Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of August 29, 2022, is by and among SMART
GLOBAL HOLDINGS, INC., a Cayman Islands exempted company (the “Parent Borrower”), SMART MODULAR TECHNOLOGIES, INC., a California corporation (the “Co-Borrower” and, together
with the Parent Borrower, the “Borrowers” and each a “Borrower”), the Lenders (as defined below) party hereto and CITIZENS BANK, N.A., as administrative agent (the “Agent”), and acknowledged and
agreed to by the Subsidiary Loan Parties. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement (as defined below). 

W I T N E S S E T H 

WHEREAS, the Borrowers, the various financial institutions from time to time party thereto (the “Lenders”) and the
Agent are parties to that certain Credit Agreement dated as of February 7, 2022 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”); 

WHEREAS, the Loan Parties have requested that (a) certain of the existing Lenders (collectively, the “Incremental
Lenders”) provide a new Incremental Term Loan in the aggregate principal amount equal to $300,000,000 to the Borrowers pursuant to Section 2.20 of the Credit Agreement (the “Incremental Term Loan”), which shall be
deemed to be an increase to (and shall be the same Class and tranche as, and shall be fungible with) the existing Term Loan funded on the Effective Date, (b) the Agent amend certain provisions of the Credit Agreement as necessary to
incorporate the Incremental Term Loan and (c) the Required Lenders amend certain other provisions of the Credit Agreement; and 

WHEREAS, the Incremental Lenders are willing to provide the Incremental Term Loan, and the Agent and the Required Lenders are willing
to make such amendments to the Credit Agreement, in accordance with and subject to the terms and conditions set forth herein. 
 NOW,
THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 AMENDMENTS TO
CREDIT AGREEMENT 
 1.1 Amendments to Section 1.01—Additional Definitions.
Section 1.01 of the Credit Agreement is hereby amended by adding the following new definitions in the correct alphabetical order: 

“Cree Refinancing” means the repayment in full of all amounts outstanding under that certain Earnout Note,
dated as of June 24, 2022, among the Parent Borrower and Cree, Inc., as holder. 
 “First
Amendment” means that certain First Amendment to this Agreement dated as of August 29, 2022. 

“First Amendment Effective Date” means the date on which the conditions specified in Article II of
the First Amendment are satisfied. 

  
 1 

 “First Amendment Term Commitment” has the meaning
assigned to such term in the definition of Term Commitment. 
 “First Amendment Transaction Costs”
means any fees or expenses incurred or paid by the Borrowers or any Subsidiary in connection with the First Amendment Transactions, the First Amendment and the transactions contemplated hereby and thereby. 

“First Amendment Transactions” means, collectively, (a) the Storm Acquisition, (b) the Cree
Refinancing, (c) the funding of the Term Loans on the First Amendment Effective Date and the consummation of the other transactions contemplated by the First Amendment, (d) the consummation of any other transactions in connection with the
foregoing and (e) the payment of the fees and expenses incurred in connection with any of the foregoing (including the First Amendment Transaction Costs). 

“Initial Term Commitment” has the meaning assigned to such term in the definition of Term Commitment.

 “Storm Acquisition” means the acquisition by the Borrowers, directly or indirectly, all of the
equity interests of Storm Private Holdings I Ltd., a Cayman Islands exempted company (the “Target”), and its Subsidiaries pursuant to the terms of that certain Share Purchase Agreement, dated as of June 28, 2022, by and among
the equity holders of the Target party thereto, the Target and the Borrowers. 
 1.2 Amendment to the Definition of
Available Cash. The reference to “$100,000,000” appearing in the definition of Available Cash set forth in Section 1.01 of the Credit Agreement is hereby amended to read “$125,000,000”. 

1.3 Amendment to Definition of Term Commitment. The definition of “Term Commitment” appearing in
Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Term Commitment” means, with respect to each Term Lender, the commitment of such Term Lender to make a
Term Loan hereunder on the Effective Date and/or the First Amendment Effective Date, expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Term Lender hereunder, as such commitment may be
(a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to assignments by or to such Term Lender pursuant to an Assignment and Assumption. The initial amount
of each Term Lender’s Term Commitment is set forth on Schedule 2.01(a) or in the Assignment and Assumption pursuant to which such Term Lender shall have assumed its Term Commitment, as the case may be. As of the Effective Date, the total
Term Commitment was $275,000,000 (the “Initial Term Commitment”), and as of the First Amendment Effective Date the total Term Commitment was $300,000,000 (the “First Amendment Term Commitment”). 

1.4 Amendment to Definition of Term Loan. The definition of “Term Loan” appearing in Section 1.01
of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “Term Loan” means
a Loan made pursuant to clause (a) of Section 2.01 (including, for the avoidance of doubt, the Loans made on First Amendment Effective Date pursuant to the First Amendment). 

  
 2 

 1.5 Amendment to Section 2.01. Clause
(a) appearing in Section 2.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(a) each Term Lender severally agrees to make a Term Loan to the Borrowers denominated in dollars on (i) the Effective
Date in a principal amount not exceeding its Initial Term Commitment and (ii) the First Amendment Effective Date in a principal amount not exceeding its First Amendment Term Commitment (such Term Loan shall be deemed to be an increase to (and
shall be the same Class and tranche as, and shall be fungible with) the Term Loan made pursuant to clause (a)(i)) and 
 1.6
Amendment to Section 2.03. Clause (a) appearing in the second sentence of Section 2.03 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(a) in the case of a SOFR Borrowing, not later than 2:00 p.m., New York City time, three (3) Government Securities
Business Days before the date of the proposed Borrowing (or, in the case of any SOFR Borrowing to be made on the Effective Date or the First Amendment Effective Date, such shorter period of time as may be agreed to by the Administrative Agent)
or 
 1.7 Amendment to Section 2.08. Clause (a) appearing in
Section 2.08 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (a) Unless
previously terminated, the Initial Term Commitments shall terminate at 11:59 p.m., New York City time, on the Effective Date. The Revolving Commitments shall terminate at 11:59 p.m., New York City time, on the Revolving Maturity Date. The
First Amendment Term Commitments shall terminate at 11:59 p.m., New York City time, on the First Amendment Effective Date. 

