Document:

Exhibit

Exhibit 10.1
SEPARATION AND RELEASE AGREEMENT
THIS SEPARATION AND RELEASE AGREEMENT (“Agreement”) is made as of this 5th day of May, 2020, by Wyndham Hotels & Resorts, Inc., a Delaware Corporation (the “Company”) and Robert Loewen (the “Executive”).
WHEREAS, Executive serves as the Chief Operating Officer of the Company;
WHEREAS, Executive and the Company are signatories to an employment letter agreement dated May 16, 2018 (“Employment Agreement”); and 
WHEREAS, the Company and Executive have mutually agreed to end their employment relationship under the terms and conditions set forth exclusively in this Agreement.
NOW, THEREFORE, in consideration of the mutual promises, representations and warranties set forth herein, and for other good and valuable consideration, Executive and the Company agree as follows:
Section 1    Cessation of Employment Relationship
1.1    Effective as of June 1, 2020 (“Termination Date”), Executive’s employment with the Company and its affiliates and subsidiaries will automatically terminate without the need for any further action by the Company, the Executive or any other party.

1.2    Effective as of the Termination Date, Executive hereby resigns from all positions, offices and directorships with the Company and any affiliate and subsidiary of the Company, as well as from any positions, offices and directorships on the Company’s and its affiliates’ or subsidiaries’ foundations, benefit plans and programs.

Section 2    Payment Obligations
2.1    Severance.  Provided the Termination Date occurs, the Company and Executive agree that the Executive’s separation from employment with the Company will be treated as a “Qualifying Termination” (as defined in the Employment Agreement), provided that the Executive’s employment is not terminated due to a termination for “Cause” (as defined in the Employment Agreement) prior to the Termination Date.  Accordingly,
(a)    The Company shall pay the Executive an aggregate cash severance amount equal to $1,907,500.00, payable in a lump sum, less all applicable taxes, withholdings and deductions, in the first payroll period following the date on which the Agreement becomes effective and non-revocable, and as provided for in the Employment Agreement, subject to Sections 2.3, 2.4 and 4.6 below.
(b)    Effective as of the Termination Date, and subject to Sections 2.3, 2.4 and 4.6 below, the Executive’s outstanding incentive equity awards shall be treated as set forth below:
(i)    All of Executive’s outstanding time-based restricted stock units (“RSUs”) which would have otherwise vested within one (1) year following the Termination Date (totaling 16,736 RSUs) will become vested as of the Termination Date and settled in shares of Company common stock, to be provided to the Executive within 60 days after the Termination Date, pursuant to the terms and conditions of the Wyndham Hotels & Resorts, Inc. Equity and Incentive Plan Award 

Agreement - Restricted Stock Units, dated June 1, 2018, between the Company and Executive. 
(ii)    All of Executive’s stock options which would have otherwise vested within one (1) year following the Termination Date (totaling 30,541 options) will become vested as of the Termination Date and shall remain outstanding and exercisable for a period of two (2) years (but not beyond the original expiration date) immediately following the Termination Date, pursuant to the terms and conditions of the Wyndham Hotels & Resorts, Inc. Equity and Incentive Plan Award Agreement - Non-Qualified Stock Options, dated June 1, 2018, between the Company and Executive.
(iii)    Executive’s performance-based long term incentive awards (“PVRSUs”) held as of the Termination Date, shall vest and be paid pro-rata (totaling 7,108 shares), based upon the portion of the full performance period during which Executive was employed by the Company plus twelve (12) months, provided only that the performance goals  applicable to the PVRSUs are achieved.  Payment of any such PVRSUs will occur at the same time that such PVRSUs are paid to actively-employed employees generally, as set forth in the Employment Agreement.
The Executive has no other outstanding Company or Released Party (“Released Party” defined throughout the Agreement herein as defined in the Release identified in Section 2.4 and attached hereto as Exhibit A) incentive awards, equity awards or equity rights, except as set forth in subsection (b) herein.  For the avoidance of doubt, Executive is not entitled to any future Company incentive awards or equity rights that may otherwise be provided to officers or employees of the Company after the date of this Agreement (May 5, 2020).  Furthermore, for the avoidance of doubt, except as provided for in subsection (b) herein, nothing contained herein shall affect the terms of restricted stock shares or other equity compensation previously awarded to Executive, under the Wyndham Hotels & Resorts, Inc. 2018 Equity and Incentive Plan, as amended from time to time (“WHR Plan”) which shall continue to be governed under the terms and conditions of the WHR Plan.
(c)    The Executive shall continue to be eligible to participate in the Company’s Officer Deferred Compensation Plan and 401(k) Plan up to and including the Termination Date, in accordance with the terms thereof.
(d)    The Executive shall continue to participate in the health plans in which he currently participates through the end of the month in which the Termination Date occurs.  Following the Termination Date, the Executive may elect to continue dental and vision plan coverage in accordance with the provisions of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), at his own expense; provided that the Company shall provide the Executive with a cash payment of $41,058.72, less applicable taxes, withholdings and deductions (the “Health Reimbursement Payment”), which is meant to represent 18 months of the Executive’s estimated COBRA premiums for such coverage.  The Health Reimbursement Payment shall be paid in a lump sum on or before the 60th day following the Termination Date, subject to Sections 2.3, 2.4 and 4.6 below.  
(e)    To the extent the Executive would otherwise be entitled as an executive of the Company to participate in the Company’s executive health physical program, such entitlement will be provided to the Executive through December 31, 2020.  

