Document:

Exhibit

SEVERANCE AGREEMENT AND RELEASE
This Severance Agreement and Release (this “Agreement”) is made by and between Thomas Schneberger (“Employee”) and Livent Corporation (“Livent”).  Employee and Livent are parties to this Agreement and are collectively referred to herein as the “Parties.”  This Agreement provides for all payments to which Employee may be entitled from Livent and its subsidiaries and affiliates (including without limitation FMC Lithium USA Corp.) (collectively, the “Company”), including under the Executive Severance Guidelines for Corporate Officers.  This Agreement is effective as of the Effective Date described in Paragraph 18(g) below.  As used in this Agreement, any reference to Employee shall include Employee, and in their capacities as such, Employee’s heirs, administrators, representatives, executors, legatees, successors, agents and assigns.    
In consideration of the mutual promises, agreements and representations contained herein, the Parties agree as follows:
1.Termination of Service.  Employee acknowledges that as of May 31, 2019 (the “Termination Date”), Employee’s employment with the Company terminated and Employee has no right to reemployment thereafter.  Employee further acknowledges and agrees that during the period of May 9, 2019 through the Termination Date, Employee will not be expected to come into the Company’s offices and Employee shall perform transition services as reasonably requested by the Company. Employee confirms that, as of the Termination Date, Employee ceased to hold any position or office with the Company, including as an officer or director of the Company.        
2.Company’s Obligations.
a)Whether or not Employee executes this Agreement, the Company will pay Employee a lump sum payment for Employee’s accrued but unused salary through the date of Termination and any accrued but unused vacation pay.  Such payment will be made in a single lump sum, less standard withholding taxes, by the regular payroll date for the pay period in which the Termination Date occurs. 
b)In consideration of the Release set forth in Paragraph 3 below and the promises made by Employee under this Agreement, including without limitation,  Paragraph 4 below, and in lieu of any other severance amounts under any other severance plans or agreements provided by the Company, the Company agrees to pay or provide the following severance pay to Employee, provided Employee returns and does not revoke this Agreement:  
(1)The Company shall pay Employee severance pay in the amount of $600,000, which is equal to (i) 12 months of Employee’s base salary as in effect on the Termination Date and (ii) Employees’ target annual bonus in effect as of the Termination Date.  The severance pay shall be paid in a lump sum payment on the first payroll date that is administratively practicable after the Effective Date (and within 65 days after the Termination Date).  
(2)The Company shall pay Employee a lump sum cash payment of $93,750, which is equal to Employee’s prorated target annual bonus for the year in which the Termination Date occurs.  The payment will be made on the first payroll date that is 

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administratively practicable after the Effective Date (and within 65 days after the Termination Date).
(3)During the period beginning on the Termination  Date and ending on the last day of the 12-month period following the Termination Date (the “Coverage Period”), if Employee elects to receive continued health and dental coverage under the Company’s health and dental plan under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at a level of coverage at or below Employee’s level of coverage in effect on the Termination Date, the Company will pay the employer portion of the medical and/or dental coverage elected and Employee will be responsible for paying the employee portion that is in line with the election.  The COBRA premiums may change on January 1, 2020 with the new plan year.  The Company will continue to pay the employer portion of the medical and/or dental COBRA premium under this subsection only for the portion of the Coverage Period during which Employee continues coverage under the Company’s health and dental plan. 
(4)The Company shall provide Employee with outplacement services with a provider designated by the Company, up to a value of $20,000.  
(5)Employee’s outstanding equity awards shall be administered according to the terms of the applicable grant agreements and the attached Exhibit A. 
c)Employee is not entitled to receive any other benefits from the Company, other than vested accrued benefits under the Livent Savings and Investment Plan.    
d)Employee shall not be required to mitigate the amount of any payment or benefit provided for in this Agreement by seeking other employment or otherwise.  The amount of any payment or benefit provided for herein shall not be reduced by any compensation earned by other employment or otherwise.  
e)All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold from any payments under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to applicable law.  
f)Payments of any incentive compensation under this Agreement or otherwise shall be subject to the Livent Corporation Clawback Policy, according to the terms of such policy. 
3.Release.  
a)In further consideration of the compensation provided to Employee in Paragraph 2(b), Employee hereby agrees, subject to and without waiving any rights identified in Paragraph 8, Permitted Conduct, of this Agreement, to the maximum extent permitted by law, to irrevocably and unconditionally RELEASE AND FOREVER DISCHARGE the Company and each of its and their past or present parents, subsidiaries and affiliates (including without limitation FMC Corporation and its subsidiaries and affiliates (“FMC”)), their  past or present officers, directors, stockholders, employees and agents, their respective successors and assigns, heirs, executors and administrators, the pension and employee benefit plans of the Company and of the Company’s past or present parents, subsidiaries or affiliates, and the past or present trustees, administrators, agents or employees of all such pension and employee benefit plans (hereinafter collectively included within the term the “Released Parties”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, whether known or unknown, which Employee may have, or which Employee’s heirs, executors or administrators may have against the Released Parties, by reason of any matter, cause or thing whatsoever from the beginning of Employee’s 

