Document:

Exhibit 10.12

  

  

  

  

  

  
    FORM OF EU/UK RISK RETENTION AGREEMENT

    

    

    January 25, 2022

     

    

    

    Re: EU/UK

          Risk Retention Agreement / Series 2022-2

     

    Ladies and Gentlemen:

     

    1. Reference is hereby made to that certain Indenture, dated as of January 25, 2022 (the “Series 2022-2 Indenture”), between Verizon Master Trust, as trust (the “Trust”), and U.S. Bank National Association, as
        indenture trustee and note paying agent.  Capitalized terms used but not otherwise defined in this letter agreement (this “Agreement”) have the meanings set forth in (or by reference in) the Indenture.

     

    For the purposes of this Agreement, the term:

     

    (a) “EU Affected Investors” means “institutional investors” (as such term is defined for purposes of the EU Securitization Regulation) and any consolidated affiliate, wherever established or located, of an entity regulated
        under Regulation (EU) No 575/2013, as amended (the “CRR”), to the extent that Article 5 of the EU Securitization Regulation applies to investments by such consolidated affiliate by virtue of the CRR;

     

    (b) “EU Securitization Regulation” means Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017, as amended, and as supplemented by any applicable regulatory technical standards or
        implementing technical standards from time to time (including any technical standards applicable pursuant to transitional provisions);

     

    (c) “EU Securitization Regulation Rules” means (i) the EU Securitization Regulation, (ii) to the extent informing the interpretation of the EU Securitization Regulation, any official guidance published in relation thereto by
        the European Banking Authority, the European Central Bank, the European Securities and Markets Authority, the European Commission or the European Council (or in each case any predecessor or replacement organisation) or any other relevant competent
        authority (for the purposes of the EU Securitization Regulation) in the European Union and (iii) any implementing laws or regulations in force in any Member State of the European Union or the European Economic Area;

     

    (d) “EUWA” means the European Union (Withdrawal) Act 2018, as amended;

     

    (e) “Noteholder”
        means the Person in whose name a Note is registered on the Note Register;

     

    (f) “Notes”
        or “Note” means, collectively or individually, as the context may require, the Class A Notes, the Class B Notes and the Class C Notes of Series 2022-2;

     

    
      
        

    

    
    (g) “UK

          Affected Investors” means “institutional investors” (as such term is defined for purposes of the UK Securitization Regulation) and any consolidated affiliate, wherever established or located, of an entity regulated under Regulation (EU) No
        575/2013, as it forms part of UK domestic law by virtue of the EUWA (as amended, the “UK CRR”), to the extent that Article 5 of the UK Securitization Regulation applies to investments by such consolidated affiliate by virtue of the UK CRR;

     

    (h) “UK

          Securitization Regulation” means Regulation (EU) 2017/2402 (as applicable on December 31, 2020) as retained as part of the domestic law of the United Kingdom pursuant to the EUWA, and as amended by the Securitisation (Amendment) (EU Exit)
        Regulations 2019 (and as further amended from time to time); and

     

    (i) “UK

          Securitization Regulation Rules” means (i) the UK Securitization Regulation and (ii) to the extent informing the interpretation of the UK Securitization Regulation, (A) any relevant regulatory and/or implementing technical standards made or
        developed by the Financial Conduct Authority and the Prudential Regulation Authority in relation thereto, (B) any relevant regulatory and/or implementing technical standards that may be applicable in relation thereto pursuant to any transitional
        arrangements made pursuant to the UK Securitization Regulation, and, in each case, any official guidance published in relation thereto by the Financial Conduct Authority or the Prudential Regulation Authority (or their successors), and (C) any
        other implementing laws or regulations in force in the United Kingdom relating to the UK Securitization Regulation,

     

    2. This Agreement is being executed by each Originator for the benefit of the Trust and the Indenture Trustee (on behalf of each Noteholder that is an EU Affected Investor or a UK Affected Investor) and each such Person’s
        successors and assigns.

     

    3. Each Originator hereby confirms, represents and warrants as of the date of this Agreement and hereby covenants and agrees, that, until the date on which the Note Balance of each Class of Notes has been paid in full and with
        reference to both the EU Securitization Regulation Rules and the UK Securitization Regulation Rules, in each case as in effect and applicable on the Closing Date (and, save where indicated below, without taking into account any later amendment,
        supplement or replacement of or to the EU Securitization Regulation Rules or the UK Securitization Regulation Rules or any relevant national measures):

     

    (a) The Originators, as originators for purposes of the EU Securitization Regulation and the UK Securitization Regulation, shall retain, through their ownership of the beneficial interest in Verizon DPPA True-up Trust (the “True-up

          Trust”), on an ongoing basis a material net economic interest of not less than 5.0% in the securitization described in the prospectus relating to the Notes dated January 19, 2022, determined in accordance with Article 6 of the EU
        Securitization Regulation and Article 6 of the UK Securitization Regulation, each as in effect on the Closing Date, in the form of an originator’s interest of not less than 5.0% of the nominal value of the securitized exposures, as referred to in
        paragraph (b) of Article 6(3) of the EU Securitization Regulation and paragraph (b) of Article 6(3) of the UK Securitization Regulation, through the True-up Trust’s holding of Certificates, Class R interests and any retained Credit Extensions
        issued by the Trust, together giving the True-up Trust the right to receive distributions of (A) amounts not allocated to any Series and (B) amounts allocated to any Series

     

    
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    and remaining after payments to Creditors (other than the True-up Trust) and other persons with respect to that Series, and in each case ranking pari
        passu with or subordinated to the credit risk that has been securitized with respect to those exposures (together, the “EU/UK Retained Interest”).