(f)      The Executive shall be eligible to continue to use the vehicle provided to him through the Company’s executive car lease program in which he currently participates, upon the same terms as currently are in effect for him, through and until the Termination Date.  At that time, the Executive shall have the option to purchase the vehicle in accordance with the terms of such program for use, at his own expense.  If the Executive chooses not to purchase the vehicle, the Executive shall relinquish the vehicle to the Company’s Human Resources Department on or before the Termination Date.  
(g)      The Executive shall be entitled to outplacement services rendered by a company selected by the Company, provided the services are utilized no later than 12 months following the Termination Date.  
(h)    The Executive may continue to use the financial services provided through the AYCO Company through the 2020 tax season ending on April 15, 2021.  
(i)    The Executive shall be entitled to keep his Company-issued cell phone (“Cell Phone”) and laptop computer (“Laptop”).  Executive will provide the Company’s Information Security and Information Technology Departments with the Cell Phone and Laptop, and the Company shall be permitted to image and erase all information from the Cell Phone and Laptop, and then return the Cell Phone and Laptop to Executive for his personal use.  Executive shall assume all financial responsibility associated with the Cell Phone and Laptop as of the Termination Date.
(j)    Notwithstanding any other provision of this Agreement or the Employment Agreement, all payments to, vesting, benefits, and other rights of the Executive under this Section 2.1 shall be subject to Sections 2.3, 2.4 and 4.6 of this Agreement.  In addition, and without limitation of its rights at law or in equity, the Company reserves the right to suspend payments to, vesting, benefits and other rights of the Executive if the Company has a belief that the Executive is in breach of Section 3 of this Agreement, or otherwise is in breach of any representation, affirmation or acknowledgement by Executive under this Agreement or the Release as defined in Section 2.4 herein and attached hereto as Exhibit A.
     (k)    Except as provided in this Section 2.1, Executive acknowledges and agrees that he is not entitled to any severance benefits under any other severance plan, arrangement, agreement or program of the Company or its affiliates, or any of the Released Parties or any Released Party.
2.2    Other Benefits.  Following the Termination Date, the Executive will be paid any vested and accrued but not yet paid amounts due under the terms and conditions of any other employee pension benefit plans in accordance with the terms of such plan and applicable law.
2.3    Code Section 409A.  Although the Company does not guarantee to the Executive any particular tax treatment relating to the payments made or benefits provided to the Executive in connection with the Executive’s employment with the Company, it is intended that this Agreement comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended, and all regulations, guidance and other interpretive authority issued thereunder (“Code Section 409A”), or be exempt therefrom, and this Agreement shall be construed and applied in a manner consistent with this intent.  However, notwithstanding anything herein to the contrary, in no event whatsoever shall the Company or any of its affiliates be liable for any tax, additional tax, interest or penalty that may be imposed on the Executive pursuant to Code Section 409A or for any damages for failing to comply with Code Section 409A.
The Executive’s termination from employment must constitute a “separation from service” under Code Section 409A for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment; provided, further, that in the event the period during which the Executive is entitled to consider (and revoke, if applicable) this Agreement spans two calendar years, then any payment that otherwise would have been payable during the first calendar year will in no 

case be made until the later of (a) the end of the revocation period (assuming the Executive does not revoke this Agreement prior to the end of such period) and (b) the first business day of the second calendar year (regardless of whether the Executive has used the full time period allowed for consideration of this Agreement), as and to the extent required for purposes of Code Section 409A; and provided, further, that the Company shall have the right to offset against such severance pay any then-existing documented and bona fide monetary debts the Executive owes to the Company or any of its subsidiaries, but only to the extent permissible under Code Section 409A.
Notwithstanding any other provision herein to the contrary, to the extent that the reimbursement of any expenses or the provision of any in-kind benefits under this Agreement is subject to Code Section 409A, (i) reimbursement of any such expense shall be made by no later than December 31 of the calendar year immediately following the calendar year in which such expense is incurred; (ii) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. Each and every payment under this Agreement shall be treated as a right to receive a series of separate payments under Treasury Regulation Section 1.409A-2(b)(2)(iii).  Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.
2.4    Waiver and Release.  Notwithstanding any other provision of this Agreement or the Employment Agreement to the contrary, this Agreement shall not become effective, and neither the Company nor the Executive shall have any rights or obligations under this Agreement, unless and until the Release attached as Exhibit A hereto and made a part hereof (the “Release”) becomes effective pursuant to its terms.  
Section 3    Restrictive Covenants. 
3.1    Confidential and Proprietary Information.  In addition to Executive’s post-employment termination obligations set forth in paragraphs 10 and 11 of the Employment Agreement, which are incorporated herein by reference, Executive acknowledges that in connection with his employment, he has had access to information of a nature not generally disclosed to the public.  For the avoidance of doubt, paragraphs 10 and 11 of the Employment Agreement state as follows:

You [Executive] agree that you will, with reasonable notice during or after your employment with the Company, furnish such information as may be in your possession and fully cooperate with the Company and its affiliates as may requested in connection with any claims or legal action in which the Company or any of its affiliates is or may become a party.  During your employment, you will comply in all respects with the Company’s Business Principles, policies and standards.  After your employment with the Company, you will cooperate as reasonably requested with the Company and its affiliates in connection with any claims or legal actions in which the Company or any of its affiliates is or may become a party.  The Company agrees to reimburse you for any reasonable out-of-pocket expenses incurred by you by reason of such cooperation, including any loss of salary due, to the extent permitted by law, and the Company will make reasonable efforts to minimize interruption of your life in connection with your cooperation in such matters as provided for in this paragraph.
You recognize and acknowledge that all information pertaining to this Agreement or to the affairs; business; results of operations; accounting methods, practices and procedures; members; acquisition candidates; financial condition; clients; customers or other relationships of the Company or any of its affiliates (“Information”) is confidential and is a unique and 

valuable asset of the Company or any of its affiliates.  Access to and knowledge of certain of the Information is essential to the performance of your duties under this Agreement.  You will not, during your employment with the Company or thereafter, except to the extent reasonably necessary in performance of your duties under this Agreement, give to any person, firm, association, corporation, or governmental agency any Information, except as may be required by law.  You will not make use of the Information for your own purposes or for the benefit of any person or organization other than the Company or any of its affiliates.  You will also use your best efforts to prevent the disclosure of this Information by others.  All records, memoranda, etc. relating to the business of the Company or its affiliates, whether made by you or otherwise coming into your possession, are confidential and will remain the property of the Company or its affiliates.

