Document:

EX-10.5

 Exhibit 10.5 

Queen’s Gambit Holdings LLC 

55 Hudson Yards, 44th Floor 
 New
York, NY 10001 
 July 28, 2021 
 Queen’s Gambit
Growth Capital 
 55 Hudson Yards, 44th Floor 
 New York, NY
10001 
 Re:    Sponsor Letter 

Ladies and Gentlemen: 
 This letter (this “Sponsor
Letter”) is being delivered to you in accordance with that certain Business Combination Agreement, dated as of the date hereof (as it may be amended, restated, or otherwise modified from time to time in accordance with its terms), by
and among Swvl Inc., a company limited by shares incorporated under the laws of the British Virgin Islands (the “Company”), Queen’s Gambit Growth Capital, a Cayman Islands exempted company with limited liability
(“SPAC”), Pivotal Holdings Corp, a company limited by shares incorporated under the laws of the British Virgin Islands and wholly owned Subsidiary of the Company (“Holdings”), Pivotal Merger Sub
Company I, a Cayman Islands exempted company with limited liability and wholly owned Subsidiary of Holdings, and Pivotal Merger Sub Company II, a company limited by shares incorporated under the laws of the British Virgin Islands and wholly owned
Subsidiary of SPAC (the “Business Combination Agreement” and the transactions contemplated therein the “Business Combination”). Capitalized terms used but not otherwise defined herein shall have the
respective meanings ascribed to such terms in the Business Combination Agreement. 
 Queen’s Gambit Holdings LLC, a Delaware limited liability company
(“Sponsor”), currently is the record owner of 8,625,000 SPAC Class B Ordinary Shares and 5,933,333 outstanding warrants of the SPAC (“SPAC Warrants”), which were acquired in a private placement
that occurred simultaneously with the consummation of SPAC’s initial public offering (collectively, the “Sponsor Equity”). 

In order to induce the Company and SPAC to enter into the Business Combination Agreement and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Sponsor agrees as follows: 
  

	1)	 The Sponsor unconditionally and irrevocably agrees that it shall: 

 

	 	a)	 at any duly called meeting of the shareholders of SPAC (or any adjournment or postponement thereof), and in any
action by written resolution of the shareholders of SPAC requested by the SPAC Board or undertaken as contemplated by the Business Combination Agreement: 

  

	 	i.	 if such a meeting of shareholders is held, appear at such meeting, in person or by proxy, or otherwise cause
all of the Covered Shares (as further defined herein) to be counted as present thereat for purposes of establishing a quorum; and 

  

	 	ii.	 vote or consent (or cause to be voted or consented), in person or by proxy or consent, all of the Covered
Shares (I) in favor of the adoption of the Business Combination Agreement and approval of the Transactions (and any actions required in furtherance thereof), (II) in favor of the Required SPAC Proposals set forth in the Proxy Statement,
(III) for any proposal to adjourn or postpone the 

	 	applicable meeting to a later date if (and only if) there are not sufficient votes for approval of the Business Combination Agreement and any other Required SPAC Proposals related thereto as set forth in the Proxy
Statement on the date on which such meeting is held, and (IV) against the following actions or proposals: (A) any SPAC Alternative Transaction or any proposal in opposition to approval of the Business Combination Agreement or the other
Required SPAC Proposals or in competition with or inconsistent with the Business Combination Agreement; (B) (1) any change in the present dividend policy or capitalization of SPAC or any amendment to the SPAC Articles of Association, except to
the extent expressly contemplated by the Business Combination Agreement or any Required SPAC Proposal, (2) any liquidation, dissolution or other change in SPAC’s corporate structure or business, except to the extent expressly contemplated
by the Business Combination Agreement or any Required SPAC Proposal, (3) any action, proposal, transaction or agreement that would reasonably be expected to result in a breach in any material respect of any covenant, representation or warranty
or other obligation or agreement of the Sponsor hereunder or (4) any other action or proposal involving SPAC or any of its subsidiaries that is intended or would reasonably be expected to prevent, impede, interfere with, delay, postpone or
adversely affect the Transactions; and (C) any action, proposal, transaction or agreement that would reasonably be expected to result in a breach in any respect of any representation, warranty, covenant, obligation or agreement of SPAC
contained in the Business Combination Agreement; 

  

	 	b)	 not redeem, elect to redeem or tender or submit for redemption any Covered Shares (or Holdings Common Shares
received as consideration therefor) pursuant to or in connection with the Redemption Rights or otherwise; and 

  

	 	c)	 shall, and shall procure that each holder of Holdings Common Shares B immediately following the SPAC Merger
Effective Time but prior to the conversion of such shares pursuant to Article 14 of the Holdings A&R Articles shall, deliver to Holdings and the Company, a unanimous written resolution of the holders of Holdings Common Shares B in form and
substance to the written resolution attached hereto at Schedule 1, pursuant to which the New Board shall be validly appointed as the directors of Holdings in accordance with Section 7.16 of the BCA, with such appointments to take effect
immediately following the Company Merger Effective Time. 

