Document:

Exhibit 10.10

 

Equity Transfer Agreement

 

June 6, 2018

 

     

    	

    

 

Table of Contents

 

	Article 1 Definition	4
	 	 
	Article 2 Overall Transaction Arrangement	5
	 	 
	Article 3 Allocation of Profit and Loss during Transition Period	6
	 	 
	Article 4 Closing Arrangement	6
	 	 
	Article 5 Representations and Warranties	7
	 	 
	Article 6 Confidentiality Obligation	10
	 	 
	Article 7 Liabilities for Breach	10
	 	 
	Article 8 Force Majeure	11
	 	 
	Article 9 Effectiveness of Agreement	12
	 	 
	Article 10 Governing Law and Dispute Resolution	12
	 	 
	Article 11 Severability of Provisions	12
	 	 
	Article 12 Miscellaneous	12

 

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Equity Transfer Agreement

 

This Agreement is signed by and among the following parties
on June 6, 2018 in Hangzhou:

 

Party A: Weidai Hong Kong Limited

 

Legal Representative: Hong YAO

 

Party B1: Pengfei WANG

 

Party B2: Desheng DING

 

Party B3: Li DENG

 

(Party B1, Party B2 and Party B3 are collectively referred to
as “Party B”)

 

Party C: Rymo Technology Industry Limited [Seal of Rymo
Technology Industry Limited]

 

Legal Representative: Desheng DING

 

WHEREAS:

 

		1.	As of the date hereof, Party B is each a shareholder of Party C and collectively owns 100% of the latter’s equity, among
which:

 

Party B1 made a capital contribution of HKD 3.999
million, which accounts for 9.99% of the registered capital of the Target Company;

 

Party B2 made a capital contribution of HKD 35.991
million, which accounts for 89.98% of the registered capital of the Target Company;

 

Party B3 made a capital contribution of HKD 10,000,
which accounts for 0.03% of the registered capital of the Target Company.

 

		2.	Party A intends to purchase 100% of the equity of Party C in cash.

 

Upon negotiation and in the principle of equality
and mutual benefit, the Parties have agreed as follows for them to jointly comply with in connection with Party A’s purchase
of 100% of the equity of Party C from Party B in cash:

 

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Article 1 Definition

 

Unless otherwise agreed in the context, the following
terms used herein shall have the meaning ascribed to them below:

 

	
        

        Party A, Company, Purchaser
	refers to 	Weidai Hong Kong Limited.
	Transferor, Transaction Counterparty, Party B	refers to	Pengfei WANG, Desheng DING and/or Li DENG, based on specific terms of this Agreement and the context.
	Target Company	refers to	Rymo Technology Industry Limited.
	Target Asset	refers to	100% equity of the Target Company.
	This Transaction, This Purchase	refers to 	Party A’s purchase of 100% equity of the Target Company from the Transaction Counterparty in cash.
	Execution Date of this Agreement	refers to	signature on the originals of this Agreement and affixation of company seal by the legal representatives or authorized representatives of Party A and Party C, and signature on the originals of this Agreement by Party B.
	Effective Date of this Agreement	refers to	the date of satisfaction of all conditions for effectiveness of this Agreement as agreed.
	Closing Date	refers to	the date of registration with the administration for industry and commerce for transfer of the Target Asset to Party A.
	Transition Period	refers to 	the period between the base date of evaluation and the Closing Date.
	Tax	refers to	any and all taxes payable, including but not limited to any value added tax, income tax, business tax, stamp duty tax, deed tax or other applicable types of taxes collected, charged or apportioned, or fees charged by relevant government authorities.
	Laws	refers to	laws, regulations and administrative rules or other regulatory documents with general legal binding effect which are currently existing and effective  in China, including amendments, revisions, supplements, interpretations or re-enactments made thereto from time to time.
	Day	refers to	a calendar day.
	Business Day	refers to 	any day when banks in China are open for business, except for statutory holidays.

 

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Article 2 Overall Transaction Arrangement

 

 2.1 Manner of this Transaction

 

Party A shall purchase 100% of the equity of the
Target Company held by Party B by way of cash.