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employment with the Released Parties to and including the date on which Employee executes this Agreement, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Employee’s employment relationship with the Released Parties and/or the termination of Employee’s employment relationship with the Released Parties, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future, which includes any claim or right based upon or arising under any federal, state or local fair employment practices or equal opportunity laws, including, but not limited to, any claims under Title VII of the Civil Rights Act of 1964, the Family and Medical Leave Act of 1993, the Equal Pay Act, the Employee Retirement Income Security Act (“ERISA”) (including, but not limited to, claims for breach of fiduciary duty under ERISA), the Americans With Disabilities Act, the Age Discrimination in Employment Act (“ADEA”), the Older Workers’ Benefit Protection Act, Pennsylvania Human Relations Act, Pennsylvania Equal Pay Law, Pennsylvania Pregnancy Guidelines of the Human Relations Commission, including all amendments thereto, and any other federal, state or local statutes or common law under which Employee can waive Employee’s rights, any contracts between the Released Parties and Employee, and all claims for counsel fees and costs.  Employee acknowledges that Employee has not made any claims or allegations related to sexual harassment or sexual abuse and none of the payments set forth in this Agreement are related to sexual harassment or sexual abuse.
b)In waiving and releasing any and all claims against the Released Parties, whether or not now known to Employee, Employee understands that this means that if Employee later discovers facts different from or in addition to those facts currently known by Employee, or believed by Employee to be true, the waivers and releases of this Agreement will remain effective in all respects, despite such different or additional facts and Employee’s later discovery of such facts, even if Employee would not have agreed to this Agreement if Employee had prior knowledge of such facts.
c)Notwithstanding the foregoing release,  Employee does not waive (i) any entitlements under the terms of this Agreement, (ii) Employee’s existing right to receive vested accrued benefits under the Livent Savings and Investment Plan and any plan of FMC under which Employee has vested accrued benefits (other than under any separation or severance plan or program), (iii) any claims that, by law, may not be waived, (iv) any rights or claims that may arise after the date Employee executes this Agreement, (v) any right to indemnification under the bylaws of the Company or FMC, or under any directors and officers insurance policy, with respect to Employee’s performance of duties as an employee or officer of the Company or FMC, and (vi) any claim or right Employee may have for unemployment insurance benefits, workers’ compensation benefits, state disability and/or paid family leave insurance benefits pursuant to the terms of applicable state law.  
4.Employee’s Obligations.  Employee agrees to comply with the restrictive covenants and agreements set forth in the Employment Agreement dated October 10, 2018, and all other written restrictive covenants and agreements with the Company, and all confidentiality and other obligations with respect to the Company under the Livent Corporation Code of Ethics and Business Conduct applicable to former employees, including without limitation non-competition, non-solicitation, confidentiality and insider trading restrictions.  Employee also agrees that Employee will not make or authorize any written or oral statements that are false or defamatory about the Company or its directors, officers or employees.  The foregoing are collectively referred to as the “Restrictive Covenants.”   Employee expressly acknowledges that 