     

    (b) The Originators shall hold the EU/UK Retained Interest on a pro rata basis, in proportion to the total nominal values of the Receivables originated by each of them and outstanding from
        time to time, by means of each Originator’s holding of a beneficial interest in the True-up Trust, which shall be adjusted from time to time, in proportion to the aggregate nominal values of Receivables originated by such Originator and outstanding
        from time to time and the performance of those Receivables.

     

    (c) The EU/UK Retained Interest shall be measured as of the Closing Date, the last day of each Collection Period and each Payment Date.  For this purpose, (i) the amount of the EU/UK Retained Interest from time to time shall equal
        the sum of (A) the excess of the aggregate Principal Balance of all Eligible Receivables for any Series over the sum of the Adjusted Series Invested Amounts of all Series then outstanding, plus (B) the sum of the Required OC Amounts with respect to
        all Series, plus (C) the excess of the aggregate nominal values of the Receivables over the aggregate Principal Balance of all Eligible Receivables for any Series, and (ii) the aggregate nominal values of the Receivables shall be calculated without
        deduction for or on account of any Receivable having become a Written-Off Receivable after the Acquisition Date on which it was acquired by the Trust.

     

    (d) Without prejudice to paragraph 3(b), the Originators shall not, and shall procure that the True-up Trust does not, change the retention option or methodology used to calculate the EU/UK Retained Interest while any of the Notes
        are outstanding, except to the extent permitted under the EU Securitization Regulation Rules and the UK Securitization Regulation Rules, in each case as in effect at the time of such change.

     

    (e) The Originators shall not, and shall procure that the True-up Trust does not, hedge or otherwise mitigate its credit risk under or associated with the EU/UK Retained Interest or sell, transfer or otherwise surrender all or part
        of the rights, benefits or obligations arising from the EU/UK Retained Interest, except to the extent permitted under the EU Securitization Regulation Rules and the UK Securitization Regulation Rules, in each case as in effect at the time of such
        hedging, mitigation, sale, transfer or surrender.

     

    (f) The Originators shall confirm (or shall procure that Cellco confirms on behalf of itself and each of the other Originators) to the Servicer on a monthly basis, and hereby authorize the Servicer to so confirm in each Monthly
        Investor Report with respect to Series 2022-2, that they continue to hold the EU/UK Retained Interest in accordance with this Agreement.

     

    (g) In addition, the Originators shall provide (or shall procure that Cellco provides on behalf of itself and each of the other Originators) a confirmation to the Indenture Trustee that they continue to hold the EU/UK Retained
        Interest in accordance with this Agreement (i) promptly following the occurrence of an Amortization Event or an Event of Default and (ii) upon request of the Indenture Trustee on behalf of any Noteholder that is an EU Affected Investor or a UK
        Affected Investor following a material change in (1) the structural features that can

     

    
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    materially impact on the performance of the Notes or (2) the risk characteristics of the Notes or the Receivables.

     

    4. Each of the Originators further represents and warrants to each of the Depositor, the Trust and the Indenture Trustee (on behalf of each Noteholder that is an EU Affected Investor or a UK Affected Investor) as follows, as of the
        date of this Agreement:

     

    (a) it is validly existing and in good standing under the laws of its jurisdiction of organisation and has full power and authority to own its properties and conduct its business as presently owned or conducted, and to execute,
        deliver and perform its obligations under this Agreement;

     

    (b) its execution, delivery, and performance of this Agreement have been duly authorized by all necessary action on its part; and

     

    (c) this Agreement constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
        moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable, the rights of creditors from time to time in effect or by general principles of equity.

     

    5. No amendment, waiver, supplement or other modification of this Agreement shall in any event be effective unless the same shall be in writing and signed by (a) Cellco on behalf of itself and each of the other Originators, (b) the
        Depositor, (c) the Administrator on behalf of the Trust and (d) either (1) without the consent of the Indenture Trustee if the Trust or the Administrator delivers an Officer’s Certificate to the Indenture Trustee stating that the Trust or the
        Administrator, as applicable, reasonably believes that the amendment will not result in the Originators’ holding of the EU/UK Retained Interest ceasing to comply with the EU Securitization Regulation Rules and the UK Securitization Regulation
        Rules, in each case as in effect as of the date of such Officer’s Certificate or otherwise have a material adverse effect on the Noteholders that are either EU Affected Investors or UK Affected Investors or (2) notwithstanding any conflicting
        provision of the Indenture, if the interests of the Noteholders that are either EU Affected Investors or UK Affected Investors are materially and adversely affected by such amendment, with the consent of the Indenture Trustee, acting at the written
        direction of all Noteholders that are EU Affected Investors or UK Affected Investors.  This Agreement shall be binding upon each of the Originators and shall inure to the benefit of the Depositor, the Administrator on behalf of the Trust, the
        Indenture Trustee (on behalf of each Noteholder that is an EU Affected Investor or a UK Affected Investor) and each such Person’s successors and assigns.  None of the Originators shall assign any of its obligations under this Agreement (other than
        to an Affiliate that becomes a successor to all the assets and liabilities of such Originator) without the prior written consent of the Indenture Trustee; provided that such consent shall not be required if the Trust or the Administrator delivers
        an Officer’s Certificate to the Indenture Trustee stating that the Trust or the Administrator, as applicable, reasonably believes that such assignment will not have a material adverse effect on the Noteholders.

     

    6. Each Originator agrees that, before the date that is two (2) years and one (1) day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued or loans entered into by the Depositor
        or by a trust for which the Depositor was

     

    
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    a depositor or (b) the Credit Extensions, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Trust,
      respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar Law.

