Document:

Exhibit 10.1

 

Exhibit A

 

This PERFORMANCE STOCK UNIT AGREEMENT is entered into as of             , 20   (the “Grant Date”), between BED BATH & BEYOND INC. (the “Company”) and                      (“you”).

 

1.              Performance Stock Unit Grant.  Subject to the restrictions, terms and conditions of the Plan and this Agreement, the Company hereby awards you the number of Performance Stock Units (the “Performance Stock Units”) specified in paragraph 7 below.  The Performance Stock Units are subject to certain restrictions as set forth in the Plan and this Agreement.

 

2.              The Plan.  The Performance Stock Units are entirely subject to the terms of the Company’s [2012][2018]* Incentive Compensation Plan, as amended from time to time (the “Plan”).  A description of key terms of the Plan is set forth in the Prospectus for the Plan.  Capitalized terms used but not defined in this Agreement have the meanings set forth in the Plan.

 

3.              Restrictions on Transfer.  You will not sell, transfer, pledge, hypothecate, assign or otherwise dispose of (any such action, a “Transfer”) the Performance Stock Units, except as set forth in the Plan or this Agreement.  Any attempted Transfer in violation of the Plan or this Agreement will be void and of no effect.

 

4.              Payment.  With respect to each Performance Stock Unit that vests in accordance with the schedule set forth in paragraph 8 below, you will be entitled to receive a number of shares of Common Stock equal to one times the Payment Percentage set forth opposite the Achievement Percentile or Achievement Percentage, as applicable in paragraph 7 below.  Subject to paragraph 5 below, and further subject to satisfaction of the Performance Goals (as defined below), you will be paid such share(s) of Common Stock with respect to each vested Performance Stock Unit within thirty (30) days following the later of: (i) the applicable vesting date set forth in paragraph 8 below (the “Time-Based Vesting Date”); and (ii) the date of certification of the Achievement Percentile or Achievement Percentage, as applicable, attained with respect to the applicable Performance Goal by the Committee (the “Performance-Based Vesting Date”), to the extent administratively practicable. The later of the Time-Based Vesting Date and the Performance-Based Vesting Date shall be referred to as the “Vesting Date.”

 

5.              Forfeiture; Certain Terminations.  Except as provided in this paragraph: (i) upon your Termination, all unvested Performance Stock Units shall immediately be forfeited without compensation; and (ii) upon the failure to attain a Performance Goal, any unvested Performance Stock Units subject to any such unachieved Performance Goal shall immediately be forfeited without compensation.   Notwithstanding anything herein to the contrary, the Performance Stock Units will vest in full upon a Termination by reason of your death or Disability.  In the event of your Termination by the Company without Cause or, if provided in an agreement between you and the Company in effect as of the Grant Date, by you for Good Reason or due to a Constructive Termination without Cause, as each such term (or concept of like import) is defined in that agreement, notwithstanding anything herein or in any agreements with the Company to the contrary, including without limitation, your employment agreement, a pro-rated portion of the Performance Stock Units, based upon the period of your employment with the Company during the applicable Performance Period, relative to the full Performance Period will vest upon, and subject to, the certification by the Committee of attainment of the applicable Performance Goal regardless of whether or not you are employed on the date of certification.

 

6.              Rights with Regard to Performance Stock Units.  On and after the Grant Date, you will have the right to receive dividend equivalents with respect to the shares of Common Stock underlying the Performance Stock Units ultimately achieved under the Performance Goal described in paragraph 7, subject to the terms and conditions of this paragraph.  Notwithstanding anything herein to the contrary, in no event shall a dividend equivalent be issued or paid with respect to any Performance Stock Unit that has been forfeited pursuant to paragraph 5.  If the Company pays a dividend (whether in cash or stock) on its Common Stock shares, or its Common Stock shares are split, or the Company pays to holders of its Common Stock other shares, securities, monies, warrants, rights, options or property representing a dividend or distribution in respect of the Common Stock, then the Company will credit a deemed dividend or distribution to a book entry account on your behalf with respect to each share of Common Stock underlying the Performance Stock Units held by you, provided that your right to actually receive such cash or property shall be subject to the same restrictions as the Performance Stock Units to which the cash or property relates, and the cash or property shall be paid to you at the same time you receive the payment of the shares of Common Stock underlying the Performance Stock Units.  Unless otherwise determined by the Committee, dividend equivalents shall not be deemed to be reinvested in Common Stock and shall be treated as uninvested at all times, without crediting any interest or earnings. Except as provided in this paragraph, you will have no rights as a holder of Common Stock with respect to the Performance Stock Units unless and until the Performance Stock Units become vested hereunder and you become the holder of record of the Common Stock underlying the Performance Stock Units.