 Prior to any termination of the Business Combination Agreement
in accordance with its terms, the Sponsor shall take, or cause to be taken, all actions and to do, or cause to be done, all things reasonably necessary under applicable Laws to consummate the transactions contemplated by this Sponsor Letter. 

The obligations of the Sponsor specified in this paragraph 1 shall apply whether or not any of the Transactions or any action described above
is recommended by the SPAC Board or any committee thereof. 
  

	2)	 Except as provided herein, the Sponsor hereby agrees and acknowledges that the terms set forth in the letter
agreement, dated January 19, 2021, by and between the Sponsor and SPAC (the “Letter Agreement”) shall continue to be in effect and are binding against the Sponsor, and neither the Sponsor nor SPAC shall amend, modify,
limit or terminate such obligations without the prior written consent of the Company (which may be given in its sole discretion). Section 7 of the Letter Agreement is hereby replaced in its entirety as follows (“Amended
Section 7”): 

  
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 “(a) Subject to the exceptions set forth herein, from and after the consummation of the
Company Merger, the Sponsor agrees not to transfer, assign or sell, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of, or any other derivative transaction
(whether settled by delivery of securities, cash or otherwise) with respect to (collectively, “Transfer”), any Holdings Common Shares A, held by it, him or her until the earlier of (i) the date that is one year after the
consummation of the Company Merger and (ii) the first date on which the last sale price of the Holdings Common Shares A equals or exceeds $12.00 per share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-day trading period commencing at least 150 days after the consummation of the Company Merger (the
“Lock-up”). 
 (b) Subject to the exceptions set forth in clause (c), Sponsor
agrees not to transfer, assign or sell any Holdings Warrants or Holdings Common Shares A underlying such warrants held by it until 30 days after the completion of the Company Merger. 

(c) Notwithstanding the provisions set forth in clauses (a) and (b), Transfers of the Holdings Warrants and Holdings Common Shares A
(including Holdings Common Shares A underlying such warrants) that are held by the Sponsor or any of its permitted transferees (that have complied with any applicable requirements of this clause (c)), are permitted: (i) in the case of the
Sponsor or its permitted transferees, to Holdings’ officers or directors, any affiliates or family members of any of Holdings’ officers or directors, the Sponsor, any members of the Sponsor or their affiliates or any affiliates of the
Sponsor; (ii) in the case of an individual, by gift to members of the individual’s immediate family, to a charitable organization or to a trust, the beneficiary (or beneficiaries) of which is one or more of the individual, a member of the
individual’s immediate family, an affiliate of such person or a charitable organization; (iii) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (iv) in the case of an
individual, pursuant to a qualified domestic relations order; (v) by virtue of the laws of the British Virgin Islands, as applicable; (vi) by pledging, hypothecating or otherwise granting a security interest in Holdings Common Shares A or
securities convertible into, exchangeable for or that represent the right to receive Holdings Common Shares A to one or more lending institutions as collateral or security for any bona fide loan, advance or extension of credit and any
transfer upon foreclosure upon such Holdings Common Shares A or such securities including any subsequent transfer of such Holdings Common Shares A or such securities to such lender or collateral agent or other transferee in connection with the
exercise of remedies under such loan or extension of credit; (vii) with respect to any Holdings Warrants or Holdings Common Shares A acquired after the consummation of the Company Merger; (viii) in the case of the Sponsor on whom (or on
whose direct or indirect owners) any income tax obligations are imposed as a result of the Transactions, in an amount necessary to satisfy such Sponsor’s good faith estimate of such income tax obligations; or (ix) in the event of
completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Holdings shareholders having the right to exchange their Holdings Common Shares A for cash, securities or other property subsequent to the
consummation of the Company Merger; provided, however, that in the case of clauses (i) through (vi), these permitted transferees must enter into a written agreement agreeing to be bound by these Transfer restrictions. 

(d) Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in that certain Business
Combination Agreement, dated as of the date hereof (as it may be amended, restated, or otherwise modified from time to time in accordance with its terms), by and among Swvl Inc., a company limited by shares incorporated under the laws of the British
Virgin Islands (“Swvl”), the Company, Pivotal Holdings Corp, a company limited by shares incorporated under the laws of the British Virgin Islands and wholly owned subsidiary of Swvl (“Holdings”),
Pivotal Merger Sub Company I, a Cayman Islands exempted company with limited liability and wholly owned subsidiary of Holdings, and Pivotal Merger Sub Company II, a company limited by shares incorporated under the laws of the British Virgin Islands
and wholly owned subsidiary of the Company.” 