     

    7. THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS
        LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

     

    8. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT:

     

    (A) IT HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK FOR PURPOSES OF ALL
        LEGAL PROCEEDINGS ARISING OUT OF, OR RELATING TO, THIS AGREEMENT. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH PROCEEDING AND ANY CLAIM
        THAT ANY SUCH PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

     

    (B) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT
        WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

     

    9. Any Affiliate of the Originators or other person who from time to time becomes an Originator under the Originator Receivables Transfer Agreement may become a party to this Agreement upon the delivery to the Administrator, on
        behalf of the Trust, of an originator joinder agreement substantially in the form of Exhibit A hereto (an “Originator Joinder Agreement”).  Upon receipt by the Administrator, on behalf of the Trust, of such a duly executed and
        delivered Originator Joinder Agreement, such Originator shall become party to, and have the obligations of an Originator under, this Agreement.

     

    10. This Agreement shall become effective as of the date hereof.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.  Delivery of an
        executed counterpart of a signature page to this Agreement by facsimile, email or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement.

     

    11. Each
        party agrees that this Agreement may be electronically signed, and that any electronic signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

     

    
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    12. This
        Agreement has been signed on behalf of the Trust by Wilmington Trust, National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Trust.  In no event will Wilmington Trust, National Association in its
        individual capacity or as a beneficial owner of the Trust be liable for any agreements or other obligations of the Trust under this Agreement.  For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of,
        the Trust Agreement.

     

    13. The
        Indenture Trustee is a third party beneficiary of this Agreement solely for the purpose of obtaining the benefit of the representations, warranties and covenants contained herein and under no circumstances shall it be deemed to have undertaken any
        obligations hereunder. For the avoidance of doubt, in no event shall the Indenture Trustee have any responsibility to monitor compliance with or be charged with knowledge of any of the EU Securitization Regulation Rules or the UK Securitization
        Regulation Rules, nor shall it be liable to any Noteholder or any party whatsoever for any violation of any of the EU Securitization Regulation Rules or the UK Securitization Regulation Rules or any similar provisions now or hereafter in effect or
        for any breach of any term of this Agreement.

     

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    Please acknowledge your acceptance of this Agreement by signing and returning the duplicate copy of this Agreement.

     

    Very truly yours,

    

    

    

      

    

    	 	
            VERIZON MASTER TRUST

               

            By: Wilmington Trust, National Association, not in 

            its individual capacity, but solely as Owner Trustee

            

              

            

            By: ___________________________________             

              Name:

              Title:

          

    

    

    

    

    	 	
            VERIZON ABS II LLC,

            as Depositor

              

              

              By: ___________________________________             

              Name:

              Title:

          

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
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    THE ORIGINATORS:

    

    

    	 	
            AirTouch Cellular Inc. d/b/a Verizon Wireless,

            as an Originator

          	 	
            Allentown SMSA Limited Partnership d/b/a 

            Verizon Wireless,

            By: Bell Atlantic Mobile Systems LLC, its 

            General Partner,

            as an Originator

          
	 	 	 	 
	 	
            ALLTEL Communications of North 

            Carolina Limited Partnership d/b/a Verizon 

            Wireless,

            By: Alltel Corporation, its General Partner, 

            as an Originator

          	 	
            Alltel Corporation d/b/a Verizon Wireless,

            as an Originator

          
	 	 	 	 
	 	
            Anderson CellTelCo d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          	 	
            Athens Cellular, Inc. d/b/a Verizon 

            Wireless,

            as an Originator

          
	 	 	 	 
	 	
            Bell Atlantic Mobile Systems LLC d/b/a Verizon Wireless,

            as an Originator

          	 	
            Cellco Partnership d/b/a Verizon 

            Wireless,

            as an Originator

          
	 	 	 	 
	 	
            Chicago SMSA Limited Partnership d/b/a 

            Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          	 	
            CommNet Cellular Inc. d/b/a Verizon 

              Wireless,

            as an Originator

          
	 	 	 	 
	 	
            Fresno MSA Limited Partnership d/b/a 

              Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          	 	
            Gadsden CellTelCo Partnership d/b/a 

            Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          
	 	 	 	 
	 	
            Gold Creek Cellular of Montana Limited 

              Partnership d/b/a Verizon Wireless,

            By: CommNet Cellular Inc., its General 

            Partner,

            as an Originator

          	 	
            GTE Mobilnet of California Limited 

            Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          
	 	 	 	 
	 	
            GTE Mobilnet of Florence, Alabama 

            Incorporated d/b/a Verizon Wireless,

            as an Originator

          	 	
            GTE Mobilnet of Fort Wayne Limited 

            Partnership d/b/a Verizon Wireless,

            By: Verizon Americas LLC, its General 

            Partner,

            as an Originator

          

    

    

    
      
        

    

    	 	
            GTE Mobilnet of Indiana Limited 

            Partnership d/b/a Verizon Wireless,

            By: Verizon Americas LLC, its General 

            Partner,

            as an Originator

          	 	
            GTE Mobilnet of Indiana RSA #3 Limited 

            Partnership d/b/a Verizon Wireless,

            By: Verizon Americas LLC, its General 

            Partner,

            as an Originator

          
	 	 	 	 
	 	
            GTE Mobilnet of Indiana RSA #6 Limited 

            Partnership d/b/a Verizon Wireless,

            By: Verizon Americas LLC, its General 

            Partner,

            as an Originator

          	 	
            GTE Mobilnet of South Texas Limited 

            Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          
	 	 	 	 
	 	
            GTE Mobilnet of Terre Haute Limited 

              Partnership d/b/a Verizon Wireless,

            By: Verizon Americas LLC, its General 

            Partner,

            as an Originator

          	 	
            GTE Mobilnet of Texas RSA #17 Limited 

            Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          
	 	 	 	 
	 	
            Idaho 6-Clark Limited Partnership d/b/a 

            Verizon Wireless,

            By: Teton Cellular of Idaho Limited 

              Partnership, its General Partner

            By: Teton Cellular Inc., its General Partner

            By: CommNet Cellular Inc., its Manager,

            as an Originator

          	 	
            Illinois RSA 6 and 7 Limited Partnership 

              d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          
	 	 	 	 
	 	
            Indiana RSA 2 Limited Partnership d/b/a 

            Verizon Wireless,

            By: Cellco Partnership d/b/a Verizon 

              Wireless, its General Partner,

            as an Originator

          	 	
            Iowa 8 – Monona Limited Partnership d/b/a 

            Verizon Wireless,

            By: CommNet Cellular Inc., its General 

            Partner,

            as an Originator

          
	 	 	 	 
