Document:

Exhibit 101 20170424

		

			Exhibit 10.1

		

		
			HJU105599.00049
		

		
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			SIGMATRON INTERNATIONAL, INC.
		

		
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			EMPLOYEE BONUS PLAN FOR FISCAL YEAR 2018
		

		
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				 1.
			

			
	
			
			PURPOSE.  The purpose of the Employee Bonus Plan for Fiscal Year 2018 of SigmaTron International, Inc., a Delaware Corporation (the “Company”) is to align stockholder and employee objectives, motivate employees, and increase stockholder value.  

		
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				 2.
			

			
	
			
			DEFINITIONS.  Capitalized terms shall have the meanings ascribed in this Section 2 or as otherwise defined in this Plan:

		
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				 a.
			

			
	
			
			“Award Year” shall mean the Company’s fiscal year to which bonuses under this Plan relate.

			
	
			
				 b.
			

			
	
			
			“Board” shall mean the Board of Directors of the Company.

			
	
			
				 c.
			

			
	
			
			“CEO” shall mean the Chief Executive Officer of the Company.

			
	
			
				 d.
			

			
	
			
			“CFO” shall mean the Chief Financial Officer of the Company.

			
	
			
				 e.
			

			
	
			
			“Committee” shall mean the Compensation Committee of the Company.

			
	
			
				 f.
			

			
	
			
			“Executive Officer” shall mean any employee designated by the Company as an executive officer pursuant to the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder.   

			
	
			
				 g.
			

			
	
			
			“GAAP” shall mean U.S. Generally Accepted Accounting Principles.

			
	
			
				 h.
			

			
	
			
			“Pre-Tax Income” shall mean income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

			
	
			
				 i.
			

			
	
			
			“Officer” shall mean any full-time Company employee with a corporate ranking of Vice-President or higher who is not designated as an Executive Officer.

			
	
			
				 j.
			

			
	
			
			“Participant” shall mean any U.S. payroll employee, Officer, or Executive Officer, except for employees under a collective bargaining agreement, who are not covered by this Plan.

			
	
			
				 k.
			

			
	
			
			“Plan” shall mean this Employee Bonus Plan for Fiscal Year 2018.

		
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				 3.
			

			
	
			
			ADMINISTRATION.  The Board shall have the power to adopt, modify and revoke such rules for the administration, interpretation and application of the Plan as are consistent therewith.  Except as otherwise directed herein, the Board shall administer and interpret the Plan in accordance with its provisions.

		
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				 4.
			

			
	
			
			TIMING AND ELIGIBILITY REQUIREMENTS FOR BONUS PAYOUTS.

		
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				 a.
			

			
	
			
			Bonuses pursuant to this Plan shall be determined at the end of the Award Year and paid as soon as practicable after the Bonus Pool is calculated and awards under the Plan are approved.    

		
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			1

		

		

			 

		

		

			 

		

 

		

			Exhibit 10.1

		

			
	
			
				 b.
			

			
	
			
			To be eligible for a bonus pursuant to this Plan, each Participant must be on the Company’s payroll on the last day of the Award Year, absent special circumstances approved by the Board.

		
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				 5.
			

			
	
			
			BONUS POOL; DETERMINATION AND CALCULATION OF BONUS AWARDS.

		
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				 a.
			

			
	
			
			The aggregate bonus pool fund from which bonuses shall be awarded under this Plan (“Bonus Pool”) shall be calculated as a percentage of Pre-Tax Income pursuant to a graduated scale as further stated in Exhibit A attached hereto and incorporated herein.

			
	
			
				 b.
			

			
	
			
			The Committee, in its sole discretion, may recommend to the Board for its approval adjustments to the calculation of Pre-Tax Income.  Any such adjustments to the calculation of Pre-Tax income recommended by the Committee and subsequently approved by the Board will be made no later than the end of the Award Year.

			
	
			
				 c.
			

