Document:

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment
Agreement (“Agreement”) is entered into effective as of May 21, 2018 (the “Effective Date”)
by and between DelMar Pharmaceuticals, Inc., a Nevada corporation (the “Company”) and Saiid Zarrabian
(“Executive”). In consideration of the mutual promises and covenants contained in this Agreement, the
parties agree as follows:

 

1. Agreement
to Employ. The Company desires to employ Executive as its President and Chief Executive Officer (“CEO”)
and Executive desires to accept such employment. The Company and Executive enter into this Agreement to, among other things, set
forth the terms of Executive’s employment with the Company.

 

2. Period
of Employment. The terms set forth in this Agreement will commence as of the Effective Date and shall remain in effect
until Executive’s employment terminates as provided in Section 9 below. For purposes of this Agreement, the “Employment
Period” shall refer to the period of Executive’s employment with the Company. Notwithstanding anything contained
in this Agreement to the contrary, Executive’s employment with the Company shall be “at will,” meaning that either
Executive or the Company shall be entitled to terminate Executive’s employment at any time and for any reason, with or without
Cause, subject to the obligations in Section 10.

 

3. Services
to be Provided by Executive.

 

(a) Position
and Responsibilities. Subject to the Agreement’s terms, Executive agrees to serve the Company as its President and CEO.
Executive shall have the duties and privileges customarily associated with an executive occupying such roles at a publicly-traded
company, and shall perform all reasonable acts customarily associated with such roles, or necessary and/or desirable to protect
and advance the best interests of the Company. Executive shall report to the Board of Directors of the Company (the “Board”).
If Executive serves as a member of the Board, for purposes of this Agreement only, all references to the Board shall exclude Executive.

 

(b)
Executive’s Employment Representations. Executive agrees that during the Employment Period he shall devote his full
business and professional time and energy to the Company subject to the provisions below. Executive agrees to carry out and abide
by all lawful directions of the Board and to comply in all material respects with all lawful standards of performance, policies,
and other rules and regulations heretofore established by the Company or hereafter established by the Company. Without limiting
the generality of the foregoing, Executive shall not, without the written approval of the Board, render services of a business
or commercial nature on his own behalf or on behalf of any other person, firm, or entity (other than any direct or indirect affiliate
of the Company), whether for compensation or otherwise, during the Employment Period; provided that the foregoing shall not prevent
Executive from (i) serving on the boards of directors of, or holding any other offices or positions in, non-profit organizations
and, with the prior written approval of the Board, other for-profit companies, (ii) participating in charitable, civic, educational,
professional, community or industry affairs, (iii) managing Executive’s passive personal investments, (iv) continuing Executive’s
existing investment advisory role with Red Line Capital Partners, SA, or (v) subject to written approval of the Board (which approval
shall not be unreasonably withheld), serving on the boards of directors of up to two entities that are not competitive with the
Company, so long as in each case such activities in the aggregate do not interfere or conflict with Executive’s duties hereunder
or create a potential business or fiduciary conflict. Executive represents to the Company that Executive (x) is not violating
and will not violate any contractual, legal, or fiduciary obligations or burdens to which Executive is subject as of the date
of this Agreement by entering into this Agreement or providing services under the Agreement’s terms; (y) is under no contractual,
legal, or fiduciary obligation or burden that will interfere with his ability to perform services under this Agreement; and (z)
has no bankruptcies, convictions, disputes with regulatory agencies, or other discloseable or disqualifying events that would
have an adverse impact on the reputation or business of the Company.

  

     

     

    

 

4. Compensation
for Services. As compensation for the services Executive will perform under this Agreement during the Employment Period,
the Company will pay Executive, and Executive shall accept as full compensation, the following:

 

(a) Base
Salary. Executive shall be paid an annual base salary (the “Base Salary”) of $470,000.00, payable
in accordance with the Company’s normal payroll practices and subject to applicable tax withholdings and other deductions.

 

(b) Bonus
Plans. Executive shall be eligible to receive an annual (fiscal year) performance bonus of up to fifty percent (50%) of Base
Salary, subject to the achievement of performance targets or criteria established by the Board for such year in consultation with
Executive; provided, however, that the bonus for the fiscal year of the Company beginning July 1, 2018 (“FY2018”)
shall be based on Base Salary and performance for the period from the Effective Date through June 30, 2019. The Company and Executive
agree to use their good faith best efforts to establish and finalize bonus criteria for FY2018 within 30 days following the Effective
Date. In the event of overachievement of such targets or criteria for a year, the Board may increase the bonus for such year to
up to sixty percent (60%) of Base Salary. Except as provided by Section 10(b), Executive shall be entitled to a bonus for a year
only if he is employed by the Company as of the date on which the bonus is paid. The evaluation of Executive’s performance,
as measured by the applicable targets or criteria for a year shall be at sole discretion of the Board or a committee thereof. Any
bonus for a year shall be payable in cash; provided that, in the discretion of the Board or a committee thereof, one-half of the
bonus may be payable in the form of grants of stock options with respect to the Company’s common stock pursuant to the DelMar
Pharmaceuticals, Inc. 2017 Omnibus Equity Incentive Plan, as amended (the “Equity Plan”), or any successor
plan; and provided further, however, that to the extent any bonus exceeds 50% of Base Salary for a year, the Board may, in its
discretion, pay such excess in cash and/or stock options. Each option grant shall have an exercise price determined in accordance
with the Equity Plan as of the applicable date of grant. To the extent that any bonus is payable in the form of stock options,
the number of shares subject to such options will be based on the Black-Scholes method or similar financial measure used by the
Company’s auditors for financial accounting purposes.

 

(c) Option
Grants. As soon as practicable after the Effective Date, the Company shall grant to Executive an option under the Equity Plan
with respect to 836,465 shares of the Company’s common stock. Such grant shall be evidenced by a stock option grant agreement,
the terms of which shall include a three year vesting schedule with the option becoming exercisable with respect to 1/6th
of the shares covered thereby on the 6-month anniversary of the date of grant and the reminder becoming exercisable ratably each
month thereafter over the next thirty months; provided, however that such vesting shall accelerate and such grant will become vested
in full effective immediately prior to the consummation of a “Change in Control” (as defined below) provided that Executive
is employed by the Company at such time. The Board, in its discretion, may grant Executive incremental annual stock option grants
with respect to 1.0% of the Company’s then outstanding shares of the common stock, up to an aggregate of 6.0% of outstanding
shares, each evidenced by a stock option grant agreement and the foregoing vesting schedule. Each option grant shall have an exercise
price determined, in accordance with the Equity Plan, as of the applicable date of grant. To the extent possible, all stock options
granted to Executive hereunder shall be granted as “Incentive Stock Options” (as defined in the Equity Plan). For purposes
of this Agreement, the term “Change in Control” shall have the meaning assigned such term under the Equity
Plan, provided that “40%” shall be substituted for “50%” in clauses (i) and (ii) thereof.

  

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(d) Vacation.
Executive shall be entitled to thirty (30) vacation days upon the Effective Date. Executive shall not be permitted to carryover
more than ten (10) unused vacation days from any one “Employment Year” (as defined below) to another year (“Carryover
Vacation Days”). To the extent that Executive has more than ten (10) unused vacation days upon the expiration of
any Employment Year, such vacation days shall be forfeited. Upon the later of the commencement of each Employment Year after the
first Employment Year or Executive’s use of all then existing Carryover Vacation Days, Executive shall be entitled to thirty
(30) vacation days plus up to 10 such carryover days. For purposes of the foregoing, an “Employment Year”
shall mean each 12-month period during the Employment Period, commencing on the Effective Date and on each one-year anniversary
of the Effective Date.

 

(e) Life
Insurance. During the Employment Period, the Company will pay or reimburse Executive for the death benefit premiums on a policy
of life insurance that provides up to $2,500,000 death benefit coverage in the event of the death of Executive. Executive shall
be the owner of such a policy and be permitted to designate the beneficiary thereof. Executive acknowledges that he will have taxable
income associated with the foregoing payments or reimbursements. The Company also expects to purchase “key man” life
insurance on Executive with respect to which the Company shall be the owner and beneficiary. Executive agrees to submit to such
physical examinations as may be required by one or more insurance carriers as a condition to issuing such policies.

 

(f) Other
Benefits. Executive shall be entitled to participate in the benefit plans provided by the Company for all employees generally,
and for the Company’s executive employees. The Company shall be entitled to modify, amend or terminate these benefit plans
in its sole discretion at any time.

 

(g) Reimbursement
of Ordinary Business Expenses. The Company shall reimburse Executive for all reasonable business expenses upon the presentation
of itemized statements of such expenses in accordance with Company policies and procedures as may be in effect from time to time.

