Document:

Document

                                        June 24, 2021

Clint Bickett 

Re: Retention Agreement

Dear Clint,

This letter agreement (“Agreement”) is between PAE Shared Services LLC (“the Company”) and Clint Bickett (“You” or “Your”). The Company is naming you Interim President of Global Mission Services (“Interim President”), to be effective July 6, 2021.  In recognition of this increase of duties, Company will provide the additional consideration and compensation as set forth below. 

You agree that you will serve in this role beginning July 6, 2021 until the Company designates an individual to serve as a permanent President of Global Services, or otherwise reorganizes the role and duties encompassed within and under the title President of Global Mission Services (“Term”).  

You acknowledge that this Agreement does not constitute a contract of employment or impose on the Company any obligation to retain You as an employee and that this Agreement does not prevent You from terminating Your employment. You understand and acknowledge that You are an employee at will and that either You or the Company may terminate the employment relationship at any time and for any reason. 

1.CONDITIONS FOR PAYMENT.  
a.Conditions. You will receive the compensation described in Section 2 below if You satisfactorily perform Your assigned duties and remain in active full-time employment with the Company as set forth below.  You will not be entitled to any compensation under this Agreement if, during the Term, you voluntarily terminate your employment or the Company terminates Your employment for Cause.
b.Definitions.
i.Cause. Termination of employment by the Company for Cause shall be deemed to have occurred only if such termination directly results from: 
1.Conviction of a crime (including conviction on a nolo contendere plea) involving the commission by You of a felony or of a criminal 
7799 Leesburg Pike, Suite 300 North, Falls Church, Virginia 22043, www.pae.com

act involving, in the good faith judgment of the Company, fraud, dishonesty, or moral turpitude; or 
2.Failure or refusal to satisfactorily perform employment duties reasonably requested by the Company or an affiliate after ten (10) days’ written notice of such failure to perform, specifying that the failure constitutes cause (other than as a result of vacation, sickness, illness, or injury); or
3.Mis-appropriation by You, for Your personal use, of the assets or business opportunities of the Company, or its affiliates; or
4.Fraud or embezzlement determined in accordance with the Company’s normal, internal investigative procedures consistently applied in comparable circumstances; or
5.You knowingly allow any third party to commit any of the acts described in 3 or 4 above; or 
6.Misconduct or negligence in connection with the business of the Company or an affiliate which has an adverse effect on the Company or the affiliate; or
7. Violation of any Company policies or procedures. 
The Company retains sole discretion to determine Cause pursuant to this Agreement. 
ii.Total Disability. Termination of employment by the Company for Total Disability shall be deemed to have occurred only if such termination directly results from Your becoming physically or mentally incapacitated so as to render You incapable of performing the essential functions of Your position without reasonable accommodation. Your receipt of disability benefits under the Company’s long-term disability plan, if any, or receipt of Social Security disability benefits shall be deemed conclusive evidence of Total Disability for purposes of this Agreement; provided, however, that in the absence of Your receipt of such long-term disability benefits or Social Security benefits, the Company may, in its reasonable discretion (but based upon appropriate medical evidence), determine that You are Totally Disabled. 
2.Compensation. 
7799 Leesburg Pike, Suite 300 North, Falls Church, Virginia 22043, www.pae.com

If You meet the conditions described in Section 1 above, and following the Company’s receipt of Your signed copy of this Agreement, You will be entitled to receive the following compensation: 
a.Salary Bonus (“Salary Bonus”).  For the period of the Term, Company will pay a Salary Bonus equal to a pro-rated amount of the difference between $450,000.00 and your current base salary.  The Salary Bonus will be paid within 30 days following the end of the Term (“Payment Date 1”).
b.Leadership Incentive Compensation Plan Bonus (“LICP Bonus”).  
i.For the period of the Term, your target LICP Bonus shall be increased to 75% of your current base salary.
ii.All other terms and conditions contained in the Company’s LICP will remain in full force and effect, including, but not limited to, eligibility, determination of amount of award, and the timing of any payments the Company may award to you.
iii.The LICP Bonus will be paid in accordance with regular company policies, practices and timelines (“Payment Date 2”).
c.If Your employment should end before the end of the Term due to termination by the Company without Cause or Your death or Total Disability (“Qualifying Termination”), You or Your estate or beneficiary, as provided in Section 7(c), shall receive a pro-ration of the bonuses described in 2(a) and (b).
i.Such bonuses will be paid at the same time (Payment Date 1 and Payment Date 2) as they would otherwise have been paid to You under Section 2(a).  
ii.The pro rata amounts shall be calculated as follows: The Salary Bonus and the LICP Bonus shall each divided by the total number of days in the Term, multiplied by the total number of days between July 6, 2021 and the date of your Qualifying Termination.  
.
3.Confidentiality. 
You agree that the terms of this Agreement shall remain strictly confidential at all times and agree not to disclose any information regarding the existence or terms of this Agreement, except 
7799 Leesburg Pike, Suite 300 North, Falls Church, Virginia 22043, www.pae.com

to Your spouse, tax advisor, and/or attorney with whom You choose to consult regarding consideration of this Agreement.

4.Section 409A.  To the extend any amounts payable hereunder are deferred compensation within the meaning of Section 409A, this Agreement is intended to comply with Section 409A, and the terms of this Agreement shall be applied consistent within the requirements of Section 409A.  To the extent that any provision of this Agreement is or will be in violation of Section 409A, the Company and Employee agree to amend this Agreement so that it complies with Section 409A.  If any amounts payable under this Agreement would be subject to any penalty tax by reason of the application of Section 409A, the Company will use commercially reasonable efforts to take such reasonable steps as it may determine to be necessary or desirable, with Employee’s consent, to ensure that such amounts are not subject to such penalty tax.  However, any such tax under Section 409A is ultimately the responsibility of the Employee and Employee is advised to seek tax advice and agrees to assume such personal tax liability as may be incurred under this Agreement.  Each amount to be paid or benefit to be provided to Employee pursuant to the Agreement shall be construed as separate identified payment for purposes of Section 409A.
5.Entire Agreement, Amendments and Waiver.  
This Agreement constitutes the entire agreement between the Company and You concerning its subject matter and it supersedes all prior oral and written agreements, arrangements, understandings, warranties, representations, and statements between the parties concerning its subject matter.  This Agreement may be amended only by agreement of the parties set forth in writing. 
6.Governing Law.  This Agreement shall be governed by the internal law of the Commonwealth of Virginia without reference to its choice of law rules. Any action, suit or other legal action arising under or relating to any provision of this Agreement shall be commenced only in a court of the Commonwealth of Virginia (or, if appropriate, a federal court located within Virginia), and You and the Company each consent to the jurisdiction of such a court. You and the Company each hereby irrevocably waives any right to a trial by jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement. 
7.Miscellaneous. 
7799 Leesburg Pike, Suite 300 North, Falls Church, Virginia 22043, www.pae.com