In addition to Executive’s post employment termination obligations under paragraphs 10 and 11 of the Employment Agreement as referenced above, the Executive agrees to keep confidential and not disclose to anyone, unless legally compelled to do so, Confidential and Proprietary Information.  “Confidential and Proprietary Information” includes but is not limited to all Company (including the Company’s affiliates and subsidiaries) and any of the Released Parties’ (including any Released Party’s affiliates and subsidiaries) business and strategic plans, financial details, computer programs, manuals, contracts, current and prospective client and supplier lists, and developments owned, possessed or controlled by the Company or any Released Party, regardless of whether possessed or developed by the Executive in the course of his employment.  Such Confidential and Proprietary Information may or may not be designated as confidential or proprietary and may be oral, written or electronic media.  “Confidential and Proprietary Information” shall not include information that (a) was already publicly known at the time of disclosure to Executive, (b) subsequently becomes publicly known other than through disclosure by Executive; or (c) is generally known within the industry.  The Executive understands that Confidential and Proprietary Information is owned and shall continue to be owned solely by the Company or Released Party (as applicable).  The Executive agrees that he has not and will not disclose, directly or indirectly, in whole or in part, any Confidential and Proprietary Information except as may be required to respond to a court order, subpoena, or other legal process.  In the event the Executive receives a court order, subpoena or notice of other legal process requiring the disclosure of any information concerning the Company or any Released Party (as applicable), including but not limited to Confidential and Proprietary Information, to the extent permitted by law, the Executive shall give the Company notice of such process within 48 hours of receipt, in order to provide the Company (or Released Party, as applicable) with the opportunity to move to quash or otherwise seek the preclusion of the disclosure of such information.  The Executive acknowledges that he has complied and will continue to comply with this commitment, both as an employee and after the end of his employment.  The Executive also acknowledges his continuing obligations under the Company’s and any Released Party’s Business Principles.  This Section 3.1 shall in all respects be subject to Section 1(d) and Section 6 of the Release.  
3.2    Non-Solicitation; Non-Interference.  For a period of twelve (12) months following the Termination Date, the Executive agrees that he will not, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity: (a) solicit, aid, or induce any customer of the Company, including its divisions, affiliates and subsidiaries (collectively the “Company Group”) or any Released Party, including its divisions, affiliates and subsidiaries (collectively the “Released Party Group”), with which or whom he had dealings during his employment with the Company or any Released Party or about which he learned of Confidential and Proprietary Information during his employment with the Company or any Released Party, to purchase goods or services then sold by the Company Group or Released Party Group from another person, firm, corporation, or other entity or assist or aid any other person or entity in identifying or soliciting any such customer to the detriment of the Company Group or Released Party Group, (b) solicit, 

aid, or induce any employee of the Company Group or Released Party Group to leave such employment or to accept employment with any other person, firm, corporation, or other entity unaffiliated with the Company Group or Released Party Group or hire or retain any such employee, or take any action to materially assist or aid any other person, firm, corporation, or other entity in hiring any such employee, (c) interfere, or aid or induce any other person or entity in interfering, with the relationship between the Company Group or Released Party Group and any of its or their vendors, joint venturers, or licensors, or (d) without the express prior written consent of the Chief Executive Officer of the Company which may be withheld in the Company’s sole and absolute discretion, engage in, or directly or indirectly (whether for compensation or otherwise), own or hold any proprietary interest in, manage, operate, or control, or join or participate in the ownership, management, operation or control of, or furnish any capital to or be connected in any manner with, any party or business which competes in any way or manner with the business of  the Company or any of its affiliates or subsidiaries, as such business or businesses may be conducted from time to time, either as a general or limited partner, proprietor, common or preferred shareholder, officer, director, agent, employee, consultant, trustee, affiliate, or otherwise.  The Executive acknowledges that the Company’s (and its divisions’, affiliates’ and subsidiaries’) businesses are conducted nationally and internationally and agrees that the provisions in the foregoing sentence shall operate throughout the United States and the world.  The Executive agrees that such covenants, restrictions, obligations and agreements of the Executive therein and herein are fair and reasonable and are an essential element of the payments, rights and benefits provided to the Executive pursuant to this Agreement and but for the Executive’s agreement to comply therewith and herewith, the Company would not have entered into this Agreement.
3.3    Non-Disparagement.  The Executive agrees not to make, at any time (whether before or after the Termination Date), negative comments about or otherwise disparage the Company or any Released Party, or any of their officers, directors, employees, shareholders, members, agents, or products.  The foregoing will not restrict or impede the Executive from exercising protected legal rights to the extent such rights cannot be waived by agreement or from providing truthful statements in response to any governmental agency, rulemaking authority, subpoena power, legal process, required governmental testimony or filings, or judicial, administrative, or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).  The Company agrees that it will not endorse disparaging comments purportedly made by an officer of the Company concerning the Executive.  
3.4    Non-Disclosure.  Unless otherwise required by law and subject in all respects to Section 1(d) and Section 6 of the Release, the Executive agrees not to disclose, either directly or indirectly, any information regarding the existence or substance of this Agreement, including specifically any of the terms of payment hereunder.  This nondisclosure includes, but is not limited to, members of the media, present or former members of the Company (or any Released Party), and other members of the public, but does not include an attorney, an accountant, an immediate family member or a representative whom the Executive chooses to consult or seek advice regarding his consideration of and decision to execute this Agreement.
Section 4.    Miscellaneous.
4.1    Modifications.  This Agreement may not be modified or amended except in writing signed by each of the parties hereto.  No term or condition of this Agreement shall be deemed to have been waived except in writing by the party charged with such waiver.  A waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver for the future or act as a waiver of anything other than that specifically waived. 
4.2    Governing Law.  This Agreement has been executed and delivered in the State of New Jersey and its validity, interpretation, performance and enforcement shall be governed by the internal laws of the State of New Jersey (without reference to its conflict of law rules).

