Document:

Exhibit 10.13

 

BANK OF LANZHOU

 

Loan contract

 

Lanyin
loan No. 102192020000015 of 2020

 

     

     

    

 

Bank of Lanzhou
Limited by Share Ltd

 

Special note

 

1. This Contract is
made by and between the Borrower and the Lender on the basis of equality and voluntariness, and all the terms hereof are the true
expression of the intentions of both parties.In order to protect the legitimate rights and interests of the Borrower, the Lender
hereby requests the Borrower to pay due attention to all the terms of the rights and obligations of the Parties, especially those
in bold.

 

2. This contract is
made up of special terms and general terms, both of which the Borrower shall pay due attention to.

 

     

     

    

 

Borrower (full name):
Gansu Qilianshan Pharmaceutical Co. Ltd. 

 

Organization code
card / ID card number: 78963329-3

 

Lender (full name):
Lanzhou bank Limited by Share Ltd Jiuquan East Street Branch

 

Legal representative/person
in charge: Peng Dang

 

     

     

    

 

This Contract is hereby
entered into by and between the Borrower and the Lender through equal and voluntary consultation as to the issue of lending to
the Borrower.

 

Part one special
provisions

 

Article 1 loan amount

 

Upon the application
of the Borrower, the Lender shall issue a loan (currency) of RMB 10 million only (in words),(in figures) of 10000000.00 to the
Borrower.

 

Article 2 Purpose
of loan

 

The loan under this contract
is for Purchase materials

 

Article 3 The method
and term of loan issuance

 

1. The borrower and
lender agree to make the loan in the first way:

 

(1)
A one-time loan is made to the borrower.

 

(2)
The loan shall be made to the borrower in batches/times, and the date of the loan shall be subject to the record of the loan.

 

2. Term of loan: The
term of loan shall be from April 2, 2020 to April 1, 2020.

 

3. If the date of
repayment and repayment as recorded in the iOU of a loan coincide with the term of the loan as agreed in the contract, the loan
shall be subject to the provisions of the repayment plan.

 

Article 4 Loan interest
rate and calculated settlement

 

1 . Borrowing rate

 

(1) The loan hereunder
shall be subject to the first rate of interest as follows:

 

Fixed interest rate,
the annual interest rate is 4.55%. This interest rate is formed by adding (optional plus or minus)50 basis points as recently announced
by the People's Bank of China (or its authorized unit) on the signing date of the loan contract (1 basis point =0.01%) and the
interest rate remains unchanged during the term of the loan.

 

     

     

    

 

Adjustable interest
rate. The interest rate shall be composed of LPR and BPS published by the People's Bank of China (or its authorized unit). During
the performance of the contract, LPR shall be determined according to the announcement of the People's Bank of China (or its authorized
unit), and BPS shall remain unchanged at all times.

 

The loan interest
rate under this Contract is adjusted on an annual basis. The first interest rate adjustment day shall be the day corresponding
to the next year of the loan issuing date. In the whole adjustment month, if there is no corresponding day corresponding to the
loan issuing date, the last day of the month shall be the interest rate adjustment day.

 

The applicable LPR
shall be the LPR last published by the People's Bank of China (or its authorized unit) on the interest rate adjustment day.

 

During the term of
the contract, the interest rate /  (optional plus or minus) / basis point (1 basis point =0.01%) o the annual interest
rate for the first period of the loan is / %, of which the current loan market quoted rate (LPR) is / .

 

(1.3) Other interest
rates /  .

 

2. The settlement
method is performed in the first / second of the following.

 

(1) The loan shall
be settled on a monthly basis, and the 20th day of each month shall be the date of settlement. The borrower shall pay the interest
payable to the agreed repayment account before the date of settlement.

 

(2) The loan will
be settled quarterly. The 20th day at the end of each quarter is the date of settlement. The borrower shall pay the interest payable
to the repayment account agreed by M before the date of settlement.

 

3. Interest Calculation

 

The interest shall
be calculated from the date on which the loan is actually issued, and shall be calculated on the actual days of use.

 

     

     

    

 

Article 5 Issuance
and payment of loans

 

1. The Lender shall
pay the loan to the borrower in the following way (2).

 

(1) Autonomous payment
method.

 

(2) Entrusted payment
method.

 

(3) the combination
of autonomous and entrusted payment way points/pay the loan, the lender shall have the right, in accordance with the regulatory
standards in combination with characteristics of the borrower's income industry products characteristics of the project schedule
management case transaction objects and situations, such as to the payment amount paid autonomy for sure every pen/funding or entrusted
payment.

 

After the payment
method is determined, the borrower shall provide the lender with relevant written materials in accordance with the payment conditions
agreed in the general terms.

 

2. Account

 

The borrower shall
open a special account with the lender for the purpose of granting loans to the borrower by the lender and settling accounts of
the borrower's repayment of the loan and the funds

 

Borrower (full name):
Gansu Qilianshan Pharmaceutical Co. Ltd. 

 

Account no:102192000117277

 

Article 6 Repayment

 

1. The repayment of
the principal of the loan shall be in the form (1) below:

 

(1) Lumpsum repayment
The borrower shall repay the principal of the loan to Luocheng in a lump sum on the loan maturity date.

 

(2)
Repayment by installments.Borrowers from           /          
..

 

(3)
 Other repayment methods                           /                         
..

 

     

     

    

 

If the two parties agree
to pay the debt by installments or by other means, the two parties may make a separate repayment plan. The specific method and
standard of repayment shall prevail.

 

2. Funds transfer

 

The borrower guarantees
to deposit the full amount of current principal and interest repayment before each repayment period, and at the same time authorizes
the lender to directly deduct the principal and interest of the loan from the account on the repayment date of each repayment period.