a.Except as otherwise provided for herein, nothing in this Agreement shall confer upon You any right to continued employment by the Company, nor does it limit in any way the right of the Company to terminate Your employment at any time or for any reason. 
b.Your rights and interests under this Agreement may not be assigned or transferred in whole or in part either directly or by operation of law or otherwise (except in an event of Your death), including, but not limited to, by way of execution, levy, garnishment, attachment, pledge, bankruptcy or in any other manner, and Your rights or interests under this Agreement shall not be subject to any obligation or liability of other than any obligations or liabilities owed by You to the Company. 
c.In the event of Your death or legal incapacity, payment will be made to a beneficiary (or beneficiaries) designed by You in the form and manner prescribed by the Company, or to Your legal representative. If You do not have a properly designated beneficiary, payment will be made to Your estate. 
d.This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, and such counterparts will together constitute but one Agreement. 
e.Any notices delivered under this Agreement shall be deemed duly delivered four business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one business day after it is sent for next-business day delivery via a reputable nationwide overnight courier service, in each case to the address of the recipient set forth at the beginning of this Agreement. Either party may change the address to which notices are to be delivered by giving notice of such change to the other party. All notices to the Company shall be addressed to the General Counsel of Pacific Architects and Engineers Incorporated, at 7799 Leesburg Pike, Suite 300N, Falls Church VA, 22043.
f.The provisions, sections and paragraphs, and the specific terms set forth therein, of this Agreement are severable. If any provision, section or paragraph, or specific term contained therein, of this Agreement or the application thereof is determined by a court to be illegal, invalid, or unenforceable, that provision, section, paragraph, or term shall not be a part of this Agreement, and the legality, validity and enforceability of remaining provisions, sections and paragraphs, and all other terms therein, of this Agreement shall not be affected thereby. 
7799 Leesburg Pike, Suite 300 North, Falls Church, Virginia 22043, www.pae.com

If this letter correctly sets forth our agreement on the subject matter hereof, please sign and return to the Company the enclosed copy of this letter which will then constitute our agreement on this subject.
                        Very truly yours,  

                        /s/ Patricia Munchel                       
                        By:    Patricia Munchel
                            EVP, Chief Human Resources Officer

Agreed to this 24th day of June 2021.

/s/ Clint Bickett                                
By: Clint Bickett
7799 Leesburg Pike, Suite 300 North, Falls Church, Virginia 22043, www.pae.comExhibit 10.1

 

EXECUTION VERSION

 

 

August 3, 2021

 

Gary W. Ferrera

Via email

 

Dear Gary:

 

I am pleased to offer you a full time, exempt
position with Skillsoft Corp. (the “Company”).

 

The following summarizes the specific details
regarding your employment offer with the Company:

 

	Job
    Title:	Chief
    Financial Officer
	Reporting
    To:	Chief
    Executive Officer
	Location:	Denver
    Metro; however, it is understood that you will travel to various office locations as required to perform your duties. You must relocate
    to the Denver Metro area or its surrounds no later than January 31, 2022.
	Start
    Date:	Your
    “Start Date” will be the later of (i) September 15, 2021 and (ii) such later date agreed upon between you and
    the Company.  In no event will the Start Date be earlier than the date the Company’s Quarterly Report on Form 10-Q
    for the second fiscal quarter of 2021 has been filed with the Securities Exchange Commission.
	Base
    Salary:	$600,000,
    less applicable withholdings, to be paid semi-monthly.
	Company
    Bonus:	With
    respect to each fiscal year (or portion thereof) you are employed by the Company, you shall be eligible to participate in an annual
    cash bonus program in which other senior executives at the Company participate, pursuant to which you will be eligible to earn a
    target annual bonus equal to at least 100% of your annual salary rate, subject to a maximum payout of no less than 200% of your annual
    salary rate and other details to be established as soon as practicable after your Start Date.  Your annual cash bonus for
    fiscal year 2021 is guaranteed to be at least 100% of your annual base salary rate, subject to additional “upside” based
    on actual performance and pro-rated from your Start Date.  Your annual cash bonus for any fiscal year shall be payable
    no later than the last day of the “applicable 2-1/2 month period”, as such term is defined in Treasury Regulation Section
    1.409A-1(b)(4)(i)(A) with respect to such payment’s treatment as a “short-term deferral” for purposes of Section
    409A.
	Signing
    Bonus:	Within
    thirty (30) days after your Start Date, the Company will pay you a signing bonus of $100,000, less applicable withholdings. In the
    event that, prior to the first anniversary of your Start Date, your employment is terminated by the Company for Cause or by you without
    Good Reason (each as defined on Annex I attached hereto), you will promptly repay the Company $75,000 of such signing bonus.
    
	Benefits:	You are eligible to participate in the Company’s
    benefits plans and programs consistent with what the Company makes available to its other senior executives, including an executive
    physical.

     

    Unless and until the Company adopts an unlimited
    vacation policy that covers senior executives, you will be eligible to take up to four (4) weeks of paid vacation per year (prorated
    for the first year based on your Start Date), which will be subject to the accrual, carryover, usage and other terms of the Company’s
    vacation policy that covers senior executives as in effect from time to time.