  

5. Confidential
Information.

 

(a) Confidential
Information. Executive understands and agrees that during the Employment Period he will have access to and/or possession of
“Confidential Information” (as defined below), that Executive will be entrusted with business opportunities of the
Company, and that Executive will be in a position to develop business goodwill on behalf of the Company. For purposes of this Agreement,
“Confidential Information” includes, but is not limited to:

 

(i) Technologies
developed by the Company or any of its parents, subsidiaries, divisions or affiliates (collectively, “Company Entities”)
and any research data or other documentation related to the development of such technologies, including, without limitation, all
designs, improvements, product developments, discoveries and inventions, whether patentable or not, that are conceived, developed
or acquired by Executive, individually or in conjunction with others, during the Employment Period;

  

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(ii)  Trade
secrets;

 

(iii) All
documents, drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, E-mail,
voice mail, electronic databases, maps, logs, drawings, models and all other writings or materials of any type embodying any of
such information, ideas, concepts, improvements, discoveries, inventions and other similar forms of expression that are conceived,
developed or acquired by Executive individually or in conjunction with others during the course of Executive’s employment
with the Company (whether during business hours or otherwise and whether on any Company Entity premises or otherwise) that relate
to the Company Entities or their trade secrets, products or services;

 

(iv) Customer
lists and prospect lists developed by any Company Entity;

 

(v) Information
regarding any Company Entity’s customers which Executive acquired as a result of his employment with the Company, including
but not limited to, customer contracts, work performed for customers, customer contacts, customer requirements and needs, data
used by any Company Entity to formulate customer bids, customer financial information, and other information regarding the customer’s
business;

 

(vi) Information
related to any Company Entity’s trade secrets, products or services, including but not limited to marketing strategies and
plans, sales procedures, operating policies and procedures, pricing and pricing strategies, business plans, sales, profits, and
other business and financial information of any Company Entity;

 

(vii) Training
materials developed by and utilized by any Company Entity; and

 

(viii) Any
other information that Executive acquired as a result of his employment with the Company and which the Company Entities would not
want disclosed to a business competitor or to the general public.

 

Executive
understands and acknowledges that such Confidential Information gives the Company Entities a competitive advantage over others
who do not have the information, and that the Company Entities would be irreparably harmed if the Confidential Information were
disclosed.

 

For purposes
of this Agreement, Confidential Information shall not include information that: (i) prior to disclosure, is or was known or generally
available to the public; (ii) after disclosure, become known to the public through no act or omission of Executive or any other
person or entity with an obligation of confidentiality to any Company Entity; (iii) is or was independently developed by Executive,
without the use of or reference to Confidential Information of any Company Entity, and can be demonstrated by Executive through
adequate documentation was developed by Executive in this manner; or (iv) is required to be disclosed pursuant to an applicable
law, rule, regulation, government requirement or court order, or the rules of any stock exchange (provided however, Executive shall
advise the Company of such required disclosure immediately upon learning thereof in order to afford the Company a reasonable opportunity
to contest, limit and/or assist Executive in crafting such disclosure and shall cooperate with the Company concerning any such
attempt to contest, limit or craft the disclosure).

  

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Executive
acknowledges receipt of the following notice under the Defend Trade Secrets Act: An individual will not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret if he/she (i) makes such disclosure in
confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney and such disclosure
is made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) such disclosure was made in
a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal.

 

(b) Disclosure
of Confidential Information. Executive agrees that he shall hold all Confidential Information of the Company Entities in trust
for the Company Entities and shall not during or after his employment terminates for any reason: (i) use the information for any
purpose other than the benefit of the Company Entities; or (ii) disclose to any person or entity any Confidential Information of
the Company Entities except as necessary during Executive’s employment with the Company to perform services on behalf of
the Company. Executive shall also take reasonable steps to safeguard such Confidential Information in Executive’s possession
or control to prevent its disclosure to unauthorized persons. Notwithstanding the foregoing or anything else contained herein to
the contrary, this Agreement shall not preclude Executive from disclosing Confidential Information to a governmental body or agency
or to a court if and to the extent that a restriction on such disclosure would limit Executive from exercising any protected right
afforded Executive under applicable law, including the ability to receive an award for information provided to a governmental body.

 

(c) Return
of Information. Upon termination of employment, or at any earlier time as directed by the Company, Executive shall immediately
deliver to the Company any and all tangible Confidential Information in Executive’s possession (including for avoidance of
doubt any digital Confidential Information). Executive acknowledges that such Confidential Information is the exclusive property
of the Company Entities. After Executive delivers to the Company all tangible Confidential Information in Executive’s possession,
Executive shall immediately delete all Confidential Information from any computer, cellular phone or other digital or electronic
device owned by Executive. In addition, upon termination of employment, or at any time earlier as directed by the Company, Executive
shall immediately deliver to the Company any property of the Company in Executive’s possession. Executive shall provide all
Company access codes, passcodes, and administrator rights to the Company at any time during or after Executive’s employment
on demand.

 

6. Assignment
of Intellectual Property.

 

(a) Creations.
Executive shall promptly disclose to the Company any invention, discovery or improvement, whether patentable or not (“Creations”),
conceived or made by him alone or with others at any time during the course of his employment with the Company. Executive agrees
that the Company owns any such Creations, and Executive hereby irrevocably, absolutely, and unconditionally assigns to the Company
all rights, title and interest in and to the Creations or portions thereof, including but not limited to, all copyrights, patents,
and other proprietary and intellectual property rights and any and all goodwill associated therewith, as well as all moral rights
that Executive has or may acquire in and/or to the Creations, or any of them, including but not limited to any and all rights of
identification of authorship and any and all rights of approval, restriction or limitation on use or subsequent modifications relating
to the Creations. Executive agrees to execute and deliver to Company at Company’s sole expense any and all applications,
assignments and other instruments relating thereto which the Company deems necessary or desirable in its discretion. These obligations
shall continue beyond the termination of his employment with respect to Creations and derivatives of such Creations conceived or
made during the course of his employment with the Company. The Company and Executive understand that the obligation to assign Creations
to the Company shall not apply to any Creation which is developed entirely on his own time without using any of the Company’s
equipment, supplies, facilities, and/or Confidential Information (“Executive Creations”) unless such
Creation (i) relates in any way to the business or to the current or anticipated research or development of any of the Company
Entities; or (ii) results in any way from his work at the Company.

  

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(b) Cooperation.
Executive agrees to reasonably cooperate with the Company, both during and after his employment with the Company, at the Company’s
sole expense with respect to the procurement, maintenance and enforcement of copyrights, patents, trademarks and other intellectual
property rights (both in the United States and foreign countries) relating to Creations covered by Section 6(a) hereof. Executive
shall sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths, formal
assignments, assignments of priority rights and powers of attorney, which the Company, acting reasonably, may deem necessary or
desirable in order to protect its rights and interests in any such Creations. Executive further agrees that if the Company is unable,
after reasonable effort, to secure Executive’s signature on any such papers, any officer of the Company shall be entitled
to execute such papers as his agent and attorney-in-fact and Executive hereby irrevocably designates and appoints each officer
of the Company as his agent and attorney-in-fact to execute any such papers on his behalf and to take any and all actions as the
Company may deem necessary or desirable in order to protect its rights and interests in any such Creations, under the conditions
described in this paragraph, all to the exclusion of such Executive’s Creations.

 

7. Non-Competition,
Non-Solicitation Covenants. In consideration for (i) the Company’s promise to provide Confidential Information to
Executive and Executive’s return promise to hold the Company’s Confidential Information in trust, (ii) the substantial
economic investment made by the Company in the Confidential Information and goodwill of the Company, and the business opportunities
disclosed or entrusted to Executive, (iii) the compensation and other benefits provided by the Company to Executive, and (iv) the
Company’s employment of Executive pursuant to this Agreement, and to protect the Company’s Confidential Information,
customer relationships, and goodwill, Executive agrees as follows:

 

(a) Non-Competition.
During Executive’s employment , Executive shall not, anywhere in the United States, directly or indirectly, own, manage,
operate, control, consult with, be employed by, participate in the ownership, management, operation or control of, or otherwise
render services to or engage in, any business engaged in or competitive with the business(es) conducted by the Company or any other
Company Entity during Executive’s employment or with respect to which the Company or any other Company Entity has or had
under development during the Employment Period; provided, that the Executive’s passive ownership of securities of 2% or less
of any publicly traded class of securities of a public company shall not violate the foregoing restriction.

 

(b) Non-Solicitation
of Service Providers. During Executive’s employment and for a period of twelve months following the termination of Executive’s
employment (the “Restricted Period”), other than in connection with his authorized duties under this
Agreement, Executive shall not, directly or indirectly, either as a principal, manager, agent, employee, consultant, officer, director,
stockholder, partner, investor, owner, or lender or in any other capacity, and whether personally or through other persons or entities,
solicit, induce or attempt to solicit or induce, on behalf of himself or any other person or entity, any person who is an employee
or consultant of the Company or any other Company Entity or who was employed by or provided consulting services to the Company
or any other Company Entity within the preceding twelve (12) months (general advertisements and similar solicitations not directed
at any specific individuals shall not be considered solicitation for this purpose).

  

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(c) Non-Solicitation
of Customers. During the Restricted Period, Executive shall not, directly or indirectly, either as a principal, manager, agent,
employee, consultant, officer, director, stockholder, partner, investor, owner, or lender or in any other capacity, and whether
personally or through other persons or entities, other than for the benefit of the Company or any other Company Entity, call upon,
solicit, divert or take away any of the customers, business or prospective customers of the Company or any other Company Entity;
provided, however, that the foregoing shall not restrict Executive from providing service to a former customer of the Company or
any of the Company Entities following Executive’s date of termination if (i) Executive did not solicit the former customer;
(ii) the customer voluntarily chooses to seek services from Executive; and (iii) Executive otherwise is complying with Section
7(a), other than any limitation under Section 7(a) which purports to restrict Executive from providing services to a former customer
who seeks the services of Executive without any contact instigated by Executive.

