EX-10.1
Elong Power Holding Ltd.
DEBT SETTLEMENT AND MUTUAL RELEASE
Dated as of June 23, 2026
This Debt Settlement and Mutual Release Agreement (the “Agreement”) is entered into as of the date first set forth above (the “Effective Date”), by and among (i) Elong Power Holding Limited, a Cayman Islands company (the “Company”), (ii) Xiaodan Liu, a director, the Chief Executive Officer and Chairwoman of the Board of the Company (the “Executive”), and (iii) Gracedan Co., Limited, a Cayman Islands company controlled by the Executive (the “Shareholder”). Each of the Company, the Executive and the Shareholder may be referred to herein individually as a “Party” and collectively as the “Parties.”
WHEREAS, the Company borrowed $1,380,396 from the Executive, to support its business operations, bearing interest at 8% per annum and payable on demand in 2025. As of June 23, 2026, the outstanding balance under this loan amounted to $33,000;
WHEREAS, the Parties now wish to settle $33,000 (the “Debt”) of such payable subject to the terms and conditions as set forth herein;
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