Document:

Exhibit 10.1

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
(I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B)
AN OPINION OF COUNSEL, REASONABLY ACCEPTABLE TO THE ISSUER, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT
TO RULE 144 OR RULE 144A UNDER SAID ACT. THE PRINCIPAL AMOUNT REPRESENTED BY THIS NOTE AND, ACCORDINGLY, THE SECURITIES ISSUABLE UPON
CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF DUE TO PARTIAL PAYMENT OF PRINCIPAL DUE HEREUNDER.

 

Sino-Global
Shipping America, Ltd.

 

Senior
Convertible Note

 

	Issuance Date: December __, 2021	Original Principal Amount: U.S. $___________

 

FOR VALUE RECEIVED, Sino-Global
Shipping America, Ltd., a Virginia corporation (the “Company”), hereby promises to pay to _______ or registered assigns
(the “Holder”) the amount set out above as the Original Principal Amount (as reduced pursuant to the terms hereof pursuant
to redemption, conversion or otherwise, the “Principal”) when due, whether upon the Maturity Date (as defined below),
acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest (“Interest”)
on any outstanding Principal at the applicable Interest Rate from the date set out above as the Issuance Date (the “Issuance
Date”) until the same becomes due and payable, whether on the Maturity Date, acceleration, conversion, redemption or otherwise
(in each case in accordance with the terms hereof). This Senior Convertible Note (including all Senior Convertible Notes issued in exchange,
transfer or replacement hereof, this “Note”) is one of an issue of Senior Convertible Notes issued on the Closing Date
(collectively, the “Notes” and such other Senior Convertible Notes, the “Other Notes”). Certain
capitalized terms used herein are defined in Section 23.

 

(1)
PAYMENTS OF PRINCIPAL AND INTEREST. The “Maturity Date” of this Note shall be December __, 2023. Any
remaining Principal and Interest shall be paid on the Maturity Date. The Company may prepay any portion of the outstanding Principal,
accrued and unpaid Interest, if any; provided, however, that any such payments will be made pro rata among all Holders of the Notes. There
will be no penalty for early payments. The Company shall have the option at each payment date (including in the event of early payments)
to make such payment of Principal and Interest in (a) cash, (b) Shares at the Conversion Price or (c) a combination of cash or Shares
at the Conversion Price. The number of Shares of Common Stock payable hereunder if paid at the Conversion Price shall be calculated pursuant
to Section 3(b) hereof. The Company shall not issue any fraction of a share. If an issuance would result in the issuance of a fraction
of a Share, the Company shall pay such fractional amount in cash.

 

(2)
INTEREST; INTEREST RATE. Interest on this Note shall commence accruing on the Issuance Date at the Interest Rate and shall
be computed on the basis of a calendar year and the actual number of days elapsed and shall be payable on the Maturity Date.

 

     

     

    

 

(3)
CONVERSION OF NOTES. This Note shall be convertible into the Company’s Common Stock, no par value per share (the “Shares”),
on the terms and conditions set forth in this Section 3.

 

(a)
Conversion Right. Subject to the provisions of Section 3(d), at any time or times on or after the Issuance Date, the Holder
shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully paid and nonassessable
Shares in accordance with Section 3(c), at the Conversion Rate (as defined below). The Company shall not issue any fraction of a Share
upon any conversion. If the issuance would result in the issuance of a fraction of a Share, the Company shall pay such fractional amount
in cash. In the event of a conversion of the Note, in whole or in part, no interest shall be paid.

 

(b)
Conversion Rate. The number of Shares issuable upon conversion of any Conversion Amount pursuant to Section 3(a) shall be
determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion Rate”).

 

(i)
“Conversion Amount” means the portion of the Principal to be converted, redeemed or otherwise with respect to
which this determination is being made.

 

(ii)
“Conversion Price” means $____, the closing price of the Company’s Shares on December __, 2021.

 

(c)
Mechanics of Conversion.

 

(i)
Optional Conversion. To convert any Conversion Amount into Shares on any date beginning on June __, 2022 (such date, a “Conversion
Date”), the Holder shall (A) transmit by facsimile (or otherwise deliver), for receipt on or prior to 10:00 a.m., New York Time,
on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the “Conversion Notice”)
to the Company and (B) if required by Section 3(c)(iii), surrender this Note to a common carrier for delivery to the Company as soon as
practicable on or following such date (or an indemnification undertaking with respect to this Note in the case of its loss, theft or destruction).
On or before the second (2nd) Business Day following the date of receipt of a Conversion Notice, the Company shall transmit by facsimile
a confirmation of receipt of such Conversion Notice to the Holder and the Transfer Agent. On or before the fifth (5th) Business
Day following the date of receipt of a Conversion Notice (the “Share Delivery Date”), the Company shall (A) (1) provided
that the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program and the Shares are eligible for legend
removal, credit such aggregate number of Shares to which the Holder shall be entitled to the Holder’s or its designee’s balance
account with DTC through its Deposit Withdrawal Agent Commission system or (2) if the Transfer Agent is not participating in the DTC Fast
Automated Securities Transfer Program or the Shares are not eligible for legend removal, issue and deliver to the address as specified
in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of Shares to which the Holder
shall be entitled and (B) pay to the Holder in cash, by wire transfer of immediately available funds, an amount equal to the sum of (1)
the accrued and unpaid Interest on the Conversion Amount and Late Charges, if any, on such Conversion Amount and Interest through the
Conversion Date and (2) the applicable Make-Whole Amount. If this Note is physically surrendered for conversion as required by Section
3(c)(iii) and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted, then
the Company shall as soon as practicable and in no event later than ten (10) Business Days after receipt of this Note and at its own expense,
issue and deliver to the holder a new Note (in accordance with Section 14(d)) representing the outstanding Principal not converted. The
Person or Persons entitled to receive the Shares issuable upon a conversion of this Note shall be treated for all purposes as the record
holder or holders of such Shares on the Conversion Date.

 

    2

     

    

 

(ii)
Recording; Book-Entry. The Company shall maintain a register (the “Record”) for the recordation of the
names and addresses of the holders of each Note and the principal amount of the Notes held by such holders (the “Recorded Notes”).
The entries in the Record shall be conclusive and binding for all purposes absent manifest error. The Company and the holders of the Notes
shall treat each Person whose name is set forth in the Record as the owner of a Note for all purposes, including, without limitation,
the right to receive payments of Principal and Interest hereunder, notwithstanding notice to the contrary. A Recorded Note may be assigned
or sold in whole or in part only by recording such assignment or sale on the Record. Upon its receipt of a request to assign or sell all
or part of any Recorded Note by a Holder, the Company shall record the information contained therein in the Record and issue one or more
new Recorded Notes in the same aggregate principal amount as the principal amount of the surrendered Recorded Note to the designated assignee
or transferee pursuant to Section 14. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this
Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless (A)
the full Principal amount represented by this Note is being converted or (B) the Holder has provided the Company with prior written notice
(which notice may be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender of this Note. The Holder
and the Company shall maintain records showing the Principal, Interest and Late Charges, if any, converted and the dates of such conversions
or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this
Note upon conversion.

 

(iii)      
Partial Conversion; Disputes. In the event that the Company receives a Conversion Notice and the Company can convert some,
but not all, of such portions of the Notes submitted for conversion, the Company, subject to Section 3(d), shall convert so much of such
holder’s portion of its Notes submitted for conversion as is permitted under the terms hereof. In the event of a dispute as to the
number of Shares issuable to the Holder in connection with a conversion of this Note, the Company shall issue to the Holder the number
of Shares not in dispute.

 

(d)
Limitations on Conversions.