 

Executive acknowledges
and agrees that the foregoing restrictions of this Section 7 are (i) supported by valuable consideration; (ii) do not impose any
restraint that is greater than is required for the protection of the Company and the other Company Entities; (iii) does not and
will not impose an undue hardship on Executive; and (iv) imposes only those restrictions that are appropriate in light of the valuable
consideration given in support of this Agreement. Executive further acknowledges and confirms that he has been represented by counsel
in reviewing, negotiating and accepting all terms and conditions of this Agreement, including in particular the restrictions set
forth in this Section 7 and the provisions of Section 8.

 

8. Remedies.

 

(a) Injunctive
Relief. Executive acknowledges that, in view of the nature of the business of the Company Entities and his position with the
Company, the restrictions contained in Sections 5, 6 and 7 of this Agreement, are reasonable and necessary to protect the legitimate
business interests of the Company Entities, Confidential Information and goodwill and that any violation of Sections 5, 6 or 7
of this Agreement may result in irreparable injury to the Company Entities. In the event of a breach or threatened breach by Executive
of Sections 5, 6 or 7 of this Agreement, the Company may (i) seek a temporary restraining order and injunctive relief restraining
Executive from the commission of any breach (without being obligated to post a bond or other collateral), and (ii) the prevailing
party in any such action may recover its reasonable attorneys’ fees, expenses and costs incurred in such action. Further,
the prevailing party in any action brought by Executive (or anyone acting on his behalf) seeking to declare Sections 5, 6 or 7
void or unenforceable or subject to reduction or modification shall be entitled to recover its reasonable attorneys’ fees,
expenses and costs incurred in such action. Similarly, if Executive prevails in any action brought by the Company (or anyone acting
on its behalf) seeking to enforce Sections 5, 6 or 7, then Executive shall be entitled to recover reasonable attorneys’ fees,
expenses and costs he incurs in such action. Nothing contained in this Agreement shall be construed as prohibiting either party
from pursuing any other remedies available to it for any breach or threatened breach, including, without limitation, the recovery
of money damages. The existence of any claim or cause of action by Executive against the Company, whether predicated on this Agreement
or otherwise, shall not constitute a defense to the enforcement by the Company of Sections 5, 6 or 7 of this Agreement. If Executive,
in the future, seeks or is offered employment, or any other position or capacity with another person or entity, Executive agrees
to inform each such person or entity of the restrictions in Sections 5, 6 and 7 of this Agreement.

  

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(b) Reformation.
Executive acknowledges that the restrictions imposed by this Agreement are legitimate, reasonable and necessary to protect the
Company’s investment in its Confidential Information, businesses, customer relationships and the goodwill thereof. Executive
acknowledges that the scope and duration of the restrictions contained herein are necessary and reasonable in light of the time
that Executive has been engaged in the business of the Company, Executive’s reputation in the markets for the Company’s
business and Executive’s relationship with the suppliers, customers and clients of the Company obtained through Executive’s
employment with the Company. Nonetheless, the courts shall be entitled to modify the duration and scope of any restriction contained
herein to the extent such restriction would otherwise be unenforceable, and such restriction as modified shall be enforceable.

 

9. Termination
of Agreement. The employment relationship between Executive and the Company created under this Agreement shall terminate
upon the occurrence of any one of the following:

 

(a) Death.
Executive’s employment shall terminate immediately in the event of Executive’s death.

 

(b) Termination
by the Company for Cause. The Company may terminate Executive’s employment hereunder for Cause at any time after providing
written notice to Executive. For purposes of this Agreement, the term “Cause” shall mean any of the following:

 

(i)  an
act or acts of theft, embezzlement, fraud, or willful or material misrepresentation by Executive;

 

(ii)
an act or acts of intentional dishonesty or willful misrepresentation of a material nature;

 

(iii)any
willful misconduct by Executive with regard to any of the Company Entities;

 

(iv) a
material breach by Executive of any fiduciary duties owed by him to any of the Company Entities;

 

(v)  Executive’s
conviction of, or pleading nolo contendere or guilty to, a felony or misdemeanor (other than a traffic infraction) that is reasonably
likely to cause damage to the business or reputation of the Company;

 

(vi) a
material violation of the Company’s written policies, standards or guidelines, which Executive failed to cure within thirty
(30) days;

 

(vii) Executive’s
refusal to perform the material duties and responsibilities required to be performed by Executive under the terms of this Agreement
(other than due to disability or illness), which if reasonably capable of cure, Executive has failed to cure within thirty (30)
days after receiving written notice from the Board of such breach specifying the details thereof; and

  

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(viii)  a
material breach by Executive of this Agreement or any other agreement to which Executive and the Company are parties that, if reasonably
capable of cure, is not cured by Executive within thirty (30) days after receipt by Executive of a written notice from the Board
of such breach specifying the details thereof.

 

Whether or
not a breach that is capable of cure has been cured will be determined in the reasonable good faith judgment of the Board and if
the Board determines that the breach has not been cured. If Executive cures, Cause shall be deemed not to have occurred.

 

(c) Termination
by the Company Without Cause. The Company may terminate Executive’s employment at any time without Cause upon thirty
(30) days written notice to Executive. Following such notice, the Company may notify Executive that he shall not be required to
perform all or some of his regular services for the Company.

 

(d) Termination
at Executive’s Election.

 

(i) For
Good Reason. Executive may terminate his employment for Good Reason. For purposes of this Agreement, the term “Good
Reason” shall mean the occurrence of any of the following events (each a “Good Reason Condition”),
subject to having complied with the Good Reason Process (as defined below), without Executive’s prior written consent:

 

(A)  a
reduction in Executive’s Base Salary;

 

(B)  a
material diminution in Executive’s title, duties, responsibility or authority; or

 

(C)  the
Company’s material breach of this Agreement or material breach of any other agreement to which Executive and the Company
are parties.

 

“Good
Reason Process” shall mean that (i) Executive reasonably determines in good faith that a Good Reason Condition has
occurred; (ii) Executive notifies the Company in writing within sixty days of such determination specifying the details thereof;
(iii) the Company is afforded a period of not less than thirty days following such notice (the “Cure Period”)
to remedy the Good Reason Condition; (iv) the Good Reason Condition continues to exist at the end of the Cure Period; and (v) Executive
terminates his employment for such Good Reason Condition within sixty days after the end of the Cure Period. If the Company cures
the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred.

 

(ii) Voluntary
Resignation. Notwithstanding anything contained elsewhere in this Agreement to the contrary, Executive may terminate his employment
hereunder at any time and for any reason whatsoever or for no reason at all in Executive’s sole discretion by giving thirty
(30) days’ advance written notice to the Board.

 

(e) Resignation
from any Boards and Position. Upon termination of Executive’s employment, regardless of the reason, unless otherwise
agreed by the parties, Executive shall be deemed to resign (i) if a member, from the Board or any other board to which he has been
appointed or nominated by or on behalf of the Company or any other Company Entity, and (ii) from any position with the Company
or any other Company Entity, including, but not limited to, as an officer of any Company Entity; and Executive agrees to take all
further actions that are deemed reasonably necessary by the Company to effectuate or evidence such resignations.

  

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10. Compensation
Upon Termination of Employment. Upon the termination of Executive’s employment, Executive shall be entitled
to the following:

 

(a) Accrued
Obligations. Regardless of the reason for Executive’s termination of employment, Executive (or his estate or other legal
representative, as the case may be) shall, within the time period required by applicable law (and in all events within thirty (30)
days of such termination), be paid for:

 

(i)  any
accrued but unpaid vacation and Base Salary (as determined pursuant to Section 4(a) hereof) for services rendered to the date of
termination; and

 

(ii)  any
accrued but unpaid expenses required to be reimbursed pursuant to Section 4(g) hereof.

 

In addition,
Executive (or his estate or other legal representative, as the case may be) shall be entitled to any outstanding vested equity
awards or vested benefits under any Company benefit plan as of the date of Executive’s termination of employment, which will
be subject to the terms of any such award or benefit plan.

 

The amounts
and benefits described in this Section 10(a) shall be referred to herein as the “Accrued Obligations.”

 

(b) Termination
by the Company Without Cause, or by Executive for Good Reason. In the event that Executive’s employment is terminated
by the Company without Cause (and other than due to Executive’s death or disability) or by Executive for Good Reason, in
addition to the Accrued Obligations, the Company shall, subject to Executive’s compliance with Section 5, 6 and 7 and the
execution and timely return by Executive of a release of claims in substantially the form of Exhibit A hereto (the “Release”),
and further subject to the provisions of Section 10(c), Section 12 and Section 13, pay and/or provide the following amounts to
Executive:

 

(i) The
Company shall pay Executive, as severance, an amount equal to twelve (12) months Base Salary. Such severance shall be payable in
installments in accordance with regular payroll practices over a period of time equal to the number of months severance is payable
(the “Severance Period”). Subject to Section 13, the first installment shall commence on the sixtieth
(60th) day following the termination of Executive’s employment, subject to the effectiveness of the Release, and
shall include all installment amounts that would have been paid during the first sixty (60) days following the termination of Executive’s
employment had installments commenced immediately following the date of termination.