4.3    Arbitration.  Any controversy, dispute or claim arising out of or relating to this Agreement or the breach hereof which cannot be settled by mutual agreement of the parties hereto (other than with respect to the matters covered by Section 3 of this Agreement, for which the Company may, but shall not be required to, seek injunctive and/or other equitable relief in a judicial proceeding; in conjunction with the foregoing, the Executive acknowledges that the damages resulting from any breach of any such matter or provision would be irreparable and agrees that the Company has the right to apply to any court of competent jurisdiction for the issuance of a temporary restraining order to maintain the status quo pending the outcome of any proceeding) shall be finally settled by binding arbitration in accordance with the Federal Arbitration Act and in accordance with the provisions for arbitration set forth in Appendix A of the Employment Agreement, which is incorporated herein by reference.
4.4    Survival.  All of the Executive’s obligations, covenants and restrictions under any confidentiality agreement, any non-disclosure agreement, and the Company’s Business Principles, including but not limited to such provisions as set forth in Paragraphs 10 and 11 of the Employment Agreement which are incorporated herein by reference, shall survive and continue in full force and effect.  This Section 4.4 shall in all respects be subject to Section 1(d) and Section 6 of the Release.
4.5    Enforceability; Severability.  It is the intention of the parties that the provisions of this Agreement shall be enforced to the fullest extent permissible under applicable law.  All provisions of this Agreement are intended to be severable.  In the event any provision or restriction contained herein is held to be invalid or unenforceable in any respect, in whole or in part, such finding shall in no way affect the validity or enforceability of any other provision of this Agreement.  The parties hereto further agree that any such invalid or unenforceable provision shall be deemed modified so that it shall be enforced to the greatest extent permissible under law, and to the extent that any court of competent jurisdiction determines any restrictions herein to be unenforceable in any respect, such court may limit this Agreement to render it enforceable in the light of the circumstances in which it was entered into and specifically enforce this Agreement to the fullest extent permissible.     
4.6    Withholding.  All payments and benefits payable pursuant to this Agreement shall be subject to reduction by all applicable withholding, social security and other federal, state and local taxes and deductions.
4.7    Continuing Cooperation.  Executive agrees to cooperate and make himself available to the Company or any of its successors (including any past or future subsidiary of the Company), any of the Released Parties, or its or their General Counsel, as the Company may reasonably request, to assist in any matter, including giving truthful testimony in any litigation or potential litigation, over which Executive may have knowledge, information or expertise.  Executive shall be reimbursed, to the extent permitted by law, any reasonable out-of-pocket expenses associated with such cooperation, provided those expenses are pre-approved by the Company (or Released Party, as applicable) prior to the Executive incurring them.  Executive acknowledges that his agreement to this provision is a material inducement to the Company to enter into the Agreement and pay the consideration described therein.
4.8    Notices.  All notices or other communications hereunder shall not be binding on either party hereto unless in writing, and delivered to the other party thereto at the following address:  
If to the Company:
Wyndham Hotels & Resorts, Inc.
22 Sylvan Way
Parsippany, NJ 07054

Attn:  Mary Falvey, Chief Administrative Officer
If to the Executive:
[__]
Notices shall be deemed duly delivered upon hand delivery at the above address, or one day after deposit with a nationally recognized overnight delivery company, or three days after deposit thereof in the United States mails, postage prepaid, certified or registered mail.  Any party may change its address for notice by delivery of written notice thereof in the manner provided. 
4.9      Assignment.  This Agreement is personal in nature to the Company and the rights and obligations of the Executive under this Agreement shall not be assigned or transferred by the Executive.  The Company may assign this Agreement to any successor to all or a portion of the business and/or assets of the Company, provided that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  
4.10    Jurisdiction.  Subject to Section 4.3 of this Agreement, in any suit, action or proceeding seeking to enforce any provision of this Agreement, the Executive hereby (a) irrevocably consents to the exclusive jurisdiction of any federal court located in the State of New Jersey or any of the state courts of the State of New Jersey; (b) waives, to the fullest extent permitted by applicable law, any objection which he may now or hereafter have to the laying of venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum; and (c) agrees that process in any such suit, action or proceeding may be served on him anywhere in the world, whether within or without the jurisdiction of such court, and, without limiting the foregoing, irrevocably agrees that service of process on such party, in the same manner as provided for notices in Section 4.8 of this Agreement, shall be deemed effective service of process on such party in any such suit, action or proceeding.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE EXECUTIVE AND COMPANY AGREE TO WAIVE ANY RIGHT TO A JURY IN CONNECTION WITH ANY JUDICIAL PROCEEDING.  
4.11    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same document.  
4.12    Headings.  The headings in this Agreement are intended solely for convenience of reference and shall be given no effect in the construction or interpretation of this Agreement.  
4.13    Entire Agreement.  This Agreement (including the Release to be executed and delivered by the Executive pursuant to Section 2.4 above) is entered into between the Executive and the Company as of the date hereof and constitutes the entire understanding and agreement between the parties hereto and, other than as set forth in Section 4.4 of this Agreement, supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether oral or written, concerning the subject matter hereof, including, without limitation, the Employment Agreement (unless, as set forth herein, certain provisions of the Employment Agreement are incorporated by reference in this Agreement).  All negotiations by the parties concerning the subject matter hereof are merged into this Agreement, and there are no representations, warranties, covenants, understandings or agreements, oral or otherwise, in relation 

thereto by the parties hereto other than those incorporated herein.

IN WITNESS WHEREOF, the undersigned parties knowingly and voluntarily have executed this Agreement as of the date first written above.

WYNDHAM HOTELS AND RESORTS, INC.

By:     /s/ MARY FALVEY 
Name:    MARY FALVEY
Title:    CHIEF ADMINISTRATIVE OFFICER

/s/ ROBERT LOEWEN
EXECUTIVE: ROBERT LOEWEN

EXHIBIT A
RELEASE
As a condition precedent to Wyndham Hotels & Resorts, Inc. (the “Company”) providing the consideration set forth in Section 2.1 of the Separation and Release Agreement dated May 5, 2020, to which this Release is attached as Exhibit A (“Agreement”), on or following the “ADEA Release Effective Date” (as defined below) to the undersigned executive (“Executive”), Executive hereby agrees to the terms of this Release as follows:
		
	1.
	Release.

(a)Subject to Section 1(c) below, Executive, on behalf of Executive and Executive’s heirs, executors, administrators, successors and assigns, hereby voluntarily, unconditionally, irrevocably and absolutely releases and discharges the Company, Wyndham Worldwide Corporation, Wyndham Destinations, Inc., their parent entities, and each of their subsidiaries, affiliates, and all of their past and present employees, officers, directors, agents, owners, shareholders, representatives, members, attorneys, insurers and benefit plans, and all of their predecessors, successors and assigns (collectively, the “Released Parties”, and each a “Released Party”) from any and all claims, demands, causes of action, suits, controversies, actions, cross-claims, counter‐claims, debts, compensatory damages, liquidated damages, punitive or exemplary damages, any other damages, claims for costs and attorneys’ fees, losses or liabilities of any nature whatsoever in law and in equity and any other liabilities, known or unknown, suspected or unsuspected of any nature whatsoever (hereinafter, “Claims”) that Executive has or may have against any of the Released Parties: (i) from the beginning of time through the date upon which Executive signs this Release; (ii) arising from or in any way related to Executive’s employment or termination of employment with any of the Released Parties; (iii) arising from or in any way related to any agreement with any of the Released Parties, including the Employment Agreement; and/or (iv) arising from or in any way related to awards, policies, plans, programs or practices of any of the Released Parties that may apply to Executive or in which Executive may participate, in each case, including, but not limited to, under any federal, state or local law, act, statute, code, order, judgment, injunction, ruling, decree or writ, ordinance or regulation, including, but not limited to: 

