Document:

EX-10.13

 Exhibit 10.13 

HCW Biologics Inc. 
 2929
North Commerce Parkway Miramar, Florida 33025 
 June 18, 2021 

PERSONAL AND CONFIDENTIAL 
 Hing C. Wong 

 

	Re:	 Employment Agreement 

Dear Hing: 
 It gives me great pleasure to offer you (the
“Employee”) continued employment with HCW Biologics Inc. (the “Company”) in the position of Chief Executive Officer. As of the Effective Date (as defined below), this letter agreement (this “Agreement”) sets forth the
terms and conditions that shall govern the period of Employee’s employment with the Company (referred to hereinafter as “employment” or the “Employment Period”). Each of the Employee and the Company shall be referred to as a
“Party” and collectively, the “Parties”. 
 1. Effective Date. This Agreement shall be effective, and the term of this Agreement
shall commence on July 2, 2021 (the “Effective Date”). 
 2. Employment. Employee shall render services to the Company in the position
of Chief Executive Officer and shall report to the Company’s Board of Directors (the “Board”). Employee shall be based out of the Company’s offices in Florida. Employee will perform the duties and have the responsibilities and
authority customarily performed and held by an employee in Employee’s position or as otherwise may be assigned or delegated to Employee by the Board. During the Employment Period, Employee shall perform Employee’s duties faithfully and to
the best of Employee’s ability and shall devote substantially all of Employee’s business time, energy, attention and skill to the services of the Company and the promotion of its interests. So long as Employee is employed by the Company,
Employee shall not, without the prior written consent of the Company establish or engage in any business activity that would compete in any way with the current or proposed business of the Company or its affiliates; provided, that it shall
not be a violation of this Agreement for Employee to (i) serve on civic or charitable boards, (ii) serve in a non-executive capacity on the boards of directors of up to two other companies or
(iii) manage passive personal investments, in each case so long as such activities do not individually or in the aggregate interfere in any material way with the performance of Employee’s duties and responsibilities to the Company.
Employee shall comply with the Company’s policies and rules, as they may be in effect from time to time during Employee’s employment. 
 3.
Compensation. 
 (a) Salary. The Company shall pay Employee an annual base salary of $390,000 (“Base Salary”), which
shall be paid less all required tax withholdings and other applicable deductions in accordance with the Company’s regularly established payroll practice. The Company shall conduct an annual review of the Base Salary and may increase such Base
Salary in its sole discretion based on the 

  
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performance of Employee and the Company. Effective as of the date of any change to Employee’s Base Salary, the Base Salary as so changed shall be considered the new Base Salary for all
purposes of this Agreement. 
 (b) Achievement Bonus. Employee will be eligible to be considered for an annual cash incentive bonus
(the “Cash Bonus”) each calendar year during the Employment Period based upon the achievement of certain objective or subjective criteria (collectively, the “Performance Goals”). In compliance with all relevant legal requirements
and based on Employee’s level within the Company, the Performance Goals for Employee’s Cash Bonus for a particular year will be established by, and in the sole discretion of, the Board or any Compensation Committee of the Board (the
“Committee”), as applicable. The initial target amount for any such Cash Bonus will be up to 60% of Employee’s Base Salary (the “Target Bonus Percentage”), less all required tax withholdings and other applicable deductions.
The determinations of the Board or the Committee, as applicable, with respect to such Cash Bonus or the Target Bonus Percentage shall be final and binding. Employee’s Target Bonus Percentage for any subsequent year may be adjusted up or down,
as determined in the sole discretion of the Board or the Committee, as applicable. Employee shall not earn a Cash Bonus unless Employee is employed by the Company on the date when such Cash Bonus is actually paid by the Company. For 2021, the Cash
Bonus will be split into two distinct components: 
  

	 	(i)	 Employee will receive 30% of Base Salary for successful Initial Public Offering with pre-money valuation of the Company equal to or higher than $200 MM dollars ($200,000,000). 

	 	(ii)	 Employee will receive an Cash Bonus equal to 30% of Base Salary if performance meets or exceeds the Performance
Goals for 2021. 

 (c) Equity Incentives. During the sixty (60) day period after the Company’s Initial
Public Offering, the Company will discuss and negotiate in good faith with Employee an award of stock options, restricted stock units and/or other equity incentives (an “Equity Award”) in accordance with the terms of the Company’s
2021 Equity Incentive Plan (the “Plan”). If granted as an option, it will have an exercise price per share equal to the fair market value per share of Common Stock on the date of grant. If, in connection with a Change in Control (as
defined in the Plan), the acquiror does not assume or substitute for the Equity Award, then vesting shall accelerate to 100% effective as of immediately prior to the closing of such transaction. 

(d) Benefits. Employee will be entitled to participate in all benefit plans (including, but not limited to, any medical, dental, life
insurance, retirement and disability plans), which may be available from time to time to the senior executives (and their eligible dependents) of the Company. Employee acknowledges and agrees that the Company may, in its discretion, terminate at any
time or modify from time to time any such benefit plans. 
 (e) Vacation. As an exempt employee, Employee is eligible to participate
in the Company’s paid time off program: employees have the authority to use their judgment and discretion to take temporary periods of time away from work as needed, without loss of pay, as their work permits. 

(f) Expenses. The Company shall pay or reimburse Employee for business expenses reasonably incurred by Employee in connection with the
performance of Employee’s duties in accordance with the policies of the Company as may be in effect from time to time, including presentation of receipts or other backup or supporting documentation. 

  
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 (g) No Other Compensation. Other than as expressly set forth in this Section 3,
Employee shall not receive any other compensation or benefits from the Company or its affiliates. 
 (h) Withholding. Notwithstanding
anything else herein to the contrary, the Company may withhold from any amounts otherwise due or payable under or pursuant to this Agreement or otherwise such non-U.S., U.S., federal, state and local income,
employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 4. Termination; Severance; Acceleration of
Option Vesting. 
 (a) Termination Employment At Will. Notwithstanding Section 1 but subject to Section 4(c) below,
Employee’s employment with the Company will be “at-will.” Employee may terminate his employment with the Company and this Agreement at any time and for any reason whatsoever simply by notifying
the Company. Likewise, the Company may terminate Employee’s employment and this Agreement at any time, with or without Cause or advance notice. Employee’s employment at-will status can only be
modified in a written agreement signed by Employee and by the Board. 
 (b) Accrued Benefits. Except as expressly provided in
Section 4(c), upon the termination of Employee’s employment, Employee shall only be entitled to (i) the accrued but unpaid Base Salary compensation and PTO, (ii) other benefits earned and the reimbursements described in this
Agreement or under any Company-provided plans, policies, and arrangements for the period preceding the effective date of the termination of employment, each in accordance with the governing documents and policies of any such benefits,
reimbursements, plans and arrangements, and (iii) such other compensation or benefits from the Company as may be required by law (collectively, the “Accrued Benefits”). 

(c) Severance. In the event that either the Company terminates Employee’s employment without Cause or Employee resigns for Good
Reason (a “Qualifying Termination”), then, subject to Section 4(d), Employee shall be eligible to receive the following: (i) a single lump sum cash payment equal to two time (2x) Employee’s then-current Base Salary
(i.e., 24 months of severance), less all applicable federal, state and local withholdings and deductions and (ii) all of Employee’s unvested and outstanding equity awards that would have become vested had Executive remained in the
employ of the Company for the 24-month period following Employee’s termination of employment shall immediately vest and become exercisable, if applicable, as of the date of Employee’s termination;
provided, however, that if the Qualifying Termination occurs in connection with or during the twelve (12) months following a Change in Control, then 100% of Employee’s unvested and outstanding equity awards shall immediately vest
and become exercisable, if applicable, as of the date of Employee’s termination (collectively, the “Severance Benefits”). 

(d) Release. Employee shall not be entitled to any Severance Benefits unless Employee executes and returns to the Company a general
release in favor of, and in a form reasonably satisfactory to, the Company (the “Release”) and does not revoke such release during any applicable revocation period prescribed by law, and such release becomes effective within 60 days
following Employee’s termination date (the “Release Deadline”). In addition, in no event will Severance Benefit be paid or provided until the Release actually becomes effective. If the termination of employment occurs at a time during
the calendar year where the Release Deadline could occur in the calendar year following the calendar year in which Employee’s termination of employment occurs, then any severance payments or benefits under this Agreement that would be
considered Deferred Payments (as defined in Section 7(a)) will be paid on the first payroll date to occur during the calendar year following the calendar year in which such termination occurs, or such later time as required by (i) the
payment schedule applicable to each payment or benefit as set forth in Section 4, (ii) the date the Release becomes effective, or (iii) Section 7(b); provided that the first payment shall include all amounts that would have been paid
to 

  
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Employee if payment had commenced on the date of Employee’s termination of employment. For the avoidance of doubt, and notwithstanding anything herein to the contrary, Employee shall not be
entitled to any severance payment if (a) the Company terminates Employee’s employment as Chief Executive Officer of the Companyfor Cause, (b) Employee resigns or otherwise terminates his employment as Chief Executive Officer of the
Company other than for Good Reason, or (c) Employee’s employment is terminated by reason of Employee’s death or Disability. In the event Employee’s employment is terminated due to Disability, Employee shall receive those benefits
to which Employee is entitled under the Company’s long-term disability benefits plan(s). The Company shall make any severance payment provided for under this Section 4 on the Release Deadline. 