 

(ii) Any
bonus earned for the year preceding the year of the date of termination, in the discretion of the Board or a committee thereof,
but unpaid as of the date termination, will be paid, subject to Section 13, at the same time as bonuses are paid to other executives
of the Company, but in any event no earlier than the date the Release becomes effective.

  

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(iii) The
Company shall pay Executive an amount equal to a pro-rata portion of any bonus that would have been earned by Executive for the
fiscal year in which Executive’s date of termination occurs based on the Company’s year-to-date performance through
the date of termination, determined in the discretion of the Board or a committee thereof, which amount shall be payable at such
time as Executive’s annual bonus would otherwise have been payable had he not terminated employment, but in no event shall
such amount be paid later than the 15th day of the third month following the later of (x) the close of the Company’s
fiscal year in which Executive’s date of termination occurs, or (y) the calendar year following the year in which Executive’s
date of termination occurs.

 

(iv) Executive
shall be deemed to have an additional six (6) months of vesting service credit for purposes of determining his vested interest
in all stock options granted to Executive that are outstanding as of Executive’s date of termination.

 

(v) Provided
that Executive timely elects and is eligible for COBRA coverage, the Company will reimburse Executive on a monthly basis for the
cost of such coverage until the earlier of (x) the termination of the Severance Period, (y) the date that Executive becomes covered
under another group health plan, or (z) the date that Executive’s COBRA coverage otherwise terminates. The Company may modify
its obligation to provide such benefit to the extent reasonably necessary to avoid any penalty or excise taxes imposed on it under
the Patient Protection and Affordable Care Act of 2010, as amended, provided that it does so in a manner that, to the extent possible
as determined by the Company in its reasonable discretion, preserves the economic benefit and original intent of such benefit but
does not cause such a penalty or excise tax.

 

In the event
Executive fails to comply with the covenants in Sections 5, 6 or 7, or does not timely execute and return (or otherwise revokes)
a release of claims in the form and substance reasonably requested by the Company, no amount or benefit shall be payable to Executive
pursuant to this Section 10(b).

 

(c) Termination
in Connection With a Change in Control. Notwithstanding Section 10(b), if the Company terminates Executive’s employment
without Cause (and other than due to Executive’s death or disability) or Executive resigns from his employment with the Company
for Good Reason, either (x) during a period of time commencing 60 days prior to the date as of which the Company is party to a
definitive corporate transaction agreement the consummation of which would result in a Change in Control (as defined in Section
4(c) hereof) and ending (y) twelve (12) months following a Change in Control, then the payments and benefits set forth in Section
10(b) shall apply, except that:

 

(A) “eighteen
(18) months” shall be substituted for “twelve (12) months” in Section 10(b)(i);

 

(B) in
lieu of Section 10(b)(iii), Executive shall be paid an amount equal to 100% of his target bonus for the fiscal year in which Executive’s
date of termination occurs, which amount shall be payable within 60 days following the date of Executive’s termination of
employment; and

 

(C) Executive
shall be deemed to have vested in 100% of any options granted to Executive that are outstanding as of Executive’s date of
termination.

  

    	 	- 11 -	 

     

    

 

11. Other
Provisions.

 

(a) Successors;
Assignment. In entering into this Agreement, the Company is relying on the unique personal services of Executive. Accordingly,
Executive may not assign this Agreement or any of his rights or obligations set forth in this Agreement without the explicit written
consent of the Company. Any attempted assignment by Executive in violation of this Section 11(a) shall be void. This Agreement
shall be binding on the successors and assigns of the Company.

 

(b) Severability
and Reformation. The parties intend all provisions of this Agreement to be enforced to the fullest extent permitted by law.
If, however, any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future law, such
provision shall be fully severable, and this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable
provision were never a part hereof, and the remaining provisions shall remain in full force and effect and shall not be affected
by the illegal, invalid, or unenforceable provision or by its severance. In lieu of such illegal, invalid or unenforceable provision,
there shall be added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms to
such illegal, invalid or unenforceable provision as may be possible, and the Company and Executive hereby request the court to
whom disputes relating to this Agreement are submitted to reform the otherwise unenforceable covenant in accordance with this Section
11(b).

 

(c) Notices.
Any notice or other communication required, permitted or desired to be given under this Agreement shall be deemed delivered when
personally delivered; the business day, if delivered by overnight courier; the same day, if transmitted by facsimile on a business
day before noon, Eastern Standard Time; the next business day, if otherwise transmitted by facsimile; and the third business day
after mailing, if mailed by prepaid certified mail, return receipt requested, as addressed or transmitted as follows (as applicable):

 

If to Executive:

  

The address of Executive’s
principal residence kept in the Company’s records, with a copy to him (during the Employment Period) at his office.

 

If to the Company:

  

DelMar Pharmaceuticals,
Inc.

Suite 720 - 999 West
Broadway

Vancouver,
British Columbia

Canada V5Z 1K5

 

Attention: Chairman
of the Board

 

(d) Further
Acts. Whether or not specifically required under the terms of this Agreement, each party shall execute and deliver such documents
and take such further actions as shall be necessary in order for such party to perform all of his or its obligations specified
in the Agreement or reasonably implied from the Agreement’s terms.

  

    	 	- 12 -	 

     

    

 

(e) Governing
Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of California
without giving effect to the conflict of laws (rules) or choice of laws (rules) thereof. Each of the parties hereto hereby irrevocably
submits to the exclusive jurisdiction of any appropriate state or federal court of record in the State of California over any action
or proceeding arising out of or relating to this Agreement or Executive’s employment or termination of employment, and each
of the parties hereto hereby irrevocably agrees that all claims in respect of any such action or proceeding shall be heard and
determined in such California state or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent
legally possible, the defense of an inconvenient forum to the maintenance of such action or proceeding. THE PARTIES IRREVOCABLY
WAIVE ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY SUCH ACTIONS OR CONTROVERSIES AND REPRESENT THAT SUCH PARTY HAS HAD THE OPPORTUNITY
TO CONSULT WITH COUNSEL SPECIFICALLY WITH RESPECT TO THIS WAIVER. 

 

EXECUTIVE
ACKNOWLEDGES AND CONFIRMS THAT HE HAS BEEN REPRESENTED BY COUNSEL IN REVIEWING, NEGOTIATING AND ACCEPTING ALL TERMS AND CONDITIONS
OF THIS AGREEMENT, INCLUDING IN PARTICULAR THE PROVISIONS SET FORTH IN THIS SECTION 12(e).

 

(f) Waiver.
A party’s waiver of any breach or violation of any Agreement provisions shall not operate as, or be construed to be, a waiver
of any later breach of the same or other Agreement provision.

 

(g) Entire
Agreement, Amendment, Binding Effect. This Agreement constitutes the entire agreement between the parties concerning
the subject matter in this Agreement. No oral statements or prior written material not specifically incorporated in this Agreement
shall be of any force and effect, and no changes in or additions to this Agreement shall be recognized, unless incorporated in
this Agreement by written amendment, such amendment to become effective on the date stipulated in it. Executive acknowledges and
represents that in executing this Agreement, he did not rely, and has not relied, on any communications, promises, statements,
inducements, or representation(s), oral or written, by the Company, except as expressly contained in this Agreement. Any amendment
to this Agreement must be signed by all parties to this Agreement. This Agreement will be binding on and inure to the benefit of
the parties hereto and their respective successors, heirs, legal representatives, and permitted assigns (if any). This Agreement
supersedes any prior agreements between Executive and the Company concerning the subject matter of this Agreement.

 

(h) Counterparts.
This Agreement may be executed in counterparts, with the same effect as if both parties had signed the same document. All such
counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument.

 

(i) Indemnification.
The Company agrees to maintain a directors’ and officers’ liability insurance policy covering Executive in an amount,
and on terms and conditions (including without limitation, with respect to scope, exclusions, sub-amounts and deductibles), no
less favorable to him than the coverage the Company provides other senior executives and directors from time to time. Executive’s
indemnification rights shall be outlined by such policy and to the extent applicable, the Company by-laws and other governing documents.

  

    	 	- 13 -	 

     

    

 

(j) Headings;
Construction. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning of terms contained herein. All references to “Section” or “Sections” refer to the corresponding
Section or Sections of this Agreement unless otherwise specified. All words used in this Agreement shall be construed to be of
such gender or number as the circumstances require. Unless otherwise expressly provided, the work “including” does
not limit the preceding words or terms. Given the full and fair opportunity provided to each party to consult with their respective
counsel with respect to the terms of this Agreement, ambiguities shall not be construed against either party by virtue of such
party having drafted the subject provision.

 

(k) Tax
Withholding. Executive authorizes the Company or other payor to withhold from any benefit provided or payment due hereunder,
the amount of withholding taxes due any federal, state or local authority in respect of such benefit or payment and to take such
other action as may be necessary or appropriate in the opinion of the Company to satisfy all obligations for the payment of such
withholding taxes.

 

(l) Survival.
Notwithstanding any provision of this Agreement to the contrary, the parties’ respective rights and obligations under Sections
5 through 13 shall survive any termination or expiration of this Agreement or the termination of Executive’s employment for
any reason whatsoever.