1.8 Amendment to Section 2.10. Clause (a) appearing in Section 2.10 of the
Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (a) Subject to adjustment pursuant
to paragraph (c) of this Section 2.10, the applicable Borrower shall repay Term Loan Borrowings on the last day of each February, May, August and November (commencing on May 31, 2022) in the principal amount equal to (i) for all
periods prior to the First Amendment Effective Date, $1,718,750, (ii) for the first year after the Effective Date (excluding any period prior to the First Amendment Effective Date), $3,605,542.45, (iii) for the second through fourth years after the
Effective Date, $7,211,084.91 and (iv) for the fifth year after the Effective Date, $10,816,627.36. 
 1.9 Amendment
to Section 3.17. Clause (a) appearing in Section 3.17 of the Credit Agreement is hereby amended and restated in its entirety to read as follows. 

(a) the Term Loans made on (i) the Effective Date to directly or indirectly finance a portion of the Transactions and
to pay Transaction Costs and (ii) the First Amendment Effective Date to directly or indirectly finance a portion of the First Amendment Transactions and to pay First Amendment Transaction Costs and 

1.10 Amendment to Section 5.10. The first sentence contained in Section 5.10 of the
Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 The Borrowers will use the proceeds
of the Term Loans to directly or indirectly (a) on the Effective Date, finance a portion of the Transactions and to pay Transaction Costs and (b) on the First Amendment Effective Date, finance a portion of the First Amendment Transactions
and to pay First Amendment Transaction Costs. 

  
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 1.11 Amendment to Section 5.13.
Section 5.13 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 5.13
[Reserved]. 
 1.12 Amendment to Section 6.10. Clause (a) appearing in
Section 6.10 of the Credit Agreement is hereby amended and restated in its entirety to read as follows. 
 (a) the First
Lien Leverage Ratio to exceed 3.25 to 1.00 as of the last day of any Test Period, 
 1.13 Amendment to Schedules and
Exhibits. Schedule 2.01(a) to the Credit Agreement is hereby amended and restated as set forth on Exhibit A attached to this Amendment. No other Schedules and Exhibits to the Credit Agreement shall be modified or otherwise affected. 

ARTICLE II 
 CONDITIONS
TO EFFECTIVENESS 
 2.1 Closing Conditions. This Amendment shall be deemed effective as of the date set forth above
(the “Amendment Effective Date”) upon satisfaction of the following conditions (in form and substance reasonably acceptable to the Agent): 

(a) Executed Amendment. The Agent shall have received a copy of this Amendment duly executed by each Borrower, the other
Loan Parties, the Agent, the Incremental Lenders and the Required Lenders. 
 (b) Legal Opinions. The Agent shall have
received an opinion or opinions of counsel for the Loan Parties, dated the Amendment Effective Date and addressed to the Agent and the Lenders, of (i) Simpson Thacher & Bartlett LLP, New York and California counsel for the Loan Parties
and (ii) Walkers, Cayman Islands counsel to the Parent Borrower. 
 (c) Authority Documents. The Agent shall have
received the following: 
 (i) Articles of Incorporation/Charter Documents. Either (x) certified articles of
incorporation or other charter documents, as applicable, of each Loan Party certified (A) by an officer of such Loan Party (pursuant to an officer’s certificate) as of the Amendment Effective Date to be true and correct and in force and
effect as of such date, and (B) to be true and complete as of a recent date by the appropriate Governmental Authority of the state of its incorporation or organization, as applicable or (y) certification that there have been no
changes to the articles of incorporation or other charter documents, as applicable, delivered to the Agent as of the Effective Date. 

(ii) Resolutions. Copies of resolutions of the board of directors or comparable managing body of each Loan Party
approving and adopting this Amendment and authorizing execution and delivery thereof, certified by an officer of such Person (pursuant to an officer’s certificate) as of the Amendment Effective Date to be true and correct and in force and
effect as of such date. 

  
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 (iii) Bylaws/Operating Agreement. Either (x) a copy of the
bylaws or comparable operating agreement of each Loan Party certified by an officer of such Loan Party (pursuant to an officer’s certificate) as of the Amendment Effective Date to be true and correct and in force and effect as of such date
or (y) certification that there have been no changes to the bylaws or operating agreements delivered to the Agent as of the Effective Date. 

(iv) Good Standing. Certificates of good standing, existence or its equivalent with respect to each Loan Party certified
as of a recent date by the appropriate Governmental Authorities of the state of incorporation or organization. 
 (v)
Incumbency. Either (x) an incumbency certificate of each Responsible Officer of each Loan Party certified by an officer (pursuant to an officer’s certificate) to be true and correct as of the Amendment Effective Date or
(y) certification that there have been no changes to the incumbency certificate delivered to the Agent as of the Effective Date. 

(d) Acquisition; Cree Refinancing. 

(i) The Storm Acquisition shall have been consummated, or substantially simultaneously with the initial borrowing of the
Incremental Term Loan shall be consummated, in all material respects in accordance with the acquisition agreement delivered to the Agent (the “Acquisition Agreement”) (and no provision of the Acquisition Agreement shall have been
waived, amended, supplemented or otherwise modified (including any consents thereunder) in a manner material and adverse to the Incremental Lenders without the consent of the Agent (such consent not to be unreasonably withheld, delayed or
conditioned)) (it being understood that (A) any modification, amendment, consent, waiver or determination in respect of the definition of “Material Adverse Effect” (as in effect on the date hereof) shall be deemed to be material and
adverse to the interests of the Incremental Lenders and (B) any reduction in the purchase price consideration shall be deemed not to be material and adverse to the Incremental Lenders so long as such reduction is applied to reduce the
Incremental Term Loan). 
 (ii) The Agent shall have received, immediately after the consummation of the Storm Acquisition, a
joinder agreement executed by Stratus Technologies, Inc., a Delaware corporation, along with such other documents necessary to satisfy the Collateral and Guarantee Requirement as required pursuant to Section 5.11 of the Credit Agreement. 

(iii) The Storm Acquisition shall constitute an Investment permitted under the terms of the Credit Agreement. 

(iv) The Cree Refinancing shall have been consummated, or substantially simultaneously with the initial borrowing of the
Incremental Term Loan shall be consummated. 
 (e) Solvency Certificate. The Agent shall have received a customary
solvency certificate, as of the Amendment Effective Date and after giving effect to the First Amendment Transactions, executed by a senior financial executive or officer of Smart Global Holdings. 