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continuing to comply with the terms of the Restrictive Covenants is a material term of this Agreement.  Employee further acknowledges that in the event that Employee violates any of the Restrictive Covenants, Employee shall forfeit any unpaid amounts described in Paragraph 2(b) and shall return to the Company any amounts previously paid pursuant to Paragraph 2(b), and the Company shall have no further obligation to Employee.  
5.Return of Property.  Employee warrants that Employee will return all Company property to the Company on or before the Termination Date and Employee will not download, copy or retain any property of the Company.  Employee further agrees to delete or destroy any and all files and/or backup files containing the Company’s confidential information, proprietary business information and trade secrets on any computer or storage device owned by and/or within the care, custody or control of Employee.  To the extent that Employee made use of Employee’s own personal computing devices (e.g., cell phone, laptop, thumbdrive) or telephone, hard disk, backup tapes, cloud systems, disks or flash drives during employment with the Company, Employee will deliver such personal computing devices to the Company for review and will permit the Company to delete all Company property and information from such personal computing devices, and/or permit the Company to remotely delete all Company property and information from such personal computing devices.  
6.Cooperation.   Employee agrees that, upon the Company’s reasonable notice to Employee, Employee shall fully cooperate with the Company in investigating, defending, prosecuting, litigating, filing, initiating or asserting any actual or potential claims or investigations that may be made by or against the Company to the extent that such claims or investigations may relate to any matter in which Employee was involved (or alleged to have been involved) while employed with the Company or of which Employee has knowledge by virtue of Employee’s employment with the Company, including without limitation, the Nemaska Lithium arbitration.  Without limiting the foregoing, Employee acknowledges and agrees that he may be required to review documents, participate in the discovery process, participate in depositions and otherwise provide testimony in connection with any proceeding relating to such claims or investigations.  Upon submission of appropriate documentation, Employee shall be reimbursed for reasonable and pre-approved out-of-pocket expenses incurred in rendering such cooperation.
7.Confidentiality of this Agreement.  Except as required by law and as set forth in Paragraph 8 below, Employee agrees that Employee will not disclose the existence of this Agreement, the terms of this Agreement or the circumstances or allegations giving rise to this Agreement, to any person other than Employee’s attorney, immediate family members, accountants or financial advisors, and any other parties where such disclosure is required by law, so long as such individuals agree to keep such information confidential.  Employee expressly acknowledges that maintaining the confidentiality of this Agreement is a material term of this Agreement.  
8.Permitted Conduct.  Nothing in this Agreement restricts or prohibits Employee from initiating communications directly with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible violations of law to, or from filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, 

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the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of state or federal law.  However, to the maximum extent permitted by law, Employee is waiving Employee’s right to receive any individual monetary relief from the Company or any others covered by the Release of Claims resulting from such claims or conduct, regardless of whether Employee or another party has filed them, and in the event Employee obtains such monetary relief the Company will be entitled to an offset for the payments made pursuant to this Agreement.  This Agreement does not limit Employee’s right to receive an award from any Regulator that provides awards for providing information relating to a potential violation of law.  Employee does not need the prior authorization of the Company to engage in conduct protected by this paragraph, and Employee does not need to notify the Company that Employee has engaged in such conduct. 
Please take notice that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law..  
9.No Other Benefits or Compensation.  Effective on Employee’s Termination Date, Employee shall cease to be a participant in the benefit plans of the Company, except that Employee’s coverage under the applicable Company health plan shall continue until the Termination Date and Employee may thereafter elect continued health coverage under the Consolidated Omnibus Budget Reconciliation Act, subject to the terms of the health and dental plan and subject to Employee paying the applicable premiums.  Employee acknowledges that, upon receiving the payments and benefits provided for in Paragraph 2, Employee has received all benefits and amounts due from the Company related to Employee’s employment with the Company, including all wages, overtime, bonuses, commissions, incentives, sick pay, personal leave and vacation pay to which Employee is entitled and that no other amounts are due to Employee other than as set forth in this Agreement.  Employee also acknowledges that Employee was provided any leaves to which Employee was entitled in connection with Employee’s employment with the Company.  Notwithstanding the foregoing, nothing in this Agreement is a waiver, modification or forfeiture of any vested accrued benefit that Employee may have under the Company’s benefit plans.  
10.No Admission of Liability.  It is expressly understood and agreed that this Agreement, and any acts undertaken hereunder, shall not be construed as an admission of liability or wrongdoing on the part of the Company under any law.
11.Controlling Law.  This Agreement and all matters arising out of, or relating to, this Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, without regard to conflict-of-law principles. Notwithstanding the foregoing, and for the avoidance of any doubt, if a Company benefit plan or other employment-related agreement provides in writing that it shall be governed by the laws of another state, then all matters arising out of, or relating to, such benefit plan or other employment-related 