 

12. Section
280G. In the event that any payments, distributions, benefits or entitlements of any type payable to Executive (the “Total
Payments”) would (i) constitute “parachute payments” within the meaning of Section 280G of the Internal
Revenue Code of 1986, as amended (the “Code”) (which will not include any portion of payments that are
classified as payments of reasonable compensation for purposes of Section 280G of the Code), and (ii) but for this paragraph would
be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Total Payments
shall be reduced to one dollar less than the amount that would cause any portion of such Total Payments being subject to the Excise
Tax. Unless the Company and Executive otherwise agree in writing, any determination required under this Section 12 shall be made
in writing in good faith based on the advice of an accounting firm selected by the Company (the “Accountants”).
In the event of a reduction of benefits hereunder, benefits shall be reduced by first reducing or eliminating the portion of the
Total Payments that are payable in cash under Section 10 and then by reducing or eliminating any amounts that are payable with
respect to long-term incentives including any equity-based or equity-related awards (whether payable in cash or in kind). For purposes
of making the calculations required by this Section 12, the Accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of the Code, and other applicable
legal authority. The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may
reasonably require in order to make a determination under this Section 12, and the Company shall bear the cost of all fees the
Accountants charge in connection with any calculations contemplated by this Section 12.

 

13. Section
409A.

 

(a) It
is intended that this Agreement comply with or be exempt from the provisions of Section 409A of the Code and the Treasury Regulations
and guidance of general applicability issued thereunder (“Section 409A”), and in furtherance of this
intent, this Agreement shall be interpreted, operated and administered in a manner consistent with these intentions.

  

    	 	- 14 -	 

     

    

 

(b) To
the extent (i) any payments to which Executive becomes entitled under this Agreement, or any agreement or plan referenced herein,
in connection with Executive’s termination of employment with the Company constitute deferred compensation subject to Section
409A; (ii) Executive is deemed at the time of his separation from service to be a “specified employee” under Section
409A; and (iii) at the time of Executive’s separation from service the Company is publicly traded (as defined in Section
409A), then such payments (other than any payments permitted by Section 409A to be paid within six (6) months of Executive’s
separation from service) shall not be made until the earlier of (x) the first day of the seventh month following Executive’s
separation from service or (y) the date of Executive’s death following such separation from service. Upon the expiration
of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum
or in installments) in the absence of this Section 13 shall be paid to Executive or Executive’s beneficiary in one lump sum,
plus interest thereon at the Delayed Payment Interest Rate (as defined below) computed from the date on which each such delayed
payment otherwise would have been made to Executive until the date of payment. For purposes of the foregoing, the “Delayed
Payment Interest Rate” shall mean the national average annual rate of interest payable on jumbo six-month bank certificates
of deposit, as quoted in the business section of the most recently published Sunday edition of The New York Times preceding Executive’s
separation from service.

 

(c) A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits upon or following a termination of employment that are considered “nonqualified deferred
compensation” under Section 409A unless such termination is also a “separation from service” within the meaning
of Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination
of employment” or like terms shall mean “separation from service.”

 

(d) With
regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by
Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit,
(ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect
the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing
clause (ii) shall not be violated without regard to expenses reimbursed under any arrangement covered by Code Section 105(b) solely
because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be
made on or before the last day of Executive’s taxable year following the taxable year in which the expense occurred.

 

(e) In
the case of any amounts payable to Executive under this Agreement, or under any plan of the Company, that may be treated as payable
in the form of “a series of installment payments”, as defined in Treas. Reg. §1.409A-2(b)(2)(iii), Executive’s
right to receive such payments shall be treated as a right to receive a series of separate payments for purposes of Treas. Reg.
§1.409A-2(b)(2)(iii).

 

[Signature Page Follows]

  

    	 	- 15 -	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first indicated above.

 

	 	THE COMPANY:
	 	 
	 	DELMAR PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/ Robert Toth, Jr.
	 	Name: 	Robert Toth, Jr.
	 	Title:	Chairman, DelMar Pharmaceuticals, Inc. Compensation Committee
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Saiid Zarrabian
	 	Saiid Zarrabian

  

    	 	- 16 -	 

     

    

 

EXHIBIT A

 

[FORM OF RELEASE]

 

THIS FINAL AND FULL RELEASE OF ALL CLAIMS
(this “Release”) is made and entered this ____ day of ________________, by and between Saiid Zarrabian (the “Executive”)
and DelMar Pharmaceuticals, Inc. (the “Company”) on their own behalf and on behalf of all others released below (all
of which are hereinafter referred to and included in the term “Released Parties” as that term is further defined below).
Capitalized terms used but not defined in this Release will have the meanings given to them in Employment Agreement dated May _,
2018, between the Company and the Executive (the “Employment Agreement”).

 

For and in consideration of the payments
and benefits under Section 10(b) of the Employment Agreement, and other good and valuable consideration, I, for and on behalf of
myself and my executors, heirs, administrators, representatives, and assigns, hereby agree to release and forever discharge the
Company, and each of its predecessors, successors, and past, current, and future parent entities, affiliates, subsidiary entities,
investors, directors, shareholders, members, officers, general or limited partners, employees, attorneys, agents, and representatives,
and the employee benefit plans in which I am or have been a participant by virtue of my employment with or service to the Company
(collectively, the “Released Parties”), from any and all claims that I have or may have had against the Released Parties
based on any events or circumstances arising or occurring on or prior to the date hereof and arising directly or indirectly out
of, relating to, or in any other way involving in any manner whatsoever my Employment Agreement, my employment by or service to
the Company or the termination thereof, including without limitation any and all claims arising under federal, state, or local
laws relating to employment, including without limitation claims of wrongful discharge, breach of express or implied contract,
fraud, misrepresentation, defamation, intentional infliction of emotional distress, or liability in tort, and claims of any kind
that may be brought in any court or administrative agency, and any related claims for attorneys’ fees and costs, including,
without limitation, claims under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000, et seq., the Americans
with Disabilities Act, as amended, 42 U.S.C. § 12101 et seq., the Rehabilitation Act of 1973, as amended, 29 U.S.C. §
701 et seq., the Civil Rights Act of 1866, and the Civil Rights Act of 1991, 42 U.S.C. Section 1981, et seq., the Age Discrimination
in Employment Act, as amended, 29 U.S.C. Section 621, et seq. (the “ADEA”), the Equal Pay Act, as amended, 29 U.S.C.
Section 206(d), regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq., the Family and Medical
Leave Act, as amended, 29 U.S.C. § 2601 et seq., the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201 et
seq., the Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq., the California Fair Employment and
Housing Act, the California Family Rights Act, the California Labor Code, the California Business and Professions Code, the California
Military Leave Law, the California Whistleblower Protection Act, the Nevada Fair Employment Practices Act, and any similar state
or local laws of Nevada, California, Canada or any other jurisdiction. I agree further that this Release may be pleaded as a full
defense to any action, suit, arbitration, or other proceeding covered by the terms hereof that is or may be initiated, prosecuted,
or maintained by me or my descendants, dependents, heirs, executors, administrators, or assigns. By signing this Release, I acknowledge
that I intend to waive and release all rights known or unknown that I may have against the Released Parties under these and any
other laws.

  

    	 	- 17 -	 

     

    

 

I expressly acknowledge that, in further
consideration of the payments set forth in Section 10(b) of the Employment Agreement, I waive all rights afforded by Section 1542
of the Civil Code of the State of California (“Section 1542”), or any other law or statute of similar effect in any
jurisdiction with respect to the released Claims, with respect to the Released Parties. Section 1542 states: “A GENERAL RELEASE
DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” Notwithstanding
the provisions of Section 1542 and for the purpose of implementing a full and complete release of all Claims, I expressly acknowledges
and agrees that this Agreement releases all Claims existing or arising prior to my execution of this Agreement which I have or
suspect I may have against the Released Parties whether such claims are known or unknown and suspected or unsuspected by me and
I forever waive all inquiries and investigations into any and all such claims. I understand and acknowledge that the significance
and consequence of this waiver of Civil Code §1542, is that even if I suffer additional injuries or damages arising out of
the released Claims, I will not be permitted to make any claim for those injuries or damages.

 

I acknowledge and agree that as of the
date I execute this Release, I have not filed any claim against any of the Released Parties before any local, state, or federal
agency, court, arbitrator, mediator, arbitration or mediation panel, or other body (each individually a “Proceeding”).
I (i) acknowledge that I will not initiate or cause to be initiated on my behalf any Proceeding and will not participate in any
Proceeding, in each case, except as required by law; and (ii) waive any right that I may have to benefit in any manner from any
relief (whether monetary or otherwise) arising out of any Proceeding, including any Proceeding conducted by the Equal Employment
Opportunity Commission (“EEOC”). Further, I understand that, by executing this Release, I will be limiting the availability
of certain remedies that I may have against the Company and limiting also my ability to pursue certain claims against the Released
Parties.

 

By executing this Release, I specifically
release all claims relating to my employment and its termination under ADEA that, among other things, prohibits discrimination
on the basis of age in employment and employee benefit plans.

