Document:

EX-10.1

   

  EXHIBIT 10.1

  GARMIN LTD.

  EMPLOYEE STOCK PURCHASE PLAN

   

   

  as Amended and Restated on October 21, 2022

   

  TABLE OF CONTENTS

  					
	 
	 
	  
	  
	Page

	 
	 
	  
	  
	 

	I.
	 
	Purpose and Effective Date
	  
	2

	 
	 
	  
	  
	 

	II.
	 
	Definitions
	  
	2

	 
	 
	  
	  
	 

	III.
	 
	Administration
	  
	4

	 
	 
	  
	  
	 

	IV.
	 
	Number of Shares
	  
	5

	 
	 
	  
	  
	 

	V.
	 
	Eligibility Requirements
	  
	6 

	 
	 
	  
	  
	 

	VI.
	 
	Enrollment
	  
	7

	 
	 
	  
	  
	 

	VII.
	 
	Grant of Options on Enrollment
	  
	7

	 
	 
	  
	  
	 

	VIII.
	 
	Payroll Deductions
	  
	8

	 
	 
	  
	  
	 

	IX.
	 
	Purchase of Shares
	  
	9

	 
	 
	 
	 
	 

	X.
	 
	Withdrawal From the Plan; Termination of Employment; Leave of Absence; Death
	 
	11

	 
	 
	  
	  
	 

	XI.
	 
	Miscellaneous
	  
	13

   

   

   

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  GARMIN LTD.

  EMPLOYEE STOCK PURCHASE PLAN
(as Amended and Restated on October 21, 2022)

   

   

    

  I.Purpose and Effective Date

   

  1.1		The purpose of the Garmin Ltd. Employee Stock Purchase Plan is to provide an opportunity for eligible employees to acquire a proprietary interest in Garmin Ltd. through accumulated payroll deductions.  It is the intent of the Company to have the Plan qualify as an "employee stock purchase plan" under Section 423 of the Code.  The provisions of the Plan shall be construed to extend and limit participation in a manner consistent with the requirements of Section 423 of the Code.  

   

  1.2		The Plan was initially approved by the board of directors of Garmin Ltd., a company incorporated in the Cayman Islands ("Garmin Cayman"), on October 20, 2000 and approved by Garmin Cayman's stockholders on October 24, 2000.  The Plan was amended and restated as of January 1, 2010 and again as of June 27, 2010 following the re-domestication transaction on June 27, 2010 pursuant to which the shares of Garmin Cayman were exchanged for shares of the Company and the Company became the public holding company of Garmin Cayman and its subsidiaries. The Plan was amended and restated again on June 5, 2015, October 21, 2016 and June 7, 2019. No option shall be granted under the Plan after the date as of which the Plan is terminated by the Board in accordance with Section 11.7 of the Plan.  

   

  II.Definitions

   

  	The following words and phrases, when used in this Plan, unless their context clearly indicates otherwise, shall have the following respective meanings:

   

  2.1	"Account" means a recordkeeping account maintained for a Participant to which payroll deductions are credited in accordance with Article VIII of the Plan.

   

  2.2	"Administrator" means the persons or committee appointed under Section 3.1 to administer the Plan.

   

  2.3	"Article" means an Article of this Plan.

   

  2.4	"Accumulation Period" means, as to the Company or a Participating Subsidiary, a period of six months commencing with the first regular payroll period commencing on or after each successive January 1 and ending on each successive June 30 and a period of six months commencing with the first regular payroll period commencing on or after each successive July 1 and ending on each successive December 31.  The Committee may modify (including increasing or decreasing the length of time covered) or suspend Accumulation Periods at any time and from time to time.

   

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  2.5	"Base Earnings" means base salary and wages payable by the Company or a Participating Subsidiary to an Eligible Employee, prior to pre-tax deductions for contributions to qualified or non-qualified (under the Code) benefit plans or arrangements, and excluding bonuses, incentives and overtime pay but including commissions.

   

  2.6	"Board" means the Board of Directors of the Company.

   

  2.7	"Code" means the Internal Revenue Code of 1986, as amended.

   

  2.8	"Company" means Garmin Ltd., a Swiss corporation.

   

  2.9	"Cut-Off Date" means the date established by the Administrator from time to time by which enrollment forms must be received with respect to an Accumulation Period.

   

  2.10	"Eligible Employee" means an Employee, including an employee on an Authorized Leave of Absence (as defined in Section 10.3), eligible to participate in the Plan in accordance with Article V.

   

  2.11	"Employee" means an individual who performs services for the Company or a Participating Subsidiary pursuant to an employment relationship described in Treasury Regulations Section 31.3401(c)-1 or any successor provision, or an individual who would be performing such services but for such individual's Authorized Leave of Absence (as defined in Section 10.3).

   

  2.12	"Enrollment Date" means the first Trading Day of an Accumulation Period beginning on or after January 1, 2000.

   

  2.13	"Exchange Act" means the Securities Exchange Act of 1934.

   

  2.14	"Fair Market Value" means, as of any applicable date:

   

  (a)	If the security is listed on the New York Stock Exchange or any other established stock exchange or traded on any established market system, the closing price, regular way, of the security on such exchange or market system, or if no such reported sale of the security shall have occurred on such date, on the latest preceding date on which there was such a reported sale, in all cases, as reported in The Wall Street Journal or such other source as the Board deems reliable.

   

  (b)	In the absence of such markets for the security, the value determined by the Board in good faith.

   

  2.15	"Participant" means an Eligible Employee who has enrolled in the Plan pursuant to Article VI.  A Participant shall remain a Participant until the applicable date set forth in Article X.

   

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  2.16	"Participating Subsidiary" means a Subsidiary incorporated under the laws of any state in the United States, a territory of the United States, Puerto Rico, or the District of Columbia, or such foreign Subsidiary approved under Section 3.3, which has adopted the Plan as a Participating Subsidiary by action of its board of directors and which has been designated by the Board in accordance with Section 3.3 as covered by the Plan, subject to the requirements of Section 423 of the Code except as noted in Section 3.3.

   

  2.17	"Plan" means the Garmin Ltd. Employee Stock Purchase Plan, as amended and restated on October 21, 2022 as set forth herein and as from time to time amended.

   

  2.18	"Purchase Date" means the specific Trading Day during an Accumulation Period on which Shares are purchased under the Plan in accordance with Article IX.  For each Accumulation Period, the Purchase Date shall be the last Trading Day occurring in such Accumulation Period.  The Administrator may, in its discretion, designate a different Purchase Date with respect to any Accumulation Period.

   

  2.19	"Qualified Military Leave" means an absence due to service in the uniformed services of the United States (as defined in Chapter 43 of Title 38 of the United States Code) by an individual employee of the Company or a Participating Subsidiary, provided the individual's rights to reemployment under the Uniformed Services Employment and Reemployment Rights Act of 1994 have not expired or terminated.

   

  2.20	"Section" means a section of this Plan, unless indicated otherwise.