 

    1

     

    

 

EXECUTION VERSION 

 

	Severance:	(A) In the event your employment is terminated
    by the Company without Cause or by you for Good Reason (each as defined on Annex I attached hereto) and such termination is
    not within 24 months following a Change in Control (as defined in the Skillsoft Corp. 2020 Omnibus Incentive Plan), you will be entitled
    to: (i) accrued salary and other accrued benefits, (ii) continued payment of your annual base salary for the two-year period immediately
    following such termination, payable in accordance with the Company’s usual payroll practices, (iii) an amount equal to your
    annual target bonus, paid in equal installments in accordance with the Company’s usual payroll practices over the one-year
    period immediately following such termination, (iv) a pro-rata portion of your annual bonus for the fiscal year in which such termination
    occurs, based on actual performance through the termination date and paid on the Company’s first regularly scheduled payroll
    date following the Release Effective Date (as defined below), (v) subject to your timely election for continued health insurance
    coverage under COBRA, payment of the full premium for such coverage for the 18-month period immediately following such termination,
    (vi) accelerated vesting of a prorated portion of the tranche of each outstanding time-based equity award that would have vested
    on the next scheduled vesting date following the termination date had your employment continued through such date, with such proration
    determined based on the number of days lapsed during the period beginning on the day after the vesting date immediately preceding
    the termination date (or the grant date, if no vesting date preceded the termination date) and ending on such next scheduled vesting
    date, and (vii) if the Share Price Threshold (as defined below under “Equity Awards”) for the performance-based RSUs
    set forth below under “Equity Awards” was achieved prior to the termination date, accelerated vesting of a prorated portion
    of the tranche of such performance-based RSUs for which the service condition would have been met on the next scheduled vesting date
    following the termination date had your employment continued through such scheduled vesting date, with such proration determined
    based on the number of days lapsed during the period beginning on the day after the service vesting date immediately preceding the
    termination date (or the grant date, if no service vesting date preceded the termination date) and ending on such next scheduled
    service vesting date.

     

    (B) In the event your employment is terminated
    by the Company without Cause or by you for Good Reason within the 24-month period following a Change in Control (as defined in the
    Skillsoft Corp. 2020 Omnibus Incentive Plan), you will be entitled to: (i) accrued salary and other accrued benefits, (ii) continued
    payment of your annual base salary for the two-year period immediately following such termination, payable in accordance with the
    Company’s usual payroll practices, (iii) an amount equal to two times your annual target bonus, paid in equal installments
    in accordance with the Company’s usual payroll practices over the two-year period immediately following such termination, (iv)
    a pro-rata portion of your annual bonus for the fiscal year in which such termination occurs, based on actual performance through
    the termination date and paid on the Company’s first regularly scheduled payroll date following the Release Effective Date,
    (v) subject to your timely election for continued health insurance coverage under COBRA, payment of the full premium for such coverage
    for the 18-month period immediately following such termination and (vi) full accelerated vesting of your unvested equity awards.

     

    (C) In the event your employment is terminated
    due to your death or Disability (as defined on Annex I attached hereto), you, or in the case of your death, your estate, will
    be entitled to: (i) a pro-rata portion of your annual bonus for the fiscal year in which termination occurs, based on actual performance
    through the termination date and paid on the Company’s first regularly scheduled payroll date following the Release Effective
    Date, and (ii) accelerated vesting of a prorated portion of the tranche of each outstanding equity award that would have vested on
    the next scheduled vesting date following the termination date had your employment continued through such date, with such proration
    determined based on the number of days lapsed during the period beginning on the day after the vesting date immediately preceding
    the termination date (or the grant date, if no vesting date preceded the termination date) and ending on such next scheduled vesting
    date; provided that, in the case of any performance-based equity awards, such accelerated vesting will only apply to the extent that
    the performance goals were achieved prior to the termination date.

    

 

    2

     

    

 

EXECUTION VERSION 

 

	 	The severance payments and benefits set forth
    in paragraphs (A), (B) and (C) are contingent upon your execution and non-revocation of a release of claims in customary form and
    content and such release becoming effective not later than 60 days after the termination date (the date on which such release becomes
    effective, the “Release Effective Date”). Any such payments that otherwise would be payable prior to the Release
    Effective Date will instead be paid on the Company’s first regularly scheduled payroll date following the Release Effective
    Date.

     

    The intent of the parties is that payments
    and benefits under this offer letter comply with or be exempt from Section 409A of the Code and, accordingly, to the maximum extent
    permitted this offer letter shall be interpreted to be in compliance therewith or exempt therefrom. A termination of employment shall
    not be deemed to have occurred for purposes of any provision of this offer letter providing for the payment of any amounts or benefits
    upon or following a termination of employment unless such termination is also a “separation from service” within the
    meaning of Section 409A and, for purposes of any such provision of this offer letter, references to a “termination,”
    “termination of employment” or like terms shall mean “separation from service.” Unless this offer letter
    provides a specified and objectively determinable payment schedule to the contrary, to the extent that any payment of salary or other
    compensation is to be paid for a specified continuing period of time beyond the date of your separation from service in accordance
    with the Company’s payroll practices (or other similar term), the payments of such salary or other compensation shall be made
    in no event less frequently than monthly. Notwithstanding the foregoing, with respect to any payments that are intended to fall under
    the short-term deferral exemption from Section 409A, unless this offer letter provides a specified and objectively determinable
    payment schedule to the contrary, all payments due thereunder shall be made as soon as practicable after the right to payment vests
    and in all events no later than the last day of the “applicable 2-1/2 month period”, as
    such term is defined in Treasury Regulation Section 1.409A-1(b)(4)(i)(A) with respect to such payment’s treatment as a “short-term
    deferral” for purposes of Section 409Aof the calendar year following the calendar year in which the right to payment
    vests. For purposes of this section, a right to payment will be treated as having vested when it is no longer subject to a substantial
    risk of forfeiture as determined by the Company in its sole discretion. Notwithstanding any other payment schedule provided herein
    to the contrary, if you are identified on the date of your separation from service a “specified employee” within the
    meaning of that term under Section 409A(a)(2)(B) (which generally means a key employee of a corporation any stock of which is
    publicly traded on an established securities market or otherwise), then, with regard to any payment or the provision of any benefit
    that is considered nonqualified deferred compensation subject to Section 409A and payable on account of a “separation
    from service,” (i) such payment or benefit shall not be made or provided until the date which is the earlier of (A) the
    expiration of the six (6)-month period measured from the date of your “separation from service” and (B) the date
    of your death (the “Delay Period”) to the extent required under Section 409A and (ii) at the end of
    such six (6)-month period, the Company shall make an additional payment to you equal to the amount interest accruing at the then-current
    short-term applicable federal rate published by the Internal Revenue Service on the value of any such payment or benefit, accruing
    from the date on which it would have otherwise been paid or provided. Upon the expiration of the Delay Period, all payments and benefits
    delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence
    of such delay) shall be paid or reimbursed to you in a lump sum, and all remaining payments due under this offer letter shall be
    paid or provided in accordance with the normal payment dates specified for them therein. To the extent that reimbursements or other
    in-kind benefits under this offer letter constitute “nonqualified deferred compensation” subject to Section 409A,
    (i) all such expenses or other reimbursements hereunder shall be paid on or prior to the last day of the taxable year following
    the taxable year in which such expenses were incurred by you, (ii) no such reimbursement, expenses eligible for reimbursement,
    or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits
    to provided, in any other taxable year, and (iii) your right to such reimbursement or in-kind benefits shall not be subject
    to liquidation or exchange for any other benefit. For purposes of Section 409A, your right to receive any installment payment
    pursuant to the offer letter shall be treated as a right to receive a series of separate and distinct payments. Notwithstanding any
    other provision of this offer letter to the contrary, in no event shall any payment under this offer letter that constitutes nonqualified
    deferred compensation subject to Section 409A be subject to offset, counterclaim or recoupment by any other amount payable to
    you unless otherwise permitted by Section 409A.