  
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	3)	 The Sponsor agrees that, after the date hereof, and until the Company Merger Effective Time, it shall not
directly or indirectly, without the prior written consent of the Company, (a) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, or establish or
increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission promulgated thereunder, any Covered Shares (or Holdings
Common Shares received as consideration therefor) or otherwise agree to do any of the foregoing, (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
Covered Shares (or Holdings Common Shares received as consideration therefor) that conflicts with any of the covenants or agreements set forth in this Sponsor Letter or (c) publicly announce any intention to effect any transaction specified in
clause (a) or (b). 

  

	4)	 The Sponsor hereby agrees that, except as permitted or required by the Business Combination Agreement, during
the period commencing on the date hereof and ending at the Closing, the Sponsor shall not modify or amend any contract between or among Sponsor, anyone related by blood, marriage or adoption to the Sponsor or any affiliate of the Sponsor (other than
SPAC and its Subsidiaries), on the one hand, and SPAC or any of SPAC’s Subsidiaries, on the other hand. 

  

	5)	 As used herein, (i) “Beneficially Own” has the meaning ascribed to it in
Section 13(d) of the Exchange Act, (ii) “Covered Shares” means any SPAC Class A Ordinary Shares or SPAC Class B Ordinary Shares held of record or beneficially by the Sponsor and (iii) “Related
Parties” means, as to any person, such person’s limited partners, general partners, directors, members, shareholders, officers, employees, agents, advisors, representatives, successors and assigns. 

 

	6)	 This Sponsor Letter, the Letter Agreement, the Business Combination Agreement, the Ancillary Documents and the
other agreements referenced herein and therein constitute the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements, or representations by or among the
parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Sponsor Letter may not be changed, amended, modified or waived as to any particular provision, except by
a written instrument executed by all parties hereto. 

  

	7)	 Subject to, and conditioned upon, the occurrence of the Closing, to the fullest extent permitted by Law and the
SPAC Articles of Association and the Holdings A&R Articles, as applicable, the Sponsor hereby irrevocably and unconditionally waives and agrees not to assert or perfect any rights to adjustment or other anti-dilution protection with respect to
the rate that the SPAC Class B Ordinary Shares held by it convert into SPAC Class A Ordinary Shares pursuant to Sections 14-18 of the SPAC Articles of Association, the rate that the Holdings Common
Shares B (which it will receive in the SPAC Merger) held by it convert into Holdings Common Shares A pursuant to Sections 14-18 of the Holdings A&R Articles or any other adjustment or anti-dilution
protections that arise in connection with the transactions contemplated by the Business Combination Agreement. 

  

	8)	 No party hereto may, except as set forth herein, assign either this Sponsor Letter or any of its rights,
interests, or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to
the purported assignee. This Sponsor Letter shall be binding on the Sponsor, SPAC and the Company and their respective successors, heirs, personal representatives and assigns and permitted transferees. 

  
 4 

	9)	 Nothing in this Sponsor Letter shall be construed to confer upon, or give to, any person or corporation other
than the parties hereto any right, remedy or claim under or by reason of this Sponsor Letter or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this
Sponsor Letter shall be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees. 

 

	10)	 This Sponsor Letter may be executed in any number of original, electronic or facsimile counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

  

	11)	 This Sponsor Letter shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Sponsor Letter or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added
as a part of this Sponsor Letter a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

  

	12)	 Sections 10.06 (Governing Law) and 10.07 (Waiver of Jury Trial) of the Business Combination
Agreement are incorporated herein and shall apply to this Sponsor Letter mutatis mutandis, except with respect to the amendment and restatement of Section 7 of the Letter Agreement and the Amended Section 7 of the Letter Agreement
set forth in paragraph 2 hereof, as to which Section 14 of the Letter Agreement shall continue to apply. 

  

	13)	 Any notice, consent or request to be given in connection with any of the terms or provisions of this Sponsor
Letter shall be in writing and shall be sent or given in accordance with the terms of Section 10.01 of the Business Combination Agreement to the applicable party at the addresses set forth in therein (or, in the case of the Sponsor, to 55
Hudson Yards, 44th Floor, New York, NY 10001, Attention: Victoria Grace, or by email at: victoria@collecapital.com). 