5. Definitions. 
 (a) For purposes of
this Agreement, the term “Cause” shall mean any of the following:(a) Employee’s material breach of any agreement with the Company, including the Confidentiality Agreement, or any policy of the Company, which breach has not been cured
within twenty (20) days following written notice to Employee thereof; (b) Employee’s conviction of, or pleading guilty or nolo contendere to, a felony or any other crime involving dishonesty, breach of trust, moral turpitude, or
physical harm to any person (including, without limitation, the Company or any of its employees); (c) Employee’s act of fraud, misconduct, intentional misrepresentation or dishonesty in connection with Employee’s duties or otherwise with
the business of the Company; (d) Employee’s material breach in the performance of duties under this Agreement, including insubordination or excessive tardiness, or failure to implement or follow a lawful policy or directive of the Company,
in each case where such failure is not cured within twenty (20) days following written notice to Employee thereof; (e) Employee’s commission of any act or omission of gross negligence or willful misconduct in the performance of
Employee’s duties; or (f) Employee being under the influence of alcohol or non-prescription drugs, during work activities, except that “Cause” shall not include Employee’s proper use
of prescription drugs with a valid prescription or proper use of over-the- counter medications in accordance with the manufacturer’s recommendations or a
physician’s directions or Employee’s modest consumption of alcohol during business dinners or other work-related social events. 

(b) For purposes of this Agreement, “Good Reason” shall mean any of the following, without Employee’s written consent:
(a) relocation of Employee outside of Florida, (b) loss of Employee’s title as Chief Executive Officer of the Company, (c) a material reduction in Employee’s Base Salary; (except where there is a reduction applicable to all
similarly situated executive officers generally); provided, that a reduction of less than ten percent (10%) will not be considered a material reduction in Base Salary, (e) there is a change in Employee’s responsibilities at the Company
which represents a material and adverse change from Employee’s overall responsibilities at the Company, taken as a whole, or (f) a material breach of this Agreement by the Company, including, without limitation, a failure to materially
satisfy the provisions of Section 3(c) in a timely manner. For purposes of the previous sentence, Employee’s voluntary termination shall be deemed for purposes of this Agreement to have occurred for Good Reason only if (i) Employee
provides written notice to the Company prior to resignation and within thirty (30) days after Employee becomes aware of the circumstances giving rise to Good Reason, (ii) the Company fails to correct the circumstances giving rise to Good
Reason prior to resignation and within thirty (30) days following receipt of such notice and (iii) Employee resigns within sixty (60) days following the end of the thirty (30) day period described in (ii). 

(c) For purposes of this Agreement, “Disability” shall mean Employee becomes eligible for the Company’s long-term disability
benefits under the Company’s long-term disability plan. 

  
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 6. Post-Termination Obligations. 

(a) Employee agrees that all property (including, without limitation, all equipment, tangible proprietary information, documents, records,
notes, contracts and computer-generated materials) furnished to or created or prepared by Employee in the course and scope of Employee’s employment belongs to the Company and shall be promptly returned to the Company upon termination of
Employee’s employment. 
 (b) Upon termination of Employee’s employment, Employee shall be deemed to have resigned from all
offices and directorships then held with the Company and its subsidiaries. Following any termination of employment, Employee shall reasonably cooperate with the Company (i) in the winding up of pending work on behalf of the Company and the
orderly transfer of work to other employees, and (ii) in the defense of any action brought by any third party against the Company that relates to Employee’s employment by the Company; provided, that in each case the Company shall
reimburse Employee for any reasonable and documented out-of-pocket fees and expenses incurred by Employee in connection with such cooperation. 

(c) Employee acknowledges that (i) because of his position with the Company, he will have access to information about the operations,
business strategies and customers, and other valuable proprietary information and trade secrets, of the Company and its affiliates, (ii) the use or disclosure of such information and trade secrets in violation of this Agreement would be
extremely difficult to detect or prove, and (iii) any activities restricted by this Section 6(c) would necessarily involve the use or disclosure of the Company’s trade secrets and/or proprietary information. Accordingly, Employee
agrees that from the Effective Date until the twelve (12) month anniversary of the termination of employment, Employee will not, directly or indirectly: (i) interfere with, damage or impair (or attempt to tortuously interfere with, damage
or impair) the relationship between the Company and its affiliates and any of their customers, suppliers or business relations (or prospective customers, suppliers or business relations) or(ii) solicit, encourage, induce (or attempt to induce,
encourage or induce) any person who is a consultant, agent or representative of the Company or its affiliates to terminate his, her or its relationship with the Company or its affiliates. 

(d) Employee agrees that he will not directly or indirectly, individually or in concert with others, make any statement calculated or likely
to have the effect of undermining or disparaging the business or the business reputation of the Company or its affiliates or their respective employees, officers, directors, customers, suppliers, successors and assigns, including, without
limitation, negative comments about any such company, its management methods, policies and/or practices. Notwithstanding the foregoing, nothing herein shall prohibit Employee from (i) confidential disclosures made to Employee’s legal or
other professional advisors, (ii) exercising Employee’s rights under this Agreement, any other agreement to which the Company and Employee are parties, or otherwise with respect to employment by the Company, or (iii) responding
accurately and fully to any question, inquiry or request made in connection with any governmental inquiry, investigation, review, audit or proceeding, or as otherwise required by law. 

(e) Employee acknowledges that the Company is relying for its protection upon the existence and validity of the provisions of this Agreement,
that the services to be rendered by Employee are of a special, unique and extraordinary character, and that irreparable injury may result to the Company from any violation or continuing violation of the provisions of this Section 6 for which
damages may not be an adequate remedy. Accordingly, notwithstanding Section 10 below, Employee hereby agrees that in addition to the remedies available to the Company by law, the Company shall be entitled to apply to a court of competent
jurisdiction to obtain such equitable relief as may be permitted by law by such a court including injunctive relief from any violation or continuing violation by Employee of any term or provision of this Section 6. 

  
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 7. Section 409(A). 

(a) Notwithstanding anything to the contrary in this Agreement, no Severance Benefits to be paid or provided to Employee, if any, pursuant to
this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation (together, the “Deferred Payments”) not exempt under Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), and the final regulations and any guidance promulgated thereunder or any state law equivalent (collectively, “Section 409A”) will be paid or otherwise provided until Employee has a
“separation from service” within the meaning of Section 409A. And for purposes of this Agreement, any reference to “termination of employment,” “termination” or any similar term shall be construed to mean a
“separation from service” within the meaning of Section 409A. Similarly, no severance payable to Employee, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Employee has a “separation from service” within the meaning of Section 409A. 

(b) Notwithstanding anything to the contrary in this Agreement, if Employee is a “specified employee” within the meaning of
Section 409A at the time of Employee’s termination of employment (other than due to death), then the Deferred Payments, if any, that are payable within the first six (6) months following Employee’s separation from service, will
become payable on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Employee’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance
with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Employee dies following Employee’s separation from service, but prior to the six (6) month anniversary of the separation
from service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Employee’s death and all other Deferred Payments will be payable in accordance
with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of
Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (c) Without limitation, any amount paid
under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations is not intended to constitute Deferred
Payments for purposes of clause (a) above. 
 (d) Without limitation, any amount paid under this Agreement that qualifies as a payment
made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit is not intended to
constitute Deferred Payments for purposes of clause (a) above. Any payment intended to qualify under this exemption must be made within the allowable time period specified in
Section 1.409A-1(b)(9)(iii) of the Treasury Regulations. “Section 409A Limit” means two (2) times the lesser of: (i) Employee’s annualized compensation based upon the annual
rate of pay paid to Employee during Employee’s taxable year preceding Employee’s taxable year of his separation from service as determined under Treasury Regulations
Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto, or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to
Section 401(a)(17) of the Code for the year in which Employee’s separation from service occurred. 
 (e) To the extent that
reimbursements or in-kind benefits under this Agreement constitute non-exempt “nonqualified deferred compensation” for purposes of Section 409A,
(1) all reimbursements hereunder shall be made on or prior to the last day of the calendar year following the calendar year in which the expense was incurred by Employee, (2) any right to reimbursement or
in-

  
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kind benefits shall not be subject to liquidation or exchange for another benefit, and (3) the amount of expenses eligible for reimbursement or
in-kind benefits provided in any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind benefits to be provided, in any other
calendar year. 
 (f) The Severance Benefits are intended to be exempt from or comply with the requirements of Section 409A so that
none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be exempt or so comply. The Company and
Employee agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions that are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual
payment to Employee under Section 409A. 
 8. Confidentiality Agreement. Concurrently with the execution of this Agreement, Employee shall
execute and deliver to the Company the Company’s standard Employee Proprietary Information and Invention Assignment Agreement (the “Confidentiality Agreement”). 

9. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the internal substantive laws (and not the laws of
conflicts) of the State of Florida. If any provision of this Agreement becomes or is deemed invalid, illegal or unenforceable in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then such provision shall be
deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended without materially altering the intention of the Parties, then such provision shall be stricken
and the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is rendered illegal by any present or future statute, law, ordinance or regulation (collectively, the “Law”) then that
provision shall be curtailed or limited only to the minimum extent necessary to bring the provision into compliance with the Law. All the other terms and provisions of this Agreement shall continue in full force and effect without impairment or
limitation. 
 10. Arbitration. Subject to Section 6(e) above, To the fullest extent permitted by applicable law, Employee and the Company agree
that any and all disputes, demands, claims, or controversies (“claims”) relating to, arising from or regarding Employee’s employment, including claims by the Company, claims against the Company, and claims against any current or
former parent, affiliate, subsidiary, successor or predecessor of the Company, and each of the Company’s and these entities’ respective officers, directors, agents or employees, shall be resolved by final and binding arbitration before a
single arbitrator in Miramar, Florida (or another mutually agreeable location). This does not prevent either Employee or the Company from seeking and obtaining temporary or preliminary injunctive relief in court to prevent irreparable harm to
Employee’s or its confidential information or trade secrets pending the conclusion of any arbitration. This arbitration agreement does not apply to any claims that have been expressly excluded from arbitration by a governing law not preempted
by the Federal Arbitration Act and does not restrict or preclude Employee from communicating with, filing an administrative charge or claim with, or providing testimony to any governmental entity about any actual or potential violation of law or
obtaining relief through a government agency process. The Parties hereto agree that claims shall be resolved on an individual basis only, and not on a class, collective, or representative basis on behalf of other employees to the fullest extent
permitted by applicable law (“Class Waiver”). Any claim that all or part of the Class Waiver is invalid, unenforceable, or unconscionable may be determined only by a court. In no case may class, collective or representative
claims proceed in arbitration on behalf of other employees. 

