Document:

Exhibit 10.1

 

CHANGE IN CONTROL AGREEMENT

 

This Change in Control Agreement (“Agreement”)
is effective as of January 22, 2020 (the “Effective Date”) between Merchants Bancorp, an Indiana corporation
with its principal office located at 410 Monon Boulevard, Carmel, Indiana 46032 (“Merchants”) and [NAME] (“Executive”).

 

Recitals

 

		A.	Executive is currently employed by Merchants or one if its subsidiaries and is an executive officer of Merchants.

 

		B.	Merchants recognizes it is possible that from time to time transactions that may result in a Change in Control (as defined
below) may be considered by Merchants and that such considerations may cause distractions, loss of Executive’s services,
and/or otherwise affect Merchants’ ability to engage in or consummate such transactions.

 

		C.	The Board of Directors of Merchants (the “Board”) believes it is in the best interest of Merchants and its
shareholders for Merchants to take steps, including enter into this Agreement, to help ensure that it will be able to call upon
Executive’s candid assessment and advice concerning whether any particular transaction is in the best interests of Merchants
and its shareholders, free of the influences caused by the uncertainties and risks of Executive’s own personal employment
situation, provide Executive with an incentive to continue Executive’s employment with Merchants, and motivate Executive
to maximize the value of Merchants for the benefit of its shareholders, notwithstanding the possibility of a Change in Control.

 

Agreement

 

In consideration of the foregoing and the promises set forth
in this Agreement, Merchants and Executive agree as follows:

 

		1.	Termination of this Agreement. This Agreement may be terminated by Executive or Merchants at any time upon 120 days’
prior notice; provided, however, if any Change in Control Announcement occurs during such 120-day period, such notice of termination
will be deemed ineffective and this Agreement will remain in effect.

 

		2.	Termination of Employment during Change of Control Window. Notwithstanding anything in this Agreement, Executive’s
employment remains “at will,” and Merchants (or the relevant subsidiary employing Executive, as applicable) may terminate
Executive’s employment at any time for any or no reason, subject to applicable law. However, if Termination occurs, other
than for Cause, during the period between the 120 days prior to a Change in Control Announcement and 18 months after a Change in
Control becomes effective (the “Change in Control Window”), subject to the terms of this Agreement, Executive
is entitled to a cash payment equal to the sum of the following (collectively, the “Severance Payment”):

 

		(a)	2 times Executive’s base pay in effect immediately prior to Termination; and

 

		(b)	2 times Executive’s target-short term cash incentive most recently approved by the Board.

 

The Severance Payment is in addition to and not in
lieu of payment for all pay and benefits to which Executive has become vested or entitled prior to Termination (e.g., earned but
unpaid salary, commissions, incentives, owed reimbursement for expenses, and accrued but unused paid time off). Additionally, any
award under Merchants’ 2017 Equity Incentive Plan, or any similar or replacement plan providing equity compensation (including
stock units, stock options, and/or stock appreciation rights), shall be governed thereby, including any vesting in connection with
a change in control event (as such term may be defined in such plan), and not affected by this Agreement

 

		3.	Release. Merchants’ obligation to make the Severance Payment is conditioned upon and Merchants is not required
to make the Severance Payment unless within 60 days of Termination (a) Executive signs a written release of Merchants and all of
its then-current and former directors, trustees, officers, employees, agents, members, and subsidiaries from any and all claims,
in such form as is determined by Merchants, and (b) all periods for revocation of such release required by law or otherwise provided
therein (if any) have expired.

 

		4.	Payment Timing. Subject to Section 6(b) below, the Severance Payment shall be made in a lump sum cash payment 60 days
after the later of (a) Termination or (b) if Termination occurred prior to the Change in Control becoming effective, the date of
the Change in Control. If Merchants concludes that some or all of a Severance Payment must be delayed pursuant to Section 6(b),
Merchants shall nonetheless certify to Executive in writing, within the 60 day period for payment described in
the first sentence of this Section 4, the amount (and calculations in support) of the Severance Payment due and the date it will
be paid.

 

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	5.	Reduction of Amounts Payable.

 

		(a)	If the Severance Payment, either alone or together with any other payments or benefits received or to be received by Executive
in connection with a Change in Control (collectively, the “Aggregate Payments”), would cause Merchants to forfeit,
pursuant to Section 280G(a) of the Code (as amended, or any successor thereto, “280G”), its deduction for any
or all of the amounts payable hereunder and subject Executive to the excise tax imposed by Section 4999 of the Code (as amended,
or any successor thereto), the following provisions apply:

 

		(i)	If the net amount that would be retained by Executive after all taxes on the Aggregate Payments are paid would be greater than
the net amount that would be retained by Executive after all taxes are paid if the Aggregate Payments were limited to the largest
amount that would result in no portion of the Aggregate Payments being subject to such excise tax, Executive shall be entitled
to receive the Aggregate Payments.

 

		(ii)	If, however, the net amount that would be retained by Executive after all taxes were paid would be greater if the Aggregate
Payments were limited to the largest amount that would result in no portion of the Aggregate Payments being subject to such excise
tax (generally, pursuant to 280G, 2.99 times Executive’s “base amount” as defined in that Code section and regulations
thereunder), the Aggregate Payments to which Executive is entitled shall be reduced to such largest amount.

 

		(b)	Merchants shall engage the accounting firm used by Merchants for general audit purposes as of the day prior to the effective
date of the Change in Control to perform any determinations and calculations necessary in connection with this Section 5. However,
if such accounting firm is serving as accountant or auditor for the Person(s) effecting the Change in Control, Merchants shall
engage a different Public Company Accounting Oversight Board registered accounting firm to make such determinations and calculations.
Merchants will bear all expenses with respect to any determinations and calculations under this Section 5.

 

		(c)	In its engagement with such accounting firm, Merchants shall require that the accounting firm provide its determinations and
calculations, together with detailed supporting documentation, to Executive and Merchants within 15 days. Additionally, in its
engagement with such accounting firm, Merchants shall require that if the accounting firm determines that no excise tax is payable,
the accounting firm will furnish Executive and Merchants with an opinion reasonably acceptable to Executive that no excise tax
will be imposed. Any good faith determinations of the accounting firm made hereunder shall be final, binding, and conclusive upon
Executive and Merchants, except as set forth below.

 

		(d)	If, notwithstanding any reduction described in this Section 5, the U.S. Internal Revenue Service (the “IRS”)
determines that Executive is liable for excise tax as a result of the receipt of Aggregate Payments, then Executive shall be obligated
to pay back to Merchants, within 30 days after a final IRS determination, or, in the event Executive challenges the final IRS determination,
within 30 days after a final judicial determination, a portion of the Aggregate Payments equal to the Repayment Amount. The “Repayment
Amount” is the smallest amount, if any, required to be paid to Merchants so that Executive’s net after-tax proceeds
with respect to any payment of benefits (after taking into account the payment of the excise tax and all other applicable taxes
imposed on such payment) are maximized. The Repayment Amount with respect to the payment of benefits shall be zero dollars ($0)
if a Repayment Amount of more than zero dollars ($0) would not result in Executive’s net after-tax proceeds with respect
to the payment of such benefits being maximized. If the excise tax is not eliminated pursuant to this Section 5, Executive shall
pay the excise tax.

 

		(e)	Notwithstanding any other provision of this Section 5, if (i) there is a reduction in the payment of benefits as described
in this Section 5, (ii) the IRS later determines that Executive is liable for the excise tax, the payment of which would result
in the maximization of Executive’s net after-tax proceeds (calculated as if Executive’s Aggregate Payments had not
previously been reduced), and (iii) Executive pays the excise tax, then Merchants shall pay to Executive the Aggregate Payments
that were reduced pursuant to Section 5 contemporaneously or as soon as administratively possible after Executive pays the excise
tax so that Executive’s net after-tax proceeds with respect to the Aggregate Payments is maximized.

 

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		(f)	Tax Withholding. Notwithstanding any other provision of this Agreement that may be read to the contrary, Merchants shall
have the right (without notice to Executive) to withhold from the Aggregate Payments, a sum which Merchants determines is sufficient
to satisfy all federal, state, and local withholding tax requirements that may apply.

 

		6.	Section 409A of the Code.

 

		(a)	This Agreement is intended to comply with Section 409A of the Code (as amended, “409A”) or an exemption
thereunder and shall be construed and administered in accordance with 409A. Notwithstanding any other provision of this Agreement,
payments provided under this Agreement may be made only upon an event and in a manner that complies with 409A or an applicable
exemption therefrom. Any payments under this Agreement that may be excluded from 409A either as separation pay due to involuntary
separation from service or as a short-term deferral shall be excluded from 409A to the maximum extent possible. For purposes of
409A, each payment provided under this Agreement shall be treated as a separate payment. Any payments made under this Agreement
upon Termination shall only be made upon a “separation from service” in accordance with 409A. Notwithstanding the foregoing,
Merchants makes no representation that payments and benefits provided under this Agreement comply with 409A and in no event shall
Merchants be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Executive
on account of non-compliance with 409A.

 

		(b)	Notwithstanding any other provision of this Agreement, if any payment or benefit provided to Executive in connection with Termination
is determined to constitute “nonqualified deferred compensation” within the meaning of 409A, and Executive is determined
to be a “specified employee” as defined in Section 409A(a)(2)(b)(i) of the Code, then such payment or benefit shall
not be paid until the first payroll date to occur following the six-month anniversary of Termination or, if earlier, Executive’s
death (the “Specified Employee Payment Date”). The aggregate of any payments that would otherwise have been
paid before the Specified Employee Payment Date shall be paid to Executive in a lump sum on the Specified Employee Payment Date
and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. Notwithstanding
any other provision of this Agreement, if any payment or benefit is conditioned on Executive’s execution of a release, the
first payment shall include all amounts that would otherwise have been paid to Executive during the period beginning on the date
of Termination and ending on the date of payment if no delay had been imposed.

 

		(c)	To the extent required by 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance
with the following: (i) the amount of the expenses eligible for reimbursement, or in-kind benefits provided, during each calendar
year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; and
(ii) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another
benefit.