 

Notwithstanding the generality of the foregoing,
I do not release (i) claims to receive payments and benefits under Section 10(b) of the Employment Agreement in accordance with
the terms of the Employment Agreement, (ii) claims for indemnification arising under any applicable indemnification obligation
of the Company, (iii) any vested rights I may have under any employee benefit plans, programs or policies of the Company, (iv)
any rights with respect to outstanding vested stock options or other vested equity awards I have been granted, if any, in the Company,
and/or (v) claims that cannot be waived by law. Further, nothing in this Release shall prevent me from (a) initiating or causing
to be initiated on my behalf any claim against the Company before any local, state, or federal agency, court, or other body challenging
the validity of the waiver of my claims under the ADEA (but no other portion of such waiver); or (b) initiating or participating
in an investigation or proceeding conducted by the EEOC.

 

I understand that nothing in this Agreement
will preclude, prohibit or restrict me from (i) communicating with, any federal, state or local administrative or regulatory agency
or authority, including but not limited to the Securities and Exchange Commission (the “SEC”); (ii) participating or
cooperating in any investigation conducted by any governmental agency or authority; (iii) filing a charge of discrimination with
the EEOC or any other federal state or local administrative agency or regulatory authority; or (iv) making other disclosures that
are protected under whistleblower provisions of state or federal law or regulation

 

I acknowledge
that I have been given at least [21]/[45]1 days in which to consider this Release.
I acknowledge further that the Company has advised me to consult with an attorney of my choice before signing this Release, and
I have had sufficient time to consider the terms of this Release. I represent and acknowledge that if I execute this Release before
[21]/[45] days have elapsed, I do so knowingly, voluntarily, and upon the advice and with the approval of my legal counsel (if
any), and that I voluntarily waive any remaining consideration period.

 

 

1 NTD:
To be selected based on whether applicable termination was “in connection with an exit incentive or other employment termination
program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967).

  

    	 	- 18 -	 

     

    

 

I understand that after executing this
Release, I have the right to revoke it within seven days after its execution. I understand that this Release will not become effective
and enforceable unless the seven-day revocation period passes and I do not revoke the Release in writing. I understand that this
Release may not be revoked after the seven-day revocation period has passed. I understand also that any revocation of this Release
must be made in writing and delivered to the Company at its principal place of business within the seven-day period.

 

This Release will become effective, irrevocable,
and binding on the eighth day after its execution, so long as I have not timely revoked it as set forth above. I understand and
acknowledge that I will not be entitled to payments or benefits under Section 10(b) of the Employment Agreement unless this Release
is effective on or before the date that is 60 days following the date of termination.

 

I hereby agree to waive any and all claims
to re-employment with the Company and affirmatively agree not to seek further employment with the Company.

 

The provisions of this Release will be
binding upon my heirs, executors, administrators, legal representatives, and assigns. If any provision of this Release will be
held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision will be of no force or effect.
The illegality or unenforceability of such provision, however, will have no effect upon and will not impair the enforceability
of any other provision of this Release.

 

This Release will be governed in accordance
with the laws of the State of California without reference to the principles of conflicts of law. Any dispute or claim arising
out of or relating to this Release or claim of breach hereof will be brought exclusively in the federal courts of California to
the extent that federal jurisdiction exists, and in a state court in California to the extent that federal jurisdiction does not
exist. BY EXECUTION OF THIS RELEASE, I AM WAIVING ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING
UNDER OR IN CONNECTION WITH THIS RELEASE. I ACKNOWLEDGE AND CONFIRM THAT I HAVE BEEN REPRESENTED BY COUNSEL IN REVIEWING, NEGOTIATING
AND ACCEPTING ALL TERMS AND CONDITIONS OF THIS RELEASE, INCLUDING IN PARTICULAR THE CHOICE OF LAW AND VENUE PROVISIONS SET FORTH
IN THIS PARAGRAPH.

  

	 	 
	 	Saiid Zarrabian

                            

	 	Date:

 

 

- 19 -Exhibit  10.1

 

 

 

 

Exclusive
Technical Consultation and Service Agreement

 

This
Exclusive Technical Consultation and Service Agreement (hereinafter referred to as “Agreement”) was made
as of the 21st day of May, 2018 in Beijing, the People’s Republic of China (“PRC”) by
and among the parties (hereinafter referred to as “Parties”) as follows:

 

Party
A: Tianjin Studyvip Education Co., Limited 

Registered
Address: Unit 15, Rm. 112, Building C, Comprehensive Office Service Area, Tianjin Nangang Industrial Zone, Tianjin, China 

Legal Representative:
LIU Tongbo

 

Party
B: Tianjin Shangde Online Education Technology Co., Ltd. 

Registered
Address: Unit 45, Rm. 112, 1/F, Building C, Comprehensive Office Service Area, Tianjin Nangang Industrial Zone, Tianjin, China 

Legal Representative:
LIU Tongbo

 

Party
B’s Subsidiaries: Any companies, schools and related institutions (hereinafter referred to as the “Party B’s
Subsidiaries”) to be updated from time to time according to this Agreement in which 50% shares or investment interests
are held by Party B.

 

Whereas:

 

		1.	Party A
                                         is a wholly foreign-owned enterprise legally incorporated and validly existing within
                                         the territory of the PRC.

 

		2.	Party B
                                         is a limited liability company incorporated in the PRC.

 

		3.	Party A
                                         agrees to provide technical consultation and related services to Party B and Party B’s
                                         Subsidiaries, and Party B and Party B’s Subsidiaries agree to accept such technical
                                         consultation and related services provided by Party A.

 

     

     

    

Therefore,
this Agreement is entered into by and among the Parties through friendly consultation based on the principle of equality and mutual
benefit subject to the terms and conditions as follows:

 

		1.	Technical
                                         Consultation and Services: Sole and Exclusive Rights and Interests 

 

		1.1	Within
                                         the term of this Agreement, Party A agrees that it shall, as the exclusive technical
                                         consultation and services provider of Party B and Party B’s Subsidiaries, provide
                                         Party B and Party B’s Subsidiaries with the relevant technical consultation and
                                         services (See Annex I for specific content) according to the terms of this Agreement.

 

		1.2	Party
                                         B and Party B’s Subsidiaries agree to accept the technical consultation and services
                                         provided by Party A within the term of this Agreement. In consideration of the value
                                         of the technical consultation and services provided by Party A and the good cooperative
                                         relationship among the Parties hereto, Party B and Party B’s Subsidiaries further
                                         agree that, unless they obtain the prior written consent of Party A, they shall not accept
                                         any technical consultation and services provided by any third party in respect of the
                                         business scope involved herein within the term of this Agreement.

 

		1.3	For
                                         all rights, titles, interests and intellectual property rights (including but not limited
                                         to any copyrights, patents, technical know-how and business secrets) arising out of the
                                         performance of this Agreement, whether developed by Party A or developed by Party B and
                                         Party B’s Subsidiaries based on Party A’s intellectual property rights or
                                         developed by Party A based on any intellectual property rights of Party B and Party B’s
                                         Subsidiaries, Party A shall enjoy any sole and exclusive rights and interests therein,
                                         and Party B and Party B’s Subsidiaries shall not assert any rights, titles, interests
                                         and intellectual property rights to Party A.

 

		1.4	Provided
                                         that, if developed by Party A based on any intellectual property rights

 

     

     

    

of
Party B and Party B’s Subsidiaries, Party B and Party B’s Subsidiaries shall ensure that such intellectual property
rights are free from any defects, otherwise, any losses caused to Party A shall be borne by Party B and Party B’s Subsidiaries.
If Party A bear the compensation liability to any third party therefor, Party A shall have the right to recover all its losses
from Party B and Party B’s Subsidiaries after Party A makes such compensation.

 

		1.5	In
                                         consideration of the good cooperative relationship among the Parties hereto, Party B
                                         and Party B’s Subsidiaries undertake that, if they are intended to carry out any
                                         business cooperation with any other enterprises, they shall obtain the consent of Party
                                         A, and Party A or its affiliates shall have the priority of cooperation under the same
                                         conditions.

 

		2.	Calculation
                                         and Payment of Technical Consultation and Service Fees (hereinafter referred to as
                                         “Service Fees”)

 

		2.1	The
                                         Parties hereto agree that any Service Fees under this Agreement shall be determined and
                                         paid in such way as listed in Annex II hereto.

 

		2.2	If
                                         Party B and Party B’s Subsidiaries fail to pay any Service Fees and other expenses
                                         according to the provisions of this Agreement, Party B and Party B’s Subsidiaries
                                         shall separately pay to Party A a default fine on the basis of 0.05% of the amount owed
                                         per day.

 

		2.3	Party
                                         A shall have the right to assign its employees or certified public accountants of China
                                         or other countries (hereinafter referred to as “Party A’s Authorized Representative”)
                                         at its own expense to check the accounts of Party B and Party B’s Subsidiaries
                                         so as to audit the calculation method and amount of Service Fees. Therefore, Party B
                                         and Party B’s Subsidiaries shall provide Party A’s Authorized Representative
                                         with any documents, accounts, records and data required by Party A’s Authorized
                                         Representative so that Party A’s Authorized Representative can audit the accounts
                                         of Party B and Party B’s

 

     

     

    

Subsidiaries
and determine the amount of Service Fees. Unless there are any gross errors, the amount of Service Fees shall be subject to the
amount determined by Party A’s Authorized Representative.