 

		2.2	Purchase Price of Target Asset

 

Upon negotiation, the Parties unanimously agree that
the purchase price for the 100% of the Target Company’s equity is HKD 1.

 

2.3 Method and Time of Payment

 

The Parties agree that Party A shall pay the total
purchase price of HKD 1 for the Target Asset hereunder in cash, and Party A shall pay [100%] of such equity transfer price in a
total of HKD [1] to Party B within [60] days upon completion of the registration with the administration for industry and commerce
for the equity transfer.

 

2.3.1 Distribution of Cash among Party B

 

The Parties agree that Party B shall obtain the following
cash consideration for this Transaction:

 

	
        No.
	Name of Party B	Shareholding 

Percentage in the 

Target Company (%)	Cash Consideration Obtained
	1	Pengfei WANG	9.99	HKD 1
	2	Desheng DING	89.98
	3	Li DENG	0.03
	In total	100	HKD 1

 

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2.3.2 Party B1, Party B2 and Party B3 shall transfer
in aggregate 100% of the Target Company’s equity for a cash consideration of HKD 1, which is to be allocated among Party
B1, Party B2 and Party B3 through internal negotiation.

 

2.4 Employee Placement Program

 

The Target Asset for this Transaction is the equity
of the Target Company, which does not involve employee placement. The existing employees of the Target Company will maintain the
labor relationship with it and such relationship will not be changed, dismissed or terminated due to this Transaction.

 

Article 3 Allocation of Profit
and Loss during Transition Period

 

3.1 The Parties agree and acknowledge that the proceeds
accrued by the Target Asset during the Transition Period will be owned by Party A, and the losses incurred by the Target Asset
during the Transition Period will be borne by Party B in proportion to their shareholding percentages in the Target Company, and
Party B shall reimburse Party A against such losses in cash upon completion of this Purchase, and be jointly liable for such losses
among themselves. The profits and losses incurred by the Target Asset during the Transition Period will be subject to the amounts
shown on the special audit report issued by an audit firm with relevant securities and futures business qualifications.

 

Article 4 Closing Arrangement

 

4.1 Closing of Target Asset

 

Both Party A and Party B unanimously agree that Party
B shall complete the procedures for transfer of asset and change registration with the administration for industry and commerce
of the place where the Target Company is located within [10] Business Days of the Effective Date of this Agreement, and Party A
shall provide necessary assistance.

 

The independent legal person status of the Target
Company will not be changed due to this Transaction, and therefore, this Transaction does not involve credit and debt disposition
and employee placement of the Target Company and its subsidiary.

 

4.2 Rights Transfer and Risk Sharing of Target Asset

 

The Parties agree and acknowledge that the rights
to and risks of the Target Asset shall be transferred as of the Closing Date, and Party A shall become shareholder of the Target
Company as of the Closing Date, and enjoy full ownership to such equity and be liable for all risks and expenses of such asset
as of the Closing Date.

 

If the Target Company has any illegal business or
non-business conduct prior to the Closing Date, which causes the Target Company to be fined or penalized or otherwise punished
by the administration for industry and commerce, Tax, labor and social security, housing provident fund, environmental protection,
quality supervision, safety production and other competent authorities and departments, or requires the Target Company to make
up payment of certain amounts, Party B shall jointly compensate all such economic losses in cash to Party A or the Target Company.

 

In the event that Party B fails to disclose to Party
A any contingency matters it has become aware of prior to the Closing Date, or makes any untrue, inaccurate or untimely representations
and warranties to Party A, which causes property losses to the Target Company, Party B shall jointly compensate all such economic
losses in cash to the Purchaser or the Target Company.

 

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4.3 Post-Closing Shareholding Structure and Organizational
Structure of Target Company

 

4.3.1 Upon completion of the Transaction, the actual
shareholding structure of the Target Company will be as follows:

 

	
        Serial No.
	Shareholder Name	Shareholding Percentage (%)
	1	MicroCredit Hong Kong Limited	100%

 

4.3.2 Upon completion of the Transaction, the organizational
structure of the Target Company may be adjusted subject to actual needs, including appointment of a general manager by Party A,
and the senior management personnel may also be adjusted based on actual needs.

