Document:

trtx-ex1014c_530.htm

Exhibit 10.14(c)

 

		
	
Name:
	
 

	
Number of Shares subject to Restricted Stock Units:
	
 

	
Date of Grant:
	
 December 17, 2018  

 

 

TPG RE FINANCE TRUST, INC.
2017 Equity Incentive Plan

TPG RE Finance Trust, Inc. STRONGLY ENCOURAGES YOU TO SEEK THE ADVICE OF YOUR OWN LEGAL AND FINANCIAL ADVISORS WITH RESPECT TO YOUR Award AND ITS TAX CONSEQUENCES.

Award Agreement

 

This agreement (this “Agreement”) evidences an Award granted by TPG RE Finance Trust, Inc. (the “Company”) to the undersigned (the “Awardee”) pursuant to and subject to the terms of the TPG RE Finance Trust, Inc. 2017 Equity Incentive Plan (as amended from time to time, the “Plan”), which is incorporated herein by reference.

 

1.  Grant of Award.  The Company grants to the Awardee on the date of grant set forth above (the “Date of Grant”) a Restricted Stock Unit Award (the “Award”) consisting of the right to receive the number of shares set forth above (the “Shares”), in each case subject to adjustment pursuant to Section 6.7 of the Plan in respect of transactions or other events occurring after the date hereof and subject to the vesting terms and other restrictions of this Agreement.

2.  Meaning of Certain Terms.  Except as otherwise defined herein, all capitalized terms used herein have the same meaning as in the Plan.

3.  Vesting; Treatment of the Award Upon Cessation of Services.  

	
 
	
(a)
	
Subject to the Awardee continuously providing Services from the Date of Grant through (and including) the applicable vesting date, on each of the vesting dates set forth below, the amount of Shares set forth opposite such vesting date will vest:

		
	
Vesting Date
	
Number

	
June 30, 2019
	
 

	
June 30, 2020
	
 

	
June 30, 2021
	
 

	
June 30, 2022
	
 

 

	
 
	
(b)
	
Notwithstanding the foregoing, (i) the Shares will become immediately vested in full if the Awardee incurs a Disability or upon the cessation of the Awardee’s Services as a result of the Awardee’s death, and (ii) upon the cessation of the Awardee’s Services for all Type I Leaver terminations other than the Awardee’s death or Disability, the Shares will remain outstanding and continue to vest, provided that if (x) the Awardee ceases providing Services due to Retirement and 

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(y) the Awardee dies or incurs a Disability, in each case, following the Awardee’s Retirement, then any Shares that are unvested at the time of such death or the incurrence of such Disability shall become immediately vested in full upon the election of the Awardee or the Awardee’s beneficiary, as applicable, made in accordance with Section 409A of the Code and the Treasury Regulations promulgated thereunder, provided further that if the Awardee engages in any of the activities set forth in Section 1(b) through Section 9 of the Restrictive Covenant Agreement attached hereto as Schedule A, all Shares (whether or not then vested) will immediately terminate and be forfeited. TPG RE – New York, Inc. (“TPG-NY”), as the employer of the Awardee, shall be a third-party beneficiary of this provision and entitled to enforce its terms against such Awardee as if TPG-NY were a direct party to this Agreement.

	
 
	
(c)
	
Upon the cessation of the Awardee’s Services as a Type II Leaver, except as set forth in Section 3(d) below, any then unvested Shares will immediately terminate and be forfeited, provided that if the Awardee engages in any of the activities set forth in Section 1 through Section 9 of the Restrictive Covenant Agreement attached hereto as Schedule A, all Shares (whether or not then vested) will immediately terminate and be forfeited. TPG-NY, as the employer of the Awardee, shall be a third-party beneficiary of this provision and entitled to enforce its terms against such Awardee as if TPG-NY were a direct party to this Agreement.