 

		7.	Health Plan Access. To the extent permitted by law and Merchants’ then in effect medical plans, Executive is entitled
to continue participating in Merchants’ medical plans for active employees with the cost for such access and coverage paid
by Executive on an after-tax basis at the rate payable by any former employee under the Consolidated Omnibus Budget Reconciliation
Act of 1985 (“COBRA,” as amended) for the lesser of (a) 18 months following Termination for which the Severance
Payment is due, (b) the date Executive becomes eligible to receive substantially similar coverage from another employer, or (c)
the date Executive is no longer eligible to receive COBRA coverage

 

		8.	Compliance with Applicable Law. The benefits paid and provided under this Agreement (including the Severance Payment)
are subject to and conditioned upon compliance with applicable requirements of laws and regulations, whether currently in effect
or subsequently enacted, including without limitation, 12 U.S.C. Section 1828(k) and the regulations promulgated thereunder by
the Federal Deposit Insurance Corporation (e.g., 12 C.F.R. Part 359). Consistent with the foregoing, Merchants may defer, cancel,
or recoup any payment or refuse to provide any benefit under this Agreement (including not making any Severance Payment) in the
event Merchants determines in good faith, acting in its sole discretion, that making such payment or providing such benefit violates
any applicable law or regulation. Further, benefits paid and provided under this Agreement may be subject to any clawback policy
generally applicable to the executives of Merchants as may be required by applicable law or as may be established by Merchants
prior to Termination in its sole discretion. To the extent Merchants determines it is necessary to comply with applicable law or
any guidance, rules, or regulations of the Board of Governors of the Federal Reserve System,
the Federal Deposit Insurance Company, or any other governmental regulatory authority (including for the purposes of this Section
8, any government-sponsored agency) having jurisdiction over Merchants or any of its subsidiaries, Executive and Merchants each
agree to amend the provisions of this Agreement and to cooperate in good faith with respect thereto.

 

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		9.	Costs of Dispute. Merchants agrees to pay or reimburse all reasonable legal fees, costs, and expenses arising out of
or in any way related to or incurred by Executive in connection with enforcing any right or benefit provided in this Agreement,
or in interpreting this Agreement or calculating the amounts required to be paid to Executive under this Agreement. Additionally,
if Executive contests or disputes any Termination purportedly for Cause and the arbiter(s) of such contest or dispute determines
such purported Cause did not exist, Merchants agrees to reimburse all reasonable legal fees, costs, and expenses incurred in such
contest or dispute.

 

		10.	Mitigation. Executive is not required to mitigate the amount of any payment provided for in this Agreement, whether
by seeking other employment or otherwise, nor shall the amount of any payment provided for by this Agreement be reduced by any
compensation earned or received by Executive as a result of employment by another employer following Termination.

 

		11.	Covenants. Notwithstanding the terms of any other agreement by and between Merchants or any of its subsidiaries and
Executive, even if it provides for negation of covenants from Executive to Merchants in the event of a Change in Control, in exchange
for this Agreement, Executive agrees to adhere to the following covenants:

 

		(a)	Non-Compete. For a period of 12 months following receipt of the Severance Payment, Executive will not directly or indirectly,
whether individually or as a shareholder or other owner, partner, member, director, officer, employee, independent contractor,
creditor, or agent of any Person (other than Merchants or its subsidiaries), enter into, engage in, or promote or assist (financially
or otherwise), directly or indirectly, any business which provides any commercial banking, mortgage lending, or any similar lending
or banking services provided by Merchants or any of its subsidiaries on the date of Termination anywhere in, or for any Person
whose principal office is located in, any county in which Merchants or any of its subsidiaries maintains an office on the date
of Termination. Notwithstanding the foregoing, ownership, for personal investment purposes only, of 1% or less of the outstanding
capital stock (or similar form of equity for any non-corporation) of a company shall not constitute a breach of this Section 11(a).

 

		(b)	Non-Solicitation of Customers or Employees. For a period of 12 months following termination of Executive’s employment
with Merchants (or the relevant subsidiary of Merchants, as applicable), including Termination or any voluntary termination, Executive
will not, directly or indirectly, either for Executive or for any other Person, (i) solicit, induce, or attempt to induce any client,
customer, or other business relation (whether (A) current, (B) former, within the 6 months after such relationship has been terminated,
or (C) prospective, provided that there are demonstrable efforts or plans to establish such relationship known to Executive) of
Merchants or any of its subsidiaries to cease doing business or to reduce the amount of business they have customarily done or
contemplate doing with Merchants or its subsidiaries, whether or not the relationship therewith was originally established, in
whole or in part, through Executive’s efforts, or in any way interfere with such relationship (provided, however, the restrictions
of this Section 11(b)(i) only apply to commercial banking, mortgage lending, or any similar lending or banking services provided
by Merchants or any of its subsidiaries on the date of Termination or voluntary termination, as applicable); or (ii) approach or
solicit any person who was employed at Merchants or any of its subsidiaries as of the date of Termination and with whom Executive
had material contact during Executive’s employment with Merchants or its subsidiary, with a view to hiring such employee
or persuading such employee to leave the employment of Merchants.

 

		(c)	Cooperation with Litigation. After Termination Executive will cooperate with Merchants, by being reasonably available
to testify on behalf of Merchants or any subsidiary in any action, suit, or proceeding, whether civil, criminal, administrative,
or investigative, and to assist Merchants in any such action, suit, or proceeding by providing information to and meeting and consulting
with Merchants or any of their counsel or representatives upon reasonable request, provided that such cooperation and assistance
does not materially interfere with Executive’s then current professional activities and Merchants agrees to reimburse Executive
for all reasonable out-of-pocket expenses incurred by Executive in connection with providing such cooperation and assistance.

 

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		(d)	Confidential Information. After Termination Executive will not, directly or indirectly, without the express written
consent of Merchants, disclose, divulge, discuss, copy, or otherwise use or suffer to be used in any manner, in competition with
or contrary to the interests of Merchants, customer lists, proprietary organizational methods, products, business plans or strategies,
or other trade secrets of Merchants, it being acknowledged by Executive that all such information regarding the business of Merchants
compiled or obtained by, or furnished to, Executive while Executive was employed by Merchants is confidential information and Merchants’
exclusive property. Confidential information shall not include any information which (i) becomes publicly known through no fault
or act of Executive; (ii) is lawfully received by Executive from a third party after Termination without a similar restriction
regarding confidentiality and use and without a breach of this Agreement; or (iii) is independently developed by Executive other
than in connection with Executive’s employment by Merchants or any of its subsidiaries.

 

Under the Defend Trade Secrets Act of 2016, Executive
shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret
that is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney,
and solely for the purpose of reporting or investigating a suspected violation of law, or made in a complaint or other document
filed in a lawsuit or other proceedings, if such filing is made under seal. Further, if Executive files a lawsuit for retaliation
by Merchants or the subsidiary employing Executive for reporting a suspected violation of law, Executive may disclose trade secrets
to the attorney and use the trade secret information in the court proceeding if Executive (A) files any document containing the
trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order. Notwithstanding anything herein
to the contrary and for the avoidance of doubt, nothing herein shall prevent Merchants from disclosing the existence and/or terms
and conditions of this Agreement, including without limitation, to the extent required by applicable law (including, without limitation,
under applicable securities laws) or by judicial or administrative process.

 

		(e)	Removal and Resignation as Officer and Director. Unless otherwise agreed in writing by Merchants, upon Termination Executive
will be deemed to have resigned and been removed from any position (i) as a member of the Board, (ii) as a member of the board
of directors (or similar governing body) of any subsidiary, (iii) as an officer of Merchants or any subsidiary, (d) as a fiduciary
of any employee benefit plan of Merchants or any subsidiary, and (iv) at any third party for which Executive serves at the request
or on behalf of Merchants or any subsidiary (whether as a director, officer, or otherwise), including at any non-profit organization
and industry or trade association, and shall submit and/or execute any documentation Merchants deems necessary to effectuate such
resignation and removal.

 

		12.	Remedies. In the event of a breach or a threatened breach by Executive of any provision of Section 11, Merchants is
entitled to an injunction restraining Executive from the commission of such breach, and to recover its attorneys’ fees, costs
and expenses related to the breach or threatened breach. Nothing herein contained shall be construed as prohibiting Merchants from
pursuing any other remedies available to it for such breach or threatened breach, including the recovery of money damages. These
covenants are each to be construed as independent of any other provisions in this Agreement, and the existence of any claim or
cause of action by Executive against Merchants, whether predicated on this Agreement or otherwise, does not constitute a defense
to the enforcement by Merchants of such covenants.

 

		13.	Reasonableness of Restrictions. Executive has carefully considered the nature and extent of the restrictions of Section
11 and the rights and remedies conferred upon Merchants under this Agreement, and agrees that the same are reasonable in time and
territory, are designed to prevent disruption of relationships which are valuable to Merchants and its subsidiaries, do not stifle
the inherent skill and experience of Executive, would not operate as a bar to Executive’s sole means of support, are fully
required to protect the legitimate interests of Merchants and its subsidiaries, and do not confer a benefit upon Merchants disproportionate
to the detriment to Executive.

 

		14.	Headings; Severable Provisions. All captions and section headings used in this Agreement are for convenient reference
only and do not form a part of this Agreement. The provisions of this Agreement are severable, and, if any one or more provisions
are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions of this Agreement and any
partially unenforceable provision of this Agreement, to the extent enforceable in any jurisdiction, remain binding and enforceable.
If any provision of this Agreement, including any provision of Section 11, is invalid in part or in whole, it will be deemed to
have been amended, whether as to time, area covered or otherwise, as
and to the extent required for its validity under applicable law and, as so amended, will be enforceable.

 

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		15.	Notices. Any notices, requests, demands, and other communications provided for by this Agreement must be in writing
and sent by registered or certified mail or overnight carrier (a) in the case of Executive, to Executive’s last address on
file with Merchants’ human resources department and (b) in the case of Merchants, to the Chairman of the Board at its principal
office.

 

		16.	Governing Law. This Agreement is governed by and the terms are to be construed in accordance with the laws of the State
of Indiana, without reference to the choice of law principles or rules thereof.

 

		17.	Arbitration. Any dispute or controversy arising out of, under, in connection with, or relating to this Agreement or
any amendment hereof shall be submitted to binding arbitration before 1 arbitrator in Carmel, Indiana, in accordance with the Commercial
Arbitration Rules of the American Arbitration Association for expedited arbitration, and any judgment upon the award rendered by
the arbitrator may be entered in any court having jurisdiction thereof.

 

		18.	Amendment. This Agreement may be amended only by mutual written agreement of Executive and Merchants.

 

		19.	Successors and Assigns. This Agreement is binding upon and inures to the benefit of Merchants and its successors and
assigns, including any successor to Merchants, direct or indirect, resulting from purchase, merger, consolidation, or otherwise.
This Agreement is also binding upon and inures to the benefit of Executive and Executive’s personal or legal representatives,
successors, heirs, and assigns. No interest of Executive, or any right to receive any payment or benefit hereunder, will be subject
in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind, nor
may such interest or right to receive a payment, be taken, voluntarily or involuntarily, for the satisfaction of the obligation
or debts of, or other claims against, Executive, including claims for alimony, support, separate maintenance, and claims in bankruptcy
proceedings, without the express written consent of Merchants. All rights under this Agreement of Executive will always be entirely
unfunded, and no provision will at any time be made with respect to segregating any assets of Merchants or any of its subsidiaries
for payment of any amounts due hereunder. Executive will have only the rights of general unsecured creditor of Merchants.