 

(i)
Beneficial Ownership. The Holder understands that upon any issuance of Shares by the Company, the Holder will be solely
responsible to determine whether such issuance has caused the Holder to own in excess of five percent (5%) of the Company’s issued
and outstanding Shares. In the event the Holder owns more than five percent (5%) of the Company’s Shares, such Holder will be required
to file a Schedule 13G or a Schedule 13D, as may be applicable. In addition, the Holder understands that, in the event such Holder owns
ten percent (10%) of the Company’s issued and outstanding Shares, such Holder will be considered an Affiliate, as such term is defined
by Section 405 of the Securities Act of 1933 (the “Securities Act”). The Holder understands that an Affiliate will
need to follow more stringent rules in connection with the sale of any securities of the Company pursuant to Rule 144 of the Securities
Act and that such requirements could result in sales taking longer to effect or being impossible to complete at times when a Nonaffiliate
could sell such Shares.

 

    3

     

    

 

(ii)
Principal Market Regulation. The Company shall not be obligated to issue any Shares upon conversion of this Note if the
issuance of such Shares would exceed the aggregate number of Shares which the Company may issue upon conversion or exercise, as applicable,
of the Notes and Warrants without breaching the Company’s obligations under the rules or regulations of the Principal Market (the
“Exchange Cap”), except that such limitation shall not apply in the event that the Company (A) obtains the approval
of its shareholders as required by the applicable rules of such Principal Market for issuances of Shares in excess of such amount or (B)
obtains a written opinion from outside counsel to the Company that such approval is not required, which opinion shall be reasonably satisfactory
to the Required Holders. Until such approval or written opinion is obtained, no Holder of the Notes shall be issued in the aggregate,
upon conversion or exercise or otherwise, as applicable, of Notes or Warrants, Shares in an amount greater than the product of the Exchange
Cap multiplied by a fraction, the numerator of which is the principal amount of Notes issued to a Holder on the Closing Date and the denominator
of which is the aggregate principal amount of all Notes issued to the Holders on the Closing Date (with respect to each Holder, the “Exchange
Cap Allocation”). In the event that any Holder shall sell or otherwise transfer any of such Holder’s Notes, the transferee
shall be allocated a pro rata portion of such Holder’s Exchange Cap Allocation, and the restrictions of the prior sentence shall
apply to such transferee with respect to the portion of the Exchange Cap Allocation allocated to such transferee. In the event that any
holder of Notes shall convert all of such holder’s Notes into a number of Shares which, in the aggregate, is less than such holder’s
Exchange Cap Allocation, then the difference between such holder’s Exchange Cap Allocation and the number of Shares actually issued
to such holder shall be allocated to the respective Exchange Cap Allocations of the remaining holders of Notes on a pro rata basis in
proportion to the aggregate principal amount of the Notes then held by each such holder.

 

(e)
Payment in Lieu of Conversion Above Exchange Cap Limitation. If at any time while this Note is outstanding, the Holder delivers
a Conversion Notice, and as a result of the application of the Exchange Cap, the Company is unable to issue any Shares upon such conversion
at the applicable Conversion Price, then the Company shall pay to the Holder, in cash, on or prior to the tenth (10th) Trading
Day following delivery of such Conversion Notice, an amount equal to the product of (i) the number of Exchange Cap Limitation Shares and
(ii) Conversion Price (the “Exchange Cap Redemption Payment”). If the Company shall fail to pay to the Holder the Exchange
Cap Redemption Payment, as applicable, on or prior to the date such payment is due, the Holder, upon written notice to the Company, may
void its Conversion Notice with respect to, and retain or have returned, as the case may be, any portion of this Note that has not been
converted pursuant to such Conversion Notice or for which the Holder has not received the Exchange Cap Redemption Payment.

 

    4

     

    

 

(4)
RIGHTS UPON EVENT OF DEFAULT.

 

(a)
Event of Default. Each of the following events shall constitute an “Event of Default”:

 

(i)
the Company’s (A) failure to cure a Conversion Failure by delivery of the required number of Shares within ten (10) Business
Days after the applicable Conversion Date or (B) notice, written or oral, to any holder of the Notes, including by way of public announcement
or through any of its agents, at any time, of its intention not to comply with a request for conversion of any Notes into Shares that
is tendered in accordance with the provisions of the Notes, other than pursuant to Section 3(d);

 

(ii)
the Company’s failure to pay to the Holder any amount of Principal, Interest or other amounts when and as due under this
Note or any other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby
and thereby to which the Holder is a party, except, in the case of a failure to pay Interest when and as due, in which case only if such
failure continues for a period of at least fifteen (15) Business Days;

 

(iii)      
any default under, redemption of or acceleration prior to maturity of any Indebtedness of the Company or any of its Subsidiaries
other than with respect to any Other Notes;

 

(iv)
the Company or any of its Subsidiaries, pursuant to or within the meaning of Title 11, U.S. Code, or any similar Federal, foreign
or state law for the relief of debtors (collectively, “Bankruptcy Law”), (A) commences a voluntary case, (B) consents
to the entry of an order for relief against it in an involuntary case, (C) consents to the appointment of a receiver, trustee, assignee,
liquidator or similar official (a “Custodian”), (D) makes a general assignment for the benefit of its creditors or
(E) admits in writing that it is generally unable to pay its debts as they become due;

 

(v)
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the Company
or any of its Subsidiaries in an involuntary case, (B) appoints a Custodian of the Company or any of its Subsidiaries or (C) orders the
liquidation of the Company or any of its Subsidiaries;

 

(vi)
the Company breaches any representation, warranty, covenant or other term or condition of any Transaction Document, except, in
the case of a breach of a covenant or other term or condition of any Transaction Document which is curable, only if such breach continues
for a period of at least ten (10) consecutive Business Days; or

 

(vii)     
any breach or failure in any respect to comply with Section 10 of this Note.

 

    5

     

    

 

(5)
RIGHTS UPON ISSUANCE OF PURCHASE RIGHTS AND OTHER CORPORATE EVENTS.

 

(a)
Purchase Rights. If at any time the Company grants, issues or sells any Options, Convertible Securities or rights to purchase
shares, warrants, securities or other property pro rata to the record holders of any class of Shares (the “Purchase Rights”),
then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the
Holder could have acquired if the Holder had held the number of Shares acquirable upon complete conversion of this Note (without taking
into account any limitations or restrictions on the convertibility of this Note) immediately before the date on which a record is taken
for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Shares
are to be determined for the grant, issue or sale of such Purchase Rights.

 

(b)
Other Corporate Events. In addition to and not in substitution for any other rights hereunder, prior to the consummation
of any Fundamental Transaction pursuant to which holders of Shares are entitled to receive securities or other assets with respect to
or in exchange for Shares (a “Corporate Event”), the Company shall make appropriate provision to ensure that the Holder
will thereafter have the right to receive upon a conversion of this Note, at the Holder’s option, (i) in addition to the Shares
receivable upon such conversion, such securities or other assets to which the Holder would have been entitled with respect to such Shares
had such Shares been held by the Holder upon the consummation of such Corporate Event (without taking into account any limitations or
restrictions on the convertibility of this Note) or (ii) in lieu of the Shares otherwise receivable upon such conversion, such securities
or other assets received by the holders of Shares in connection with the consummation of such Corporate Event in such amounts as the Holder
would have been entitled to receive had this Note initially been issued with conversion rights for the form of such consideration (as
opposed to Shares) at a conversion rate for such consideration commensurate with the Conversion Rate. Provision made pursuant to the preceding
sentence shall be in a form and substance satisfactory to the Required Holders. The provisions of this Section shall apply similarly and
equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion or redemption of this
Note.