  

	14)	 This Sponsor Letter shall terminate upon the earlier of (a) the Company Merger Effective Time and
(b) the termination of the Business Combination Agreement in accordance with its terms prior to the Closing. Notwithstanding the foregoing or anything to the contrary in this Sponsor Letter, (i) the termination of this Sponsor Letter shall
not affect any liability on the part of any party for a Willful Breach of any covenant or agreement set forth in this Sponsor Letter prior to such termination or for Fraud, (ii) clause (a) of paragraph 19 (solely to the extent that it relates
to Section 7.05(b) of the Business Combination Agreement) shall survive any termination of this Sponsor Letter, (iii) clause (a) of paragraph 19 (solely to the extent that it relates to Section 7.11 (Public Announcements) of
the Business Combination Agreement) shall survive the termination of this Sponsor Letter pursuant to clause (a) of this paragraph 14, (iv) paragraphs 2, 6, 7, 8 and 18 shall survive any termination of this Sponsor Letter pursuant to clause
(a) of this paragraph 14 and (v) paragraphs 9, 10, 11, 12, 13 and 20 shall survive any termination of this Sponsor Letter. 

  

	15)	 The Sponsor hereby represents and warrants to SPAC and the Company as follows: (i) it is duly organized,
validly existing and in good standing under the laws of the jurisdiction in which it is organized, and the Sponsor has all necessary power and authority to execute, deliver and perform this Sponsor Letter and consummate the transactions contemplated
hereby; (ii) this Sponsor Letter has been duly executed and delivered by the Sponsor and, assuming due authorization, execution and delivery by the other parties to this Sponsor Letter, this Sponsor Letter constitutes a legally valid and
binding obligation of the Sponsor, enforceable against the Sponsor in accordance with the terms hereof (except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity
affecting the availability of specific performance and other equitable 

  
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remedies); (iii) the execution and delivery of this Sponsor Letter by the Sponsor does not, and the performance by the Sponsor of its obligations hereunder will not, (A) in the case of the
Sponsor, conflict with or result in a violation of the organizational documents of the Sponsor, or (B) require any consent or approval that has not been given or other action that has not been taken by any third party (including under any
contract binding upon any of the Sponsor Equity), in each case, to the extent such consent, approval or other action would prevent, enjoin or materially delay the performance by the Sponsor of its obligations under this Sponsor Letter;
(iv) there are no Actions pending against the Sponsor or, to the knowledge of the Sponsor, threatened against the Sponsor, before (or, in the case of threatened Actions, that would be before) any arbitrator or any Governmental Authority, which
in any manner challenges or seeks to prevent, enjoin or materially delay the performance by the Sponsor of its obligations under this Sponsor Letter; (v) except for fees and expenses payable to Guggenheim Securities, LLC and Barclays Capital
Inc., no financial advisor, investment banker, broker, finder or other similar intermediary is entitled to any fee or commission from the Sponsor or its controlled affiliates in connection with the Business Combination Agreement or the transactions
contemplated thereby based upon any arrangement or agreement made by the Sponsor or its controlled affiliates for which SPAC or any of its controlled affiliates or, following the Closing, the Company or any of their controlled affiliates, would have
any obligations or liabilities of any kind or nature; (vi) the Sponsor has had the opportunity to read the Business Combination Agreement and this Sponsor Letter and has had the opportunity to consult with its tax and legal advisors;
(vii) the Sponsor has not entered into, and shall not enter into, any agreement that would restrict, limit or interfere with the performance of the Sponsor’s obligations hereunder; (viii) the Sponsor has good title to all of the
Sponsor Equity, and there exist no Liens or any other limitation or restriction (including, without limitation, any restriction on the right to, as applicable, vote, sell or otherwise dispose of such Sponsor Equity) affecting any such Sponsor
Equity, other than pursuant to (A) this Sponsor Letter, (B) the SPAC Articles of Association, (C) the Business Combination Agreement, (D) the Amended and Restated Limited Liability Company Agreement of the Sponsor, (E) the
Letter Agreement or (F) any applicable securities laws; and (x) the Sponsor Equity owned by the Sponsor are the only SPAC Class B Ordinary Shares, SPAC Warrants or other equity securities of SPAC Beneficially Owned by the Sponsor as
of the date hereof. 

  

	16)	 The Sponsor hereby agrees and acknowledges that SPAC and, prior to any termination of the Business Combination
Agreement in accordance with its terms, the Company would be irreparably injured in the event of a breach by the Sponsor of any of its obligations under this Sponsor Letter and that monetary damages would not be an adequate remedy for any such
breach and, accordingly, a non-breaching party shall be entitled to injunctive relief to prevent breaches of the provisions of this Sponsor Letter or to enforce specifically the performance of the terms and
provisions hereof in any action, claim or suit, in addition to any other remedy that such party may have at Law or in equity in the event of such breach. The Sponsor hereby further waives (i) any defense in any action for specific performance
that a remedy at law would be adequate and (ii) any requirement under any Law to post security or a bond as a prerequisite to obtaining equitable relief. 