 

		20.	Definitions. For the purposes of this Agreement, the following terms have the meanings specified below:

 

		(a)	A “Change in Control” shall be deemed to have occurred if:

 

		(i)	any Person (as defined below) is or becomes the Beneficial Owner (as defined below) of securities of Merchants representing
25% or more of the combined voting power of Merchants’ then outstanding securities (unless (A) such Person is Michael F.
Petrie or Randall D. Rogers, individually or collectively with their respective spouse and children, (B) such Person is an employee
benefit plan (or related trust) sponsored or maintained by Merchants or any subsidiary, or (C) the event causing the 25% threshold
to be crossed is an acquisition of securities directly from Merchants);

 

		(ii)	during any period of 12 consecutive months, individuals who at the beginning of such period constitute the Board and any new
director whose election by the Board or nomination for election by Merchants’ shareholders was approved by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election
or nomination for election was previously so approved, cease for any reason to constitute a majority thereof;

 

		(iii)	the shareholders of Merchants approve a merger or consolidation with any other entity (other than a merger or consolidation
which would result in the voting securities of Merchants outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the entity surviving such merger or consolidation), in
combination with voting securities of Merchants or such surviving entity held by a trustee or other fiduciary pursuant to any employee
benefit plan of Merchants or such surviving entity or of any subsidiary of Merchants or such surviving entity, at least 75% of
the combined voting power of the securities of Merchants or such surviving entity outstanding immediately after such merger or
consolidation);

 

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		(iv)	the shareholders of Merchants approve a plan of complete liquidation or dissolution of Merchants or an agreement for the sale
or disposition by Merchants of all or substantially all of Merchants’ assets; or

 

		(v)	any event that would be described in Sections 20(a)(i), (ii), (iii), or (iv) if “Merchants
Bank of Indiana (and any successor thereto)” or any event that would be described in Sections 20(a)(i), (iii), or (iv) if
“Merchants Capital Corp. (and any successor thereto)” were substituted for “Merchants” therein.

 

For purposes of the definition of Change in Control,
“Person” means the same as provided for such term in Section 3(a)(9) of the Securities Exchange Act of 1934
(as amended), as supplemented by Section 13(d)(3) of such Act; provided, however, that Person shall not include (i) Merchants,
any subsidiary or any other Person controlled by Merchants, (ii) any trustee or other fiduciary holding securities under any employee
benefit plan of Merchants or of any subsidiary, or (iii) a corporation owned, directly or indirectly, by the shareholders of Merchants
in substantially the same proportions as their ownership of securities of Merchants.

 

For purposes of the definition of Change in Control,
a Person shall be deemed the “Beneficial Owner” of any securities which such Person, directly or indirectly,
has the right to vote or dispose of or has “beneficial ownership” (within the meaning of Rule 13d-3 under the Securities
Exchange Act of 1934, as amended) of, including pursuant to any agreement, arrangement or understanding (whether or not in writing);
provided, however, that: (i) a Person shall not be deemed the Beneficial Owner of any security as a result of an agreement, arrangement,
or understanding to vote such security (x) arising solely from a revocable proxy or consent given in response to a public proxy
or consent solicitation made pursuant to, and in accordance with the Securities Exchange Act of 1934, as amended, and the applicable
rules and regulations thereunder or (y) made in connection with, or to otherwise participate in, a proxy or consent solicitation
made, or to be made, pursuant to, and in accordance with, the applicable provisions of the Securities Exchange Act of 1934, as
amended, and the applicable rules and regulations thereunder; in either case described in clause (x) or clause (y) above, whether
or not such agreement, arrangement or understanding is also then reportable by such Person on Schedule 13D under the Securities
Exchange Act of 1934, as amended (or any comparable or successor report); and (ii) a Person engaged in business as an underwriter
of securities shall not be deemed to be the Beneficial Owner of any securities acquired through such Person’s participation
in good faith in a firm commitment underwriting until the expiration of forty days after the date of such acquisition.

 

		(b)	“Change in Control Announcement” shall be deemed to have occurred if (i) Merchants enters into an agreement,
the consummation of which would (or, if simultaneously closed, does) result in the occurrence of a Change in Control, (ii) any
Person (including Merchants) publicly announces an intention to take or to consider taking actions which upon consummation would
constitute a Change in Control, including in any press release or filing with the Securities and Exchange Commission, the Federal
Deposit Insurance Corporation, or the Board of Governors of the Federal Reserve System, or (iii) the Board adopts a resolution
to the effect that a potential Change in Control for purposes of this Agreement has occurred.

 

		(c)	“Cause” for Termination exists if:

 

		(i)	Executive willfully and materially fails to perform the duties of Executive’s employment (except in the case of Termination
for Good Reason or on account of Executive’s physical or mental inability to perform such duties) and such failure is not
corrected within 5 days after receiving notice from Merchants specifying such failure in detail;

 

		(ii)	Executive willfully and materially violates Merchants’ Code of Conduct or written harassment policies;

 

		(iii)	a federal or state regulatory agency having jurisdiction over Merchants, Merchants Bank of Indiana, or Merchants Capital Corp.
requires or directs that Executive’s employment be terminated;

 

		(iv)	Executive is arrested or indicted for a felony or a lesser criminal offense involving dishonesty, breach of trust, or moral
turpitude; or

 

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		(v)	in the good faith determination of the Board, Executive engaged in gross misconduct constituting a violation of law or breach
of fiduciary duty which misconduct is materially and demonstrably injurious to Merchants.

 

For purposes of the definition of Cause, no act or
failure to act shall be considered “willful,” if Executive acted or failed to act either in good faith or with a reasonable
belief that Executive’s act or failure to act was not opposed to Merchants best interests.

 

		(d)	“Code” means Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

 

		(e)	“Good Reason” means a resignation at Executive’s initiative (but not for Cause, or due to death or
disability) and after the occurrence of any of the following triggering events, provided (x) such triggering event(s) occurred
during the Change in Control Window, (y) Executive first notified Merchants in writing that Executive considered Good Reason to
have occurred, including reasonable details of the triggering event(s), and gave Merchants at least 30 days to reverse or rectify
the triggering event(s), and (z) such resignation occurred within 90 days after the triggering event(s) (if more than one triggering
event occurred, the latest triggering event):

 

		(i)	without Executive’s written consent, Executive’s responsibilities or authority are materially diminished from those
in effect immediately prior to the Change in Control Window, including a requirement that Executive report to a lower level officer
than previously required (or, if not previously reporting to any officer, to an officer or to a non-public company board, rather
than directly to the board of a publicly-traded company) (e.g., Executive no longer serves as president, chief financial officer,
general counsel, chief operating officer, etc., as applicable);

 

		(ii)	without Executive’s written consent, Executive is removed or not reelected to any office or board position at either
Merchants or any subsidiary which Executive held immediately prior to the Change in Control Window, without simultaneous election
to a board position at a similar level in a post-Change in Control affiliated group;

 

		(iii)	a reduction by Merchants in Executive’s base salary as in effect immediately prior to the Change in Control Window, other
than via a base salary reduction for Merchants’ personnel generally of not more than 10%;

 

		(iv)	Executive is requested to work from an office anywhere other than within 50 miles of Merchants’ office from which Executive
works as of the beginning of a Change in Control Window, except for required travel on Merchants’ business to an extent substantially
consistent with prior business travel obligations or such obligations as are incident to a promotion.

 

		(f)	“Termination” means (i) Merchants (or any subsidiary of Merchants employing Executive) notified Executive,
other than upon Executive’s implicit or explicit request, that Executive’s employment has been terminated and/or that
Executive effectively will not perform any further services for Merchants or any of its subsidiaries, or (ii) Executive resigned
for Good Reason. For the purposes of determining the date of Termination, for subsection (i) the date of Termination will be the
date Merchants provided notice and for subsection (ii) the date of Termination will be the date of the triggering event (and if
more than one triggering event has occurred, the date of the latest triggering event).

 

[Remainder of Page Left Blank Intentionally.
Signatures on Following Page.]

 

    8

     

    

 

IN WITNESS WHEREOF, Merchants and Executive
have entered into this Agreement to become effective as of the Effective Date.

 

	 	MERCHANTS BANCORP
	 	 
	 	By:	                        
	 	 
	 	Name:	 
	 	 
	 	Title:	 
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	[Name]

 

[Signature Page to Change in Control Agreement]

 

    9Exhibit
10.1

 

Technology
Services Agreement

 

This
Technology Services Agreement (this “Agreement”) is entered into and effective as of January 17, 2020 (the
“Effective Date”), by and between Recruiter.com Group, Inc., a Delaware corporation (“Company”),
having its principal address at 100 Waugh Drive, Suite 300, Houston, Texas 77007, and Recruiter.com (Mauritius) Ltd., a Mauritius
private company limited by shares (“Service Provider”), having its principal address at 92 D, Belle Rose Avenue,
Q-Bornes, 72249 Mauritius. Company and Service Provider are referred to herein collectively as the “Parties,”
and each as a “Party.”

 

WHEREAS,
since August 25, 2014, Service Provider has been providing certain Services (as defined below) to Company;

 

WHEREAS,
as of the Effective Date, Company desires to memorialize the terms of engagement relating to the Services provided by Service
Provider; and

 

WHEREAS,
Service Provider desires to continue to be engaged by Company in order to provide the Services to Company, upon the terms and
conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the business relationship, mutual covenants contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1. SERVICES.

 

1.1
Company hereby engages Service Provider, and Service Provider hereby accepts such engagement, on an independent
contractor basis to provide software development services to Company as more particularly set forth on Exhibit A, a
copy of which is attached hereto and incorporated herein by reference (collectively, the “Services”). Exhibit
A may be amended from time to time by mutual written agreement of the Parties. Due to the personalized and specific
nature of the Services, the Parties agree that all Services provided hereunder shall be performed by Service Provider, unless
otherwise approved in advance in writing by Company.

 

1.2
Company shall not control the manner or means by which Service Provider performs the Services, including but not limited to
the time and place Service Provider performs the Services.

 

1.3
Service Provider shall furnish, at Service Provider’s own expense, the equipment, supplies, and other materials used or
otherwise necessary to perform the Services unless such expense is approved in advance, in writing, to be reimbursed by
Company.

 

1.4
During the Term (as defined below) of this Agreement, Service Provider acknowledges and agrees that so long as this Agreement
is in effect, Service Provider shall not, directly or indirectly, render services to any other person or entity other than to
Company, and its affiliates and subsidiaries.