		
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	Title VII of the Civil Rights Act of 1964;

		
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	Sections 1981 through 1988 of Title 42 of the United States Code;

		
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	The Employee Retirement Income Security Act of 1974 ("ERISA") (as modified below);

		
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	The Immigration Reform and Control Act;

		
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	The Americans with Disabilities Act of 1990;

		
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	The Age Discrimination in Employment Act of 1967 (“ADEA”);

		
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	The Worker Adjustment and Retraining Notification Act;

		
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	The Fair Credit Reporting Act;

		
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	The Family and Medical Leave Act;

		
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	The Equal Pay Act;

		
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	The Genetic Information Nondiscrimination Act of 2008; 

		
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	The Occupational Safety and Health Act;

		
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	The Family First Coronavirus Response Act;

		
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	The New Jersey Law Against Discrimination;

		
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	The New Jersey Civil Rights Act;

		
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	The New Jersey Family Leave Act;

		
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	The New Jersey State Wage and Hour Law;

		
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	The Millville Dallas Airmotive Plant Job Loss Notification Act;

		
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	The New Jersey Conscientious Employee Protection Act;

		
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	The New Jersey Equal Pay Law;

		
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	The New Jersey Occupational Safety and Health Law;

		
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	The New Jersey Smokers’ Rights Law;

		
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	The New Jersey Genetic Privacy Act;

		
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	The New Jersey Fair Credit Reporting Act; 

		
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	The New Jersey Paid Sick Leave Act;

		
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	The New Jersey Statutory Provision Regarding Retaliation/Discrimination for Filing A Workers' Compensation Claim;

		
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	The New Jersey Public Employees' Occupational Safety and Health Act;

		
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	New Jersey laws regarding Political Activities of Employees, Lie Detector Tests, Jury Duty, Employment Protection, and Discrimination;

		
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	any other federal, state or local law, rule, regulation, or ordinance; 

		
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	any public policy, contract, tort, or common law; or

		
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	any basis for recovering costs, fees, or other expenses including attorneys' fees incurred in these matters.

(b)Executive understands that Executive may later discover claims or facts that may be different than, or in addition to, those which Executive now knows or believes to exist with regards to the subject matter of this Release and the releases in this Section 1, and which, if known at the time of executing this Release, may have materially affected this Release or Executive’s decision to enter into it.  Executive hereby waives any right or claim that might arise as a result of such different or additional claims or facts.

(c)This Release is not intended to bar or affect (i) any Claims that may not be waived by private agreement under applicable law, such as claims for workers’ compensation or unemployment insurance benefits, (ii) vested rights under the Company’s 401(k) or pension plan, (iii) any right to the payments and benefits set forth in Section 2.1 of the Agreement, and/or (iv) any earned, but unpaid, wages or paid-time-off payable upon a termination of employment that may be owed pursuant to Company policy and applicable law or any unreimbursed expenses payable in accordance with Company policy.

(d)Nothing in this Release is intended to prohibit or restrict Executive’s right to file a charge with, or participate in a charge by, the Equal Employment Opportunity Commission or any other local, state, or federal administrative body or government agency; provided, however, that Executive hereby waives the right to recover any monetary damages or other relief against any of the Released Parties to the fullest extent permitted by law, excepting any benefit or remedy to which Executive is or becomes entitled to pursuant to Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

(e)Notwithstanding anything in this Release to the contrary, Executive’s release of Claims under the ADEA (the “ADEA Release”) shall only become effective upon: (i) Executive’s separate signature set forth on the signature page of this Release reflecting his assent to his release of Claims under the ADEA and (ii) the occurrence of the ADEA Release Effective Date. 

(f)Executive represents that Executive has made no assignment or transfer of any right or Claim covered by this Section 1 and that Executive further agrees that he is not aware of any such right or Claim covered by this Section 1.

(g)As of the date upon which Executive executes this Release, Executive acknowledges that he does not have any current charge, complaint, grievance or other proceeding against any of the Released Parties pending before any local, state or federal agency regarding his employment or separation from employment.  This provision shall in all respects be subject to Subsection (d) herein and Section 6 of this Release.

(h)As of the date upon which Executive executes this Release, Executive affirms that he has not knowingly provided, either directly or indirectly, any information or assistance to any non-governmental party who may be considering or is taking legal action against any of the Released Parties with the purpose of assisting such person in connection with such legal action.  Executive understands that if this Release, and the Agreement to which this Release is attached, were not signed, he would have the right to voluntarily provide information or assistance to any party who may be considering or is taking legal action against any of the Released Parties.  Executive hereby waives that right and agrees that he will not provide any such assistance other than the assistance to a governmental party or pursuant to a valid subpoena or court order.  This provision shall in all respects be subject to Subsection (d) herein and Section 6 of this Release.

2.Return of Company Property.  Executive represents that he has returned to the Company all Company property and confidential and proprietary information in his possession or control, including but not limited to Confidential Information as defined in the Agreement, in any form whatsoever, including without limitation, equipment, telephones, smart phones, PDAs, laptops, credit cards, keys, access cards, identification cards, security devices, network access devices, pagers, documents, manuals, reports, books, compilations, work product, e-mail messages, recordings, tapes, removable storage devices, hard drives, computers and computer discs, files and data, which Executive prepared or obtained during the course of his employment with the Company.  Executive has also provided the Company with the passcodes to any lock devices or password protected work-related accounts.  If Executive discovers any property of the Company (or any Released Party) or confidential or proprietary information in his possession after the date upon which he signs this Agreement, Executive shall immediately return such property.

3.Non-disparagement.  Subject to Section 6 below, Executive agrees not to (a) make any statement, written or oral, directly or indirectly, which in any way disparages the Released Parties or their business, products or services in any manner whatsoever, or portrays the Released Parties or their business, products or services in a negative light or would in any way place the Released Parties in disrepute; and/or (b) encourage anyone else to disparage or criticize the Released Parties or their business, products or services, or put them in a bad light.

4.Consultation/Voluntary Agreement.  Executive acknowledges that the Company has advised Executive to consult with an attorney prior to executing this Release. Executive has carefully read and fully understands all of the provisions of this Release.  Executive is entering into 

this Release, knowingly, freely and voluntarily in exchange for good and valuable consideration to which Executive would not be entitled in the absence of executing and not revoking this Release.