 

Article 5 Representations
and Warranties

 

The Parties have made the following representations
and warranties as of the Execution Date of this Agreement:

 

5.1 Validly Existing

 

Party A is a limited liability company duly incorporated
and validly existing and has the status as an independent legal person enterprise under the PRC Laws.

 

5.2 Approval and Authorization

 

Party A has duly obtained all approvals, consents,
authorizations and permits required for the execution and full performance of this Agreement which can be obtained as of the date
hereof, and warrants to have legal power and rights to execute and fully perform this Agreement.

 

5.3 All members of Party B are natural person or
legal person with full civil capacity and have rights to execute this Agreement according to the Laws.

 

5.4 The Target Company has been operating legally
in recent three years, and has no material violation of any Laws or regulations and has not been subject to any material administrative
penalties in terms of industry and commerce, Tax, labor protection, provident fund, safety production, environmental protection,
quality supervision and so on. As of the date hereof, the Target Company is not involved in any material litigation, arbitration
or any dispute or controversy that might lead to a material litigation or arbitration.

 

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Upon and after the Closing Date of the Target Asset,
if the Target Company is required by the social insurance or housing provident fund department or other administrative agencies
to make up payment of any social insurance fees and housing provident funds incurred prior to the Closing Date; or the Target Company
is required to pay late payment penalties and imposed administrative punishment for insufficient payment of any social insurance
fees and housing provident funds incurred prior to the Closing Date; or the Target Company suffers any losses due to recovery against
it of any unpaid social insurance fees and housing provident funds by the employees in any way, Party B shall assume such social
insurance fees and housing provident funds to be made up and relevant late payment penalties, fines and other losses on behalf
of the Target Company without recovery against it to prevent the Target Company from such losses.

 

5.5 The core technology of the Target Company has
a legal source, and has not infringed upon patents and proprietary technologies of others. The key technical personnel of the Target
Company have not violated the non-competition covenants with their former employers while joining the Target Company. As of the
date hereof, the Target Company has no dispute, controversy or potential dispute with others due to the ownership or related issues
of its production technology or research and development results. Upon completion of this Transaction, the core technology which
the Target Company relies upon to maintain business will continue to be owned by the Target Company without any dispute or obstacle.
Upon and after the Closing Date of the Target Assets, if the Target Company has dispute or controversy with others due to ownership
of its existing production technology which causes the Target Company to assume relevant liabilities and thus suffers losses, Party
B shall assume such economic liabilities on behalf of the Target Company without recovery against it to prevent the Target Company
from such losses.

 

5.6 The current personnel structure and core technology
of the Target Company are sufficient to maintain its qualifications during the valid terms of such qualifications.

 

5.7 Except for the loans and securities already disclosed,
the Target Company has no any other forms of loans or securities.

 

5.8 Non-Conflict

 

The execution and performance of this Agreement neither
violate the provisions of articles of association or other organizational rules of each Party, nor contradict with such provisions
or rules or any other agreements or arrangements entered into by any Party or any representations, statements, commitments or warranties
made by any Party, and does not violate the provisions of any Laws, regulations or regulatory documents.

 

5.9 Authenticity of Representations and Warranties

 

Party A warrants that all representations and warranties
it made hereunder are true, accurate and complete.

 

Party B warrants that as of the Closing Date, all
documents it has delivered to Party A pursuant to this Agreement and all of its representations, statements and warranties hereunder
and thereunder are true, accurate and complete.

 

Party B warrants that from the base date of evaluation
to the Closing Date, the Target Company does not have any new abnormal funds transfer by any shareholder and its affiliates such
as funds embezzlement, and will make clear and feasible settlement and repayment plans for relevant circumstances arising prior
to the base date of evaluation, and such plans shall be approved by competent agency of Party A in writing.