 

Article 7 Guarantee

 

The borrower or a third
party entrusted by it shall provide the guarantee scope, types and interests and obligations recognized by the lender for the loan,
which shall be determined by the lender and the guarantor who sign a separate agreement to pay fees.

 

Article
8 Insurance (    ̈application
        R Not
Applicable )

 

The Borrower shall insure
with the insurance company the risks of the project or trade-related equipment construction, goods transportation and the operation
of the project, and the types and related conditions of the insurance shall be determined in accordance with the general terms
and the insurance contract.

 

Part II General Terms
and Conditions

 

Article 1 Purpose of
loan

 

The lender has the right
to supervise the use of the borrowed funds, and the borrower may not change the purpose of the loan without the written consent
of the lender.

 

Article 2 Interest Calculation

 

1. The borrower shall
not be separately notified by the lender whether or not the borrowing rate is adjusted.

 

     

     

    

 

2. If the last instalment
of a loan principal is not a payment date, the last instalment of the loan principal is a payment date and the borrower pays off
all the interest payable.

 

3.  Penalty

 

(1) If the borrower
fails to repay the loan within the agreed time limit, on the overdue part, interest shall be calculated and collected at the overdue
loan penalty interest rate from the overdue day until the principal and interest are paid, and the penalty interest rate for the
overdue loan shall be charged at 50% above the loan interest rate stipulated in the special terms.

 

(2) If the borrower
does not use the loan according to the agreed purpose, it will misappropriate the part. From the date of misappropriation, the
interest shall be calculated and collected according to the penalty interest rate of the misappropriated loan. Until the principal
and interest are paid off, the penalty interest rate of the misappropriated loan shall be increased by 100% at the level of the
loan interest rate stipulated in the special terms.

 

(3) For loans that
are both overdue and misappropriated, interest shall be calculated and collected at the penalty interest rate for misappropriated
loans.

 

(4) If the borrower
fails to pay the interest on schedule, the interest shall be settled by means of special terms, and the compound interest shall
be calculated and collected according to the loan interest rate agreed in special terms during the loan term. After the loan is
overdue, the compound interest shall be calculated and collected according to the penalty interest rate agreed in this paragraph.

 

(5) In case of an adjustment
of the loan interest rate agreed in the contract, the penalty interest and compound interest shall be calculated in stages from
the date of adjustment.

 

Article 3 Withdrawal

 

1. Withdrawal conditions

 

The borrower must meet
the following withdrawal conditions as stipulated in this Contract, otherwise the Lender has the right to stop making any payment
to the Borrower.

 

(1) The guarantee has been
provided as required by the lender, and the guarantee contract has taken effect and the statutory examination and approval registration
or filing procedures have been completed.

 

     

     

    

 

(2) Submit a written application
for withdrawal and relevant documents supporting the purpose of the loan to the lender and handle relevant withdrawal procedures
within 3 working days before the withdrawal;If the payment is entrusted, the borrower should also provide the lender with true
and legal transaction information and proof, and the entrusted payment procedures have been properly handled.

 

(3) In case of fixed assets
loan or project loan, the capital raised by the borrower in the same proportion as the loan has been fully in place, the actual
progress of the project matches the amount of the investment, and the borrower has provided the corresponding supporting documents.

 

(4)Other
withdrawal conditions required by the Lender have been fulfilled.

 

2. Withdrawal time

 

(1)The borrower
shall make the withdrawal according to the time and method of loan payment agreed in the contract. If the part is not drawn according
to the time agreed in the contract, the lender has the right to reject the borrower's application for withdrawal.

 

(2)The borrower
shall make the withdrawal strictly in accordance with the agreed withdrawal time. If the actual withdrawal date is later than the
agreed withdrawal time, the borrower shall still make the repayment in accordance with the repayment time agreed herein.

 

Article 4 The issuance
and payment of loans

 

1. The method of autonomous
payment means that the lender directly disburses the loan funds applied for by the borrower who meets the conditions for withdrawal
to the loan issuing account opened by the borrower, and the borrower pays the transaction objects of the borrower who conforms
to the purpose stipulated in the contract.

 

2. Entrusted payment
means that the lender pays the loan funds (through the borrower's account) to the borrower's transaction objects conforming to
the purpose agreed herein according to the borrower's application for withdrawal and payment authorization.

 

     

     

    

 

Adoption of entrusted
payment for a loan, the lender shall have the right to require the borrower to provide for the agent to pay the relevant documents
of such information by the lender, according to the agreed loan purposes, review the borrower to provide payment information such
as application object payment amount listed is consistent with the corresponding business contracts and other documents after approved,
the lender will loan money by account paid to supporting the borrower transaction object.

 

3. The borrower shall open
a special income account with the lender. All income must enter the account and be supervised by the lender.If the borrower does
not set up a special income account, its repayment account shall be regarded as an income account, and the lender has the right
to supervise it.

 

4. In the event of
any of the following circumstances, the lender shall have the right to negotiate with the borrower for supplementary loan issuance
and payment terms, or to stop the issuance and payment of loan funds:

 

(1) Credit deterioration;

 

(2) If the loan fund
is not paid according to the contract, the use of the loan fund will be abnormal;

 

(3) Main business
profitability is not strong;

 

(4) The project is
behind schedule;

 

(5) Violate the contract
to break up into parts to avoid the lender entrusted payment;

 

(6) Failing to keep
the promised items;

 

(7) Breaking through
agreed financial indicators;

 

(8) A major cross-default
event occurs;

 

(9) Other circumstances
of breach of contract.

 

Article 5 Repayment

 

1. Unless
otherwise agreed by both parties, the borrower may prepay the loan, but it shall notify the lender in writing 5 working days
in advance, and with the consent of the lender, the interest on the prepayment part shall still be calculated according to
the original borrowing rate.