 

     

     

    

 

2. INITIAL
TERM. The term of this Agreement shall commence on the Effective Date and shall continue for a period of five (5) years, unless
and until earlier terminated as provided under this Agreement or applicable law (the “Initial Term”).

 

2.1 Renewal
Term. Upon the expiration of the Initial Term, this Agreement shall automatically renew for additional successive twelve (12)
month terms unless and until either Party provides written notice of non-renewal at least ninety (90) days before the end of the
then-current term, or unless and until earlier terminated as provided under this Agreement or applicable law (each, a “Renewal
Term,” together with the Initial Term, the “Term”). If the Term is renewed for any Renewal Term(s)
pursuant to this Section 2.1, the terms and conditions of this Agreement during such Renewal Term are the same as the terms
in effect immediately before such renewal.

 

3. FEES
AND EXPENSES.

 

3.1
As full compensation for the Services and the rights granted to Company in this Agreement, Company shall pay Service Provider
the fees as set forth on Exhibit B attached hereto (collectively, the “Fee”). All amounts payable
to Service Provider pursuant to this Section 3 shall be paid by Company without withholding for any federal, state,
local or foreign taxes.

 

3.2
In connection with the performance of the Services by Service Provider, Company shall reimburse Service Provider for actual,
documented and reasonable business expenses that have been approved by Company in advance in writing. Service Provider is
solely responsible for any other costs or expenses incurred by Service Provider in connection with the performance of the
Services, and in no event shall Company reimburse Service Provider for any such costs or expenses.

 

4. RELATIONSHIP
OF THE PARTIES.

 

4.1
Service Provider is an independent contractor of Company, and this Agreement shall not be construed to create any
association, partnership, joint venture, employee, or agency relationship between Service Provider and Company for any
purpose. Service Provider has no authority (and shall not hold Service Provider out as having authority) to bind Company, and
Service Provider shall not make any agreements or representations on Company’s behalf without Company’s prior
written consent.

 

4.2
Without limiting Section 4.1, Service Provider will not be eligible to participate in any vacation, group medical or life
insurance, disability, profit sharing or retirement benefits, or any other fringe benefits or benefit plans offered by Company
to its employees, and Company will not be responsible for withholding or paying any income, payroll, Social Security, or other
federal, state, local, or foreign taxes, making any insurance contributions, including for unemployment or disability, or obtaining
worker’s compensation insurance on Service Provider’s behalf. Service Provider shall be responsible for, and shall
indemnify Company against, all such taxes or contributions, including penalties and interest. Subject to Section 13.8 of
this Agreement, any persons employed or engaged by Service Provider in connection with the performance of the Services shall be
Service Provider’s employees or contractors and Service Provider shall be fully responsible for them and indemnify Company
against any claims made by or on behalf of any such employee or contractor.

 

    2

     

    

 

5. TERMINATION.

 

5.1
Company may terminate this Agreement without cause upon fifteen (15) days’ written Notice (as defined below) to Service
Provider; provided, further, that Service Provider may terminate this Agreement without cause upon ninety (90) days’
written Notice to Company. Upon termination of this Agreement by either Party, Service Provider hereby agrees and
acknowledges that Service Provider shall: (a) refund to Company any monies that Company may have paid to Service Provider,
less the reasonable value of any Services provided by Service Provider prior to the termination, as mutually agreed upon by
the Parties; and (b) provide assistance to Company and its affiliates and subsidiaries for a period of sixty (60) days after
the termination of this Agreement, or for such longer period as may be reasonably required by Company, in order to, among
other things, transition the Services contemplated hereunder to another third party service provider.

 

5.2
Service Provider or Company may terminate this Agreement, effective immediately upon written Notice to the other Party to
this Agreement, if the other Party materially breaches this Agreement, and such material breach is incapable of cure, or with
respect to a material breach capable of cure, the other Party does not cure such material breach within ten (10) days after
receipt of written Notice of such breach.

 

5.3
Upon expiration or termination of this Agreement for any reason, or at any other time upon Company’s written request,
Service Provider shall, within five (5) days after such expiration or termination:

 

(a)
deliver to Company all Deliverables (whether complete or incomplete) and all hardware, software, tools, equipment, or other
materials provided for Service Provider’s use by Company;

 

(b)
deliver to Company all tangible documents and materials (and any copies) containing, reflecting, incorporating, or based on
the Confidential Information (as defined below) that Service Provider has worked on during the Term;

 

(c)
permanently erase all of the Confidential Information from Service Provider’s computer systems; and

 

(d)
certify in writing to Company that Service Provider has complied with the requirements of this Section 5.3.

 

6. INTELLECTUAL
PROPERTY RIGHTS.

 

6.1
Company is and shall be, the sole and exclusive owner of all right, title, and interest throughout the world in and to all
the results and proceeds of the Services performed under this Agreement or any services provided by Service Provider to
Company before the Effective Date (collectively, the “Deliverables”), including all patents, copyrights,
trademarks, trade secrets, and other intellectual property rights (collectively “Intellectual Property
Rights”) therein. Service Provider agrees that the Deliverables are hereby deemed a “work made for
hire” as defined in 17 U.S.C. § 101 for Company. If, for any reason, any of the Deliverables do not constitute a
“work made for hire,” Service Provider hereby irrevocably assigns to Company, in each case without additional
consideration, all right, title, and interest throughout the world in and to the Deliverables, including all Intellectual
Property Rights therein.

 

    3

     

    

 

6.2
Any assignment of copyrights under this Agreement includes all rights of paternity, integrity, disclosure, and withdrawal and
any other rights that may be known as “moral rights” (collectively, “Moral Rights”). Service
Provider hereby irrevocably waives, to the extent permitted by applicable law, any and all claims Service Provider may now or
hereafter have in any jurisdiction to any Moral Rights with respect to the Deliverables.

 

6.3
Upon the reasonable request of Company, Service Provider shall promptly take such further actions, including, without
limitation, execution and delivery of all appropriate instruments of conveyance, as may be necessary to assist Company to
prosecute, register, perfect, record or enforce its rights in any Deliverables. In the event Company is unable, after
reasonable effort, to obtain Service Provider’s signature on any such documents, Service Provider hereby irrevocably
designates and appoints Company as Service Provider’s agent and attorney-in-fact, to act for and on Service
Provider’s behalf solely to execute and file any such application or other document and do all other lawfully permitted
acts to further the prosecution and issuance of patents, copyrights or other intellectual property protection related to the
Deliverables with the same legal force and effect as if Service Provider had executed them. Service Provider agrees that this
power of attorney is coupled with an interest.

 

6.4 Service
Provider has no right or license to use, publish, reproduce, prepare derivative works based upon, distribute, perform, or display
any Deliverables. Service Provider has no right or license to use Company’s trademarks, service marks, trade names, logos,
symbols, or brand names (collectively, the “Marks”). Service Provider shall promptly notify Company of any
and all infringements, imitations, illegal use or misuses, of any Company Marks, which come to Service Provider’s attention.
Service Provider shall not at any time adopt, use or register as a trademark, trade name, business name, corporate name, domain
name, or part thereof, whether during or following the Term, that includes any word or symbol or combination thereof which is
identical to, or similar to, any Company Marks. Service Provider shall use only such Company Marks as authorized in writing by
Company and only in the manner authorized in writing by Company. All use of such Marks will inure solely to Company’s benefit.
Upon termination of this Agreement, Service Provider will immediately cease use, if any, of all such Company Marks.

 

6.5 Service
Provider understands and acknowledges that all references to Company in this Section 6 hereof shall include any subsidiary
or affiliate of Company.

 

    4

     

    

 

7. CONFIDENTIALITY;
NON-DISCLOSURE.

 

7.1 Service
Provider acknowledges that as a result of Service Provider’s engagement by Company, Service Provider has and will become
informed of, and has and will have access to, valuable confidential and proprietary information of Company, including, but not
limited to, marketing information, sales information, financial data, business plans, trade secrets, know-how, computer programs,
operations plans, pricing strategies, customer specifications, identity of customers and vendors, vendor specifications, client
information, client lists and private client information, including Personally Identifiable Information (as defined below), and
other confidential and proprietary information regarding Company and its operations, and clients, along with all analyses, compilations,
data, studies, reports, emails, and all documents prepared by Service Provider containing or based in whole or in part on any
such confidential and proprietary information disclosed by Company (collectively, “Confidential Information”).
For purposes of this Agreement, “Personally Identifiable Information” means any personally identifiable information,
including information that: (a) directly or indirectly identifies an individual (including, for example, names, signatures, addresses,
telephone numbers, email addresses, and other unique identifiers); (b) can be used to authenticate an individual (including, for
example, employee identification numbers, government-issued identification numbers, passwords or PINs, user identification and
account access credentials or passwords, financial account numbers, credit report information, biometrics, answers to security
questions, and other personal identifiers); or (c) is defined as such or protected under applicable data protection laws, including
information considered as sensitive personal data or employee personal data. Service Provider agrees that, even though the Confidential
Information may be contributed to, developed or acquired by Service Provider, the Confidential Information is the exclusive property
of Company to be held by Service Provider in trust and solely for Company’s benefit during and after Service Provider’s
engagement with Company as an independent contractor. Service Provider shall act as a fiduciary with respect to the Confidential
Information and act in accordance with the highest standards established by applicable law with respect to the duties of a person
in a position of trust. Accordingly, Service Provider shall not (and shall cause Service Provider’s respective affiliates,
subsidiaries, representatives, and agents not to) at any time during the Term (other than in the performance of the Services hereunder),
or subsequent to the termination of this Agreement, use the Confidential Information for Service Provider’s benefit or the
benefit of any person or entity other than Company, or reveal, report, publish, transfer, or otherwise disclose to any person
or entity, any of the Confidential Information without the prior written consent of Company, except to (i) officers and employees
of Company authorized by Company to receive the Confidential Information, (ii) vendors, contractors, or consultants to Company
that have executed confidentiality and non-disclosure agreements in favor of Company and are authorized by Company to receive
the Confidential Information, and (iii) other persons whom Company agrees in writing are in a contractual or fiduciary relationship
with Company, or who have a need for this information for purposes that are in the best interests of Company, and are authorized
by Company to receive the Confidential Information. This provision does not prohibit Service Provider from disclosing information
which legally is, or becomes, general public knowledge from authorized sources other than Service Provider.

 

7.2
Service Provider acknowledges and agrees that the Confidential Information is treated by Company as confidential and derives
independent value from not being generally known to and not readily ascertainable by proper means by other persons who can
obtain economic value from its disclosure or use. Service Provider further acknowledges and agrees that such Confidential
Information has been the subject of efforts by Company which are reasonable under the circumstances to maintain its
confidentiality.