 

	17)	 If, and as often as, (a) there is any share split, share dividend, combination or reclassification that
results in the Sponsor acquiring new SPAC Class B Ordinary Shares, SPAC Class A Ordinary Shares, SPAC Warrants or other equity securities of SPAC or Holdings Common Shares B, Holdings Common Shares A, Holdings Warrants or other equity
securities of Holdings, (b) the Sponsor purchases or otherwise acquires Beneficial Ownership of any SPAC Class B Ordinary Shares, SPAC Warrants, SPAC Class A Ordinary Shares or other equity securities of SPAC or Holdings Common Shares
B, Holdings Common Shares A, Holdings Warrants or other equity securities of Holdings after the date of this Sponsor Letter, or (c) Sponsor acquires the right to vote or share in the voting of any SPAC Class B Ordinary Shares, SPAC
Class A Ordinary Shares or other equity securities of SPAC or Holdings Common Shares B, Holdings Common Shares A, Holdings Warrants or other equity securities of Holdings after the date of this Sponsor Letter, then, in each case, such SPAC
Class B Ordinary Shares, SPAC Class A Ordinary Shares, SPAC Warrants and other equity securities of SPAC and Holdings Common Shares B, Holdings Common Shares A, Holdings Warrants and other equity securities of Holdings acquired or
purchased by the Sponsor shall be subject to the terms of this Sponsor Letter. 

  
 6 

	18)	 The Sponsor and SPAC hereby agree that, effective as of the Closing (and not before), (i) the Registration
Rights Agreement, dated as of January 19, 2021, by and between SPAC and the Sponsor, (ii) the Amended Administrative Services Agreement, dated as of June 21, 2021, by and between SPAC and the Sponsor, and (iii) except as set
forth in paragraph 2 hereof, all other agreements, arrangements or understandings (whether or not written) between the Sponsor and SPAC shall each automatically terminate and be of no further force or effect without any notice or other action by any
party hereto and all rights, obligations and liabilities under any of the foregoing shall be deemed satisfied and neither the Sponsor nor SPAC, nor any of their respective affiliates, successors in interest or assigns, shall have any further rights,
obligations or liabilities thereunder. In addition, each of the Sponsor and SPAC, for and on behalf of itself and its affiliates and its and their Related Parties, hereby unconditionally and irrevocably acquits, remises, discharges and forever
releases, to the fullest extent permitted by applicable law, (x) the other and the other’s Related Parties and (y) the Company and the Company’s Related Parties, and all other persons acting by or through any of them (each of the
foregoing solely in their capacity as such) from any and all liabilities or claims of every kind whatsoever, whether accrued or fixed, absolute or contingent, matured or unmatured or determined or determinable, arising out of or relating to any of
the foregoing agreements, arrangements or understandings. 

  

	19)	 The Sponsor hereby agrees to be bound by and subject to (a) Sections 7.05(b) and Section 7.11 of the
Business Combination Agreement to the same extent such provisions apply to SPAC, as if the Sponsor is directly a party thereto, and (b) the first sentence of Section 7.01(d) of the Business Combination Agreement to the same extent such
provisions apply to SPAC, as if the Sponsor is directly a party thereto. 

  

	20)	 Each of the parties hereto agrees to execute and deliver hereafter any further document, agreement or
instrument of assignment, transfer or conveyance as may be necessary or desirable to effectuate the purposes hereof and as may be reasonably requested in writing by another party hereto. 

  
 7 

 
			
	Sincerely,
	
	QUEEN’S GAMBIT HOLDINGS LLC
		
	By:	 	 /s/ Victoria Grace

		 	Name: Victoria Grace
		 	Title: Chief Executive Officer

  

			
	Acknowledged and Agreed:
	
	QUEEN’S GAMBIT GROWTH CAPITAL
		
	By:	 	 /s/ Victoria Grace

		 	Name: Victoria Grace
		 	Title: Chief Executive Officer

 [SIGNATURE PAGE TO SPONSOR LETTER
AGREEMENT] 

			
	
	Acknowledged and Agreed:
	
	SWVL INC.
		
	By:	 	 /s/ Mostafa Kandil

		 	Name: Mostafa Kandil
		 	Title: Director

 [SIGNATURE PAGE TO SPONSOR LETTER
AGREEMENT] 

 Schedule 1 

Unanimous Written Resolution of the Holders of Holdings Common Shares BExhibit 10.1

 

 

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”)
is made and entered into as of this ____, 2021 (the “Effective Date”), by and between IWeb Inc., a Nevada company (the
 “Company”), and ____ (the “Executive”).