 

    3

     

    

 

EXECUTION VERSION 

 

	Indemnification:	The
                                            Company agrees to indemnify you and hold you harmless to the maximum extent provided or allowable
                                            under the Company’s organizational documents against and in respect of any and all
                                            actions, suits, proceedings, claims, demands, judgments, costs, expenses (including reasonable
                                            attorney’s fees), losses, and damages resulting from your good faith performance of
                                            your duties and obligations to the Company during the term of employment.

                                                                                

	Equity
    Award:	Not more than thirty (30) days following
    the Start Date, subject to approval by the Company’s board of directors, you will be granted the following pursuant to the
    terms set forth in an award agreement:

     

    (i)            a number of time-based restricted stock units (“RSUs”) having a grant date fair value on the Start Date
    equal to $1,333,333, which RSUs will vest ratably on each of the first four anniversaries of the Start Date, subject to your continued
    employment through each vesting date.

     

    (ii)          a number of performance-based RSUs having a grant date fair value on the Start Date equal to $1,333,333, which performance-based
RSUs will be subject to both time- and performance-based vesting conditions that will lapse:

     

    a.    As to the time-vesting component, ratably in annual installments over the four-year period following the Start Date, subject
    to your continued employment through each vesting date; and

     

    b.   
    As to the performance-vesting component, subject to the Company’s stock trading at or above $12.50 per share as reported
    on the New York Stock Exchange for at least 20 out of 30 consecutive trading days prior to the fourth anniversary of the date of
    grant (“Share Price Threshold”). Upon achievement of the Share Price Threshold prior to the fourth anniversary
    of the grant, all RSUs that had previously satisfied the time-vesting component will become fully vested upon achievement of the
    Share Price Threshold, and all RSUs that had not satisfied the time-vesting component prior to achievement of the Share Price Threshold
    shall remain subject to the original time-vesting schedule.

     

 

    4

     

    

 

EXECUTION VERSION

 

	 	(iii)          a number of options having a grant date fair value on the Start Date (calculated based on the Black-Scholes value) equal to
    $1,333,333, which options will vest (a) 25% on the first anniversary of the Start Date and (ii) the remaining 75% will vest ratably
    over the following 12 quarters, in each case subject to your continued employment through each vesting date.

     

    The award agreements will include non-competition
    and non-solicitation clauses applicable during employment and for 12 months thereafter.

     

	Section
    280G:	Notwithstanding
    anything in this offer letter to the contrary, in the event that (A) there is a change of ownership or effective control or change
    in the ownership of a substantial portion of the assets of the Company (within the meaning of Section 280G of the Code and (B) any
    payment or benefit made or provided to you or for your benefit in connection with this offer letter or otherwise is determined to
    be subject to any excise tax (“Excise Tax”) imposed by Section 4999 of the Code, then such payment or benefit
    shall be reduced to the minimum extent necessary to avoid the imposition of such tax, but only if such reduction would cause the
    amount to be retained by you, to be greater than would be the case if you were required to pay such excise tax. 

 

As a condition of employment, you will be required
to sign the Restrictive Covenants Agreement attached hereto as Annex II. This offer letter is also contingent upon your full and
complete disclosure to the Company of any and all agreements (non-competition, non-solicitation, employment, confidentiality or otherwise)
with any prior employer, clients, principals, partners or others which limits you either contractually or otherwise from engaging in
any business activities required or contemplated by the Company in this offer letter. The Company reserves the right to withdraw this
offer letter in the event that any contractual or other obligation materially limits your ability to engage in business activities for
the Company.

 

The Company requires that you provide appropriate
authorization for and successfully complete a background check as a condition of your employment.  To the extent that the Company
requests that you authorize a background check and you either fail to sign the requested authorizations or fail to satisfy the Company’s
screening criteria, this offer letter may be revoked immediately.

 

Please note this offer letter is meant to confirm
the terms and conditions we discussed. It is not a contract of employment. You should be aware that your employment with the Company
constitutes at will employment. As a result, your employment can be terminated by either you or the Company with 14 days prior written
notice, subject to all the other terms and conditions of this offer letter, including but not limited to the severance provisions. Accordingly,
nothing in this offer letter should be construed as creating a contract of employment for any specified term.

 

Unless and until your appointment is publicly
announced by the Company, you agree that you will not disclose the terms of this offer letter or the Restrictive Covenants Agreement,
except to your immediate family and your financial and legal counsel and advisors or as may be required by law or ordered by a court.
You further agree that any disclosure to your financial and legal counsel and advisors will only be made after such counsel and advisors
acknowledge and agree to maintain the confidentiality of this offer letter and its terms. Failure to abide by the terms set forth in
this paragraph will result in this offer letter becoming null and void ab initio.

 

    5

     

    

 

EXECUTION VERSION 

 

This offer letter will expire if not accepted
on or before the close of business on the seventh day after the date hereof. Please sign and return a copy of the letter and enclosed
documents to Jeff Tarr at Jeff.Tarr@skillsoft.com.

 

This offer letter, along with the Restrictive
Covenants Agreement, set forth the terms of your employment with the Company and supersede any prior representations or agreements, whether
written or oral, between you and any other representative of the Company, and shall be governed by the laws of the State of Delaware
without regard to its conflict of laws principles. This offer letter may not be modified or amended except by a written agreement, signed
by an officer of the Company and by you.