	 	
            Kentucky RSA No. 1 Partnership,

            By: Cellco Partnership d/b/a Verizon 

            Wireless, its General Partner,

            as an Originator

          	 	
            Los Angeles SMSA Limited Partnership, a 

            California Limited Partnership d/b/a 

            Verizon Wireless,

            By: AirTouch Cellular Inc., its General 

            Partner,

            as an Originator

          
	 	 	 	 
	 	
            Missouri RSA 2 Limited Partnership d/b/a 

            Verizon Wireless,

            By: Alltel Corporation, its Managing 

            General Partner,

            as an Originator

          	 	
            Muskegon Cellular Partnership,

            By: Cellco Partnership d/b/a Verizon 

              Wireless, its Managing Partner,

            as an Originator

          

    

    

    
      
        

    

    	 	
            New Mexico RSA 6-I Partnership d/b/a 

            Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          	 	
            New Mexico RSA No. 5 Limited 

            Partnership,

            By: Cellco Partnership d/b/a Verizon 

              Wireless, its General Partner,

            as an Originator

          
	 	 	 	 
	 	
            New York SMSA Limited Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          	 	
            Northeast Pennsylvania SMSA Limited 

            Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          
	 	 	 	 
	 	
            Omaha Cellular Telephone Company d/b/a 

              Verizon Wireless,

            By: Cellco Partnership, its Managing 

            General Partner,

            as an Originator

          	 	
            Pascagoula Cellular Partnership,

            By: Alltel Corporation d/b/a Verizon 

            Wireless, its Managing Partner,

            as an Originator

          
	 	 	 	 
	 	
            Pennsylvania RSA 1 Limited Partnership d/b/a 

            Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          	 	
            Pennsylvania RSA No. 6 (I) Limited 

            Partnership,

            By: Cellco Partnership, its General Partner,

            as an Originator

          
	 	 	 	 
	 	
            Petersburg Cellular Partnership d/b/a 

            Verizon Wireless,

            By: Alltel Corporation, its Managing 

            General Partner,

            as an Originator

          	 	
            Pinnacles Cellular, Inc. d/b/a Verizon 

            Wireless,

            as an Originator

          
	 	 	 	 
	 	
            Pittsburgh SMSA Limited Partnership 

            d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          	 	
            Pittsfield Cellular Telephone Company 

            d/b/a Verizon Wireless,

            By: Cellco Partnership, its Managing 

            General Partner,

            as an Originator

          
	 	 	 	 
	 	
            RSA 7 Limited Partnership d/b/a Verizon 

            Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          	 	
            Rural Cellular Corporation d/b/a Verizon 

              Wireless,

            as an Originator

          
	 	 	 	 
	 	
            Sacramento-Valley Limited Partnership

             d/b/a Verizon Wireless,

            By: AirTouch Cellular Inc., its General 

            Partner,

            as an Originator

          	 	
            Seattle SMSA Limited Partnership d/b/a 

            Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          

    

    

    
      
        

    

    	 	
            Texas RSA #11B Limited Partnership d/b/a 

            Verizon Wireless,

            By: Alltel Corporation, its General Partner,

            as an Originator

          	 	
            Topeka Cellular Telephone Company, Inc.,

            as an Originator

          
	 	 	 	 
	 	
            Tuscaloosa Cellular Partnership d/b/a 

            Verizon Wireless,

            By: Cellco Partnership, its Managing 

            General Partner,

            as an Originator

          	 	
            Verizon Americas LLC,

            as an Originator

             

          
	 	 	 	 
	 	
            Verizon Wireless of the East LP d/b/a 

            Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

             

          	 	
            Virginia RSA 5 Limited Partnership d/b/a 

            Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          
	 	 	 	 
	 	
            Wasatch Utah RSA No. 2 Limited 

            Partnership d/b/a Verizon Wireless,

            By: Cellco Partnership, its General Partner,

            as an Originator

          	 	
            Wisconsin RSA #1 Limited Partnership,

            By: Alltel Corporation d/b/a Verizon 

            Wireless, its Managing Partner,

            as an Originator

          
	 	 	 	 
	 	
            Wisconsin RSA #6 Partnership, LLP,

            By: Alltel Corporation d/b/a Verizon 

            Wireless, its Managing Partner,

            as an Originator

          	 	
            Wisconsin RSA No. 8 Limited Partnership,

            By: Alltel Corporation d/b/a Verizon 

            Wireless, its General Partner,

            as an Originator

          
	 	 	 	 

     

    

     

    

     

    

     

    

     

    

     

    

    
      
        

    

    	 	
            By: 

          	
                                                                                           

          
	 	 	
            Kee Chan Sin

          

    

    

    

    

    

    

    

    

    

      

      

      

      

      

    

    
      
        

    

    	
            As Vice President and Assistant Treasurer of

            AirTouch Cellular Inc. d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of Bell

            Atlantic Mobile Systems LLC acting on behalf of

            Allentown SMSA Limited Partnership d/b/a

            Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Alltel Corporation acting on behalf of ALLTEL 

            Communications of North Carolina Limited

            Partnership d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Alltel Corporation d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Anderson

            CellTelCo d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Athens Cellular, Inc. d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of Bell 