5.Review and Revocation Period.  Executive has been given forty-five (45) calendar days to consider the terms of this Release, although Executive may sign it at any time sooner.  Executive has seven (7) calendar days after the date on which Executive executes this Release for purposes of the ADEA Release to revoke Executive’s consent to the ADEA Release.  Such revocation must be in writing and must be e-mailed to Mary Falvey at _________________________________.  Notice of such revocation of the ADEA Release must be received within the seven (7) calendar days referenced above.  In the event of such revocation of the ADEA Release by Executive, with the exception of the ADEA Release (which shall become null and void), this Release shall otherwise remain fully effective.  Provided that Executive does not revoke his execution of the ADEA Release within such seven (7) day revocation period, the “ADEA Release Effective Date” shall occur on the eighth calendar day after the date on which he signs the signature page of this Release reflecting Executive’s assent to the ADEA Release.  If Executive does not sign this Release within forty-five (45) days after the Company presents it to him, or if Executive revokes this Release within the permissible period, Executive shall have no right to the payments and benefits set forth in Section 2.1 of the Agreement.

6.Permitted Disclosures.  Nothing in this Release or any other agreement between Executive and the Company or any other policies of the Company or its affiliates shall prohibit or restrict Executive or Executive’s attorneys from: (a) making any disclosure of relevant and necessary information or documents in any action, investigation, or proceeding relating to this Release, or as required by law or legal process, including with respect to possible violations of law; (b) participating, cooperating, or testifying in any action, investigation, or proceeding with, or providing information to, any governmental agency or legislative body, any self-regulatory organization, and/or pursuant to the Sarbanes-Oxley Act; or (c) accepting any U.S. Securities and Exchange Commission awards.  In addition, nothing in this Release or any other agreement between Executive and the Company or any other policies of the Company or its affiliates prohibits or restricts Executive from initiating communications with, or responding to any inquiry from, any regulatory or supervisory authority regarding any good faith concerns about possible violations of law or regulation.  Pursuant to 18 U.S.C. §1833(b), Executive will not be held criminally or civilly liable under any Federal or state trade secret law for the disclosure of a trade secret of the Company or its affiliates that (i) is made (x) in confidence to a Federal, state, or local government official, either directly or indirectly, or to Executive’s attorney and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  If Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney and use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.  Nothing in this Release or any other agreement between the Company and Executive or any other policies of the Company or its affiliates is intended to conflict with 18 U.S.C. §1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.

7.No Admission of Wrongdoing.  Neither this Release, nor the furnishing of the consideration for this Release, shall be deemed or construed at any time to be an admission by the Company or Executive, or any of the Released Parties of any improper or unlawful conduct, all of which is denied.

8.Third-Party Beneficiaries.  Executive acknowledges and agrees that all Released Parties are third-party beneficiaries of this Release and have the right to enforce this Release.

9.Amendments and Waivers.  No amendment to or waiver of this Release or any of its terms will be binding unless consented to in writing by Executive and an authorized representative of the Company.  No waiver by any Released Party of a breach of any provision of this Release, or of compliance with any condition or provision of this Release to be performed by Executive, will operate or be construed as a waiver of any subsequent breach with respect to any Released Party or any similar or dissimilar provision or condition at the same or any subsequent time.  The failure of any Released Party to take any action by reason of any breach will not deprive any other Released Party of the right to take action at any time.

10.Governing Law; Jury Waiver.  This Release shall be governed by, and construed in accordance with, the laws of the State of New Jersey, without regard to the application of any choice-of-law rules that would result in the application of another state’s laws.  Subject to Section 13 below, Executive irrevocably consents to the jurisdiction of, and exclusive venue in, the state and federal courts in New Jersey with respect to any matters pertaining to, or arising from, this Release.  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EXECUTIVE EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS RELEASE OR THE MATTERS CONTEMPLATED HEREBY.

11.Savings Clause.  If any term or provision of this Release is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Release or invalidate or render unenforceable such term or provision in any other jurisdiction.  Upon such determination that any term or other provision of this Release is invalid, illegal or unenforceable, this Release shall be enforceable as closely as possible to its intent of providing the Released Parties with a full release of all legally releasable claims through the date upon which Executive signs this Release.

12.Continuing Obligations.  Executive’s post-termination obligations set forth in Paragraphs 10 and 11 of the Employment Agreement, as well as Executive’s obligations set forth in the Agreement, are incorporated herein by reference (the “Continuing Obligations”).  If Executive breaches the Continuing Obligations, all amounts and benefits payable under this Release shall cease and, upon request, Executive shall immediately repay to the Company any and all amounts already paid pursuant to this Release.  If any one or more of the Continuing Obligations shall be held by an arbitrator or a court of competent jurisdiction to be excessively broad as to duration, geography, scope, activity or subject, such provisions shall be construed by limiting and reducing them so as to be enforceable to the maximum extent allowed by applicable law.

13.Arbitration.  Appendix A of the Employment Agreement is incorporated herein by reference and such terms and conditions shall apply to any disputes under this Agreement.

14.Continuing Cooperation.  Executive agrees, in addition to obligations set forth in this Release and the Agreement to which this Release is attached, to cooperate and make himself 

available to the Company or any of its successors (including any past or future subsidiary of the Company), any of the Released Parties, or its or their General Counsel, as the Company may reasonably request, to assist in any matter, including giving truthful testimony in any litigation or potential litigation, over which Executive may have knowledge, information or expertise.  Executive shall be reimbursed, to the extent permitted by law, any reasonable out-of-pocket expenses associated with such cooperation, provided those expenses are pre-approved by the Company (or Released Party, as applicable) prior to the Executive incurring them.  Executive acknowledges that his agreement to this provision is a material inducement to the Company to enter into the Agreement and pay the consideration described therein.

15.Business Expenses.  As of the date upon which Executive executes this Release, Executive confirms that any business-related expenses for which he seeks or will seek reimbursement have been, or will be, documented and submitted to the Company within 10 business days after the Termination Date.  Furthermore, Executive represents that any amounts owed by him to the Company have been paid.  In the event Executive has been reimbursed for business expenses, but has failed to pay any Company-issued charge card or credit card bill related to such reimbursed expenses, Executive shall promptly pay any such amounts within 7 days after any request by the Company and, in addition, the Company has the right and is hereby authorized to deduct the amount of any unpaid charge card or credit card bill from the severance payments or otherwise suspend payments or other benefits in an amount equal to the unpaid business expenses without being in breach of the Agreement.