 

7.              Grant Size; Performance Goals.  Performance Stock Units covered by this award:               .  Twenty-five percent (25%) of the Performance Stock Units will be subject to a one-year performance goal based on the Company’s EBIT relative to the target EBIT (the “One-Year EBIT Goal”), as defined and approved by the Committee, thirty-seven and a half percent (37.5%) of the Performance Stock Units will be subject to a three-year performance goal based on the Company’s Total Shareholder Return (the “Three-Year TSR Goal”), as defined and approved by the Committee, and the remaining thirty-seven and a half percent (37.5%) of the Performance Stock Units will be subject to a three-year performance goal based on the Company’s cumulative EBIT over such three-year period relative to the target cumulative EBIT (the “Three-Year EBIT Goal”), as defined and approved by the Committee.  In allocating the Performance Stock Units between the One-Year EBIT Goal, the Three-Year TSR Goal, and the Three-Year EBIT Goal, any remaining fractional share of Common Stock underlying the Performance Stock Units shall be allocated to the One-Year EBIT Goal.  The One-Year EBIT Goal, the Three-Year TSR Goal, and the Three-Year EBIT Goal (each a “Performance Goal”) have been set forth in a resolution adopted by the Committee and separately communicated to you (the “Resolution”).  The following schedules set forth the Achievement Percentiles, Achievement Percentages and Payment Percentages applicable to Performance Stock Units subject to each Performance Goal, in the event that over the periods in which the Performance Stock Units are subject to a One-Year Goal and the Three-Year Goals, as applicable (the “Performance Period”), the Company’s Total Shareholder Return (as calculated pursuant to the formula described in the Resolution) is either zero (0) or a positive number:

 

	
Performance Stock Units Subject to One-Year
   EBIT Goal (25% Weighting)
    	
 
    
	
Achievement Percentage
   (% of Target)(1)
    	
 
    	
Payment Percentage of
   Common Stock
   Underlying PSUs
    	
 
    
	
Greater than    %
    	
 
    	
150%
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
Less than    %
    	
 
    	
   %
    	
 
    

 

* Reference applicable Incentive Compensation Plan under which Performance Stock Unit award is granted.

(1)  Subject to linear interpolation for achievement percentages or achievement percentiles between amounts listed on the table.

 

 

	
Performance Stock Units Subject to Three-Year
   TSR Goal (37.5% Weighting)
    	
 
    
	
Achievement Percentile
   (Peer Group)(1),(2)
    	
 
    	
Payment Percentage of
   Common Stock
   Underlying PSUs
    	
 
    
	
Greater than    th Percentile
    	
 
    	
150%
    	
 
    
	
   th Percentile
    	
 
    	
   %
    	
 
    
	
   th Percentile
    	
 
    	
   %
    	
 
    
	
   th Percentile
    	
 
    	
   %
    	
 
    
	
Less than    th Percentile
    	
 
    	
   %
    	
 
    

 

	
Performance Stock Units Subject to Three-Year
   EBIT Goal (37.5% Weighting)
    	
 
    
	
Achievement Percentage
   (% of Target)(1)
    	
 
    	
Payment Percentage of
   Common Stock
   Underlying PSUs
    	
 
    
	
Greater than    %
    	
 
    	
150%
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
Less than    %
    	
 
    	
   %
    	
 
    

 

The following schedules set forth the Achievement Percentiles, Achievement Percentages and Payment Percentages applicable to Performance Stock Units subject to each Performance Goal, in the event that over the relevant Performance Period, the Company’s Total Shareholder Return (as calculated pursuant to the formula described in the Resolution) is a negative number:

 

	
Performance Stock Units Subject to One-Year
   EBIT Goal (25% Weighting)
    	