   

  2.21	"Securities Act" means the Securities Act of 1933, as amended.

   

  2.22	"Share" means a share, CHF 0.10 par value, of Garmin Ltd.

   

  2.23	"Subsidiary" means any corporation in an unbroken chain of corporations beginning with the Company if, as of the applicable Enrollment Date, each of the corporations other than the last corporation in the chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in the chain.

   

  2.24	"Trading Day" means a day the national exchange on which the Shares are listed for trading or, if not so listed, a day the New York Stock Exchange is open for trading.

   

  III.	Administration

   

  3.1	Subject to Section 11.7, the Plan shall be administered by the Board, or committee ("Committee") appointed by the Board.  The Committee shall consist of at least one Board member, but may additionally consist of individuals who are not members of the Board.  The Committee shall serve at the pleasure of the Board.  If the Board does not so appoint a Committee, the Board shall administer the Plan.  Any references herein to "Administrator" are, except as the context requires otherwise, references to the Board or the Committee, as applicable.

   

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  3.2	If appointed under Section 3.1, the Committee may select one of its members as chairman and may appoint a secretary.  The Committee shall make such rules and regulations for the conduct of its business as it shall deem advisable; provided, however, that all determinations of the Committee shall be made by a majority of its members.

   

  3.3	The Administrator shall have the power, in addition to the powers set forth elsewhere in the Plan, and subject to and within the limits of the express provisions of the Plan, to construe and interpret the Plan and options granted under it; to establish, amend and revoke rules and regulations for administration of the Plan; to determine all questions of policy and expediency that may arise in the administration of the Plan; to allocate and delegate such of its powers as it deems desirable to facilitate the administration and operation of the Plan; and, generally, to exercise such powers and perform such acts as it deems necessary or expedient to promote the best interests of the Company.  The Administrator's determinations as to the interpretation and operation of this Plan shall be final and conclusive.

  	 

  The Board may designate from time to time which Subsidiaries of the Company shall be Participating Subsidiaries.  Without amending the Plan, the Board may adopt special or different rules for the operation of the Plan which allow employees of any foreign Subsidiary to participate in the purposes of the Plan.  In furtherance of such purposes, the Board may approve such modifications, procedures, rules or sub-plans as it deems necessary or desirable, including those deemed necessary or desirable to comply with any foreign laws or to realize tax benefits under foreign law.  Any such different or special rules for employees of any foreign Subsidiary shall not be subject to Code Section 423 and for purposes of the Code shall be treated as separate and apart from the balance of the Plan.  

   

  3.4	This Article III relating to the administration of the Plan may be amended by the Board from time to time as may be desirable to satisfy any requirements of or under the federal securities and/or other applicable laws of the United States, or to obtain any exemption under such laws.

  	 

  IV.	Number of Shares

   

  4.1	Eight million (8,000,000) Shares are reserved for sales and authorized for issuance pursuant to the Plan.  Shares sold under the Plan may be newly-issued Shares, outstanding Shares reacquired in private transactions or open market purchases, or any combination of the foregoing.  If any option granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such option shall again become available for the Plan.

   

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  4.2	In the event of any reorganization, recapitalization, stock split, stock dividend, combination of shares, merger, consolidation, acquisition of property or shares, separation, asset spin-off, stock rights offering, liquidation or other similar change in the capital structure of the Company, the Board shall make such adjustment, if any, as it deems appropriate in the number, kind and purchase price of the Shares available for purchase under the Plan.  In the event that, at a time when options are outstanding hereunder, there occurs a dissolution or liquidation of the Company, except pursuant to a transaction to which Section 424(a) of the Code applies, each option to purchase Shares shall terminate, but the Participant holding such option shall have the right to exercise his or her option prior to such termination of the option upon the dissolution or liquidation.  The Company reserves the right to reduce the number of Shares which Employees may purchase pursuant to their enrollment in the Plan.

  	  

  V.	Eligibility Requirements

   

  5.1	Except as provided in Section 5.2, each individual who is an Eligible Employee of the Company or a Participating Subsidiary on the applicable Cut-Off Date shall become eligible to participate in the Plan in accordance with Article VI as of the first Enrollment Date following the date the individual becomes an Employee of the Company or a Participating Subsidiary, provided that the individual remains an Eligible Employee on the first day of the Accumulation Period associated with such Enrollment Date.  Participation in the Plan is entirely voluntary.

   

  5.2	Employees meeting any of the following restrictions are not eligible to participate in the Plan:

   

  (a)  Employees who, immediately upon enrollment in the Plan or upon grant of an Option would own directly or indirectly, or hold options or rights to acquire, an aggregate of 5% or more of the total combined voting power or value of all outstanding shares of all classes of stock of the Company or any Subsidiary (and for purposes of this paragraph, the rules of Code Section 424(d) shall apply, and stock which the Employee may purchase under outstanding options shall be treated as stock owned by the Employee); 

   

  (b)	Employees (other than individuals on Authorized Leave of Absence (as defined in Section 10.3)) who are customarily employed by the Company or a Participating Subsidiary for not more than 20 hours per week; or

   

  (c) 	Employees (other than individuals on Authorized Leave of Absence (as defined in Section 10.3)) who are customarily employed by the Company or a Participating Subsidiary for not more than five (5) months in any calendar year.

   

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  5.3	The Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the options shall be granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan and the options granted hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.  

  	 

  VI.	Enrollment

   

  6.1	Eligible Employees will be automatically enrolled in the Plan on the first day of each Accumulation Period.  Any Eligible Employee may consent to enrollment in the Plan for an Accumulation Period by completing and signing an enrollment form (which authorizes payroll deductions during such Accumulation Period in accordance with Section 8.1) and submitting such enrollment form to the Company or the Participating Subsidiary on or before the Cut-Off Date specified by the Administrator.  Payroll deductions pursuant to the enrollment form shall be effective as of the first payroll period with a pay day after the Enrollment Date for the Accumulation Period to which the enrollment form relates, and shall continue in effect until the earliest of:

   

  (a)  	the end of the last payroll period with a payday in the Accumulation Period;

   

  (b)	the date during the Accumulation Period as of which the Employee elects to cease his or her enrollment in accordance with Section 8.3; and 

   

  (c)	the date during the Accumulation Period as of which the Employee withdraws from the Plan or has a termination of employment in accordance with Article X.

   

  VII.	Grant of Options on Enrollment

   

  7.1	The automatic enrollment by an Eligible Employee in the Plan as of an Enrollment Date will constitute the grant as of such Enrollment Date by the Company to such Participant of an option to purchase Shares from the Company pursuant to the Plan.

   

  7.2	An option granted to a Participant pursuant to this Plan shall expire, if not terminated earlier for any reason, on the earliest to occur of:  (a) the end of the Purchase Date with respect to the Accumulation Period in which such option was granted; (b) the completion of the purchase of Shares under the option under Article IX; or (c) the date on which participation of such Participant in the Plan terminates for any reason.