            Atlantic Mobile Systems LLC d/b/a Verizon

            Wireless

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Chicago

            SMSA Limited Partnership d/b/a Verizon

            Wireless

          	
            As Vice President and Assistant Treasurer of

            CommNet Cellular Inc. d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Fresno

            MSA Limited Partnership d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Gadsden

            CellTelCo Partnership d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            CommNet Cellular Inc. acting on behalf of Gold

            Creek Cellular of Montana Limited Partnership

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of GTE

            Mobilnet of California Limited Partnership d/b/a

            Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            GTE Mobilnet of Florence, Alabama Incorporated

            d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Verizon Americas LLC acting on behalf of GTE

            Mobilnet of Fort Wayne Limited Partnership

            d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Verizon Americas LLC acting on behalf of GTE

            Mobilnet of Indiana Limited Partnership d/b/a

            Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Verizon Americas LLC acting on behalf of GTE

            Mobilnet of Indiana RSA #3 Limited Partnership

            d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Verizon Americas LLC acting on behalf of GTE

            Mobilnet of Indiana RSA #6 Limited Partnership

            d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of GTE

            Mobilnet of South Texas Limited Partnership

            d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

          	
            As Vice President and Assistant Treasurer of

          

    

    

    
      
        

    

    	
            Verizon Americas LLC acting on behalf of GTE

            Mobilnet of Terre Haute Limited Partnership d/b/a

            Verizon Wireless

          	
            Cellco Partnership acting on behalf of GTE

            Mobilnet of Texas RSA #17 Limited Partnership

            d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            CommNet Cellular Inc. acting on behalf of Teton

            Cellular Inc., acting on behalf of Teton Cellular

            Idaho Limited Partnership, acting on behalf of

            Idaho 6-Clark Limited Partnership d/b/a Verizon

            Wireless

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Illinois

            RSA 6 and 7 Limited Partnership d/b/a Verizon

            Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting

            on behalf of Indiana RSA 2 Limited Partnership

          	
            As Vice President and Assistant Treasurer of

            CommNet Cellular Inc. acting on behalf of Iowa

            8 – Monona Limited Partnership d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting

            on behalf of Kentucky RSA No. 1 Partnership

          	
            As Vice President and Assistant Treasurer of

            AirTouch Cellular Inc. acting on behalf of Los

            Angeles SMSA Limited Partnership, a California

            Limited Partnership d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Alltel Corporation acting on behalf of Missouri

            RSA 2 Limited Partnership d/b/a Verizon

            Wireless

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting

            on behalf of Muskegon Cellular Partnership

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of New

            Mexico RSA 6-I Partnership d/b/a Verizon

            Wireless

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting

            on behalf of New Mexico RSA No. 5 Limited

            Partnership

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of New York

            SMSA Limited Partnership d/b/a Verizon

            Wireless

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Northeast

            Pennsylvania SMSA Limited Partnership d/b/a

            Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Omaha

            Cellular Telephone Company d/b/a Verizon

            Wireless

          	
            As Vice President and Assistant Treasurer of

            Alltel Corporation d/b/a Verizon Wireless acting

            on behalf of Pascagoula Cellular Partnership

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Alltel Corporation acting on behalf of Petersburg

            Cellular Partnership d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of

            Pennsylvania RSA 1 Limited Partnership d/b/a

            Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of

            Pennsylvania RSA No. 6 (I) Limited Partnership

          	
            As Vice President and Assistant Treasurer of

            Pinnacles Cellular, Inc. d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Pittsburgh

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Pittsfield

          

    

    

    
      
        

    

    	
            SMSA Limited Partnership d/b/a Verizon

            Wireless

          	
            Cellular Partnership d/b/a Verizon Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of RSA 7

            Limited Partnership d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Rural Cellular Corporation d/b/a Verizon

            Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            AirTouch Cellular Inc. acting on behalf of

            Sacramento-Valley Limited Partnership d/b/a

            Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Seattle

            SMSA Limited Partnership d/b/a Verizon

            Wireless

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Alltel Corporation acting on behalf of Texas RSA

            #11B Limited Partnership d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Topeka Cellular Telephone Company, Inc.

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Tuscaloosa

            Cellular Partnership d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Verizon Americas LLC

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Verizon

            Wireless of the East LP d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Cellco Partnership d/b/a Verizon Wireless acting

            on behalf of Virginia RSA 5 Limited Partnership

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Cellco Partnership acting on behalf of Wasatch

            Utah RSA No. 2 Limited Partnership d/b/a Verizon Wireless

          	
            As Vice President and Assistant Treasurer of

            Alltel Corporation d/b/a Verizon Wireless acting

            on behalf of Wisconsin RSA #1 Limited

            Partnership

          
	 	 
	
            As Vice President and Assistant Treasurer of

            Alltel Corporation d/b/a Verizon Wireless acting

            on behalf of Wisconsin RSA #6 Partnership, LLP

          	
            As Vice President and Assistant Treasurer of

            Alltel Corporation d/b/a Verizon Wireless acting

            on behalf of Wisconsin RSA No. 8 Limited

            Partnership

          
	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    
    EXHIBIT A

    

    

    FORM OF ORIGINATOR JOINDER AGREEMENT

     

    THIS ORIGINATOR JOINDER AGREEMENT, dated as of [_____________], 20[___] (this “Agreement”) is among:

     

    (i) [________________] (the “Additional Originator”);

     

    (ii) VERIZON ABS II LLC (the “Depositor”); and

     

    (iii) VERIZON MASTER TRUST, as trust (the “Trust”).

     

    BACKGROUND:

     

    A. The various Originators from time to time party thereto and Verizon ABS II LLC, as Depositor, are parties to that certain Originator Receivables Transfer Agreement, dated as of May 25, 2021, as amended (the “Originator
          Receivables Transfer Agreement”).