 

7.3
Service Provider acknowledges that Company has extended extensive time, effort, and money to develop the Confidential
Information and that the Confidential Information could be acquired and duplicated by others only with great difficulty and
expense. Service Provider further acknowledges that the Confidential Information is of a confidential and proprietary nature,
and is a valuable, special, and unique property and asset of Company.

 

    5

     

    

 

7.4
Service Provider further understands that the purpose of this confidentiality and non-disclosure provision is to protect
Company and is limited so as to apply only to the extent necessary to protect the interests of Company. Service Provider
further acknowledges and understands that Company would not be willing to provide access to the Confidential Information to
Service Provider without the assurance of reasonable protection against Service Provider’s use of the Confidential
Information in a manner inconsistent with Company’s best interest.

 

7.5
During the course of Service Provider’s engagement with Company as an independent contractor, Service Provider agrees
to use Service Provider’s best efforts to maintain the confidentiality of the Confidential Information, including
adopting and implementing all reasonable procedures prescribed by Company to prevent unauthorized use or disclosure of the
Confidential Information to any unauthorized person. Service Provider shall take all necessary and reasonable administrative,
technical, and physical safeguards to secure and protect the confidentiality, integrity, and security of any Confidential
Information received, accessed, or used by Service Provider in the performance of the Services.

 

7.6
Service Provider agrees that Service Provider will not download, upload, or otherwise transfer copies of the Confidential
Information to any external storage media or cloud storage (except as authorized by Company when necessary in the performance
of the Services for Company and for Company’s sole benefit), and will not print hard copies of any Confidential
Information that Service Provider accesses electronically from a remote location.

 

7.7
Other than as contemplated in Section 7.8 below, if the Confidential Information known to Service Provider or in
Service Provider’s possession, custody, or control is subpoenaed, subject to a demand for production or any other form
of legal process issued with respect to the Confidential Information by any judicial, regulatory, administrative, legislative
or governmental authority or any other person or entity, Service Provider agrees to notify Company promptly, in writing, that
such subpoena, demand, or other legal process has been received. Service Provider agrees to use Service Provider’s best
efforts, consistent with the requirements of applicable law, to protect the Confidential Information from disclosure and to
cooperate with Company in seeking protection from disclosure of the Confidential Information. If Service Provider is required
to disclose the Confidential Information, Service Provider agrees, at Company’s request and expense, to use Service
Provider’s best efforts to obtain assurances that the Confidential Information will be maintained on a confidential
basis and not be disclosed to a greater degree than legally required.

 

7.8
Nothing in this Agreement shall be construed to prohibit Service Provider from participating in any investigation or
proceeding conducted by any federal, state, local or foreign government agency charged with enforcement of any law; reporting
possible violations of any law, rule or regulation to any governmental agency or entity charged with enforcement of any law,
rule or regulation; or making other disclosures that are protected under whistleblower provisions of any law, rule or
regulation. Service Provider acknowledges that Service Provider shall not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of a trade secret that: (a) is made in confidence to a federal, state,
or local government official, either directly or indirectly, or to an attorney, and made solely for the purpose of reporting
or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. Should Service Provider file a lawsuit for retaliation against Company for
reporting a suspected violation of law, Service Provider may disclose the trade secret to Service Provider’s attorney
and use the trade secret information in the court proceeding, if Service Provider: (i) files any document containing the
trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order.

 

    6

     

    

 

7.9 Service
Provider understand and acknowledges that all references to Company in this Section 7 hereof shall include any subsidiary
or affiliate of Company.

 

8. REPRESENTATIONS
AND WARRANTIES.

 

8.1
Service Provider represents and warrants to Company that:

 

(a)
Service Provider has the right to enter into this Agreement, to grant the rights granted herein and to perform fully all of
Service Provider’s obligations in this Agreement;

 

(b)
Service Provider’s entering into this Agreement with Company and Service Provider’s performance of the Services
do not and will not conflict with or result in any breach or default under any other agreement to which Service Provider is
subject, including without limitation any obligations of Service Provider with any current employer of Service
Provider;

 

(c)
Service Provider has the required skill, experience and qualifications to perform the Services, Service Provider shall
perform the Services in a professional and workmanlike manner in accordance with generally recognized industry standards for
similar services, and Service Provider shall devote sufficient resources to ensure that the Services are performed in a
timely and reliable manner;

 

(d)
Service Provider shall perform the Services in compliance with all applicable federal, state, local, and foreign laws and
regulations;

 

(e)
Company will receive good and valid title to all Deliverables, free and clear of all encumbrances and liens of any kind;
and

 

(f)
the execution of this Agreement by Service Provider’s representative whose signature is set forth at the end hereof has
been duly authorized by all necessary corporate action.

 

8.2
Company hereby represents and warrants to Service Provider that:

 

(a)
Company has the full right, power and authority to enter into this Agreement and to perform its obligations hereunder;
and

 

(b)
the execution of this Agreement by Company’s representative whose signature is set forth at the end hereof has been
duly authorized by all necessary corporate action.

 

    7

     

    

 

9. Interference
with Business. Service Provider acknowledges that because of the Services provided to Company, Service Provider has
developed and will help develop, and has been and will be exposed to, Company’s business strategies, information on customers
and clients, and other valuable Confidential Information and that use or disclosure of such Confidential Information in breach
of this Agreement would be extremely difficult to detect or prove. Service Provider also acknowledges that Company’s relationships
with its employees, consultants, customers, clients, vendors, and other persons are valuable business assets. Therefore, Service
Provider agrees as follows:

 

9.1 Non-Solicitation
of Clients. During the Term and for twenty-four (24) months after the date of termination of this Agreement, Service Provider
shall not (and shall cause Service Provider’s respective affiliates, subsidiaries, representatives, and agents not to),
for Service Provider’s own benefit or on behalf of any other person or entity (other than Company), directly or indirectly
through another person or entity: (a) solicit, contact, or communicate with any Client (as defined below) for the purpose of providing
Client with products or services competitive with those products or services provided by Company; (b) induce or attempt to induce
any Client to cease or reduce doing business with Company or in any way interfere with the relationship between any Client and
Company; or (c) aid or assist any other person or entity to do any of the aforesaid prohibited acts. For purposes of this Agreement,
“Client” shall include any person or entity that was a client, customer, vendor, supplier, or referral source
of Company with whom Service Provider had contact or about whom Service Provider received information in the performance of the
Services for Company during the Term.

 

9.2 Non-Solicitation
of Employees and Contractors. During the Term and for twenty-four (24) months after the date of termination of this Agreement,
Service Provider shall not (and shall cause Service Provider’s respective affiliates, subsidiaries, representatives, and
agents not to), for Service Provider’s own benefit or on behalf of any other person or entity (other than Company), disrupt
or interfere with the business of Company by, or use any of Company’s trade secrets and/or Confidential Information to,
directly or indirectly through another person or entity: (a) solicit, request, induce or encourage any independent contractor
or consultant of Company to terminate its contract with Company; (b) solicit, request, induce or encourage any employee of Company
to leave the employment of Company; (c) take any action which interferes with the relationship between Company and any of its
employees, independent contractors or consultants; or (d) hire, offer employment to, or otherwise engage any individual who was
an employee, independent contractor or consultant of Company at any time during the Term.

 

9.3 Non-Competition.
During the Term and for twenty-four (24) months after the date of termination of this Agreement, Service Provider shall not (and
shall cause Service Provider’s respective affiliates, subsidiaries, representatives, and agents not to), directly or indirectly
through another person or entity other than Company, become employed by, work for, or provide services (whether as a principal,
agent, independent contractor, consultant, employee, employer, partner, director, member, shareholder (other than as an owner
of two percent (2%) or less of the stock of a public corporation), or in any other capacity) any person or entity engaged in a
business which is Competitive with the Business of Company in the Restricted Territory. For purposes of this Agreement: (a) “Competitive
with the Business” of Company shall mean: (i) an online platform designed to connect recruiters and potential employers;
or (ii) any other business that Company shall decide to engage in after the Effective Date; and (b) “Restricted Territory”
shall mean the entire world.

 

    8

     

    

 

9.4 Reasonableness
of Restrictive Covenants. Service Provider agrees that the promises made in this Agreement are reasonable and necessary for
protection of Company’s legitimate business interests including, but not limited to: the Confidential Information; client,
customer, and vendor good will associated with the specific marketing and trade area in which Company conducts the business; Company’s
substantial relationships with prospective and existing clients, customers, vendors, referral sources, and suppliers; and a productive
and competent and undisrupted workforce. Service Provider agrees that the restrictive covenants in this Agreement will not prevent
Service Provider from earning a livelihood in Service Provider’s chosen business, they do not impose undue hardship on Service
Provider, and that they will not injure the public. If any restriction in this Section 9 is found by a court of competent
jurisdiction to be unenforceable because it extends for too long a period of time, over too broad a range of activities, or in
too large a geographic area, that restriction shall be interpreted to extend only over the maximum period of time, range of activities,
or geographic area as to which it may be enforceable.

 

9.5 Tolling
of Restrictive Period. The time period during which Service Provider is to refrain from the activities described in this Section
9 will be extended by any length of time during which Service Provider is in breach of any provision of this Agreement. Service
Provider acknowledges that the purposes and intended effects of the restrictive covenants would be frustrated by measuring the
period of the restriction from the date of termination of this Agreement where Service Provider failed to honor the restrictive
covenant until required to do so by court order.

 

9.6 Non-Disparagement.
During the Term and thereafter, Service Provider shall not (and shall cause Service Provider’s affiliates, subsidiaries,
representatives, and agents not to), directly or indirectly, make or encourage any statement to any third party, orally or in
writing, that would tend to discredit, ridicule, disparage, or adversely affect the reputation of: (a) Company, its affiliates,
subsidiaries, and each of their successors and assigns, and their former and present officers, directors, managers, owners, agents,
employees, representatives, and attorneys; or (b) Company’s services or products. However, nothing in this Agreement shall
prohibit either Party from making truthful statements to any local, state, federal or foreign administrative body or government
agency that is authorized to enforce or administer any law, rule, or regulation, or from testifying truthfully in any forum or
before any government agency responsible for enforcing any law, rule or regulation.

 

9.7 Acknowledgment.
Service Provider understands and acknowledges that all references to Company in this Section 9 hereof shall include any
subsidiary or affiliate of Company.

 

    9

     

    

 

10. SERVICE
PROVIDER EMPLOYEES, CONTRACTORS AND PERSONNEL. Service Provider acknowledges and agrees that in connection with the provision
of the Services to Company, employees, contractors and other personnel of Service Provider will, among other things: (a) have
access to Confidential Information regarding Company, and (b) gain knowledge and information regarding the operations of Company,
either of which, if disclosed to a competitor of Company would irreparably harm and have a significant negative effect on the
competitive position of Company. Contemporaneously with the execution of this Agreement, Service Provider shall cause all employees,
contractors and other personnel of Service Provider who will be providing Services to Company to enter into an Intellectual Property
Rights, Confidentiality and Restrictive Covenant Agreement in the form attached hereto as Exhibit C (the “Restrictive
Covenant Agreement”) and shall deliver an executed copy of each Restrictive Covenant Agreement to Company.