16.Entire Agreement.  Except as expressly set forth herein, Executive acknowledges and agrees that this Release and the Agreement to which this Release is attached constitutes the complete and entire agreement and understanding between the Company and Executive with respect to the subject matter hereof, and supersedes in its entirety any and all prior understandings, commitments, obligations and/or agreements, whether written or oral, with respect thereto; it being understood and agreed that this Release, and the Agreement to which this Release is attached, including the mutual covenants, agreements, acknowledgments and affirmations contained herein and therein, is intended to constitute a complete settlement and resolution of all matters set forth in Section 1 hereof.  Executive represents that, in executing this Release, Executive has not relied upon any representation or statement made by any of the Released Parties, other than those set forth in this Release and the Agreement to which this Release is attached, with regard to the subject matter, basis, or effect of this Release.

IN WITNESS WHEREOF, Executive has executed this Release as of the below-indicated date(s).

EXECUTIVE
/s/ ROBERT LOEWEN
ROBERT LOEWEN

Date:  JUNE 1, 2020

ACKNOWLEDGED AND AGREED
WITH RESPECT TO ADEA RELEASE

EXECUTIVE
/s/ ROBERT LOEWEN 
ROBERT LOEWEN

Date:  JUNE 1, 2020Exhibit 10.1

 

STANDSTILL AGREEMENT

 

This Standstill
Agreement (this “Agreement”) is entered into as of July 28, 2020 (the “Effective Date”) by and between
Iliad Research and Trading, L.P., a Utah limited partnership (“Lender”), and Future Fintech Group Inc., a Florida corporation
(“Borrower”). Capitalized terms used in this Agreement without definition shall have the meanings given to them in
the Note (defined below).

 

A. Borrower previously sold and
issued to Lender that certain Secured Promissory Note dated December 19, 2019 in the original principal amount of $1,060,000.00
(the “Note”) pursuant to that certain Securities Purchase Agreement dated December 19, 2019 by and between Lender and
Borrower (the “Purchase Agreement,” and together with the Note and all other documents entered into in conjunction
therewith, the “Transaction Documents”).

 

B. Borrower has requested and Lender has agreed, subject
to the terms, conditionsand understandings expressed in this Agreement, to refrain and forbear temporarily from making redemptions
under the Note.

 

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

 

1.       Recitals
and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Agreement are
true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

2.      Standstill.
Subject to the terms, conditions and understandings contained in this Agreement, for a period beginning on the Effective Date and
ending on the date that is ninety (90) days from the Effective Date (the “Standstill Period”), Lender will not seek
to redeem any portion of the Note (the “Standstill”). Notwithstanding the foregoing, the Standstill shall immediately
and automatically terminate upon the occurrence of any Event of Default under the Note or Borrower’s breach of this Agreement
or the Transaction Documents after the date of this Agreement.

 

3.      Standstill
Fee. As a material inducement and partial consideration for Lender’s agreement to enter into this Agreement, each of
Borrower and Lender acknowledges and agrees that the Outstanding Balance of the Note shall be increased by nine percent (9%) on
the Effective Date (the “Standstill Fee”). Each of Borrower and Lender acknowledges and agrees that, following the
application of the Standstill Fee, the Outstanding Balance of the Note is

$1,209,635.96 as of the date hereof.

 

4.        Ratification
of the Note. The Note shall be and remains in full force and effect in accordance with its terms, and is hereby ratified and
confirmed in all respects. Borrower acknowledges that it is unconditionally obligated to pay the remaining balance of the Note
and represents that such obligation is not subject to any defenses, rights of offset or counterclaims. No forbearance or waiver
other than as expressly set forth herein may be implied by this Agreement. Except as expressly set forth herein, the execution,
delivery, and performance of this Agreement shall not operate as a waiver of, or as an amendment to, any right, power or remedy
of Lender under the Note or the Transaction Documents, as in effect prior to the date hereof.

 

     

     

    

 

5.        Failure
to Comply. Borrower understands that the Standstill shall terminate immediately upon the earliest occurrence of (a) any
breach of this Agreement, or (b) any Event of Default after the date hereof, and that in any such case, Lender may seek all
recourse available to it under the terms of the Note, this Agreement, any other Transaction Document, or applicable law. Upon
the termination of this Agreement or the expiration of the Standstill Period, among other rights, Lender shall have the right
to redeem all or any portion of the Outstanding Balance in accordance with the terms of the Note. For the avoidance of doubt,
the termination of the Standstill pursuant to this Section shall not terminate, limit or modify any other provision of this
Agreement (including without limitation the application of the Standstill Fee).

 

6.       Representations,
Warranties and Agreements. In order to induce Lender to enter into this Agreement, Borrower, for itself, and for its affiliates,
successors and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

(a) Borrower has full power and
authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein, all of which have
been duly authorized by all proper and necessary action. No consent, approval, filing or registration with or notice to any governmental
authority is required as a condition to the validity of this Agreement or the performance of any of the obligations of Borrower
hereunder.

 

(b) Upon full satisfaction of Borrower’s
obligations under this Agreement, any Event of Default which may have occurred under the Note before the date of this
Agreement shall hereby be waived and released by Lender. The agreement of Lender to refrain and forbear from exercising any
rights and remedies by reason of any existing default or any future default shall not constitute a waiver of, consent to, or
condoning of, any other future default.

 

(c) All understandings, representations,
warranties and recitals contained or expressed in this Agreement are true, accurate, complete, and correct in all respects; and
no such understanding, representation, warranty, or recital fails or omits to state or otherwise disclose any material fact or
information necessary to prevent such understanding, representation, warranty, or recital from being misleading. Borrower acknowledges
and agrees that Lender has been induced in part to enter into this Agreement based upon Lender’s justifiable reliance on
the truth, accuracy, and completeness of all understandings, representations, warranties, and recitals contained in this Agreement.
There is no fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or prior
to the date hereof which would or could materially and adversely affect the understandings of Lender expressed in this Agreement
or any representation, warranty, or recital contained in this Agreement.

 

(d) Except as expressly set forth in this Agreement,
Borrower acknowledges and agrees that neither the execution and delivery of this Agreement nor any of the terms, provisions,
covenants, or agreements contained in this Agreement shall in any manner release, impair, lessen, modify, waive, or otherwise
affect the liability and obligations of Borrower under the terms of the Note or any of the other Transaction Documents.