 

WITNESSETH:

 

WHEREAS, the parties
desire to enter into this Agreement setting forth the terms and conditions of the employment relationship between the Executive and the
Company.

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants and agreements contained herein, the parties hereto agree as follows:

 

1. EMPLOYMENT.

 

1.1 Agreement to Employ.
The Company hereby agrees to employ Executive, and Executive hereby agrees to serve, subject to the provisions of this Agreement, as an
officer and employee of the Company.

 

1.2 Duties and Schedule.
Executive shall serve as the Company’s _____. The responsibilities of the Executive shall be subject to the bylaws of the Company
and determined by the Board of Directors of the Company (the “Board”). The Executive shall report directly to the Company’s
______ and Board of Directors and shall have such responsibilities as designated by ______or Board to the extent that such responsibilities
are not inconsistent with all applicable laws, regulations and rules. Executive shall devote his best efforts to his position with the
Company.

 

2. TERM OF EMPLOYMENT.
Unless Executive’s employment shall sooner terminate pursuant to Section 4, the Company shall employ Executive for a one-year term
commencing on the Effective Date (the “Term”), which Term shall be renewable upon mutual agreement of the Company and
the Executive, as approved by the Board.

 

3. COMPENSATION.

 

3.1 Salary. Executive’s
salary during the Term shall be US$24,000 per year (the “Salary”), payable monthly.

 

3.2 Bonus. At the sole
discretion of the Board, or any committee duly designated by the Board and authorized to act thereto, the Executive shall be eligible
for an annual cash bonus.

 

3.3 Vacation. Executive
shall be entitled to 5 days of paid vacation per year. In the event that Executive remains employed by the Company for 3 years or more,
Executive shall be entitled to 10 days of paid vacation.

 

3.4 Business Expenses.
Executive shall be reimbursed by the Company for all ordinary and necessary expenses incurred by Executive; provided that they are incurred
and approved in writing in accordance with the Company’s expense policy.

 

3.5 Benefits. During
the Term, Executive shall be allowed to participate, on the same basis generally as other employees of the Company, in all general employee
benefit plans and programs, including improvements or modifications of the same, which may exist as of the Effective Date or thereafter
and which are made available by the Company to all or substantially all of its employees. Such benefits, plans, and programs may include,
without limitation, any health, and dental insurance, if and when instituted. Any benefit plan currently existing or instituted by the
Company after the Effective Date may be altered, change or discontinued by the Company at its sole discretion and at any time without
obligation of any nature to Executive. Except as specifically provided herein, nothing in this Agreement is to be construed or interpreted
to increase or alter in any way the rights, participation, coverage, or benefits under such benefit plans or programs to other than those
provided to other employees pursuant to the terms and conditions of such benefit plans and programs.  

 

    	 	1	 

     

    

 

4. TERMINATION.

 

4.1 Death. This
Agreement shall terminate immediately upon the death of Executive, and Executive’s estate or Executive’s legal representative,
as the case may be, shall be entitled to Executive’s accrued and unpaid Salary as of the date of Executive’s death, plus all
other compensation and benefits that were vested through the date of Executive’s death.

 

4.2 Disability. In
the event of Executive’s Disability, this Agreement shall terminate and Executive shall be entitled to (a) accrued and unpaid Salary
and vacation through the first date that a Disability is determined; and (b) all other compensation and benefits that were vested through
the first date that a Disability has been determined. “Disability” means the good faith determination of the
Board that Executive has become so physically or mentally incapacitated or disabled as to be unable to satisfactorily perform his duties
hereunder for a period of ninety (90) consecutive calendar days or for one- hundred twenty (120) days in any three-hundred sixty (360)
day period, such determination based upon a certificate as to such physical or mental disability issued by a licensed physician and/or
psychiatrist (as the case may be) mutually agreed upon by Executive and the Company.

 

4.3 Termination by Company
for Cause.  The Company may terminate the Executive for Cause and such termination shall take effect upon the receipt by
Executive of the Notice of Termination. Upon the effective date of the termination for Cause, Executive shall be solely entitled to accrued
and unpaid Salary through such effective date. “Cause” means: (i) engaging in any act, omission or misconduct
that is injurious to the Company or an affiliate; (ii) gross negligence or willful misconduct in connection with the performance of duties;
(iii) conviction of a criminal offense (other than minor traffic offenses); (iv) fraud, embezzlement or misappropriation of funds or property
of the Company or an affiliate; (v) material breach of any term of any employment or other services, confidentiality, intellectual property
or non-competition agreements, if any, between the Executive and the Company or an affiliate; (vi) the entry of an order duly issued by
any regulatory agency (including federal, state and local regulatory agencies and self-regulatory bodies) having jurisdiction over the
Company or an affiliate requiring the removal of the Executive from any office held with the Company or prohibiting the Executive from
participating in the business or affairs of the Company or any affiliate; or (vii) the revocation or threatened revocation of any of the
Company’s or an affiliate’s government licenses, permits or approvals, which is primarily due to the Executive’s action
or inaction and such revocation or threatened revocation would be alleviated or mitigated in any material respect by the termination of
the Executive’s employment or services with the Company or an affiliate.

