Document:

Exhibit 4.11

  

EXECUTION VERSION

 

LICENSE AND SERVICES AGREEMENT

 

This License
and Services Agreement (the
“Agreement”) is made and entered into by and between Big Teams LLC (“BigTeams”) and
MOKO Social Media Limited and its affiliates (“MOKO”) as of April 24, 2015 (the “Effective
Date”).

 

Recitals 

 

		A.	BigTeams is a leader in high school athletic management and scheduling software in
the United States and provides a standardized website-based method of accurately tracking information used in the operation of
high school athletic departments.

 

		B.	MOKO develops and operates mobile applications, including REC*IT, a mobile application
for college intramural and club sports; and

 

		C.	BigTeams desires to make MOKO its exclusive mobile application partner for an Apple
and Android application to be known as “BigTeams powered by REC*IT” (the “Application”), and MOKO
is willing to develop and operate the Application.

 

Agreement 

 

1.          Definitions.

 

(a)          “API”
means the application interface developed and supplied by BigTeams that allows MOKO to pull the BigTeams data into the Application,
and all modifications and Improvements thereto.

 

(b)          “BigTeams
Data” means any editorial, text, graphic, audiovisual, and other content that is posted by or for BigTeams, its licensors,
or customers or is served on the Application(s) or API.

 

(c)          “BigTeams
Desktop Ad Inventory” means ad sizes included but not limited to 728x90, 300x250, 160x600, 300x600, and 970x214 that
are intended for and served on a desktop device.

 

(d)          “BigTeams
Mobile Responsive Ad Inventory” means ad sizes included but not limited to 320x500, 300x50 and 300x250 that are intended
for and served on a mobile device.

 

(e)          “Change
of Control” means (a) if a third party (or group of third parties acting in concert) acquires beneficial ownership of
fifty-one percent (51%) or more of a party’s assets or (ii) the stock or other equity interests entitled to vote for a party’s
directors or equivalent managing authority, or (b) in the event of a merger, consolidation or other business combination between
a party and one or more third parties where such party’s

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	1 	 

     

    

 

EXECUTION VERSION

 

equity holders immediately before
that transaction own (directly or indirectly), after that transaction, less than fifty percent (50%) of the equity interests entitled
to vote for the directors or equivalent managing authority of the surviving entity.

 

(f)           “Confidential
Information” means (i) any term of this Agreement; (ii) trade secrets, know-how, financial data, accounting information,
statistics, research, scientific, technical, product, market or pricing information of a party or relating to a party's systems,
business, employees or contractors; (iii) any other information belonging to a party that is marked “confidential”;
and (iv) any other information belonging to a party which would be reasonably understood to be of a confidential nature. Notwithstanding
any of the foregoing, Confidential Information does not include information which: (a) is or becomes public knowledge without any
action by, or involvement of, the Receiving Party; (b) is documented as being known to the Receiving Party prior to its disclosure
by the Disclosing Party; (c) is independently developed by the Receiving Party without reference or access to the Confidential
Information of the Disclosing Party and is so documented; or (d) is obtained by the Receiving Party without restrictions on use
or disclosure from a third person who, to the Receiving Party's knowledge (after due inquiry), did not receive it, directly or
indirectly, from the Disclosing Party.

 

(g)          “Development
Plan” means a written development plan that contains development milestones, specifications and other requirements for
the API and Application that will be negotiated in good faith by the Parties. The Development Plan shall include the functionalities
set forth on Exhibit A to this Agreement.

 

(h)          “Disclosing
Party” means a party disclosing Confidential Information.

 

(i)           “Improvements”
means any improvements, updates, variations, modifications, alterations, additions, error corrections, enhancements, functional
changes or other changes to the API or the Application, as the case may be, including, without limitation: (i) improvements and
upgrades to improve software efficiency and maintainability; (ii) improvements and upgrades to improve operational integrity and
efficiency; (iii) improvements to permit the integration of mutually agreed to functionalities supported by BigTeams and/or third
party suppliers; (iv) functional improvements or changes which support legislated, regulatory or other lawful requirements; (v)
changes or modifications to correct errors; and (vi) additional licensed computer programs to otherwise update the API or Application,
as the case may be.

 

(j)           “Insolvency
Event” in relation to a party means any of the following events: (i) the party ceases to (or is unable to) pay its creditors
in the ordinary course of business, or announces its intention to do so; (ii) a receiver, manager, receiver and manager, administrative
receiver or similar officer is appointed to the party or any of its assets; (iii) the party enters into, or resolves to enter into,
a scheme of arrangement, compromise or composition with any class of creditors; (iv) a resolution is passed or an application to
a

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	2 	 

     

    

 

EXECUTION VERSION

 

court is taken for the winding up,
dissolution, official management or administration of that party; or (v) anything having a substantially similar effect to any
of the events specified above happening under the law of any applicable jurisdiction.

 

(k)          “Mobile
App Ad Inventory” means ad sizes included but not limited to 320x500, 300x50 and 300x250 that are intended for and served
on a mobile device through the mobile app.

 

(l)           “Net
Revenue” means the actual revenue received by MOKO from (i) advertisements placed on or fees charged for the Application
minus MOKO’s direct verifiable third party costs of operating and administering the Application, including, but not limited
to, ad serving costs, third party moderation costs, external production costs, ad network commissions, but not including MOKO’s
internal overhead costs, except for MOKO’s internal hourly moderation costs.

 

(m)         “Parties”
means BigTeams and MOKO, and “Party” means either one of them.

 

(n)         “Receiving
Party” means the party receiving Confidential Information.

 

2.          API
Development and Maintenance.

 

(a)          During
the Term of this Agreement and any extension thereof, BigTeams shall, at its sole cost and expense: (i) develop the API in a commercially
reasonable format; (ii) use commercially reasonable efforts to make sure that the API is available to MOKO; and (iii) maintain
and make Improvements to the API. The development milestones, specifications and other requirements for the API will be pursuant
to the parties’ development timeline for Application launch in the Development Plan.

 

(b)          BigTeams
shall promptly provide MOKO with any known problem solutions as such solutions become known to BigTeams as well as all Improvements
which BigTeams elects to incorporate into and make part of the API. BigTeams shall notify MOKO at least thirty (30) days in advance
of the release of any planned developments or Improvements that will materially affect the performance of the Application. Big
Teams shall not implement any changes to the API that break existing features in the Application until MOKO has notified BigTeams
that it has made any necessary adjustments within the Application code base.

 

3.          Application
Development and Maintenance.

 

(a)          During
the Term of this Agreement and any extension thereof, MOKO shall, at its sole cost and expense, (i) develop one (1) Apple Application
and one (1) Android Application, each of which shall be branded “BigTeams powered by REC*IT” (the “Applications”),
(ii) require the Application users to agree to the terms and conditions specified by each of MOKO and BigTeams, (iii) use commercially
reasonable efforts to

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	3 	 

     

    

 

EXECUTION VERSION

 

make sure that the Applications are
available to BigTeams and the end-users; and (iv) maintain and make Improvements to the Applications. MOKO shall provide the Application
to users for download, free of charge. The development milestones, specifications and other requirements for the Applications will
be pursuant to the parties’ Development Plan.

 

(b)          MOKO
shall promptly provide BigTeams with any known problem solutions which affect the performance of the API as such solutions become
known to MOKO as well as all Improvements which affect the API which MOKO elects to incorporate into and make part of the Application.
MOKO shall notify BigTeams at least thirty (30) days in advance of the release of any planned developments or Improvements that
will materially affect the performance of the API or the Application.

 

4.           Grant
of Licenses.

 

(a)          API.
During the Term of this Agreement, and subject to the terms of this Agreement, BigTeams grants MOKO and MOKO accepts the grant
of a royalty free non-transferable (except to the extent provided in Section 18(b)) license to use the API and all Improvements
thereto in connection with the development and operation of the Application.

 

(b)          BigTeams
Data. During the Term of this Agreement, and subject to the terms of this Agreement, BigTeams grants MOKO and MOKO accepts
the grant of a royalty free non-transferable (except to the extent provided in Section 18(b)) license to use, access, view,
copy, adapt, modify, distribute, publicly display, broadcast and otherwise exploit the BigTeams Data solely for use with the Application. No other rights are granted by BigTeams whether express or implied.