  
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 (f) Incremental Term Loan. The conditions set forth in
Section 2.20 of the Credit Agreement relating to the Incremental Term Loan shall be satisfied (including, without limitation, no Event of Default under clause (a), (b), (h) or (i) of Section 7.01 of the Credit Agreement shall have
occurred and be continuing on the Incremental Closing Date). 
 (g) KYC; Beneficial Owner. (i) The Incremental
Lenders shall have received all documentation at least two business days prior to the Amendment Effective Date and other information about the Target that shall have been reasonably requested by the Incremental Lenders in writing at least 10
business days prior to the Amendment Effective Date and that the Incremental Lenders reasonably determine is required by United States regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including without limitation the PATRIOT Act and (ii) to the extent any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation (as defined below), each Lender that so requests (which
request is made through the Administrative Agent) shall have received a Beneficial Ownership Certification in relation to such Borrower; provided that the Administrative Agent has provided the Borrowers a list of each such Lender and its
electronic delivery requirements at least five Business Days prior to the Amendment Effective Date. 
 (h) Borrowing
Request. The Agent shall have received a Borrowing Request with respect to the Incremental Term Loan to be made on the Amendment Effective Date. 

(i) Fees and Expenses. 

(i) The Administrative Agent shall have received from the Borrowers, for the account of each Lender that executes and delivers
an Amendment signature page to the Agent by 5:00 p.m. (EST) on or before August 28, 2022 (each such Lender, a “Consenting Lender”, and collectively, the “Consenting Lenders”), an amendment fee in an
amount equal to 10 basis points on (A) the aggregate Revolving Commitment of such Consenting Lender and (B) the outstanding principal amount of the Term Loans (prior to giving effect to this Amendment) held by such Consenting Lender. 

(ii) The Agent shall have received from the Borrowers such other fees and reasonable and documented out-of-pocket expenses that are payable in connection with the consummation of the transactions contemplated hereby, and King & Spalding LLP shall have received from
the Borrowers payment of all reasonable and documented fees and expenses incurred prior to the date hereof or in connection with this Amendment. 

ARTICLE III 

MISCELLANEOUS 
 3.1
Amended Terms. On and after the Amendment Effective Date, all references to the Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended
hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms. 

3.2 Representations and Warranties of Loan Parties. Each of the Loan Parties represents and warrants as follows: 

(a) Such Loan Party has taken all necessary action to authorize the execution, delivery and performance of this Amendment. 

  
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 (b) Such Loan Party has duly executed and delivered the Amendment and the
Amendment constitutes such Loan Party’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or
transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

(c) No approval is required to be obtained by such Loan Party or any of its Subsidiaries in connection with the execution,
delivery or performance by such Loan Party of this Amendment; except for such approvals which have been issued or obtained by such Loan Party or any of its Subsidiaries which are in full force and effect. 

(d) The representations and warranties of each Loan Party set forth in Article III of the Credit Agreement are true and correct
in all material respects on the date hereof, provided that, to the extent that such representations and warranties specifically refer to an earlier date, they are true and correct in all material respects as of such earlier date; provided, further,
that, with respect to any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, they are true and correct in all respects (giving effect to any such qualifications) on
the date of hereof or on such earlier date, as the case may be). 
 (e) After giving effect to this Amendment, no event has
occurred and is continuing which constitutes a Default or an Event of Default under clause (a), (b), (h) or (i) of Section 7.01 of the Credit Agreement. 

3.3 Reaffirmation of Obligations. Each Loan Party acknowledges and agrees that all Loan Document Obligations constitute
the valid and binding obligations of such Loan Party enforceable against such Loan Party without setoff, counterclaim, or defense, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors’ rights generally and by general principles of equity. Each Loan Party hereby ratifies the Credit Agreement and the Guarantee Agreement, and acknowledges and reaffirms that: (y) that it is bound by all
terms of the Credit Agreement and the Guarantee Agreement applicable to it and (z) it is responsible for the observance and full performance of its respective Loan Document Obligations. 

3.4 Loan Document. This Amendment shall constitute a Loan Document under the terms of the Credit Agreement. 

3.5 Expenses. Each Borrower agrees to pay all reasonable and documented costs and expenses of the Agent in connection
with the preparation, execution and delivery of this Amendment (including, without limitation, the reasonable and documented fees and expenses of the Agent’s legal counsel). 

3.6 Entirety. This Amendment and the other Loan Documents embody the entire agreement among the parties hereto and
supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 
 3.7
Counterparts; Telecopy. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.
This Amendment shall be effective when it has been executed by the Borrower, the other Loan Parties, the Agent and the Lenders, and each party has transmitted executed signature pages by telefacsimile or in ‘PDF’ format by electronic mail.

 3.8 GOVERNING LAW. THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY OR DISPUTE ARISING OUT OF OR RELATING TO THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF LAW RULES (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

  
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 3.9 Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns. 
 3.10 Consent to Jurisdiction;
Service of Process; Waiver of Jury Trial. The consent to jurisdiction, consent to service of process and waiver of jury trial provisions set forth in Sections 9.09 and 9.10 of the Credit Agreement, respectively, are hereby incorporated by
reference, mutatis mutandis. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the
date first above written. 
  

			
	SMART GLOBAL HOLDINGS, INC.
		
	By:	 	/s/ Ken Rizvi
	Name:	 	Ken Rizvi
	Title:	 	Senior Vice President and Chief Executive Officer
	
	SMART MODULAR TECHNOLOGIES, INC.
		
	By:	 	/s/ Ken Rizvi
	Name:	 	Ken Rizvi
	Title:	 	Senior Vice President and Chief Executive Officer

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	ACKNOWLEDGED AND AGREED TO:
	
	SMART MODULAR TECHNOLOGIES (DE), INC.
	CREELED, INC.
	EXECUTED AS A DEED FOR AND ON BEHALF OF SMART MODULAR TECHNOLOGIES (DH), INC.
		
	By:	 	/s/ Ken Rizvi
	Name:	 	Ken Rizvi
	Title:	 	Chief Executive Officer
	
	PREMIERE LOGISTICS, INC.
	PREMIERE CUSTOMS BROKERS, INC.
		
	By:	 	/s/ Ken Rizvi
	Name:	 	Ken Rizvi
	Title:	 	Chief Executive Officer
	
	SMART HIGH RELIABILITY SOLUTIONS LLC
	SMART EMBEDDED COMPUTING, INC.
		
	By:	 	/s/ Ken Rizvi
	Name:	 	Ken Rizvi
	Title:	 	Chief Executive Officer
	
	SMART WIRELESS COMPUTING, INC.
		
	By:	 	/s/ Jack Pacheco
	Name:	 	Jack Pacheco
	Title:	 	Executive Vice President, Chief Operating Officer and Chief Financial Officer

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	PENGUIN COMPUTING, INC.
		