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agreement shall be governed by, and construed in accordance with, the laws of the state designated in such benefit plan or other employment-related agreement.  
12.Jurisdiction.  Any action arising out of, or relating to, any of the provisions of this Agreement shall be brought and prosecuted only in the United States District Court for the Eastern District of Pennsylvania, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Philadelphia, Pennsylvania, and the jurisdiction of such court in any such proceeding shall be exclusive.  Employee also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers.  
13.Severability.  If any provision of this Agreement is construed to be invalid, unlawful or unenforceable, then the remaining provisions hereof shall not be affected thereby and shall be enforceable without regard thereto, except that, in the event the release in Paragraph 3 is held to be unlawful, invalid or unenforceable, any payments made pursuant to Paragraph 2(b) shall be returned to the Company and no further consideration shall be due.  If any covenant or agreement is held to be unenforceable because of the duration thereof or the scope thereof, then the court making such determination shall have the power to reduce the duration and limit the scope thereof, and the covenant or agreement shall then be enforceable in its reduced form.
14.Amendment.  The Parties agree that this Agreement may not be altered, amended or modified, in any respect, except by a writing duly executed by both Parties.  
15.Entire Agreement.  The Parties understand that no promise, inducement or other agreement not expressly contained herein has been made conferring any benefit upon them; that this Agreement contains the entire agreement between the Parties with respect to the subject matter hereof (except as provided in the following sentence), and that the terms of this Agreement are contractual and not recitals only.  Notwithstanding the foregoing, Employee agrees that Employee shall remain subject to all Restrictive Covenants, and such Restrictive Covenants will continue in effect according to their terms. 
16.Section 409A.  This Agreement is intended to comply with section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), or an exemption, and the provisions of this Paragraph shall apply notwithstanding any provisions of this Agreement to the contrary.  Severance benefits under this Agreement are intended to be exempt from section 409A of the Code under the “short-term deferral” exception, to the maximum extent applicable, and then under the “separation pay” exception, to the maximum extent applicable.  All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under section 409A of the Code.  For purposes of section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments and each payment shall be treated as a separate payment.  With respect to any payments that are subject to section 409A of the Code, in no event shall Employee, directly or indirectly, designate the calendar year of a payment.  With respect to any payments that are subject to section 409A of the Code, in no event shall the timing of Employee’s execution of this Agreement, directly or indirectly, result in Employee designating the calendar year of payment of any amount set forth in Paragraph 2(b) above, and if a payment of any amount set forth in Paragraph 2(b) above is subject to section 409A of the Code and could be made in more than one taxable year, based on timing of the execution of this Agreement, payment shall be made 

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in the later taxable year.  Any reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of section 409A of the Code.     
17.Breach of Agreement. Employee expressly acknowledges and agrees that continuing to comply with the terms of the Agreement is a material condition of the Company’s payments hereunder.  Employee further acknowledges that in the event that Employee breaches any term of this Agreement, Employee shall forfeit any unpaid amounts described in Paragraph 2(b), any amounts previously paid by the Company pursuant to Paragraph 2(b) shall be subject to clawback by the Company, and the Company shall have no further obligation to Employee.  
18.ACKNOWLEDGEMENT.  Employee hereby acknowledges that:     
a)The Company advises Employee to consult with an attorney before signing this Agreement;  
b)Employee has obtained independent legal advice from an attorney of Employee’s own choice with respect to this Agreement or Employee has knowingly and voluntarily chosen not to do so; 
c)Employee freely, voluntarily and knowingly entered into this Agreement after due consideration; 
d)Employee had at least 21 days to review and consider this Agreement; 
e)If Employee knowingly and voluntarily chooses to do so, Employee may accept the terms of this Agreement on or after the Termination Date; 
f)Employee is signing this Agreement on or within 3 days after Employee’s Termination Date; 
g)Employee has a right to revoke this Agreement by notifying Kathleen Weslock at the Company in writing within seven days of Employee’s execution of this Agreement.  Unless revoked, this Agreement will become effective on the eighth day following its execution (the “Effective Date”);
h)Changes to the Company’s offer contained in this Agreement that are immaterial will not restart the consideration period; 
i)In exchange for Employee’s waivers, releases and commitments set forth herein, including Employee’s waiver and release of all claims arising under the ADEA, the payments, benefits and other considerations that Employee is receiving pursuant to this Agreement exceed any payment, benefit or other thing of value to which Employee would otherwise be entitled, and are just and sufficient consideration for the waivers, releases and commitments set forth herein; and 
j)No promise or inducement has been offered to Employee, except as expressly set forth herein, and Employee is not relying upon any such promise or inducement in entering into this Agreement.  
k)Employee represents that Employee has read the terms of this Agreement, that this Agreement is written in a manner that Employee can understand and that the Company has not made any representations concerning the terms or effects of this Agreement other than those contained herein.
l)Employee freely and voluntarily agrees to all the terms and conditions hereof, and signs the same as Employee’s own free act.