 

     

     

    

 

2. If the borrower
defaults on both the principal and interest of the loan, the lender has the right to decide the sequence of repayment of the principal
or interest.In the case of instalment repayment, the lender has the right to decide the order in which the borrower pays off a
certain repayment if there are several overdue loans under this contract.Where there are multiple loan contracts due between the
borrower and the lender, the lender has the right to determine the order of performance of the borrower's repayment contract.

 

Article 6 Insurance

 

1. A borrower under this
contract shall be the mortgaged property or the project or trade related equipment under this contract during the period of carriage
of goods by project construction and project operation risk in the lenders agree to effect insurance on the insurance company of
insurance should accord with the requirement of the lender, the insured amount not less than the loan principal policy content
and damage the interest of the lender may be attached on the restrictive conditions of the policy should be noted: the loan for
the insurance mark only insurant, insurance gold to request authority) first place.

 

2. Borrowers insurance
policy original should be within 3 days after this contract comes into effect (renewal, was completed for renewal) from the date
of delivery of the lender in the loan principal and interest and expenses paid under this contract, the borrower shall not be any
reason to interrupt termination withdraw failure to modify or change the policy, or the insurer breaks the liability for compensation,
and should adopt the article take all reasonable and necessary measures break-even agreed insurance remain validIf the Borrower
fails to insure or violates the foregoing provisions, the Lender shall have the right to decide to insure or continue to insure
the subject matter insured at the expense of the Borrower and to enter into the balance of the claim together with any loss thus
caused to the Lender.

 

Article 7 Representations
and Undertakings

 

1. A lender's representations
and commitments are as follows:

 

(1) The lender has
the qualification to issue the loan, has complied with the provisions of laws and regulatory requirements in all aspects of
the loan, and has not put forward any additional conditions unrelated to the loan to the borrower.

 

     

     

    

 

(2) Timely and fully issue
loans to the borrower in accordance with legal provisions and conditions agreed herein.

 

2. The Borrower represents
and undertakes as follows:

 

(1) Other circumstances
in which the borrower has been approved by the administrative department for industry and commerce and/or other competent authorities,
registered in accordance with the law, holds a lawful and valid business license and production and business license, or has full
capacity for civil rights and conduct;The borrower and its controlling shareholders (new project legal person) have good credit
and no material bad record;The purpose of the loan and the source of repayment are clear and legal;The loan project complies with
the relevant national policies on industrial land environmental protection, and has fulfilled the legal management procedures for
leasing and selling in accordance with regulations;It complies with the state provisions on the capital system for investment projects;Has
paid the relevant fees in accordance with laws and regulations or in accordance with the contract;There is no other violation of
laws and regulations.

 

(2) The Borrower has read
all the terms of this Contract. At the request of the Borrower, the Lender has made the corresponding terms of this contract to
explain that the Borrower has fully understood the meaning of the terms and the corresponding legal consequences, and has no objection
to all the contents.

 

(3) The execution and performance
of this Contract is based on the borrower's true intention, has obtained legal and effective authorization in accordance with laws
and regulations or the company's articles of association and other internal management documents, and will not violate any agreements,
contracts and other legal documents binding on the Borrower;The person who signs or seals this contract is the legal representative
or its authorized person of the Borrower;There is no other circumstance in which the validity defect of the contract may be caused
by the reason of the borrower. The borrower has obtained all the procedures for filing or registering the approval license necessary
for signing and performing this Contract.

 

(4) The borrower
shall use the loan in accordance with the law according to the term and use of the loan as agreed in the contract, and shall
not use the loan to engage in illegal activities;Actively cooperate with relevant state authorities and lenders to supervise
and inspect loans and guarantees;Timely and fully repay the loan in accordance with the contract, and avoid evading the debt
by any means;The borrower promises that the documents and materials about the borrower's shareholders and the project's
finance provided by it must be true, complete, accurate, legal and valid.

 

     

     

    

 

(5)
the borrower to accept and actively cooperate with the lender in loan payment management post-loan
management and relevant inspection accept and actively cooperate with the lender to account analysis proof to inspect the site
survey methods such as borrow funds usage, including use of check and supervision, according to the requirements by the lender,
summary report regularly to borrow funds usage;Accept credit inspection from the lender, provide financial and accounting materials
such as balance sheet and income statement, cash flow statement and other materials reflecting the borrower's solvency as required
by the lender, assist and cooperate with the lender to investigate, understand and supervise its production and operation and financial
situation.

 

(6) The borrower has not
concealed from the lender the significant liabilities it has undertaken as of the date of signing this contract;The borrower to
the lender to conceal that may affect the financial position and performance ability of the borrower to merge divided equity changes
material assets and the action of creditor's rights transfer of major foreign investment substantially increased debt financing,
and other possible adverse effects on the lenders rights action, prior written consent of the lender, or the lender the realization
of the creditor's rights of the lender to make satisfying arrangement before.

 

(7) The order of repayment
of the borrower's debts to the lender shall have priority over the borrowings of the borrower's shareholders and over similar debts
of other creditors.

 

(8) In the fiscal year
after-tax net profit is zero or negative, or is not enough to make up the losses of the previous fiscal year accumulative total
profit after tax, or pre-tax profits was not used to pay off the borrower shall repay the principal and interest of and in the
fiscal year fee or profit before tax expenses and interest is not enough to pay off the next phase of the principal, the borrower
shall not, in any form of distribution of dividends to shareholders.

 

(9) The transaction background
of the borrower's application for handling business with the lender is true and legal, and is not used for illegal purposes such
as money laundering.