 

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5.10 No Defects in Rights

 

Party B respectively warrants that it has full ownership
and disposal rights to the shares of the Target Company to be transferred, and such shares are not attached with any trust, entrusted
holding arrangement or any other similar arrangements, are not pledged or subject to other security arrangements, are not under
the circumstances of being frozen, being sealed up or any other compulsory preservation, are not prohibited from transfer, restricted
from transfer or under any other contracts, commitments or arrangements with rights restrictions, and are not subject to any known
pending or potential litigations, arbitrations or other administrative or judicial proceedings which might cause such shares to
be sealed, frozen, expropriated or restricted from transfer by the judicial or administrative organs, and may be legally transferred
to Party A in accordance with the PRC Laws.

 

5.11 Continuous Operation

 

From the date hereof to the Closing Date, unless
otherwise stipulated herein or agreed by Party A in writing, Party B warrants that:

 

5.11.1 it will not use the Target Asset to provide
security for others or otherwise encumber it;

 

5.11.2 unless otherwise agreed by Party A and Party
B, it will not approve any resolution to distribute profits from the Target Asset or any resolution on disposal of material assets;

 

5.11.3 without consent of Party A, it will not transfer
shares it holds in the Target Company to any third party other than Party A;

 

5.11.4 without consent of Party A, it will not bring
in an investor other than Party A through capital increase or other means;

 

5.11.5 it will operate the Target Company in the
ordinary way, maintain the Target Company in good working conditions, keep the existing structure and senior management personnel
of the Target Company, and continue to maintain relationship with customers, to ensure that operation of the Target Company will
not be subject to adverse material impact after the Closing;

 

5.11.6 it will not conduct any abnormal transaction
outside of the scope of ordinary business activities or incur any abnormal debt;

 

5.11.7 it will timely perform the contracts, agreements
or other documents related to the Target Company (unless otherwise stipulated herein);

 

5.11.8 it will keep its books and records based on
customary practices;

 

5.11.9 it will comply with the Laws and regulations
applicable to its properties, assets or business;

 

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5.11.10 it will timely notify Party A in writing
of any event, fact, condition, change or other circumstances that cause or may cause material adverse change to the Target Asset
or that is adverse to completion of the Closing; and

 

5.11.11 it will exercise its shareholder’s
rights according to the Laws and procure the Target Company to comply with all requirements related to the above warranties.

 

5.12 The Target Company will keep its basic management
team and business mode unchanged upon completion of this Transaction.

 

Article 6 Confidentiality
Obligation

 

6.1 All Parties hereto shall keep the information
related to this Transaction confidential (including but not limited to information about the progress of this Transaction and any
and all documents, information and materials provided, disclosed, made by each Party hereto to other Parties hereto in written
or oral form to procure the completion of this Transaction), and each Party shall procure its employees and intermediary agencies
it has hired for this Transaction and its project members to keep such information confidential, and shall not make insider trading
by using information related to this Transaction.

 

6.2 Party A will not be deemed to have violated the
confidentiality obligation hereunder if it discloses certain information as required by the Laws, regulations and the regulatory
agencies.

 

6.3 Each Party shall continue to have the confidentiality
obligation hereunder notwithstanding the effectiveness, termination or rescission of this Agreement until the confidential information
enters the public domain pursuant to requirements of Laws and regulations or provisions of this Agreement.

 

Article 7 Liabilities for
Breach

 

7.1 Upon execution of this Agreement, any Party failing
to perform in whole or in part obligations hereunder or making warranties inconsistent with the facts hereunder shall constitute
a breach of this Agreement unless such failure or inconsistency is caused by a force majeure event.

 

7.2 The breaching Party shall continue to perform
its obligations, take remedy measures based on the requirements of the non-breaching Party or make full and sufficient compensation
to the non-breaching Party, provided that the compensation shall not be more than the amount of losses that the breaching Party
anticipates or should have anticipated for breach of Agreement at the time of execution of this Agreement. In the event that the
relevant breach constitutes a material breach and causes the purpose of this Agreement unable to be fulfilled, the non-breaching
Party has the right to terminate this Agreement through written notice to the breaching Party and make compensation claims pursuant
to this Agreement. The amount of compensation made by the breaching Party shall be limited to the amount of losses suffered by
the non-breaching Party, including direct losses suffered by the non-breaching Party and its attorney’s fees, investigation
fees and other relevant expenses incurred in connection with the claims.