	By:	 	/s/ Sidney Mair
	Name:	 	Sidney Mair
	Title:	 	President, Chief Financial Officer, Senior Vice President – Federal Systems, Treasurer and Secretary

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	CITIZENS BANK, N.A., as Agent and a Lender
		
	By:	 	/s/ Janet Lee
		 	Name: Janet Lee
		 	Title: Managing Director

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Nick Meece
		 	Name: Nick Meece
		 	Title: Associate

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	SANTANDER BANK, N.A., as a Lender
		
	By:	 	/s/ Felix Nebrat
		 	Name: Felix Nebrat
		 	Title: Senior Vice President
		
	By:	 	/s/ Pooja Kumar
		 	Name: Pooja Kumar
		 	Title: Vice President

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	BANK OF THE WEST, as a Lender
		
	By:	 	/s/ Scott Bruni
		 	Name: Scott Bruni
		 	Title: Director

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	CITY NATIONAL BANK, as a Lender
		
	By:	 	/s/ Brian R. Jones
		 	Name: Brian R. Jones
		 	Title: Senior Vice President

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	KEYBANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Suzannah Valdivia
		 	Name: Suzannah Valdivia
		 	Title: Senior Vice President

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	M&T Bank, successor by merger to People’s United Bank, N.A., as a Lender
		
	By:	 	/s/ Kathryn Williams
		 	Name: Kathryn Williams
		 	Title: SVP

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	/s/ Larry D Jackson Jr
		 	Name: Larry D Jackson Jr
		 	Title: Senior Vice President

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	Sumitomo Mitsui Banking Corporation, as a Lender
		
	By:	 	/s/ Irlen Mak
		 	Name: Irlen Mak
		 	Title: Director

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	SILICON VALLEY BANK, as a Lender
		
	By:	 	/s/ Rob MacNamara
		 	Name: Rob MacNamara
		 	Title: Vice President

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	WELLS FARGO BANK, N.A., as a Lender
		
	By:	 	/s/ Daniel Sanchez
		 	Name: Daniel Sanchez
		 	Title: Senior Vice President

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	 Capital One, National Association, as a Lender

		
	 By:
	 	 /s/ Hunter Simensen

		 	 Name: Hunter Simensen

		 	 Title: Duly Authorized Signatory

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	Cadence Bank, as a Lender
		
	By:	 	/s/ Brandon Dunn
		 	Name: Brandon Dunn
		 	Title: Managing Director

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	FIRST HORIZON BANK, as a Lender
		
	By:	 	/s/ Jeffrey Flagg
		 	Name: Jeffrey Flagg
		 	Title: Vice President

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	The Bank of East Asia, Limited, New York Branch, as a Lender
		
	By:	 	/s/ James Hua
		 	Name: James Hua
		 	Title: SVP
		
	By:	 	/s/ Chong Tan
		 	Name: Chong Tan
		 	Title: SVP

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	HSBC Bank USA, N.A., as a Lender
		
	By:	 	/s/ Aislin O’Connor
		 	Name: Aislin O’Connor
		 	Title: Vice President, Global Relationship Manager

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	 BANK OF AMERICA, N.A., as a Lender

		
	 By:
	 	 /s/ Erhlich Bautista

		 	 Name: Erhlich Bautista

		 	 Title: Vice President

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	Comerica Bank, as a Lender
		
	By:	 	/s/ Mark C. Skrzynski Jr.
		 	Name: Mark C. Skrzynski Jr.
		 	Title: Vice President

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	 Barclays Bank PLC, as a Lender

		
	 By:
	 	 /s/ Sean Duggan

		 	 Name: Sean Duggan

		 	 Title: Director

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	 MIZUHO BANK, LTD., as a Lender

		
	 By:
	 	 /s/ John Davies

		 	 Name: John Davies

		 	 Title: Authorized Signatory

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	MORGAN STANLEY SENIOR FUNDING INC., as a Lender
		
	By:	 	/s/ Phillip Magdaleno
		 	Name: Phillip Magdaleno
		 	Title: Authorized Signatory

  

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

			
	Cathay Bank, as a Lender
		
	By:	 	/s/ An Pham Jr.
		 	 Name: An Pham Jr.
 Title: FVP, Portfolio
Manager

 SMART GLOBAL HOLDINGS, INC. 

FIRST AMENDMENT TO CREDIT AGREEMENT 
  

 
			
	 SYNOVUS BANK, as a Lender

		
	 By:
	 	 /s/ Robert Haley

		 	 Name: Robert Haley

		 	 Title: Corporate Lending OfficerExhibit 10.6

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is made on the 7 day of June 2017

 

BETWEEN:

 

		(1)	Twenty20 Energy Systems Pte. Ltd. (Registration
No. 201425478K), a company duly incorporated under the laws of Singapore and having its registered office at 60 Paya Lebar Road #04-35
Paya Lebar Square, Singapore 409051 (the “Employer”); and

 

		(2)	geoffrey allan lawrence (Australian Passport No.
PA2851003) of 1 Amber Gardens, 22-02 One Amber, Singapore 439957 (the “Employee”).

 

RECITALS:

 

		(A)	Pursuant to an arrangement agreed between the Employer and the Employee on or around October 2016, the
Employee has been under the employment of the Employer since 1 November 2016.

 

		(B)	Since 1 November 2016, the Employee has been employed as Chief Executive Officer of the Employer.

 

		(C)	As part of the Employer’s internal review of its management and human resource policies and procedures,
the Employer and the Employee at the Employer’s request have agreed to enter into this Agreement setting out the terms and conditions
of the Employer’s continued employment of the Employee.

 

		(D)	This Agreement constitutes an Executive Service Agreement pursuant to the Asia Pacific Energy Ventures
Pte Ltd Shareholders’ Agreement dated 8 May 2015.

 

IT IS AGREED as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1.	In this Agreement, except to the extent that the context requires otherwise:

 

“Manager” is defined
in Clause 2.2;

 

“Parties” means
the parties to this Agreement, and “Party” means any one of the Parties; and

 

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“SGD” means the
lawful currency of the Republic of Singapore from time to time.

 

		1.2.	Expressions in the singular shall include the plural and in the masculine
shall include the feminine and vice versa and references to persons shall include corporations and vice versa.

 

		1.3.	References to any statute or statutory provision shall be construed
as references to such statute or statutory provision as respectively amended or re-enacted or as their operation is modified by any other
statute or statutory provision (whether before or after the date of this Agreement) and shall include any provisions of which they are
re-enactments (whether with or without modification) and shall include subordinate legislation made under the relevant statute.

 

		1.4.	References to Clauses and Schedules are references to the clauses of
and schedules to this Agreement.

 

		1.5.	The headings used in this Agreement are inserted for convenience only
and shall not affect its construction or interpretation.