 

(6)
RIGHTS UPON ISSUANCE OF OTHER SECURITIES. If the Company at any time on or after the Subscription Date subdivides (by any
share split, share dividend, recapitalization or otherwise) one or more classes of its outstanding Shares into a greater number of shares,
the Conversion Price in effect immediately prior to such subdivision will be proportionately reduced. If the Company at any time on or
after the Subscription Date combines (by combination, reverse share split or otherwise) one or more classes of its outstanding Shares
into a smaller number of shares, the Conversion Price in effect immediately prior to such combination will be proportionately increased.

 

(7)
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of
Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue
or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Note, and will at all times in good faith carry out all of the provisions of this Note and take all action as may be required to protect
the rights of the Holder of this Note.

 

    6

     

    

 

(8)
RESERVATION OF AUTHORIZED SHARES.

 

(a)
Reservation. So long as any of the Notes are outstanding, the Company shall initially reserve out of its authorized and
unissued Shares a number of Shares for each of the Notes equal to 100% of the Conversion Rate with respect to the Conversion Amount of
each such Note as of the Issuance Date. The number of Shares reserved for conversions of the Notes and each increase in the number of
shares so reserved shall be allocated pro rata among the holders of the Notes based on the principal amount of the Notes held by each
holder at the closing of the purchase of this Note or increase in the number of reserved shares, as the case may be (the “Authorized
Share Allocation”). In the event that a holder shall sell or otherwise transfer any of such holder’s Notes, each transferee
shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any Shares reserved and allocated to any Person
which ceases to hold any Notes shall be allocated to the remaining holders of Notes, pro rata based on the principal amount of the Notes
then held by such holders; provided the Company shall not be obligated to reserve an aggregate number of Shares hereunder in excess of
the maximum calculated pursuant to subpart (ii) of this Section 8(a).

 

(b)
Insufficient Authorized Shares. If at any time while any of the Notes remain outstanding the Company does not have a sufficient
number of authorized and unreserved Shares to satisfy its obligation to reserve for issuance upon conversion of the Notes at least a number
of Shares equal to the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall immediately
take all action necessary to increase the Company’s authorized Shares to an amount sufficient to allow the Company to reserve the
Required Reserve Amount for the Notes then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable
after the date of the occurrence of an Authorized Share Failure, but in no event later than one hundred (100) days after the occurrence
of such Authorized Share Failure, the Company shall hold a meeting of its shareholders for the approval of an increase in the number of
authorized Shares. In connection with such meeting, the Company shall provide each shareholder with a proxy statement and shall use its
best efforts to solicit its shareholders’ approval of such increase in authorized Shares and to cause its board of directors to
recommend to the shareholders that they approve such proposal.

 

(9)
VOTING RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by Virginia law and
as expressly provided in this Note.

 

(10)
TRADING IN COMPANY SHARES. Neither the Holder, nor any of its affiliates have an open short position in the Shares of the
Company, and the Holder agrees that it will not, and that it will cause its affiliates not to, engage in any short sales with respect
to the Shares while any portion of this Note remains outstanding.

 

    7

     

    

 

(11)
NOTE RANK. All payments due under this Note shall rank pari passu with all Other Notes.

 

(12)
PARTICIPATION. The Holder, as the holder of this Note, shall be entitled to receive such dividends paid and distributions
made to the holders of Shares to the same extent as if the Holder had converted this Note into Shares (without regard to any limitations
on conversion herein or elsewhere) and had held such Shares on the record date for such dividends and distributions. Payments under the
preceding sentence shall be made concurrently with the dividend or distribution to the holders of Shares.

 

(13)
VOTE TO CHANGE THE TERMS OF NOTES. The affirmative vote at a meeting duly called for such purpose or the written consent
without a meeting of the Required Holders shall be required for any change or amendment to this Note or the Other Notes.

 

(14)
TRANSFER. This Note and any Shares issued upon conversion of this Note may be offered, sold, assigned or transferred by
the Holder without the consent of the Company.

 

(15)
REISSUANCE OF THIS NOTE.

 

(a)
Transfer. If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 14(d)), registered as the Holder
may request, representing the outstanding Principal being transferred by the Holder and, if less then the entire outstanding Principal
is being transferred, a new Note (in accordance with Section 14(d)) to the Holder representing the outstanding Principal not being transferred.
The Holder and any assignee, by acceptance of this Note, acknowledge and agree that, by reason of the provisions of Section 3(c)(iii)
following conversion or redemption of any portion of this Note, the outstanding Principal represented by this Note may be less than the
Principal stated on the face of this Note.

 

(b)
Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall
execute and deliver to the Holder a new Note (in accordance with Section 14(d)) representing the outstanding Principal.

 

(c)
Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Note or Notes (in accordance with Section 14(d) and in principal amounts of at least $500,000)
representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding
Principal as is designated by the Holder at the time of such surrender.

 

    8

     

    

 

(d)
Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such new
Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining
outstanding (or in the case of a new Note being issued pursuant to Section 14(a) or Section 14(c), the Principal designated by the Holder
which, when added to the principal represented by the other new Notes issued in connection with such issuance, does not exceed the Principal
remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated
on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights and conditions as this
Note, and (v) shall represent accrued and unpaid Interest and Late Charges, if any, on the Principal and Interest of this Note, from the
Issuance Date.

 

(16)
REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall
be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents at law or in
equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note. Amounts set forth
or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received
by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance
thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that
the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened
breach, the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the
necessity of showing economic loss and without any bond or other security being required.

 

(17)
CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and all the Holders and shall not
be construed against any person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form part
of, or affect the interpretation of, this Note.

 

(18)
FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privilege.

 

(19)
NOTICES; PAYMENTS.

 

(a)
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be
given at the address provided by the Holder, on the one hand, and on file for the Company with the SEC, on the other hand. The Company
shall provide the Holder with prompt written notice of all actions taken pursuant to this Note, including in reasonable detail a description
of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the
Holder (i) immediately upon any adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation
of such adjustment and (ii) at least twenty (20) days prior to the date on which the Company closes its books or takes a record (A) with
respect to any dividend or distribution upon the Shares, (B) with respect to any pro rata subscription offer to holders of Shares or (C)
for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that such
information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder.

 

    9

     

    

 

(b)
Currency. All principal, interest and other amounts owing under this Note or any Transaction Document that, in accordance
with their terms, are paid in cash shall be paid in United States dollars. All amounts denominated in other currencies shall be converted
in the United States dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into United States dollars pursuant to this Note, the United States dollar
exchange rate as published in The Wall Street Journal on the relevant date of calculation (it being understood and agreed that
where an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date of such period
of time).

 

(c)
Payments. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, such payment shall
be made in lawful money of the United States of America by a check drawn on the account of the Company and sent via overnight courier
service to such Person at such address as previously provided to the Company in writing; provided that the Holder may elect to receive
a payment of cash via wire transfer of immediately available funds by providing the Company with prior written notice setting out such
request and the Holder’s wire transfer instructions. Whenever any amount expressed to be due by the terms of this Note is due on
any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a Business Day.

 

(20)
JUDGMENT CURRENCY.

 

(a)
If for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary
to convert into any other currency (such other currency being hereinafter in this Section 19 referred to as the “Judgment Currency”)
an amount due in United States dollars under this Note, the conversion shall be made at the Exchange Rate prevailing on the business day
immediately preceding:

 

(i)
the date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other
jurisdiction that will give effect to such conversion being made on such date: or

 

(ii)
the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date
as of which such conversion is made pursuant to this Section 19(a)(ii) being hereinafter referred to as the “Judgment Conversion
Date”).