 
    
	
Achievement Percentage
   (% of Target)(1)
    	
 
    	
Payment Percentage of
   Common Stock
   Underlying PSUs
    	
 
    
	
Greater than    %
    	
 
    	
100%
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
Less than    %
    	
 
    	
   %
    	
 
    

 

	
Performance Stock Units Subject to Three-Year
   TSR Goal (37.5% Weighting)
    	
 
    
	
Achievement Percentile
   (Peer Group)(1),(2)
    	
 
    	
Payment Percentage of
   Common Stock
   Underlying PSUs
    	
 
    
	
Greater than    th Percentile
    	
 
    	
100%
    	
 
    
	
   th Percentile
    	
 
    	
   %
    	
 
    
	
   th Percentile
    	
 
    	
   %
    	
 
    
	
   th Percentile
    	
 
    	
   %
    	
 
    
	
Less than    th Percentile
    	
 
    	
   %
    	
 
    

 

	
Performance Stock Units Subject to Three-Year
   EBIT Goal (37.5% Weighting)
    	
 
    
	
Achievement Percentage
   (% of Target)(1)
    	
 
    	
Payment Percentage of
   Common Stock
   Underlying PSUs
    	
 
    
	
Greater than    %
    	
 
    	
100%
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
   %
    	
 
    	
   %
    	
 
    
	
Less than    %
    	
 
    	
   %
    	
 
    

 

8.              Vesting Schedule. Except in the case of death or Disability, your vesting in any portion of the Performance Stock Units is contingent on attainment of the applicable Performance Goal and on the subsequent certification of that attainment by the Committee. In the event a Performance Goal is not attained during the relevant Performance Period, as applicable, all of the Performance Stock

 

(2)  The “Peer Group” applicable to the Three-Year TSR Goal is based on the peer group of companies selected by the Committee prior to the Grant Date and separately communicated to you.

 

 

Units subject to such Performance Goal for such Performance Period shall be forfeited without compensation.  Subject to the attainment of the applicable Performance Goal and the subsequent certification described above, unless you experience a Termination before the applicable Vesting Date as provided in paragraph 5, the Performance Stock Units will become vested in accordance with the following vesting schedules:

 

	
Time-Based Vesting Date
    	
 
    	
Percent Vested Subject to
   One-Year Goal
    	
 
    	
Percent Vested Subject to
   Three-Year Goals
    	
 
    
	
1st anniversary of Grant Date
    	
 
    	
100%
    	
 
    	
N/A
    	
 
    
	
3rd anniversary of Grant Date
    	
 
    	
N/A
    	
 
    	
100%
    	
 
    

 

For purposes of the payment of applicable withholding taxes required by applicable law, the number of shares of Common Stock underlying the Performance Stock Units to which you become entitled on payment shall be automatically reduced by the Company to cover the applicable minimum statutorily required withholding obligation, except that you may elect to pay some or all of the amount of such obligation in cash in a manner acceptable to the Company.  In the event that the amount of tax withholding is automatically reduced, it is the intent of this Agreement that any deemed “sale” of the shares of Common Stock underlying the Performance Stock Units withheld will be exempt from liability under Section 16(b) of the Exchange Act pursuant to Rule 16b-3.  All unscheduled and scheduled blackout periods (each, a “BP”) are determined by the Company.  If any shares of Common Stock underlying vested Performance Stock Units are scheduled to be paid during a BP to which you are subject, (i) you will be paid the applicable number of shares of Common Stock on the scheduled payment date (net of any shares withheld by the Company to pay minimum required taxes), but (ii) you will be unable to sell such shares of Common Stock until the earliest date on which all BPs to which you are subject have expired.

 

Subject to paragraph 5 above, all vesting will occur only on the appropriate Vesting Date, with no proportionate or partial vesting in the period prior to any such date.  Except as otherwise provided in the preceding paragraph, when any Performance Stock Unit becomes vested, the Company (unless it determines a delay is required under applicable law or rules) will, on the payment date described in paragraph 4 above (or promptly thereafter) issue and deliver to you a stock certificate registered in your name or will promptly recognize ownership of your shares through uncertificated book entry or another similar method, subject to applicable federal, state and local tax withholding in the manner described herein or otherwise acceptable to the Committee.  Subject to the provisions of this Agreement, you will be permitted to transfer shares of Common Stock following your receipt thereof, but only to the extent permitted by applicable law or rule.