 

		2.4	Unless
                                         the Parties hereto reach an agreement through further consultation, any Service Fees
                                         paid by Party B and Party B’s Subsidiaries to Party A according to this Agreement
                                         shall not be deducted or offset. Party B and Party B’s Subsidiaries shall solely
                                         be responsible for any relevant expenses (such as bank charges) incurred from the payment
                                         of Service Fees.

 

		2.5	In
                                         addition, Party B and Party B’s Subsidiaries shall pay to Party A any actual expenses
                                         incurred from the provision by Party A of its technical consultation and service under
                                         this Agreement while paying the Service Fees, including but not limited to any traveling
                                         expenses, transportation fees, printing expenses and postage.

 

		2.6	The
                                         Parties hereto agree that all economic losses arising out of the performance of this
                                         Agreement shall be borne jointly by the Parties hereto.

 

		3.	Representations
                                         and Warranties

 

		3.1	Party
                                         A hereby represents and warrants as follows:

 

		3.1.1	Party
                                         A is a company legally incorporated and validly existing under the laws of the PRC;

 

		3.1.2	Party
                                         A shall perform this Agreement within its corporate power and business scope, has obtained
                                         any necessary corporate authorizations and consents and approvals from any third party
                                         and government departments and has not breached any legal or contractual restrictions
                                         that are binding or influential on it; and

 

		3.1.3	This
                                         Agreement shall constitute a legal, effective, binding and enforceable legal document
                                         for Party A once signed.

 

		3.2	Party
                                         B and Party B’s Subsidiaries hereby represent and warrant as follows:

 

     

     

    

		3.2.1	Party
                                         B and Party B’s Subsidiaries are legal persons legally incorporated and validly
                                         existing under the laws of the PRC;

 

		3.2.2	Party
                                         B and Party B’s Subsidiaries shall sign and perform this Agreement within their
                                         corporate power and business scope, have obtained any necessary corporate authorizations
                                         and consents and approvals from any third party or government departments and have not
                                         breached any legal or contractual restrictions that are binding or influential on it;
                                         and

 

		3.2.3	This
                                         Agreement shall constitute a legal, effective, binding and enforceable legal document
                                         for Party B and Party B’s Subsidiaries once signed.

 

		4.	Confidentiality

 

		4.1	The
                                         Parties agree that they shall try to take all reasonable security measures to keep in
                                         confidence any confidential data and information (hereinafter referred to as “Confidential
                                         Information”, the providing party of such data and information shall clearly notify
                                         in writing that such data and information shall be the Confidential Information when
                                         providing them) known or accessed by them due to the signing and performance of this
                                         Agreement. Without the prior written consent of the Confidential Information provider,
                                         such Confidential Information shall not be disclosed, provided or transferred to any
                                         third party (including any merger of the receiving party of such Confidential Information
                                         with or into any third party, and any direct or indirect control thereof by any third
                                         party). Once this Agreement is terminated, Party A and Party B and Party B’s Subsidiaries
                                         shall return any documents, data or software containing any Confidential Information
                                         to the original owner or providing party of such Confidential Information or destroy
                                         them with the consent of the original owner or provider, including removing any Confidential
                                         Information from any

 

     

     

    

related
memory devices and shall not continue to use these Confidential Information. Party A and Party B and Party B’s Subsidiaries
shall take any necessary measures to disclose any Confidential Information only to any staff members, agents or professional advisors
of Party B and Party B’s Subsidiaries who need to know such Confidential Information and to cause such staff members, agents
or professional advisors of Party B and Party B’s Subsidiaries to comply with any confidentiality obligations under this
Agreement. Party A, Party B and Party B’s Subsidiaries and such staff members, agents or professional advisors of Party
B and Party B’s Subsidiaries shall sign a specific non-disclosure agreement.

 

		4.2	No
                                         restrictions mentioned above shall apply to:

 

		4.2.1.	any
                                         information that has become generally available to the public at the time of disclosure;

 

		4.2.2.	any information that has
become generally available to the public after disclosure through no fault of the receiving party of Confidential Information;

 

		4.2.3.	any
                                         information that can be proved by the receiving party of Confidential Information to
                                         have been in the possession of the receiving party before disclosure and not to be directly
                                         or indirectly received from the providing party of Confidential Information; and

 

		4.2.4.	any
                                         information required by law to be disclosed by the receiving party of Confidential Information
                                         to the relevant government departments, stock exchange and other institutions, or any
                                         of the above Confidential Information disclosed by the receiving party of Confidential
                                         Information to its direct legal advisors and financial consultants due to its normal
                                         business needs.

 

		4.3	The
                                         Parties hereto agree that, whether this Agreement is modified, canceled or terminated,
                                         these provisions hereof shall remain in force.

 

     

     

    

		5.	Indemnity

 

		5.1	Except
                                         as otherwise stipulated herein, if any Party fails to fully perform or suspends the performance
                                         of its obligations under this Agreement, and such party fails to correct the above acts
                                         within Ten (10) days from receipt of a notice from the other party or makes any untrue
                                         representations and warranties, such party shall be deemed to have breached this Agreement.

 

		5.2	If
                                         any Party hereto breaches this Agreement or any representations and warranties made by
                                         such party in this Agreement, the non-breaching party may notify in writing the breaching
                                         party of correcting such breach within Ten (10) days from receipt of a notice, taking
                                         appropriate measures to effectively and promptly avoid any damage and continuing to perform
                                         this Agreement. In case of any damage arising out of such breach, the breaching party
                                         shall make compensation to the non-breaching party to enable the non-breaching party
                                         to obtain all rights and interests that should have been obtained during the performance
                                         of this Agreement.

 

		5.3	If
                                         any breach of this Agreement by any Party hereto renders the other party to bear any
                                         costs and liabilities or suffer any losses (including but not limited to any loss of
                                         profits), the breaching party shall make compensation to the non-breaching party in respect
                                         of any of the above costs, liabilities or losses (including but not limited to any interest
                                         payment or loss and lawyer’s fees arising out of such breach). The total compensatory
                                         payment paid by the breaching party to the non-breaching party shall be the same as the
                                         losses arising out of such breach, and the above compensatory payment shall include any
                                         interests that should have been obtained by the non-breaching party in the event that
                                         the Parties hereto normally perform this Agreement, provided that such compensatory payment
                                         shall not exceed any losses reasonably expected by the Parties hereto at the time of
                                         the conclusion of this Agreement that may

 

     

     

    

be
caused by such breach of this Agreement.

 

		5.4	Party
                                         B and Party B’s Subsidiaries shall bear full responsibility for any claims made
                                         by any third party arising out of any failure by Party B and Party B’s Subsidiaries
                                         to carry on their business according to Party A’s instructions or any improper
                                         use of Party A’s intellectual property rights or any improper technical operation.
                                         If Party B and Party B’s Subsidiaries find that any third party uses any of Party
                                         A’s intellectual property rights without the legal authorization, Party B and Party
                                         B’s Subsidiaries shall immediately notify Party A and cooperate with Party A in
                                         taking any actions.

 

		5.5	If
                                         both of the Parties hereto breach this Agreement, the respective amount of compensation
                                         payable by the Parties hereto shall be determined according to the degree of their respective
                                         breach.

 

		6.	Entry
                                         into Force, Performance and Term 

 

		6.1	This
                                         Agreement shall be signed on the date first above written and become effective at the
                                         same time.

 

		6.2	This
                                         Agreement is written in Chinese and is executed in Four (4) copies.

 

		6.3	Unless
                                         Party A cancels this Agreement in advance, the term of this Agreement shall be terminated
                                         upon dissolution of both of Party B and Party B’s Subsidiaries in accordance with
                                         the laws of the PRC. Upon Party A’s request prior to the expiration of this Agreement,
                                         the Parties hereto shall either extend the term of this Agreement at Party A’s
                                         request so as to continue to perform this Agreement or sign a separate exclusive technical
                                         consultation and service agreement at Party A’s request.

 

		7.	Termination

 

		7.1	Unless
                                         renewed according to the relevant provisions hereof, this Agreement shall be terminated
                                         on the expiry date of the term of this Agreement.

 

     

     

    

		7.2	The Parties hereto may
terminate this Agreement upon consensus through consultation. Party B and Party B’s Subsidiaries shall not terminate this
Agreement within the term of this Agreement without the written consent of Party A. Party A shall have the right to terminate
this Agreement at any time by giving a written notice to Party B, Party B's Subsidiaries and shareholders Thirty (30) days in
advance.

 

		7.3	Any rights and obligations
of the Parties hereto under the Articles 4 and 5 hereof shall survive the termination of this Agreement.

 

		8.	Dispute
                                         Resolution

 

		8.1	In case of any disputes
among the Parties arising out of the construction and performance of any provisions of this Agreement, the Parties shall resolve
such disputes through consultation in good faith. If such disputes cannot be resolved through consultation, any Party may submit
such disputes to China International Economic and Trade Arbitration Commission for resolution by arbitration in accordance with
the existing arbitration rules of such Commission in force. The place of arbitration shall be Beijing, and the language to be
used in the arbitration proceedings shall be Chinese. Any arbitral award shall be final and binding upon the Parties. No provisions
of this Article shall be affected by any termination or cancellation of this Agreement.

 

		8.2	Except for any matters
disputed by the Parties hereto, the Parties hereto shall continue to perform their respective obligations under this Agreement
based on the principle of good faith.

