused by the gross negligence
or willful misconduct of the Provider or such persons. Each party as indemnitee (“Indemnitee”) will give the
other party as indemnitor (“Indemnitor”) prompt written notice of any Claims. If Indemnitor does not notify
Indemnitee within a reasonable period after Indemnitor’s receipt of notice of any Claim that Indemnitor is assuming the
defense of Indemnitee, then until such defense is assumed by Indemnitor, Indemnitee shall have the right to defend, contest, settle
or compromise such Claim in the exercise of its reasonable judgment and all costs and expenses of such defense, contest, settlement
or compromise (including reasonable outside attorneys’ fees and expenses) will be reimbursed to Indemnitee by Indemnitor.
Upon assumption of the defense of any such Claim, Indemnitor will, at its own cost and expense, select legal counsel, conduct
and control the defense and settlement of any suit or action which is covered by Indemnitor’s indemnity. Indemnitee shall
render all cooperation and assistance reasonably requested by the Indemnitor and Indemnitor will keep Indemnitee fully apprised
of the status of any Claim. Notwithstanding the foregoing, Indemnitee may, at its election and sole expense, be represented in
such action by separate counsel and Indemnitee may, at its election and sole expense, assume the defense of any such action, if
Indemnitee hereby waives Indemnitor’s indemnity hereunder. Unless Indemnitee waives the indemnity hereunder, in no event
shall Indemnitee, as part of the settlement of any claim or proceeding covered by this indemnity or otherwise, stipulate to, admit
or acknowledge any liability or wrongdoing (whether in contract, tort or otherwise) of any issue which may be covered by this
indemnity without the consent of the Indemnitor (such consent not to be unreasonably withheld or delayed).

 

    	 	11	 

     

    

  

Section 5.3           Compliance
with Law and Governmental Regulations. The Recipient will be solely responsible for (i) compliance with all Laws affecting
its business and (ii) any use the Recipient may make of the Services to assist it in complying with such Laws. Without limiting
any other provisions of this Agreement, the parties agree and acknowledge that neither party has any responsibility or liability
for advising the other party with respect to, or ensuring the other party’s compliance with, any public disclosure, compliance
or reporting obligations of such other party (including the Securities Act of 1933, as amended, the Securities Exchange Act of
1934, as amended, the Sarbanes-Oxley Act of 2002 and rules and regulations promulgated under such Acts or any successor provisions),
regardless of whether any failure to comply results from information provided hereunder.

 

Section 5.4           No
Partnership or Joint Venture; Independent Contractor. Nothing contained in this Agreement will constitute or be construed to be
or create a partnership or joint venture between the parties or any of their respective Affiliates, successors or assigns. The
parties understand and agree that this Agreement does not make either of them an agent or legal representative of the other for
any purpose whatsoever. No party is granted, by this Agreement or otherwise, any right or authority to assume or create any obligation
or responsibilities, express or implied, on behalf of or in the name of any other party, or to bind any other party in any manner
whatsoever. The parties expressly acknowledge that the Provider is an independent contractor with respect to the Recipient in
all respects, including with respect to the provision of the Services.

 

Section 5.5           Non-Exclusivity.
The Provider and its Affiliates may provide services of a nature similar to the Services to any other Person. There is no obligation
for the Provider to provide the Services to the Recipient on an exclusive basis.

 

Section 5.6           Expenses.
Except as otherwise provided herein, each party will pay its own expenses incident to the negotiation, preparation and performance
of this Agreement, including the fees, expenses and disbursements of their respective investment bankers, accountants and counsel.

 

Section 5.7           Further
Assurances. From time to time, each party will use its commercially reasonable efforts to take or cause to be taken, at the cost
and expense of the requesting party, such further actions as may be reasonably necessary to consummate or implement the transactions
contemplated hereby or to evidence such matters.

 

    	 	12	 

     

    

 

Section 5.8           Confidentiality.

 

(a)          Subject
to Section 5.8(c), each party, on behalf of itself and its respective Affiliates, agrees to hold, and to cause its respective
directors, officers, employees, agents, accountants, counsel and other advisors and representatives to hold, in strict confidence,
with at least the same degree of care that applies to such party’s confidential and proprietary information pursuant to
policies in effect as of the date hereof, all Information concerning the other party and its Affiliates that is either in its
possession (including Information in its possession prior to the date hereof) or furnished by the other party, its Affiliates
or their respective directors, officers, managers, employees, agents, accountants, counsel and other advisors and representatives
at any time pursuant to this Agreement or otherwise, and will not use any such Information other than for such purposes as will
be expressly permitted hereunder or thereunder, except, in each case, to the extent that such Information has been (i) in
the public domain through no fault of such party or its Affiliates or any of their respective directors, officers, managers, employees,
agents, accountants, counsel and other advisors and representatives, (ii) later lawfully acquired from other sources by such
party (or its Affiliates) which sources are not themselves bound by a confidentiality obligation, or (iii) independently
generated without reference or prior access to any proprietary or confidential Information of the other party.