 

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7.3 If any material adverse change which will affect
the continuous, legal and ordinary operation of the Target Company, or any adverse condition which might result in major adjustments
to the evaluation value of the Target Asset, occurs to the Target Company prior to the Closing Date, Party A may terminate this
Transaction unilaterally. The termination of Agreement will not lead to extinguishment of breach liabilities to be borne by the
beaching Party in accordance with Article 8.2.

 

7.4 If either Party violates the provisions of this
Agreement, the non-breaching Party shall notify the breaching Party in writing to correct its act or take remedy measures, and
give the breaching Party a grace period of 15 Business Days. If the breaching Party still fails to properly perform this Agreement
or fails to make remedies in a way satisfactory to the non-breaching Party upon expiry of the grace period, the non-breaching Party
may terminate this Agreement unilaterally, and this Agreement shall terminate as of the date of notice by the non-breaching Party
to the breaching Party. The termination of this Agreement will not lead to extinguishment of breach liabilities to be borne by
the beaching Party in accordance with Article 8.2

 

Article 8 Force Majeure

 

8.1 A force majeure event mentioned herein refers
to any event that is out of the reasonable control, cannot be predicted, or cannot be avoided or overcome even if it is predictable
by the Party affected, and that occurs after the date hereof, causing the performance of this Agreement in whole or in party by
such Party affected impossible or impractical from objective circumstances, including but limited to flood, fire, drought, typhoon,
earthquake, other natural disaster, traffic accident, epidemic diseases, strike, turmoil, riot, war and acts and omissions of government
departments.

 

8.2 If any Party is unable to perform this Agreement
in whole or in part due to a force majeure event, it shall immediately notify other Parties hereto in writing of such circumstance,
and provide details on such force majeure event and effective certificates for reasons for failure or delay of performance of this
Agreement in whole or in part within 7 Business Days as of its occurrence.

 

8.3 If any Party is unable to perform this Agreement
in whole or in part due to a force majeure event, it shall not be deemed as breaching this Agreement, and the performance of such
obligations will be suspended during the period of obstruction of performance by the force majeure. Upon termination or elimination
of the force majeure event and its impact, such Party shall immediately resume performance of its obligations hereunder. If the
force majeure event and its impact lasts for thirty days or longer and causes any Party hereto to lose its capacity to continue
performance of this Agreement, either Party has right to terminate this Agreement.

 

8.4 Where national policies or Laws, regulations
and regulatory documents have changed in material aspects after the execution of this Agreement which directly affect the performance
of this Agreement or cause this Agreement unable to be performed as agreed, and neither Party has fault, each Party will not be
liable for such non-performance after occurrence of such changes, and the Parties shall negotiate whether to terminate this Agreement
or extend performance of this Agreement based on their extent of impact on the performance of this Agreement.

 

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Article 9 Effectiveness of
Agreement

 

This Agreement shall be formed as of the date of
signature and affixation of seal by each Party, and take effect as of the date of approval by the shareholders’ meeting of
Party A.

 

Article 10 Governing Law and
Dispute Resolution

 

This Agreement shall be governed by and interpreted
according to the PRC Laws.

 

All disputes arising out of this Agreement shall
first be solved through negotiation, failing which either Party may submit the dispute to the people’s court with jurisdiction
of the place where this Agreement is signed for settlement.

 

During the period of dispute settlement, the remaining
provisions of this Agreement other than the provisions related to the dispute shall continue to be valid or performed.

 

Article 11 Severability of
Provisions

 

Where any one or more provisions of this Agreement
become null, void, terminated, illegal or unenforceable in any aspect under any applicable Law, the validity, legality and enforceability
of other provisions hereof will not be affected.

 

Article 12 Miscellaneous

 

The legal documents, other than this Agreement, signed
by the Parties for the purpose of registration of change with the administration for industry and commerce shall be solely used
for such change registration, and the actual rights and obligations of each Party shall be subject to those set forth herein.