 

     

     

    

 

Article 8 Breach of contract and
liability

 

1. Any of the following
shall constitute or be deemed to be a breach by the Borrower under this Contract:

 

(1) the borrower failed
to repay the loan principal and interest under this contract in accordance with the contract and other payables, or refused to
cooperate with the lender in the loan after the inspection as well as regulatory capital, or to fulfill any other obligation under
this contract, or the borrower to provide "credit file information distortion, does not comply with the statement promising
matter, or promise to do a statement that false error omission concealment.

 

(2) The Borrower fails
to use the funds obtained for the agreed purposes as agreed herein.

 

(3) failure to discharge,
fail to perform or breach the security obligations of the third person as the debtor and other obligations under this Agreement
after the maturity of any other debts of the Borrower (including being declared to be due earlier) has or may affect the performance
of the borrower's obligations under this Contract.

 

(4) The guarantee hereunder
has changed to the detriment of the creditor's rights, and the borrower has not otherwise provided other guarantees recognized
by the lender.

 

(5) The borrower's profitability,
solvency, operating capacity, cash flow and other financial indicators break the agreed standards or deteriorate, which has or
may affect the performance of the borrower's obligations under this Contract.

 

(6) The borrower's equity
structure, production and operation, foreign investment and other major adverse changes, has or may affect the performance of its
obligations under this Contract.

 

(7) The borrower involved
or may involve major economic disputes arbitration proceedings, or the seizure of assets seized or be enforced, or by the judicial
organ or administrative organ in accordance with the initiate an investigation or punishment measures in accordance with the law,
or for violating the relevant provisions of the state or policy was exposed by the media, has or may affect the fulfillment of
its obligations under this contract.

 

(8) The performance of
the Borrower's obligations under this Contract has been or is likely to be affected by the disappearance or investigation by judicial
authorities of the key personnel of the borrower's principal investor.

 

     

     

    

 

(9) Using false contracts
with related parties to discount or pledge creditor's rights such as notes receivable and accounts receivable with no actual trade
background to get funds or credit from the bank;Where a major merger, acquisition or reorganization occurs and the lender considers
that the security of the loan may be affected;Intentionally evading and canceling bank creditor's rights through affiliated transactions.

 

(10) The borrower has or
may go out of business, disbandment, liquidation, business suspension for rectification, revocation of its business license, or
application for (being applied for) bankruptcy.

 

(11) The borrower's performance
of its obligations hereunder has been or may be affected by the liability accident caused by the borrower's violation of relevant
laws, regulations or industrial standards concerning food safety and production environment protection.

 

(12)
 The project capital is
not in place as planned or as a proportion, or is not made up within the time specified by the lender.

 

(13) The project construction
has not been completed as scheduled, or the environmental conditions of the project construction and operation have changed significantly.

 

(14) If the loan hereunder
is issued in the form of credit, the borrower's credit rating profitability, asset-liability ratio, net cash flow from operating
activities and other indicators do not meet the conditions of the lender's credit loan;Or the borrower, without the written consent
of the Lender, USES its effective operating assets to set up collateral or provide guaranty to others, which has or may affect
the performance of its obligations under this Contract.

 

(15) Other circumstances
that may adversely affect the realization of the creditor's rights hereunder.

 

2. In the event of breach
of contract as mentioned in the preceding paragraph, the lender shall have the right to take the following measures separately
or simultaneously according to the specific circumstances.

 

(1) In the event of breach
of contract as mentioned in the preceding paragraph, the lender shall have the right to take the following measures separately
or simultaneously according to the specific circumstances.

 

     

     

    

 

(2) reduce in whole or
in part the credit line to the Borrower which is suspended or terminated.

 

(3) To suspend or terminate
in whole or in part the acceptance of the borrower's business applications such as withdrawal under other contracts between the
Borrower and the Lender hereunder;The issuance and handling of undisbursed loans and undisbursed trade financing shall be suspended
or terminated in part.

 

(4) Declare that the principal
and interest of outstanding loan/trade financing funds and other payable funds under other contracts between the Borrower and the
Lender are immediately due in whole or in part and require the borrower to repay them in advance.

 

(5)  Terminate or
rescind this Contract, collect the principal and interest of the loan in advance or/and collect the penalty interest in accordance
with the provisions;Terminate or terminate in whole or in part any other contract between the Borrower and the Lender.

 

(6) To require the borrower
to compensate the lender for the losses caused by its default.

 

(7)  Require prior
or after the event notification, will be in lanzhou city, lenders and borrowers bank co., LTD belongs to any deduct money in an
account opened under this contract to repay the borrower to the lender all or part of the outstanding payments as early maturity
of the debt account: account currency is different from the lender business currency, buckle into lenders applicable written guarantee
rate of exchange rates.

 

(8) Exercise of security
interest.

 

(9) Requiring the guarantor
to bear the guaranty liability.

 

(10) Requiring the borrower
to provide new security.

 

(11) Such other measures
as the Lender deems necessary and may be permitted by law.

 

Article 9 Other Provisions

 

1. Where the borrower
breaches the contract, the lender shall have the right to report the breach to the relevant departments or units, and the right
to announce the breach through the news media to collect the debt.

 

     

     

    

 

2. For the borrower under
this contract of the entire cost of the loan principal and interest and other debt payments, the lender shall have the right to
in lanzhou city, lenders and borrowers from the bank co., LTD belongs to any institution to open an account can accept RMB or corresponding
amount of other currencies, and do not need to inform the borrower need to written or foreign exchange trading formalities, borrowers
have an obligation to help lenders, exchange rate risk borne by the borrower.

 

3. If three lenders because
of business need to be commissioned in lanzhou bank co., LTD. Other agencies perform their rights and obligations under this contract,
or the loan business under this contract as lanzhou bank co., LTD., and other institutions to undertake management approved borrowers
to lenders lanzhou bank co., LTD., or other authorized institutions or undertake business loan under this contract of lanzhou bank
co., LTD. Other organizations shall have the right to exercise all rights under this contract, has the right to dispute under this
contract in the name of the agency to apply to the court for compulsory execution.