 

11. INDEMNIFICATION.

 

11.1
Service Provider shall indemnify, defend and hold harmless Company and its affiliates, subsidiaries, and each of their
officers, directors, managers, members, employees, contracts, agents, successors, and assigns (collectively,
“Indemnitees,” and each, an “Indemnitee”) from and against all losses, damages,
liabilities, deficiencies, actions, judgments, interest, awards, penalties, fines, costs, or expenses of whatever kind
(including, without limitation, reasonable attorneys’ fees) arising out of or resulting from:

 

(a)
bodily injury, death of any person or damage to real or tangible, personal property resulting from Service Provider’s
acts or omissions;

 

(b)
Service Provider’s breach of any representation, warranty, or obligation under this Agreement or any agreement between
Company and Service Provider’s personnel including, but not limited to, the Restrictive Covenant Agreement;

 

(c) any
disclosure of the Confidential Information;

 

(d)
any costs associated with notifying data subjects with respect to a breach of Personally Identifiable Information;
and/or

 

(e) any
action or inaction of Service Provider.

 

11.2
The indemnification rights in this Agreement are independent of and in addition to such rights and remedies as Indemnitees
may have at law or in equity including, without limitation, the right to seek specific performance, rescission or
restitution, none of which rights or remedies shall be affected or diminished hereby.

 

12. REMEDIES.
Service Provider acknowledges and agrees that it would be difficult to measure the damages to Company from any breach or threatened
breach by Service Provider of Sections 5.3, 6, 7, 8.1, 9, and 10 of this Agreement; that injury to Company
from any such breach would be irreparable; and that money damages would therefore be an inadequate remedy for any such breach.
Service Provider agrees that if Service Provider breaches or threatens to breach any of Service Provider’s obligations under
this Agreement, then Company, in addition to any other remedies available to it under law, shall be entitled to specific performance
and other equitable relief, including temporary and permanent injunctive relief, to enforce Sections 5.3, 6, 7, 8.1,
9, and 10 of this Agreement. Service Provider understands and acknowledges that all references to Company in this
Section 12 hereof shall include any subsidiary or affiliate of Company.

 

    10

     

    

 

13. MISCELLANEOUS.

 

13.1Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder (each, a “Notice”),
shall be in writing and addressed to the Parties at the addresses set forth on the first page of this Agreement (or to such other
address that may be designated by the receiving Party from time to time in accordance with this Section). All Notices shall be
delivered by personal delivery, nationally recognized overnight courier (with all fees prepaid), facsimile, or email (with confirmation
of transmission), or certified or registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise
provided in this Agreement, a Notice is effective only if (a) the receiving Party has received the Notice, and (b) the Party giving
the Notice has complied with the requirements of this Section 13.1.

 

13.2Entire
Agreement; Amendment. This Agreement and the Exhibits attached hereto, which are hereby incorporated herein and made a part
hereof for all purposes as if fully set forth herein, constitute the entire understanding of the Parties relating to the subject
matter hereof and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral,
express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises
and commitments are hereby canceled and terminated. There are no promises, undertakings or representations other than as set forth
herein. This Agreement and any exhibits hereto shall not be modified unless in a writing duly executed by both Parties hereto.

 

13.3 Waiver.
No waiver of any breach or other rights under this Agreement shall be deemed a waiver unless the acknowledgment of the waiver
is in writing executed by the Party committing the waiver. No waiver shall be deemed to be a waiver of any subsequent breach
or rights. All rights are cumulative under this Agreement.

 

13.4 Governing
Law; Jurisdiction and Venue. This Agreement shall be governed by and construed in accordance with the internal laws
of the State of Delaware without giving effect to any choice or conflict of law provision or rule. Each Party irrevocably
submits to the exclusive jurisdiction and venue of the federal and state courts located in the County of Hartford,
Connecticut, in any legal suit, action or proceeding arising out of or based upon this Agreement or the Services provided
hereunder.

 

13.5 Severability.
If any one or more of the provisions of this Agreement is held invalid, illegal or unenforceable, the remaining provisions of
this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually
acceptable valid, legal and enforceable provision that comes closest to the intent of the Parties.

 

13.6 Prevailing
Party. In the event any dispute arises out of or relating to this Agreement, whether in law or equity, the prevailing
Party shall be entitled to recover, in addition to the relief awarded, its reasonable attorneys’ fees,
paralegals’ fees and costs, at all levels whether at trial, on appeal, or in bankruptcy.

 

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13.7 Survival.
Service Provider’s post-termination obligations and Company’s post-termination rights under this Agreement
including but not limited to Sections 5.3, 6, 7, 8.1, 9, 10 and 11 of this Agreement shall
survive the termination of this Agreement; shall continue in full force and effect in accordance with their terms; and shall
continue to be binding on the Parties.

 

13.8 Binding
Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their
respective heirs, successors and assigns, except that Service Provider may not assign any of Service Provider’s rights
or delegate any of Service Provider’s duties hereunder without the prior written consent of Company (which may be
granted or withheld in Company’s sole and absolute discretion). Service Provider expressly agrees and consents to the
enforcement of this Agreement, including but not limited to the restrictive covenants and other obligations in Sections
5.3, 6, 7, 8.1, 9 and 10 of this Agreement, by Company as well as by Company’s successors, assigns,
parents, and related entities, regardless of whether such entity is in existence at the time of execution of this Agreement
or formed thereafter. Service Provider agrees that Company may freely assign this Agreement without notice to Service
Provider.

 

13.9 Headings.
The headings used in this Agreement are solely for convenience of reference and shall not affect its interpretation.

 

13.10 Construction.
The Parties acknowledge that each of them has reviewed this Agreement and has had the opportunity to have it reviewed by
their respective attorneys, and that 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.

 

13.11 Independent
Covenants. The Parties hereto agree that each of the covenants and/or provisions contained herein shall be construed as
independent of any other covenant and/or provision of this Agreement or any other agreement which the Parties may have, and
shall, where applicable, survive the termination or expiration of this Agreement for any reason. It is further understood
herein that the existence of any claim or cause of action by one of the Parties against another Party, whether predicated
upon another covenant and/or provision of this Agreement or any other agreement that the Parties may have, shall not
constitute a defense to the enforcement by one of the Parties herein of any other covenant and/or provision contained
herein.

 

13.12 Counterparts.
This Agreement may be executed in multiple counterparts and by facsimile signature or e-mail of a PDF signature, each of
which shall be deemed an original and all of which together shall constitute one instrument.

 

[Signatures appear
on the following page]

 

    12

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have executed this Agreement on the date set forth below, which Agreement shall be effective as of the Effective Date.

 

	 	SERVICE PROVIDER:
	 	 
	 	Recruiter (Mauritius) Ltd., a Mauritius private
	 	company limited by shares
	 	 
	 	By: 	Philippe Mourand
	 	Name:   	Philippe Mourand
	 	 
	 	COMPANY:
	 	 
	 	Recruiter.com Group, Inc., a Delaware corporation
	 	 
	 	By: 	Miles Jennings
	 	Name: 	Miles Jennings

 

[Signature Page of Technology Services
Agreement between Recruiter.com Group, Inc. and Recruiter (Mauritius) Ltd.]

 

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Exhibit A

 

Description of Service Provider Services

 

This Description of Service Provider
Services is hereby incorporated by reference and made a part of that certain Technology Services Agreement dated as of Effective
Date by and between Recruiter.com Group, Inc., a Delaware corporation (“Company”), having its principal address
at 100 Waugh Drive, Suite 300, Houston, Texas 77007, and Recruiter.com (Mauritius) Ltd., a Mauritius private company limited by
shares (“Service Provider”), having its principal address at 92 D, Belle Rose Avenue, Q-Bornes, 72249 Mauritius.

 

The Services and Deliverables to be provided
by Service Provider to Company shall include, but are not limited to, the following technology related services:

 

		1.	Software Development;

 

		2.	Code Maintenance;

 

		3.	Database Development;

 

		4.	Quality Assurance Testing;

 

		5.	Hardware and Software Testing;

 

		6.	Hardware and Software Configuration;

 

		7.	Network Configuration; and

 

		8.	Other Technology Services on an as-needed basis.

 

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Exhibit B

 

Description of Service Provider Fees

 

Unless otherwise mutually agreed to in
writing in advance by Service Provider and Company, Company shall pay Service Provider for work performed strictly according to
the actualized costs incurred by Service Provider in rendering the Services, which shall be invoiced by Service Provider to Company
on a monthly basis, or bi-monthly basis, as needed.

 

Company reserves the right to adjust Service
Provider’s Fee at any time and for any reason; provided, however, that all residual monies due Service Provider for Services
that have been rendered will be paid at the original Fee in effect when the work was performed by Service Provider.

 

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Exhibit C

 

Restrictive Covenant Agreement

 

This
Restrictive Covenant Agreement (this “Agreement”) is effective as of [___________________] (the “Effective
Date”), by and between Recruiter.com Group, Inc., a Delaware corporation (“Company”), and [__________________]
(“Worker”).

 

WHEREAS, Company has entered into
that certain Technology Services Agreement by and between Company and Recruiter (Mauritius) Ltd., a Mauritius private company limited
by shares (“Service Provider”), effective as of January ___, 2020 (the “Services Agreement”),
pursuant to which Service Provider has and will continue to provide certain technology services (the “Services”)
to Company;

 

WHEREAS, Service
Provider has determined that Worker is one of Service Provider’s personnel who [has and will continue to] / [will] provide
certain of the Services to Company;

 

WHEREAS, in connection with the
provision of the Services to Company by Worker, Worker will, among other things: (a) have access to Confidential Information (as
hereinafter defined) regarding Company, and (b) gain knowledge and information regarding the operations of Company, which if disclosed
to a competitor of Company would irreparably harm and have a significant negative effect on the competitive position of Company;

 

WHEREAS, pursuant to the Services
Agreement and as a condition precedent to Service Provider providing the Services to Company, all employees, contractors and other
personnel of Contractor providing Services to Company are required to make certain representations, warranties and covenants to
Company; and

 

WHEREAS, Worker
agrees to be bound by the representations, warranties and covenants set forth herein.

 

NOW, THEREFORE, in consideration
of the business relationship, mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Company and Worker agree as follows:

 

1. TERM. The
term of this Agreement shall commence on the Effective Date and shall continue until such a time as Worker is no longer providing
Services to Company on behalf of Service Provider, as agreed upon, in writing, by Company and Service Provider (“Term”).