 

Expenses incurred in connection with this Transaction,
including but not limited to the intermediary service fees and various taxes, shall be borne by each Party respectively according
to the Laws. Unless otherwise agreed, the statutory Taxes incurred due to the execution and performance of this Agreement shall
be borne by each Party respectively according to relevant Laws, and there shall not be any obligation of payment, deduction or
withholding on behalf of another Party among the Parties.

 

Any amendment, change or supplement to this Agreement
shall be made by a written agreement signed by all Parties, which shall form part of this Agreement and have the same legal force
and effect with this Agreement.

 

This Agreement shall supersede any oral or written
statement, warranty, understanding, letter of intent, memo of understanding and framework agreement made by any Party hereto separately
with the other Party hereto or made by the Parties jointly before the execution of this Agreement with respect to the subject matter
hereof.

 

This Agreement is made in six originals, with each
Party holding one original, and the remaining original(s) will be used for filing or registration or information disclosure or
other legal procedures, and each original has the same legal force and effect.

 

(End of Text)

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Signature Page

 

Party A (Seal): Weidai Hong Kong Limited

 

Legal Representative (Signature): /s/ Hong Yao        

 

Party B1 (Signature): /s/ Pengfei Wang       

 

Party B2 (Signature): /s/ Desheng Ding      

 

Party B3 (Signature): /s/ Li Deng      

 

Party C (Seal): Rymo Technology Industry Limited

 

Legal Representative (Signature): /s/ Desheng Ding    

 

Date: June 6, 2018

 

    	 	13gecc-ex101_99.htm

 

Exhibit 10.1

 

 

CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE

 

This Confidential Separation Agreement and Release (this “Agreement”), dated as of June 4, 2018, is by and between Michael Sell (“Employee”) and Great Elm Capital Management, Inc., a Delaware corporation (“Employer”).  

 

WHEREAS, Employee has resigned from employment with Employer effective as of the date hereof (the “Termination Effective Date”).

 

NOW, THEREFORE, in consideration of the Severance Payment (as defined below) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employer and Employee agree as follows:

 

1.Subject to the terms and conditions set forth herein, Employer shall (a) pay Employee $150,000, subject to applicable withholdings and deductions and (b) continue to provide Employee medical and dental benefit coverage under Employer’s applicable benefit plans (to the extent Employee is eligible to remain covered under such plans) until December 31, 2018 (clauses (a) and (b), collectively, the “Severance Payment”).  Employer’s obligation to make the Severance Payment shall be conditioned upon Employer’s receipt of a copy of this Agreement, in form and substance satisfactory to Employer, duly executed by Employee.  Notwithstanding the foregoing, from and after the date of this Agreement, should Employee violate any material provision of this Agreement, including, without limitation, Sections 6, 7 or 9 hereof, then Employer shall have no obligation to continue to make the Severance Payment following the date of any such failure, violation or breach.  Employee acknowledges and agrees that, other than the Severance Payment, there are no unpaid amounts owing by Employer to Employee as of the date hereof other than reimbursement for Employee’s reasonable unpaid expenses incurred prior to the Termination Effective Date, and, other than any such unpaid expenses, no additional amounts whatsoever shall be paid to Employee by Employer or any of its members, managers, employees, officers, directors or affiliates.

 

2.Effective as of the date of this Agreement, in consideration of the Severance Payment, Employee agrees on his behalf and on behalf of his affiliates, agents, heirs, executors, administrators, successors, personal representatives and/or assigns (collectively, the “Employee Releasors”), to unconditionally, fully, and completely release and forever discharge Employer and its parents, subsidiaries, officers, directors, managers, members, partners, shareholders, lenders, funding sources, investors, employees, vendors, agents, attorneys, accountants, affiliates, predecessors, successors and assigns, including, without limitation, Great Elm Capital Corp. (“GECC”), Great Elm Capital Group, Inc. and GECC GP Corp. (collectively, the “Employer Released Parties,”) from any claim and all manner of action and actions, including but not limited to claims arising under Title VII, 42 U.S.C. §1981, Title 29 USC §621-634, unemployment, and all other causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, costs, expenses (including reasonable attorney’s fees), losses, liabilities, judgments, executions, claims, liens, damages, wages, and demands of whatever 