   

  7.3	As of each Enrollment Date, each Participant shall automatically be granted an option to purchase a maximum number of Shares, subject to the terms of the Plan, equal to the quotient of $25,000 divided by the Fair Market Value of a Share on the Enrollment Date.  

   

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  7.4	Notwithstanding any other provision of this Plan, no Employee may be granted an option which permits his or her rights to purchase Shares under the Plan and any other Code Section 423 employee stock purchase plan of the Company or any of its Subsidiaries or parent companies to accrue (when the option first becomes exercisable) at a rate which exceeds $25,000 of Fair Market Value of such Shares (determined at the time such option is granted) for each calendar year in which such option is outstanding at any time.  For purposes of administering this accrual limitation, the Administrator shall limit purchases under the Plan as follows:

   

  (a)	The number of Shares that may be purchasable by an Employee during his or her first Accumulation Period during a calendar year may not exceed a number of Shares determined by dividing $25,000 by the Fair Market Value of a Share on the Enrollment Date for that Accumulation Period.

   

  (b)	The number of Shares that may be purchasable by an Employee during any subsequent Accumulation Period during the same calendar year (if any) shall not exceed the number of Shares determined by performing the calculation below:

  	 

  	(i)	First, the number of Shares purchased by the Employee during any previous Accumulation Period during the same calendar year shall be multiplied by the Fair Market Value of a Share on the Enrollment Date of such previous Accumulation Period.

   

  	(ii)	Second, the amount determined under (i) above shall be subtracted from $25,000.

  	(iii)	Third, the amount determined under (ii) above shall be divided by the Fair Market Value of a Share on the Enrollment Date for such subsequent Accumulation Period (for which the maximum number of Shares purchasable is being determined by this calculation) occurs.  The quotient thus obtained shall be the maximum number of Shares that may be purchased by any Employee for such subsequent Accumulation Period. 	

  VIII.	Payroll Deductions

   

  8.1	An Employee who files an enrollment form pursuant to Article VI shall elect and authorize in such form to have deductions made from his or her pay on each payday he or she receives a paycheck during the Accumulation Period to which the enrollment form relates, and he or she shall designate in such form the percentage (in whole percentages) of Base Earnings to be deducted each payday during such Accumulation Period.  The minimum an Employee may elect and authorize to have deducted is 1% of his or her Base Earnings paid per pay period in such Accumulation Period, and the maximum is 10% of his or her Base Earnings paid per pay period in such Accumulation Period (or such larger or smaller percentage as the Administrator may designate from time to time).

   

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  8.2	Except as provided in the last paragraph of Section 6.1, deductions from a Participant's Base Earnings shall commence upon the first payday on or after the commencement of the Accumulation Period, and shall continue until the date on which such authorization ceases to be effective in accordance with Article VI.  The amount of each deduction made for a Participant shall be credited to the Participant's Account.  All payroll deductions received or held by the Company or a Participating Subsidiary may be, but are not required to be, used by the Company or Participating Subsidiary for any corporate purpose, and the Company or Participating Subsidiary shall not be obligated to segregate such payroll deductions, but may do so at the discretion of the Board. 

   

  8.3	As of the last day of any month during an Accumulation Period, a Participant may elect to cease (but not to increase or decrease) payroll deductions made on his or her behalf for the remainder of such Accumulation Period by filing the applicable election with the Company or Participating Subsidiary in such form and manner and at such time as may be permitted by the Administrator.  A Participant who has ceased payroll deductions may have the amount which was credited to his or her Account prior to such cessation applied to the purchase of Shares as of the Purchase Date, in accordance with Section 9.1, and receive the balance of the Account with respect to which the enrollment is ceased, if any, in cash.  A Participant who has ceased payroll deductions may also voluntarily withdraw from the Plan pursuant to Section 10.1.  Any Participant who ceases payroll deductions for an Accumulation Period may re-enroll in the Plan on the next subsequent Enrollment Date following the cessation in accordance with the provisions of Article VI.  A Participant who ceases to be employed by the Company or any Participating Subsidiary will cease to be a Participant in accordance with Section 10.2.

   

  8.4	A Participant may not make any separate or additional contributions to his Account under the Plan.  Neither the Company nor any Participating Subsidiary shall make separate or additional contributions to any Participant's Account under the Plan.

   

  IX.	Purchase of Shares

   

  9.1	Subject to Section 9.2, any option held by the Participant which was granted under this Plan and which remains outstanding as of a Purchase Date shall be deemed to have been exercised on such Purchase Date for the purchase of the number of whole Shares which the funds accumulated in his or her Account as of the Purchase Date will purchase at the applicable purchase price (but not in excess of the number of Shares for which options have been granted to the Participant pursuant to Section 7.3).  No Shares will be purchased on behalf of any Participant who fails to file an enrollment form authorizing payroll deductions for an Accumulation Period.

   

  9.2	A Participant who holds an outstanding option as of a Purchase Date shall not be deemed to have exercised such option if the Participant elected not to exercise the option by withdrawing from the Plan in accordance with Section 10.1.

   

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  9.3	If, after a Participant's exercise of an option under Section 9.1, an amount remains credited to the Participant's Account as of a Purchase Date, then the remaining amount shall be distributed to the Participant in cash as soon as administratively practical after such Purchase Date.

   

  9.4	Except as otherwise set forth in this Section 9.4, the purchase price for each Share purchased under any option shall be 85% of the lower of:

   

  (a)	the Fair Market Value of a Share on the Enrollment Date on which such option is granted; or

   

  (b)	the Fair Market Value of a Share on the Purchase Date, but - in the case of newly issued Shares - not lower than the par value of a Share.

   

  Notwithstanding the above, the Board may establish a different purchase price for each Share purchased under any option provided that such purchase price is determined at least thirty (30) days prior to the Accumulation Period for which it is applicable and provided that such purchase price may not be less than (i) the purchase price set forth above and (ii) – in the case of newly issued Shares - than the par value per Share.

   

  9.5	If Shares are purchased by a Participant pursuant to Section 9.1, then such Shares shall be held in non-certificated form at a bank or other appropriate institution selected by the Administrator until the earlier of the Participant's termination of employment or the time a Participant requests delivery of certificates representing such shares, which would only be possible if the Board resolved that share certificates shall be issued.  If any law governing corporate or securities matters, or any applicable regulation of the Securities and Exchange Commission or other body having jurisdiction with respect to such matters, shall require that the Company or the Participant take any action in connection with the Shares being purchased under the option, delivery of such Shares shall be postponed until the necessary action shall have been completed, which action shall be taken by the Company at its own expense, without unreasonable delay.

  	 

  Shares transferred pursuant to this Section 9.5 shall be registered in the name of the Participant or, if the Participant so elects, in the names of the Participant and one or more such other persons as may be designated by the Participant in joint tenancy with rights of survivorship or in tenancy by the entireties or as spousal community property, or in such forms of trust as may be approved by the Administrator, to the extent permitted by law.