 

		2.	EMPLOYMENT

 

		2.1.	The Employer shall continue to employ the Employee as Chief Executive
Officer of the Employer, and such employment shall be on the terms and conditions of this Agreement.

 

		2.2.	The Employee shall continue to report directly to the Board of Directors
as appointed by the Employer from time to time (the “Board”). The Employee shall
continue to direct any question he may have in relation to his employment or performance, in the first instance, to the Board.

 

		2.3.	The Employee acknowledges and agrees that the Employer shall continue
to have the right to second him to another entity located in any country at any time for any period of time in the Employer’s sole
discretion.

 

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		3.	COMMENCEMENT DATE

 

The
Parties agree that notwithstanding this Agreement, for all intents and purposes, the Employee’s employment with the Employer shall
be deemed to have commenced from 1 November 2016 and shall not be deemed to have been disrupted or broken by the Parties’ entry
into this Agreement.

 

		4.	DUTIES AND RESPONSIBILITIES

 

		4.1.	The Employee’s duties and responsibilities include, but are not
limited to, the Job Description as set out in Schedule A. The Employee shall continue to faithfully, to the best of his skill, knowledge
and ability, with due care and diligence, and always in the best interest of the Employer and its affiliates, discharge these duties and
responsibilities, along with the following general duties and responsibilities: 

 

		4.1.1.	undertake and carry out all duties and responsibilities which the Employer
or the Manager may from time to time properly assign to him, notwithstanding that such duties and responsibilities may not be within the
scope of his normal duties and responsibilities;

 

		4.1.2.	obey and comply with all the Employer’s internal control systems,
orders, directions, rules, regulations, limits of authority, practices, policies and procedures, whether expressed or implied, from time
to time in force; 

 

		4.1.3.	comply with the applicable laws, rules, regulations and industry codes
of practice relevant to his position, duties and responsibilities in all territories where the Employer carry on its business or where
he performs duties and responsibilities assigned to him by the Employer; 

 

		4.1.4.	conduct himself with integrity and in a professional and dignified manner
in all dealings with the Employer, and the Employer’s and its affiliates’ consultants, employees, clients and suppliers; and

 

		4.1.5.	use all reasonable endeavours to promote and protect the Employer’s
and its affiliates’ interests. 

 

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		5.	PLACE OF WORK

 

		5.1.	The Employee’s place of employment shall continue to be Singapore
or such other place in the Asia Pacific region as the Employer may reasonably determine from time to time during the term of this Agreement.
The Employee acknowledges and agrees that, for the proper performance of his duties and responsibilities, he may be required by the Employer
to travel extensively and/or over extended periods of time during his employment with the Employer. 

 

		6.	HOURS OF WORK

 

		6.1.	The Employee’s usual working hours shall continue to be from 9:00
a.m. to 6:00 p.m., Monday to Friday. During a full work day, the Employee shall be entitled to a 1-hour long rest period, which shall
be taken in whole or in part at such time(s) as shall be agreed between the Employer and the Employee. 

 

		6.2.	The Employee may also be required to work additional hours beyond usual
working hours as may be necessary for the proper performance of his duties and responsibilities. 

 

		7.	REMUNERATION PACKAGE

 

		7.1.	Base Salary

 

		7.1.1.	The Employer shall pay the Employee a base monthly salary of SGD13,250.00,
which shall be credited to the Employee’s designated Singapore bank account on the final day of each calendar month in arrears.

 

		7.1.2.	The Employer and the Employee hereby acknowledge and agree that the
base monthly salary has been calculated to compensate the Employee for all usual working hours that the Employee is required to work,
all additional hours that the Employee may be required to work and all duties and responsibilities that the Employee is required to perform
under this Agreement.

 

		7.1.3.	The Employee shall not be entitled to be paid at any additional penalty
rates, overtime rates, allowances or loadings, unless so required by the law or expressly agreed with the Employer in advance.

 

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		7.2.	Variable Performance Bonus

 

		7.2.1.	The Employee may be awarded a variable performance bonus payment on
a discretionary basis as determined by the Employer each year. 

 

		7.2.2.	The Employer and the Employee hereby acknowledge and agree that the
absolute amount of the variable performance bonus to be awarded is solely at the discretion of the Employer and is dependent on the Employer’s
company performance as well the Employee’s individual performance. As at the date of this Agreement, the Employee’s target
performance bonus is calculated as follows:

 

Annual Base Salary 

= Base monthly salary of SGD13,250.00 x 12 months

= SGD159,000.00

 

Annual Gross Target Amount

= SGD159,000.00 / 70%

= SGD227,142.85

 

Annual Target Bonus Amount

= SGD227,142.85 x 30%

= SGD68,142.85

 

Explanation:

 

The
SGD68,142.85 per annum target performance bonus is for “Strong” performance
of 100% on annual performance review. The amount of bonus payable can slide from 0 to 125% based on the Manager’s rating, and contingent
on the provision of the Employer reaching 75% of its stated objectives.

 

Full
details of the criteria are set out in the Performance Management Policy.

 

		7.3.	The Employee’s remuneration package as set out in this Clause
7 shall be subject to review by the Employer on a yearly basis. 

 

		7.4.	The payment of the Employee’s remuneration package shall, where
applicable, be subjected to statutory deductions and/or withholding as required by the relevant legislation (e.g. Central Provident Fund
contributions for an employee who is a Singapore citizen or Permanent Resident, or Singapore withholding tax for an employee who is not
a Singapore citizen or Permanent Resident). 

 

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		7.5.	Save as provided for in Clause 7.4, it shall be the Employee’s
sole responsibility to ensure that income taxes are filed with and payments made to the relevant authorities in the respective countries,
which may include the Employee’s home country, Singapore and any country where the Employee performs his duties and responsibilities.

 

		8.	EXPENSES

 

The
Employee shall be entitled to have refunded to him all out-of-pocket expenses reasonably and properly incurred by him in the performance
of his duties and responsibilities under this Agreement and in accordance with the Employer’s guidelines and policies in respect
of such expenditure in force at the date of the expenditure. Any expenditure made outside such guidelines and polices may not be reimbursed.

 

		9.	BENEFITS

 

		9.1.	Group Health Insurance 

 

The
Employee shall continue to be covered under Group Health Insurance, details of which are set out in the insurance policy which shall be
made available by the Employer to the Employee upon the Employee’s request.

 

		9.2.	Travel Insurance 

 

The
Employee shall be covered under Travel insurance, details of which are set out in the insurance policy which shall be made available by
the Employer to the Employee upon the Employee’s request.