 

5.           Exclusivity.

 

(a)          During
the Term of this Agreement and any extension or renewal hereof, BigTeams shall not: (i) license the API or any BigTeams Data to
any other person or entity for use in a mobile application in competition with the Application; (ii) develop or permit anyone else
to develop on its behalf any mobile application that has a majority of or all of the functionality similar to the Application;
or (iii) develop or permit anyone else to develop on its behalf any application that taken as a whole, has functionality similar
to the Application on any new mobile operating system or device (such as Apple Watch, Google Glass, etc.). Notwithstanding anything
to the contrary herein, BigTeams’ performance of its obligations under the Data License Agreement between BigTeams and Gannett
Co., Inc. dated December 12, 2014 shall be deemed not to violate this Section 5(a).

 

(b)          Except
as set forth in the next sentence, during the Term of this Agreement and any extension or renewal hereof, MOKO shall not provide,
or permit anyone else on its

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	4 	 

     

    

 

EXECUTION VERSION

 

behalf
to provide, mobile application development services, directly or indirectly, to any U.S. high school, athletic department, booster
group or team, or any business that provides applications, software or tools to high school athletic departments, booster groups
or teams in competition with BigTeams. In the event that MOKO acquires any entity that has contracts with U.S. high schools, athletic
departments, booster groups or teams, or any business that provides applications, software or tools to high school athletic departments,
booster groups or teams in competition with BigTeams (“Competitive Entity”), such Competitive Entity or MOKO
may provide services under such contracts for the remainder of the existing terms of such contracts, and provided that this Agreement
has not been terminated, (i) MOKO shall and/or MOKO shall cause the Competitive Entity to use their best efforts to terminate such
contracts within one year after the date that MOKO acquires the Competitive Entity, however neither MOKO nor the Competitive Entity
will be required to pay any early termination fee or similar penalty to early terminate the contracts, and (ii) MOKO shall not
and MOKO shall cause the Competitive Entity to not extend or renew the terms of such contracts, and at the end of the term of such
contracts, shall make an introduction of the other party to such contract to BigTeams.

 

(c)          BigTeams
acknowledges and agrees that MOKO has and may have other mobile applications targeted towards students and that MOKO shall not
be in breach of Section 5(b) provided that such mobile applications are not targeted to any U.S. high school, athletic department,
booster group, or team. By way of example only, MOKO provides mobile applications for college intramural and club teams, and operates
a social network for college students (Speakiesy), which social network could be extended to allow high school students to register.

 

6.           Restrictions
on Use.

 

Without
the prior written consent of BigTeams, MOKO shall not (and shall not permit any third party to): (i) use the API or any BigTeams
Data in a manner that is not in compliance with this Agreement or all federal, state, and local statutes and regulations; (ii)
reverse engineer, decompile or disassemble any program code or otherwise attempt to discover the source code of the API; (iii)
copy, modify, create derivative works of, sublicense, sell, lease, loan, rent, distribute, convey, pledge as security, or otherwise
encumber the API, the BigTeams Data or any part thereof; or (iv) remove proprietary notices or legends or other indicia of ownership
included in or on the API or the BigTeams Data.

 

7.           Copies.

 

MOKO
may make one backup or archival copies in printed, machine-readable or electronic form of the API as may be reasonably necessary
for MOKO’s archival, backup

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

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EXECUTION VERSION

 

and security purposes, provided that
MOKO reproduces all copyright, trademark and other notices that appear on the original copy provided to MOKO.

 

8.          Advertising
Sales.

 

(a)          During
the Term of this Agreement and any extension thereof, MOKO shall have the exclusive third party right to sell advertisements on
the Application, as provided below, subject to BigTeams rights in Section 8(b) below and the payment of Ad Minimums in Section
10 below. The Parties shall mutually agree to ad sizes, placement, and frequency of advertisements within the Application.
The initial ad sizes, placement, and frequency of advertisements is described in the Development Plan. Changes to the frequency
of advertisements may be altered by MOKO based on market conditions, advertiser feedback, or need.

 

(i)          MOKO
shall have the exclusive right to sell 100% of the Mobile App Ad Inventory (as defined herein).

 

(ii)         MOKO
shall have the non-exclusive right to sell up to 75% of the BigTeams Mobile Responsive Ad Inventory (as defined herein).

 

(iii)        MOKO
shall have the non-exclusive right to sell up to 15% of BigTeams Desktop Ad Inventory (as defined herein).

 

(b)          BigTeams
shall make its advertising inventory available to MOKO as provided for in the Development Plan and Section 8(a) above as
follows:. MOKO shall have the first priority to sell up to 75% of Big Teams Mobile Responsive Ad Inventory and up to 15% of BigTeams
Desktop Ad Inventory so long as its sales meet the Ad Minimums in Section 10 hereof. Any of the Big Teams Mobile Responsive Ad
Inventory or BigTeams Desktop Ad Inventory which is not sold by MOKO at or above the Ad Minimums may be sold by other BigTeams
ad sales partners. Notwithstanding the forgoing, BigTeams will continue to sell Mobile Responsive Ad Inventory and Desktop Ad Inventory
directly.

 

(c)          The
Parties shall mutually agree to the implementation of the MOKO ad tags within the BigTeams websites/mobile responsive sites during
the initial development cycle. The initial implementation of the MOKO ad tags is described in the Development Plan.

 

(d)          The
Parties agree that following advertising categories will be prohibited: alcohol, tobacco, gambling, dating, sexually oriented content,
political and any other advertising categories required to be excluded in order to ensure BigTeams is compliant with the Children’s
Online Privacy Protection Act.

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

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EXECUTION VERSION

 

9.          Scope
and Timeline.

 

(a)          The
Parties will complete the written Development Plan within thirty (30) days after the Effective Date, and upon completion the Development
Plan shall be attached hereto and made a part hereof as an updated Exhibit A. The Development Plan shall be
updated and modified at least annually, on or before each anniversary date of this Agreement. The parties agree that market factors
such as user adoption, profitability and potential market impact shall determine the level of changes and or new features adopted
in the Development Plan each year, and that the parties will consider including any new mobile operating systems (such as Apple
Watch and Google Glass) in the Application once such new operating system is approaching a ten percent (10%) market share.

 

(b)          The
Parties shall mutually agree to the feature set and Development Timeline for the Application as outlined in Exhibit A
of this Agreement.

 

10.         Fees
and Payment.

 

Big
Teams shall receive and MOKO shall pay to BigTeams a monthly royalty payment (the “Royalty Payment”) equal to
the greater of: (i) [********] of Net Revenue for such prior month, or (ii) the Ad Minimums for such month. Until the first anniversary
date of this Agreement, the “Ad Minimums” for BigTeams Mobile Responsive Ad Inventory ads shall be a minimum
CPM of $[***], and for BigTeams Desktop Ad Inventory ads shall be a minimum CPM of $[***]. Commencing with the first anniversary
date of this Agreement and thereafter, the “Ad Minimums” for Mobile App Ad Inventory ads and/or BigTeams Mobile
Responsive Ad Inventory ads shall be a minimum CPM of $[***], and for BigTeams Desktop Ad Inventory ads shall be a minimum CPM
of $[***]. The Royalty Payment together with MOKO’s basis and support for its calculation of the Royalty Payment will be
paid and provided by MOKO to BigTeams within forty five (45) days of the end of each calendar month.

 

11.         Taxes.

 

(a)          MOKO
shall have no liability for any taxes on the income of BigTeams. If at any time any applicable law requires MOKO to make any deduction
or withhold any moneys for taxes from any payment to BigTeams under this Agreement, MOKO shall:

 

(i)         notify
BigTeams of the nature of that requirement promptly after MOKO becomes aware of it;

 

(ii)        pay
to the relevant taxing authority the full amount of any deduction or withholding within the time frame for payment allowed under
applicable law; and

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

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EXECUTION VERSION

 

(iii)        promptly
deliver to BigTeams copies of any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect
of any such deduction or withholding.

 

12.         Term
and Termination.

 

(a)          This
term of this Agreement shall commence on the date that this Agreement has been executed by both parties and shall continue for
a period of three (3) years after the date that the Application becomes live for download (the “Term”). This
Agreement may be extended or renewed by the mutual agreement of the Parties. Neither Party may terminate this Agreement during
the initial three (3) year term.

 

(b)          Notwithstanding
anything to the contrary in this Agreement, either party may terminate this Agreement immediately upon written notice to the other
Party if the other Party: (x) terminates or suspends its business; or (y) suffers an Insolvency Event.

 

(c)          Upon
the expiration or termination of this Agreement, each Party shall promptly return to the other Party or, at the other Party’s
direction, destroy, all property of the other Party (including, all Confidential Information of that other Party) and shall not
retain any copies of the same, and shall delete all data of the other party, including individual user data unless an individual
user consents to have such data held and/or used by such Party.