 

4. Borrower's four lenders
and to the People's Bank of China credit database established by the approval by the competent department of credit investigation
or units concerned departments for the borrower's credit standing, and agrees that the lender to the borrower information provided
to the People's Bank of China and approved by the competent department of credit investigation to establish the credit database
of the borrower agree to the loan business needs can reasonable use and disclose information on the borrower.

 

5. The Lender shall have
the right to supervise the use (including the use) of the borrower's funds, property and business conditions. The borrower shall
provide relevant information, documents and materials such as financial statements as required by the Lender, and ensure that they
are accurate, true, complete and effective;Without the written consent of the Lender, the borrower shall not provide any third
party with guarantees beyond its means.

 

6. All expenses
related to the contract (including but not limited to the conclusion and performance of the contract) and the creditor's
rights hereunder and the realization of the creditor's rights (including but not limited to notarization insurance litigation
and arbitration preservation enforcement lawyer's announcement and collection) shall be borne by the Borrower, unless
otherwise agreed by both parties.

 

     

     

    

 

	 	7. Other	 
	 
	.

 

Article 10 Dispute resolution

 

After this Contract comes
into force, all disputes arising from the conclusion and performance of this Contract or in connection with this Contract may be
settled by the parties through negotiation. If the parties fail to file a lawsuit through negotiation, the people's court of the
place where the Lender is domiciled shall have jurisdiction.

 

Article 11 Effectiveness of Contract

 

1. This Contract shall
come into force upon being signed or sealed by both parties.

 

2. The lender shall hold
three copies of the Contract, and the borrower shall hold one copy, each of which shall have the same legal effect. The parties
to the contract shall have the right to increase the number of copies held according to the specific circumstances.

 

Article 12 Annex

 

Appendixes hereto
shall have the same legal effect as this Contract, including but not limited to, withdrawal application, repayment plan, various
promises and statements issued by the Borrower and other legal documents signed and confirmed by the Borrower, as well as the supplement
of each party to matters related to the loan.

 

(Signature ) 

 

Date of signing: April
2, 2020Exhibit 10.1

 

PARETEUM CORPORATION

 

June 9, 2020

 

Via Hand-Delivery

 

Re:       Separation
Agreement

 

Dear Vic,

 

This separation agreement (the “Agreement”)
sets forth the agreement between you, Victor Bozzo, and Pareteum Corporation, a Delaware corporation (the “Company”),
related to the end of your employment with the Company and the matters below. References herein to Company refer also to any affiliate
thereof as the context requires.

 

	THIS AGREEMENT CONTAINS A RELEASE OF ALL CLAIMS AGAINST THE COMPANY, INCLUDING CLAIMS UNDER THE FEDERAL AGE DISCRIMINATION IN EMPLOYMENT ACT AND APPLICABLE STATE AND MUNICIPAL AGE DISCRIMINATION LAWS. YOU SHOULD THOROUGHLY REVIEW AND UNDERSTAND THE TERMS, CONDITIONS, AND EFFECT OF THIS GENERAL RELEASE. YOU HAVE 21 DAYS TO CONSIDER AND EXECUTE THIS AGREEMENT AND WILL HAVE THE RIGHT TO REVOKE IT FOR 7 DAYS AFTER SIGNING IT. YOU ARE ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS AGREEMENT AND GENERAL RELEASE.

 

1.       Notice
and Separation Date.

 

(a)       As
we discussed, your last day of employment with the Company will be effective Tuesday, June 9, 2020 (the “Separation Date”).
You and the Company agree that your separation is neither a termination by the Company without Cause or a termination by you for
Good Reason, as those terms are defined in your Employment Agreement, dated October 15, 2016 and as amended (your “Employment
Agreement”). As a result, pursuant to your Employment Agreement and the terms of your equity awards, you are not entitled
to any severance pay and you shall immediately forfeit all option shares and restricted common stock that are unvested as of your
Separation Date. Your termination does not affect your right to retain shares of the Company’s common stock you currently
hold pursuant to your vesting in any equity award prior to your Separation Date.

 

(b)       Your
regular pay and benefits from the Company will end on the Separation Date, provided that if you participate in the medical, dental
or vision plans sponsored by the Company then your active employee coverage under such plans will end on the last day of the calendar
month in which the Separation Date occurs. The Company is providing you with an information sheet concerning unemployment benefits
that may be available to you. New York State makes all final decisions on your eligibility for unemployment benefits.

 

(c)       Neither
the Company nor any affiliate thereof will be liable to you for the payment of any State, Federal or any other tax liability that
arose or arises in connection with the issuance to you of any equity award including, but not limited to, any stock option award
issued to you pursuant to Section 3 hereof. Neither the Company nor any affiliate thereof shall be obligated to provide you with
indemnity protection with respect to your employment with the Company beyond any protection that may be available to you in accordance
with any director and officer liability insurance coverage maintained by the Company.

 

     

     

    

 

2.       Separation
Benefits. If you timely execute, do not revoke, and comply with this Agreement, the Company will provide you the following
separation benefits described in this Section 2. You acknowledge and agree that you would not be entitled to these separation benefits
in the absence of this Agreement and that this Agreement is supported by good and valid consideration.

 

(a)       Base
Salary Continuation. The Company will pay you severance pay (the “Severance Pay”) in the form of base salary
continuation for 4 months following the Separation Date (the “Severance Pay Period”). The first installment
of the Severance Pay will be paid on the first payroll date after the Separation Date. The remaining installments will be paid
over time in accordance with the Company’s normal payroll practices and will be less tax withholdings for the payment of
wages.