   

  9.6	In the case of Participants employed by a Participating Subsidiary, the Board may provide for Shares to be sold through the Subsidiary to such Participants, to the extent consistent with and governed by Section 423 of the Code.

   

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  9.7	If the total number of Shares for which an option is exercised on any Purchase Date in accordance with this Article IX, when aggregated with all Shares previously granted under this Plan, exceeds the maximum number of Shares reserved in Section 4.1, the Administrator shall make a pro rata allocation of the Shares available for delivery and distribution in as nearly a uniform manner as shall be practicable and as it shall determine to be equitable, and the balance of the cash amount credited to the Account of each Participant under the Plan shall be returned to him or her as promptly as administratively practical.

   

  9.8	If a Participant or former Participant sells, transfers, or otherwise makes a disposition of Shares purchased pursuant to an option granted under the Plan within two years after the date such option is granted or within one year after the Purchase Date to which such option relates, or if the Participant or former Participant otherwise has a taxable event relating to Shares purchased under the Plan, and if such Participant or former Participant is subject to U.S. federal income tax, then such Participant or former Participant shall notify the Company or Participating Subsidiary in writing of any such sale, transfer or other disposition within 10 days of the consummation of such sale, transfer or other disposition, and shall remit to the Company or Participating Subsidiary or authorize the Company or Participating Subsidiary to withhold from other sources such amount as the Company may determine to be necessary to satisfy any federal, state or local tax withholding obligations of the Company or Participating Subsidiary.  A Participant must reply to a written request, within 10 days of the receipt of such written request, from the Company, Participating Subsidiary, or Administrator regarding whether such a sale, transfer or other disposition has occurred.

  	 

  The Administrator may from time to time establish rules and procedures (including but not limited to postponing delivery of Shares until the earlier of the expiration of the two-year or one-year period or the disposition of such Shares by the Participant) to cause the withholding requirements to be satisfied.

   

  X.      Withdrawal From the Plan; Termination of Employment; Leave of Absence; Death

   

  10.1	Withdrawal from the Plan.  Effective as of the last day of any calendar quarter during an Accumulation Period, a Participant may withdraw from the Plan in full (but not in part) by delivering a notice of withdrawal to the Company (in a manner prescribed by the Administrator) at least ten business days prior to the end of such calendar quarter (but in no event later than the June 1 or December 1 immediately preceding the Purchase Date for the Plan's two Accumulation Periods, respectively).  Upon such withdrawal from participation in the Plan, all funds then accumulated in the Participant's Account shall not be used to purchase Shares, but shall instead be distributed to the Participant as soon as administratively practical after the end of such calendar quarter, and the Participant's payroll deductions shall cease as of the end of such calendar quarter.  An Employee who has withdrawn during an Accumulation Period may not return funds to the Company or a Participating Subsidiary during the same Accumulation Period and require the Company or Participating Subsidiary to apply those funds to the purchase of Shares, nor may such Participant's payroll deductions continue, in accordance with Article VI.  Any Eligible Employee who has withdrawn from the Plan may, however, re-enroll in the Plan on the next subsequent Enrollment Date following withdrawal in accordance with the provisions of Article VI.

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  10.2	Termination of Employment.  Participation in the Plan terminates immediately when a Participant ceases to be employed by the Company or any Participating Subsidiary for any reason whatsoever, including but not limited to termination of employment, whether voluntary or involuntary, or on account of disability, or retirement, but not including death, or if the participating Subsidiary employing the Participant ceases for any reason to be a Participating Subsidiary.  Participation in the Plan also terminates immediately when a Participant ceases to be an Eligible Employee under Article V or withdraws from the Plan.  Upon termination of participation such terminated Participant's outstanding options shall thereupon terminate.  As soon as administratively practical after termination of participation, the Company shall pay to the Participant or legal representative all amounts accumulated in the Participant's Account and held by the Company at the time of termination of participation, and any Participating Subsidiary shall pay to the Participant or legal representative all amounts accumulated in the Participant's Account and held by the Participating Subsidiary at the time of termination of participation.

   

  10.3	Leaves of Absence.  

   

  (a) 	If a Participant takes a leave of absence (other than an Authorized Leave of Absence) without terminating employment, such Participant will be deemed to have discontinued contributions to the Plan in accordance with Section 8.3, but will remain a Participant in the Plan through the balance of the Accumulation Period in which his or her leave of absence begins, so long as such leave of absence does not exceed 90 days.  If a Participant takes a leave of absence (other than an Authorized Leave of Absence) without terminating employment, such Participant will be deemed to have withdrawn from the Plan in accordance with Section 10.1 if such leave of absence exceeds 90 days.  

   

  (b) 	An Employee on an Authorized Leave of Absence shall remain a Participant in the Plan and, in the case of a paid Authorized Leave of Absence, shall have deductions made under Section 8.1 from payments that would, but for the Authorized Leave of Absence, be Base Earnings.  An Employee who does not return from an Authorized Leave of Absence on the scheduled date (or, in the case of Qualified Military Leave, prior to the date such individual's reemployment rights under the Uniformed Services Employment and Reemployment Rights Act of 1994 have expired or terminated) shall be deemed to have terminated employment on the last day of such Authorized Leave of Absence (or, in the case of Qualified Military Leave, the date such reemployment rights expire or are terminated).

   

  (c) 	An "Authorized Leave of Absence" means (a) a Qualified Military Leave, and (b) an Employee's absence of more than 90 days which has been authorized, either pursuant to a policy of the Company or the Participating Subsidiary that employs the Employee, or pursuant to a written agreement between the employer and the Employee, which policy or written agreement guarantees the Employee's rights to return to employment.  

   

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  10.4	Death.  Unless mandatory applicable law provides otherwise as soon as administratively feasible after the death of a Participant, amounts accumulated in his or her Account shall be paid in cash to the beneficiary or beneficiaries designated by the Participant on a beneficiary designation form approved by the Board, but if the Participant does not make an effective beneficiary designation then such amounts shall be paid in cash to the Participant's spouse if the Participant has a spouse, or, if the Participant does not have a spouse, to the executor, administrator or other legal representative of the Participant's estate.  Such payment shall relieve the Company and the Participating Subsidiary of further liability with respect to the Plan on account of the deceased Participant.  If more than one beneficiary is designated, each beneficiary shall receive an equal portion of the Account unless the Participant has given express contrary instructions.  None of the Participant's beneficiary, spouse, executor, administrator or other legal representative of the Participant's estate shall, prior to the death of the Participant by whom he has been designated, acquire any interest in the amounts credited to the Participant's Account under the Plan.

  	 

  XI.	Miscellaneous

   

  11.1	Interest.  Interest or earnings will not be paid on any Employee Accounts.

  11.2	Restrictions on Transfer.  The rights of a Participant under the Plan shall not be assignable or transferable by such Participant, and an option granted under the Plan may not be exercised during a Participant's lifetime other than by the Participant.  Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw from the Plan in accordance with Section 10.1.