 

13.         Notice
of Change of Control.

 

In the event BigTeams
is contemplating a Change of Control by a third party, BigTeams shall give MOKO with a thirty (30) day right of first negotiation
regarding such potential Change of Control. If the Parties do not reach agreement regarding the Change of Control during this thirty
(30) day negotiating period, BigTeams shall be free to negotiate a Chance of Control with a third party. Additionally, if the proposed
Change of Control is after the expiration of the initial term BigTeams shall have the right to terminate this Agreement following
a Change of Control upon thirty (30) days’ notice to MOKO.

 

14.         Warranties.

 

(a)          BigTeams
warrants to MOKO that: (a) it is the owner of the API; (b) the use by MOKO of the API will not breach or infringe the rights, including
any intellectual property rights, of any person; (c) the API will not contain any protection feature designed to prevent its use,
including time bombs, logic bombs, software locks, copy protect mechanisms, encryptions, time-activated disabling devices or other
codes, instructions or devices which may disable the API; (d) the API will be free of any known or reported “virus,”
or “worm,” or “malware”; (e) BigTeams has or will secured the rights to use any third party code contained
in the API; and (f) the API will be free of defects in workmanship and will perform substantially in accordance with the requirements
set forth in the Development Plan. Except for the warranties outlined in this

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	8 	 

     

    

 

EXECUTION VERSION

 

Section 14(a), BigTeams expressly
disclaims all warranties of any kind, express, implied, or statutory, relating to the API, including without limitation, fitness
for a particular purpose, non-infringement of proprietary rights, course of dealing or course of performance. Except as set forth
in this Section 14(a), BigTeams does not represent that (i) the API will meet MOKO’s specific requirements, or (ii) the flow
of the API will be uninterrupted, timely, secure, or error free.

 

(b)          MOKO
warrants to BigTeams that: (a) the Application will not contain any protection feature designed to prevent its use, including time
bombs, logic bombs, software locks, copy protect mechanisms, encryptions, time-activated disabling devices or other codes, instructions
or devices which may disable the Application; (b) the Application will be free of any known or reported “virus,” or
“worm,” or “malware;” (c) MOKO has or will secured the rights to use any third party code contained in
the Application; and (d) the Application will be free of defects in workmanship and will perform substantially in accordance with
the requirements set forth in the Development Plan. Except for the warranties outlined in this Section 14(b), MOKO expressly
disclaims all warranties of any kind, express, implied, or statutory, relating to the Application, including without limitation,
fitness for a particular purpose, non-infringement of proprietary rights, course of dealing or course of performance. Except as
set forth in Section 14(b), MOKO does not represent that (i) the Application will meet BigTeams specific requirements, or
(ii) the operation of the Application will be uninterrupted, timely, secure, or error free.

 

15.         Indemnification.

 

(a)          BigTeams
shall indemnify and hold MOKO harmless from any claim, action or proceeding of any kind or description based upon a third party‘s
claim that MOKO’s use of the API infringes any patent, copyright, or trademark of such third party, provided that BigTeams
is given prompt written notice of any such claim and BigTeams is given the right to control and direct the investigation, defense
and settlement of such claim. MOKO shall reasonably cooperate with BigTeams in connection with the foregoing. BigTeams shall pay
the costs, including reasonable attorney’s fees and expenses and court costs associated with resolving any such claim and
will pay the settlement amount, if any. If the API becomes, or in BigTeams’ opinion is likely to become, the subject of a
claim of infringement, or the use thereof is enjoined, BigTeams shall either (i) procure for MOKO the right to use the API; or
(ii) replace or modify the API with other software which does not infringe.

 

(b)          MOKO
shall indemnify and hold BigTeams harmless from any claim, action or proceeding of any kind or description based upon a third party‘s
claim that BigTeams’ use of the Application infringes any patent, copyright, or trademark of such third party, provided that
MOKO is given prompt written notice of any such claim and MOKO is given the right to control and direct the investigation, defense
and settlement of such

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	9 	 

     

    

 

EXECUTION VERSION

 

claim. BigTeams shall reasonably
cooperate with MOKO in connection with the foregoing. MOKO shall pay the costs, including reasonable attorney’s fees and
expenses and court costs associated with resolving any such claim and will pay the settlement amount, if any. If the Application
becomes, or in MOKO’s opinion is likely to become, the subject of a claim of infringement, or the use thereof is enjoined,
MOKO shall either (i) procure for BigTeams the right to use the Application; or (ii) replace or modify the Application such that
it does not infringe.

 

16.         Limitation
of Liability.

 

EXCEPT AS STATED HEREIN, NEITHER
PARTY SHALL BE LIABLE FOR ANY SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT AND/OR CONSEQUENTIAL DAMAGES OF ANY KIND, RESULTING FORM
EITHER PARTY’S PERFORMANCE OR FAILURE TO PERFORM UNDER THIS AGREEMENT, OR RESULTING FROM THE FURNISHING, PERFORMANCE OR USE
OR LOSS OF ANY LICENSED MATERIALS PROVIDED TO MOKO HEREUNDER, INCLUDING WITHOUT LIMITATION ANY INTERRUPTION OF BUSINESS, WHETHER
RESULTING FROM BREACH OF CONTRACT OR BREACH OF WARRANTY, EVEN IF THE PARTIES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

17.         Confidentiality.

 

(a)          Use
of Confidential Information. The Receiving Party may only use Confidential Information of the Disclosing Party: (i) if necessary
to perform the Receiving Party's obligations under this Agreement; or (ii) if the Disclosing Party otherwise consents to the use
in writing. The Receiving Party shall protect the confidentiality of any Confidential Information disclosed by the Disclosing Party
using at least the degree of care that it uses to protect its own confidential information (but no less than a commercially reasonable
degree of care).

 

(b)          Disclosure
of Confidential Information. The Receiving Party may only disclose Confidential Information of the Disclosing Party: (i) to
the Receiving Party's professional advisers and employees who have a need to know such Confidential Information in connection with
the Receiving Party's performance of this Agreement; (ii) to the extent required to be disclosed by applicable law or by any authority
or regulatory body having jurisdiction over the Receiving Party (a “Legally Compelled Disclosure”);

(iii) if
necessary to perform the Receiving Party's obligations under this Agreement; and

(iv) if
the Disclosing Party consents to the disclosure in writing. The Receiving Party will, prior to providing any affiliate, employee,
or professional adviser access to any Confidential Information of the Disclosing Party, inform such affiliate, employee, or professional
adviser of the confidential nature of such Confidential Information and require such affiliate, employee, or professional adviser
to comply with the Receiving

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	10 	 

     

    

 

EXECUTION VERSION

 

Party's obligations hereunder with
respect to such Confidential Information. The Receiving Party will be responsible to the Disclosing Party for any violation of
this Section 17 by any such affiliate, employee, or professional adviser.

 

(c)          Legally
Compelled Disclosure. In the event the Receiving Party is required to undertake a legally Compelled Disclosure (whether by
deposition, interrogatory, request for documents, subpoena, civil investigative demand, or other process or otherwise), the Receiving
Party shall provide to the Disclosing Party prompt written notice of such requirement so that the Disclosing Party may seek a protective
order or other appropriate remedy and/or waive compliance with the terms of this Section 17. In the event that such protective
order or other remedy is not obtained, or the Disclosing Party waives compliance with the provisions hereof, the Receiving Party
shall furnish only that portion of the Confidential Information which it is advised by counsel is legally required to be disclosed,
and shall use its best efforts to ensure that confidential treatment shall be afforded such disclosed portion of the Confidential
Information.

 

(d)          Survival.
The provisions and obligations of this Section 17 shall survive the expiration or early termination of this Agreement.

 

18.         Title
to Source Code.

 

(a)          BigTeams
shall retain title to the source code for the API, including all versions and embodiments thereof and all additions and Improvements
thereto.

 

(b)          MOKO
shall retain title to the source code for the Application, including all versions and embodiments thereof and all additions and
Improvements thereto.

 

(c)          If
the Application incorporates any portion of the code for the application developed by or for BigTeams prior to the Effective Date
(“Existing Application”), BigTeams shall retain title to the source code for the Existing Application, including
all versions and embodiments thereof and all additions and Improvements thereto except as provided in Section 18(b).

 

(d)          In
the event this Agreement is terminated for any reason, MOKO shall own the source code to all new application features developed
by MOKO after the date of termination of this Agreement by MOKO and BigTeams shall have the right to develop its own mobile applications
via any other third party provider.