     

    B. The various Originators from time to time party thereto, the Depositor and the Trust are parties to that certain EU/UK Risk Retention Agreement, dated as of January 25, 2022 (the “EU/UK Risk Retention Agreement”).

     

    C. The Additional Originator desires to become a party to the EU/UK Risk Retention Agreement.

     

    NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
      hereto hereby agree as follows:

     

    1. Definitions. 

        Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings assigned thereto in, or by reference in, the EU/UK Risk Retention Agreement.

     

    2. Joinder. 

        The Additional Originator hereby agrees that it shall be bound by all of the terms, conditions and provisions of, and shall be deemed to be a party to (as if it were an original signatory to), the EU/UK Risk Retention Agreement, as an Originator. 
        From and after the later of the date hereof and the date that the Additional Originator has complied with all of the requirements of Section 6.11 of the Originator Receivables Transfer Agreement, the Additional Originator shall be a party to the
        EU/UK Risk Retention Agreement, as an Originator, for all purposes thereof.  The Additional Originator hereby acknowledges that it has received a copy of the EU/UK Risk Retention Agreement.

     

    3. GOVERNING

          LAW.  THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL

     

    
      EA-1

      
        

    

    OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

     

    4. WAIVER

          OF TRIAL BY JURY.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY MATTER
        ARISING THEREUNDER WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.

     

    5. Miscellaneous. 

        This Agreement shall be binding upon, and shall inure to the benefit of, each of the parties hereto and their respective successors and permitted assigns.  Each of the parties hereto hereby agrees that no party hereto shall be deemed to be the
        drafter of this Agreement.  This Agreement may be executed by different parties on any number of counterparts, each of which constitute an original and all of which, taken together, constitute one and the same agreement.

     

    6. Electronic

          Signatures.  Each party agrees that this Agreement may be electronically signed, and that any electronic signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability, and
        admissibility.

     

    [Remainder of Page Left Blank]

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    
      EA-2

      
        

    

    IN WITNESS WHEREOF, the undersigned has caused this Agreement to be executed by its duly authorized officer as of the date and year first above written.

     

    	 	
            [NAME OF ADDITIONAL ORIGINATOR]

             

             

            By: ____________________________________________

            

            Name:

            Title:

          

    

    

    

    

    

    

    	 	
            VERIZON MASTER TRUST

               

            

              

              By: ____________________________________________ 

              Name:

              Title:

          

    

    

    

    

    

    

    	 	
            VERIZON ABS II LLC,

            as Depositor

              

              

              By: ____________________________________________ 

              Name:

              Title:

          

  

   

    

   

    

   

  
   

    

   

  
  EA-3EX-10.1

 Exhibit 10.1 

DATED THE 16th DAY OF
January 2022  
 EMERSON RADIO (HONG KONG) LIMITED 

and 
 MR. MICHAEL ANDREW
BARCLAY BINNEY 
  
  

CONTRACT OF EMPLOYMENT 
  

 

 CONTENTS 
  

							
	 Clause
	 	 Heading
	  	Page	 
			
	1.	 	 Interpretation
	  	 	1	 
			
	2.	 	 Appointment
	  	 	1	 
			
	3.	 	 Commencement Date
	  	 	2	 
			
	4.	 	 Executive’s Duties
	  	 	2	 
			
	5.	 	 Remuneration and Benefits
	  	 	3	 
			
	6.	 	 Leave
	  	 	3	 
			
	7.	 	 Termination
	  	 	4	 
			
	8.	 	 Executive’s Undertakings
	  	 	5-6	 
			
	9.	 	 Intellectual Properties
	  	 	6-7	 
			
	10.	 	 Entire Agreement
	  	 	7	 
			
	11.	 	 Miscellaneous
	  	 	7-8	 
			
	12.	 	 Execution
	  	 	8	 

 THIS AGREEMENT is made on the 16th
day of January 2022. 
 BETWEEN: 
  

	(1)	 EMERSON RADIO (HONG KONG) LIMITED of 27/F Standard Chartered Tower, 388 Kwun Tong Road, Kwun Tong,
Kowloon, Hong Kong (“the Company”); and 

  

	(2)	 Mr. Michael Andrew Barclay BINNEY of ** (“the Executive”).

 WHEREBY IT IS AGREED as follows: 
  

	1.	 INTERPRETATION 

 

	1.01	 In this Agreement, unless the context requires otherwise; 

“Basic Salary” means that part of the remuneration of the Executive as is referred to in Clause 5(a); 

“Board” means the board of directors of Emerson Radio Corp.; 

“Group” means Emerson Radio Corp. (“ERC”) of 35 Waterview Blvd. Parsippany, NJ 07054, U.S.A. and all of the subsidiaries of
ERC from time to time and “member of the Group” shall be construed accordingly; and 
 “month” means calendar month. 

 

	1.02	 References herein to Clauses are to clauses in this Agreement unless the context requires otherwise.

  

	1.03	 The headings are inserted for convenience only and shall not affect the construction of this Agreement.

  

	1.04	 Unless the context requires otherwise, words importing the singular include the plural and vice versa and words
importing a gender include every gender. 

  

	2.	 APPOINTMENT 

The Company will employ the Executive and the Executive will serve the Group as Chief Operating Officer upon the terms and conditions
hereinafter appearing. 

  
 - 1 - 

	3.	 COMMENCEMENT DATE 

Employment will commence on 16th January 2022 (the “Commencement
Date”). 
  