 

2. INTELLECTUAL
PROPERTY RIGHTS.

 

2.1 Company is and shall
be, the sole and exclusive owner of all right, title, and interest throughout the world in and to all the results and proceeds
of the Services performed for Company by Worker on behalf of Service Provider prior to and following the Effective Date (collectively,
the “Deliverables”), including all patents, copyrights, trademarks, trade secrets, and other intellectual property
rights (collectively “Intellectual Property Rights”) therein. Worker agrees that all Deliverables are hereby
deemed a “work made for hire” of Company as defined in 17 U.S.C. § 101. If, for any reason, any of the Deliverables
do not constitute a “work made for hire,” Worker hereby irrevocably assigns to Company, in each case without additional
consideration, all right, title, and interest throughout the world in and to the Deliverables, including all Intellectual Property
Rights therein.

 

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2.2 Any assignment of
copyrights under this Agreement includes all rights of paternity, integrity, disclosure, and withdrawal and any other rights that
may be known as “moral rights” (collectively, “Moral Rights”). Worker hereby irrevocably waives,
to the extent permitted by applicable law, any and all claims Worker may, in the past, now or hereafter have in any jurisdiction
to any Moral Rights with respect to the Deliverables.

 

2.3 Upon the reasonable
request of Company, Worker shall promptly take such further actions, including, without limitation, the execution and delivery
of all appropriate instruments of conveyance, as may be necessary to assist Company to prosecute, register, perfect, record or
enforce its rights in any Deliverables. In the event Company is unable, after reasonable effort, to obtain Worker’s signature
on any such documents, Worker hereby irrevocably designates and appoints Company as Worker’s agent and attorney-in-fact,
to act for and on Worker’s behalf solely to execute and file any such application or other document and do all other lawfully
permitted acts to further the prosecution and issuance of patents, copyrights or other intellectual property protection related
to the Deliverables with the same legal force and effect as if Worker had executed them. Worker agrees that this power of attorney
is coupled with an interest.

 

2.4 Worker has no right
or license to use, publish, reproduce, prepare derivative works based upon, distribute, perform, or display any Deliverables. Worker
has no right or license to use Company’s trademarks, service marks, trade names, logos, symbols, or brand names (collectively,
the “Company Marks”). Worker shall promptly notify Company of any and all infringements, imitations, illegal
use or misuses, of any Company Marks, which come to Worker’s attention. Worker shall not at any time adopt, use or register
as a trademark, trade name, business name, corporate name, domain name, or part thereof, whether during or following the Term,
that includes any word or symbol or combination thereof which is identical to, or similar to, any Company Marks. Worker shall use
only such Company Marks as authorized in writing by Company and only in the manner authorized in writing by Company. All use of
such trademarks will inure solely to Company’s benefit. Upon termination of this Agreement, Worker will immediately cease
use, if any, of all such Company Marks.

 

2.5 Worker understands
and acknowledges that all references to Company in this Section 2 hereof shall include any subsidiary or affiliate of Company.

 

3. CONFIDENTIALITY; NON-DISCLOSURE.

 

3.1 Worker acknowledges
that as a result of Worker’s engagement by Service Provider to provide Services to Company on behalf of Service Provider,
Worker has and will become informed of, and have access to, valuable confidential and proprietary information of Company, including,
but not limited to, marketing information, sales information, business plans, trade secrets, know-how, computer programs, operations
plans, pricing strategies, customer specifications, identity of customers and vendors, vendor specifications, and other confidential
and proprietary information regarding Company and its operations, along with all analyses, compilations, data, studies, reports,
emails, and all documents prepared by Service Provider and/or Worker containing or based in whole or in part on any such confidential
and proprietary information disclosed by Company (collectively, “Confidential Information”). Worker agrees that,
even though the Confidential Information may be contributed to, developed or acquired by Service Provider and/or Worker, the Confidential
Information is the exclusive property of Company to be held by Worker in trust and solely for Company’s benefit during and
after Worker’s performance of Services for Company on behalf of Service Provider. Worker shall act as a fiduciary with respect
to the Confidential Information and act in accordance with the highest standards established by law with respect to the duties
of a person in a position of trust. Accordingly, Worker shall not at any time during the Term (other than in the performance of
the Services hereunder), or subsequent to the termination of this Agreement, use the Confidential Information for Worker’s
benefit or the benefit of any person or entity other than Company, or reveal, report, publish, transfer, or otherwise disclose
to any person or entity, any of the Confidential Information without the prior written consent of Company except to: (i) officers,
managers, employees and contractors of Company authorized by Company to receive the Confidential Information, (ii) vendors, contractors,
or consultants to Company that have executed confidentiality and non-disclosure agreements in favor of Company and are authorized
by Company to receive the Confidential Information, and (iii) other persons whom Company agrees in writing are in a contractual
or fiduciary relationship with Company, or who have a need for this information for purposes that are in the best interests of
Company, and are authorized by Company to receive the Confidential Information. This provision does not prohibit Worker from disclosing
information which legally is, or becomes of, general public knowledge from authorized sources other than Worker.

 

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3.2 Worker acknowledges
and agrees that the Confidential Information is treated by Company as confidential and derives independent value from not being
generally known to and not readily ascertainable by proper means by other persons who can obtain economic value from its disclosure
or use. Worker further acknowledges and agrees that such Confidential Information has been the subject of efforts by Company which
are reasonable under the circumstances to maintain its confidentiality.

 

3.3 Worker acknowledges
that Company has extended extensive time, effort, and money to develop the Confidential Information and that the Confidential Information
could be acquired and duplicated by others only with great difficulty and expense. Worker further acknowledges that the Confidential
Information is of a confidential and proprietary nature, and is a valuable, special, and unique property and asset of Company.

 

3.4 Worker further
understands that the purpose of this confidentiality and non-disclosure provision is to protect Company and is limited so as to
apply only to the extent necessary to protect the interests of Company. Worker further acknowledges and understands that Company
would not be willing to provide access to the Confidential Information to Worker without the assurance of reasonable protection
against Worker’s use of the Confidential Information in a manner inconsistent with Company’s best interests.

 

3.5 During the course
of Worker’s engagement by Service Provider to provide Services to Company on behalf of Service Provider, Worker agrees to
use Worker’s best efforts to maintain the confidentiality of the Confidential Information, including adopting and implementing
all reasonable procedures prescribed by Company to prevent unauthorized use of Confidential Information or disclosure of Confidential
Information to any unauthorized person. Worker shall take all necessary and reasonable administrative, technical, and physical
safeguards to secure and protect the confidentiality, integrity, and security of the Confidential Information, as well as any third-party
financial information and Personally Identifiable Information received, accessed, or used by Worker in the performance of the Services.
“Personally Identifiable Information” shall mean information that, whether maintained or transmitted individually
or in the aggregate with other information, allows a natural person to be identified, including, but not limited to, the name,
birthday, address, telephone number, social security number or other unique identifiers of any natural person.

 

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3.6 Worker agrees
that Worker will not download, upload, or otherwise transfer copies of Confidential Information to any external storage media or
cloud storage (except as authorized by Company when necessary in the performance of the Services for Company and for Company’s
sole benefit), and will not print hard copies of any Confidential Information that Worker accesses electronically from a remote
location.

 

3.7 Other than as
contemplated in Section 3.8 below, if the Confidential Information known to Worker or in Worker’s possession, custody,
or control is subpoenaed, subject to a demand for production or any other form of legal process issued with respect to the Confidential
Information by any judicial, regulatory, administrative, legislative or governmental authority or any other person or entity, Worker
agrees to notify Company promptly that such subpoena, demand, or other legal process has been received. Worker agrees to use Worker’s
best efforts, consistent with the requirements of applicable law, to protect the Confidential Information from disclosure and to
cooperate with Company in seeking protection from disclosure of the Confidential Information. If Worker is required to disclose
the Confidential Information, Worker agrees, at Company’s request and expense, to use Worker’s best efforts to obtain
assurances that the Confidential Information will be maintained on a confidential basis and not be disclosed to a greater degree
than legally required.

 

3.8 Nothing in this
Agreement shall be construed to prohibit Worker from participating in any investigation or proceeding conducted by any federal,
state or local government agency charged with enforcement of any law; reporting possible violations of any law, rule or regulation
to any governmental agency or entity charged with enforcement of any law, rule or regulation; or making other disclosures that
are protected under whistleblower provisions of any law, rule or regulation. Worker acknowledges that Worker shall not be held
criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made
in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and made solely
for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed
in a lawsuit or other proceeding, if such filing is made under seal. Should Worker file a lawsuit for retaliation against Company
for reporting a suspected violation of law, Worker may disclose the trade secret to Worker’s attorney and use the trade secret
information in the court proceeding, if Worker: (i) files any document containing the trade secret under seal; and (ii) does not
disclose the trade secret, except pursuant to court order.

 

3.9 Worker understands
and acknowledges that all references to Company in this Section 3 hereof shall include any subsidiary or affiliate of Company.

 

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4. RESTRICTIVE COVENANTS.

 

4.1 Non-Solicitation of Clients.
During the Term and for twenty-four (24) months after the date of termination of this Agreement, Worker shall not, for Worker’s
own benefit or on behalf of any other person or entity (other than Company), directly or indirectly through another person or entity:
(i) solicit, contact, or communicate with any Client (as defined below) for the purpose of providing the Client with products or
services competitive with those products or services provided by Company; (ii) induce or attempt to induce any Client to cease
or reduce doing business with Company or in any way interfere with the relationship between any Client and Company; or (iii) aid
or assist any other person or entity to do any of the aforesaid prohibited acts. For purposes of this Section 4.1, the term
“Client” shall include any person or entity that was a client, customer, vendor, supplier, or referral source
of Company with whom Worker had contact or about whom Worker received information in the performance of the Services during the
Term.

 

4.2 Non-Solicitation of Employees and
Independent Contractors. During the Term and for twenty-four (24) months after the date of termination of this Agreement, Worker
shall not, for Worker’s own benefit or on behalf of any other person or entity (other than Company), directly or indirectly
through another person or entity: (i) solicit, request, induce or encourage any employee of Company to leave the employment of
Company; (ii) solicit, request, induce or encourage any independent contractor of Company to terminate its contract with Company;
(iii) take any action which interferes with the relationship between Company and any of its employees or independent contractors;
or (iv) hire, offer employment to, or otherwise engage any individual who was an employee or independent contractor of Company
at any time during the Term.