 

19.         Miscellaneous
Provisions.

 

(a)          Entire
Agreement; Waiver. This Agreement, together with any exhibits and/or appendices hereto or thereto, contains the entire agreement
between the parties with respect to the transactions contemplated by this Agreement and supersedes all prior arrangements or understandings
with respect thereto. This Agreement may not be

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	11 	 

     

    

 

EXECUTION VERSION

 

modified except by agreement of both
parties in writing. No provision of this Agreement will be considered waived unless such waiver is in writing and signed by the
party that benefits from the enforcement of such provision. No waiver of any provision in this Agreement, however, will be deemed
a waiver of a subsequent breach of such provision or a waiver of a similar provision. In addition, a waiver of any breach or a
failure to enforce any term or condition of this Agreement will not in any way affect, limit, or waive a party’s rights under
this Agreement at any time to enforce strict compliance thereafter with every term and condition of this Agreement.

 

(b)          Assignment;
Binding Effect. Neither party may assign or transfer this Agreement without the prior written consent of the other party; provided,
however that either party may transfer its license rights in connection with a Change of Control with a third party that is not
a competitor of the other Party. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit
of, and be enforceable by the Parties hereto and their respective heirs, legal representatives, successors, and assigns.

 

(c)          Severability.
If any one or more of the provisions of this Agreement is ruled to be wholly or partly invalid or unenforceable by a court
or other government body of competent jurisdiction then: (x) the validity and enforceability of all provisions of this Agreement
not ruled to be invalid or unenforceable shall be unaffected; and (y) the provision(s) held wholly or partly invalid or unenforceable
shall be deemed severed.

 

(d)          Headings.
The section headings herein are for reference purposes only and are not intended in any way to describe, interpret, define,
or limit the extent or intent of this Agreement or of any part hereof.

 

(e)          Extended
Meanings. In this Agreement, words importing the singular number only include the plural and vice versa; words importing the
masculine gender include the feminine and neuter genders; words importing persons include companies, corporations, partnerships,
syndicates, trusts, associations, societies and any number or aggregate of persons; the terms “include” and “including”
mean “including, without limitation”; and the term “includes” has a similar meaning, all as the context
may require.

 

(f)           Relationship
of the Parties; Neutral Construction. The parties agree that this Agreement was negotiated between them at arm’s length
and that the final terms of this Agreement are the product of the parties’ negotiations. The parties agree that this Agreement
shall be deemed to have been jointly and equally drafted by them, and that the provisions of this Agreement will not be construed
against a party or parties on the grounds that the party or parties drafted, or was more responsible for drafting, the provisions.

 

(g)          Signatures.
The parties and their representatives signing this Agreement acknowledge and represent that the representatives signing this
Agreement are duly authorized agents of the parties and are authorized and have full authority to enter into

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	12 	 

     

    

 

EXECUTION VERSION

 

this
Agreement on behalf of the parties for whom they are signing. This Agreement and any written notice, consent, agreement or document
provided for in this Agreement shall be deemed signed and/or bearing the original signature of a given person, if such person’s
name and/or adopted signature is placed by such person on the document whether by manual signature, electronic transmission or
facsimile transmission by the person. Delivery of a copy of this Agreement or such other document bearing an original signature
by facsimile transmission or a scanned image of the original signature, by electronic mail in “portable document format”
(“.pdf”) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance
of a document, will have the same effect as physical delivery of the paper document bearing the original signature.

 

(h)          Counterparts.
The Agreement and any documents pursuant hereto may be separately executed by the Parties in two (2) or more counterparts and
all such counterparts shall be deemed an original, but all of which together shall constitute one and the same instrument and will
be binding on the Parties as if they had originally signed one copy of this Agreement.

 

(i)           Notices.
All claims, instructions, consents, designations, notices, waivers, and other communications in connection with this Agreement
(“Notices”) will be in writing. Such Notices will be deemed properly given (a) when received if delivered personally,
(b) if delivered by facsimile transmission when the appropriate telecopy confirmation is received; (c) upon the receipt of the
electronic transmission by the server of the recipient when transmitted by electronic mail, or (d) within three (3) days after
deposit with an internationally recognized express delivery service, in each case when transmitted to a party as follows:

 

	If to BigTeams, at:	7925 Jones Branch Drive
	 	McLean, Virginia 22102
	 	Attn: Clay Walker
	 	Email: clay@bigteams.com
	 	 
	With a copy to:	Daniel Hassett
	 	7925 Jones Branch Drive, Suite 6200
	 	McLean, Virginia 22102
	 	Email: dhassett@wileyrein.com
	 	 
	If to MOKO, at:	320 King Street, Suite 202
	 	Alexandria, VA 22314
	 	Attn: Ian Rodwell

 

Each party may send any Notices or
other communication hereunder to the intended recipient at the address set forth above using any other means (including personal

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	13 	 

     

    

 

EXECUTION VERSION

 

delivery, expedited courier, messenger
service, telecopy, telex, ordinary mail, or electronic mail), but no such notice, request, demand, claim, or other communication
will be deemed to have been duly given unless and until it actually is received by the intended recipient. Each party may change
the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving the other
notice in the manner herein set forth.

 

(j)           Publicity.
The parties shall work together to issue publicity and general marketing communications concerning their relationship and other
mutually agreed-upon matters. Neither party shall issue such publicity and general marketing communications concerning their relationship
without the prior written consent of the other party.

 

(k)          Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the Commonwealth of Virginia
without reference to conflicts of law rules and principles.

 

(l)           Legal
Expenses. The prevailing party in any legal action brought by one party against the other and arising out of this Agreement
shall be entitled, along with any other rights and remedies it may have, to reimbursement for its expenses, including court costs
and reasonable attorney’s fees. Such fees may be set by the court in the trial of such action or may be enforced in a separate
action brought for that purpose. Such fees shall be in addition to any other relief that may be awarded.

 

(m)         Injunctive
Relief. Each party agree that a breach of any of the promises or agreements contained herein will result in irreparable and
continuing damage to a party for which there will be no adequate remedy at law, and such party shall be entitled to injunctive
relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate).

 

(n)          Remedies
Cumulative. Unless stated otherwise herein, all remedies provided for in this Agreement shall be cumulative and in addition
to and not in lieu of any other remedies available to either party at law, in equity or otherwise. No single or partial exercise
by a party of any right or remedy precludes or otherwise affects the exercise of any other right or remedy to which that party
may be entitled.

 

(o)          Further
Assurances. Each of the parties shall, from time to time and at all times, promptly do all such further acts and execute and
deliver all such further documents and assurances as shall be reasonably required in order to perform and carry out the terms of
this Agreement.

 

(p)          Survival.
Any term, condition or provision hereof that requires fulfillment or performance, or that is, by its nature, applicable, after
the termination of this Agreement and the relationship created hereby shall survive such termination and remain in full force

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	14 	 

     

    

 

EXECUTION VERSION

 

and effect. The termination of any provision
of this Agreement shall not excuse a prior breach of that provision.

 

[Signatures
on next page]

 

Big Teams, LLC - MOKO

License and Services Agreement

April 24, 2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	15 	 

     

    

 

IN WITNESS WHEREOF the
parties have executed this Agreement effective on the date this Agreement has been executed by both parties.

 

	MOKO Social Media Limited	Big Teams LLC

 

	Signature:  	/s/ Ian Rodwell	 	Signature:  	/s/ Clay Walker	 

	Print Name: Ian Rodwell	Print Name:  Clay Walker
	Date: April 24, 2015	Date:  April 23,2015

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	 	 

     

    

 

Exhibit A

 

Development Plan

 

BigTeams powered by REC*IT v1.0

 

Version 1.0 for both Apple
and Android will consist of all existing features as defined in the MOU, plus:

 

1.          Functionality

 

(a)    Uploading

 

(i)          “Submit
Content” button, which brings users to a page where they can create an account using Facebook/Twitter and submit a photo,
video, or game summary/article.

 

(ii)         Coaches
may also log in to submit content (scores, schedule changes, news, alerts).

 

(iii)        A
context-sensitive photo button based on the team, school, or event that opens, allowing for easy sharing of images via the usual
social channels once uploaded.

(b)    Content

 

(i)          Public
submission pages to include the following brief language: “I agree that this post will not contain any offensive content.”

 

(ii)         Photos
and video link will display page with photo icon and video icon taking user to photo and video galleries with most recent content
on top (displaying only photos/videos approved by admins).

 

(c)    Push
Notifications

 

(i)          Upon
signup, a user can select push notifications.