			
	
			
			As soon as reasonably practicable after approval of the Plan, and during the first quarter of each fiscal year thereafter, the CEO shall identify and submit to the Committee for its recommendation to the Board Award Year target objectives for each Executive Officer (“Target Objectives”).  The CEO’s Target Objectives shall be identified by mutual agreement of the Committee and CEO which the Committee shall then recommend to the Board for approval.  The bonus amount awarded to an Executive Officer shall be based, in part and at the sole discretion of the Board, after receiving the recommendation of the Committee, on such Executive Officer achieving his/her Target Objectives during the Award Year.  

			
	
			
				 d.
			

			
	
			
			During any Award Year, the CEO may recommend to the Committee, the Committee may recommend to the Board and the Board may approve changes to the Target Objectives.

			
	
			
				 e.
			

			
	
			
			As soon as reasonably practicable after the Bonus Pool is calculated, the CEO shall recommend and submit to the Committee for its recommendation to the Board a percentage or dollar allocation of the Bonus Pool for: (1) each Executive Officer and Officer, individually; and (2) all other Participants, in the aggregate.  The total allocation to Participants will in no event be less than 100% of the Bonus Pool.

			
	
			
				 f.
			

			
	
			
			Awards shall be granted and paid to the Participants only upon satisfaction of the following condition:

		
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				 i.
			

			
	
			
			At the end of the Award Year, the Company is in compliance with all covenants under its primary credit facility (currently with Wells Fargo Bank, N.A.), or has obtained a waiver of covenant compliance from the bank.

		
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				 6.
			

			
	
			
			RESTATEMENT OF FINANCIAL STATEMENTS FOR A FISCAL YEAR TO WHICH A BONUS RELATES.  

		
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				 a.
			

			
	
			
			CLAWBACK.  If the Company is required to restate all or a portion of its financial statements (“Restated Financial Statements”) due to material non-compliance with financial reporting requirements under securities laws for a fiscal year to which bonuses were previously awarded (“Awarded FY”), and the amount 
		

		 

		

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			Exhibit 10.1

		

			of the Bonus Pool for the Awarded FY (“Awarded Bonus Pool”) would have been lower had the financial results been properly reported, the Board shall require reimbursement from each Executive Officer who received a bonus from the Awarded Bonus Pool (“Awarded Bonus”) equal to the difference between the amount of the Awarded Bonus and the bonus that would have been paid if calculated according to the Restated Financial Statements. 

		
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				 b.
			

			
	
			
			CLAWBACK LIMITATIONS.  The clawback provisions of paragraph 6(a) of this Plan shall be limited to 3 years from the date on which the Company is required to prepare the Restated Financial Statements.

		
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				 c.
			

			
	
			
			CLAWBACK NOTICE.  In the event of any such required reimbursement, the Company shall give written notice thereof to each Executive Officer stating the amount of the required reimbursement and the reasons therefor.  Each Executive Officer shall make such reimbursement within 45 days from the date notice is delivered.

		
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				 d.
			

			
	
			
			RESTATED FINANCIAL STATEMENTS RESULTING IN HIGHER BONUS POOL.  If the Company restates all or a portion of its financial statements for an Awarded FY, and the amount of the Awarded Bonus Pool would have been greater had the financial results been properly reported, the Board may add the difference between the amount of the bonus pool calculated according to the Restated Financial Statements and Awarded Bonus Pool to the Bonus Pool for the fiscal year in which the Restated Financial Statements are completed.  Bonus awards pursuant to this subparagraph 6(d) shall be awarded pursuant to paragraph 5 of this Plan. 

		
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				 7.
			

			
	
			
			EMPLOYMENT AND PLAN RIGHTS.  This Plan shall neither be deemed to give any Participant the right to be employed by the Company, nor impair the Company’s right to discharge any Participant at any time, subject to the terms of an employment agreement between a Participant and the Company, if any.  

		
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				 8.
			