 

	Sincerely,	 	 
	 	 	 
	Jeffrey R. Tarr, Chief Executive
    Officer	 	 
	 	 	 
	ACCEPTED:	 	 
	 	 	 
	Gary W. Ferrera	 	Date

 

    6

     

    

 

EXECUTION VERSION 

 

ANNEX I

Defined Terms

 

“Cause” shall mean the occurrence
of any one of the following: (i) gross negligence or willful misconduct in the performance of, or your abuse of alcohol or drugs
rendering you unable to perform, the material duties and services required for your position with the Company; (ii) your conviction
or plea of nolo contendere for any crime involving moral turpitude or a felony; (iii) your commission of an act of deceit or fraud
in connection with the business of the Company intended to result in your personal and unauthorized enrichment; or (iv) your material
violation of the written policies of the Company or any of its affiliates applicable to you as in effect from time to time, your breach
of a material obligation of yours to the Company pursuant to your duties and obligations under the Company’s organizational documents,
or your material breach of a material obligation of yours to the Company or any of its affiliates pursuant to this offer letter or any
award or other agreement between you and the Company or any of its affiliates. No act or failure to act, on your part, shall be
considered “willful” unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that your
action or omission was in the best interests of the Company; and provided further that, in the case of each of clauses (i), (iii) and
(iv), no act or omission by you shall constitute Cause hereunder unless the Company has given detailed written notice thereof to you
of such act or omission within 90 days following the date on which the Company’s board of directors obtains actual knowledge of
such act or omission, and you have failed to remedy such act or omission within 30 days following such notice.

 

“Disability”
shall mean that you have been unable to perform your duties under this offer letter for a period of not less than six consecutive months
as a result of an illness or injury, as determined for purposes of the Company’s long-term disability income insurance.

 

“Good Reason” shall mean any
of the following events or conditions occurring without your express written consent prior to such termination, provided that you shall
have given notice of such event or condition asserted to give rise to Good Reason within a period not to exceed 90 days after the initial
existence of such event or condition, and the Company has not remedied such event or condition within 30 days after receipt of such notice,
and you shall have terminated employment within 180 days after the period in which the Company is entitled to cure the asserted Good
Reason: (i) a material demotion, material reduction in responsibility, title or duties (such as no longer being the CFO of a publicly-traded
company) or material change in reporting; (ii) a material reduction in your base salary (i.e., 5% or more); (iii) the Company’s
failure to pay material compensation when due and payable; (iv) a relocation of your principal place of employment by more than 35 miles;
or (v) a material breach by the Company of this offer letter.

 

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EXECUTION VERSION 

 

ANNEX II

Restrictive Covenants Agreement

 

[See attached]

 

     

     

    

 

SKILLSOFT CORP.

RESTRICTIVE COVENANTS AGREEMENT

 

1.            
General.

 

As a condition of my employment
with Skillsoft Corp. (“Skillsoft”), its subsidiaries, successors or assigns (together with Skillsoft, the “Company Group”),
and in consideration of my employment with the Company Group, my receipt of the compensation now and hereafter paid to me by the Company
Group, and my access to and use of the Company Group’s Confidential Information (as defined below), I agree to the following:

 

2.            
Confidential Information.

 

A.            
Company Group Information. I agree at all times during the term of my employment with the Company Group and thereafter,
to hold in strictest confidence, and not to use, except for the benefit of the Company Group, or to disclose to any person, firm or corporation
without written authorization of the Board of Directors of Skillsoft (the “Board”), any Confidential Information of the Company
Group, except (i) as required or as is customary (i.e., discussions with investment bankers, advisors and lenders who have an obligation
to keep such discussions confidential) in the course of my employment with the Company Group, (ii) under a non-disclosure agreement duly
authorized and executed by the Company Group; or (iii) as otherwise required by applicable law, regulation or legal process. I understand
that “Confidential Information” means any non-public information that relates to the actual or anticipated business or research
and development of the Company Group, technical data, trade secrets or know-how, including, but not limited to, research, product plans
or other information regarding Company Group’s products or services and markets therefor, customer lists and customers (including,
but not limited to, customers of the Company Group on whom I called or with whom I became acquainted during the term of my employment
with the Company Group), software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware
configuration information, marketing, finances or other business information. I further understand that Confidential Information does
not include any of the foregoing items which have become publicly known and made generally available through no breach by me of this Agreement.

 

B.            
Former Employer Information. I agree that I will not, during my employment with the Company Group, improperly use or disclose
any proprietary information or trade secrets of any former employer or other person or entity and that I will not bring onto the premises
of the Company Group any unpublished document or proprietary information belonging to any such employer, person or entity unless consented
to in writing by such employer, person or entity.

 

C.            
Third Party Information. I recognize that the Company Group has received and in the future will receive from third parties
their confidential or proprietary information subject to a duty on the Company Group’s part to maintain the confidentiality of such
information and to use it only for certain limited purposes. I agree to hold all such confidential or proprietary information in the strictest
confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out my work for the
Company Group consistent with the Company Group’s agreement with such third party or as otherwise required by applicable law, regulation
or legal process.

 

     

     

    

 

D.            
Non-Interference. The parties acknowledge that the Confidentiality provisions of this Agreement do not prohibit me from
(i) reporting in good faith a possible violations of any law or regulation to a government agency; or (ii) making any other disclosures
protected under the whistleblower provisions of any law, including but not limited to the Department of Justice, the Securities and Exchange
Commission, the Congress, and any agency Inspector General. The parties further acknowledge that nothing in this Agreement shall interfere
with my right to file a charge, cooperate or participate in an investigation or proceeding conducted by the U.S. Equal Employment Opportunity
Commission or other regulatory or law enforcement agency. Finally, the parties acknowledge that the Confidentiality provisions of this
Agreement do not prohibit me from lawfully exercising my rights under Section 7 of the National Labor Relations Act to engage in concerted
protected activity. The parties further understand and acknowledge that an individual shall not be held criminally or civilly liable under
any federal or state trade secret law for the disclosure of a trade secret that is made (a) in confidence to a federal, state, or local
government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (b) in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal. The parties understand and acknowledge further
that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade
secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document
containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order.