 

9.              Code Section 409A. Although the Company does not guarantee the particular tax treatment of any payment under this Agreement, payments made under this Agreement are intended to comply with, or be exempt from, the applicable requirements of Section 409A of the Code and the Plan and this Agreement shall be limited, construed and interpreted in accordance with such intent.  To the extent any payment made under this Agreement constitutes “non-qualified deferred compensation” pursuant to Section 409A of the Code, the provisions of Section 13.13(b) of the Plan (including, without limitation, the six-month delay relating to “specified employees”) shall apply.

 

10.       Notice.  Any notice or communication to the Company concerning the Performance Stock Units must be in writing and delivered in person, or by U.S. mail, to the following address (or another address specified by the Company): Bed Bath & Beyond Inc., Finance Department — Stock Administration, 650 Liberty Avenue, Union, New Jersey 07083.

 

BED BATH & BEYOND INC.

 

 

	
By:
    	
 
    	
 
    	
 
    
	
 
    	
An Authorized Officer
    	
 
    	
Recipient (You)Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”), is entered into as of June 14, 2019 (the “Effective Date”),
by and between Bat Group, Inc., incorporated under the laws of the State of Delaware (the “Company”), and Yang
An, an individual (the “Executive”). Except with respect to the direct employment of the Executive by the Company,
the term “Company” as used herein with respect to all obligations of the Executive hereunder shall be deemed to include
the Company and all of its subsidiaries and affiliated entities (collectively, the “Group”).

 

RECITALS

 

A.
The Company desires to employ the Executive as its Chief Financial Officer and to assure itself of the services of the Executive
during the term of Employment (as defined below).

  

B.
The Executive desires to be employed by the Company as its Chief Financial Officer during the term of Employment and upon the
terms and conditions of this Agreement.

 

AGREEMENT

 

The
parties hereto agree as follows:

 

		1.	POSITION

 

The
Executive hereby accepts a position of Chief Financial Officer (the “Employment”) of the Company.

 

		2.	TERM

 

Subject
to the terms and conditions of this Agreement, the initial term of the Employment shall be 2 years commencing on the Effective
Date, unless terminated earlier pursuant to the terms of this Agreement. The Employment will be renewed automatically for additional
one-year terms if neither the Company nor the Executive provides a notice of termination of the Employment to the other party
or otherwise proposes to renegotiate the terms of the Employment with the other party within three months prior to the expiration
of the applicable term.

 

		3.	DUTIES
                                         AND RESPONSIBILITIES

 

		(a)	The
                                         Executive’s duties at the Company will include all jobs assigned by the Company’s
                                         Board of the Directors (the “Board”).

  

		(b)	The
                                         Executive shall devote all of his working time, attention and skills to the performance
                                         of his duties at the Company and shall faithfully and diligently serve the Company in
                                         accordance with this Agreement, the Certificate of Incorporation and Bylaws of the Company,
                                         as amended and restated from time to time (the “Charter Documents”),
                                         and the guidelines, policies and procedures of the Company approved from time to time
                                         by the Board.

  

		(c)	The
                                         Executive shall use his best efforts to perform his duties hereunder. The Executive shall
                                         not, without the prior written consent of the Board, become an employee of any entity
                                         other than the Company and any subsidiary or affiliate of the Company, and shall not
                                         be concerned or interested in any business or entity that engages in the same business
                                         in which the Company engages (any such business or entity, a “Competitor”),
                                         provided that nothing in this clause shall preclude the Executive from holding any shares
                                         or other securities of any Competitor that is listed on any securities exchange or recognized
                                         securities market anywhere if such shares or securities represent less than 5% of the
                                         competitors outstanding shares and securities. The Executive shall notify the Company
                                         in writing of his interest in such shares or securities in a timely manner and with such
                                         details and particulars as the Company may reasonably require

  

    1

     

    

 

		4.	NO
                                         BREACH OF CONTRACT

 

The
Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance
by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms
of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements entered into by and
between the Executive and any member of the Group pursuant to applicable law, if any; (ii) that the Executive has no information
(including, without limitation, confidential information and trade secrets) relating to any other person or entity which would
prevent, or be violated by, the Executive entering into this Agreement or carrying out his duties hereunder; (iii) that the Executive
is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except
for other member(s) of the Group, as the case may be.