 

		9.	Force
                                         Majeure

 

		9.1	“Force
                                         Majeure Events” mean any events beyond the reasonable control of one party
                                         that are unavoidable by the affected party with reasonable care, including but not limited
                                         to any acts of government, natural force, fire,

 

     

     

    

explosion,
storm, flood, earthquake, tide, lightning or war, provided that any credit, capital or financing shortage shall not be deemed
to be the event beyond the reasonable control of one party. The party affected by any Force Majeure Events (hereinafter referred
to as “Affected Party”) shall be exempted from its responsibility in whole or in part according to the effects
of such Force Majeure Events on this Agreement, and the Affected Party who seeks exemption from its responsibility for the performance
of this Agreement due to such Force Majeure Events shall notify the other party of such Force Majeure Events not later than Ten
(10) days after occurrence of such Force Majeure Events so that the Parties hereto negotiate about the amendment to this Agreement
according to the effects of such Force Majeure Events and exempt in whole or in part the Affected Party from its obligations under
this Agreement.

 

		9.2	The
                                         Affected Party shall take appropriate measures to reduce or eliminate the effects of
                                         such Force Majeure Events and shall try to restore the performance of its obligations
                                         delayed or hindered by such Force Majeure Events. Once such Force Majeure Events are
                                         eliminated, the Parties hereto agree that they shall use their best efforts to restore
                                         the performance of their rights and obligations under this Agreement.

 

		10.	Notices

 

Any notices
sent by the Parties for the performance of their rights and obligations under this Agreement shall be made in writing and be sent
to the following addresses of one or all of the Parties hereto by personal delivery, registered mail, postage prepaid mail, recognized
express service or facsimile transmission:

 

Party
A, Party B and Party B’s Subsidiaries: Tianjin Shangde Online Education Technology Co., Ltd.

 

     

     

    

Address:
Building No. 6, Courtyard 36, Chuangyuan Road, Laiguangying, Chaoyang District,

Beijing, China

Tel.: 13439371988

Attn.: LIU
Tongbo

 

		11.	Assignment

 

Unless any
Party hereto obtains the prior written consent of the other party, such party shall not assign to any third party its rights or
obligations under this Agreement except that Party A assigns its obligations under this Agreement to its affiliates. For the purpose
as set forth in this Agreement, the aforesaid “affiliates” mean any enterprises controlled by Party A, controlling
Party A or under common control of any third party with Party A. For the purpose as set forth in this Article, “control”
means any possession by an enterprise of its influence power to directly or indirectly decide on and/or control the operating
management of another enterprise, whether such influence power is formed by holding any shares of the controlled enterprise or
formed by any contractual arrangement with the controlled enterprise.

 

		12.	Newly
                                         Added Party B’s Subsidiaries 

 

In case
of any newly added Party B’s Subsidiary at any time after the effective date of this Agreement, Party B shall urge such
newly added Party B’s Subsidiary to sign a letter of acceptance of rights and obligations in such form and substance as
shown in Annex III hereto and any other legal documents permitted or required by the laws of the PRC so as to enable such newly
added Party B’s Subsidiary to join this Agreement and fully accept any obligations and rights to be assumed and enjoyed
by Party B’s Subsidiaries under this Agreement. From the execution date of such letter of acceptance of rights and obligations
and any other legal documents permitted or required by the laws of the PRC, such newly added Party B’s Subsidiaries shall
be deemed to be a signatory to this Agreement. Any other Parties hereto hereby agree to and fully accept the foregoing arrangement.

 

     

     

    

		13.	Severability
                                         

 

The Parties
hereby acknowledge that this Agreement shall be a fair and reasonable agreement reached by the Parties hereto on the basis of
equality and mutual benefit. If any provisions of this Agreement are invalid or unenforceable due to any inconsistencies between
such provisions and the relevant laws, such provisions shall be invalid or unenforceable only to the extent of jurisdiction of
the relevant laws and shall not affect the legal effect of any other provisions of this Agreement.

 

		14.	Amendments
                                         and Supplements

 

The Parties
hereto shall make in writing any amendments and supplements to this Agreement. Any amendment and supplementary agreements duly
signed by the Parties in relation to this Agreement shall form an integral part of this Agreement and be equally authentic as
this Agreement.

 

		15.	Governing
                                         Law

 

This Agreement
shall be governed by and construed in accordance with the laws of the PRC.

 

		16.	Entire
                                         Agreement

 

Except for
any written amendments, supplements or modifications to this Agreement after the signing of this Agreement, this Agreement shall
constitute an entire agreement among the Parties hereto in respect of the subject matter of this Agreement and supersede all prior
oral and written negotiations, representations and agreements among the Parties in respect of the subject matter of this Agreement.

 

In witness
whereof, the Parties hereto have caused this Agreement to be executed by their authorized representative as of the date first
above written.

 

[The remainder
of this page is intentionally left blank]

 

     

     

    

[This page
is the signature page to the Exclusive Technical Consultation and Service Agreement]

 

Party
A: Tianjin Studyvip Education Co., Limited (Seal)  

Legal or
Authorized Representative: /s/ LIU Tongbo 

/s/ Seal
of Tianjin Studyvip Education Co., Limited

 

Party B:
Tianjin Shangde Online Education Technology Co., Ltd. (Seal) 

Legal or
Authorized Representative:/s/ LIU Tongbo 

/s/ Seal
of Tianjin Shangde Online Education Technology Co., Ltd.

 

     

     

    

Annex
I List of Technical Consultation and Services

 

		1.	Provide
                                         the development and research services.

 

		2.	Provide
                                         website design and design, installation, commissioning and maintenance services of computer
                                         network systems.

 

		3.	Provide
                                         database support and software services.

 

		4.	Provide
                                         economic information consultation, project investment consultation, scientific and technological
                                         information consultation, enterprise management consultation and other consultation services.

 

		5.	Provide
                                         pre-job training and in-service training services.

 

		6.	Provide
                                         technical development, consultation and technology transfer services.

 

		7.	Provide
                                         public relations services.

 

		8.	Provide
                                         market survey and research services.

 

		9.	Provide
                                         the services of developing medium and short term market development plans and market
                                         planning service.

 

		10.	Provide
                                         technical services.

 

     

     

    

Annex
II Calculation and Payment Methods of Service Fees

 

		I.	The Service
                                         Fees under this Agreement shall be calculated on the basis of 10% to 100% of the monthly
                                         total business income of Party B and/or Party B’s Subsidiaries, and the specific
                                         proportion of the above Service Fees (limited to 10% to 100%) shall be determined and
                                         notified in writing by Party A to Party B and/or Party B’s Subsidiaries according
                                         to the actual technical support service provided by Party A as required by Party B and/or
                                         Party B’s Subsidiaries and based on the number of persons and number of days invested
                                         by Party A.

 

		II.	Party
                                         B shall determine the amount of Service Fees according to the following factors:

 

		1.	Technical difficulty and
complexity of the technical consultation and services;

 

		2.	Time spent by Party A’s
employees in the technical consultation and services;

 

		3.	Specific content and commercial
value of the technical consultation and services;

 

		4.	Market reference price
of similar technical consultation and services.

 

		III.	Party
                                         A shall summarize and calculate the Service Fees on a quarterly basis and shall, within
                                         Thirty (30) days from the start date of any quarter, send a bill of technical Service
                                         Fees for the last quarter to Party B and/or Party B’s Subsidiaries so as to give
                                         a notice to Party B and/or Party B’s Subsidiaries. Within Ten (10) working days
                                         after receipt of such notice, Party B and/or Party B’s Subsidiaries shall pay such
                                         Service Fees to the bank account designated by Party A. Party B and/or Party B’s
                                         Subsidiaries shall send by fax or by mail a copy of the remittance voucher to Party A
                                         within Ten (10) working days after remittance.

 

		IV.	If Party
                                         A considers that it is necessary to adjust the service pricing mechanism as stipulated
                                         herein that is not continuously applicable for some reason, Party A shall give a prompt
                                         written notice to Party B and/or Party B’s Subsidiaries, and such written notice
                                         shall take effect when it is served to Party B and/or Party B’s Subsidiaries.

  

     

     

    

Annex
III Letter of Acceptance of Rights and Obligations

 

Our
company,____________________ , is a subsidiary of Tianjin Shangde Online Education Technology Co., Ltd. (hereinafter referred
to as “Tianjin Shangde”) incorporated with ____________________on the ____________________day of_________
___________ , and Tianjin Shangde holds ____________________ % of the shares/equity of our
company.

 

In
accordance with the Exclusive Technical Consultation and Service Agreement (hereinafter referred to as “Agreement”)
entered into by Tianjin Shangde, Tianjin Studyvip Education Co., Limited and other parties on the ____________________ day
of_________ ___________ , our company as a newly added “Party B’s Subsidiary” under the Agreement shall
join the Agreement pursuant to Article 12 of the Agreement

 

Our company
hereby agrees to join the Agreement as a newly added “Party B’s Subsidiary”, enjoy all rights under the Agreement
and perform all our obligations under this Agreement in accordance with the Agreement, which shall come into force as of the date
of signing of this Letter of Acceptance.

 

[
              ] (Seal)

 

Legal
Representative (Signature):

 

Date:

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