 

 

nature, whether known or unknown, anticipated or unanticipated, suspected or unsuspected, accrued or to accrue in the future, for or by reason of any matter, cause, or thing whatsoever, in law or in equity, under local, state, or federal statutory or common law or administrative regulation (collectively “Claims”), which any of the Employee Releasors ever had, now has, or hereafter can, shall or may have against any of the Employer Released Parties, from the beginning of the world up to and including the Termination Effective Date.  Employee Releasors hereby agree that they (or any them) will not commence, prosecute, file, or permit to be commenced, prosecuted or filed in their name or on their behalf, any lawsuit, claim or action against any of the Employer Released Parties based upon or arising out of any act or event which occurred before the Termination Effective Date (whether known or unknown, anticipated or unanticipated, suspected or unsuspected).  The release and waiver contained in this Section 2 is a material inducement for Employer in entering into this Agreement. 

 

3.Employee further acknowledges and agrees that this release and waiver of rights is knowing and voluntary, that he has consulted (or been given the opportunity to consult) with an attorney regarding the terms and conditions of this Agreement, that he has read this Agreement in its entirety, and that he fully understands all of the terms and conditions contained herein.  Employee further acknowledges that he is entering into this Agreement knowingly, voluntarily and of his own free will.  Furthermore, Employee acknowledges that he was permitted a reasonable period of time to consider whether or not to enter into this Agreement and either took the time or opted to return the executed Agreement before that time.  

 

4.Effective as of the date of this Agreement, Employer agrees on its behalf and on behalf of its parents, subsidiaries, officers, directors, managers, members, partners, shareholders, lenders, funding sources, investors, employees, vendors, agents, attorneys, accountants, affiliates, predecessors, successors and assigns, including, without limitation, GECC, Great Elm Capital Group, Inc. and GECC GP Corp. (collectively, the “Employer Releasors”), to unconditionally, fully, and completely release and forever discharge Employee and its affiliates, agents, heirs, executors, administrators, successors, personal representatives and/or assigns (collectively, the “Employee Released Parties,”) from any Claims which any of the Employer Releasors ever had, now has, or hereafter can, shall or may have against any of the Employee Released Parties, from the beginning of the world up to and including the Termination Effective Date other than any Claims resulting from any Employee Released Party’s fraud, gross negligence or willful misconduct (the “Misconduct Exceptions”).  Employer Releasors hereby agree that they (or any them) will not commence, prosecute, file, or permit to be commenced, prosecuted or filed in their name or on their behalf, any lawsuit, claim or action against any of the Employee Released Parties based upon or arising out of any act or event which occurred before the Termination Effective Date (whether known or unknown, anticipated or unanticipated, suspected or unsuspected) other than with respect to the Misconduct Exceptions.  The release and waiver contained in this Section 4 is a material inducement for Employer in entering into this Agreement

 

5.Employer further acknowledges and agrees that this release and waiver of rights is knowing and voluntary, that it has consulted (or been given the opportunity to consult) with an attorney regarding the terms and conditions of this Agreement, that it has read this Agreement in its entirety, and that it fully understands all of the terms and conditions contained 

 

 

herein.  Employer further acknowledges that it is entering into this Agreement knowingly, voluntarily and of its own free will.  Furthermore, Employer acknowledges that it was permitted a reasonable period of time to consider whether or not to enter into this Agreement and either took the time or opted to return the executed Agreement before that time

 

6.Employee agrees to refrain from disclosing Confidential Information (as defined below) of Employer or GECC to any party (except to Employee’s attorneys, accountants, and other advisors who are obligated to refrain from disclosing the Confidential Information (collectively, “Representatives”) or pursuant to a court order or an inquiry by a governmental authority, or as otherwise required by law).  Employee agrees to promptly return to Employer or GECC, as applicable, all documents, materials and writings (in any format, including electronic) that contain Confidential Information and agrees not to use Confidential Information for his own personal gain at any time. For purposes of this Agreement, “Confidential Information” means any information regarding the business of Employer and its affiliates, including, without limitation, information regarding GECC or any other fund and/or account managed by Employer or information regarding such fund’s assets, operations, operating plans, budget, investors, members, interests, proposed or current ventures, business plans, marketing plans, past agreements, potential agreements, private or proprietary conversations, trade secrets, financial performance, condition or valuation or information regarding the terms or conditions of this Agreement.   