  
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 The Parties agree that the arbitration shall be conducted by a single neutral arbitrator
through JAMS in accordance with JAMS Employment Arbitration Rules and Procedures (available at www.jamsadr.com/rules-employment-arbitration). Except as to the Class Waiver, the arbitrator shall determine arbitrability. The Company will
bear all JAMS arbitration fees and administrative costs in excess of the amount of administrative fees and costs that Employee otherwise would have been required to pay if the claims were litigated in court. The arbitrator shall apply the applicable
substantive law in deciding the claims at issue. Claims will be governed by their applicable statute of limitations and failure to demand arbitration within the prescribed time period shall bar the claims as provided by law. The decision or award of
the arbitrator shall be final and binding upon the Parties. This arbitration agreement is enforceable under and governed by the Federal Arbitration Act. In the event that any portion of this arbitration agreement is held to be invalid or
unenforceable, any such provision shall be severed, and the remainder of this arbitration agreement will be given full force and effect. By signing the offer letter, Employee acknowledges and agrees that Employee has read this arbitration agreement
carefully, are bound by it and are WAIVING ANY RIGHT TO HAVE A TRIAL BEFORE A COURT OR JURY OF ANY AND ALL CLAIMS SUBJECT TO ARBITRATION UNDER THIS ARBITRATION AGREEMENT. 

11. Entire Agreement. It is understood, acknowledged and agreed that there are no oral agreements between the Parties hereto or their affiliates and
that this Agreement constitutes the Parties’ and their affiliates’ entire agreement with respect to the subject matter hereof and supersedes and cancels any and all previous negotiations, arrangements, agreements and understandings, if
any, between the Parties hereto and their affiliates, and none thereof shall be used to interpret or construe this Agreement. This Agreement, and the exhibits attached hereto, and the Confidentiality Agreement contain all of the terms, covenants,
conditions, warranties and agreements of the Parties and their affiliates, shall be considered to be the only agreement between the Parties hereto and their affiliates and their respective representatives and agents with respect thereto. 

12. Amendments; Waivers. This Agreement may be amended, modified, superseded, canceled, renewed or extended and the terms or covenants of this
Agreement may be waived only by a written instrument executed by the Parties to this Agreement or, in the case of a waiver, by the Party waiving compliance. The failure of any Party at any time or times to require performance of any provision of
this Agreement shall in no manner affect the right at a later time to enforce the same. No waiver by any Party of the breach of any term or provision contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall
be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 

13. Assignment. The rights, duties and benefits of Employee hereunder are personal in nature, and no such right, duty or benefit may be assigned by
Employee without the prior written consent of the Company. The rights and obligations of the Company hereunder shall inure to the benefit of, and be binding upon, the Company and its successors and assigns. 

14. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
 15. Construction. Employee and the Company acknowledge and agree that (a) each such Party has consulted (or had the
opportunity to consult) with such Party’s own, independent counsel, and such other professional advisors as such Party has deemed appropriate, relating to any and all matters contemplated under this Agreement, (b) each such Party and such
Party’s counsel and advisors have 

  
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reviewed (or had the opportunity to review) this Agreement, (c) each such Party has agreed to enter into this Agreement following such review (or opportunity to review) and the rendering of
such advice, and (d) any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not apply in the interpretation of this Agreement, or any portions hereof, or any amendments hereto. 

16. Counterparts. This Agreement and any amendments hereto may be executed in one or more counterparts. All of such counterparts shall constitute one
and the same Agreement and shall become effective when a copy signed by each Party has been delivered to the other Party. The Parties agree that facsimile and .pdf signatures shall be as effective as if originals. 

17. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents or notices related to this letter, securities of the
Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered to Employee by applicable securities law or any other law or the Company’s Certificate of Incorporation or Bylaws by email or any
other electronic means. Employee hereby consents to (i) conduct business electronically (ii) receive such documents and notices by such electronic delivery and (iii) sign documents electronically and agree to participate through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

  
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 Please kindly countersign this Agreement to confirm your understanding and agreement with the terms set
forth herein. 
  

			
	 Sincerely,

	
	HCW Biologics Inc.
		
	By:	 	 /s/ Scott Garrett

	Name:	 	Scott Garrett
	Title:	 	Chairman, Board of Directors
	
	ACKNOWLEDGED AND AGREED:
		
	By:	 	 /s/ Hing C. Wong

	Name:	 	Hing C. Wong

  
 1Exhibit 10.1

 

 

GTY Technology Holdings Inc.

 

July 1, 2021

 

TJ Parass

 

Re:     Amended
and Restated Offer of Employment

 

Dear TJ:

 

On behalf of GTY Technology Holdings Inc. (together
with its successors, the “Company”), I am pleased to offer you the amended and restated terms and conditions of your
employment with the Company in the position of Chief Executive Officer and President of the Company, working out of principal offices
of Questica Software Inc. and Questica USCDN Inc. (“Questica”) subsidiaries of the Company located in Ontario, Canada.

 

The terms that will apply to your continuing employment
with the Company are as follows:

 

		1.	Term, Position and Duties. Your employment pursuant to the terms and conditions of this amended
and restated offer letter (this “offer letter”) shall be effective as of July 1, 2021 (the “Effective Date”)
and shall continue until the second anniversary thereof, unless terminated earlier pursuant to Section 5; provided, however,
you and GTY may extend your employment on such terms and conditions by mutual agreement.

 

Commencing on the Effective Date, you
will be employed by the Company hereunder on a full-time basis as the Chief Executive Officer and President of the Company, reporting
to the Board of Directors of the Company (the “Board”). For clarity, all of your previous service with Questica will be recognized
for all purposes and benefits.

 

You agree to perform the duties and
responsibilities of your positions, and such other duties and responsibilities as shall from time to time be mutually agreed upon between
you and the Board. You agree that, while employed by the Company, you will devote your full business time and your best efforts, business
judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and its subsidiaries; provided,
however, you will be permitted to (i) engage in charitable and civic activities (including serving on not more than two charitable
and not-for-profit Boards of Directors); (ii) manage your personal and family financial matters; and (iii) engage in such reasonable
commercial and business interests (including with respect to the oversight of the business of Total ETO Inc.) approved in advance by the
Board (such approval not to be unreasonably withheld), in each case, to the extent such activities do not individually or in the aggregate
interfere with your duties and responsibilities to the Company or create any actual or potential conflict of interests with the Company’s
business.

 

		2.	Base Salary and Annual Bonus. Commencing on the Effective Date and continuing thereafter, you will
receive an annual base salary of $400,000 (US) (“Base Salary”), less applicable tax and other withholdings and deductions
required by law, payable in accordance with the Company’s payroll practices in effect from time to time. Your Base Salary will be
subject to periodic review and potential upward adjustment by the Compensation Committee (the “Committee”) of the Board.

 

    

     

    

 

For each calendar year of your continuing
employment, you will be eligible to receive an annual cash incentive bonus (the “Annual Bonus”). The target amount of the
Annual Bonus will be equal to 50% of your Base Salary. The Annual Bonus will be subject to pro-ration for any period of employment of
less than a full calendar year. The Annual Bonus will be subject to the achievement of performance goals established by the Committee.
The actual amount of the Annual Bonus, if any, which may be in excess of the target amount if achievement exceeds performance goals, will
be determined based on the discretion and recommendation of the Committee to the Board. You must be actually and actively employed by
the Company on the day that the Annual Bonus (if any) for a calendar year is paid in order to earn and receive such Annual Bonus. For
greater clarity, you will not be considered “actually and actively employed” during any period of notice of termination or
when in receipt of payment in lieu of such notice of termination, unless specifically required by statute or otherwise provided in this
offer letter. The Annual Bonus shall be subject to standard payroll deductions and withholdings, and paid no later than March 15th
of the year following the calendar year to which the Annual Bonus relates.

 

The Company shall pay you a lump-sum
cash signing bonus of $55,937.50 (US) within 60 days following the Effective Date.

 

		3.	Equity Compensation. You will, subject to the approval by the Administrator of the GTY Technology
Holdings Inc. Amended and Restated 2019 Omnibus Incentive Plan (or any other incentive plan adopted or approved by the Company) (the “Incentive
Plan”) and continuing employment with the Company, be granted the following equity awards pursuant to the terms and conditions of
an award agreement and the Incentive Plan a (the “Equity Awards”):

 

		a.	Time-Based Restricted Stock Units.

 

		·	On or about the Effective Date, 100,000 time-based restricted stock units, vesting 75% on December 31,
2021 and 25% on December 31, 2022.

		·	On or before the Effective Date, 100,000 time-based restricted stock units, vesting 75% on December 31,
2022 and 25% on December 31, 2023.