 

(b)
If in the case of any proceeding in the court of any jurisdiction referred to in Section 19(a)(ii) above, there is a change in
the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable party
shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange
Rate prevailing on the date of payment, will produce the amount of United States dollars which could have been purchased with the amount
of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion Date.

 

    10

     

    

 

(c)
Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being
obtained for any other amounts due under or in respect of this Note.

 

(21)
MAXIMUM PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or
other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other
charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against amounts owed
by the Company to the Holder and thus refunded to the Company.

 

(22)
CANCELLATION. After all Principal, accrued Interest and other amounts at any time owed on this Note have been paid in full,
this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

(23)
GOVERNING LAW; JURISDICTION; JURY TRIAL. All questions concerning the construction, validity, enforcement and interpretation
of this Note shall be governed by the internal laws of the Commonwealth of Virginia, without giving effect to any choice of law or conflict
of law provision or rule (whether of the Commonwealth of Virginia or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the Commonwealth of Virginia. The Company hereby irrevocably submits to the jurisdiction of the state
and federal courts sitting in the City of Richmond for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in
an inconvenient forum or that the venue of such suit, action or proceeding is improper. In the event that any provision of this Note is
invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove
invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Note. Nothing contained
herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other
jurisdiction to collect on the Company’s obligations to the Holder, to realize on any collateral or any other security for such
obligations, or to enforce a judgment or other court ruling in favor of the Holder.

 

    11

     

    

 

(24)
CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

 

(a)
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in the City
of New York are authorized or required by law to remain closed.

 

(b)
“Closing Date” shall mean December __, 2021, which date is the date the Company initially issued Notes pursuant
hereto.

 

(c)
“Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise,
of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent
of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such
liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability
will be protected (in whole or in part) against loss with respect thereto.

 

(d)
“Convertible Securities” means any shares or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for Shares.

 

(e)
“Exchange Cap Limitation Shares” means, with respect to any Conversion Notice, a number of Shares equal to the
quotient of (i) the Conversion Amount set forth in such Conversion Notice that cannot be converted due to the Exchange Cap divided by
(ii) the Conversion Price.

 

(f)  
“Fundamental Transaction” means that the Company shall, directly or indirectly, in one or more related transactions,
(i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person or Persons, or (ii) sell,
assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person,
or (iii) allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the outstanding
shares of Voting Stock (not including any shares of Voting Stock held by the Person or Persons making or party to, or associated or affiliated
with the Persons making or party to, such purchase, tender or exchange offer), or (iv) consummate a share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another
Person whereby such other Person acquires more than the 50% of the outstanding shares of Voting Stock (not including any shares of Voting
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party
to, such share purchase agreement or other business combination), or (v) reorganize, recapitalize or reclassify its Shares or (vi) any
“person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934 (the “Exchange Act”)) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of 50% of the aggregate Voting Stock of the Company.

 

(g)
“GAAP” means United States generally accepted accounting principles, consistently applied.

 

    12

     

    

 

(h)
“Indebtedness” of any Person means, without duplication (i) all indebtedness for borrowed money, (ii) all obligations
issued, undertaken or assumed as the deferred purchase price of property or services, including (without limitation) “capital leases”
in accordance with GAAP (other than trade payables entered into in the ordinary course of business), (iii) all reimbursement or payment
obligations with respect to letters of credit, surety bonds and other similar instruments, (iv) all obligations evidenced by notes, bonds,
debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets
or businesses, (v) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing,
in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies
of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property), (vi) all monetary
obligations under any leasing or similar arrangement which, in connection with GAAP, consistently applied for the periods covered thereby,
is classified as a capital lease, (vii) all indebtedness referred to in clauses (i) through (vi) above secured by (or for which the holder
of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any mortgage, lien, pledge, charge, security interest
or other encumbrance upon or in any property or assets (including accounts and contract rights) owned by any Person, even though the Person
which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and (viii) all Contingent Obligations
in respect of indebtedness or obligations of others of the kinds referred to in clauses (i) through (vii) above.

 

(i)
“Interest Rate” means five percent (5%) annually.

 

(j)
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and
whose capital stock is quoted or listed on the Principal Market, or, if there is more than one such Person or Parent Entity, the Person
or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(k)
 “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

(l)
“Principal Market” means The NASDAQ Capital Market.

 

(m)
“Required Holders” means the holders of Notes representing at least a majority of the aggregate principal amount
of the Notes then outstanding.

 

(n)
“SEC” means the United States Securities and Exchange Commission.

 

(o)
“Subscription Date” means December __, 2021.

 

(p)
“Successor Entity” means the Person, which may be the Company, formed by, resulting from or surviving any Fundamental
Transaction or the Person with which such Fundamental Transaction shall have been made, provided that if such Person is not a publicly
traded entity whose Shares or equivalent equity security is quoted or listed for trading on the Principal Market, Successor Entity shall
mean such Person’s Parent Entity.

 

(q)
“Trading Day” means any day on which the Shares is traded on the Principal Market, or, if the Principal Market
is not the principal trading market for the Shares, then on the principal securities exchange or securities market on which the Shares
is then traded; provided that “Trading Day” shall not include any day on which the Shares is scheduled to trade on such exchange
or market for less than 4.5 hours or any day that the Shares is suspended from trading during the final hour of trading on such exchange
or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during
the hour ending at 4:00:00 p.m., New York Time).

 

(r)  
“Voting Stock” of a Person means capital stock of such Person of the class or classes pursuant to which the
holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of directors,
managers or trustees of such Person (irrespective of whether or not at the time capital stock of any other class or classes shall have
or might have voting power by reason of the happening of any contingency).

 

(25)
DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless the
Company has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating
to the Company or its Subsidiaries, the Company shall as soon as possible but in any event within four (4) Business Days after any such
receipt or delivery publicly disclose such material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event
that the Company believes that a notice contains material, nonpublic information relating to the Company or its Subsidiaries, the Company
so shall indicate to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder
shall be allowed to presume that all matters relating to such notice do not constitute material, nonpublic information relating to the
Company or its Subsidiaries.

 

[Signature Page Follows]

 

    13

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Note to be duly executed as of the Issuance Date set out above.

 

	 	Sino-Global Shipping America, Ltd.
	 	 
	 	By:	 
	 	Name: 	Yang Jie
	 	Title: 	Chief Executive Officer

 

    14

     

    

 

EXHIBIT I

 

Sino-Global Shipping America, Ltd.

 

CONVERSION NOTICE

 

Reference is made to the Senior Convertible Note
(the “Note”) issued to the undersigned by Sino-Global Shipping America, Ltd. (the “Company”). In
accordance with and pursuant to the Note, the undersigned hereby elects to convert the Conversion Amount (as defined in the Note) of the
Note indicated below into shares of Common Stock, no par value per hare (the “Shares”) of the Company, as of the date
specified below.

 

	Date of Conversion:	 
	 	 
	Aggregate Conversion Amount to be converted:	 
	 	 
	Please confirm the following information:
	 
	Conversion Price:	$
	 	 
	Number of Shares to be issued:	 
	 	 
	Please issue the Shares into which the Note is being converted in the following name and to the following address:

 

	Issue to:	 
	 	 
	 	 
	 	 
	 	 

 

	Facsimile Number:	 
	 	 
	Authorization:	 
	 	 

 

	By:	 
	 	 
	Title:	 
	 	 
	Dated:	 

 

	Account Number:	 
	(if electronic book entry transfer)	 
	 	 
	Transaction Code Number:	 
	(if electronic book entry transfer)	 

 

 

    15

     

    

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges
this Conversion Notice and hereby directs Transhare Corporation to issue the above indicated number of Shares in accordance with the Transfer
Agent Instructions dated December __, 2021 from the Company and acknowledged and agreed to by Transhare Corporation.