			
	
			
			AMENDMENT, SUSPENSION OR TERMINATION.  This Plan may be amended, suspended, or terminated, at any time or from time to time, by the Board of Directors.

		 

		

			3Exhibit 4.27

 

Power of Attorney

 

This Power of Attorney
(this “Power of Attorney”) shall supersede and replace the power of attorney I executed as of November 25, 2013 (the
“Original Power of Attorney”) upon the effective date stipulated in this Power of Attorney.

 

I, Han Shaoyun, a Chinese
citizen with Chinese Identification Card No.:          , and a holder of 70%
of the entire registered capital in Beijing Tarena Jinqiao Technology Co., Ltd. (“Beijing Tarena”) as of the date when
the Power of Attorney is executed, hereby irrevocably authorize Tarena Technologies Group Inc. (the “Designee”) to
exercise the following rights relating to all equity interests held by me now and in the future in Beijing Tarena (“My Shareholding”)
during the term of this Power of Attorney:

 

The Designee is hereby
authorized to act on behalf of myself as my exclusive agent and attorney with respect to all matters concerning My Shareholding,
including without limitation to: 1) attending shareholders’ meetings of Beijing Tarena; 2) exercising all the shareholder’s
rights and shareholder’s voting rights I am entitled to under the laws of China and Beijing Tarena’s Articles of Association,
including but not limited to the sale or transfer or pledge or disposition of My Shareholding in part or in whole; and 3) designate
and appoint on behalf of myself the legal representative, the directors, supervisors, the chief executive officer and other senior
management members of Beijing Tarena.

 

Without limiting
the generality of the powers granted hereunder, the Designee shall have the power and authority to, on behalf of myself,
execute all the documents I shall sign as stipulated in the Second Amended and Restated Exclusive Option Agreement entered
into by and among me, the Designee and Tarena International Inc. on July 5, 2016 and the Second Amended and Restated Equity
Pledge Agreement entered into by and among me, Beijing Tarena and the Designee on July 5, 2016 (including any
modification, amendment and restatement thereto, collectively the “Transaction Documents”), and perform the terms
of the Transaction Documents.

 

All the actions
associated with My Shareholding conducted by the Designee shall be deemed as my own actions, and all the documents related to My
Shareholding executed by the Designee shall be deemed to be executed by me. I hereby acknowledge and ratify those actions and/or
documents by the Designee.

 

The Designee is entitled
to re-authorize or assign its rights related to the aforesaid matters to any other person or entity at its own discretion and without
giving prior notice to me or obtaining my consent. If required by PRC laws, the Designee shall designate a PRC citizen to exercise
the aforementioned rights.

 

During the period that
I am a shareholder of Beijing Tarena, this Power of Attorney shall be irrevocable and continuously effective and valid from the
date of execution of this Power of Attorney.

 

During the term of this
Power of Attorney, I hereby waive all the rights associated with My Shareholding, which have been authorized to the Designee through
this Power of Attorney, and shall not exercise such rights by myself.

 

This Power of Attorney
is written in Chinese and English. The Chinese version and English version shall have equal legal validity. In case there is any
conflict between the Chinese version and the English version, the Chinese version shall prevail.

 

 

    	 	1	 

     

    

 

	 	Han Shaoyun
	 	 
	 	 
	 	By:	/s/ Han Shaoyun
	 	Date: July 5, 2016

 

 

Accepted by

 

 

Tarena
Technologies Group Inc.

 

 

	By:	/s/
    Han Shaoyun	(Company
                                         seal affixed) 

	Name: 	Han Shaoyun	 
	Title:  	Legal Representative	 
	Date:	 July 5, 2016	 

 

 

Acknowledged
by:

 

 

Beijing
Tarena Jinqiao Technology Co., Ltd. 

 

 

	By:	/s/ Han Shaoyun	(Company
                                         seal affixed)
	Name: 	Han Shaoyun	 
	Title:  	Legal Representative	 
	Date:	 July 5, 2016

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