		·	On or before December 31, 2021, 60,000 time-based restricted stock units, vesting in three equal
installments on February 19, 2022, February 19, 2023 and February 19, 2024.

		·	On or before December 31, 2022, 60,000 time-based restricted stock units vesting in three equal installments
on February 19, 2023, February 19, 2024 and February 19, 2025.

		·	On or before December 31, 2023 and the end of each subsequent year, time-based restricted stock units
with a fair market value (as defined in the Incentive Plan, “Fair Market Value”) of $300,000 (US) on the date of grant, rounded
up to avoid a grant of fractional shares, vesting in three equal installments on February 19 of each subsequent year.

 

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		b.	Performance-Based Restricted Stock Units.

 

		·	On or before December 31, 2021, 70,000 performance-based restricted stock units, vesting in three
equal installments on February 19 of each subsequent year subject to the achievement of performance goals established by the Board.

		·	On or before December 31, 2022, 70,000 performance-based restricted stock units, vesting in three
equal installments on February 19 of each subsequent year subject to the achievement of performance goals established by the Board.

		·	On or before December 31, 2023 and the end of each subsequent year, performance-based restricted
stock units with a Fair Market Value of $350,000 (US) on the date of grant, rounded up to avoid a grant of fractional shares, vesting
in three equal installments on February 19 of each subsequent year subject to the achievement of performance goals established by
the Board.

 

		c.	Long-Term Incentive Plan.

 

		·	On or before December 31, 2022, a grant of performance-based restricted stock units with a Fair Market
Value of $3,000,000,000 (US) on the date of grant, rounded up to avoid a grant of fractional shares, vesting in the following installments
over three years subject to the achievement of performance goals established by the Board related to revenue and shareholder value: (i) 50%
in 2023 (the “2023 LTI Vesting”), (ii) 25% in 2024 and (iii) 25% in 2025 (collectively, the 2022 Long-Term Incentive
Grant”).

		·	On or before December 31, 2024, a grant of performance-based restricted stock units with a Fair Market
Value of $2,000,000 (US) on the date of grant, rounded up to avoid a grant of fractional shares, vesting in three equal installments on
February 19 of each subsequent year subject to the achievement of performance goals established by the Board related to revenue and
shareholder value.

 

		4.	Benefit Plans and Programs. You will be eligible to participate in the Company’s or Questica’s
executive benefits and executive benefits plans and programs (including RRSP matching) in effect from time to time, subject to the terms
of any and all plan documents and at the same level as your current executive benefits. The Company reserves the right, in its sole discretion,
to amend, change or discontinue, in whole or in part, any and all of its benefits and/or benefit plans and programs, at any time for any
reason; provided, however, any amendment, change or discontinuance shall be required to affect all similarly situated executives of the
Company. The Company will reimburse you for all reasonable business expenses you incur in the performance of your duties, subject to the
terms of the Company’s expense reimbursement policies in effect from time to time applicable to senior executives. You will be entitled
to the benefits of GTY’s Flexible Paid Time Off Policy and, in any event, no less than six weeks’ paid vacation in accordance
with the Company’s policies. Except as outlined above, you are not entitled to any other payment, benefit, perquisite, allowance
or entitlement other than as specifically set out in this offer letter or as otherwise agreement to in writing by the Company.

 

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		5.	Termination. In the event your employment with the Company terminates for any reason, the Company
will pay you (i) unpaid base salary through the termination date, payable in accordance with the Company’s payroll practices,
(ii) unreimbursed business expenses, payable in accordance with and subject to the terms of the Company’s expense reimbursement
policies, (iii) any vested non-forfeitable amounts owing or accrued as of the termination date (or to the end of any applicable statutory
notice period) under the Company’s benefit plans or programs in which you participated, (iv) any accrued but unused vacation
pay owing to you up to the termination date and (v) any vested amounts or benefits owing under the Incentive Plan (collectively,
the “Accrued Benefits”). In addition to the Accrued Benefits:

 

		a.	In the event your employment is terminated at any time by the Company without “Cause” (as
defined below) or you resign for “Good Reason” (as defined below) or your employment is not extended in accordance with Section 1
by the Company without “Cause” or by you for “Good Reason”, then the Company shall provide you the following payments
and benefits (the “Severance Benefits”): (1) the greater of (a) an amount (the “Cash Severance”) equal
to one-and-one-half (1.5) times the sum of your then-current Base Salary plus one-and-one-half (1.5) times your then-current target Annual
Bonus, payable in substantially equal monthly installments over an 18-month period following the date of your termination (the “Severance
Period”), or (b) the minimum amount of payment in lieu of notice and severance pay (if any) owed to you pursuant to Part XV
of the Employment Standards Act, 2000, as it may be amended from time to time (the “ESA”), (2) continued participation
in the Company’s health and welfare plans until the earlier of (a) the end of the Severance Period and (b) the date you
are eligible for coverage under a subsequent employer’s health and welfare plans (provided that under no circumstances will your
benefits continuation be for a period which is less than the notice period required under Part XV of the ESA), (3) vacation
pay which accrues during the notice period required by Part XV of the ESA and (4) any unvested or partially vested Equity Awards
shall become fully vested; provided, that, notwithstanding the foregoing, (i) the Equity Awards referenced in Section 3.c.
(Long Term-Incentive Plan) shall vest only if and to the extent that they would have vested within six months following the date
on which your employment is terminated by the Company without “Cause” or by you for “Good Reason” or your employment
is not extended in accordance with Section 1 by the Company without “Cause” or by you for “Good Reason” and
(ii) if you resign from Company without good reason within six months before the 2023 LTI Vesting, then 50% of the 2022 Long-Term
Incentive Grant will vest on the date on which your employment with GTY terminates as a result of such resignation. For the avoidance
of doubt, the Severance Benefits are not subject to mitigation by you.

 

		b.	In the event your employment is terminated by the Company for Cause or due to your death or resignation
other than for Good Reason, you will receive only the Accrued Benefits. For purposes of this offer letter, “Cause” shall mean:
(i) a willful act of dishonesty by you in connection with the performance of your duties as an employee; (ii) your conviction
of, indictment for, or plea of guilty to an indictable offence under the Criminal Code of Canada for any crime involving fraud, embezzlement
or moral turpitude, or a material violation of federal or provincial law that the Board reasonably determines has had or is reasonably
likely to have a detrimental effect on the Company’s reputation or business (other than convictions for which a pardon has been
granted); (iii) your gross misconduct in the performance of your duties as an employee; (iv) your intentional or grossly negligent
unauthorized use or disclosure of any Confidential Information or Intellectual Property (each as defined in the Amended and Restated Fair
Competition Agreement between you and the Company dated as of the date hereof (the “Fair Competition Agreement”)); (v) your
material breach of any material obligations under any written agreement between you and the Company, including, without limitation, the
Fair Competition Agreement; (vi) your breach of any material Company policy communicated to you, including but not limited to those
relating to insider trading or sexual harassment, which is not considered by the Board to be immaterial; (vii) your willful refusal
to follow the lawful directives of the Board or the Company CEO; or (viii) any other act or omission or series of acts or omissions
by you that would, pursuant to applicable employment standards legislation or at common law, permit the Company to, without notice or
payment in lieu of notice, terminate your employment. Despite the above, it is understood that “Cause” shall be deemed not
to be established unless, (a) the Company provides you with written notice of any of the grounds for termination allegedly relied
upon above (the “Grounds for Termination”); and (b) you are then unable to cure the Grounds for Termination within 15
days of receiving such written notice. In the event that any instance of Cause is found to not amount to wilful misconduct, disobedience
or wilful neglect of duty that is not trivial and has not been condoned by the Company, it is agreed that your entitlement will be limited
to the applicable minimum notice of termination or pay in lieu thereof, severance pay (if any), and continued participation in the Company’s
health and welfare benefit plans as required by Part XV of the ESA.

 

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		c.	For purposes of this offer letter, “Good Reason” shall mean the occurrence of any of the following
without your prior consent: (i) a material diminution in your base salary or target Annual Bonus opportunity; (ii) a material
diminution in your duties as Chief Executive Officer of the Company; (iii) a relocation of your principal work location to a facility
or location more than 30 miles from your principal work location on the Effective Date; or (iv) unless a Change in Control has occurred,
a requirement that you report to any person or entity other than the Board. Good Reason will not be deemed to have occurred unless you
give the Company written notice of the condition within 90 days after the condition initially comes into existence, the Company fails
to remedy the condition within 30 days after receiving your written notice and you actually resign your employment within 30 days following
the expiration of the Company’s cure period.

 

		d.	For purposes of this offer letter, “Change in Control” shall mean the occurrence of any of
the following after the Effective Date: (i) one person (or more than one person acting as a group) acquires ownership of stock of
the Company that, together with the stock held by such person or group, constitutes more than 50% of the total fair market value or total
voting power of the stock of such corporation; provided that, a Change in Control shall not occur if any person (or more than one
person acting as a group) owns more than 50% of the total fair market value or total voting power of the Company’s stock and acquires
additional stock; (ii) one person (or more than one person acting as a group) acquires (or has acquired during the twelve-month period
ending on the date of the most recent acquisition) ownership of the Company’s stock possessing 30% or more of the total voting power
of the Company’s stock; (iii)  a majority of the members of the Board are replaced during any twelve-month period by directors
whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election; or (iv) the
sale of all or substantially all of the Company’s assets.