 

	 	Sino-Global Shipping America, Ltd.
	 	 
	 	By:	 
	 	Name: 	Yang Jie
	 	Title:	 Chief Executive Officer

 

 

16Exhibit 10.1

    

    

    AMENDED EMPLOYMENT CONTRACT

    

    

    In the City of San Juan, Puerto Rico, December 21, of 2021.

    

    

    APPEAR

     

    AS THE FIRST PARTY: Triple-S Management Corporation (“TSM”), a corporation organized
      and doing business under the laws of the Commonwealth of Puerto Rico, represented herein by Luis A. Clavell Rodríguez, of legal age, married, resident of Guaynabo, Puerto Rico, and Chair of the Board of Directors, with authority from the Board to
      execute this Contract.

     

    AS THE SECOND PARTY: Roberto García Rodríguez, of legal age, married, President and
      Chief Executive Officer at Triple-S Management Corporation, and resident of Guaynabo, Puerto Rico.

     

    Triple-S Management Corporation and Mr. Roberto García Rodríguez (hereinafter, the appearing “Parties”) have the legal capacity
      to execute this Contract and to such effect, they freely and voluntarily

     

    STATE

     

    FIRST: To abbreviate and facilitate the understanding and analysis of this Contract, the terms below will have the meaning set forth in the following definitions:

     

    	

          	a.	
            "STDB" — shall mean the Short-Term Discretionary Bonus, as specified in Article 9(b) of this Contract.

          

     

    	

          	b.	
            "Base Salary" — shall mean that provided in Article 9(a) of this Contract.

          

     

    	

          	c.	
            "Board" — shall mean the Board of Directors of Triple-S Management Corporation.

          

     

    	

          	d.	
            "Business" — shall include, but is not limited to: (i) the offering and sale of managed care services and related products in the Commercial, Medicaid and Medicare markets; (ii) the offering and sale of health,
              life, accident, disability, property and casualty insurance; (iii) providing administration services only or self-insured (“ASO”) managed care services; (iv) providing hospitals, care centers, physicians, clinics, home health care and
              affiliated services, among other services provided by the Company.

          

     

    	

          	e.	
            "Cause" — shall mean that the President and Chief Executive Officer (“CEO”) shall have incurred in any of the acts or conduct described in Article 16 of this Contract.

          

     

    	

          	f.	
            "CEO" — shall mean the Chief Executive Officer and President of Triple-S Management Corporation, Roberto García Rodríguez.

          

     

    	

          	g.	
            "Change of Control" — shall have the meaning ascribed to such term in Article 23(c) of this Contract.

          

     

      

    
      
        

    

    
    	

          	h.	
            "Compensation Policy" — shall mean the Executive Compensation Philosophy approved by the Board of Directors of TSM on January 11, 2011, as amended or modified.

          

     

    	

          	i.	
            "Confidential Information" — shall have the meaning ascribed to such term in Article 17 of this Contract.

          

     

    	

          	j.	
            "Contract" — shall mean this Amended Employment Contract.

          

     

    	

          	k.	
            “Corporate Board Services” — shall mean being a member of a Board of Directors of any company outside or not related to TSM.

          

    

    

    	

          	l.	
            "Fringe Benefits" — shall mean those fringe benefits provided pursuant to the standards and policies of TSM generally applicable to its executives, as amended or modified by the Board of Directors, which are
              referred to in Article 12 of this Contract and identified in Exhibit A to this Contract as "Fringe Benefits."

          

     

    
      	 	
              m.

            	
              "Good Reason" — shall have the meaning ascribed to such term in Article 23(d) of this Contract.

            

    

     

    	

          	n.	
            "LTIC" — shall have the meaning ascribed to such term in Article 9(c) of this Contract.

          

     

    	

          	o.	
            "LTIP" — shall mean the Triple-S Management Corporation 2017 Incentive Plan, as amended, or modified, or any successor plan that the Board may adopt for the granting of long-term incentives to TSM executives.

          

     

    	

          	p.	
            "Other Benefits" — shall mean those benefits, other than the Fringe Benefits, provided by the standards and policies of TSM generally applicable to its executives, as amended or modified.

          

     

    	

          	q.	
            "Other Incentive Compensation" — shall have the meaning ascribed to such term in Article 9(d) of this Contract.

          

     

    
      	 	
              r.

            	
              "Subsidiary Corporations" — shall mean the subsidiary corporations of TSM.

            

    

     

    	

          	s.	
            “Triple-S Management Corporation” or "TSM" — shall mean Triple-S Management Corporation, including all direct and indirect subsidiaries and affiliated entities.

          

     

    	

          	t.	
            "Total Compensation" — shall have the meaning ascribed to such term in Article 23(b) of this Contract.

          

     

    	

          	u.	
            "Without Cause" — shall mean a termination of employment of the CEO for a cause other than that regarded as "Cause" under Article 16 of this Contract.

          

     

      

    
      2

      
        

    

    SECOND: That TSM is a holding company of entities engaged in the Business, with its principal office located in the Commonwealth of Puerto Rico.

    

    

    THIRD: That the CEO is a professional with vast experience in business management who has a master's degree in business administration and a Juris Doctor degree. The CEO has knowledge of the
        insurance business and, since 2008, has served in several capacities at TSM, including as Legal Counsel, COO, and as CEO since 2016.

    

    

    FOURTH: That the Parties hereto, intending to be legally bound hereby, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the
        receipt of which is hereby acknowledged, agree to enter into this Contract subject to the following general and specific provisions:

    

    

    GENERAL PROVISIONS

    

    

    1.           Excellence in Performance.  By this Contract, the CEO agrees to devote full time attention and energies to the Business of TSM and the protection of the best interests of TSM.

    

    

    2.           Official Title. The CEO will hold the title of President and Chief Executive Officer of Triple-S Management Corporation.

     

    3.          Hierarchy. The CEO, in carrying out his duties under this Contract, shall report directly to the Board. The CEO will have the normal duties, responsibilities, and authority implied by such position,
          subject to the power of the Board to expand or limit such duties, responsibilities, and authority, and as provided by the By-Laws of TSM, as these may be amended or modified from time to time.

     

    4.           Standards and Fiduciary Duty. The CEO will be obligated to (i) faithfully and fully comply with each of the guidelines, rules, regulations, and administrative policies established by TSM and (ii)
          develop and implement the strategies, plans and business methods and the operational controls that are necessary for the successful administration, direction, and protection of the best interests of TSM. The CEO will be loyal to TSM at all times
          and will recognize the fiduciary duty entailed by the acceptance of the employment.

     

    5.          Consideration: (i) CEO’s continued employment with TSM; (ii) continued and new access to and receipt of TSM’s confidential information and trade secrets related
          to TSM’s business and its clients; and (iii) the compensation and benefits described below under the Specific Provisions section.

     

    SPECIFIC PROVISIONS

     

    6.           Principal Functions. The functions that the CEO will perform under this Contract are those necessary and proper of the chief executive officer of a corporation of the size, complexity, and nature of
          TSM and will be invariably for the protection of TSM and its best interests.

     

        

    
      3

      
        

    

    7.          Incidental Functions. The CEO must also perform all those duties, functions, tasks, and incidental assignments which the Board assigns to him from time to time.