 

3.            
Inventions.

 

A.            
Inventions Retained and Licensed. I have attached hereto, as Exhibit A, a list describing all inventions, original
works of authorship, developments, improvements, and trade secrets which were made by me prior to my employment with the Company Group
(collectively referred to as “Prior Inventions”), which belong to me, which relate to the Company Group’s proposed business,
products or research and development, and which are not assigned to the Company Group hereunder; or, if no such list is attached, I represent
that there are no such Prior Inventions. If in the course of my employment with the Company Group, I incorporate into a Company Group
product, process or service a Prior Invention owned by me or in which I have an interest, I hereby grant to the Company Group a nonexclusive,
royalty-free, fully paid-up, irrevocable, perpetual, worldwide license to make, have made, modify, use and sell such Prior Invention as
part of or in connection with such product, process or service, and to practice any method related thereto.

 

B.            
Assignment of Inventions. I agree that I will reasonably promptly make full written disclosure to the Company Group, will
hold in trust for the sole right and benefit of the Company Group, and hereby assign to the Company Group, or its designee, all my right,
title, and interest in and to any and all inventions, original works of authorship, developments, concepts, improvements, designs, discoveries,
ideas, trademarks or trade secrets, whether or not patentable or registrable under copyright or similar laws, which I may solely or jointly
conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the period of time I am
in the employ of the Company Group (collectively referred to as “Inventions”), except as provided in Section 3(F) below and
except to the extent not related to the business of Skillsoft or not within the scope of my employment hereunder. I further acknowledge
that all original works of authorship which are made by me (solely or jointly with others) within the scope of and during the period of
my employment with the Company Group and which are protectable by copyright are “works made for hire,” as that term is defined
in the United States Copyright Act. I understand and agree that the decision whether or not to commercialize or market any Invention developed
by me solely or jointly with others is within the Company Group’s sole discretion and for the Company Group’s sole benefit
and that no royalty will be due to me as a result of the Company Group’s efforts to commercialize or market any such Invention.

 

    

     

    

 

C.            
Inventions Assigned to the United States. I agree to assign to the United States government all my right, title, and interest
in and to any and all Inventions whenever such full title is required to be in the United States by a contract between the Company Group
and the United States or any of its agencies.

 

D.            
Maintenance of Records. I agree to keep and maintain current written records of all Inventions made by me (solely or jointly
with others) during the term of my employment with the Company Group. The records will be in the form of notes, sketches, drawings, and
any other format that I may employ. The records will be reasonably available to the Company Group and remain the sole property of the
Company Group at all times.

 

E.            
Patent and Copyright Registrations. I agree to assist the Company Group, or its designee, at the Company Group’s expense,
in every proper and reasonable way to secure the Company Group’s rights in the Inventions and any copyrights, patents, mask work
rights or other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company Group
of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and
all other instruments which the Company Group shall reasonably deem necessary in order to apply for and obtain such rights and in order
to assign and convey to the Company Group, its successors, assigns, and nominees the sole and exclusive rights, title and interest in
and to such Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating thereto. I further
agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or papers shall continue
after the termination of this Agreement. If the Company Group is unable because of my mental or physical incapacity or for any other reason
to secure my signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering
Inventions or original works of authorship assigned to the Company Group as above, after reasonable efforts to do so, then I hereby irrevocably
designate and appoint the Company Group and its duly authorized officers and agents as my agent and attorney in fact, to act for and in
my behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and
issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by me.

 

F.            
Exception to Assignments. I understand that the provisions of this Agreement requiring assignment of Inventions to the Company
Group do not apply to any invention which qualifies fully under the exceptions set forth in Exhibit B. I will advise the Company
Group reasonably promptly in writing of any inventions that I believe meet the criteria in Exhibit B and not otherwise disclosed
on Exhibit A.

 

4.            
Conflicting Employment. I agree that, during the term of my employment with the Company
Group, I will not engage in any other employment, occupation or consulting directly or indirectly related to the business in which the
Company Group is now involved or becomes involved during the term of my employment, nor will I engage in any other activities that conflict
with my obligations to the Company Group; provided this will not preclude me from engaging in other civic, charitable, non-profit, industry
or trade associations, or religious activities that do not conflict with the business interests of the Company Group and do not otherwise
compete with the business of the Company Group that are disclosed to the Company Group in accordance with the terms set forth in Section
7(A)(1). Notwithstanding the foregoing or anything else in this Agreement, I may (a) participate in auto racing, both professionally and
on an amateur level, and all activities incidental or related thereto, including but not limited to promotional and endorsement activities,
training and coaching and media coverage (collectively, “Racing”), and (b) serve on the boards of directors of not-for-profit
companies and, with the prior approval of the Board, serve on the board of directors of one for-profit company; provided that if the Company
Group reasonably determines that my continued participation in any activities referenced in clause (a) (due to sponsorship or endorsement
of me or my racing team by a reasonably objectionable sponsor (e.g., cannabis, tobacco products,
firearms, pornography) or a sponsor that is a direct competitor of the Company Group), or my continued service on any board of directors
referenced in clause (b) would interfere or conflict with my obligations to the Company Group, I will promptly cease such participation
or service promptly following notice thereof from the Company Group.

 

    

     

    

 

5.            
Returning Company Group Documents. I agree that, at the time of leaving the employ of the
Company Group, I will promptly deliver to the Company Group (and will not keep in my possession, recreate or deliver to anyone else),
to the extent in my possession or under my control, any and all devices, records, data, notes, reports, proposals, lists, correspondence,
specifications, drawings blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned
items developed by me pursuant to my employment with the Company Group or otherwise belonging to the Company Group, its successors or
assigns, including, without limitation, those records maintained pursuant to Section 3(D). In the event of the termination of my employment,
I agree to sign and deliver the “Termination Certification” attached hereto as Exhibit C.

 

6.            
Notification of New Employer. In the event that I leave the employ of the Company Group,
I hereby agree to provide notification to my new employer about my rights and obligations under this Agreement, including a copy of this
Restrictive Covenants Agreement.

 

7.            
Non-Competition; Non-Solicitation of Customers and Employees; Non-Disparagement

 

A.            
I agree that, during the term of my employment with the Company Group, I will not directly or indirectly:

 

(1)            
 be employed or engaged in (x) any other business or undertaking (except a Permitted Investment (as defined herein) or as provided
in Section 4 above) or (y) any civic, charitable, non-profit, industry or trade associations, religious or other activity except as provided
in Section 4 above or unless such undertaking (i) does not interfere with my duties to the Company Group, does not conflict with the business
interests of the Company Group and does not otherwise compete with the business of the Company Group (and is disclosed to the Company
Group) or (ii) is approved by the Board prior to the date of this Agreement or from time to time thereafter (such approval, in the case
of charitable, pro bono or educational activities, not to be unreasonably withheld).