 

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		e.	In the event that your employment is terminated as a result of your inability to substantially perform
your duties on behalf of the Company for a continuous period of six months or more or for an aggregate of nine months in any consecutive
12-month period, subject at all times to the provisions of the Human Rights Code (Ontario) (“Disability”), the Company
shall provide you with (i) the minimum amount of payment in lieu of notice and severance pay (if any) owed to you pursuant to Part XV
of the ESA (with vacation pay calculated to the end of the statutory notice period), and (ii) continued participation in the Company’s
health and welfare benefit plans for the minimum statutory notice period.

 

The parties agree that the provisions
of Section 5 are fair and reasonable and that the payments, benefits and entitlements referred to in Section 5 hereof are reasonable
estimates of the damages which will be suffered by you in the event of the termination of this offer letter and of your employment with
the Company. Except as otherwise provided in Section 5, or as set out in the Incentive Plan or other equity agreements/documents,
you shall not be entitled to any further notice of termination, payment in lieu of notice of termination, severance, damages, or any additional
compensation whatsoever and the amounts payable are inclusive of any statutory payments. Further, you will not be entitled to receive
any payments or benefits which exceed your minimum entitlements under applicable employment standards legislation (other than the Accrued
Benefits) unless, within seven (7) days following the termination date, you, or in the event of your death or Disability, your legal
representatives, have executed a general release of claims (other than claims or rights you have as a selling shareholder under that certain
Share Purchase Agreement by and among the Company, Questica and certain other parties thereto (the “Purchase Agreement”))
in the standard form utilized by the Company (the “Release”). The Severance Benefits which exceed your statutory minimum entitlement
shall be paid or commence on the first payroll period following, the date the executed Release is received by the Company and the vesting
of the Equity Awards as provided in Section 5.b shall occur on such date.

 

		6.	Compliance with Employment Standards Legislation. In the event that the minimum standards set out
in the ESA (as may be amended from time to time) are more favourable to you in any respect than a term or provision provided for in this
offer letter, you and the Company agree that the statutory provisions will apply and be your sole entitlement in respect of that term
or provision.

 

		7.	Fair Competition Agreement. As a material inducement for the Company to agree to enter into an
employment relationship with you on the terms set forth herein, you agree to execute and comply with the Fair Competition Agreement attached
hereto as Exhibit A.

 

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		8.	Company Policies and Procedures. Your employment will be subject to the Company’s standard
policies and procedures (whether as currently existing or to be established in the future), as they may be amended, changed or discontinued
at any time and such other rules and regulations as may be adopted or amended in the Company’s sole discretion.

 

		9.	Notices. All notices or other communications required or permitted to be given under this offer
letter shall be in writing and shall be deemed to have been duly given when delivered personally or one business day after being sent
by a nationally recognized overnight delivery service, charges prepaid. Notices also may be given electronically via PDF and by email
and shall be effective on the date transmitted if confirmed within 48 hours thereafter by a signed original sent in the manner provided
in the preceding sentence. Notice to you shall be sent to your most recent residence and personal email address on file with the Company.
Notice to the Company shall be sent to its physical address set forth on the first page hereto and addressed to the Board or such
other person as the Company may designate at the email address provided by the Company for the Board or such person.

 

		10.	Entire Agreement; Miscellaneous. This offer letter, together with the Incentive Plan, any Equity
Award agreements referenced herein and the Fair Competition Agreement, constitutes the entire agreement and understanding between the
parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral including, but
not limited to, the original offer letter dated September 12, 2018, as amended. The terms of this offer letter may only be modified
in a specific writing signed by you and an authorized representative of the Company. The invalidity or unenforceability of any provision
or provisions of this offer letter will not affect the validity or enforceability of any other provision hereof, which will remain in
full force and effect. Any disputes arising out of or related to this offer letter or your employment with the Company will be subject
to the dispute resolution provisions in the Fair Competition Agreement, and this offer letter shall be governed by and construed in accordance
with the governing law provision set forth in the Fair Competition Agreement. In the event of any conflict between any of the terms in
this offer letter and the terms of any other agreement between you and the Company, the terms of this offer letter will control. By entering
into this offer letter and commencing employment with the Company, you represent that you are not bound by any employment contract, restrictive
covenant or other restriction that prevents you from entering into employment with or carrying out your responsibilities for the Company,
or which is in any way inconsistent with this offer letter. This offer letter is binding on and may be enforced by the Company and its
successors and assigns and is binding on and may be enforced by you and your heirs and legal representatives. In addition, the Company
may assign this offer letter or any and all rights, duties and obligations hereunder to any subsidiary of the Company, including, without
limitation, Questica; provided, that the Company hereby unconditionally guarantees full payment of any payment obligations hereunder
in the event of such assignment; provided, further, that any payment made by any such assignee shall offset any payment
obligation of the Company. This offer letter may be executed in any number of counterparts, all of which taken together shall constitute
one instrument. Execution and delivery of this offer letter by facsimile or other electronic signature is legal, valid and binding for
all purposes.

 

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		11.	Independent Legal Advice. You acknowledge that you have been advised to obtain, and that you have
obtained or have been afforded the opportunity to obtain, independent legal advice with respect to this offer letter and that you understand
the nature and consequences of this offer letter.

 

		12.	Purchase Agreement. Nothing in this offer letter or any other written agreement (including the
Fair Competition Agreement) prohibits you from enforcing any rights or remedies you may have under the Purchase Agreement.

 

		13.	Conversion. Cash amounts payable hereunder are expressed in U.S. dollars. You shall be paid such
amounts in Canadian dollars. The exchange rate used to convert U.S. dollars to Canadian dollars for this purpose shall be determined annually
by the Committee in good faith based on the average exchange rate in the three years immediately preceding such determination and shall
control absent manifest error.

 

[Remainder of page intentionally left blank]

 

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We are very excited about your continued employment
with the Company and I anticipate that you will make many more important contributions to the Company and its strategic mission. Please
acknowledge your acceptance of this amended and restated offer by returning a signed copy of this offer letter.

 

	 	 	Very truly yours, 
	 	 	 
	 	 	GTY Technology Holdings Inc.      
	 	 	 
	 	 	 
	 	 	By:	/s/ William D. Green
	 	 	Name:	William D. Green
	 	 	Title:	Chairman of the Board
	 	 	 	 
	Accepted and agreed:	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ TJ Parass	 	 	 
	TJ Parass	 	 	 

 

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Exhibit A

 

AMENDED AND RESTATED FAIR COMPETITION AGREEMENT

 

In consideration of the compensation
set forth in your Offer Letter (as defined below), including, without limitation, the Equity Award (as defined in the Offer Letter), and
the continuation of your employment with GTY Technology Holdings Inc. and/or any of its current or future parents, subsidiaries, affiliates,
and/or successors (collectively, the “Company”), and the compensation and other benefits you will receive from the Company
(your “Employment”), you agree, intending to be legally bound, as follows:

 

Acknowledgements and Representations

 

1.            Supplemental
Terms. You acknowledge that you have received a separate amended and restated offer letter dated July 1, 2021 (the “Offer
Letter”) that sets forth the relevant terms concerning your compensation arrangements with the Company. In the event of any conflict
between this Amended and Restated Fair Competition Agreement (this “Agreement”) and the Offer Letter, the terms of the Offer
Letter shall govern.

 

2.            Acceptance.
You acknowledge that the Company considers the protections provided by this Agreement to be necessary to safeguard its Customer Confidences,
Confidential Information, Intellectual Property, Customer relationships (each as defined in this Agreement) and other business interests
and is willing to commence or continue your Employment only if you agree to accept the obligations set forth herein.

 

3.            No
Conflicting Obligations. You represent that you do not have any contractual or other obligations that would conflict with your Employment
by the Company. In particular, you represent that you are not bound by any agreement, understanding or other obligation (including, without
limitation, any non-competition or non-solicitation agreement) with or to any person or entity that prohibits you from accepting or continuing
your Employment by the Company and fully performing all your duties for the Company, except as described on Annex A attached hereto. By
executing this Agreement, you hereby acknowledge and confirm that all business activities in which you are currently participating and
any boards on which you are serving are listed on Annex A attached hereto, which outside activities are subject to the conditions imposed
on such activities (if any) in the Offer Letter.

 

4.            Documents
and Confidential Information Belonging to Former Employers and Other Third Parties. You also represent that you have not taken or
retained, and do not have in your possession, any documents, in either electronic or hard copy form, that belong to any former employer
(which, for purposes of this Agreement, shall include persons, corporations, and other entities for which you have acted as an independent
contractor or consultant) and that you will not use or disclose in your work for the Company any trade secrets or confidential information
belonging to any former employer or other third party. This paragraph shall not apply to any documents, trade secrets or confidential
information belonging to Questica Software Inc., Questica USCDN Inc. or any of their related or affiliated companies (collectively, “Questica”).

 

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Resignation Notice Period

 

5.            No
Right to Employment. You acknowledge that neither the Offer Letter nor this Agreement gives you any right to continued employment
with the Company. This means that you are free to resign at any time (subject to providing written notice pursuant to any applicable Notice
Period as set forth below), for any or no reason, and, similarly, the Company is free to terminate your Employment at any time, for any
or no reason, in accordance with the Offer Letter. Your Employment will continue in effect, however, until terminated by either the Company
or you.