 

(b)         Each
party agrees not to release or disclose, or permit to be released or disclosed, any Information of the other party or its Affiliates
to any other Person, except its directors, officers, employees, agents, accountants, counsel and other advisors and representatives
who need to know such Information (who will be advised of their obligations hereunder with respect to such Information), except
in compliance with Section 5.8(c); provided, however, that any Information may be disclosed to third parties (who will be
advised of their obligation hereunder with respect to such Information) retained by the Provider as the Provider reasonably deems
necessary to perform the Services.

 

(c)          In
the event that any party or any of its Affiliates either determines on the advice of its counsel that it is required to disclose
any Information pursuant to applicable Law (including pursuant to any rule or regulation of any Governmental Authority) or receives
any demand under lawful process or from any Governmental Authority to disclose or provide Information of any other party (or of
the other party’s Affiliates) that is subject to the confidentiality provisions hereof, such party will notify the other
party prior to disclosing or providing such Information and will cooperate at the expense of such other party in seeking any reasonable
protective arrangements (including by seeking confidential treatment of such Information) requested or required by such other
party. Subject to the foregoing, the person that received such a request or determined that it is required to disclose Information
may thereafter disclose or provide Information to the extent required by such Law (as so advised by counsel) or by lawful process
or such Governmental Authority; provided, however, that such Person provides the other party upon request with a copy of the Information
so disclosed.

 

Section 5.9           Headings.
The Section and paragraph headings contained in this Agreement or in the Schedule hereto and in the table of contents to
this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement.

 

    	 	13	 

     

    

 

Section 5.10          Interpretation.
For all purposes of this Agreement and the Schedule delivered pursuant to this Agreement: (i) the terms defined in Section 1.1
have the meanings assigned to them in Section 1.1 and include the plural as well as the singular; (ii) all accounting
terms not otherwise defined herein have the meanings assigned under U.S. GAAP; (iii) all references in this Agreement to
designated “Sections”, “Schedule” and other subdivisions are to the designated Sections, Schedule and
other subdivisions of the body of this Agreement; (iv) pronouns of either gender or neuter will include, as appropriate,
the other pronoun forms; (v) the words “herein”, “hereof” and “hereunder” and other words
of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; (vi) “or”
is not exclusive; (vii) “including” and “includes” will be deemed to be followed by “but not
limited to” and “but is not limited to”, respectively; (viii) “party” or “parties”
refer to a party or parties to this Agreement unless otherwise indicated; (ix) any definition of, or reference to, any law,
agreement, instrument or other document herein will be construed as referring to such law, agreement, instrument or other document
as from time to time amended, supplemented or otherwise modified; and (x) any definition of, or reference to, any statute
will be construed as referring also to any rules and regulations promulgated thereunder.

 

Section 5.11         Amendments.
This Agreement (including the Schedule) may not be amended except by an instrument in writing executed by a duly authorized representative
of each party. By an instrument in writing, the Provider, on the one hand, or the Recipient, on the other hand, may waive compliance
by the other with any term or provision of this Agreement (including the Schedule) that such other party was or is obligated to
comply with or perform. Any such waiver will only be effective in the specific instance and for the specific and limited purpose
for which it was given and will not be deemed a waiver of any other provision of this Agreement (including the Schedule) or of
the same breach or default upon any recurrence thereof. No failure on the part of any party to exercise and no delay in exercising
any right hereunder will operate as a waiver thereof nor will any single or partial exercise of any right hereunder preclude any
other or further exercise thereof or the exercise of any other right.

 

Section 5.12        Notices.
Notices, offers, requests or other communications required or permitted to be given by a party pursuant to the terms of this Agreement
shall be given in writing to the other party to the following addresses:

 

if to JinkoSolar:

 

Jinko Building

No. 99 Shouyang Road

Shanghai

People’s Republic of China

Attention: Charlie Cao

Facsimile: +86-21-5180 8600

Email: charlie.cao@jinkosolar.com

 

if to Jinko Power:

 

Jinko Building

No. 99 Shouyang Road

Shanghai

People’s Republic of China

Attention: Yan Chen

Facsimile: +86-21-5180 8600

Email: owen.chen@jinkopower.com

 

    	 	14	 

     

    

  

or to such other address, facsimile number
or email address as the party to whom notice is given may have previously furnished to the other in writing as provided herein.
Any notice involving non-performance or termination shall be sent by hand delivery or recognized overnight courier. All other notices
may also be sent by facsimile or email, confirmed by mail. All notices shall be deemed to have been given when received, if hand
delivered; when transmitted, if transmitted by facsimile or email; upon confirmation of delivery, if sent by recognized overnight
courier; and upon receipt if mailed.