	
 
	
(d)
	
Upon the cessation of the Awardee’s Services by the Company or its Affiliates for Cause, all Shares (whether or not then vested) will immediately terminate and be forfeited.

	
 
	
(e)
	
In the event the Awardee has sold or otherwise transferred any vested Shares that are to be forfeited pursuant to Section 3(b), Section 3(c) or Section 3(d) above, the Awardee shall pay to the Company an amount equal to the fair market value of such Shares, as determined by the Committee in its good faith discretion.

4.  Payment in Respect of Vested Shares.  The Company shall deliver to the Awardee or his or her Associated Person, if applicable, the Shares (or the relevant portion thereof) as soon as practicable following their vesting, but in any event within 30 days, subject to the terms of the Plan and this Agreement.  

5.  Dividends, etc.  If any dividends are paid with respect to the Shares, the Awardee shall be entitled to receive a cash bonus with respect to each Share that has not yet been delivered to the Awardee pursuant to Section 4 (whether or not vested) equal to the dividend paid in respect of such Share as soon as reasonably practicable following the payment by the REIT of the dividend, but in any event within 30 days.

6. Transfer of Award.  The Award may not be transferred except as expressly permitted under Section 6.4 of the Plan.

7.  Restrictive Covenants.  The Awardee expressly acknowledges and agrees that as a condition of receiving the Award, the Awardee will be bound by the Restrictive Covenants Agreement attached 

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hereto as Schedule A, and that a breach of such agreement by the Awardee may result in the Committee or TPG-NY terminating any portion of the Award in the case of a Type I Leaver, terminating all of the Award (whether or not vested) in the case of a Type II Leaver and otherwise taking any action permitted by the Plan.  TPG-NY, as the employer of the Awardee, shall be a third-party beneficiary of this provision and entitled to enforce its terms against such Awardee as if TPG-NY were a direct party to this Agreement.

8.  Withholding.  The Awardee expressly acknowledges and agrees that the Awardee’s rights to receive the Shares or any other amounts payable hereunder are subject to the Awardee’s promptly paying to the Company or the Manager (or its applicable employing Affiliate) in cash (or by such other means as may be acceptable to the Committee in its discretion) at such time as withholdings are due, all federal, state, local or other taxes required to be withheld, if any.  No Shares will be delivered to the Awardee unless and until the Awardee or his or her Associated Person, as applicable, has remitted to the Company or the Manager (or its applicable employing Affiliate) an amount sufficient to satisfy any required withholdings.  Unless otherwise requested in writing at least three business days in advance of the date on which the Shares become vested, the Committee or its designee shall hold back Shares otherwise deliverable to the Awardee to cover any required withholdings.  If shares of Common Stock are used to pay all or part of such withholding tax obligation, the number of shares of Common Stock which may be withheld, surrendered, or reduced shall be limited to the number of shares of Common Stock which have a Fair Market Value on the date of withholding, surrender, or reduction equal to the aggregate amount of such liabilities based on the greatest statutory withholding rates for federal, state, foreign, and/or local tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment with respect to such Award, as determined by the Committee.  Any fraction of a share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the Awardee. 

9.  Compliance with Applicable Law.  The Award is subject to the condition that if the listing, registration or qualification of the shares of Common Stock subject to the Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the vesting or delivery of shares of Common Stock hereunder, the shares of Common Stock subject to the Award shall not vest or be delivered, in whole or in part, unless such listing, registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent, approval or other action.

10.  Effect on Services.  The grant of the Award will not give the Awardee any right to continued Services with the Company, TPG-NY or any of its Affiliates, affect the right of the Company, TPG-NY or any of its Affiliates to discharge or discipline such Awardee at any time, or affect any right of such Awardee to terminate his or her Services at any time.

11.  Governing Law.  This Agreement and all claims or disputes arising out of or based upon this Agreement or relating to the subject matter hereof will be governed by and construed in accordance with the domestic substantive laws of the State of Maryland without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

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12.  Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Awardee or by the Company forthwith to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on all parties.