 

6.            Notice
Period. (a) You understand and agree that you will have access to Customer Confidences, Confidential Information, Intellectual
Property and Customer relationships belonging to the Company. You recognize and agree that it is reasonable and necessary for the Company
to protect such Customer Confidences, Confidential Information, Intellectual Property, and Customer relationships and to provide
a smooth transition if you choose to leave the Company. Consequently, you agree to provide the Company with the following periods of prior
notice (the “Notice Period”), in writing, depending on your title at the time of your resignation, of your intent to voluntarily
terminate your employment with the Company: President and Executive Vice Presidents – three (3) months; Senior Vice Presidents
 – two (2) months; and Vice Presidents and below – one (1) month. If such notice is provided to the Company more
than thirty (30) days prior to the end of the performance period set at the time of grant for any annual or long-term incentive compensation
award for that year, (i) you shall not be entitled to receive any annual or long-term incentive compensation award for that year
and (ii) vesting of deferred amounts not yet vested shall cease upon notice of your intent to terminate your employment.

 

(b)            If,
at the time you provide notice in accordance with this paragraph 6, you intend or contemplate alternative employment, you also agree to
provide sufficient details, in writing, about such alternative employment to allow the Company to meaningfully exercise its rights under
this paragraph 6.

 

(c)            During
the Notice Period, your normal terms of employment will continue and, in particular, you will: (i) perform any reasonable duties
and responsibilities the Company requests; (ii) devote all of your working time, labor, skill and energies to the business and affairs
of the Company; (iii) be paid your base salary; and (iv) be entitled to continue to participate in the Company’s benefit
plans. After you have given notice of your voluntary resignation, the Company may, at any time during the Notice Period and in its sole
and absolute discretion, (A) elect to place you on paid leave for all or any part of such Notice Period, subject to applicable law,
(B) relieve you of some or all of your duties as an employee of the Company and/or exclude you from its premises or (C) shorten
or eliminate the Notice Period and accelerate the date on which your resignation will be effective without, to the extent permitted by
applicable law, any obligation to compensate you for the period between the date that the Company effected the acceleration of the effective
date of your resignation and the date on which the Notice Period was originally due to end. For the avoidance of doubt, you agree that
the taking of any action described in the preceding sentence by the Company shall not constitute an actual or constructive breach of this
Agreement or your Offer Letter.

 

(d)            You
agree that during your employment, including during the Notice Period or any period of notice provided to you by the Company upon termination
of your employment, whether or not the Company requires you to work during such period, you will not provide services for any Competitor
including, without limitation, engaging in, directly or indirectly, or managing or supervising personnel engaged in, any activity (i) which
is similar or substantially related to any activity in which you were engaged, in whole or in part, at the Company; (ii) for which
you had direct or indirect managerial or supervisory responsibility at the Company; or (iii) which calls for the application of the
same or similar specialized knowledge or skills as those used by you in your activities with the Company. For purposes of this Agreement,
a “Competitor” means a business enterprise that (A) engages in any activity, (B) proposes in writing to engage in
any activity or (C) owns or controls a significant interest in or is a subsidiary or affiliate of any entity, which, in each case,
competes with or proposes in writing to compete with any activity in which the Company is engaged, such as, without limitation, developing
and licensing software for federal, state and local governments and governmental agencies.

 

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Duties

 

7.            Nature
of Duties. Except to the extent expressly permitted in your Offer Letter, you agree to devote your full working time and efforts to
the business and affairs of the Company (which may include service to its affiliates) on a full-time basis and will at all times faithfully,
industriously and to the best of your ability, experience and talent, perform all duties that may be required of you. Except to the extent
expressly permitted in your Offer Letter, during your Employment, you shall not engage in any other business activities without the prior
written consent of the Company. In particular, during your Employment, you agree not to work for or assist, whether or not for profit
or personal gain, any Competitor or engage in any business or activity that is similar to or competes directly or indirectly with the
Company or is inimical to the best interests of the Company or that would interfere with your ability to work for the Company on a full-time
basis.

 

8.            Duty
to Disclose Business Opportunities. During your Employment, you shall (a) promptly disclose to the Company all business opportunities
that are presented to you in your capacity as an officer or employee of the Company or that are of a similar nature to the Company’s
existing business or a type of business the Company is currently developing or considering and of which you are aware and (b) not
usurp or take advantage of any such business opportunity personally or assist any third party in doing so without first offering such
opportunity to the Company.

 

9.            Compliance
with Company’s Policies and Practices. During your Employment, you agree to observe and comply with all rules, regulations,
policies and practices in effect or adopted by the Company at this time or in the future brought to your attention or about which you
ought to be reasonably aware.

 

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Confidentiality, Non-Disclosure and Intellectual Property

 

10.            Customer
Confidences. As used in this Agreement, “Customer” means any person, corporation or other entity (a) for which the
Company has, with your knowledge or assistance, performed any services or to which it has sold any products, (b) with which it has
engaged in any business activity with your knowledge or assistance or (c) from which the Company has, with your knowledge or assistance,
actively solicited business or discussed other business arrangements in each case in the year preceding the termination of your Employment.
The Company’s Customers expect that the Company will hold all business-related information about them, including the fact that they
are doing or are considering doing business with the Company and the specific matters on which they are or may be doing business (“Customer
Confidences”), in the strictest confidence. You acknowledge that, during the course of your Employment, you will have access to
such Customer Confidences. You also acknowledge and agree that all relationships with Customers that you initiate or develop during your
Employment with the Company belong to the Company, not to you personally.

 

11.            Confidential
Information. You acknowledge that, during the course of your Employment, you will have access to information relating to the Company’s
business that provides the Company with a competitive advantage, is not generally known by persons outside the Company and could not easily
be determined or learned by someone outside the Company (“Confidential Information”). Such Confidential Information, whether
or not explicitly designated as confidential, includes both written information and information not reduced to writing and includes but
is not limited to information about Customers, trade secrets, internal corporate policies and strategies, pricing, financial and sales
information, personnel information, forecasts, formulas, compilations, software programs, data, databases, directories, research, client
lists and business and marketing plans, and any modifications or enhancements of any of the foregoing. You further agree that if you previously
rendered services to the Company (e.g., as an independent contractor or consultant) or otherwise gained knowledge of Customer Confidences
and/or Confidential Information (e.g., by executing a Non-Disclosure Agreement prior to your rendering services to the Company in any
capacity), your obligations under any such agreement between you and the Company to preserve Customer Confidences and/or Confidential
Information shall remain in full force and effect pursuant to the applicable terms contained therein.

 

12.            Duty
to Preserve Customer Confidences and Confidential Information. You agree not to use or disclose, without the prior written consent
of the Company, both during and after your Employment with the Company, Customer Confidences and Confidential Information, except as may
be necessary in the good faith performance of your duties to the Company or as permitted by paragraphs 25 and 26 hereof.

 

13.            Company
Documents. You acknowledge that all documents, in hard copy or electronic form, received, created or used by you in connection with
your Employment with the Company, other than those relating solely to your personal compensation and benefits, are and will remain the
property of the Company. You agree to return and/or cooperate in permanently deleting all such documents (including all copies) promptly
upon the termination of your Employment and agree that, during or after your Employment, you will not, under any circumstances, without
the written consent of the Company, disclose those documents to anyone outside the Company or use those documents for any purpose other
than the advancement of the Company’s interests, or as permitted by paragraphs 25 and 26 hereof. You further understand and agree
that you are prohibited from searching for, accessing, viewing, printing, transferring and/or using documents, e-mails, and any other
data stored on any of the Company’s computer systems in the absence of a legitimate business need or Company objective, and any
such actions or use will be considered unauthorized.

 

    4

     

    

 

14.            Obligation
to Return Signed Termination Certificate Upon Termination. Upon termination of your Employment, you will be asked to participate in
an exit interview and to sign and deliver a “Termination Certificate,” the form of which is attached hereto as Annex B. If
you do not attend an exit interview, you are still obligated to sign and deliver the Termination Certificate. Your failure to sign the
Termination Certificate, however, shall not affect any of your obligations under this Agreement.

 

15.            Intellectual
Property. (a) You agree to fully and promptly disclose to the Company, without additional compensation, all ideas, original or
creative works, inventions, discoveries, computer software or programs, trading strategies, statistical and economic models, improvements,
designs, formulae, processes, production methods and technological innovations, whether or not patentable or copyrightable, which, during
your Employment with the Company, are made, conceived or created by you, alone or with others, during or after usual working hours, either
on or off the job, and which are related to the business of the Company or which relate in any way to the work performed by you for the
Company (“Intellectual Property”). You acknowledge that the Company owns all such Intellectual Property rights as works made
for hire to the fullest extent of the law. For the avoidance of doubt, you hereby assign to the Company all such Intellectual Property
rights in any and all media now known or hereafter developed, along with all existing causes of action, known or unknown.

 

(b)            You
agree, at any time during or after your Employment, to sign all papers and do such other acts and things, at the Company’s expense,
as the Company deems necessary or desirable and may reasonably require of you to protect the Company’s rights to such Intellectual
Property, including applying for, obtaining and enforcing patents or copyrights with respect to such Intellectual Property in any and
all domestic and overseas jurisdictions. Furthermore, you hereby irrevocably waive any and all personal rights (including moral rights)
that you may possess in and to any Intellectual Property.

 

Restrictive Covenants

 

16.            Nature
of the Business. You acknowledge that the Company is engaged in a highly competitive business and that the preservation of its Customer
Confidences and Confidential Information is critical to the Company’s continued business success. You also acknowledge that the
Company’s relationships with its Customers are extremely valuable and that, by virtue of your Employment with the Company, you have
had or may have contact with those Customers and that, if so, you must always act in the best professional manner and are being compensated
to develop relationships with Customers on behalf of and for the benefit of the Company. As a result, your engaging in or working for
or with any business which is directly or indirectly competitive with the Company would cause the Company great and irreparable harm if
not done in strict compliance with this Agreement.