 

(e) Borrower has no defenses, affirmative or
otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action of any kind or nature
whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any manner connected with, the
transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted, or begun prior to
the execution of this Agreement and occurred, existed, was taken, permitted or begun in accordance with, pursuant to, or by
virtue of any of the terms or conditions of the Transaction Documents. To the extent any such defenses, affirmative or
otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist as of the date of
this Agreement or existed, such defenses, rights, claims, counterclaims, actions and causes of action are hereby waived,
discharged and released. Borrower hereby acknowledges and agrees that the execution of this Agreement by Lender shall not
constitute an acknowledgment of or admission by Lender of the existence of any claims or of liability for any matter or
precedent upon which any claim or liability may be asserted.

 

    2

     

    

 

 

(f) Borrower
hereby acknowledges that it has freely and voluntarily entered into this Agreement after an adequate opportunity and sufficient
period of time to review, analyze, and discuss (i) all terms and conditions of this Agreement, (ii) any and all other documents
executed and delivered in connection with the transactions contemplated by this Agreement, and (iii) all factual and legal matters
relevant to this Agreement and/or any and all such other documents, with counsel freely and independently selected by Borrower
(or had the opportunity to be represented by counsel). Borrower further acknowledges and agrees that it has actively and with full
understanding participated in the negotiation of this Agreement and all other documents executed and delivered in connection with
this Agreement after consultation and review with its counsel (or had the opportunity to be represented by counsel), that all of
the terms and conditions of this Agreement and the other documents executed and delivered in connection with this Agreement have
been negotiated at arm’s-length, and that this Agreement and all such other documents have been negotiated, prepared, and
executed without fraud, duress, undue influence, or coercion of any kind or nature whatsoever having been exerted by or imposed
upon any party by any other party. No provision of this Agreement or such other documents shall be construed against or interpreted
to the disadvantage of any party by any court or other governmental or judicial authority by reason of such party having or being
deemed to have structured, dictated, or drafted such provision.

 

(g) There is no statute, regulation, rule, order or
judgment and no provision of any mortgage, indenture, contract or other agreement binding on Borrower, which would prohibit
or cause a default under or in any way prevent the execution, delivery, performance, compliance or observance of any of the
terms and conditions of this Agreement and/or any of the other documents executed and delivered in connection with this
Agreement.

 

(h) Borrower is solvent as of the
date of this Agreement, and none of the terms or provisions of this Agreement shall have the effect of rendering Borrower insolvent.
The terms and provisions of this Agreement and all other instruments and agreements entered into in connection herewith are being
given for full and fair consideration and exchange of value.

 

7.       Certain
Acknowledgments. Each of the parties acknowledges and agrees that no property or cash consideration of any kind whatsoever
has been or shall be given by Lender to Borrower in connection with the Standstill or any other amendment to the Note granted herein.

 

8.       Arbitration. Each
party agrees that any dispute arising out of or relating to this Agreement shall be subject to the Arbitration Provisions (as
defined in the Purchase Agreement).

 

    3

     

    

 

9.       Governing Law; Venue. This Agreement shall be
governed by and interpreted in accordance with the laws of the State of Utah without regard to
the principles of conflict of laws. Each party agrees that the proper venue for any dispute arising out of or relating to
this Agreement shall be determined in accordance with the provisions of the Purchase Agreement. EACH PARTY’S
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

10.    Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all signing parties had signed the same
document. All counterparts shall be construed together and constitute the same instrument. The exchange of copies of this Agreement
and of signature pages by facsimile transmission or other electronic transmission (including email) shall constitute effective
execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes.
Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including email) shall be deemed
to be their original signatures for all purposes.

 

11.    Attorneys’
Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms of this Agreement, the
parties agree that the prevailing party shall be entitled to an additional award of the full amount of the attorneys’ fees
and expenses paid by such prevailing party in connection with the arbitration, litigation and/or dispute without reduction or apportionment
based upon the individual claims or defenses giving rise to the fees and expenses. Nothing herein shall restrict or impair an arbitrator’s
or a court’s power to award fees and expenses for frivolous or bad faith pleading.

 

12.    Severability.
If any part of this Agreement is construed to be in violation of any law, such part shall be modified to achieve the objective
of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full force and effect.

 

13.   Entire
Agreement. This Agreement, together with the Transaction Documents, and all other documents referred to herein, supersedes
all other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf with respect
to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
Lender nor Borrower makes any representation, warranty, covenant or undertaking with respect to such matters.

 

14.   No
Reliance. Each party acknowledges and agrees that neither the other party nor any of its officers, directors, members, managers,
representatives or agents has made any representations or warranties to such party or any of its agents, representatives, officers,
directors, stockholders, or employees except as expressly set forth in this Agreement and the Transaction Documents and, in making
its decision to enter into the transactions contemplated by this Agreement and the Transaction Documents, each party is not relying
on any representation, warranty, covenant or promise of the other party or its officers, directors, members, managers, agents or
representatives other than as set forth in this Agreement and in the Transaction Documents.

 

    4

     

    

 

15.    Amendments.
This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No provision of this Agreement
may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

 

16.    Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by Lender hereunder
may be assigned by Lender to a third party, including its financing sources, in whole or in part. Borrower may not assign this
Agreement or any of its obligations herein without the prior written consent of Lender.

 

17.    Continuing
Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, the Note and each of the other
Transaction Documents shall remain in full force and effect, enforceable in accordance with all of its original terms and provisions.
This Agreement shall not be effective or binding unless and until it is fully executed and delivered by Lender and Borrower. If
there is any conflict between the terms of this Agreement, on the one hand, and the Note or any other Transaction Document, on
the other hand, the terms of this Agreement shall prevail.

 

18.    Time
is of Essence. Time is of the essence with respect to each and every provision of this Agreement.

 

19.   Notices.
Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under this Agreement
to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Purchase Agreement.

 

20.    Further
Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

[Remainder of page intentionally left blank]

 

    5

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Agreement as of the date first set forth above.

 

	 	BORROWER:	 
	 	 
	 	FUTURE FINTECH GROUP INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	Shanchun Huang
	 	Title:	CEO
	 	 	 
	 	 	 
	 	LENDER:	 
	 	 	 
	 	ILIAD RESEARCH AND TRADING, L.P.
	 	 
	 	By:	 Iliad Management, LLC, its General Partner
	 	 	 
	 	By:	Fife Trading, Inc., its Manager
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	John M. Fife, President
	 	 	 

 

[Signature Page to Standstill Agreement]

 

    6

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