     

    8.           Exclusive Service. The CEO will devote his reasonable efforts and full business time and attention to the Business and affairs of TSM. The CEO may serve on the boards of directors of purely
          philanthropic or civic organizations, or on the board of directors of one other company that is not competitive with the business of TSM, in each case only to the extent such service or participation does not interfere with his functions, duties,
          tasks and incidental assignments under this Contract. The CEO may serve on the board of directors of additional companies that are not competitive with the business of TSM to the extent such service or participation does not interfere with his
          functions, duties, tasks, and incidental assignments under this Contract, and the Board has consented to such additional Corporate Board Service. In all cases, the CEO shall inform the Board of his Corporate Board Services.

     

    9.           Base Salary; Incentive Compensation. The CEO will be compensated for his services under this Contract as follows:

    	

          	a.	
            “Base Salary”. An annual salary as set forth in Exhibit A of this Contract, as
                modified from time to time pursuant to Article 11 of this Contract. The Base Salary will be payable in accordance with TSM’s normal payroll practices, subject to applicable deductions and withholdings required by law.

          

    

    

    	

          	b.	
            Short-Term Discretionary Bonus (“STDB”). An annual short-term bonus to be computed
                each year pursuant to the Compensation Policy, as amended or modified. The determination of the STDB will remain at the sound discretion of the Board upon interpreting and applying the aforementioned Compensation Policy. If applicable, TSM
                will pay the CEO’s short-term discretionary bonus no later than the second trimester of the payout year, in accordance with TSM’s policies, as amended or modified.

          

    

    

    	

          	c.	
            Long-Term Incentive Compensation (“LTIC”). A long-term incentive to be determined
                each year upon terms and conditions approved by the Board pursuant to the Compensation Policy and LTIP. The determination of the LTIC will remain at the sound discretion of the Board, or the Compensation Committee. If applicable, TSM will
                grant the CEO’s long-term incentive compensation at the Compensation Committee’s first regularly scheduled meeting, which shall take place in the month of March or as determined by the Compensation Committee, in accordance with TSM’s
                policies, as amended or modified.

          

    

    

    	

          	d.	
            Other Incentive Compensation. The Board may, but is not obligated to, provide
                other types of short or long-term incentive compensation to the CEO. If any other incentive compensation is approved by the Board, said compensation shall be provided in accordance with the terms and conditions established by the Board.

          

     

    10.         Deferred Compensation. The CEO shall have the option, from time to time, to defer the payment of any of the compensation set forth in Article 9 above, as he wishes, provided such process complies with
          the applicable provisions of law and in accordance with a deferred compensation plan approved by the Board.

     

        

    
      4

      
        

    

    11.         Annual Review of Compensation. The compensation of the CEO will be reviewed yearly pursuant to the Compensation Policy, provided that the Base Salary shall never be less than the amount agreed to in
          Exhibit A to this Contract.

     

    12.        Fringe Benefits; Other Benefits; Reimbursement of Expenses. The CEO will have the right to the Fringe Benefits and the Other Benefits. Additionally, TSM will reimburse and/or pay to the CEO the
          following items upon submission of documentation reasonably satisfactory to TSM of such expenses:

     

    	

          	a.	
            business, travel, and miscellaneous expenses that are reasonably incurred in the performance of his official functions;

          

     

    	

          	b.	
            the membership fees of a private club; and

          

     

    	

          	c.	
            any other related expenses which the Board deems necessary for the exercise of his functions.

          

     

    13.         Withholdings. TSM will withhold all amounts from the compensation of the CEO pursuant to law, such as social security, Medicare, and income tax.

    

    

    14.         Effectiveness and Expiration of the Contract. This Contract shall be effective as of January 1, 2022, and shall end on December 31, 2024, subject to earlier termination as provided herein.

    

    

    The Parties may renew the Contract by written agreement, which will be executed on or before its expiration date. The Parties are
      not obligated to renew the Contract. If either party wishes to renew the Contract, it will notify the other party in writing at least ninety (90) days prior to the expiration of the Contract. If either party gives notice of its intention to renew but
      the other does not wish to renew the Contract, or if the Parties both notify their intention to renew but do not reach an agreement as to the terms of the renewed contract, the employment of the CEO will terminate and the Contract will expire on
      December 31, 2024, except for Articles 17, 19 and 20, which shall survive such expiration. Upon the occurrence of any of the events described above in this paragraph, TSM will pay the CEO the equivalent of one year's Base Salary in monthly
      installments and will extend the Fringe Benefits for one year, but only if the CEO was not the party notifying his interest not to renew the Contract.

    

    

    If the negotiations for a new contract extend beyond the expiration date and the CEO continues performing his services to TSM,
      TSM will continue to pay the CEO in accordance with Articles 9 and 12 of this Contract until such date as a new contract is signed or either party notifies, in writing, its decision to discontinue the negotiations, at which time all further CEO
      compensation will cease, except that TSM will pay the CEO the equivalent of one year's Base Salary in monthly installments and will extend the Fringe Benefits for one year if the CEO is not the party that notifies its decision to discontinue the
      negotiations. The CEO and TSM hereby accept and acknowledge that the Contract will not be automatically renewed nor deemed to have been renewed because of the continuation of the negotiations beyond the expiration date.

     

      

    
      5

      
        

    

    Upon the expiration of this Contract or discontinuation of the negotiations described above, the CEO will also have the right to
      payment of the deferred compensation under Article 10, all vested amounts under the LTIP and 401-K benefit plan, and the compensation described in the second paragraph of Article 15 related to vesting of equity and other awards under the LTIP. All
      amounts payable and benefits provided pursuant to this Article, other than vested amounts under the LTIP and deferred compensation, shall only be payable after the CEO has executed, delivered to TSM, and not revoked within any applicable revocation
      period, a waiver and general release of claims against TSM in a form satisfactory to TSM (a “Release”).

     

    15.         Termination Without Cause. The Parties agree that TSM has full rights to unilaterally terminate this Contract and the CEO’s employment hereunder Without Cause at any time prior to its expiration date,
          provided that the terms of Articles 17, 19 and 20 shall continue in effect. In such event of termination, the only obligations of TSM under this Contract will be to:

     

    	

          	a.	
            pay to the CEO the Base Salary up to the normal expiration date of this Contract, or the Base Salary of one year, whichever is greater, withholding from said payments those amounts pursuant to law. TSM shall
              have the option to make that payment in a lump sum or in monthly payments, which will not extend beyond the period remaining of the Contract or one year, whichever is greater;

          

     

    	

          	b.	
            extend to the CEO the Fringe Benefits for the remainder of the term of this Contract or one year, whichever is longer;

          

     

    	

          	c.	
            pay any deferred compensation under Article 10; and

          

    

    

    	

          	d.	
            pay all amounts related to the CEO's rights under the LTIP (including the compensation described in the second paragraph of this Article 15 related to vesting of equity and other awards under the LTIP) and
              401-K benefit plan.

          

    

    

    In addition, as of the date of the CEO's termination
        Without Cause (i) all Options and SARs of the CEO shall become fully and immediately exercisable and (ii) all Restricted Stock and Restricted Stock Units shall become fully vested and non-forfeitable and forthwith be delivered to the CEO if not previously delivered, and (iii) the percentage of any Performance Awards that would have been earned at the end of any given Performance
          Period based on actual results in accordance with the corresponding Award Agreement had the CEO's employment not terminated shall vest pro-rata (i.e., based on a fraction, the numerator of which is the number of whole months elapsed from the
          beginning of the Performance Period to the date of the CEO's termination of employment, and the denominator of which is the number of months in the Performance Period). Delivery of any such Restricted Stock Units within fifteen (15) days
          following the date of the expiration of any revocation period contained in the Release (or such other period provided by law) and payment of the value of any Performance Award shall be made within two and one-half months after the end of calendar
          year during which such award becomes vested. For purposes of this Contract, the terms "Options," "SARs," "Restricted Stock," "Restricted Stock Units," "Performance Award," "Performance Period" and "Award Agreements" shall have the meanings given
          to them in the LTIP.