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IN WITNESS WHEREOF, and intending to be legally bound, the Parties agree to the terms of this Agreement.
	
		
	 
	Livent Corporation

	Date:  6/3/2019_____
	By:       /s/Kathleen Weslock_________

	 
	Name: Kathleen Weslock____________

	

	Title:    Chief Human Resources Officer_

	 
	 

	Date:  6/1/2019_____
	By:  /s/ Thomas Schneberger_________
Thomas Schneberger

NOTE: Do Not Sign Until After Termination Date.

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Exhibit A

Equity Awards

Stock Options

1.    The following unvested stock options (each an "Option") shall remain outstanding and continue to vest based on the regularly scheduled vesting dates for 12 months following the Termination Date, and shall remain exercisable for 12 months after vesting (but not beyond the end of the term of the option and not beyond the period allowed under the Livent Corporation Incentive Compensation and Stock Plan).

	
					
	Grant 
	Grant Date
	# of Shares Unvested
	Vesting Date
	Prorated Shares Vesting

	Option
	2/27/2017
	41,389
	2/27/2020
	41,389

2.    The following unvested stock options (each an "IPO Option") shall remain outstanding and continue to vest based on the regularly scheduled vesting dates until the options are fully vested, and shall remain exercisable for 12 months after vesting (but not beyond the end of the term of the option and not beyond the period allowed under the Livent Corporation Incentive Compensation and Stock Plan).

	
					
	Grant 
	Grant Date
	# of Shares Unvested
	Vesting Date
	Prorated Shares Vesting

	IPO Option
	10/10/2018
	42,857
	10/10/2021
	42,857

	IPO Option
	10/10/2018
	42,858
	10/10/2022
	42,858

Restricted Stock Units

3.    The following unvested restricted stock units (“RSUs”) shall have prorated accelerated vesting as of the Termination Date, and the vested RSUs shall be paid in shares at the date specified in the applicable grant agreement.

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	Grant 
	Grant Date
	# of Shares Unvested
	Vesting Date
	Prorated Shares Vesting

	RSU
	2/27/2017
	11,884
	12/31/2019
	9,432

	RSU
	2/27/2017
	11,232
	2/27/2020
	8,442

	RSU
	2/15/2018
	34
	12/31/2019
	23

	RSU
	2/15/2018
	7,571
	12/31/2020
	3,389

	RSU
	2/15/2018
	7,504
	2/15/2021
	3,218

	RSU
	2/20/2019
	48
	12/31/2019
	15

	RSU
	2/20/2019
	27
	12/31/2020
	4

4.    The following unvested RSUs (each an "IPO RSU") shall be fully vested as of the Termination Date, and the vested RSUs shall be paid in shares at the date specified in the applicable grant agreement.

	
					
	Grant 
	Grant Date
	# of Shares Unvested
	Vesting Date
	Prorated Shares Vesting

	IPO RSU
	10/10/2018
	13,235
	10/10/2021
	13,235

	IPO RSU
	10/10/2018
	13,236
	10/10/2022
	13,236

 

10cool_ex101.htm

EXHIBIT 10.1
  
 
 *Certain identified information has been excluded from the exhibit because it is both (i) not material
 and (ii) would be competitively harmful if publicly disclosed.
  
 JOINT VENTURE AGREEMENT
  
 This JOINT VENTURE AGREEMENT (the “Agreement”) is entered into as of 7 May, 2019 (the “Effective Date”), between COOL TECHNOLOGIES, Inc. (“COOL TECHNOLOGIES”, “CoolTech”) a Nevada corporation with its principal place of business at 8875 Hidden River Parkway, Suite 300, Tampa, Florida, 33637 and Belirti Teknoloji A.S., (“Belirti-Tech”) a Turkish corporation with its principal place of business at Ahududu Sokak 4/1 Acibadem, Istanbul Turkey and with its operational place at Pomak Sokak 3-1 D5 Kadıkoy Istanbul (“the Parties”).
  