 

(b)       Additional
Benefit. The Company will also provide continuation of Company-provided health insurance benefits during the Severance Pay
Period on the same terms with respect to sharing of premium costs as apply to active employees enrolled for the same coverage.
To continue your health insurance benefits, you must timely elect continuation coverage pursuant to the Consolidated Omnibus Budget
Reorganization Act of 1985 (“COBRA”) and timely make all required premium payments (as applicable). As required
by COBRA, the Company will provide you with notice of your COBRA rights and responsibilities. After the Severance Pay Period, provided
that you remain eligible pursuant to COBRA, you may continue group health insurance benefits at your own expense. You understands
that, regardless of whether you continue to receive health benefits, your eligibility for coverage under any Company retirement
or other employee benefit plan (and any salary deduction contribution or employer contribution related thereto) ceased as a result
of your termination in accordance with plan rules. 

 

3.       Stock
Option Grant. You will receive an award of 200,000 nonstatutory stock options with an exercise price equal to the closing price
of the Company’s common stock on the grant date. The Company intends to approve this award at the next compensation committee
meeting before the end of June 2020, and a stock option agreement will be provided within 30 days of the grant date. Your stock
options will be subject to a stock option award agreement, which will reflect that such stock options will (i) be fully vested
as of the grant date, and (ii) be exercisable by you for a three-year period that commences on the grant date.

 

4.       Accrued
Benefits / No Other Payments. Signing this Agreement will not affect the following (the “Accrued Benefits”):
(a) the payment of any unpaid base salary for the period of time since the Company’s last payroll date through the Separation
Date; (b) any vested rights you may have under the Company sponsored 401(k) plan, if applicable; (c) any general right to continue
certain health and welfare benefits at your expense in accordance with COBRA; (d) the payment for any days of accrued but unused
paid time off as of the Separation Date; (e) the reimbursement of any reasonable business expenses you incurred prior to your Separation
Date provided you timely file for reimbursement in accordance with the Company’s reimbursement policy, or (f) your rights
under this Agreement. Except for the Accrued Benefits, you acknowledge and agree that you are not entitled to and waive the right
to seek any additional payments, benefits, wages, bonuses, commissions, equity grants, expense reimbursements, vacation or other
time off payments, or other consideration of any kind from the Company or any of the Released Parties (as defined below). Also,
you acknowledge and agree that you have been fully and properly paid by the Company for your work to date, and you affirm that
you have no work related injuries or occupational diseases related to your employment with the Company.

 

    -2-

     

    

 

5.       General
Release and Covenant not to Sue.

 

(a)       Except
for the Accrued Benefits, you, individually and for your heirs, successors, administrators and assigns, hereby waive, release,
and covenant not to sue the Company and/or its parent companies, sister companies, subsidiaries, and/or any of its other affiliated
companies, and/or any of its/their insurers, and/or any of its/their successors, assigns, and/or any of its/their current or former
employees, agents, officers, attorneys, directors, or partners (the Company and such other entities and persons being referred
to as the “Released Parties”) with respect to any and all known and unknown claims, damages, charges of discrimination,
demands, losses, liabilities and causes of action, of any type that you may have against the Released Parties, which arose or occurred
on or before the date you execute this Agreement. This general release of all claims by you against the Released Parties includes
any claims in connection with or arising from your employment with, or separation of employment from, the Company, whether or not
currently known to you or suspected to exist at the time of execution hereof, subject to Section 5.(e).

 

(b)       Without
limitation of the foregoing general release, you expressly acknowledge that this release by you specifically includes, but is not
limited to, a waiver and release by you of the Released Parties for all claims arising on or before the date this Agreement is
executed by you for any alleged violation by the Company or any of the Released Parties of any federal, state, or local statutes,
ordinances, or common laws, including but not limited to the Age Discrimination in Employment Act of 1967, Title VII of the Civil
Rights Act of 1964, the Equal Pay Act of 1963, the Worker Adjustment and Retraining Notification Act, Sections 1981 and 1983 of
the Civil Rights Act of 1866, the Americans with Disabilities Act, the Family Medical Leave Act, the Employee Retirement Income
Security Act, New York State Human Rights Act, the New York City Human Rights Act, the New York State Labor Law, the discrimination
or retaliation provisions of the New York State Workers' Compensation Law, and for any known and unknown claims under any other
federal, New York, or local statute, common law, acts, rules, ordinance, regulations, or other laws. This general release excludes
any claims or rights that cannot be waived by law.

 

(c)       This
Agreement is intended as a full settlement and compromise of each, every, and all claims of every kind and nature, whether known
or unknown, actual or contingent, asserted or unasserted, arising under common law, statutory law, or otherwise, and no claim of
any sort is reserved. Other than the payments and benefits set forth in this Agreement, there are no other sums or benefits payable
to you by the Released Parties.

 

(d)       Subject
to Section 5.(e), you covenant and agree that you will not now or at any time in the future commence, maintain, prosecute, or participate
in as a party, or permit to be filed by any other person on your behalf or as a member of any alleged class of persons, any action,
suit, proceeding, claim, or complaint of any kind against any of the Released Parties with respect to any matter which arises from
or relates to your employment with the Released Parties or the termination thereof or which is encompassed in the release set forth
above. Nothing in this Agreement prevents you from (i) filing a claim to enforce the terms of this Agreement; (ii) asserting a
claim arising after the Effective Date of this Agreement; or (iii) filing a charge with the Equal Employment Opportunity Commission
(“EEOC”) or participating in any EEOC investigation or proceeding. You promise, however, never to seek or accept
any damages, remedies or other relief for you personally with respect to any claim released by this Agreement.