     

        

    
      6

      
        

    

    All amounts payable and benefits provided pursuant to this Article other than vested amounts under the LTIP and deferred
      compensation shall only be payable after the CEO has executed, delivered to TSM, and not revoked within any applicable revocation period, the Release.

     

    16.        Termination With Cause. It will be understood that TSM shall have "Cause" for the termination of this Contract and the employment of the CEO hereunder, when the CEO incurs in any of the following:

     

    	

          	a.	
            material breach of his obligations and duties as specified in this Contract;

          

     

    	

          	b.	
            conviction or allegation of nolo contendere of any felony or the conviction or allegation of nolo contendere of a misdemeanor involving fraud, dishonest or
              disreputable conduct or moral turpitude;

          

     

    	

          	c.	
            insubordination;

          

     

    	

          	d.	
            material non-compliance of this Contract or the rules, regulations, guidelines, policies, or code of ethics of TSM;

          

     

    	

          	e.	
            improper or disorderly conduct; or

          

     

    	

          	f.	
            the existence of a conflict of interest not previously disclosed to the Board.

          

    

    

    Should the termination of this Contract by TSM be for Cause, or should this Contract be terminated due to CEO's resignation or
      death, the CEO will not have a right to further compensation, payment, or any benefit under this Contract as of the date of the termination. Notwithstanding the above, the CEO will have the right to receive payment of the Base Salary earned up to the
      termination date; the liquidation of Other Benefits accumulated up to such date; the payment of the amount accumulated as deferred compensation pursuant to Article 10 of this Contract; and the payments regarding the vested rights under the LTIP
      (including, as applicable, the compensation described in the second paragraph of Article 15 related to vesting of equity and other awards under the LTIP) and 401-K benefit plan.

     

    17.        Confidentiality. The CEO recognizes that the knowledge of information concerning, or the relations with the employees, clients, and agents of TSM and its Business that the CEO has acquired and
          acquires during his employment with TSM are valuable and exclusive assets of TSM. The CEO accepts that he will not use for his benefit or for the benefit of third parties, nor disclose, without the written consent of TSM, any information, data,
          documentation or material or substantial knowledge about TSM and its Business, its personnel, or its plans, to any person, company, corporation, or other entity for any reason. The CEO accepts that all memoranda, notes, records, and other
          documents, as well as information maintained electronically, generated, or compiled by the CEO or which has been made available to the CEO about TSM’s Business, its employees and its clients are the exclusive property of TSM and will be returned
          by the CEO to TSM at the conclusion of his employment or at any other time at the request of TSM.

     

        

    
      7

      
        

    

    The CEO accepts that the services he renders and will render to TSM are of a special and unique nature and that consequently, he
      will have and has had access to confidential information about TSM’s Business and its clients. Hence, the CEO is aware that if he materially breaches any of the provisions of this Contract with regard to these confidentiality agreements and non-use
      of the confidential information, TSM may suffer irreparable damage, and, therefore, in addition to any other remedy which TSM may have under this Contract or the law, TSM will have the right to request an injunction restraining the CEO from breaching
      or continuing to breach the provisions of this Contract. The term "Confidential Information" includes, but is not limited to:

     

    	

          	a.	
            The information described above;

          

     

    	

          	b.	
            Proprietary information of TSM or its clients;

          

     

    	

          	c.	
            Information marked or designated by TSM as confidential;

          

     

    	

          	d.	
            Information, written or unwritten, and in any manner and regardless of not having been designated as confidential, which the CEO knows is treated as confidential by TSM; and

          

     

    	

          	e.	
            Information provided to TSM by third parties that TSM is in the obligation of maintaining confidential, specifically including client lists and client information.

          

    

    

    "Confidential Information" does not include any information that becomes public without the CEO's fault, is public in nature or
      is collected routinely by companies like TSM.

    

    

    The provisions of this Article 17 will survive and continue in effect after the expiration or earlier termination of this
      Contract for any reason.

    

    

    18.         Documents. At the termination of this Contract, the CEO agrees to return all the documents, objects, materials, and other information obtained by him about the Business of TSM, recognizing, in turn,
          that said documents, objects, materials and related information constitute the exclusive property of TSM.

     

    19.        TSM Personnel; Non-Disparagement; Anti-Raiding. The CEO agrees not to solicit nor promote that the personnel of TSM and/or its Subsidiary Corporations end, voluntarily or involuntarily, their
          employment to join him or third parties in other efforts that are not for the benefit of TSM during the duration of this Contract and during twelve (12) months after the expiration or earlier termination of this Contract.

     

        

    
      8

      
        

    

    During the employment period and always thereafter, neither CEO nor CEO's agents or representatives shall
      directly or indirectly issue or communicate any public statement, or statement likely to become public, that maligns, denigrates, or disparages the Company or any of its Affiliates (including any of the Company's officers, director, or employees).
      The foregoing shall not be violated by (i) truthful statements made in connection with the enforcement of this Agreement or in response to legal process or governmental inquiry or (ii) by private statements to the Company or any of Company's
      officers, directors, or employees: provided, that in the case of CEO, with respect to clause (ii), such statements are made in the course of carrying out CEO's duties pursuant to this Agreement. Likewise, during the CEO’s Company Employment and
      always thereafter, the Board shall use its reasonable best efforts to ensure that none of its members directly or indirectly issue or communicate any public statement, or statement likely to become public that maligns, denigrates, or disparages CEO.
      The foregoing shall not be violated by (i) truthful statements made in connection with the enforcement of this Agreement or in response to legal process or governmental inquiry or by private statements made by the Company to any of Company's officers
      or directors.

     

    20.        Recoupment Policy. The CEO agrees that all payments or benefits under different provisions of this Contract are subject to TSM’s Incentive Compensation Recoupment Policy, as such policy may be amended
          from time to time.

    

    

    21.       Dispute Resolution. The Parties agree to try to resolve in good faith any dispute arising under this Contract or related to its termination using the most cost-effective resources and will try to avoid any
          unnecessary costs. In addition, the Parties shall make all good faith efforts to maintain all information regarding any dispute confidential.

    

    

    22.         Arbitration. If the Parties are not able to resolve any dispute under this Contract or related to its termination, for any reason, including alleged violations of the laws of Puerto Rico or of the
          United States of America, which prohibit the discrimination in employment, these will be resolved by arbitration under the provisions of the Regulations of the American Arbitration Association, by an arbitrator selected according to said
          provisions. The process will be commenced by the filing of a petition for arbitration to said agency. The costs of the arbitrator's fees, and other expenses inherent to the proceeding, will be paid by TSM. Each party will cover its own legal
          costs and attorney's fees. The CEO and TSM specifically waive to process their claims in the courts of Puerto Rico or in the federal courts of the United States and will submit them to the arbitration proceeding agreed to herein. The Parties
          agree that the decision of the arbitrator will be firm, final, and unappealable.