 

(ii)         Where
possible (due to 3rd party API limitations), we’ll send push notifications for scores, summaries, photos, cancellations &
changes (where available) - all for "Favorited" teams - with granular on/off settings within the app itself.

 

(d)   Photo
Sharing Extension

 

(i)          MOKO
will create an extension so that people can upload photos directly from the iOS/Android share button within other apps.

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.

 

    	 	 	 

     

    

 

(ii)         A
share icon will appear on every page, schedule, roster, etc. as well as individual items such as news items, photo, video (share
will include Facebook, Twitter, Instagram)

 

(e)   Moderation:
(depending on further discussion between BigTeams & MOKO)

 

(i)          We
discussed options for moderation of the photos. The existing web based admin panel (used by Athletic Department) has only an “on/off”
option for photo uploading. This should remain, but we’ll introduce another option for those who choose “on”.

 

(ii)         Schools
where photo sharing is enabled will be able to select from the existing option where they pre-moderate the images themselves, or
the new default option where MOKO moderation team does this. It is preferable that the MOKO moderation team will do this so that
we get a more immediate social interaction, which should improve retention/engagement.

 

(f)    Viewing

 

(i)          Gallery
buttons on the school, team & event pages to show relevant images. Easy sharing of images via the usual social channels.

 

(g)    Digital
Ticketing, Video Player, and eCommerce

 

(i)          BigTeams
is currently vetting (1) a digital ticketing partner to allow users to purchase tickets via app as well as display ticket with
bar code at gate; (2) a video player partner to allow people to stream content from their mobile phone; and (3) an e-commerce partner
to allow fans to view and purchase branded fan apparel.

 

(ii)         For
all of the items in (1)(g)(i), once a partnership is formed, BigTeams will connect all parties for API and other coordination.

 

2.          Advertising

 

Concentrating on natives & interstitials, but with
banners where appropriate. AdOps departments will discuss the ad placements once the wireframes are agreed.

 

3.          Development
Timeline (subject to change)

 

(a)  5/1:
Wireframes confirmed. Final UI design begins, dev also begins.

 

(b)  6/1:
API complete.

 

(c)  7/1:
Dev complete - into QA.

 

(d)  8/1:
Launch!

 

*** Certain confidential information contained in this document,
marked by brackets, has been omitted and filed with the Securities and Exchange Commission pursuant to Rule 24b-2 promulgated under
the Securities Exchange Act of 1934, as amended.Exhibit

Employment Agreement

between

PartnerRe Ltd.
Wellesley House South, 5th Floor
90 Pitts Bay Road
Pembroke HM08
Bermuda
(the “Company”)
and

David Zwiener
41 Westwood Road
West Hartford, CT 06117
 (the “Executive”)

WITNESSETH:

WHEREAS, the Executive was serving as the Company’s interim President and Chief Executive Officer pursuant to an Employment Agreement entered into effective as of January 25, 2015, and the parties desire to further amend the Employment Agreement to memorialize the terms of the Executive’s continuing employment as interim Chief Executive Officer of the Company; and

WHEREAS, the Executive is willing to continue to serve the Company on the terms and conditions herein provided in this agreement, as amended and restated (this “Agreement”).

NOW, THEREFORE, in consideration of the foregoing and of the mutual promises and covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

		
	1.
	EMPLOYMENT

The Company agrees to continue to employ the Executive and the Executive agrees to continue to serve the Company as an executive officer on the terms and conditions set forth herein.
		
	2.
	TERM OF AGREEMENT

This Agreement was effective, and the Executive’s employment as contemplated hereunder commenced, on January 25, 2015 (such date, the “Effective Date”), and the Executive’s employment shall continue on the terms and conditions set forth herein, with the amended and restated Employment Agreement effective as of October 21, 2015 (the “Amendment Effective Date”).  The Executive’s employment shall terminate on the earlier of %3. the date of the closing of the transaction among the Company and EXOR N.V., Pillar Ltd., and, solely with respect to certain sections of the merger agreement, EXOR S.p.A., (the “Transaction”) 

(such date, the “Closing Date”) or %3.  April 30, 2016 (such date, in either case, the “Separation Date”), subject to the earlier termination of this Agreement by the Executive or by the Company pursuant to Section 6 hereof.
		
	3.
	POSITION AND DUTIES

		
	(a)
	The Executive shall serve as the interim Chief Executive Officer of the Company and shall report directly to the board of directors of the Company (the “Board”).  The Executive shall perform any reasonable duties and services consistent with such positions as may be prescribed from time to time by the Board.  The Executive shall comply with all Company policies and any other reasonable guidelines provided to the Executive by the Board, consistent with the Executive’s positions.  The Executive shall continue to serve in his capacity as a member of the Board, but without additional compensation.

		
	(b)
	The Executive also agrees to serve as an officer and/or director of any subsidiary of the Company, as reasonably requested by the Board, without additional compensation.

		
	(c)
	Except during customary vacation periods and periods of illness, the Executive shall, during his employment hereunder, devote substantially his full business time and attention to the performance of services for the Company.  The Company hereby acknowledges that the Executive shall be permitted to devote a reasonable amount of his business time, conducted simultaneously with the discharge of his duties to the Company to %3. the management of personal and family investments and affairs, %3. with the consent of the Board, serving on the board of directors and/or acting as an officer of any not-for-profit entities that are not engaged in businesses that would reasonably conflict with the business of the Company or %3. to the extent discussed with the Chairman of the Board, continuing to serve on the board of directors of any private or public companies that are not engaged in businesses that would reasonably conflict with the business of the Company; provided that, in the Executive’s and the Board’s reasonable judgment, such activities do not materially interfere or affect the duties of the Executive owed to the Company. 

		
	4.
	PLACE OF PERFORMANCE

The Executive’s principal place of employment shall be in Bermuda, except for reasonably necessary travel on business and reasonable personal travel.
		
	5.
	COMPENSATION AND RELATED MATTERS 

		
	(a)
	Base Salary.  During the term of the Executive’s employment hereunder, the Company shall pay to the Executive a base salary at an aggregate rate as provided in the attached Schedule I, which has been approved by the Compensation Committee of the Board (the “Compensation Committee”) (which salary is referred to herein as “Base Salary”).  The Base Salary shall be paid in equal installments in accordance with normal payroll practices of the Company but not less frequently than monthly.  Base Salary payments hereunder shall not in any way limit or reduce any other obligation of the Company hereunder, and no other compensation, benefit or payment hereunder shall in any way limit or reduce the obligation of the Company to pay the Executive’s Base Salary hereunder.

		
	(b)
	Sign-On RSU Award.  In specific consideration for the Executive’s covenants in Section 11 and 12 below, on January 26, 2015, the Executive received a one-time award of restricted share units with a value of 

$1,500,000 (the “Sign-On RSU Award”).  The Sign-On RSU Award shall vest and settle on the Separation Date, with 60% of the Sign-On RSU Award to be settled in shares of the Company and 40% to be settled in cash; provided that the Executive remains employed by the Company through the Separation Date, subject to Section 7 below.
		
	(c)
	Discretionary Bonus.  In specific consideration for the Executive’s covenants in Sections 11 and 12 below, and for other services performed prior to the Amendment Effective Date and to be performed prior to the Separation Date, the Executive shall be eligible to receive a cash bonus (the “Discretionary Bonus”) to be paid on the earlier of %3. the Closing Date, %3. the appointment by the Board of a replacement to the Executive as Chief Executive Officer of the Company, %3. April 30, 2016 (any such date, in any case, the “Bonus Payment Date”) or in accordance with Section 7(b)(ii) or Section 7(c)(iii) below.  If the Executive remains employed by the Company through the relevant Bonus Payment Date or if in accordance with Section 7(b)(ii) or Section 7(c)(iii) below, he shall be eligible to receive the Discretionary Bonus, calculated as follows: %4. a cash bonus in the amount of $3,000,000, in consideration of the Executive’s efforts as interim President and Chief Executive Officer or interim Chief Executive Officer, as applicable, from the Effective Date through the Amendment Effective Date (the “Fixed Discretionary Bonus”), and %4. a cash bonus with a maximum aggregate value of $2,000,000, as determined by the Board, at its discretion, based on its monthly assessment of the Executive’s performance of his duties as interim Chief Executive Office from September 1, 2015 through the Bonus Payment Date or the Date of Termination, as applicable (the “Ongoing Discretionary Bonus”).  The Ongoing Discretionary Bonus shall accrue monthly, and shall have a target value of $125,000 per month, which may be earned to the extent the Executive is employed by the Company at a rate of 0% to 200%, based on the Board’s determination at its discretion (such determination to be made on or prior to the Bonus Payment Date or the Date of Termination, as applicable), of the Company’s and the Executive’s performance during the applicable month.  The Company may pay Executive the Discretionary Bonus even if the Closing Date does not occur on or prior to April 30, 2016.