 

(2)            
“Permitted Investment” means an investment:

 

(a)            
in a person or entity which does not carry on a business which competes with the Company Group;

 

(b)            
comprising not more than three percent (3%) of the shares or other capital of a company (whether listed or not); provided, that
the relevant company in which the investment is made either (i) does not carry on a business which competes with the Company Group or
(ii) does compete with the Company Group, but the investment is a passive investment in shares or other securities of the relevant company
which are listed on a securities exchange. The foregoing restriction does not apply to any investment in a private equity or mutual fund
or similar investment vehicle where I do not control or direct the management or affairs of such fund or the companies in which such fund
invests; or

 

    

     

    

 

(c)            
which is approved or consented to by the Board.

 

B.            
I agree that during the term of my employment with the Company Group and for a period of 12 months thereafter, I will not, directly
or indirectly, on my own behalf or on behalf of or in conjunction with any other person, firm, company or other entity, solicit, induce
or encourage any customer or client of the Company Group who:

 

(1)            
is, or was, in the 12 months immediately prior to the termination date of my employment with the Company Group, a client or prospective
client of the Company Group; and

 

(2)            
with whom I had business dealings during the course of my employment during the 12 month period prior to the termination date of
my employment with the Company Group to cease to do business with or reduce its service or business relationship with the Company Group.
Nothing in this Section 7(B) shall prohibit the solicitation or conducting of business not in direct or indirect competition with the
business of the Company Group or my solicitation or attempted solicitation of a client that utilizes multiple service providers in the
same space as it utilizes the services of the Company Group, so long as I do not encourage or cause such client to terminate or diminish
its business relationship with the Company Group.

 

C.            
I agree that during the term of my employment with the Company Group and for a period of 18 months thereafter, I will not, directly
or indirectly, on my own behalf or on behalf of or in conjunction with any other person, firm, company or other entity, solicit, induce
or encourage any employee or consultant to leave employment of or service with the Company Group; provided Sections 7(B) and 7(C) shall
not apply to (1) the solicitation or engaging of any employee, or consultant pursuant to a blanket solicitation not specifically targeted
at that employee, or consultant or to hiring of any such employee, or consultant who was first solicited or engaged pursuant to a blanket
solicitation not specifically targeted at that employee, or consultant, or (2) my serving as a reference at the request of an employee,
agent, or independent contractor; and provided further that clause 7(B) shall not apply to my solicitation or attempted solicitation of
a client that utilizes multiple service providers in the same space as it utilizes the services of the Company Group, so long as I do
not encourage or cause such client to terminate or diminish its business relationship with the Company Group. Notwithstanding any of the
foregoing, activities engaged in by or on behalf of the Company Group are not restricted by this covenant described in Sections 7(B) and
7(C).

 

D.            
I agree that during the term of my employment with the Company Group and for a period of 18 months thereafter, I will not, except
as an owner of Permitted Investments or to the extent expressly approved in Section 4, directly or indirectly, on my own behalf or on
behalf of or in conjunction with any other person, firm, company or other entity carry on, set up, be employed, engaged or have an ownership
interest in any business in any region in which the Company Group operates which is, or is about to be, set up with the objective of being
in competition with the business of the Company Group. The foregoing restriction does not preclude me from being employed by a financial
institution or investment bank or advisor so long as my principal duties with any such institution, bank or advisor during the applicable
restricted period are not directly and primarily related to and in competition with the business of the Company Group. Furthermore, the
restrictions contained in this Section 7(D) shall not apply to any product or service of the Company Group that the Company Group is not
providing as of my effective termination date (even if such product or service was provided previously) and shall not be considered “business
of the Company Group”.

 

    

     

    

 

E.            
The Company Group and I agree that at no time during or after the termination of my employment with the Company Group shall I make
statements or representations, or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action
which may, directly or indirectly, disparage the Company Group, and the Company Group shall instruct, and take other reasonable steps
to ensure, its directors and officers to not make statements or representations, or otherwise communicate, directly or indirectly, in
writing, orally, or otherwise, or take any action which may, directly or indirectly, disparage me. The foregoing shall not be violated
by truthful statements to legal process or inquiry by a governmental authority.

 

F.            
I agree that the restrictions imposed on me by this Section 7 extend to any actions by me (1) on my own account; (2) on behalf
of any firm, company or other person; (3) whether alone or jointly with any other person; or (4) as a director, manager, partner, shareholder,
employee or consultant of any other person.

 

G.            
I agree, after taking legal advice and having regard to all the circumstances that the restrictions in this Section 7 are reasonable
and necessary but no more than sufficient for the protection of the goodwill of the businesses of the Company Group and the legitimate
commercial interests of the Company Group and that they do not unreasonably impose limitations on my ability to earn a living. The Company
Group and I agree that:

 

(1)            
each restriction shall be read and construed independently of the other restrictions so that if one or more are found to be void
or unenforceable as an unreasonable restraint of trade or for any other reason the remaining restrictions shall not be affected; and

 

(2)            
if any restriction is found to be void but would be valid and enforceable if some part of it were deleted or reformed, the restriction
shall apply with the deletions or reformations that are necessary to make it valid and enforceable.

 

H.            
The Company Group and I agree that this Section 7 shall not prohibit me from making a Permitted Investment or engaging in any activity
allowed by Section 4.

 

8.            
Conflict of Interest Guidelines. I agree to diligently adhere to the Conflict of Interest
Guidelines attached as Exhibit D hereto.

 

9.            
Representations. I represent that my performance of all the terms of this Agreement will
not breach any agreement to keep in confidence proprietary information acquired by me in confidence or in trust prior to my employment
by the Company Group. I hereby represent and warrant that I have not entered into, and I will not enter into, any oral or written agreement
in conflict herewith and the Company Group acknowledges that I executed an employment agreement with my prior employer that contained,
non-solicit, non-compete and confidentiality provisions which I represent I will not be in breach of as a result of my employment with
the Company Group.

 

    

     

    

 

10.            
Arbitration and Equitable Relief.

 

A.            
Arbitration. Any and all controversies, claims or disputes involving me and the Company Group and/or any current or former
parent corporation, subsidiary, corporate affiliate, related company, agent, employee, officer, director, shareholder or benefit plan
of the Company Group in their capacity as such or otherwise, arising under or with respect to this Agreement or arising out of, relating
to or resulting from my past, current, or future employment with the Company Group (collectively, “Covered Claims”) shall
be resolved exclusively through bi-lateral arbitration between me and the Company Group, including without limitation any claims relating
to harassment or discrimination of any kind, the payment of wages or other compensation, any form of retaliation, the accommodation of
a disability, or termination of employment. This arbitration clause shall survive the termination of my employment with the Company Group.