    

    

    23.         Change of Control.

    

    

    	

          	a.	
            If during the term of this Contract there occurs a "Change of Control" of TSM, as this term is defined in sub-paragraph "c" of this Article 23, and as a result thereof the CEO resigns for "Good Reason" (as such
              term is defined below) or is terminated from his employment Without Cause, the CEO will have the right to receive from TSM a compensation for termination in consideration for having remained as an employee of TSM and having failed to pursue
              other  present or potential professional or business opportunities. Such compensation for termination will be a sum equivalent to twice the "Total Compensation" (as such term is defined below) of the CEO, payable on or before the thirtieth
              (30th) day following the date on which the CEO concludes his employment because of a Change of Control. TSM will also provide for the continuation of the Fringe Benefits then in effect during twenty-four (24) months. The Fringe Benefits shall
              not be payable in a lump sum and TSM's obligation to pay such Fringe Benefits will cease as soon as the CEO obtains employment with a comparable benefit. Such compensation for termination shall be in substitution of, and not in addition to,
              any compensation to which the CEO is entitled under Articles 14, 15 or 16, but will not substitute his rights to payment of the deferred compensation under Article 10 and all vested amounts under the LTIP (including the compensation described
              in the second paragraph of Article 15 related to vesting of equity and other awards under the LTIP) and the 401-K benefit plan.

          

     

      

    
      9

      
        

    

    	

          	b.	
            For purposes of this Article 23, the term "Total Compensation" means: (i) the highest Base Salary of the CEO paid to him in any of the three (3) years prior to the date of the Change of Control, in addition to
              the average of the STDB of the three (3) years prior to said date.

          

     

    	

          	c.	
            A "Change of Control" will be understood to have occurred if:

          

     

    	

          	(i)	
            any party acquires ownership of TWENTY-FIVE PERCENT (25%) or more of the total votes required for the election of the directors of TSM's Board of Directors, or of such amount which, based on the cumulative
              vote, if this were allowed by the Articles of Incorporation and By-Laws of TSM, would permit such party to elect TWENTY-FIVE PERCENT (25%) or more of the directors of TSM;

          

     

    	

          	(ii)	
            as a result of, or in connection with, a tender offer or exchange offer of TSM stock, a consolidation, merger or other business combination, sale of assets or any combination of the aforementioned transactions,
              the persons who were directors of the Board prior to such transaction fail to constitute a majority of the board of directors of TSM or its successor;

          

     

    	

          	(iii)	
            there is a change of at least 30% of the directors of TSM's Board of Directors as a result of a "proxy fight", as such term is defined in Regulation 14A of the Securities Exchange Act of 1934, as amended; or

          

     

    	

          	(iv)	
            a sale or transfer of substantially all the assets of TSM to another corporation not affiliated to TSM occurs.

          

     

    Notwithstanding the provisions of this Article 23, a Change of Control of TSM will not be deemed to have occurred in the event
      that TSM suffers a corporate reorganization which does not materially alter the composition of directors, or the percentage of votes owned by the existing stockholders.

     

    
      	 	
              d.

            	
              "Good Reason" for purposes of this Article 23 shall mean:

            

    

     

    	

          	(i)	
            a change in the nature or scope of the CEO's duties or functions from those performed on the date immediately preceding the date of the Change of Control;

          

     

    	

          	(ii)	
            a reduction in the CEO's Base Salary from that received on the date immediately preceding the date of the Change of Control;

          

     

      

    
      10

      
        

    

    	

          	(iii)	
            a reduction in the CEO's ability to participate in the compensation plans, such as bonus, stock options, incentives, or other compensation plans, in which he participated on the date immediately preceding the
              Change of Control, which reduction will be determined in comparison to the opportunities that TSM provides to executives with comparable duties or the opportunities of participation that the CEO had under said plans on the date immediately
              preceding the date of the Change of Control;

          

     

    	

          	(iv)	
            a change in the location of the CEO's principal place of employment of more than twenty-five miles from the place where the CEO maintained his work office on the date immediately preceding the date of the
              Change of Control; or

          

     

    	

          	(v)	
            the reasonable determination by the Board to the effect that, because of the Change of Control and a change in the circumstances thereafter affecting the employment position of the CEO, the CEO is unable to
              exercise the authority, powers, functions, or duties assigned to his position in TSM on the date immediately preceding the date of the Change of Control.

          

     

    MISCELLANEOUS PROVISIONS

     

    24.        Interpretation of the Contract. This Contract is the result of the negotiations of the Parties, so that no presumption or inference may be made in favor of either of them.

     

    25.         No waiver. The failure by either of the Parties at any time to require performance or compliance by the
          other of any of its obligations or agreement shall in no way affect the right to require such performance or compliance at any time thereafter. The waiver by either of the Parties of a breach of any provision hereof shall not be taken or held to
          be a waiver of any preceding or succeeding breach of such provision or as a waiver of the provision itself. No waiver of any kind shall be effective or binding unless it is in writing and is signed by the Parties against whom such waiver is
          sought to be enforced.

     

    26.         Assignment. The CEO may not assign, in whole or in part, to a third party his obligations or commitments under this Contract.

     

    27.          Entire Agreement. This Contract is the full and complete agreement between the Parties. Any other prior agreement, contract or covenant shall not be construed as valid or in effect.

     

    28.       Amendments. Any amendments to this Contract must be made by agreement of the Parties, in a written instrument executed by the Parties or their legal representatives. Notwithstanding the foregoing, TSM has sole
          discretion to repeal, modify or create any standard, policy, rule or operational or employment condition of all employees, including compensation policies, benefits, and insurance.

     

    29.          Section Headings. The headings included in this Contract have been added to facilitate its reading and analysis. At no time shall said headings be construed to constitute the agreement between the
          Parties or amend the content of the terms that each one of them precedes.

     

        

    
      11

      
        

    

    30.        Notices. All notices, if any, and all other communications, if any, required or permitted under this Contract shall be in writing and hand delivered, sent via facsimile, sent by registered first class
          mail, postage pre-paid, or sent by nationally recognized express courier service. Such notices and other communications shall be effective upon receipt if hand delivered or sent via facsimile, three (3) days after mailing if sent by mail, to the
          following addresses, or such other addresses as any of the Parties shall notify the other Parties:

     

    If to the Company: Luis A. Clavell Rodríguez, Chair
        of the Board of Directors, Triple-S Management Corporation, 1441 F.D. Roosevelt Avenue, San Juan, Puerto Rico 00920.

     

    If to the CEO: Roberto García-Rodríguez, Triple-S
        Management Corporation, 1441 F.D. Roosevelt Avenue, San Juan, Puerto Rico 00920.

     

    31.        Counterparts. This Contract may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which, taken together, constitute one and the same agreement.

     

    32.         Separability. If any term of this Contract is declared void or illegal, the rest of its terms will continue in full force and effect.

     

    33.         Interpretation. This Contract shall be construed and enforced in accordance with the laws of the Commonwealth of Puerto Rico.

     

      

    SUCH IS THE AGREEMENT, which the parties accept, acknowledge and sign in San Juan, Puerto Rico, on the date indicated above.

    

    

    TRIPLE-S MANAGEMENT CORPORATION

    

    

    	
            /s/ Luis A. Clavell Rodríguez 

          	 	
            /s/ Roberto García Rodríguez 

          
	
            By:

          	
            Luis A. Clavell Rodríguez

          	 	
            Roberto García Rodríguez

          
	 	
            Chair of the Board of Directors

          	 	 
	 	
            Triple-S Management Corporation

          	 	 

    

    

    
      12

      
        

    

    EXHIBIT A

     

    TO AMENDED EMPLOYMENT CONTRACT dated December 21, 2021, between Triple-S Management Corporation and Roberto García Rodríguez:

     

    1)           Base Salary:
          $825,000

     

    2)           Fringe Benefits:

     

    	

          	•	
            Family health insurance

          

    	

          	•	
            Long term disability insurance

          

    	

          	•	
            Life insurance

          

    	

          	•	
            401-K retirement savings plan

          

     

      

     

      13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]