		
	(d)
	Housing Allowance & Travel.  Due to significant travel and relocation away from Executive’s home, the Executive shall be paid an additional $10,000 per month housing and travel allowance.  In addition to business travel on Company-provided aircraft, the Executive shall be entitled to 30 hours / year of personal use of such aircraft in accordance with the Company’s aircraft usage policy.  For the period beginning on the Amendment Effective Date, through the Bonus Payment Date, the Executive shall be entitled to an additional 12 hours of personal use of the Company-provided aircraft.

		
	(e)
	No Additional Incentives.  Other than the amounts described in subparagraphs (b) and (c) of this Section 5, the Executive shall not be eligible to receive any other equity grants or annual incentive awards during the term of this Agreement.

		
	(f)
	Expenses.  During the term of this Agreement, the Executive shall be entitled to receive prompt reimbursement from the Company of all reasonable expenses incurred by the Executive in promoting the business of the Company and in performing services hereunder, including all expenses of travel and entertainment and living expenses while away from home on business or at the request of, or in the service of the Company; provided that such expenses are incurred and accounted for in accordance with the policies and procedures established by the Company, as applicable, from time to time.  Without limiting the generality of the foregoing, temporary housing expenses, personal driver and business use of Company-provided aircraft are reimbursable expenses.  In furtherance, the Executive must submit 

reimbursement requests within one year after incurring the underlying expense; provided that no reimbursements shall occur more than twelve months after the expense is submitted for reimbursement and to the extent that any such reimbursements are taxable to the Executive under the law of any jurisdiction other than the principal place of employment, the provisions of Section 22 shall apply.  Finally, in the event that all or part of the Executive’s employment sourced income becomes subject to income tax in any jurisdiction other than the principal place of employment as a result of business related travel, the Company shall reimburse the Executive with respect to such taxes (including penalties and interest, if applicable) so that the tax impact on the Executive is the same as if all the Executive’s Company sourced income was received in the place of his principal place of employment.  The provisions of this Section 5(f) shall survive the termination of this Agreement.
		
	(g)
	Benefit Plans.  During the term of this Agreement, the Executive shall be eligible to participate in all of the applicable benefit plans and perquisite programs of the Company that are available to other executives of the Company, as applicable, on the same terms as such other executives (“Benefit Plans”).  The Executive shall also be eligible to participate in the Company’s Pre-65 Retiree Medical Coverage following the termination of his employment and until he reaches age 65, at his own expense.  The provisions of the foregoing sentence shall survive the termination of this Agreement.  The Company may, at any time or from time to time, amend, modify, suspend or terminate any employee benefit plan, program or arrangement so long as such amendment, modification, suspension or termination affects all similarly situated participants similarly.

		
	(h)
	Director’s Fee and Equity Grant.  On or promptly following the Effective Date, the Executive received a pro rata portion of his director’s fee, in cash, for his services as a non-employee director of the Company from January 1, 2015 to the Effective Date.  On or promptly following the Effective Date, the Executive received a pro rata portion of his annual equity grant for his services as a non-employee director of the Company in respect of the period from January 1, 2015 to the Effective Date.

		
	6.
	TERMINATION

The Executive’s employment hereunder may be terminated under the following circumstances, subject to the effective Date of Termination described in Section 6(e) hereof:
		
	(a)
	Death or Disability.

		
	(i)
	The Executive’s employment hereunder shall terminate upon his death.

		
	(ii)
	If the Executive shall have qualified for long-term disability benefits under any Company long-term disability insurance arrangement in which he is participating (a “Disability”), then the Company may at any time after the date of such qualification, give to the Executive a Notice of Termination (as defined in Section 6(d) hereof), and the Executive’s employment hereunder shall terminate on the Date of Termination described in Section 6(e) hereof.

		
	(b)
	Termination by the Company.  The Company may terminate the Executive’s employment hereunder %3. for Cause or %3. without Cause at any time.  For the purposes of this Agreement, the Company shall have “Cause” to terminate the Executive’s employment hereunder upon %4. the engaging by the Executive in gross negligence or wilful misconduct which is demonstrably injurious to the Company or any of its subsidiaries, or %4. wilful and intentional failure to comply in all material respects with the direction of the Board, or %4. the wilful and intentional material breach of this Agreement; provided 

in each case that the Board shall have first provided the Executive with written notice identifying the act or acts or failure or failures to act or comply said to constitute Cause within 90 days after the occurrence of such act or failure to act or comply or within 90 days of when the Company should have been reasonably expected to know of such occurrence, and the Executive shall have failed to cure the deficiency within 30 days after receipt of such notice, and the Board terminates Executive’s employment within 60 days following the expiration of the cure period in the event the deficiency is not cured; or %4. the conviction, a plea of guilty or a plea of no contest of the Executive for a serious criminal act.  For purposes of this paragraph, no act, or failure to act, on the Executive’s part shall be considered “wilful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that said action or omission was in the best interest of the Company.
		
	(c)
	Termination by the Executive.  The Executive may terminate his employment hereunder %3. with Good Reason or %3. without Good Reason at any time.  For purposes of this Agreement, “Good Reason” shall mean without the Executive’s written consent %4. a failure by the Company to comply with any material provision of this Agreement, %4. the assignment to the Executive by the Company of duties inconsistent in a material adverse respect with the Executive’s position, authority, duties or responsibilities with the Company, as applicable, as in effect on the Effective Date including, but not limited to, any material reduction in such position, authority, duties or responsibilities, or a change in the Executive’s titles as then in effect, except in connection with (x) the termination of his employment on account of his death, disability or for Cause or without Cause or (y) the transition of his position, authority, duties or responsibilities in connection with the closing of the Transaction, %4. any material reduction in Base Salary or %4. a change in Executive’s reporting relationship so that Executive does not report directly to the Board; provided that in order to terminate his employment with Good Reason the Executive shall have first provided the Board with written notice identifying the act or acts or failure or failures to act said to constitute Good Reason within 90 days of the occurrence of such act(s) or within 90 days of when the Executive should have been reasonably expected to know of such occurrence, the Board shall have failed to cure the deficiency within 30 days after receipt of such notice and the Executive provides Notice of Termination on account of Good Reason within 60 days following the expiration of the cure period in the event the deficiency is not cured.

		
	(d)
	Notice of Termination.  Any termination of the Executive’s employment by the Company or by the Executive (other than for death) shall be communicated by written Notice of Termination to the other party hereto (“Date of Notice”).  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and the Date of Termination and shall set forth in reasonable detail the facts and circumstances, if any, claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.

		
	(e)
	Date of Termination.  “Date of Termination” shall mean %3. if the Executive’s employment is terminated by his death, the date of his death, %3. if the Executive’s employment is terminated by his disability pursuant to Section 6(a)(ii) hereof, the date specified in the Notice of Termination, %3. if the Executive’s employment is terminated by the Company without Cause or by the Executive without Good Reason, the date specified in the Notice of Termination, which can be immediate, or %3. if the Executive’s employment is terminated by the Company for Cause or if the Executive voluntarily terminates his employment with Good Reason, the date specified in the Notice of Termination, which can be immediate.

		
	(f)
	Compensation During Notice Period.  During the period from the Date of Notice to the Date of Termination, in the event of a termination as provided under Sections 6(b)(ii) or 6(c) hereof, the Executive shall be entitled to receive all compensation and benefits (pursuant to this Agreement and as detailed in Schedule I) as if Notice of Termination had not occurred.

		
	(g)
	Board Service.  If the Executive’s employment is terminated on or prior to the Separation Date for any reason under this Agreement, he shall be deemed to resign effective on the Date of Termination %3. from the Board or board of directors of any subsidiary or affiliate of the Company and %3. from any position with the Company or any subsidiary or affiliate of the Company, including, but not limited to, as an officer of the Company or any of its subsidiaries or affiliates.

		
	7.
	COMPENSATION UPON TERMINATION 

In the event that the Executive’s employment terminates for any reason, the provisions of this Section 7 shall determine the Executive’s entitlement to compensation and benefits in connection with and subsequent to such termination.
		