 

    5

     

    

 

17.            Covenant
Not to Compete. You acknowledge that the Company is in a highly competitive industry and that your leaving the Company to join a competing
business would jeopardize the Company’s Customer Confidences, Confidential Information, Intellectual Property and Customer
relationships. Accordingly, you agree that:

 

(a)            Subject
to the provisions below, during your Employment with the Company, and for the applicable Non-Compete Period (as defined below), you will
not directly or indirectly work for or with, own, invest in, render any service or advice to or otherwise assist (in each case, whether
or not for compensation) or act as an officer, director, employee, partner or independent contractor for any Competitor in any jurisdiction
in which you work directly or within which the Company conducts any material business or in which you have material responsibility. You
acknowledge that, given the nature of the Company’s business and the geographical market of the Company combined with your role
and responsibilities, the geographical area described in the preceding sentence and the Non-Compete Period are both reasonable.

 

(b)            To
the extent that, at the time of the termination of your Employment, you intend to work for or provide services to a Competitor or any
arguably competing business, you agree to provide the Company at the time of such termination with at least two weeks’ advance written
notice of your intention to do so. You also agree that, should you consider working for any Competitor or arguably competing business
at any time during the applicable Non-Compete Period, you will provide the Company with at least two weeks’ advance written notice
of your intention to do so. The notices contemplated by this paragraph shall be delivered by you in writing to the attention of the General
Counsel of the Company.

 

(c)            For
purposes of this Agreement, the “Non-Compete Period” means: (i) if your Employment is terminated by the Company without
Cause or you resign for Good Reason (each as defined in the Offer Letter), the Severance Period (as defined in the Offer Letter) or (ii) if
your Employment is terminated by for any other reason, including a resignation by you, six (6) months from the effective date of
your termination.

 

18.            Non-Solicitation
of Customers. You acknowledge that, by virtue of your Employment by the Company, you have gained or will gain knowledge of the identity,
characteristics and preferences of the Company’s Customers, among other Customer Confidences and Confidential Information, and that
you would inevitably have to draw on such information if you were to solicit or service the Company’s Customers on behalf of a Competitor.
Accordingly, you agree that during your Employment by the Company (including during any applicable Notice Period), and for twelve (12)
months following the termination of that Employment for any reason, (the “Restricted Period”), you will not, on your own behalf
or behalf of anyone else, directly or indirectly, solicit the business of, or direct tailored advertisements to, actual or prospective
Customers of the Company. You further agree that during the Restricted Period, you will not provide services that are the same as or similar
to those provided by the Company or encourage or assist any person or entity in competition with the Company to solicit, service, or direct
tailored advertisements to any actual or prospective Customer of the Company covered by the previous sentence of this section, or otherwise
seek to encourage or induce any such Customer to cease doing business with, or reduce the extent of its business dealings with, the Company.
The prohibitions contained in this section shall not, however, apply to any Customers you developed without any substantial assistance
from the Company. For purposes of this Agreement, a “prospective Customer” means (i) any person solicited by you on behalf
of the Company for any purpose relating to the Company’s business at any time during your Employment (including, for the avoidance
of doubt, the Notice Period), and in case of termination, within the twelve (12) month period immediately preceding the date of termination
of your Employment for any reason and (ii) any person solicited by the Company with your knowledge for any purpose relating to the
Company’s business at any time during your Employment (including, for the avoidance of doubt, the Notice Period), and in case of
termination, within the twelve (12) month period immediately preceding the date of termination of your Employment for any reason.

 

    6

     

    

 

19.            Non-Solicitation
of Employees. You also agree that, during the Restricted Period, you will not, directly or indirectly, solicit (whether on your own
behalf or on behalf of some other person or entity) any person who is at that time (or was during the prior six (6) months), to your
knowledge, an employee, consultant, independent contractor, representative or other agent of the Company. Nor will you during the Restricted
Period, directly or indirectly, on your own behalf or on behalf of any other person, entity or organization, induce or encourage any employee,
consultant, independent contractor, representative or other agent of the Company to terminate or reduce his or her employment or other
business relationship or affiliation with the Company. Nor will you directly or indirectly assist any third party in doing what you yourself
are prohibited from doing under this paragraph.

 

20.            Non-Hire
of Employees. You also agree that, during the Restricted Period, you will not hire or seek to hire (whether on your own behalf or
on behalf of some other person or entity) any person who is at that time (or was during the prior six (6) months), to your knowledge,
an employee, consultant, independent contractor, representative or other agent of the Company.

 

21.            Non-Disparagement.
Except as otherwise permitted by this Agreement or applicable law, you agree that during your Employment with the Company and at all times
thereafter you will not publish disparaging or defamatory comments regarding the Company or its owners, members, directors, officers,
employees, shareholders, agents, representatives or others with whom the Company has a business relationship as of the date of termination
of your Employment or make any public statements that are intended to, or can reasonably expected to, damage the reputations of any of
such entities or persons.

 

22.            Tolling.
In the event that you violate any of the preceding provisions of the Restrictive Covenants sections of this Agreement, the time periods
set forth in those sections shall be extended for the period of time you remain in violation of the provisions.

 

    7

     

    

 

Arbitration

 

23.            (a) It
is understood and agreed between the parties hereto that any and all claims, grievances, demands, controversies, causes of action or disputes
of any nature whatsoever (including, but not limited to, tort and contract claims, and claims based upon any law, statute, order, or regulation)
arising out of, in connection with, or in relation to (i) the interpretation, performance or breach of this Agreement, (ii) Employee’s
employment by the Company, (iii) the termination of Employee’s employment with the Company, and (iv) the arbitrability
of any claims under or relating to this Agreement, shall be resolved by final and binding arbitration. This agreement to arbitrate expressly
includes, but is not limited to, claims under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment
Act of 1967, as amended, the Americans with Disabilities Act of 1990, as amended, Section 1981 of the Civil Rights Act of 1866, the
Family and Medical Leave Act, as amended, the Employee Retirement Income Security Act, as amended, the Fair Labor Standards Act, as amended,
and any similar federal, state, local or municipal law, statute or regulation.

 

(b)            The
forum for any arbitration under this Agreement shall be final and binding arbitration before under the auspices of JAMS in Toronto, Canada.

 

(c)            The
arbitration shall be conducted in accordance with the then-existing JAMS Employment Rules and Procedures, except to the extent such
rules conflict with the procedures set forth in this paragraph, in which case these procedures shall govern. Any such arbitration
shall be before one arbitrator. The parties shall select a mutually acceptable retired judge from the panel of arbitrators serving with
any of JAMS’s offices, but in the event the parties cannot agree on an arbitrator, the Administrator of JAMS shall appoint a retired
judge from such panels (the arbitrator so selected or appointed, the “Arbitrator”). The Arbitrator shall render an award and
a written, reasoned opinion in support thereof. The Arbitrator shall have power and authority to award any appropriate remedy (in law
or equity) or judgment that could be awarded by a court of law in the Province of Ontario, and, upon good cause shown, the Arbitrator
shall afford the parties adequate discovery, including deposition discovery.

 

(d)            The
dispute resolution process shall be strictly confidential. Neither party shall disclose the existence, content, or results of any arbitration
hereunder without the prior written consent of all parties, except as required by applicable law. Except as provided herein, the Arbitration
Act, 1991 (S.O. 1991, c. 17, as amended from time to time) shall govern the interpretation, enforcement and all proceedings pursuant
to this Agreement. The Arbitrator and/or arbitration panel shall be bound by and shall strictly enforce the terms of this paragraph 23
and may not limit, expand or otherwise modify its terms. The Arbitrator and/or arbitration panel shall make a good faith effort to apply
the substantive law (and the law of remedies, if applicable) of the Province of Ontario, without reference to conflicts of laws provisions.
The Arbitrator and/or arbitration panel shall be bound to honor claims of privilege recognized at law, but the Arbitrator and/or arbitration
panel shall have the discretion to determine whether any such claim of privilege applies. The award rendered shall be final and binding
upon the parties, and judgment upon the award may be entered in any court having jurisdiction thereof.

 

(e)            Claims
must be brought by either you or the Company in your or its individual capacity, not as plaintiffs or class members in any purported class
or collective proceeding, and the arbitrator shall not have the power to hear the arbitration as a class or collective action. To the
maximum extent permitted by law, both you and the Company waive the right to bring, maintain, participate in, or receive money from any
class, collective or representative proceeding. The parties intend this arbitration provision to be valid, enforceable, irrevocable and
construed as broadly as possible.

 

    8

     

    

 

(f)            Each
party shall bear its own fees and expenses with respect to this dispute resolution process and any litigation related thereto and the
parties shall share equally all fees and expenses, in accordance with the JAMS Employment Rules and Procedures, unless prohibited
by applicable law.

 

Other Terms

 

24.            In
the twelve (12) months following the termination of your Employment with the Company, in the event you seek or obtain employment or another
business affiliation with any person or entity other than the Company that is a Competitor, you agree to provide that person or entity
with a copy of this Agreement. You also agree to notify the Company in writing, as far in advance as is reasonably practicable, of the
details of such employment or business affiliation. You also agree that the Company may provide a copy of this Agreement to any such person
or entity.

 

25.            Nothing
in this Agreement restricts or prohibits you from initiating communications directly with, responding to any inquiries from, providing
testimony before, providing confidential information to, reporting possible violations of law or regulation to, or from filing a claim
or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including without limitation,
the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, or the Ontario Securities Commission (collectively,
the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of federal, state/provincial,
or local law or regulation. You do not need the prior authorization of the Company to engage in conduct protected by this paragraph, and
you do need to notify the Company that you have engaged in such conduct. This Agreement does not limit your right to receive an award
from any Regulator that provides awards for providing information relating to a potential violation of the law.