 

		9.3.	Laptop Computer

 

The
Employee shall be provided with a laptop computer if the Employer deems it to be necessary for business purposes.

 

		9.4.	Mobile Phone 

 

The
Employee shall be provided with a personal mobile phone if the Employer deems it to be necessary for business purposes.

 

    	Employee Initials 	Page 6 of 19	EMPLOYMENT AGREEMENT 

     

    

 

		9.5.	The Employer reserves the right to revise or terminate any benefit set
out in this Clause 9 at any time in its sole discretion.

 

		10.	LEAVE

 

		10.1.	Annual Leave

 

The
Employee shall be entitled to the following days of annual leave per calendar year: 

 

	Length of employment	 	No. of days of annual leave
	Less than 3 years	 	14 days
	3 years to less than 5 years	 	15 days
	5 years and more	 	
    15 days

    + 1 day per year of employment from the 5th year
    (inclusive), subject to a maximum of 20 days

 

Annual
leave is to be taken at a time mutually agreed between the Parties and subject to the operational requirements of the Employer, provided
that requests for annual leave at particular times will not unreasonably be refused. Requests for annual leave will usually be required
in writing. 

 

Annual
leave may be accumulated from year to year. No annual leave loading is payable.

 

On
termination of employment, the Employee shall be paid any accumulated but unused annual leave as at the termination of this Agreement,
less statutory deductions and/or withholding as required by the relevant legislation.

 

The
Employer may direct the Employee to take a period of annual leave at particular times (e.g. annual shutdown periods or where the Employee
has accrued but not used an excessive amount leave).

 

		10.2.	Sick Leave

 

The
Employee shall be entitled to paid sick leave* as follows:

 

		10.2.1.	up to 14 days in each year if no hospitalisation is necessary; or

 

		10.2.2.	up to 60 days in each year (including the 14 days in paragraph 8.2(a))
if hospitalisation is necessary.

 

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Any
application for paid sick leave of more than 1 day must be accompanied by a medical certificate signed by a duly qualified doctor.

 

Sick
leave may not be accumulated from year to year and any unused sick leave will not be paid at the termination of this Agreement.

 

*Note:
Employees who are caught taking sick leave when not sick will face immediate termination of employment by the Employer.

 

		10.3.	Critical Illness Leave

 

The
Employee shall be granted 2 consecutive days’ critical illness leave in any 1 year in the event of hospitalisation of his spouse,
child(ren) or parents. 

 

		10.4.	Compassionate Leave

 

The
Employee shall be granted 3 consecutive days’ compassionate leave in any 1 year in the event of the death of an immediate family
member, i.e. spouse, child(ren), parents, parents-in-law and siblings.

 

		10.5.	Paternity Leave 

 

Upon
completion of at least 3 months of employment with the Employer, the Employee shall be entitled to 2 weeks of paid paternity leave if
he is lawfully married to the child’s mother. 

 

The
Employee shall also be entitled to share up to 1 week of his wife's maternity leave (this entitlement will increase to 4 weeks from 1
July 2017). 

 

In
all other cases, the Employee will be entitled to 2 days of paid paternity leave.

 

		10.6.	Public Holidays

 

The
Employee shall enjoy all public holidays in accordance with the laws of the country where he is working in or from. 

 

		11.	CONFIDENTIAL INFORMATION

 

		11.1.	As a result of the Employee’s employment with the Employer, he
may have obtained, derived or created or may in the future obtain, derive or create information belonging to the Employer or to the clients
or affiliates of the Employer which are not obtainable or circulated in the public domain, whether or not such information may amount
to trade secrets (collectively, “Confidential Information”).

 

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		11.2.	Such Confidential Information may include, without limitation, financial
data, business plans, marketing plans, product development, clients’ lists and employees’ lists, reports, studies, trade secrets,
transactions, pricing, notes, programmes or Work Product (defined below), whether in paper, electronic or any other form.

 

		11.3.	For the avoidance of doubt, the Employee hereby acknowledges that all
Confidential Information is the property of the Employer and all Confidential Information and copies thereof shall be returned to the
Employer upon request and, in any event, upon the termination of the Employee’s employment.

 

		11.4.	The Employer expects all employees to keep such Confidential Information
carefully guarded from any form of improper use and/or disclosure. The Employee shall at all times both during the continuance of this
Agreement as well as after its termination:

 

		11.4.1.	keep all Confidential Information confidential. The Employee shall not
whether directly or indirectly, provide, circulate and/or transmit, or cause to be provided, circulated and/ or transmitted, any copies
of or any portion of Confidential Information to any person or entity other than the officers or employees of the Employer who reasonably
need to have access to the Confidential Information for the purposes of their duties under their employment with the Employer; and 

 

		11.4.2.	not use any portion of Confidential Information for any purpose other
than the performance of the Employee’s duties and obligations under this Agreement.

 

		11.5.	In the event that the Employee discloses Confidential Information in
accordance with Clause 11.4.1 or 11.4.2, the Employee shall procure that the recipient of the Confidential Information is bound by confidentiality
obligations that are at least as strict as those set out in this Agreement, and does not use the same except for the purposes for which
the disclosure is made.

 

		11.6.	The Employee’s obligations in this Clause 11 shall remain in effect
and shall survive the termination of this Agreement, except to the extent that:

 

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		11.6.1.	such Confidential Information becomes generally available to the public
other than as a result of unauthorised disclosure by the Employee or persons to whom he has made the information available in breach of
this Clause 11. For the avoidance of doubt, Confidential Information shall not be deemed to be generally available to the public merely
because any part of the Confidential Information is embodied in general disclosures or because individual features, components, or combinations
thereof are now or have subsequently become known to the public;

 

		11.6.2.	such Confidential Information has been released by the Employer or such
other relevant disclosing party to another person or entity without restriction; or

 

		11.6.3.	such Confidential Information is required to be released by law, pursuant
to an order of a court, provided that the Employee notifies the Employer in writing as soon as reasonably possible.

 

		12.	INTELLECTUAL PROPERTY RIGHTS

 

		12.1.	In this Agreement, “Intellectual Property Rights”
includes without limitation any patent, copyright, design right, trade mark, service mark, trade dress, trade name, goodwill, geographical
indication, integrated circuit layout-design right, know-how, Confidential Information, trade secret, any application (whether pending,
in process or issued) for any of the foregoing, any other industrial, intellectual property or protected right similar to the foregoing
(whether registered, registrable or unregistered) in any country worldwide and in any form, media or technology now known as later to
be developed.