	(a)
	If %3. the Company terminates the employment of the Executive for Cause or %3. the Executive terminates his employment without Good Reason, the Company shall pay to the Executive, within 30 days after the Date of Termination, all accrued Base Salary and benefits through the Date of Termination (the “Accrued Salary and Benefits”).  The Company shall have no further obligations to the Executive after the Date of Termination, except as set forth in the second sentence of Section 5(g).

		
	(b)
	If the Executive’s employment terminates due to his death or Disability, the Company shall pay or provide to the Executive, or his legal representative or estate, as the case may be, in addition to the Accrued Salary and Benefits, the following:

		
	(i)
	a payment equal to the value of the Sign-On RSU Award, to be paid 100% in cash (as valued on the Date of Termination) promptly following the Executive’s execution, delivery and non-revocation prior to the expiration of the revocation period of the release described in Section 7(d); and

		
	(ii)
	a payment of the Fixed Discretionary Bonus and the Ongoing Discretionary Bonus (the latter, earned to date, based on the number of days that have elapsed from September 1, 2015 through the Date of Termination) promptly following the Executive’s execution, delivery and non-revocation prior to the expiration of the revocation period of the release described in Section 7(d).

The Executive hereby authorizes the Company to take out such insurance policy as it deems appropriate so that the Company may mitigate any payments pursuant to this clause as it shall in its sole discretion deem appropriate.  The foregoing does not impact the obligation of the Company to make payment pursuant to this section. 
		
	(c)
	If the Executive’s employment terminates for any reason other than the reasons described in Section 7(a) or (b), the Company shall pay or provide to the Executive, in addition to the Accrued Salary and Benefits, the following:

		
	(i)
	an amount equal to the Base Salary that would otherwise have been paid to him for the period between the Date of Termination and April 30, 2016, had his employment not terminated prior to that date;

		
	(ii)
	a payment equal to the value of the Sign-On RSU Award, to be paid 100% in cash (as valued on the Date of Termination) promptly following the Executive’s execution, delivery and non-revocation prior to the expiration of the revocation period of the release described in Section 7(d); and

		
	(iii)
	a payment of the Fixed Discretionary Bonus and the Ongoing Discretionary Bonus (the latter, earned to date, based on the number of full days that have elapsed from September 1, 2015 through the Date of Termination) promptly following the Executive’s execution, delivery and non-revocation prior to the expiration of the revocation period of the release described in Section 7(d).

The Executive’s payments and benefits upon his termination shall be limited to those described in this Section 7 and in the second sentence of Section 5(g).  During the term of this Agreement, the Executive shall not be entitled to participate in the Company’s Change in Control Policy or any other change in control or severance plan or policy.
		
	(d)
	In the event of the Executive’s termination of employment other than by the Company for Cause, the Executive without Good Reason or due to the Executive’s death, the Executive agrees to execute a general release in a form acceptable to the Company (such acceptance shall not be unreasonably withheld).  The payments and provision of benefits to the Executive required by Sections 7(b) and (c) (other than the Accrued Benefits) shall be conditioned on the Executive’s delivery (and non-revocation prior to the expiration of the revocation period contained in the release) of such release prior to the date which is 40 days after the Date of Termination (the “Payment Date”); provided that, if the 40-day period begins in one tax year and ends in another tax year, any such payments shall not be made until the beginning of the second tax year.  If the foregoing requirements are not satisfied on the Payment Date, the Executive shall not be entitled to any payments or benefits that are conditioned upon satisfaction of the requirements of this Section 7(d).  In the event that any of the payments or benefits subject to this Section 7(d) are not subject to Section 409A of Code, the Company in its discretion may accelerate any such payment to a date that is on or after the Date of Termination and on or before the Payment Date and may pay benefits even if the Executive executes the general release after the Payment Date; provided that the requirements of this Section 7(d) are satisfied as of the date of payment. 

		
	(e)
	Notwithstanding any other provision of this Agreement to the contrary (other than the provisions of Section 22 relating to amounts subject to Section 409A), in the event that the Executive is entitled to payment of any earned amounts attributable to a fiscal year prior to the Date of Termination and if such amounts are not determined as of the date on which such amounts are to be paid pursuant to the provisions of this Agreement, such amounts shall be paid to the Executive as soon as such amounts are determined and, in any event, not later than the time that such amounts would have been paid to the Executive if he had remained employed. 

		
	8.
	INDEMNIFICATION

The Company shall indemnify the Executive (and his legal representatives or other successors and heirs) to the fullest extent permitted (including payment of expenses in advance of final disposition of the proceeding 

provided approved by the Board) by the laws of Bermuda, as in effect at the time of the subject act or omission; and the Executive shall be entitled to the protection of any insurance policies the Company may elect to maintain generally for the benefit of its directors and officers, against all costs, charges and expenses whatsoever incurred or sustained by him or his legal representatives in connection with any action, suit or proceeding to which he (or his legal representatives or other successors and heirs) may be made a party by reason of his being or having been a director, officer or Executive of the Company or any of its subsidiaries; provided, however, that no indemnification shall be made to the Executive for losses relating to any disgorgement remedy contemplated by Section 16 of the Securities and Exchange Act of 1934.  If any action, suit or proceeding is brought or threatened against the Executive in respect of which indemnity may be sought against the Company pursuant to the foregoing, the Executive shall notify the Company promptly in writing of the institution of such action, suit or proceeding and the Company shall assume the defense thereof and the employment of counsel and payment of all fees and expenses; provided, however, that if a conflict of interest exists between the Company and the Executive such that it is not legally practicable for the Company to assume the Executive’s defense, the Executive shall be entitled to retain separate counsel reasonably acceptable to the Company at the Company’s expense.  Any payments of legal fees pursuant to the foregoing sentence shall be subject to the provisions of Section 22 hereof.  The provisions of this Section 8 shall survive the termination of this Agreement.
		
	9.
	TAXES

The Company shall deduct all taxes required by law from all amounts payable under this Agreement.
		
	10.
	CONFIDENTIALITY

Unless otherwise required by law or judicial process, the Executive shall retain in confidence during and after termination of the Executive’s employment with the Company all confidential information known to the Executive concerning the Company and its business.  This clause shall remain in effect in perpetuity or until such confidential information is publicly disclosed by the Company or otherwise becomes publicly disclosed other than through the Executive’s actions.  Violation by the Executive of this Section 10 will give the Company the right to immediately terminate all future severance payments.
		
	11.
	NON-DISPARAGEMENT

		
	(a)
	Other than in connection with the performance of services with the Company, the Executive agrees not to directly or indirectly make any public statements that disparage or denigrate the Company or any of its subsidiaries or affiliates or their respective current or former officers, directors, employees or agents or the Transaction, orally or in writing.  The Company agrees that it will instruct its executive officers and directors not to directly or indirectly make any public statements that disparage or denigrate the Executive or his performance as an employee and officer of the Company.

		
	(b)
	Notwithstanding the foregoing provisions of this Section 11, it shall not be a violation of this Section 11 for any party to make truthful statements when required by order of a court or other body having jurisdiction or as otherwise may be required by law or under an agreement entered into in connection with pending or threatened litigation pursuant to which the party receiving such information agrees to keep such information confidential.

		
	12.
	COVENANTS NOT TO SOLICIT

In consideration of the promises and payments provided by Section 5(b) and (c) of this Agreement, the Executive agrees that, during his employment hereunder and for a period of twelve (12) months following the Date of Termination, he will not, other than on behalf of the Company, directly or indirectly, as a sole proprietor, agent, broker or intermediary, member of a partnership, or stockholder, investor, officer or director of a corporation, or as an employee, agent, associate or consultant of any person, firm or corporation:
		
	(a)
	Solicit, encourage, induce to cease, refrain from or reduce doing business with the Company or any of its affiliates %3. any clients of the Company or its affiliates, %3. any prospective clients whose business the Company or any of its affiliates is in the process of soliciting at the time of the Executive's termination or %3. any former clients which had been doing business with the Company or its affiliates within one year prior to the Executive’s termination; or

		
	(b)
	Solicit or hire any employee of the Company or its affiliates to terminate such employee's employment with the Company; provided that nothing contained in this Section 12 shall prohibit the Executive from owning 2.5% or less of the outstanding stock of any corporation listed on a national stock exchange or included in the NASDAQ Stock Markets, or from making investments in or from serving as an officer or employee of a firm or corporation which is not directly or indirectly engaged in the same type of business as the Company.