   

  11.3	Administrative Assistance.  If the Administrator in its discretion so elects, it may retain a brokerage firm, bank, other financial institution or other appropriate agent to assist in the purchase of Shares, delivery of reports or other administrative aspects of the Plan.  If the Administrator so elects, each Participant shall (unless prohibited by applicable law) be deemed upon enrollment in the Plan to have authorized the establishment of an account on his or her behalf at such institution.  Shares purchased by a Participant under the Plan shall be held in the account in the Participant's name, or if the Participant so indicates in the enrollment form, in the Participant's name together with the name of one or more other persons in joint tenancy with right of survivorship or in tenancy by the entireties or as spousal community property, or in such forms of trust as may be approved by the Administrator, to the extent permitted by law.

   

  11.4	Costs.  All costs and expenses incurred in administering the Plan shall be paid by the Company or Participating Subsidiaries, including any brokerage fees on the purchased Shares; excepting that any stamp duties, transfer taxes, fees to issue stock certificates, and any brokerage fees on the sale price applicable to participation in the Plan after the initial purchase of the Shares on the Purchase Date shall be charged to the Account or brokerage account of such Participant.

   

  13

   

  

   

  11.5	Equal Rights and Privileges.  All Eligible Employees shall have equal rights and privileges with respect to the Plan so that the Plan qualifies as an "employee stock purchase plan" within the meaning of Section 423 or any successor provision of the Code and the related regulations.  Notwithstanding the express terms of the Plan, any provision of the Plan which is inconsistent with Section 423 or any successor provision of the Code shall without further act or amendment by the Company or the Board be reformed to comply with the requirements of Code Section 423.  This Section 11.5 shall take precedence over all other provisions in the Plan.

   

  11.6	Applicable Law.  The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the State of Kansas.

   

  11.7	Amendment and Termination.  The Board may amend, alter or terminate the Plan at any time; provided, however, that no amendment which would amend or modify the Plan in a manner requiring stockholder approval under Code Section 423 or the requirements of any securities exchange on which the Shares are traded shall be effective unless, within one year after it is adopted by the Board, it is approved by the holders of a majority of the voting power of the Company's outstanding shares.  In addition, the Committee (if appointed under Section 3.1) may amend the Plan as provided in Section 3.3, subject to the conditions set forth therein and in this Section 11.7. 

  	 

  If the Plan is terminated, the Board may elect to terminate all outstanding options either prior to their expiration or upon completion of the purchase of Shares on the next Purchase Date, or may elect to permit options to expire in accordance with the terms of this Plan (and participation to continue through such expiration dates).  If the options are terminated prior to expiration, all funds accumulated in Participants' Accounts as of the date the options are terminated shall be returned to the Participants as soon as administratively feasible.

   

   

  11.8	No Right of Employment. Neither the grant nor the exercise of any rights to purchase Shares under this Plan nor anything in this Plan shall impose upon the Company or Participating Subsidiary any obligation to employ or continue to employ any employee.  The right of the Company or Participating Subsidiary to terminate any employee shall not be diminished or affected because any rights to purchase Shares have been granted to such employee.

   

  14

   

  

   

  11.9	Requirements of Law.  The Company shall not be required to sell, issue, or deliver any Shares under this Plan if such sale, issuance, or delivery might constitute a violation by the Company or the Participant of any provision of law.  Unless a registration statement under the Securities Act is in effect with respect to the Shares proposed to be delivered under the Plan, the Company shall not be required to issue such Shares if, in the opinion of the Company or its counsel, such issuance would violate the Securities Act.  Regardless of whether such Shares have been registered under the Securities Act or registered or qualified under the securities laws of any state, the Company may impose restrictions upon the hypothecation or further sale or transfer of such shares  if, in the judgment of the Company or its counsel, such restrictions are necessary or desirable to achieve compliance with the provisions of the Securities Act, the securities laws of any state, or any other law or are otherwise in the best interests of the Company.  Any determination by the Company or its counsel in connection with any of the foregoing shall be final and binding on all parties.

  	 

  	The Company may, but shall not be obligated to, register or qualify any securities covered by the Plan.  The Company shall not be obligated to take any other affirmative action in order to cause the grant or exercise of any right or the issuance, sale, or deliver of Shares pursuant to the exercise of any right to comply with any law.

   

  11.10	Gender.  When used herein, masculine terms shall be deemed to include the feminine, except when the context indicates to the contrary.

   

  11.11	Data Protection. The Board, the Committee, and any other person or entity empowered by the Board or the Committee to administer the Plan may process, store, transfer or disclose personal data of the Participants to the extent required for the implementation and administration of the Plan. The Board, the Committee and any other person or entity empowered by the Board or the Committee to administer the Restated Plan shall comply with any applicable data protection laws.

   

  11.12	Withholding of Taxes.  The Company or Participating Subsidiary may withhold from any purchase of Shares under this Plan or any sale, transfer or other disposition thereof any local, state, federal or foreign taxes, employment taxes, social taxes or other taxes at such times and from such other amounts as it deems appropriate.  The Company or Participating Subsidiary may require the Participant to remit an amount in cash sufficient to satisfy any required withholding amounts to the Company or Participating Subsidiary, as the case may be.

   

   

  15

   

  

   

  Annex to the Plan for Grantees subject to Swiss inheritance law

   

  1.Section 10.4 shall be replaced with the following:

  10.4	Death.  After the death of a Participant, amounts accumulated in his or her Account shall be paid to the Participant's estate in accordance with the applicable Swiss inheritance rules.  

   

  16Exhibit 10.9

 

 

SERVICE AGREEMENT

 

THIS AGREEMENT (the “Agreement”)
is made and entered into this December 1, 2020 by and between HANOVER INTERNATIONAL, INC., located at located at 305 Kara Lane,
Nolensville, TN 37135, (hereinafter referred to as “HANOVER”), and LEEWAY GLOBAL LOGISTICS located at 2150 South 1300
East, Suite 360, Salt Lake City, Utah 84106 (hereinafter referred to as the “COMPANY”).

 

WITNESSETH:

For and consideration of the mutual promises and
covenants contained herein, the parties hereto agree as follows:

 

		1)	EMPLOYMENT

COMPANY hereby hires and employs HANOVER as an
independent contractor, and HANOVER does hereby accept its position as an independent contractor to the COMPANY upon the terms and conditions
hereinafter set forth.

 

		2)	TERM

The term of this Agreement shall be for 24 months.
After the initial term of 24 months, the Agreement shall continue month to month unless and until the Agreement is cancelled with
a 30 days written or emailed notice of the desired termination date. Continuing cash compensation to HANOVER will remain as specified
below and there will be no additional increase in equity compensation.