 

    -3-

     

    

 

(e)       You
understands that nothing contained in this Agreement limits your ability to file a charge or complaint with the Equal Employment
Opportunity Commission (EEOC), the National Labor Relations Board (NLRB), the Occupational Safety and Health Administration (OSHA),
the Securities and Exchange Commission (SEC), or any other federal, state or local governmental agency or commission (Government
Agencies). You further understands that this Agreement does not limit your ability to communicate with any Government Agencies
or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing
documents or other information, without notice to the Company. This Agreement does not limit your right to receive an award for
information provided to any Government Agencies.

 

6.       Defend
Trade Secrets Act. You are advised that pursuant to 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 that (a) is made (i) in confidence
to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose
of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit
or other proceeding, if such filing is made under seal. Further, you understand that in the event that disclosure of your trade
secrets was not done in good faith pursuant to the above, you will be subject to substantial damages, including punitive damages
and attorney's fees.

 

7.       Legal
Contract; Voluntary Waiver. This Agreement is a legally binding contract; please read it carefully. The Company advises you
to consult a lawyer concerning the terms of this Agreement. By signing below, you acknowledge that you have carefully read this
Agreement, that you understand the contents of this Agreement, and that you execute this Agreement voluntarily and of your own
free will.

 

8.       Representations.
You acknowledge that you are not relying on any representations that are not in this Agreement when deciding to sign the Agreement.
The Company would not have agreed to pay the consideration you are receiving in exchange for this Agreement but for the representations
and promises you are making by signing it. You have not been told that the Company or any Released Party ever will employ you in
the future.

 

9.       Consideration
Period and Deadline to Accept. After receiving this Agreement from the Company, you have until June 30, 2020 to consider this
Agreement. If you have not signed and returned this Agreement to me by the close of business on June 30, 2020, then this offer
will be deemed automatically withdrawn, and you agree that any payments under this Agreement will stop and that you will repay
to the Company any payments or the value of any benefits received under this Agreement on or prior to that date.

 

10.       Revocation
Rights. You have 7 days from the date you sign this Agreement to revoke this Agreement by advising me in writing of the revocation.
If you sign and return this Agreement within the deadline in the previous section and this Agreement is not revoked within 7 days
after you sign this Agreement, then this Agreement shall become effective on the eighth day following your signing of this Agreement
(the “Effective Date”). You agree that if you revoke this Agreement, then any payments under this Agreement
will stop and that you will repay to the Company any payments or the value of any benefits received under this Agreement on or
prior to such revocation date.

 

    -4-

     

    

 

11.       Mutual
Non-Disparagement. You agree not to disclose to the public or any person, any false or misleading information, any information
that reflects negatively upon or otherwise disparages the Company (including any affiliate or officers, directors, and employees
thereof) or which may harm the reputation of the Company including, but not limited to, any statements that disparage any product,
service, capability, or any other aspect of the business of the Company, including via social media or any online forum. Similarly,
the Company’s executive officers agree not to disclose to the public or any person, any false or misleading information,
any information that reflects negatively upon or otherwise disparages you or which may harm your personal or professional reputation.

 

12.       Return
of Property. You agree that all documents, data, e-mails, lists and other property received, collected or prepared by you as
part of your employment with the Company, in whatever form, are and will remain the property of the Company. You agree to promptly
return to the Company all Company property in your possession or control within two days following the Separation Date.

 

13.       Existing
Restrictions. You agree to comply with any post-employment obligations you owe the Company or the Released Parties under other
written agreements, including but not limited to the restrictions respecting confidential information, non-competition, and non-solicitation
set forth in Article 5 of your Employment Agreement and those set forth in your Confidentiality and Intellectual Property Agreement.
A breach of any of those obligations shall be deemed a breach of this Agreement.

 

14.       Cooperation.
During the Severance Pay Period, you agree to be reasonably available by phone and e-mail to answer questions from the Company
to the best of your ability. You also agree to cooperate in good faith with the Company to assist the Company in the pursuit or
defense of any claim, charge, or investigation, including providing truthful testimony without the need for a subpoena and sharing
all information you have by virtue of your prior employment with the Company with the Company’s lawyer, if requested to do
so. During the two-year period following your Separation Date (the “Voting Period”), you hereby irrevocably
and unconditionally agree that at any meeting (whether annual or special and each postponement, recess, adjournment or continuation
thereof) of the Company’s stockholders, however called, and in connection with any written consent of the Company’s
stockholders, you shall (i) appear at such meeting or otherwise cause all shares of the Company’s common stock or other voting
securities over which you have beneficial or record ownership and/or the power to vote or direct the voting thereof, including
those securities acquired after your Separation Date (including any shares of common stock acquired by means of purchase, dividend
or distribution, or issued upon the exercise of any stock options to acquire common stock or the conversion of any convertible
securities, or pursuant to any other equity awards or derivative securities or otherwise) (collectively, the “Shares”),
as of the applicable record date, to be counted as present thereat for purposes of calculating a quorum, and (ii) vote or
cause to be voted (including by proxy or written consent, if applicable) all such Shares in favor of the approval of any proposals
submitted by the Company to the Company’s stockholders.  For the avoidance of doubt, the foregoing commitments apply
to any Shares held by any trust, limited partnership or other entity holding Shares for which you serve in any partner, shareholder,
trustee or similar capacity.  To the extent you do not control, by yourself, the determinations of such shareholder entity,
you agree to exercise all voting or other determination rights you have in such shareholder entity to carry out the intent and
purposes of your voting obligations in this paragraph.  You covenant and agree that, except for this Agreement, you (x) have
not entered into, and shall not enter into during the Voting Period, any voting agreement or voting trust with respect to the Shares
and (y) have not granted, and shall not grant during the Voting Period, a proxy, consent or power of attorney with respect to the
Shares except any proxy to carry out the intent of this Agreement.