 

		12.2.	The Employee hereby acknowledges and agrees that during his employment
with the Employer, all processes, studies, flow charts, diagrams, devices, programmes, reports and other data, writings, tape recordings,
computer programmes or any other works or materials, whether in paper, electronic or any other form, that are created, generated or developed
by the Employee (whether alone or with any other person, and whether or not they are created, generated or developed by him during or
outside of working hours, and within the Employer’s premises or otherwise) or which has been furnished by the Employer to him or
which he has obtained as a result of his employment with the Employer (hereinafter referred to collectively as the “Work
Product”), shall remain the property of the Employer.

 

    	Employee Initials 	Page 10 of 19	EMPLOYMENT AGREEMENT 

     

    

 

		12.3.	All Intellectual Property Rights subsisting in or in relation to any
Work Product created by the Employee (whether alone or with any other person and whether or not it is created, generated or developed
by him during or outside of working hours, and within the Employer’s premises or otherwise) during his employment with the Employer
shall belong to the Employer exclusively upon creation, and he shall promptly record and disclose such Work Product to the Employer, and
at the request and expense of the Employer do all things necessary or desirable to assign the rights to the Employer in relation to such
Work Product.

 

		12.4.	The Employee shall continue to not at any time do or cause to be done
any act of thing that in any way impairs or which may tend to impair the Employer’s ownership, title and/or interest in the Intellectual
Property Rights or Work Product. Upon termination of the Employee’s employment in any manner provided herein, he shall cease to
and desist from all use of the Intellectual Property Rights or Work Product.

 

		12.5.	The Employee shall continue to not do anything during the course of
his employment that would in any way breach, violate or infringe any applicable laws, regulations, rules, directives, circulars, notices
or directions relating to any/or governing the Intellectual Property Rights of any third parties. Without limitation to the foregoing,
the Employee shall not download any material that infringes any Intellectual Property Rights, or use any unauthorised or infringing copies
of software in the course of performing his duties.

 

		13.	EXCLUSIVITY AND CONFLICT OF INTEREST

 

		13.1.	While employed by the Employer, the Employee is expected to devote his
whole time and attention to the services of the Employer and shall not be engaged in any other business or occupation or be in any way
connected with another business or company without the written consent of the Employer.

 

		13.2.	The Employee shall declare all possible conflicts of interest and he
shall not act in conflict of interest of the Employer, including being directly or indirectly engaged, concerned or interested in any
other business or employment which is wholly or partly similar to or any way connected or in competition with the business carried on
by the Employer and its affiliates.

 

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		14.	WARRANTY

 

The
Employee represents and warrants that he is not bound by or subject to any court order, agreement or undertaking which in any way restricts
or prohibits him from entering into this Agreement or from performing his duties under it.

 

		15.	TERMINATION OF EMPLOYMENT

 

		15.1.	Either Party may terminate this Agreement by giving to the other Party
1 month’s notice in writing or payment in lieu of such notice. 

 

		15.2.	During any notice period, the Employee shall continue to perform his
duties and responsibilities in good faith and to the best of his abilities, while the Employer reserves the right to require the Employee
(and if it does so the Employee shall agree) not to work for the Employer whether at the Employer’s premises or otherwise during
the notice period. In the event that the Employer exercises this right:

 

		15.2.1.	the Employee shall continue to be an employee of the Employer during
the notice period, and he shall not be engaged in any alternative employment or activity with any other company, firm or person without
the Employer’s prior written consent; 

 

		15.2.2.	the Employee shall continue to comply with his obligations under this
Agreement, where applicable; and 

 

		15.2.3.	the Employer shall continue to comply with its obligations under this
Agreement, where applicable (including its obligations in relation to the Employee’s remuneration). 

 

		15.3.	The Employer may forthwith terminate this Agreement immediately in the
event:

 

		15.3.1.	of the Employee’s wilful failure or negligence in the performance
of his duties and responsibilities; 

 

		15.3.2.	of the Employee’s failure to improve his performance to the Employer’s
satisfaction within a reasonable period after he has been warned of the improvement required and the consequences of a failure to improve;

 

		15.3.3.	of the Employee’s breach of any material term of this Agreement;

 

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		15.3.4.	of the Employee’s commission of any act in breach of the Employer’s
policies and procedures or applicable industry codes of practice or laws; 

 

		15.3.5.	the Employee is guilty of dishonesty, fraud, any criminal or statutory
offence or gross, serious or persistent misconduct, in all cases whether or not in connection with or referable to his employment with
the Employer; 

 

		15.3.6.	of his engagement or employment, in whatever capacity, in a business
which is in competition with any business the Employer and/or its affiliates are/is engaging in; 

 

		15.3.7.	the Employee commits an act of bankruptcy, become bankrupt or make any
general arrangement or composition with his creditors; 

 

		15.3.8.	the Employee does any act or thing which may bring serious discredit
or disrepute to the Employer and/or its affiliates; or

 

		15.3.9.	the Employee otherwise acts so as to materially prejudice the business
of the Employer and/or its affiliates.

 

		15.4.	The Employee shall have no claim against the Employer for any damages
or otherwise whatsoever by reason of termination of the Employee’s employment under this Clause 15 and no delay or forbearance by
the Employer in exercising any such right of termination shall constitute a waiver of that right.

 

		15.5.	The provisions of paragraphs 11, 12 and 16 and any provision which is
expressed or intended to operate or to have effect after the termination of this Agreement shall survive the termination of this Agreement.
The termination of this Agreement shall be without prejudice to any other accrued rights or remedies of the Parties.

 

		15.6.	Upon the termination of this Agreement, the Employee shall remove his
possessions from the Employer’s premises and immediately deliver to the Employer all means of access to the Employer’s premises
and all the Employer’s property including but not limited to Confidential Information and Work Product and copies thereof that are
within the Employee’s possession, custody or control.

 

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		16.	NON-SOLICITATION AND NON-COMPETITION

 

		16.1.	During the Employee’s employment, the Employee would have dealt
with and/or will be dealing with the Employer’s and/or its affiliates’ customers, clients, suppliers, agents, consultants
and/or employees. The Employee hereby acknowledges that it is commercially important to the Employer that he is restricted in the way
he deals with such persons following the end of his employment, and accordingly he agrees to the restrictions set out in this Clause 16.