 

4.3 Non-Competition.
During the Term and for twenty-four (24) months after the date of termination of this Agreement, Worker shall not, become employed
by, work for, or provide services to (whether as a principal, agent, independent contractor, consultant, employee, employer, partner,
director, officer, member, manager, shareholder (other than as an owner of 2% or less of the stock of a public corporation), or
in any other capacity) any person or entity engaged in a business which is Competitive with the Business (as defined below) of
Company in the Restricted Territory (as defined below). For purposes of this Agreement, (a) “Competitive with the Business”
of Company shall mean: (i) an online platform designed to connect recruiters and potential employers; or (ii) any other business
that Company shall decide to engage in after the Effective Date; and (b) “Restricted Territory” shall mean the
entire world.

 

4.4 Scope of Restrictive Covenants.
Worker and Company recognize and agree that Company conducts business operations in the Restricted Territory and that Company generates
revenue from clients, customers, and vendors located throughout the Restricted Territory. Worker acknowledges that Company would
be greatly damaged if Worker took action that would violate the restrictive covenants of this Section 4 anywhere in the
Restricted Territory. Accordingly, Company and Worker agree that the restrictive covenant provisions contained in this Section
4 are applicable in the Restricted Territory, and Worker shall be prohibited from violating the terms of this Section 4
from any location anywhere in the Restricted Territory.

 

4.5 Reasonableness
of Restrictive Covenants. Worker agrees that the promises made in this Agreement are reasonable and necessary for protection
of Company’s legitimate business interests including, but not limited to: the Confidential Information, client, customer,
and vendor good will associated with the specific marketing and trade area in which Company conducts business, and Company’s
substantial relationships with prospective and existing clients, customers, vendors, referral sources, and suppliers. Worker agrees
that the restrictive covenants in this Agreement will not prevent Worker from earning a livelihood in Worker’s chosen business,
they do not impose an undue hardship on Worker, and that they will not injure the public. If any restriction is found by a court
of competent jurisdiction to be unenforceable because it extends for too long a period of time, over too broad a range of activities,
or in too large a geographic area, that restriction shall be interpreted to extend only over the maximum period of time, range
of activities, or geographic area as to which it may be enforceable.

 

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4.6 Tolling of Restrictive Period.
The time period during which Worker is to refrain from the activities described in this Section 4 will be extended by any
length of time during which Worker is in breach of any provision of this Agreement. Worker acknowledges that the purposes and intended
effects of the restrictive covenants would be frustrated by measuring the period of the restriction from the date of termination
of this Agreement where Worker failed to honor the restrictive covenant until required to do so by court order.

 

4.7 Acknowledgment. Worker understands
and acknowledges that all references to Company in this Section 4 hereof shall include any subsidiary or affiliate of Company.

 

5. NON-DISPARAGEMENT. During the
Term and thereafter, Worker shall not make or encourage any statement to any third party, orally or in writing, that would tend
to discredit, ridicule, disparage, or adversely affect the reputation of: (i) Company, its affiliates, subsidiaries, successors
and assigns, and each of their respective former and present officers, directors, managers, members, owners, agents, employees,
representatives, and attorneys; or (ii) Company’s services or products. However, nothing in this Agreement shall prohibit
Worker from making truthful statements to any local, state, or federal administrative body or government agency that is authorized
to enforce or administer any law, rule, or regulation, or from testifying truthfully in any forum or before any government agency
responsible for enforcing any law, rule, or regulation.

 

6. REPRESENTATIONS
AND WARRANTIES.

 

6.1 Worker
represents and warrants to Company that:

 

(a) Worker has the right
to enter into this Agreement, to grant the rights granted herein and to perform fully all of Worker’s obligations in this
Agreement;

 

(b) Worker’s entering
into this Agreement with Company and Worker’s performance of the Services do not and will not conflict with or result in
any breach or default under any other agreement to which Worker is subject;

 

(c) Worker has the required
skill, experience and qualifications to perform the Services, Worker shall perform the Services in a professional and workmanlike
manner in accordance with generally recognized industry standards for similar services and Worker shall devote sufficient resources
to ensure that the Services are performed in a timely and reliable manner;

 

(d) Worker shall perform
the Services in compliance with all applicable federal, state, local and foreign laws and regulations; and

 

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(e) Company will receive
good and valid title to all Deliverables, free and clear of all encumbrances and liens of any kind.

 

6.2 Company hereby represents
and warrants to Worker that:

 

(a) it has the full
right, power and authority to enter into this Agreement and to perform its obligations hereunder; and

 

(b) the execution of
this Agreement by its representative whose signature is set forth at the end hereof has been duly authorized by all necessary corporate
action.

 

7. INDEMNIFICATION.

 

7.1 Worker
shall defend, indemnify, and hold harmless Company, its affiliates, subsidiaries and each of their respective officers,
directors, managers, members, owners, employees, agents, successors, and assigns (collectively,
“Indemnitees,” and each, an “Indemnitee”) from and against all losses, damages,
liabilities, deficiencies, actions, judgments, interest, awards, penalties, fines, costs, or expenses of whatever kind
(including, without limitation, reasonable attorneys’ fees) arising out of or resulting from:

 

(a) bodily injury, death
of any person or damage to real or tangible, personal property resulting from Worker’s acts or omissions;

 

(b) Worker’s breach
of any representation, warranty, or obligation under this Agreement;

 

(c) any disclosure of
the Confidential Information;

 

(d) any costs associated
with notifying data subjects with respect to a breach of Personally Identifiable Information; and/or

 

(e) any action or inaction
of Worker.

 

7.2 The indemnification
rights in this Agreement are independent of and in addition to such rights and remedies as Indemnitees may have at law or in equity
including, without limitation, the right to seek specific performance, rescission or restitution, none of which rights or remedies
shall be affected or diminished hereby.

 

8. REMEDIES.
Worker acknowledges and agrees that it would be difficult to measure the damages to Company from any breach or threatened breach
by Worker of the provisions of this Agreement; that injury to Company from any such breach would be irreparable; and that money
damages would therefore be an inadequate remedy for any such breach. Worker agrees that if Worker breaches or threatens to breach
any of Worker’s obligations under this Agreement, then Company, in addition to any other remedies available under law, shall
be entitled to specific performance and other equitable relief, including temporary and permanent injunctive relief, to enforce
this Agreement. Worker understands and acknowledges that all references to Company in this Section 8 hereof shall include
any subsidiary or affiliate of Company.

 

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9. MISCELLANEOUS.

 

9.1 Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder (each, a
“Notice”), shall be in writing and addressed to the parties at the addresses set forth on the first page
of this Agreement (or to such other address that may be designated by the receiving party from time to time in accordance
with this Section). All Notices shall be delivered by personal delivery, nationally recognized overnight courier (with all
fees prepaid), facsimile, or email (with confirmation of transmission), or certified or registered mail (in each case, return
receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a Notice is effective only if (a) the
receiving party has received the Notice, and (b) the party giving the Notice has complied with the requirements of this Section
9.1.

 

9.2 Entire Agreement;
Amendment. This Agreement constitutes the entire understanding of the parties relating to the subject matter hereof and supersedes
all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating
to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby
canceled and terminated. There are no promises, undertakings or representations other than as set forth herein. This Agreement
and any exhibits hereto shall not be modified unless in a writing duly executed by both parties hereto.

 

9.3 Waiver.
No waiver of any breach or other rights under this Agreement shall be deemed a waiver unless the acknowledgment of the waiver is
in writing executed by the party committing the waiver. No waiver shall be deemed to be a waiver of any subsequent breach or rights.
All rights are cumulative under this Agreement.

 

9.4 Governing
Law; Jurisdiction and Venue. This Agreement shall be governed by and construed in accordance with the internal laws of the
State of Delaware without giving effect to any choice or conflict of law provision or rule. Each party irrevocably submits to the
exclusive jurisdiction and venue of the federal and state courts located in the County of Hartford, Connecticut in any legal suit,
action or proceeding arising out of or based upon this Agreement or the Services provided hereunder.

 

9.5 Severability.
If any one or more of the provisions of this Agreement is held invalid, illegal or unenforceable, the remaining provisions of this
Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid,
legal and enforceable provision that comes closest to the intent of the parties.

 

9.6 Prevailing
Party. In the event any dispute arises out of or relating to this Agreement, whether in law or equity, the prevailing party
shall be entitled to recover, in addition to the relief awarded, its reasonable attorneys’ fees, paralegals’ fees and
costs, at all levels whether at trial, on appeal, or in bankruptcy.

 

9.7 Survival.
Worker’s post-termination obligations and Company’s post-termination rights under this Agreement shall survive the
termination of this Agreement; shall continue in full force and effect in accordance with their terms; and shall continue to be
binding on the parties.

 

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9.8 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and
assigns, except that Worker may not assign any of Worker’s rights or delegate any of Worker’s duties hereunder without
the prior written consent of Company (which may be granted or withheld in Company’s sole and absolute discretion). Worker
expressly agrees and consents to the enforcement of this Agreement by Company as well as by Company’s successors, assigns,
parents, and related entities, regardless of whether such entity is in existence at the time of execution of this Agreement or
formed thereafter. Worker agrees that Company may freely assign this Agreement without notice to Worker. Worker shall not assign
any rights, or delegate or subcontract any obligations, under this Agreement without Company’s prior written consent. Any
assignment in violation of the foregoing shall be deemed null and void.

 

9.9 Headings.
The headings used in this Agreement are solely for convenience of reference and shall not affect its interpretation.

 

9.10 Construction.
The parties acknowledge that each of them has reviewed this Agreement and has had the opportunity to have it reviewed by their
respective attorneys, and that 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.

 

9.11 Independent
Covenants. The parties hereto agree that each of the covenants and/or provisions contained herein shall be construed as
independent of any other covenant and/or provision of this Agreement or any other agreement which the parties may have, and
shall, where applicable, survive the termination or expiration of this Agreement for any reason. It is further understood
herein that the existence of any claim or cause of action by one of the parties against another party, whether predicated
upon another covenant and/or provision of this Agreement or any other agreement that the parties may have, shall not
constitute a defense to the enforcement by one of the parties herein of any other covenant and/or provision contained
herein

 

9.12 Counterparts.
This Agreement may be executed in counterparts and by facsimile signature or e-mail of a PDF signature, each of which shall be
deemed an original and all of which together shall constitute one instrument.

 

[Signatures on following page]

 

    24

     

    

 

IN WITNESS WHEREOF, the parties
hereto have entered into this Agreement as of the Effective Date.

 

	 	Worker:
	 	 
	 	 
	 	Name:
	 	Date:
	 	 
	 	COMPANY:
	 	 
	 	Recruiter.com Group, Inc., a Delaware corporation
	 	 
	 	 
	 	Name: 
	 	Title: 
	 	Date:

 

[Signature Page of Restrictive Covenant
Agreement between Company and Worker]

 

 

25

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