 

4.4 Voluntary Termination
by Executive. The Executive may voluntarily terminate his employment for any reason and such termination shall take effect 30 days
after the receipt by Company of the Notice of Termination. Upon the effective date of such termination, Executive shall be entitled to
(a) accrued and unpaid Salary and vacation through such termination date; and (b) all other compensation and benefits that were vested
through such termination date.  In the event Executive is terminated without notice, it shall be deemed a termination by the
Company for Cause.

 

4.5 Notice of Termination.
Any termination of the employment by the Company or the Executive shall be communicated by a notice in accordance with Section 8.4 of
this Agreement (the “Notice of Termination”).   Such notice shall (a) indicate the specific termination
provision in this Agreement relied upon and (b) if the termination is for Cause, the date on which the Executive’s employment is
to be terminated.

 

4.6 Severance.
The Executive shall not be entitled to severance payments upon any termination provided in Section 4 herein.

 

5. EMPLOYEE’S REPRESENTATION.
The Executive represents and warrants to the Company that: (a) he is subject to no contractual, fiduciary or other obligation which may
affect the performance of his duties under this Agreement; (b) he has terminated, in accordance with their terms, any contractual obligation
which may affect his performance under this Agreement; and (c) his employment with the Company will not require him to use or disclose
proprietary or confidential information of any other person or entity.  

 

6. CONFIDENTIAL INFORMATION
Except as permitted or directed by the Board of Directors of the Company in writing, during the time the Executive is employed by
the Company or at any time thereafter, the Executive shall not use for his personal purposes nor divulge, furnish, or make accessible
to anyone or use in any way (other than in the ordinary course of the business of the Company) any confidential or secret information
or knowledge of the Company, whether developed by himself or by others. Such confidential and/or secret information encompassed by this
Section 6 includes, but is not limited to, the Company’s customer and supplier lists, business plans, software, systems, and
financial, marketing, and personnel information. The Executive agrees to refrain from any acts or omissions that would reduce the value
of any confidential or secret knowledge or information to the Company, both during his employment hereunder and at any time after the
termination of his employment. The Executive’s obligations of confidentiality under this Section 6 shall not apply to any knowledge
or information that is now published publicly or that subsequently becomes generally publicly known, other than as a direct or indirect
result of a breach of this Agreement by the Executive.

 

    	 	2	 

     

    

 

7. NON-COMPETITION:
NON-SOLICITATION; INVENTIONS.

 

7.1 Non-Competition.
  During the employment of the Executive under this Agreement and for a period of six (6) months after termination of such employment,
the Executive shall not at any time compete on his own behalf, or on behalf of any other person or entity, with the Company or any
of its affiliates within all territories in which the Company does business with respect to the business of the Company or any of its
affiliates as such business shall be conducted on the date hereof or during the employment of the Executive under this Agreement. The
ownership by the Executive of not more than 5% of a corporation, partnership or other enterprise shall not constitute a violation hereof.

 

7.2 Non-Solicitation.  During
the employment of the Executive under this Agreement and thereafter Executive shall not at any time (i) solicit or induce, on his
own behalf or on behalf of any other person or entity, any employee of the Company or any of its affiliates to leave the employ of the
Company or any of its affiliates; or (ii) solicit or induce, on his own behalf or on behalf of any other person or entity, any customer
or Prospective Customer of the Company or any of their respective affiliates to reduce its business with the Company or any of its affiliates.
For the purposes of this Agreement, “Prospective Customer” shall mean any individual, corporation, trust or other business
entity which has either (a) entered into a nondisclosure agreement with the Company or any Company subsidiary or affiliate or (b) has
within the preceding 12 months received a currently pending and not rejected written proposal in reasonable detail from the Company or
any of the Company’s subsidiary or affiliate.

 

7.3 Inventions and Patents.
The Company shall be entitled to the sole benefit and exclusive ownership of any inventions or improvements in products, processes, or
other things that may be made or discovered by Executive while he is in the service of the Company, and all patents for the same. During
the Term, Executive shall do all acts necessary or required by the Company to give effect to this section and, following the Term, Executive
shall do all acts reasonably necessary or required by the Company to give effect to this section.  In all cases, the Company
shall pay all costs and fees associated with such acts by Executive.