	4.	 EXECUTIVE’S DUTIES  

The Executive shall, during the continuance of his employment hereunder: 

 

	 	(a)	 serve the Group as Chief Operating Officer and, in such capacity, perform the duties and exercise the
powers from time to time assigned to or vested in his by the Board; 

  

	 	(b)	 comply with and conform to any lawful and reasonable instructions or directions from time to time given or made
by the Board and faithfully and diligently serve the Group and use his best endeavors to promote the business and interests thereof; 

  

	 	(c)	 devote himself exclusively and diligently to the business and interests of the Group and personally attend
thereto at all times during usual business hours and during such other times as the Group may reasonably require except in case of incapacity through illness or accident in which case he shall forthwith notify the Human Resources Manager of the
Company of such incapacity and shall furnish to the Board such evidence thereof as it may require; 

  

	 	(d)	 not demand or accept or permit any member of his family to demand or accept from third parties any gifts,
benefits or advantages offered or given to the Executive or a member of his family by reason of his employment with the Company. 

  

	 	(e)	 be permitted to be employed on a part-time basis by The Grande Holdings Limited or any of its subsidiaries and
engage in other business activities approved in advance by the Board, provided that, such other business activities do not (i) conflict with the interests of the Group, (ii) inhibit, conflict with, or limit your ability to perform your
duties to the Group, or (iii) otherwise violate your obligations under the Group’s Code of Ethics for Senior Financial Officers or the Group’s Code of Conduct for Officers, Directors and Employees. 

  
 - 2 - 

	5.	 REMUNERATION AND BENEFITS 

The remuneration of the Executive shall be: 
  

	 	(a)	 a fixed salary at the rate of USD195,000 per annum and payable per month in arrears; 

 

	 	(b)	 an annual discretionary bonus payable at any time and in such sum as the Board may in its absolute discretion
determine. This will only be payable to those Executives still under employment of the Group on the date the discretionary bonus is to be distributed. 

  

	6.	 LEAVE 

The Executive shall be entitled after completion of each year of service with the Group to twelve (12) working days leave with full pay,
which leave shall be taken at such time or times as may be convenient to the Board having regard to the exigencies of the Group’s business provided that: 
  

	 	(a)	 if the employment of the Executive hereunder is to cease on the completion of any year of service, the
Executive shall be entitled to take his said leave immediately prior to the end of such year of service notwithstanding that at that time such year of service shall not have been completed; 

 

	 	(b)	 if the employment of the Executive hereunder is to cease (for any reason other than termination pursuant to
Clause 7) during any year of service, the Executive shall be entitled to an amount of leave proportionate to the part of the year during which he has been employed by the Company, such leave to be taken immediately prior to the termination of his
employment; and 

  

	 	(c)	 if for any reason the Executive shall not have taken his full entitlement of leave in any one year, he shall
not have any claim against the Company and the Group in respect thereof nor, unless the reason is the exigencies of the Group’s business (of which the Company and the Group shall be the sole judge), shall he be entitled to additional leave in
any year in respect of leave not taken in previous years. 

  
 - 3 - 

	7.	 TERMINATION 

  

	7.01	 If the Executive is at any time incapacitated by illness, injury or accident from performing his duties
hereunder and (if so required) furnishes the Board with evidence satisfactory to them of such incapacity and the cause thereof, he shall be entitled to receive his full salary for the first month or any shorter period during which such incapacity
continues and if he continues so incapacitated for a longer period than two (2) consecutive months or if he is so incapacitated at different times for more than sixty (60) days in any one period of
fifty-two (52) consecutive weeks then, and in either of such cases, his employment may be determined by the Company by one (1) month notice in writing. 

 

	7.02	 The Employee’s employment hereunder may be determined at any time by either of the parties hereto giving
to the other not less than one (1) months’ prior written notice provided that the Company may elect to terminate the Employee’s employment hereunder forthwith upon payment to the Executive of not less than one (1) months’
Basic Salary in lieu of notice. 

  

	7.03	 Unless otherwise agreed by the Company and the Group, the employee will retire on the first day of the
following month immediately after his 65th birthday without further notice required by either party. 

  

	7.04	 The Employee shall not at any time during the continuance of his employment hereunder in United States of
America, Singapore, Macau, Hong Kong and the People’s Republic of China carry on or be employed, concerned or interested directly or indirectly whether as shareholder, director, employee, partner, agent or otherwise and whether alone or jointly
with others in any business in which the Group and / or any member of the Group is engaged in during the continuance of the said employment in competition with the Group and / or any member of the Group. 

 

	7.05	 In the event of termination of the Employee’s employment for whatever reason, the Executive shall (where
relevant) forthwith resigns as Chief Operating Officer of any member of the Group and shall cease to be entitled to any benefits under this Agreement. 

  

	7.06	 Any delay or forbearance by the Company in exercising any right to terminate this Agreement shall not
constitute a waiver of such right. 

  
 - 4 - 

	8.	 EXECUTIVE’S UNDERTAKINGS 

 

	8.01	 The Executive shall not either during the continuance of his employment hereunder or at any time thereafter
divulge to any person whomsoever or to anybody corporate or unincorporate and shall use his best endeavors to prevent the unauthorized publication or disclosure of any trade secret or any confidential information concerning the business or finances
of the Group and any member of the Group or any of its dealings, transactions or affairs which may come to his knowledge during or in the course of his employment. 

 

	8.02	 Forthwith upon the termination of the employment of the Executive hereunder, and/or at any other time if the
Group shall so request, the Executive shall deliver to the Group all documents (including correspondence, lists of customers, notes, memoranda, plans, drawings and other documents of whatsoever nature) models or samples made or compiled by or
delivered to the Executive during his employment hereunder and concerning the business, finances or affairs of the Group and any member of the Group. For the avoidance of doubt, it is hereby declared that the property in all such documents as
aforesaid shall at all times be vested in the Group or the relevant member of the Group. 

  

	8.03	 The Executive shall not at any time during the continuance of his employment hereunder or for a period of
twelve (12) months thereafter in United States of America, Singapore, Macau, Hong Kong and the People’s Republic of China carry on or be employed, concerned or interested directly or indirectly whether as shareholder, director, employee,
partner, agent or otherwise and whether alone or jointly with others in any business in which the Group and/or any member of the Group is engaged in during the continuance of the said employment in competition with the Group and/or any member of the
Group. 