 

		5.	Intentionally
                                         Omitted

 

		6.	COMPENSATION
                                         AND BENEFITS

 

		(a)	Base
Salary. The Executive’s initial base salary shall be Fifty Thousand U.S. Dollars ($50,000) per year, paid in periodic
installments in accordance with the Company’s regular payroll practices, and such compensation is subject to annual review
and adjustment by the Board.

 

		(b)	Bonus.
The Executive shall be eligible for Bonuses determined by the Board.

 

		(c)	Equity
Incentives. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate
in such plan pursuant to the terms thereof as determined by the Board.

 

		(d)	Benefits.
The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may
be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance
plan and travel/holiday plan.

 

		(e)	Expenses.
The Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses
incurred by the Executive in the performance of his duties under this Agreement; provided that he properly accounts for such expenses
in accordance with the Company’s policies and procedures.

 

    2

     

    

 

		7.	TERMINATION
                                         OF THE AGREEMENT

 

		(a)	By
                                         the Company.

 

		(i)	For
                                         Cause. The Company may terminate the Employment for cause, at any time, without notice
                                         or remuneration (unless notice or remuneration is specifically required by applicable
                                         law, in which case notice or remuneration will be provided in accordance with applicable
                                         law), if:

 

		(1)	the
                                         Executive is convicted or pleads guilty to a felony or to an act of fraud, misappropriation
                                         or embezzlement,

 

		(2)	the
                                         Executive has been grossly negligent or acted dishonestly to the detriment of the Company,

  

		(3)	the
                                         Executive has engaged in actions amounting to willful misconduct or failed to perform
                                         his duties hereunder and such failure continues after the Executive is afforded a reasonable
                                         opportunity to cure such failure; or

  

		(4)	the
                                         Executive violates Section 8 or 10 of this Agreement.

 

Upon
termination for cause, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination.
However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination,
and the Executive’s right to all other benefits will terminate, except as required by any applicable law.

 

		(ii)	For
                                         death and disability. The Company may also terminate the Employment, at any time,
                                         without notice or remuneration (unless notice or remuneration is specifically required
                                         by applicable law, in which case notice or remuneration will be provided in accordance
                                         with applicable law), if:

 

		(1)	the
                                         Executive has died, or

  

		(2)	the
                                         Executive has a disability which shall mean a physical or mental impairment which, as
                                         reasonably determined by the Board, renders the Executive unable to perform the essential
                                         functions of his employment with the Company, with or without reasonable accommodation,
                                         for more than 120 days in any 12-month period, unless a longer period is required by
                                         applicable law, in which case that longer period would apply.

 

Upon
termination for death or disability, the Executive shall be entitled to the amount of base salary earned and not paid prior to
termination. However, the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason
of the termination, and the Executive’s right to all other benefits will terminate, except as required by any applicable
law.

  

		(iii)	Without
                                         Cause. The Company may terminate the Employment without cause, at any time, upon
                                         one month prior written notice. Upon termination without cause, the Company shall provide
                                         the following severance payments and benefits to the Executive: (1) a lump sum cash payment
                                         equal to1 months of the Executive’s base salary as of the date of such termination;
                                         (2) a lump sum cash payment equal to a pro-rated amount of his target annual bonus for
                                         the year immediately preceding the termination, if any; (3) payment of premiums for continued
                                         health benefits under the Company’s health plans for 12 months fo1lowing the termination,
                                         if any; and (4) immediate vesting of 100% of the then-unvested portion of any outstanding
                                         equity awards held by the Executive.

  

Upon
termination without, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination.