 

		16.2.	The Employee hereby undertakes that he will not (without the prior written
consent of the Employer) for the period of 12 months immediately from the date of leaving the Employer’s employment (the “Termination
Date”), regardless of the reason for leaving:

 

		16.2.1.	negotiate with, solicit business from or endeavour to entice away from
the Employer or its affiliates the business of any person, firm, company or organisation who or which to the Employee’s knowledge
is or was a customer, client or agent of the Employer or its affiliates (or who had regular business dealings with the Employer or its
affiliates) during the period of 12 months immediately preceding the Termination Date and with whom he had direct dealings or personal
contact in the course of his employment during that period, so as to harm the goodwill or otherwise damage the business of the Employer
or its affiliates;

 

		16.2.2.	undertake to provide in competition with the Employer or its affiliates
any service or manufacture or supply any product to or for any person who is or was a customer, client or agent of or supplier to or who
had regular business dealings with the Employer or its affiliates during the period of 12 months immediately preceding the Termination
Date; 

 

		16.2.3.	solicit or endeavour to entice away from or discourage from dealing
with the Employer or its affiliates or introduce or refer to a competitor of the Employer or its affiliates any person who before or after
the Termination Date is a supplier to the Employer or its affiliates whether or not such person would commit a breach of contract by reason
of leaving service or transferring business; and

 

		16.2.4.	interfere with, solicit or endeavour to entice away from the Employer
or its affiliates any person who to the Employee’s knowledge is and was, at the Termination Date, or within the period of 12 months
immediately preceding the Termination Date an employee of the Employer or its affiliates.

 

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		16.3.	At no time after the Termination Date shall the Employee directly or
indirectly represent himself as being interested in or employed by or in any way connected with the Employer or its affiliates other than
as a former employee of the Employer. 

 

		16.4.	If, during the course of the Employee’s employment or the period
of 12 months immediately following the Termination Date, any third party makes him an offer of employment or a contract of services or
any other contract which would or might involve him being in breach of any of the aforesaid restrictions, he shall promptly, and before
accepting such offer, bring the terms of this clause to such third party’s attention. 

 

		16.5.	The Employee agrees that each of the restrictions set out in this Clause
16 represents a separate and independent restriction, and that such restrictions are reasonable in every respect. If for any reason whatsoever,
any one or more of such restrictions shall either taken by itself or themselves together be adjudged to go beyond what is reasonable in
all the circumstances for the protection of the legitimate interests of the Employer, such restriction or restrictions shall be severed
from this Agreement without affecting the remainder of the other restrictions contained in this Clause 16 which shall remain in full force
and effect. 

 

		16.6.	The Employee shall notify the Employer in writing at the commencement
of his employment of any current restraints of trade that might affect his employment with the Employer. The Employee shall indemnify
and keep the Employer indemnified should the Employer suffer or incur any losses, claims or demands as a result of the Employee’s
failure to honour or abide by any such restraints. 

 

		17.	ENTIRE AGREEMENT

 

This
Agreement including any schedules and annexures hereto contains the whole agreement between the Parties relating to the subject matter
of this Agreement as at the date hereof to the exclusion of any terms implied by law which may be excluded by contract and supersedes
all previous negotiations, representations and agreements whether written or oral.

 

    	Employee Initials 	Page 15 of 19	EMPLOYMENT AGREEMENT 

     

    

 

		18.	General Terms and Conditions

 

		18.1.	The Employee’s employment shall also be subjected to the general
terms and conditions as contained in the prevailing human resources policies and procedures of the Employer to the extent that they are
not inconsistent with the terms of this Agreement.

 

		18.2.	All terms and conditions of the Employee’s employment may be modified
from time to time in the Employer’s sole discretion.

 

		18.3.	The various provisions of this Agreement are severable and if any provision
is held to be invalid, illegal or unenforceable in any respect by any court of competent jurisdiction, such invalidity, illegality or
unenforceability shall not affect the remaining provisions of this Agreement but this Agreement shall be construed as if such invalid,
illegal or unenforceable provision had had never been contained herein.

 

		18.4.	No failure on the part of the Employer to exercise, and no delay on
its part in exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor will any single or partial exercise
of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies
provided in this Agreement are cumulative and not exclusive of any other rights and remedies (whether provide by any law or otherwise).

 

		18.5.	The Employee hereby consents to the Employer’s collection, use
and disclosure of his personal data for the management of his employment with the Employer and all matters that may arise therefrom, including
but not limited to matters related to the Employee’s performance, evaluation, discipline, policy compliance or marketing.

 

		18.6.	A person who is not a party to this Agreement shall have no right under
the Contracts (Rights of Third Parties) Act (Cap. 53B) to enforce any provision of this Agreement.

 

		19.	Governing Law and Jurisdiction

 

This
Agreement shall be governed by Singapore law and the Parties agree to submit to the non-exclusive jurisdiction of the Singapore courts. 

 

    	Employee Initials 	Page 16 of 19	EMPLOYMENT AGREEMENT 

     

    

 

(This space is intentionally left blank.)

 

    	Employee Initials 	Page 17 of 19	EMPLOYMENT AGREEMENT 

     

    

 

SCHEDULE A

 

Duties and Responsibilities

 

(See attached: Job Description Form –
Chief Executive Officer)

 

    	Employee Initials 	Page 18 of 19	EMPLOYMENT AGREEMENT 

     

    

 

IN WITNESS WHEREOF this Agreement has been
entered into on the day and year first above written.

 

	SIGNED by Iain Deay	 	)	 
	Director of	 	)
	Twenty20 Energy Systems Pte Ltd	 	)
	in the presence of:	 	)
	 	 	 
	/s/ Luke Anderson	 	 	 
	Witness’ Signature	 	 	 
	Name: LUKE ANDERSON	 	 	 

 

	SIGNED by 	 	)	 
	geoffrey allan lawrence	 	)
	in the presence of:	 	)
	 	 	 	 
	/s/ Luke Anderson	 	 	 
	Witness’ Signature	 	 	 
	Name: LUKE ANDERSON	 	 	 

 

    	Employee Initials 	Page 19 of 19	EMPLOYMENT AGREEMENT 

     

    

 

 

25 June 2021

 

Geoff Lawrence

C/O- Twenty20 Energy Systems Pte Ltd

3 Phillip Street

#19-01 Royal Group Building

Singapore 048693

 

RE:     Salary Increment 

 

Dear Geoff,

 

We write to formally acknowledge and thank you for your outstanding
contribution to the performance of Twenty20 Energy Systems. Following our recent review, we wish to reward you with a Salary Increment
commencing July 2021, increasing your monthly base salary to $30,000.

 

Your corresponding performance bonus for future periods will be based
on the new monthly base salary.

 

Please accept this Salary Increment with our thanks for your continuing
contributions to the company.

 

Sincerely,

 

Nathan Daly

Director

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