 

7.Employee has returned, or within ten (10) business days of the Termination Effective Date shall immediately return, all Employer or GECC property in his possession or control to Employer, including, without limitation, Employer’s property kept by Employee in his home, by delivering such items to Employer’s offices at 800 South Street, Suite 230, Waltham, MA 02453. For purposes of this Agreement, Employer or GECC property shall include all property of any kind or nature, wherever located, including, without limitation, all written, recorded, and graphic materials, all computer files, email and other electronic communications, all word processing documents, spreadsheets and databases, and all notes, compilations or analyses containing or reflecting Confidential  Information. 

 

8.All inquiries from prospective employers to whom Employee has given Employer as a reference shall be directed to Peter Reed or Adam Kleinman.  Employer shall instruct its senior management-level employees to not, directly or indirectly, make disparaging or defamatory remarks about Employee.

 

9.Employee agrees not to communicate, orally or in writing, generally, specifically, or by implication, to any person or entity, any facts or opinions that might tend to reflect adversely upon Employer or any of its subsidiaries and affiliates, including GECC or the other funds and/or accounts under its management, and any of their respective current officers, directors, employees, managers, members, products, services, or brands, as applicable (collectively, “Employer Parties”), or to disparage, degrade or harm the reputation of any Employer Party in the conduct of its business and/or professional endeavors or take any action, directly or indirectly, that is intended to or could reasonably be expected to harm the business interests, reputation, or goodwill of any Employer Party.   

 

 

10.Employee acknowledges that Employer exclusively owns all right, title and interest in and to the investment performance history and “track record” of Employer, including GECC and the other funds and/or accounts under its management and any other investment vehicles managed by Employer and/or its affiliates for any period.

11.Employee agrees that it would be difficult to measure any damages caused to Employer or GECC which might result from any breach by Employee of the promises set forth in this Agreement, and that in any event money damages would be an inadequate remedy for any such breach.  Accordingly, Employee agrees that if he breaches, or proposes to breach, any portion of this Agreement, Employer or GECC, as the case may be, shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate preliminary equitable relief to restrain any such breach without showing or proving any actual damage to Employer or GECC.

 

12.This Agreement shall be governed under and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to any conflicts of laws principles. Any actions related to this Agreement shall be filed in any court of competent jurisdiction located within the Commonwealth of Massachusetts.

 

13.This Agreement may be modified only by a separate written agreement executed by Employer and Employee expressly modifying the terms hereof.  

 

14.By executing this Agreement, each party hereto represents and warrants that it has the legal authority to enter into this Agreement and each of the provisions contained herein.

 

15.If any provision of this Agreement is held to be illegal or unenforceable, such provision shall be limited or eliminated to the minimum extent necessary so that the remainder of this Agreement will continue in full force and effect and be enforceable.  The parties agree to negotiate in good faith an enforceable substitute provision for any invalid or unenforceable provision that most nearly achieves the intent of such provision.

 

16.This Agreement may be signed in any number of counterparts with the same effect as if the signature on each such counterpart were upon the same instrument, and a facsimile transmission or transmission by other electronic means reasonably acceptable to both parties shall be deemed to be an original signature.

 

 

 

GREAT ELM CAPITAL MANAGEMENT, INC.

 

 

By: _/s/ Adam Kleinman______________

Name: Adam Kleinman

Title: Authorized Signatory

 

 

ACNOWLEDGED AND AGREED

AS OF THE DATE FIRST ABOVE WRITTEN:

 

 

By: _/s/ Michael Sell__________________

Name: Michael Sell

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