 

26.            Pursuant
to the Defend Trade Secrets Act of 2016, to the extent applicable, non-compliance with the confidentiality provisions of this Agreement
shall not subject you to criminal or civil liability under any Federal or State trade secret law for the disclosure of a Company trade
secret: (i) in confidence to a Federal, State or local government official, either directly or indirectly, or to an attorney in confidence
solely for the purpose of reporting or investigating a suspected violation of law; (ii) in a complaint or other document filed in
a lawsuit or other proceeding, provided that any complaint or document containing the trade secret is filed under seal; or (iii) to
an attorney representing you in a lawsuit for retaliation by the Company for reporting a suspected violation of law or to use the trade
secret information in that court proceeding, provided that any document containing the trade secret is filed under seal and you do not
disclose the trade secret, except pursuant to court order.

 

    9

     

    

 

27.            You
acknowledge that the restrictions contained in this Agreement are fair, reasonable and necessary for the protection of the legitimate
business interests of the Company, and that, in the event of any actual or threatened breach by you, the Company will suffer serious,
irreparable and substantial harm to its business and interests, the extent of which may be difficult to determine and impossible to fully
remedy by an action at law for momentary damages. You therefore consent to the entry of a restraining order, preliminary injunction or
other preliminary, provisional or permanent court order to enforce this Agreement and expressly waive any security that might otherwise
be required in connection with such relief, and you further agree that the dispute resolution process set forth in paragraph 23 of this
Agreement in no way limits the Company’s right to obtain any preliminary, provisional or permanent relief as may be necessary to
protect the Company’s rights and interests. You also agree that any request for such relief by the Company shall be in addition
and without prejudice to any claim for monetary damages which the Company might elect to assert. In the event you violate any provision
of this Agreement, the Company shall be entitled to recover all costs and expenses of enforcement, including reasonable attorneys’
fees.

 

28.            You
agree to defend, indemnify and hold the Company harmless from and against any and all losses, claims, causes of action, liabilities, damages,
costs and expenses (including attorney’s fees) suffered or incurred by the Company as a result of any violation or threatened violation
of any of your representations, warranties, covenants or undertakings set forth in this Agreement. In the event of litigation arising
from or related to the terms of this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys’ fees
and other expenses.

 

29.            If
any provision of this Agreement is held to be unenforceable by a court or other decision-maker, the remaining provisions shall be enforced
to the maximum extent possible. If a court or other decision-maker should determine that any portion of this Agreement is overbroad or
unreasonable, such provision shall be given effect to the maximum extent possible by narrowing or enforcing in part that aspect of the
provision found overbroad or unreasonable.

 

30.            This
Agreement represents the entire agreement of the parties with respect to the subject matter covered, supersedes any and all prior written
or oral agreements including, but not limited to, the Fair Competition Agreement dated September 18, 2018, and cannot be modified
except in a writing signed by both parties. The waiver by any party to this Agreement of a breach of any of the provisions of this Agreement
shall not operate or be construed as a waiver of any subsequent or simultaneous breach. The Company agrees that the terms, conditions
and restrictions set forth in this Agreement shall be no more burdensome in the aggregate than the terms, conditions and restrictions
set forth in fair competition agreements entered into by the Company with similarly-situated employees of the Company, other than employees
located in jurisdictions where applicable law prohibits or restricts the enforcement of any of the terms, conditions or restrictions contained
herein.

 

31.            This
Agreement shall be binding upon and shall inure to the benefit of the Company and its successors and assigns. Neither a formal assignment
nor notice to you shall be required. This Agreement shall be binding upon you and your heirs, executors, administrators and legal representatives.
However, your duties and obligations hereunder are personal and shall not be assignable or delegable by you in any manner whatsoever.

 

    10

     

    

 

32.            This
Agreement shall be construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

 

33.            Any
notice required or permitted to be given under this Agreement shall be in writing and sent by both email and certified mail, return receipt
requested. If the notice is from you to the Company, it shall be sent to the General Counsel of the Company. If sent by the Company to
you, such notice shall be sent to your last known email and home addresses.

 

34.            This
Agreement may be executed by fax or email and/or in multiple counterparts, each of which shall be deemed an original.

 

35.            The
parties waive the right to a jury trial to the maximum extent permitted by law.

 

36.            You
acknowledge that you understand the terms and conditions set forth in this Agreement and have had adequate time to consider whether to
agree to them and to consult a lawyer or other advisor of your choice if you wish to do so.

 

(Signature page follows)

 

    11

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of this 1st day of

 

July, 2021.

 

	 	THE COMPANY
	 	 
	 	By:	/s/ William D. Green
	 	 
	 	Printed Name:	William D. Green
	 	 
	 	Title:	Chairman of the Board

 

	 	EMPLOYEE
	 	
	 	By:	/s/ TJ Parass
	 	 
	 	Printed Name:	TJ Parass

 

    12

     

    

 

ANNEX A

 

Description of Restrictive Agreements

 

 

 

Description of Current Outside Business Activities
or Board Service

 

(Covered activities include: (1) Service
on a board of directors similar body such as advisory committee, creditors committee, oversight or management body or investment board
of any entity (including charitable, civic, religious, fraternal and other nonprofit organizations, etc.) whether or not compensation
is received; (2) Outside securities sales activities, including involvement in private placements or offerings, are prohibited whether
or not they involve compensation in any form; and (3) Outside business activities for which any compensation is received.) (Include
the name of the outside entity/employer, type of business performed, type and method of compensation (if any), the estimated amount of
time to be dedicated to the outside activity and any potential conflicts of interest that may arise). Note: Certain outside business activities
and board service will require the approval of the Company’s Board of Directors or other individuals or committees.

 

    

     

    

 

ANNEX B

 

TERMINATION CERTIFICATE

 

The undersigned hereby certifies as follows:

 

1.            When
I signed the Amended and Restated Fair Competition Agreement dated as of July 1, 2021 (the “Agreement”), I read
and understood the terms contained therein. I have now reviewed the Agreement again as part of my exit interview, and I fully understand
the terms thereof and my continuing obligations thereunder, including my obligations (a) not to use for personal benefit or disclose
to others any Confidential Information (as defined in the Agreement), and (b) to assign to the Company all rights (if any) that I
may have acquired in any Intellectual Property (as defined in the Agreement).

 

2.            I
have fully complied with the terms of the Agreement, including the return of any documents and other tangible materials of any nature
pertaining to my employment by GTY Technology Holdings Inc. (the “Company”).

 

3.            I
recognize that the unauthorized taking of any Confidential Information or Intellectual Property is a crime, and that any unauthorized
taking of Confidential Information or Intellectual Property may also result in civil liability.

 

4.            The
Company may notify my new employer of (a) the general nature or subject matter of the Confidential Information (without actually
disclosing such Confidential Information) to which I had access while employed by the Company, and (b) my continuing obligations
under the Agreement to keep such Confidential Information in confidence, and not to disclose or use such Confidential Information without
the Company’s prior written consent.’

 

5.            Attached
hereto is a complete list of all Intellectual Property which, under the terms of the Agreement, I have assigned to the Company. If
no such list is attached, I represent that during my employment I did not make, conceive, reduce to practice or develop, either alone
or jointly with others, any Intellectual Property.

 

6.            I
understand and acknowledge that should I fail to comply with my obligations under the Agreement, the Company shall have, in addition to
a claim for damages, the right to obtain an injunction prohibiting me from disclosing Confidential Information to a third party or using
any Intellectual Property.

 

	Employee Signature:	 	 	Witnessed by:	 
	 	 	 	 	 
	Print Name:	TJ Parass	 	Print Name: 	 
	 	 	 	 	 
	Date:	 	 	Date:	 

 

    

     

    

 

Assignment
Agreement

 

THIS
ASSIGNMENT AGREEMENT (this "Assignment"), is by and between GTY Technology Holdings Inc. ("Assignor")
and Questica Software Inc. ("Assignee"), a wholly owned subsidiary of Assignor.

 

Recitals

 

WHEREAS, Assignor and TJ Parass are parties to
an amended and restated letter agreement effective as of July 1, 2021 relating to the employment of Mr. Parass (the "Agreement");

 

WHEREAS, Assignor desires to transfer and assign
to Assignee its rights, duties and obligations under the Agreement; and

 

WHEREAS, Assignee desires to accept such assignment.

 

NOW, THEREFORE, for and in consideration of the
mutual covenants and agreements contained in this Assignment, and other good and valuable consideration, the receipt and sufficiency of
which are acknowledged, the parties covenant and agree as follows:

 

Agreement

 

		1.	Assignor hereby assigns, transfers, conveys and delivers to Assignee, effective as of July 1, 2021
(the "Effective Date"), all of Assignor's rights, duties and obligations under the Agreement.

 

		2.	Assignee hereby accepts such assignment and agrees to assume, from and after the Effective Date, all of
Assignor's rights, duties and obligations under the Agreement.

 

		3.	This Assignment shall inure to the benefit of
and be binding upon the parties hereto and their successors and assigns. This Assignment may be executed electronically, and each
such electronic signature shall be deemed to be an original.

 

IN WITNESS WHEREOF, each party has executed this Assignment as of the
Effective Date.

 

	GYT TECHNOLOGY HOLDINGS INC.    	 	QUESTICA SOFTWARE INC.      
	 	 	 
	 	 	 
	 	 	 
	By:	/s/ William D. Green	 	By:	/s/ William D. Green
	Name:	William D. Green	 	Name:	William D. Green
	Title:	Chairman of the Board	 	Title:	Director

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