 

Section 5.13         Assignment;
No Third-Party Beneficiaries. Neither this Agreement nor any of the rights and obligations of the parties may be assigned by any
party without the prior written consent of the other party, except that (i) the Recipient may assign its rights under this
Agreement to any Affiliate or Affiliates of the Recipient without the prior written consent of the Provider, (ii) the Provider
may assign any rights and obligations hereunder to (A) any Affiliate or Affiliates of the Provider capable of providing such
Services hereunder or (B) third parties to the extent such third parties are routinely used to provide the Services to Affiliates
and businesses of the Provider, in either case without the prior written consent of the Recipient, and (iii) an assignment
by operation of Law in connection with a merger or consolidation will not require the consent of the other party. Notwithstanding
the foregoing, each party will remain liable for all of its respective obligations under this Agreement. Subject to the first sentence
of this Section 5.13, this Agreement will be binding upon and inure to the benefit of the parties and their respective successors
and assigns and no other person will have any right, obligation or benefit hereunder. Any attempted assignment or transfer in violation
of this Section 5.13 will be void.

 

Section 5.14         Entire
Agreement. This Agreement and the Schedule hereto contain the entire agreement between the parties with respect to the subject
matter hereof, supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations
with respect to such subject matter and there are no agreements or understandings between the parties with respect to such subject
matter other than those set forth or referred to herein or therein.

 

Section 5.15         Counterparts.
This Agreement may be executed in one or more counterparts, all of which will be considered one and the same agreement, and will
become effective when one or more such counterparts have been signed by each of the parties and delivered to the other party. Delivery
of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means will be effective
as delivery of a manually executed counterpart of this Agreement.

 

Section 5.16         Severability.
If any term or provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable Law or public policy,
all other conditions and provisions of this Agreement will nonetheless remain in full force and effect so long as the economic
and legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any
party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties
will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally contemplated
to the fullest extent possible.

 

Section 5.17         Incorporation
by Reference. The Schedule to this Agreement is incorporated herein by reference and made a part of this Agreement as if set forth
in full herein.

 

    	 	15	 

     

    

 

Section 5.18          Governing
Law and Jurisdiction.

 

This Agreement shall be governed by,
and construed in accordance with, the laws of Hong Kong. Any dispute, controversy or claim (each, a “Dispute”)
arising out of or relating to this Agreement, or the interpretation, performance breach, termination, validity or invalidity thereof,
shall be referred to arbitration upon the demand of any party to the dispute with notice (the “Arbitration Notice”)
to the other party. The Dispute shall be settled in Hong Kong in a proceeding conducted in English by one (1) arbitrator from the
Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International Arbitration
Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted
in accordance with the HKIAC Rules. Each party to the arbitration shall cooperate with each other party to the arbitration in making
full disclosure of and providing complete access to all information and documents reasonably requested by such other party in connection
with such arbitral proceedings, subject only to any confidentiality obligations binding on such party. The award of the arbitral
tribunal shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of competent jurisdiction
for enforcement of such award. During the course of the arbitral tribunal’s adjudication of the Dispute, this Agreement shall
continue to be performed except with respect to the part in dispute and under adjudication.

 

[Signature page follows]

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be duly executed as of the date first written above.

 

	;	JinkoSolar Holding Co., Ltd.
	 	 	 
	 	By:	/s/Xiande Li
	 	 	Name:  Xiande Li
	 	 	Title: Authorized signatory

 

	 	Jiangxi JinkoSolar Engineering Co., Ltd.
	 	 	 
	 	By:	/s/Xiande Li
	 	 	Name: Xiande Li
	 	 	Title: Authorized signatory

 

     

     

    

  

SCHEDULE

SERVICES

 

Types of Services: Provision of
guarantee for (i) the Recipient’s obligations under the existing financing documents and (ii) the Recipient’s obligations
under additional financing documents to be entered into within the Service Period. For the avoidance of any doubt, in the event
the guarantee period contemplated under the existing or additional financing documents is longer than the Service Period, the guarantee
shall be provided by the Provider for such longer period, unless otherwise agreed upon between the Provider and Recipient

 

Provider: JinkoSolar or
an Affiliate of JinkoSolar

 

Recipient: Jinko Power or an Affiliate
of Jinko Power

 

Price: 0.8% of total guaranteed
amount per annum

 

Required Notice Period for Termination
by Recipient Pursuant to Section 4.2 of this Agreement: 90 days

 

Required Notice Period for Termination
by Provider Pursuant to Section 4.3 of this Agreement: 90 days

 

    Schedule- 1

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