 WHEREAS, COOL TECHNOLOGIES owns substantial Intellectual Property (“IP”) and proprietary information, including but not limited to patents, trade secrets, know-how, and confidential information related to mobile generation and the cooling of electric motors listed in Exhibit A (“COOL TECHNOLOGIES IP”); and
  
 WHEREAS, COOL TECHNOLOGIES has created and manufactured a retrofittable mobile power generation system (“MG system”) kit that can be installed onto work trucks and enables the trucks to generate electric power; and
  
 WHEREAS, COOL TECHNOLOGIES has as the capability to integrate a water purification and desalination system (“Optional Technologies”) with the MG system; and
  
 WHEREAS, COOL TECHNOLOGIES offers a no-idle option (“Optional Technologies”) that enable the MG system to operate solely through battery and solar power without the need to idle the trucks engine; and
  
 WHEREAS, COOL TECHNOLOGIES offers a HydroQube option (“Optional Technologies”) that is capable of injecting hydrogen gas into the truck’s fuel system and thereby increases the efficiency and miles per gallon or liter of fuel delivered by the truck’s engine; and
  
 WHEREAS, the Parties are desirous of importing into the country of Turkey, then installing, distributing and selling products designed, developed and manufactured by COOL TECHNOLOGIES as well as Optional Technologies provided by the same to Turkish end-users (“Products”); 
  
 NOW, THEREFORE, in consideration of their mutual covenants and obligations contained herein, and the mutual benefits to be derived here from, the Parties, intend to be legally bound, do hereby covenant and agree as follows: 
  
 Article 1: Definitions
  
 1.1 “Confidential Information” means information, data, patents, documents, analyses, compilations, or studies in relation to a party, including its business activities that (a) is disclosed to the other party by or on behalf of the first party; (b) is acquired by the other party directly or indirectly from the first party; or (c) otherwise comes to the knowledge of the other party, in connection with this Agreement whether the information is in oral, visual or written form or is recorded or embodied in any other medium and includes all such information disclosed to, or accessed by, the other party before this Agreement commences.
  
 1.2 “Territory” shall mean Turkey and neighboring countries in Middle East, Turkic Republics. UAE, Kingdom of Bahrain, Oman, Kingdom of Saudi Arabia and African Countries (i.e. Nigeria, Kenya, Somalia, Cameroon ...)
   
  	 
	1
	 
 
	 

  
 
  
 Article 2: Purpose
  
 2.1 The purpose of this joint venture is to exploit the Parties’ complementary capabilities, specifically Cool Tech’s ability to create and manufacture an MG system kit and provide Optional Technologies and Belirti-tech’s ability to install the products into work trucks then distribute and sell the trucks throughout the Territory. 
  
 Belirti-tech acknowledges that COOL TECHNOLOGIES’ right to license any IP, distribute or sell Products and/or Optional Technologies, or establish other Joint Ventures outside the Territory is in no way restricted.
  
 2.2 To this purpose, the Parties do hereby set forth in this Agreement the terms and conditions of their Joint Venture to be known as the CoolTech-Belirti-tech Joint Venture (“Joint Venture”). 
  
 Article 3: Contributions
  
 3.1 The capital and asset contributions (cash, products, equipment, facilities and all other resources) of COOL TECHNOLOGIES and Belirti-tech will be furnished as detailed in Appendix A by each Joint Venturer.
  
 Belirti-tech accepts that COOL TECHNOLOGIES owns all rights in relation to the COOL TECHNOLOGIES’ IP as well as proprietary and Confidential Information.
  
 Article 4: Product Markup
  
 4.1 [ * ]
  
 Article 5: Percentage Ownership 
  
 5.1 Each Venturer’s respective interest in the Joint Venture (hereinafter called “Percentage Ownership Interest”) is indicated below:
  
  	  
	·	COOL TECHNOLOGIES – fifty percent (50 %)
	  
	  
	  

	  
	·	Belirti-tech – fifty percent (50 %).

  
 Article 6: Distributive Share
  
 6.1 The net operating income and net operating loss of the Joint Venture shall be allocated and shared between the Joint Venture Parties in proportion to their Percentage Ownership Interest indicated above.
  