The parties acknowledge and agree that the Executive’s breach or threatened breach of any of the restrictions set forth in Sections 10, 11 and 12 will result in irreparable and continuing damage to the Company for which there may be no adequate remedy at law and that the Company shall be entitled to equitable relief, including specific performance and injunctive relief as remedies for any breach or threatened or attempted breach.  The Executive hereby consents to the grant of an injunction (temporary or otherwise) against the Executive or the entry of any other court order against the Executive prohibiting and enjoining him from violating, or directing him to comply with any provision of Sections 10, 11 and 12.  The Executive also agrees that such remedies shall be in addition to any and all remedies, including damages, available to the Company against him for such breaches or threatened or attempted breaches.  The Executive acknowledges that he has received good and valuable consideration for the obligations contained in Sections 10, 11 and 12.  Violation by the Executive of any of the restrictions contained in Sections 10, 11 and 12 will give the Company the right to immediately terminate all future severance payments. 
		
	13.
	PROPERTY

The Executive acknowledges that all originals and copies of materials, records and documents generated by him or coming into his possession during the term of his employment hereunder are the sole property of the Company (“Company Property”).  During the term of his employment, and at all times thereafter, the Executive shall not remove, or cause to be removed, from the premises of the Company, copies of any record, file, memorandum, document, computer related information or equipment, or any other item relating to the business of the Company, except in furtherance of his duties under this Agreement.  When the Executive’s employment terminates, or upon request of the Company at any time, the Executive shall promptly deliver to the Company all copies of Company Property in his possession or control.

		
	14.
	SUCCESSORS; BINDING AGREEMENT

		
	(a)
	This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives or heirs.

		
	(b)
	This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

		
	15.
	NOTICE

For the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when hand delivered or (unless otherwise specified) when mailed by courier or registered mail, return receipt requested, postage prepaid, addressed as follows:
If to the Executive:
At the address set forth at the top of this Agreement

If to the Company:
PartnerRe Ltd.
Attn: Chairman of the Board
Wellesley House
90 Pitts Bay Road
Pembroke HM 08
Bermuda
or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.
		
	16.
	GOVERNING LAW AND JURISDICTION

This Agreement shall be governed by and construed and enforced in accordance with the laws of Bermuda, without regard to the principles of conflict of laws.  Each party agrees to submit to the exclusive jurisdiction of the ordinary courts in the state of Bermuda.
		
	17.
	SURVIVORSHIP

The respective rights and obligations of the parties hereunder, including, without limitation, the rights and obligations set forth in Sections 5 through 15, 16 and 18 of this Agreement, shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.
		
	18.
	ARBITRATION 

The Company and the Executive agree to arbitrate any controversy or claim arising out of this Agreement or otherwise relating to the Executive’s employment by the Company or the termination of such employment to the extent required (including, but not limited to, any claims of breach of contract, wrongful termination or 

age, sex, race or other discrimination); provided that the Company or the Executive shall have the right to, and be permitted to, seek and obtain injunctive relief from a court of competent jurisdiction pursuant to Section 12.  Any such arbitration shall be fully and finally resolved in binding arbitration which shall be conducted in accordance with the rules of the Chartered Institute of Arbitrators rules.  The seat of the arbitration shall be Hamilton, Bermuda.  The arbitration shall take place before a single arbitrator appointed by the Chartered Institute of Arbitrators (Bermuda Branch).  The arbitrator shall not have the authority to modify or change any of the terms of this Agreement, except as provided in Section 12 hereof.  The arbitrator’s award shall be final and binding upon the parties.  Each party shall bear his or its own costs incurred by any such arbitration.  The arbitrator may require the losing party thereto, as determined by the arbitrator, to bear the costs and fees incurred in any such arbitration, including legal fees and expenses.  Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of the Company and the Executive.
		
	19.
	MISCELLANEOUS

		
	(a)
	This Agreement sets forth the entire agreement and understanding relating to the Executive’s employment relationship with the Company; this Agreement supersedes all prior discussions, negotiations, term sheets, illustrative calculations, proposed arrangements and agreements concerning the Executive’s employment with the Company and his separation therefrom and may not be amended except by mutual written agreement.

		
	(b)
	The parties further agree that the provisions of this Agreement may not be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the parties hereto.  No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

		
	(c)
	The form and timing of all payments under this Agreement shall be made in a manner which complies with all applicable laws, rules and regulations.

		
	(d)
	Except as set forth in the Plans, Equity Award Agreements or Benefit Plans, no agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. 

		
	(e)
	Except as otherwise set forth in Section 8 or Section 14 hereof, nothing expressed or referred to in this Agreement shall be construed to give any Person other than the Company and the Executive any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement.

		
	(f)
	The Company shall reimburse the Executive, or pay to the Executive’s legal advisor, up to an amount agreed upon with the Chairman of the Board for legal fees and expenses reasonably incurred by the Executive in connection with the negotiation and execution of this Agreement. Such reimbursement or payment will be made promptly after the Company receives an invoice for such fees and expenses, accompanied by reasonable and itemized supporting documentation.

		
	20.
	SEVERABILITY AND JUDICIAL MODIFICATION

If any provision of this Agreement is held by a court or arbitration panel of competent jurisdiction to be enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification to become a part hereof and treated as though originally set forth in this Agreement.  The parties further agree that any such court or arbitration panel is expressly authorized to modify any such unenforceable provision from this Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional language to this Agreement, or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law.  The parties expressly agree that this Agreement as so modified by the court or arbitration panel shall be binding upon and enforceable against each of them.  In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never been set forth herein.
		
	21.
	COUNTERPARTS

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.
		
	22.
	SECTION 409A AND SECTION 457A 

It is intended that the provisions of this Agreement comply with or be exempt from the provisions of Section 409A of the Code (“Section 409A”) and Section 457A of the Code (“Section 457A”) and shall be construed and administered in accordance with Section 409A and Section 457A, and, in each case, the Treasury regulations relating thereto so as not to subject the Executive to the payment of interest and tax penalty which may be imposed under Section 409A or Section 457A, as applicable.  In furtherance of this objective, to the extent that any regulations or other guidance issued under Section 409A would result in the Executive being subject to payment of “additional tax” under Section 409A, the parties agree to use their best efforts to amend this Agreement in order to avoid the imposition of any such “additional tax” under Section 409A, which such amendment shall be designed to minimize the adverse economic effect on the Executive without increasing the cost to the Company (other than transactions costs), all as reasonably determined in good faith by the Company and the Executive to maintain to the maximum extent practicable the original intent of the applicable provisions.  This Section 22 does not guarantee that payments under this Agreement will not be subject to "additional tax" under Section 409A.  Without limiting the generality of the foregoing:
		
	(a)
	Notwithstanding any other provision of this Agreement to the contrary, if any payment or benefit hereunder is subject to Section 409A and if such payment or benefit is to be paid or provided on account of the Executive’s Date of Termination (or other separation from service or termination of employment) and if the Executive is a specified employee (within the meaning of Section 409A(a)(2)(B) of the Code), then with respect to such payments or benefits that are required to be made or provided prior to the first day of the seventh month following the Executive’s separation from service or termination of employment, such payment or benefit shall be delayed until the first day of the seventh month following the Executive’s separation from service.

		
	(b)
	Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A.

		
	(c)
	The determination as to whether the Executive has had a termination of employment (or separation from service) shall be made in accordance with the default provisions of Section 409A or Section 457A, as applicable, without application of any of alternative reductions of bona fide services permitted thereunder.

		
	(d)
	Any installment payments hereunder shall be treated as separate payments for purposes of Section 409A.

		
	(e)
	To the extent that any reimbursements or in-kind benefits provided hereunder (including any Schedule or Exhibit hereto) are taxable to the Executive, the amount of the expenses eligible for reimbursement or in-kind benefits provided during one calendar year may not affect the amount of reimbursements or in-kind benefits to be provided in any subsequent calendar year, the reimbursement of an eligible expense shall be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and the right to reimbursement of expenses or in-kind benefits shall not be subject to liquidation or exchange for any other benefit.

Signature page follows.

IN WITNESS WHEREOF, the Company has caused its name to be ascribed to this Agreement by its duly authorized representative, and the Executive has executed this Agreement effective as of the Amendment Effective Date set forth in Section 2 hereof.

______________________________
Name: Jean-Paul Montupet
Title: Chairman of the Board, PartnerRe Ltd. 
Date: 

______________________________
Name: David Zwiener
Date:

Schedule I

David Zwiener, Chief Executive Officer

	
		
	1.    Annual Base Salary:
	$1,000,000

	2.    Vacation
	The Executive is eligible to receive 25 vacation days per year.

I-1

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