 

		3)	DUTIES AND OBLIGATIONS OF HANOVER

		a)	HANOVER will review and analyze various aspects of the COMPANY’S goals and make recommendations on the
feasibility and achievement of desired goals.

		b)	HANOVER will provide all services as defined in the Scope of Services (Exhibit 1).

		c)	ALL HANOVER-PREPARED DOCUMENTATION CONCERNING LEEWAY GLOBAL LOGISTICS, INCLUDING, BUT NOT LIMITED TO,
INFORMATIONAL WRITE-UPS, NEWS ANNOUNCEMENTS, SHAREHOLDER LETTERS, ETC., SHALL BE PREPARED BY HANOVER USING MATERIALS SUPPLIED TO IT BY
THE COMPANY AND SHALL BE APPROVED BY THE COMPANY PRIOR TO DISSEMINATION BY HANOVER.

 

		4)	HANOVER’S COMPENSATION

For the services listed herein, HANOVER
is entitled to receive compensation as stated below. HANOVER’s compensation is fee-based and will not be percentage-based in relation
to any type of securities offering that may be undertaken by the COMPANY or in relation to sales of the COMPANY’S products or services.

		·	Month 1-24: A cash monthly retainer of $4,000
with the first monthly payment due upon execution of this Agreement; and subsequent monthly payments of $4,000 due every 30 days thereafter.

 

		o	Based on LeeWay Global Logistics currently having approximately 6.9 Million shares issued and outstanding,
Hanover shall be entitled to earn 225,000 shares of common stock issuable in 56,250 share tranches on a quarterly basis. The first tranche
of 56,250 shares shall be earned and issuable on the 91st day following the execution of the Service Agreement and subsequent tranches
of 56,250 shares shall be issuable every 90 days thereafter. These shares will not have anti-dilution rights.

 

    	 	 	 Page 1 of 9

     

    

  

		■	Hanover agrees to vote their shares at the recommendation of the Board of Directors and allows LeeWay
Global Logistics’ management to vote their shares in their place in the event Hanover cannot be reached within ten days of a proxy vote
or solicitation for an action by written consent of the shareholders without a meeting.

		■	The term of the Service Agreement shall be for 24 consecutive months.

 

HANOVER’S EXPENSES AND COSTS

HANOVER shall pay all reasonable costs and expenses
incurred by HANOVER, its directors, officers, employees and agents, in carrying out its duties and obligations pursuant to the provisions
of this Agreement. Under certain situations, HANOVER may request COMPANY to cover costs and expense items in excess of $1.00 however,
all items/expenses must be approved by the COMPANY in writing prior to HANOVER’s incurrence of the same:

		a)	Seminars, expositions, money and investment conferences - held outside of the continental United States.

		b)	Expenses related to travel, hotel accommodations, airfare, etc., when HANOVER is conducting business outside
the continental United States on behalf of the COMPANY.

		c)	Radio and television time and print media advertising costs, when/if applicable.

		d)	Subcontract fees and costs incurred in preparation of independent third party research reports, when/if
applicable.

		e)	Printing and publication costs of brochures and marketing materials, which are not supplied by the COMPANY.

		f)	Corporate web site development costs.

		g)	Printing and publication costs of the COMPANY’s annual reports, quarterly reports, and/or other
shareholder communication collateral material, which is not supplied by the COMPANY.

 

		5)	COMPANY’S DUTIES AND OBLIGATIONS

COMPANY shall have the following duties and obligations
under this Agreement:

		a)	Cooperate fully and timely with HANOVER so as to enable HANOVER to perform its obligations under this
Agreement.

		b)	The COMPANY will act diligently and promptly in reviewing materials submitted to it from time to time
by HANOVER and inform HANOVER of any inaccuracies contained therein prior to the dissemination of such materials.

		c)	Promptly give written notice to HANOVER of any change in the COMPANY’s financial condition or in the nature
of its business or operations, which had or might have an adverse material effect on its operations, assets, properties or prospects of
its business.

		d)	Within 30 days, pay all COMPANY pre-approved costs and expenses incurred by HANOVER under the provisions
of this Agreement when presented with invoices for the same by HANOVER.

		e)	Give full disclosure of all material facts concerning the COMPANY to HANOVER and update such information
on a timely basis.

		f)	Promptly pay the compensation due HANOVER under the provisions of this Agreement, and as defined in Section
4 herein.

 

		6)	NONDISCLOSURE

Except as may be required by law, the COMPANY,
its officers, directors, employees, agents and affiliates shall not disclose the contents and provisions of this Agreement to any individual
or entity without HANOVER’s express written consent except to COMPANY counsel, accountants and other persons performing investment
banking, financial, or related functions for the COMPANY.

 

    	 	 	 Page 2 of 9

     

    

  

Both the COMPANY and HANOVER shall instruct their
respective officers, directors, employees, agents and affiliates of this obligation. HANOVER understands that the COMPANY may give HANOVER
access to information that the COMPANY has identified as confidential (the “Confidential Information”). Confidential Information
will be clearly marked by the COMPANY or will be information that the COMPANY has reasonably attempted, orally or in writing, to indicate
as “confidential,” or information that HANOVER should reasonably recognize to be confidential from the contents or context
of the disclosure.

 

HANOVER may use Confidential Information of the
COMPANY only in connection with the services provided hereby. HANOVER will not, at any time, use the Confidential Information of the COMPANY
in any fashion, form, or manner, except in furtherance of the purpose described above.

 

HANOVER will protect the confidentiality of the
COMPANY’s Confidential Information in the same manner as it protects the confidentiality of its own proprietary and confidential information
of like kind. Access to the Confidential Information shall be restricted to those of the HANOVER personnel engaged in a use permitted
hereby. HANOVER may disclose the Confidential Information to its advisors, agents and representatives (collectively, its “Representatives”)
who need to know the Confidential Information for the purpose described above.

 

Confidential Information disclosed hereunder shall
at all times remain, as between the parties, the property of the COMPANY. Neither this Agreement, nor any disclosure of Confidential Information
hereunder, shall be construed to grant a license under any trade secrets, copyrights, or other rights granted by the COMPANY.

 

Confidential Information of the COMPANY may not
be copied or reproduced by HANOVER without the prior written consent of the COMPANY. All Confidential Information made available hereunder,
including copies thereof, shall be returned to COMPANY upon the first to occur of (a) completion of the purpose referred to above or (b)
request by the COMPANY.

 

Nothing in this Agreement shall prohibit or limit
either party’s use of information (including but not limited to ideas, concepts, know-how, techniques, and methodologies): (i) information
that at the time of disclosure or thereafter is generally available to or known by the public (other than as a result of its disclosure
by HANOVER or its Representatives in breach of this Agreement); (ii) information that was available or known to HANOVER prior to disclosure
by the COMPANY; (iii) information made available to HANOVER from a person or entity who, to HANOVER’s knowledge, was not prohibited from
disclosing it; and (iv) information that HANOVER holds or develops independently of the COMPANY.