  

	8.04	 The Executive shall not at any time during the continuance of his employment hereunder or for a period of
twelve (12) months thereafter either on his own account or in conjunction with or on behalf of any other person or body corporate or unincorporate in competition with the Group or any member of the Group directly or indirectly solicit or entice
away from the Group or any member of the Group any person or body corporate or unincorporate who now is or at any time during or at the date of the termination of the said employment may have become a customer or supplier or prospective customer or
supplier of the Group or any member of the Group and with whom the Executive had personal contact or dealings during his said employment. 

  
 - 5 - 

	8.05	 The Executive shall not at any time during the continuance of his employment hereunder or for a period of
twelve (12) months thereafter either on his own account or in conjunction with or on behalf of any other person or body corporate or unincorporate directly or indirectly solicit or entice away from the Group or any member of the Group or employ
or otherwise engage any person who now is or at any time during or at the date of the termination of the said employment may have become an Executive of the Group or any member of the Group and with whom the Executive had contact during this said
employment. 

  

	8.06	 The Executive shall not at any time or for any purpose after termination of his employment hereunder use either
the English or Chinese name of the Company and the Group and/or any member of the Group or any name similar thereto in connection with his own or any other name in any way calculated to suggest that he is or has been connected with the Company and
the Group’s business, nor in any way hold himself out as having had any such connection. 

  

	9.	 INTELLECTUAL PROPERTIES 

 

	9.01	 Unless otherwise expressly agreed between the parties hereto during the continuance of this Agreement: -

  

	 	(a)	 the whole interest of the Executive in any Inventions shall become the absolute beneficial property of the
Group without any payment to the Executive therefor; 

  

	 	(b)	 the Executive shall promptly communicate to the Group full particulars of all Inventions and, if any of the
Inventions is capable of being protected by any Registrable Rights, the Group shall decide whether and where applications shall be made for such Registrable Rights in respect of the same; 

 

	 	(c)	 all such Registrable Rights shall be applied for and taken out at the Group’s expense and in the name of
the Group (or any member of the Group) or if the Group shall require in the joint names of the Executive and the Group and the Executive shall concur in applying for the same and shall (at the Group’s expense) prepare all such drawings
specifications models and designs as may be necessary and give every assistance in the Employee’s power to procure the grant of such Registrable Rights; and 

 

	 	(d)	 when granted the interest (if any) of the Executive in such Registrable Rights shall be unconditionally
assigned by the Executive to the Group (or any member of the Group) or as the Group may direct and the renewal fees payable in respect thereof shall be paid by the Group or any member of the Group for so long as it considers fit to keep the same
alive. 

  
 - 6 - 

	9.02	 In Clause 9.01: - 

  

	 	(a)	 “Inventions” means any invention, formula, process or improvement, trade mark or name, copyright,
design, plan, drawing, specification or device of whatever nature which relates to the business and/or products of the Group or any member of the Group, and is invented, developed, devised or otherwise acquired by the Executive (whether alone or
jointly with any other person) during the continuance of this Agreement; and 

  

	 	(b)	 “Registrable Rights” means letters patent, registered designs, trademarks or similar commercial
monopoly rights created by registration (whether in Hong Kong, the United Kingdom, the United States of America or elsewhere in the world). 

  

	10.	 ENTIRE AGREEMENT 

This Agreement constitutes the entire understanding between the parties hereto and supersedes any prior understanding and/or agreements
between: 
  

	 	(i)	 Executive and 

  

	 	(ii)	 the Company and the Group or any member of the Group, in respect of the subject matters of this Agreement.

  

	11.	 MISCELLANEOUS 

 

	11.01	 The expiration or termination of this Agreement howsoever arising shall not operate to affect such of the
provisions hereof as in accordance with their terms are expressed to operate or have effect thereafter. 

  

	11.02	 In the event of any variation of the remuneration payable to the Executive hereunder being made by consent of
the parties hereto such variation shall not constitute a new agreement but (subject to any express agreement to the contrary) the employment of the Executive hereunder shall continue subject in all respects to the terms and conditions of this
Agreement with such variation as aforesaid. 

  

	11.03	 Each notice, demand or other communication given or made under this Agreement shall be in writing and delivered
or sent to the relevant party at its address set out below (or such other address as the addressee has by five (5) days’ prior written notice specified to the other party): 

  
 - 7 - 

 To the Company:    The Human Resources Manager 

Emerson Radio (Hong Kong) Limited 

27/F Standard Chartered Tower 

388 Kwun Tong Road 
 Kwun Tong,
Kowloon, Hong Kong 
 To the Employee: Mr. Michael Andrew Barclay Binney 

** 
 Any notice, demand or other
communication so addressed to the relevant party shall be deemed to have been delivered (a) if given or made by letter, when actually delivered to the relevant address; (b) if given or made by fax or email, when dispatched. 

 

	11.04	 If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect,
the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. 

  

	11.05	 This Agreement shall be governed by and construed in accordance with the laws of Hong Kong SAR of the
People’s Republic of China. 

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

 

					
	SIGNED by	  		  	
	Mr. Christopher Ho 	  	)	  	For and on behalf of
	for and on behalf of	  	)	  	EMERSON RADIO (HK) LIMITED
	Emerson Radio (Hong Kong) Limited	  	)	  	
	in the presence of:	  	)	  	/s/ Christopher Ho
			
	SIGNED by	  	)	  	/s/ Michael Andrew Barclay Binney
	Mr. Michael Andrew Barclay BINNEY	  	)	  	
	in the presence of:	  	)	  	
		  	)	  	

  
 - 8 -

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