 

7.4 Return of Property.  The
Executive agrees that all property in the Executive’s possession that he obtains or is assigned in the course of his employment
with the Company, including, without limitation, all documents, reports, manuals, memoranda, customer lists, credit cards, keys, access
cards, and all other property relating in any way to the business of the Company, is the exclusive property of the Company, even if the
Executive authored, created, or assisted in authoring or creating such property. The Executive shall return to the Company all such property
immediately upon termination of employment or at such earlier time as the Company may request.

 

7.5 Court Ordered
Revisions. If any portion of this Section 7 is found by a court of competent jurisdiction to be invalid or unenforceable,
but would be valid and enforceable if modified, this Section 7 shall apply with such modifications necessary to make this Section 7
valid and enforceable.  Any portion of this Section 7 not required to be so modified shall remain in full force and effect and
not be affected thereby.

 

7.6 Specific Performance.
The Executive acknowledges that the remedy at law for any breach of any of the provisions of Section 7 will be inadequate, and that the
Company shall be entitled, in addition to any remedy at law or in equity, to preliminary and permanent injunctive relief and specific
performance. 

 

8. MISCELLANEOUS.

 

8.1 Indemnification.  The
Company and each of its subsidiaries shall, to the maximum extent provided under applicable law, indemnify and hold Executive harmless
from and against any expenses, including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible
amounts (“Losses”), incurred in connection with any proceeding arising out of, or related to, Executive’s employment
by the Company, other than any such Losses incurred as a result of Executive’s negligence or willful misconduct.  The
Company shall, or shall cause a subsidiary thereof to, advance to Executive any expenses, including attorney’s fees and costs of
settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law.  Such costs and expenses
incurred by Executive in defense of any such proceeding shall be paid by the Company or applicable subsidiary in advance of the final
disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation
evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate
under applicable law made by or on behalf of Executive to repay the amounts so advanced if it shall ultimately be determined pursuant
to any non-appealable judgment or settlement that Executive is not entitled to be indemnified by the Company or any subsidiary thereof.  

 

    	 	3	 

     

    

 

 8.2 Applicable Law.
Except as may be otherwise provided herein, this Agreement shall be governed by and construed in accordance with the laws of the Cayman
Islands, applied without reference to principles of conflict of laws. Each party hereby irrevocably submits to the exclusive jurisdiction
of the courts sitting in Cayman Islands.

 

8.3 Amendments. This
Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors
or legal representatives.

 

8.4 Notices.  All
notices and other communications hereunder shall be in writing and shall be given by hand-delivery to the other party, by an international
mail courier, or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to the Executive:

 

	 
	_____________________
	 

_____________________

 

If to the Company:

 

 

_________________________

Attn:  

 

Or to such other address as either party shall
have furnished to the other in writing in accordance herewith.  Notices and communications shall be effective when delivered
to the addressee.

 

8.5 Withholding. The
Company may withhold from any amounts payable under the Agreement, such federal, state and local income, unemployment, social security
and similar employment related taxes and similar employment related withholdings as shall be required to be withheld pursuant to any applicable
law or regulation.

 

8.6 Severability. The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision
of this Agreement and any such provision which is not valid or enforceable in whole shall be enforced to the maximum extent permitted
by law. 

 

8.7 Captions. The captions
of this Agreement are not part of the provisions and shall have no force or effect.

 

8.8 Entire Agreement.
This Agreement contains the entire agreement among the parties concerning the subject matter hereof and supersedes all prior agreements,
understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect thereto.

 

8.9 Survival. The respective
rights and obligations of the parties hereunder shall survive any termination of this Agreement or the Executive’s employment hereunder
to the extent necessary to the intended preservation of such rights and obligations.

 

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8.10 Waiver. Either
Party’s failure to enforce any provision or provisions of this Agreement shall not in any way be construed as a waiver of any such
provision or provisions, or prevent that party thereafter from enforcing each and every other provision of this Agreement.

 

8.11 Successors.  This
Agreement is personal to Executive and, without the prior express written consent of the Company, shall not be assignable by Executive.
This Agreement shall inure to the benefit of and be enforceable by Executive’s estate, heirs, beneficiaries, and/or legal representatives.
This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

8.12 Joint Efforts/Counterparts.
Preparation of this Agreement shall be deemed to be the joint effort of the parties hereto and shall not be construed more severely against
any party.  This Agreement may be signed in two or more counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.

 

8.13 Representation by
Counsel.   Each Party hereby represents that it has had the opportunity to be represented by legal counsel of its choice
in connection with the negotiation and execution of this Agreement.

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the day and year first above written.

 

	EXECUTIVE:	 	Iweb inc.
	 	 	 
	/s/	 	/s/ 
	 	 	 
	 	 	 

  

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