  

		(iv)	Change
                                         of Control Transaction. If the Company or its successor terminates the Employment
                                         upon a merger, consolidation, or transfer or sale of all or substantially all of the
                                         assets of the Company with or to any other individual(s) or entity (the “Change
                                         of Control Transaction”), the Executive shall be entitled to the following
                                         severance payments and benefits upon such termination: (1) a lump sum cash payment equal
                                         to 1 months of the Executive’s base salary at a rate equal to the greater of his/her
                                         annual salary in effect immediate1y prior to the termination, or his/her then current
                                         annua1 salary as of the date of such termination; (2) a lump sum cash payment equal to
                                         a pro-rated amount of his/her target annual bonus for the year immediately preceding
                                         the termination; (3) payment of premiums for continued health benefits under the Company’s
                                         health plans for 12 months fo1lowing the termination; and (4) immediate vesting of 100%
                                         of the then unvested portion of any outstanding equity awards held by the Executive.

 

    3

     

    

 

		(b)	By
the Executive. The Executive may terminate the Employment at any time with a one-month prior written notice to the Company,
if (1) there is a material reduction in the Executive’s authority, duties and responsibilities, or (2) there is a material
reduction in the Executive’s annual salary. Upon the Executive’s termination of the Employment due to either of the
above reasons, the Company shall provide compensation to the Executive equivalent to 1 months of the Executive’s base salary
that he is entitled to immediately prior to such termination. In addition, the Executive may resign prior to the expiration of
the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is agreed
to by the Board.

  

		(c)	Notice
of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written
notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s)
of this Agreement relied upon in effecting the termination.

  

		8.	CONFIDENTIALITY
                                         AND NON-DISCLOSURE

 

		(a)	Confidentiality
                                         and Non-disclosure. The Executive hereby agrees at all times during the term of the
                                         Employment and after his termination, to hold in the strictest confidence, and not to
                                         use, except for the benefit of the Company, or to disclose to any person, corporation
                                         or other entity without prior written consent of the Company, any Confidential Information.
                                         The Executive understands that “Confidential Information” means any
                                         proprietary or confidential information of the Company, its affiliates, or their respective
                                         clients, customers or partners, including, without limitation, technical data, trade
                                         secrets, research and development information, product plans, services, customer lists
                                         and customers, supplier lists and suppliers, software developments, inventions, processes,
                                         formulas, technology, designs, hardware configuration information, personnel information,
                                         marketing, finances, information about the suppliers, joint ventures, franchisees, distributors
                                         and other persons with whom the Company does business, information regarding the skills
                                         and compensation of other employees of the Company or other business information disclosed
                                         to the Executive by or obtained by the Executive from the Company, its affiliates, or
                                         their respective clients, customers or partners, either directly or indirectly, in writing,
                                         orally or otherwise, if specifically indicated to be confidential or reasonably expected
                                         to be confidential. Notwithstanding the foregoing, Confidential Information shall not
                                         include information that is generally available and known to the public through no fault
                                         of the Executive.

  

		(b)	Company
                                         Property. The Executive understands that all documents (including computer records,
                                         facsimile and e-mail) and materials created, received or transmitted in connection with
                                         his work or using the facilities of the Company are property of the Company and subject
                                         to inspection by the Company at any time. Upon termination of the Executive’s employment
                                         with the Company (or at any other time when requested by the Company), the Executive
                                         will promptly deliver to the Company all documents and materials of any nature pertaining
                                         to his work with the Company and will provide written certification of his compliance
                                         with this Agreement. Under no circumstances will the Executive have, following his termination,
                                         in his possession any property of the Company, or any documents or materials or copies
                                         thereof containing any Confidential Information.

 

		(c)	Former
                                         Employer Information. The Executive agrees that he has not and will not, during the
                                         term of his employment, (i) improperly use or disclose any proprietary information or
                                         trade secrets of any former employer or other person or entity with which the Executive
                                         has an agreement or duty to keep in confidence information acquired by Executive, if
                                         any, or (ii) bring into the premises of the Company any document or confidential or proprietary
                                         information belonging to such former employer, person or entity unless consented to in
                                         writing by such former employer, person or entity. The Executive will indemnify the Company
                                         and hold it harmless from and against all claims, liabilities, damages and expenses,
                                         including reasonable attorneys’ fees and costs of suit, arising out of or in connection
                                         with any violation of the foregoing.