 

If HANOVER receives a subpoena or other validly
issued administrative or judicial process demanding Confidential Information of the COMPANY, HANOVER shall promptly notify the COMPANY
and tender to it the defense of such demand. Unless the demand shall have been timely limited, quashed or extended. HANOVER shall thereafter
be entitled to comply with such demand to the extent permitted by law. If requested by the COMPANY to whom the defense has been tendered,
HANOVER shall cooperate (at the expense of COMPANY) in the defense of a demand.

 

    	 	 	 Page 3 of 9

     

    

  

		7)	COMPANY’S DEFAULT

In the event of any default in the payment of
HANOVER’s compensation pursuant to this Agreement, or any other charges or expenses on the COMPANY’S part to be paid or met, or
any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as and when the same becomes
due and payable, and such default shall continue for five business days after HANOVER’S written notice thereof is received by COMPANY;
in the event of any material default in the performance of any of the other covenants, conditions, restrictions, agreements, or other
provisions herein contained on the part of the COMPANY to be performed, kept, complied with or abided by. and such default shall continue
for five business days after HANOVER has given COMPANY written notice thereof, or if a petition in bankruptcy is filed by the COMPANY,
or if the COMPANY is adjudicated bankrupt, or if the COMPANY shall compromise all its debts or assign over all its assets for the payment
thereof, or if a receiver shall be appointed for the COMPANY’S property, then upon the happening of any of such events, HANOVER
shall have the right, at its option, forthwith or thereafter to accelerate all compensation, costs and expenses due or coming due hereunder
and to recover the same from the COMPANY by suit or otherwise and further, to terminate this Agreement. The COMPANY covenants and agrees
to pay all reasonable attorney fees, paralegal fees, costs and expenses due of HANOVER, including court costs, (including such attorney
fees, paralegal fees, costs and expenses incurred on appeal) if HANOVER employs an attorney to collect the aforesaid amounts or to enforce
other rights of HANOVER provided for in this Agreement in the event of any default as set forth above.

 

		8)	COMPANY’S REPRESENTATIONS AND WARRANTIES

The COMPANY represents and warrants to HANOVER
for the purpose of inducing HANOVER to enter into and consummate this Agreement as follows:

		a)	The COMPANY has the power and authority to execute, deliver and perform under this Agreement.

		b)	The execution and delivery by the COMPANY of this Agreement have been duly and validly authorized by all
requisite action by the COMPANY. No license, consent or approval of any form is required for the COMPANY’S execution and delivery of this
Agreement.

		c)	No representation or warranty by the COMPANY in this Agreement and no information in any statement, certificate,
exhibit, schedule or other document furnished, or to be furnished by the COMPANY to HANOVER pursuant hereto, or in connection with the
transactions contemplated hereby, contains or will contain any untrue statement of a material fact, or omits or will omit to state a material
fact necessary to make the statements contained herein or therein not misleading. There is no fact which the COMPANY has not disclosed
to HANOVER, in writing, or in SEC filings or news announcements, which materially adversely affects, nor, so far as the COMPANY can now
reasonably foresee, may adversely affect the business, operations, prospects, properties, assets, profits or condition (financial or otherwise)
of the COMPANY.

 

		D)	THE COMPANY ACKNOWLEDGES THAT HANOVER INTERNATIONAL, INC. IS NOT A REGISTERED BROKER/DEALER AND WILL
NOT PARTAKE IN THE FOLLOWING ACTIVITIES:

		i)	Provide evaluations;

		ii)	Negotiate or advise to the structure or terms of a securities offering;

		iii)	Participate in negotiations with third party investors;

		iv)	Perform due diligence;

		v)	Participate in the preparation or distribution of documents relating to a securities offering;

		vi)	Accept any form of finder and/or referral fees related to a securities offering that may be undertaken
by the COMPANY; and/or

		vii)	Participate in any securities distribution.

 

    	 	 	 Page 4 of 9

     

    

  

		9)	HANOVER’S REPRESENTATIONS AND WARRANTIES

HANOVER represents and warrants to the COMPANY
for the purpose of inducing the COMPANY to enter into and consummate this Agreement as follows:

		a)	HANOVER has the power and authority to execute, deliver and perform under this Agreement.

		b)	The execution and delivery by HANOVER of this Agreement have been duly and validly authorized by all requisite
action by HANOVER. No license, consent or approval of any form is required for HANOVER’s execution and delivery of this Agreement.

		c)	HANOVER will not disseminate any documentation or statements concerning the COMPANY unless approved by
the COMPANY,

		d)	HANOVER will not make any representations regarding the COMPANY that are not approved by the COMPANY.

 

		10)	INDEMNITY

Each Party agrees to indemnify, defend and hold
the other Party, its officers, directors, agents, employees and other related parties (collectively, the “Indemnified Parties”)
harmless from and against any and all liabilities, damages, losses, expenses, claims, demands, suits, fines, or judgments, including without
limitation reasonable attorneys’ fees, costs and expenses, incidental thereto, which may be suffered by, accrued against, charged to or
recoverable from any Indemnified Party, relating to any third-party claim which arises from or relates to a breach of a representation
or warranty contained herein.

 

		11)	HANOVER’S DEFAULT

In the event of any default in the performance
by HANOVER pursuant to this Agreement and such default shall continue for five business days after the COMPANY’s written notice thereof
is received by HANOVER; in the event of any default in the performance of any of the other covenants, conditions, restrictions, agreements,
or other provisions herein contained on the part of HANOVER to be performed, kept, complied with or abided by, and such default shall
continue for five business days after COMPANY has given HANOVER written notice thereof, or if a petition in bankruptcy is filed by HANOVER,
or if HANOVER is adjudicated bankrupt, or if HANOVER shall compromise all its debts or assign over all its assets for the payment thereof,
of if a receiver shall be appointed for HANOVER’s property, then upon the happening of any of such events, the COMPANY shall have the
right, to terminate this Agreement.

 

		12)	LIMITATION OF HANOVER LIABILITY

If HANOVER fails to perform its services hereunder,
its entire liability to the COMPANY, other than liability under Section 12 hereof, shall not exceed the amount of cash compensation HANOVER
has received from the COMPANY under Section 4 of this Agreement. IN NO EVENT WILL HANOVER BE LIABLE FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL
DAMAGES NOR FOR ANY CLAIM AGAINST THE COMPANY BY ANY PERSON OR ENTITY ARISING FROM OR IN ANY WAY RELATED TO THIS AGREEMENT, UNLESS SUCH
DAMAGES RESULT FROM THE USE, BY HANOVER, OF INFORMATION NOT AUTHORIZED BY THE COMPANY.

 

		13)	MISCELLANEOUS

		a)	Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing
and shall be deemed to have been duly given when delivered personally, or sent by registered or certified mail, return receipt requested,
postage prepaid to the parties, or sent by a nationally recognized overnight carrier hereto at their addresses first above written. Either
party may change his or its address for the purpose of this paragraph by written notice similarly given.

		b)	Entire Agreement. This Agreement represents the entire agreement between the Parties in relation to its
subject matter and supersedes and voids all prior agreements between such Parties relating to such subject matter.

		c)	Amendment of Agreement. This Agreement may be altered or amended, in whole or in part, only in writing
signed by both Parties.