 

B.            
I agree that Covered Claims will only be arbitrated on an individual basis, and that Company Group and I both waive the right to
participate in or receive money from any class, collective, or representative proceeding. I may not bring a claim on behalf of other individuals,
and any arbitrator hearing my claim may not arbitrate any form of a class, collective, or representative proceeding. I further agree to
refrain from joining and to take all available measures to affirmatively opt out of any legal proceeding in which any person or entity
asserts or attempts to assert a claim against the Company Group and/or its current or former parent corporations, subsidiaries, corporate
affiliates, related companies, agents, employees, officers, directors, shareholders or benefit plans on behalf of any actual or potential
class or collective of which I am a member.

 

C.            
Procedure. The Company Group and I agree that either party may invoke arbitration, that any arbitration will be administered
by the American Arbitration Association (“AAA”), and that the Employment Arbitration Rules and Mediation Procedures in effect
at the time a demand for arbitration is filed will apply, except as follows: (1) the Company Group will pay for any administrative or
hearing fees charged by the arbitrator or AAA to the extent required by applicable law, except that I shall pay the first $200.00 of any
filing fees associated with any arbitration I initiate; (2) the arbitrator shall have the authority to issue an award or partial award
without conducting a hearing on the grounds that there is no claim on which relief can be granted or that there is no genuine issue of
material fact to resolve at a hearing, consistent with Rules 12 and 56 of the Federal Rules of Civil Procedure; (3) the rights of the
parties under the Procedure described in this Section 10(C) shall be the same as those available to them in a court of competent jurisdiction;
(4) the decision of the arbitrator shall be in writing, setting forth the reasons for the arbitrator’s determination and shall be
final and binding on all parties; (4) the arbitrator’s authority shall be limited to deciding the case submitted by the Party bringing
the arbitration and, therefore, no decision by any arbitrator shall serve as precedent in other arbitrations; and (5) under no circumstances
shall the arbitrator have the power to proceed on a class action, collective action or mass action basis or to join multiple claimants
in one proceeding without the consent of all participating parties. The Employment Arbitration Rules and Mediation Procedures can be found
on the AAA’s website at: www.adr.org/employment. The Parties further agree that the arbitration shall take place in New York County,
with any party or witness who is unable to appear in person permitted in the arbitrator’s discretion to appear by telephone. Should
either party fail to appear or participate in the arbitration proceedings, the arbitrator may decide the dispute on the evidence presented
in the proceeding by the appearing party.

 

D.            
Arbitration as the Exclusive Remedy. Except as provided by this Agreement, arbitration shall be the sole, exclusive and
final remedy for any dispute involving any Covered Claim between me and the Company Group. Accordingly, except as provided for by this
Agreement, neither I nor the Company Group will be permitted to pursue court action regarding Covered Claims. Any action to enforce or
set aside an arbitrator’s adjudication of any dispute between the parties shall be brought exclusively in the state and federal
courts sitting in New York, and the parties mutually submit to the personal jurisdiction of such courts for the purposes of such actions.

 

    

     

    

 

E.            
Availability of Temporary Injunctive Relief in Aid of Arbitration. Notwithstanding the exclusivity provisions above, either
party may petition a court of law for temporary injunctive relief to remedy a violation of this Agreement or any other agreement regarding
trade secrets, confidential information, or nonsolicitation. The parties understand that any breach or threatened breach of such an agreement
will cause irreparable injury and that money damages will not provide an adequate remedy, and the parties therefore consent to the issuance
of a temporary injunction in such circumstances, acknowledging that an arbitration ultimately will resolve the parties’ underlying
dispute. In the event either party seeks injunctive relief, the prevailing party shall be entitled to recover reasonable costs and attorneys’
fees.

 

F.            
Administrative Relief. I understand that this Agreement does not prohibit me from filing an administrative charge with a
local, state or federal administrative body such as a state human rights commission or department of fair employment and housing, the
Equal Employment Opportunity Commission, a state unemployment board or the Workers’ Compensation Board. This Agreement does, however,
preclude me from recovering money damages in the context of such a proceeding or pursuing a court action regarding any such claim.

 

G.            
Voluntary Nature of Agreement. I acknowledge and agree that I am executing this
Agreement voluntarily and without any duress OR UNDUE INFLUENCE BY The company group OR ANYONE ELSE. I FURTHER ACKNOWLEDGE and agree that
I have carefully read this agreement and that I have asked any questions NECESSARY for me to understand the terms, consequences and binding
effect of this Agreement. I FURTHER ACKNOWLEDGE and AGREE THAT I fully understand THIS AGREEMENT, AND that I am knowingly, voluntarily
and irrevocably waiving my right to bring a lawsuit in court and my right to a jury trial. Finally, I agree that I have been provided
an opportunity to seek the advice of an attorney of my choice before signing this agreement.

 

11.            
General Provisions.

 

A.            
Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by the laws of the State of Delaware.

 

B.            
Entire Agreement. This Agreement along with my offer letter to which this Agreement is appended, sets forth the entire agreement
and understanding between the Company Group and me relating to the subject matter herein and supersedes all prior discussions or representations
between us including, but not limited to, any representations made during my interview(s) or relocation negotiations, whether written
or oral. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless
in writing signed by the Company Group and me. Any subsequent change or changes in my duties, salary or compensation will not affect the
validity or scope of this Agreement.

 

    

     

    

 

C.            
Severability. In the event that the provisions of Section 10 prohibiting class action, collective action, mass action, or
other multi-party proceedings are deemed void or unenforceable, the parties’ agreement to arbitrate and all of Section 10 shall
be deemed void and of no effect, with the remainder of this Agreement surviving as if it did not include Section 10. If any provision(s)
of this Agreement are deemed void or unenforceable, the remaining provisions will continue in full force and effect.

 

D.            
Successors and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives
and will be for the benefit of the Company Group, its successors, and its assigns.

 

[Signature Page Follows]

  

	Date:	 	 	 
	 	 	 
		 	Signature
	 	 	 
	 	 	 
	 	 	 
		 	Name of Employee (typed or printed)

 

    8

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