 6.2 Each Party agrees to indemnify each other and to hold the other harmless from, any and all losses and liabilities of the Joint Venture that are in excess of the other party’s Percentage Ownership.
  
  	 
	2
	 
 
	 

  
 
   
 Article 7: Bank Account
  
 7.1 The operating account (“Operating Account”) for this Joint Venture shall be set up at [insert name of bank]. The Operating Account shall be established in the name of the Joint Venture.
  
 7.2 All payments due the Joint Venture for distribution and sales of Products shall be deposited into the Operating Account, and all expenses incurred shall be paid out from the Operating Account. 
  
 Article 8: Duties 
  
 8.1 COOL TECHNOLOGIES shall be responsible for manufacturing and provision of all Products and Optional Technologies as well as all installation instruction and know-how to Belirti-tech. The Belirti-tech shall be responsible for the installation, distribution, marketing, promotion and sales of Products and Optional Technologies throughout the Territory. COOL TECHNOLOGIES will have the right to visit the sites used by Belirti-tech to evaluate performance as well as approve all marketing and promotional activities.
  
 Article 9: Administrative Records
  
 9.1 Accounting and other administrative records including the books of the Joint Venture and any other records relating to the Joint Venture shall be kept and maintained at the Turkish office of either the Joint Venture or the Belirti-tech. 
  
 9.2 The records shall be maintained as separate, independent, accurate, complete and clear financial accounts 
 for all business operations of the Joint Venture and shall conform to sound international accounting practice.
  
 9.3 COOL TECHNOLOGIES will have the right to visit the office to inspect, copy and audit any books and records relating to the Joint Venture. If requested, the Belirti-tech shall promptly send to COOL TECHNOLOGIES copies of all reports, correspondence, documents and other information pertaining to the Joint Venture sent or received by the Belirti-tech. 
  
 Article 10: Quarterly Financial Statements
  
 10.1 Each party agrees that the financial year of the Joint Venture will be from January 1st (or the
 establishment of the Joint Venture) to December 31st.
  
 10.2 Quarterly financial statements showing cumulative contract receipts and expenditures (including salaries) will be submitted to COOL TECHNOLOGIES no later than 30 days after the end of each operating quarter of the Joint Venture. Failure to do so will constitute a material breach of the Joint Venture agreement.
  
 Article 11: Managing Committee
  
 11.1 The Parties shall establish a Managing Committee hereunder, which shall consist of two (2) representatives from each of COOL TECHNOLOGIES and Belirti-tech. COOL TECHNOLOGIES and Belirti-tech may each from time-to-time replace its respective representatives on the Managing Committee, in its sole and absolute discretion, by notice to the other Party. The goal of the Managing Committee is to provide focus and direction in order to leverage both company’s capabilities.
  
 11.2 The Managing Committee shall meet at such times and places as it shall determine appropriate to carry out its responsibilities hereunder. Such meetings may be in person or by means of telephonic communication. Either Party through its Managing members, may call a meeting of the Managing Committee by giving written notice thereof to the members of the other Party.
  
  	 
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 11.3 If a disagreement arises between the Parties as to any matters within the scope of this Agreement, either Party may request a meeting of the Managing Committee, which will, in good faith, diligently seek to resolve the dispute. If the Managing Committee is unable to resolve the dispute, notwithstanding the exercise of good faith efforts, within thirty (30) days, then, unless otherwise agreed by the Parties, either Party may initiate formal filing of legal action against the other. Notwithstanding the foregoing, either Party may initiate proceedings to seek injunctive relief before the time period otherwise required hereunder shall elapse, if such Party in good faith believes that it will suffer irreparable harm without the initiation of such proceedings.
  
 Article 12: Confidentiality
  
 12.1 Belirti-tech shall not divulge to others during the term of this Agreement or at any time thereafter, any trade secret or Confidential Information, knowledge, or data concerning or pertaining to the technologies, business and affairs of COOL TECHNOLOGIES, obtained by Belirti-tech as a result of its engagement hereunder, unless authorized, in writing by COOL TECHNOLOGIES. Belirti-tech represents and warrants that it has established appropriate internal procedures for protecting the trade secrets and confidential information of COOL TECHNOLOGIES including, without limitation, restrictions on disclosure of such information to employees and other persons who may be engaged in such information to employees and other persons who may be engaged in rendering services to any person, firm or entity which may be a competitor of. 
  