 

    4

     

    

 

		(d)	Third
                                         Party Information. The Executive recognizes that the Company may have received, and
                                         in the future may receive, from third parties their confidential or proprietary information
                                         subject to a duty on the Company’s part to maintain the confidentiality of such
                                         information and to use it only for certain limited purposes. The Executive agrees that
                                         the Executive owes the Company and such third parties, during the Executive’s employment
                                         by the Company and thereafter, a duty to hold all such confidential or proprietary information
                                         in the strictest confidence and not to disclose it to any person or firm and to use it
                                         in a manner consistent with, and for the limited purposes permitted by, the Company’s
                                         agreement with such third party.

 

This
Section 8 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 8,
the Company shall have right to seek remedies permissible under applicable law.

 

		9.	CONFLICTING
                                         EMPLOYMENT.

 

The
Executive hereby agrees that, during the term of his employment with the Company, he or she will not engage in any other employment,
occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved
during the term of the Executive’s employment, nor will the Executive engage in any other activities that conflict with
his obligations to the Company without the prior written consent of the Company.

 

		10.	NON-COMPETITION
                                         AND NON-SOLICITATION

 

In
consideration of the salary paid to the Executive by the Company and subject to applicable law, the Executive agrees that during
the term of the Employment and for a period of one (1) year following the termination of the Employment for whatever reason:

 

		(a)	The
                                         Executive will not approach clients, customers or contacts of the Company or other persons
                                         or entities introduced to the Executive in the Executive’s capacity as a representative
                                         of the Company for the purposes of doing business with such persons or entities which
                                         will harm the business relationship between the Company and such persons and/or entities;

 

		(b)	The
                                         Executive will not assume employment with or provide services as a director or otherwise
                                         for any Competitor, or engage, whether as principal, partner, licensor or otherwise,
                                         in any Competitor; and

 

		(c)	The
                                         Executive will not seek, directly or indirectly, by the offer of alternative employment
                                         or other inducement whatsoever, to solicit the services of any employee of the Company
                                         employed as at or after the date of such termination, or in the year preceding such termination.

 

The
provisions contained in Section 10 are considered reasonable by the Executive and the Company. In the event that any such provisions
should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of
application reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

 

This
Section 10 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 10,
the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief
and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate).
In any event, the Company shall have right to seek all remedies permissible under applicable law.

  

		11.	WITHHOLDING
                                         TAXES

 

Notwithstanding
anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts
otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment,
or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

    5

     

    

 

		12.	ASSIGNMENT

 

This
Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer
this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement
or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a Change of Control
Transaction, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor
and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

 

		13.	SEVERABILITY

 

If
any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or
applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions
of this Agreement are declared to be severable.

 

		14.	ENTIRE
                                         AGREEMENT

 

This
Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the
Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, including any
prior agreements between the Executive and a member of the Group. The Executive acknowledges that he or she has not entered into
this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment
to this Agreement must be in writing and signed by the Executive and the Company.

 

		15.	GOVERNING
                                         LAW; JURISDICTION

  

This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware and each of the parties irrevocably
consents to the jurisdiction and venue of the federal and state courts located in Delaware.

 

		16.	AMENDMENT

 

This
Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly
referring to this Agreement, which agreement is executed by both of the parties hereto.

 

		17.	WAIVER

 

Neither
the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other
or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power
or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to
any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted
such waiver.

 

		18.	NOTICES

 

All
notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be
deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii)
sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

 

    6

     

    

 

		19.	COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose
signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties
reflected hereon as the signatories.

 

Photographic
copies of such signed counterparts may be used in lieu of the originals for any purpose.

  

		20.	NO
                                         INTERPRETATION AGAINST DRAFTER

 

Each
party recognizes that this Agreement is a legally binding contract and acknowledges that it, he or she has had the opportunity
to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against
either party on the basis of that party being the drafter of such terms.

 

[Remainder
of this page has been intentionally left blank.]

 

    7

     

    

 

IN
WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

 

	 	Bat Group, Inc.
	 	 	 
	 	By:	/s/
    Long Yi
	 	Name:	Long Yi
	 	Title:	Chief Financial Officer
	 	 	 
	 	Executive
	 	 	 
	 	Signature:	/s/
    Yang An
	 	Name:	Yang An

 

 

8

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