 

    -5-

     

    

 

15.       Agreement
Confidentiality. Unless required by law to do so, you agree not to disclose the terms of this Agreement to any person, except
your tax advisor, legal counsel, immediate family members, and any subsequent employer so that the employer is aware of your post-employment
obligations to the Company. In the event of disclosure to any of the above-referenced persons, you shall advise the person to whom
the disclosure is made, in advance, of the obligation to preserve and maintain the confidentiality of the terms and conditions
in this Agreement.

 

16.       Reasonableness.
You agree that the restrictions in this Agreement are fair, reasonable, and necessary to protect the Company’s confidential
information, trade secrets, goodwill, and legitimate business interests, and will not prevent you from earning a living. As such,
you agree not to contest the general validity of the restrictions in this Agreement in any forum. If you breach this Agreement,
then the Company will be entitled to injunctive relief, its damages, and its reasonable attorneys’ fees. In addition, the
duration for any restriction shall be tolled during any period during which you are in breach of that restriction. The restrictions
in this Agreement are in addition to any restrictions imposed upon you by statute, at common law, or other written agreements.
If you breach this Agreement, you agree that any payments under this Agreement will stop and that you will repay to the Company
any payments or the value of any benefits received under this Agreement beyond $1,000, without limiting the Company’s other
remedies or impairing the release above.

 

17.       Government
Agencies.  Notwithstanding any provision in this Agreement to the contrary, nothing in this Agreement limits your
right to file a charge with, to participate in a proceeding by, or to communicate with a government agency or official.  However,
you waive the right to receive any damages or remedies in connection with such matters based on events prior to you signing this
Agreement (other than a benefit or remedy pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act).

 

18.       General
Release of Claims by the Company. The Company hereby agrees to, and does, remise, release and forever discharge you from any
and all known matters, claims, demands, damages, causes of action, debts, liabilities, controversies, judgments and suits of every
kind and nature whatsoever, which have arisen or could arise between you and the Company from known matters which occurred prior
to the date of this Agreement by the Company. The Company understands that the provisions of this paragraph means that, except
as may otherwise be provided by law, the Company cannot bring a lawsuit against you based on matters known to the Company as of
the date of this Agreement.

 

    -6-

     

    

 

19.       Taxes.
All payments under this Agreement shall be reduced by (a) any tax or other amounts required to be withheld under applicable law.
This Agreement and the payments hereunder are intended to be exempt from Internal Revenue Code section 409A and the U.S. Treasury
Regulations thereunder (collectively, “Section 409A”), and this Agreement shall be interpreted consistent with
that intent. In no event will the Company or its agents have any liability to you with respect to Section 409A. You are advised
to consult with your own tax professionals regarding all tax matters related to compensation and benefits from the Company.

 

20.       Law;
Venue; No Jury. This Agreement shall be governed by New York law, without regard to any conflict-of-law principles. Any litigation
under this Agreement shall be brought by either party exclusively in the state or federal courts located in New York and in no
other venue. As such, the parties irrevocably consent to the jurisdiction of the courts of the State of New York or the United
States District Court for the Southern District of New York for all disputes related to this Agreement. You irrevocably consent
to service via nationally recognized overnight carrier to your home address, without limiting other service methods allowed by
applicable law. Each of the parties irrevocably waives any right to a trial by jury in any action related to this Agreement. The
parties acknowledge and agree that the Company’s principal place of business is in the State of New York and that the terms
in this Section are material to this Agreement.

 

21.       Miscellaneous.
The rights of each party under this Agreement will inure to the benefit of any and all of its successors, assigns, parent companies,
sister companies, subsidiaries and affiliated corporations, and their respective successors, assigns, representatives, agents,
officers, directors, attorneys, and employees. You are not permitted to assign your rights under this Agreement. Nothing contained
in this Agreement shall constitute or be treated as an admission by the Company or the Released Parties of any wrongdoing or of
any violation of law. Each provision of this Agreement is severable from each other provision of this Agreement. Any number of
counterparts of this Agreement may be signed and delivered, each of which shall be considered an original and all of which, together,
shall constitute one and the same instrument. Electronic signatures and the electronic exchange of counterparts shall be the same
as hand-written signatures and the exchange of originals.

 

22.       Entire
Agreement. This Agreement constitutes the entire agreement between you and the Company pertaining to the subject matter contained
herein, and it supersedes any prior and contemporaneous agreements, representations and understandings of the parties related to
the subject matter herein, except that any post-employment obligations you owe the Company or its affiliates or predecessors under
other written agreements shall remain in full force and effect pursuant to the terms of such agreements. This Agreement shall be
construed according to a plain reading of its terms and no presumption or burden of proof shall arise favoring or disfavoring any
party by virtue of the authorship of any provision in this Agreement.

 

23.       Competency
to Contract. You warrant that you are fully competent to enter into this Agreement; that you have read this Agreement and fully
understands its meaning; that you knowingly and voluntarily enter into this Agreement; and that you agree to comply with its terms
and conditions.

 

    -7-

     

    

 

If you have any questions
regarding this Agreement or the separation benefits, please do not hesitate to let me know. Otherwise, if the terms of this Agreement
are agreeable to you, please sign and date below and return the Agreement to me within the deadline set forth above, keeping a
copy for your records.

 

	 	Very truly yours,
	 	 	 
	 	Pareteum Corporation
	 	 	 
	 	By:	/s/ Alexander Korff
	 	 	Alexander Korff
	 	 	Corporate Secretary

 

Intending to be Legally Bound, Agreed to
and Accepted by:

 

	Signature:	/s/ Victor Bozzo	 	Date:
    6/10/2020
	 	 	 	 
	Printed Name: 	Victor
    Bozzo	 	 

 

    -8-

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