 12.2 COOL TECHNOLOGIES shall not divulge to others during the term of this Agreement or at any time thereafter, any trade secret or Confidential Information, knowledge, or data concerning or pertaining to the technologies, business and affairs of Belirti-tech obtained as a result of its engagement hereunder, unless authorized, in writing, by Belirti-tech.
  
 Article 13: Restrictions on Competition
  
 13.1 Each party and its affiliates shall be prohibited from directly or indirectly competing with the Joint Venture in the Territory during the term of the Joint Venture and for five years thereafter.
  
 Article 14: Term 
  
 14.1 The initial term of this Agreement shall be 5 (five) years from the date of execution and may be extended subject to satisfactory agreement on ongoing commercial terms.
  
 14.2 Upon dissolution of the Joint Venture any and all rights (including all intellectual property) granted to the Joint Venture shall be returned to their original granting party and the other party shall have no further claim thereto.
  
 Article 15: Miscellaneous
  
 15.1 All documents and other papers of importance which relate to the Joint Venture shall be drawn up in the English language and shall be binding upon the Parties. Correspondence among the Parties in the course of daily business shall be conducted in the English language.
  
  	 
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 15.2 Notices. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing, and if (i) sent by registered or certified mail to the other party’s place of business contained, All notices and other communications to be given pursuant to this Agreement shall be in writing to the party for whom intended at the addresses set forth below, or at such other addresses as the Parties may in the future specify. Each such notice shall be effective on the earlier to occur of; (a) the day it is received, or (b) (i) if given by facsimile with machine confirmation, one day following transmission of the facsimile; (ii) if given by mail, three days after the notice is deposited in the mail; or (iii) if given by delivery, the day it is delivered, provided same is accomplished during normal business hours.
  
 15.3 Governing Law and Forum. This Agreement shall be construed and administered in accordance with the laws of the State of Nevada, USA. Both Parties hereby agree that any judicial rulings or decisions made by appropriate authorities in the governing forum shall be recognized as valid and enforceable.
  
 15.4 Attorney’s Fees. In the event that any legal action is commenced to enforce any term of this Agreement or to seek recovery for any breach thereof, the prevailing party in such action shall be entitled to recovery of its reasonable attorney’s fees and actual costs incurred in such action.
  
 15.5 Injunctive Relief: Solely by virtue of their respective execution of this Agreement and in consideration for the mutual covenants of each other, COOL TECHNOLOGIES and Belirti-tech hereby agree, consent and acknowledge that, in the event of a breach of any material term of this Agreement, the non-breaching party will be without adequate remedy-at-law and shall therefore, be entitled to immediately redress any material breach of this Agreement by temporary or permanent injunctive or mandatory relief obtained in an action or proceeding instituted in any court of competent jurisdiction without the necessity of proving damages and without prejudice to any other remedies which the non-breaching party may have at law or in equity.
  
 15.6 Assignment. The rights and obligations of either party under this Agreement may not be assigned without prior written consent of the other party with the exception of an event of default by Cool Technologies to its lender(s0 (to be delineated and defined once the lending agreement in negotiation in signed). In such an instance, the assignment of Cool Technologies’ interest of the rights and obligations under this agreement to the lender shall not be abridged or restricted.
  
 15.7 Severability. In the event that any one or more of the provisions of this Agreement shall for any reason be held to be invalid, illegal, or unenforceable by a court of competent jurisdiction or by operation of any applicable law, the remaining provisions of this Agreement shall be unimpaired and shall continue in full force and effect.
  
 15.8 Entire Agreement: This Agreement contains the entire Agreement of the Parties and supersedes any prior agreements, understandings and memoranda relating thereto. This Agreement may not be changed, altered and modified in any way except by a writing signed by the Parties hereto.
  
  	 
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 The Agreement is officially signed and executed by officials duly authorized to bind the Parties this 7th day of May, 2019.
  
 	 COOL TECHNOLOGIES, Inc.
	  
	 Belirti Teknoloji A.S.
	  

	  
	  
	  
	  

	 /s/ Timothy Hassett
		 /s/ Mehmet Haluk Kunter
	  

	 Name: Timothy Hassett
	  
	 Name: Mehmet Haluk Kunter
	  

	 Position: Chairman & CEO
	  
	 Position: Founder / Partner 
	  

	  
	  
	  
	  

	 Date: May 7, 2019
		 Date: May 7, 2019
	  

  
  
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