 

    	 	 	 Page 5 of 9

     

    

  

		d)	Waiver. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other
subsequent breach or condition, whether of a like or different nature, unless such shall be signed by the person making such waiver and/or
which so provides by its terms.

		e)	Captions. The captions appearing in this Agreement are inserted as a matter of convenience and for reference
and in no way affect this Agreement, define, limit or describe its scope or any of its provisions.

		f)	Governing law and jurisdiction. This Agreement shall be governed by and construed in accordance with the
laws of the State of California. Venue for any dispute arising relating to this agreement shall be located exclusively in the courts in
and for the county of Orange, California.

		g)	Benefits. This Agreement shall inure to the benefit of and be binding upon the Parties hereto, their heirs,
personal representatives, successors and assigns.

		h)	Severability. If any provision of this Agreement shall be held to be invalid or unenforceable, such invalidity
or unenforceability shall attach only to such provision and shall not in any way render invalid or unenforceable any other provisions
of this Agreement, and this Agreement shall be carried out as if such invalid or unenforceable provision were not contained herein.

		i)	Currency. In all instances, references to monies used in this Agreement shall be deemed to be United States
dollars.

		j)	Multiple Counterparts. This Agreement may be executed in any number of counterparts, each of which shall
be deemed an original, and all of such counterparts shall constitute one (1) instrument.

		k)	Days. When used herein, the word ’‘days refers to calendar days unless otherwise specified.

 

    	 	 	 Page 6 of 9

     

    

  

IN WITNESS WHEREOF, the Parties have executed
this Agreement on the day and year as follows:

 

CONFIRMED AND AGREED ON THIS 1st
DAY OF DECEMBER, 2020.

 

HANOVER INTERNATIONAL, INC.

 

	By:		 	
	 	HANOVER Officer	 	Witness

 

	 	James
    E. Hock	 	Kathryn
    Cusumano
	 	Print Name	 	Print Name

 

CONFIRMED AND AGREED ON THIS 1st
DAY OF DECEMBER, 2020.

 

LEEWAY GLOBAL LOGISTICS

 

	By:		 	 
	 	Duly Authorized	 	Witness

 

	 		 	 
	 	Print Name	 	Print Name

 

    	 	 	 Page 7 of 9

     

    

  

SCOPE OF SERVICES
– EXHIBIT 1

 

Hanover International, Inc. (“Hanover”)
will be responsible for creating an effective campaign by applying best industry practices in the areas of financial communications and
corporate finance advisory for LeeWay Global Logistics.

 

Collectively, and in collaboration with the executive
leadership of LeeWay Global Logistics, Hanover will be responsible for leveraging their firms’ respective strengths, resources and spheres
of influence to endeavor to assist LeeWay Global Logistics in achieving the following:

 

		·	Create and maintain a comprehensive communications
platform that provides for consistent, easy to understand messaging, key peer differentiation and corporate transparency in keeping with
best industry practices. This will include assisting with the design/functionality all PowerPoint presentations, investor kit collaterals,
et al.

 

		·	Generate meaningful awareness and measurable
support from the financial community for management’s vision, LeeWay Global Logistics operational performance and its compelling
growth prospects.

 

		·	Assist LeeWay Global Logistics executive leadership
in formulating and implementing a comprehensive business and finance strategy that will enable LeeWay Global Logistics to effectively
and efficiently access the global business and capital markets to support its business expansion strategies, when/if required.

 

SPECIFIC DELIVERABLES:

		❖	Investor Relations

 

		·	Create a cohesive messaging platform that
is consistent across the enterprise.

 

		■	Hanover will help review and edit (upon request and with management’s expressed review and approval) press
releases, Chairman/CEO letters, PowerPoint presentations and other financial collateral materials (i.e., fact sheets, executive summaries,
etc.).

 

		·	Implement proactive market outreach for LeeWay
Global Logistics to help increase market awareness and appreciation for LeeWay Global Logistics business plan and growth prospects.

 

		■	Hanover will endeavor to use industry-accepted proactive methodologies to increase awareness and appreciation
for LeeWay Global Logistics among members of the financial community. This will include:

 

		o	Building and maintaining an initial outreach databases.

 

		o	Designing and implementing electronic outreach initiatives that utilize a non-promotional, but highly
educational approach to informing the business and financial community about LeeWay Global Logistics and its value proposition.

 

    	 	 	 Page 8 of 9

     

    

  

		o	Strategically target and implement outreach initiatives to educate research analysts and institutions
on LeeWay Global Logistics with the objective of attaining analyst coverage and institutional support.

 

		■	Arrange for a routine series of corporate presentations to key U.S. financial centers, which may include
New York City, Boston, San Francisco, Southern California, and Southern Florida; and use tactical outreach designed to increase awareness
and support for LeeWay Global Logistics.

 

		o	Hanover will provide management with a detailed itinerary for each city tour, along with comprehensive
background information on each meeting participant.

 

		■	Hanover will cultivate and nurture positive general public and institutional opinions of LeeWay Global
Logistics management and business.

 

		■	Hanover will endeavor to secure management presentation opportunities at select, prominent financial conferences
deemed effective for generating interest and support.

 

		o	Hanover will coordinate all conference logistics to include preparing a customized PowerPoint presentation
and having key Hanover executives on site to coordinate all conference activities and strategic introductions and to ensure that all breakout
sessions, if/when applicable: are well populated.

 

		·	Hanover International 3 Month Overview For
LeeWay Global Logistics

 

		■	1st Month

		o	Hanover will craft/revise a two-page executive summary that will be positioned for use in market outreach.

		o	Hanover will begin the vetting process of institutions that fit for LeeWay Global Logistics in preparations
for meetings and presentations,

		o	Hanover will enhance/modify the corporate business plan and PowerPoint, if necessary.

 

		■	2nd Month

		o	Arrange for virtual road shows (due to COVID-19) to take place beginning the 2nd month of service
or once the company’s materials are considered complete, Hanover’s goal is to have the company speak to industry specific investment
bankers to build interest and offer exposure. Once it is safe to travel, our team will begin to coordinate city road shows (RS) beginning
in New York City.

		■	A full city RS consists of 6-8 meetings within the city.

		■	Hanover will create a full schedule and profiles for each meeting booked whether virtual or in-person.
The profiles offer a background history on the firm and include meeting attendee biographies.

 

		■	3rd Month

		o	Hanover will conduct follow-up with all meeting participants that have shown interest in LeeWay Global
Logistics.

		o	Hanover, either with or without LeeWay Global Logistics management, will then make a return trip to New
York City to meet with the interested institutions.

 

    	 	 	 Page 9 of 9

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