13.  Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon the Awardee and his or her heirs, executors, administrators, successors, and assigns.

14.  Notices.  All notices, requests or other communications provided for in this Agreement shall be made, if to the Company, to TPG RE Finance Trust, Inc., Attn: Deborah J. Ginsberg, at 888 Seventh Avenue, 35th Floor, New York, New York, 10106, and if to the Awardee, to the last known mailing address of the Awardee contained in the records of the Company or the Manager. All notices, requests or other communications provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt, (c) by mailing in the United States mail or (d) by express courier service. The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail transmission or upon receipt by the party entitled thereto if by United States mail or express courier service; provided, however, that if a notice, request or other communication sent to the Company is not received during regular business hours, it shall be deemed to be received on the next succeeding business day of the Company,

15.  Partial Invalidity.  The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted.

16.  Amendment and Waiver.  The provisions of this Agreement may be altered, amended or waived by Committee at any time; provided, however, that no such Committee action may materially and adversely affect the rights of the Awardee without the Awardee’s consent. No course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect, or enforceability of this Agreement. 

17.  Counterparts.  This Agreement may be executed in two counterparts each of which shall be deemed an original and both of which together shall constitute one and the same instrument.

18.  No Shareholder Rights.  The Award granted pursuant to this Agreement does not and shall not entitle the Awardee to any rights of a holder of Shares prior to the date that Shares are issued to the Awardee in settlement of the Award pursuant to Section 4 of this Agreement.  The Awardee’s rights with respect to the Award shall remain forfeitable at all times prior to the date on which rights become vested and the restrictions with respect to the Award lapse in accordance with Section 3, or as otherwise provided in Sections 3(c), (d) and (e).  

19.  Section 409A.  It is intended that the Award granted hereunder is intended to and shall be construed to comply with Section 409A of the Code. For purposes of any payment to be made to the Awardee under this Award that subject to Section 409A of the Code, references in this Agreement or the Plan to “termination of employment” (and substantially similar phrases) shall 

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mean “separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of the Award is designated as a separate payment. Notwithstanding anything in this Agreement or the Plan to the contrary, if the Awardee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Award that is “deferred compensation” subject to Section 409A of the Code and which would otherwise be payable upon the Awardee’s “separation from service” (as defined in Section 409A of the Code) shall be made to such Awardee prior to the date that is six (6) months after the date of such Participant’s “separation from service” or, if earlier, the date of the Participant’s death. Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day.

 

For the avoidance of doubt, the provisions of this Agreement and the Plan shall apply to the Award, including without limitation the vesting (if any) of the Award, notwithstanding any provision relating to the vesting or other treatment of equity-based awards of the Company or its Affiliates contained in any other agreement between the Awardee and the Company or any Affiliate. 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first set forth above.

 

	
Company:
	
 
	
 
	
 
	
TPG RE Finance Trust, Inc.

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 

By:
	
 
	
 

	
 
	
 
	
 
	
 
	
Name: Matthew Coleman

	
 
	
 
	
 
	
 
	
Title:   Vice President

	
 
	
 
	
 
	
 
	
 

	
 

 

Awardee:
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
Name:     

	
 
	
 
	
 
	
 
	
Address: 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

 

 

 

 

 

Signature Page to

 Restricted Stock Unit Award Agreement 

 

Schedule A

 

Restrictive Covenants Agreement

 

This “Agreement” is effective as of the Date of Grant set forth in the Award Agreement to which this Agreement is Schedule A and is entered into by and between TPG RE - New York, Inc. (“TPG RE”), on its own behalf and on behalf of its direct and indirect subsidiaries (“Subsidiaries,” and collectively with TPG RE Finance Trust Management, L.P. (the “Company”) and TPG RE, “TPG RE Group”) and Kam Naidoo (the “Covered Person”).  Each capitalized term that is used but not defined in this Agreement shall have the meaning ascribed to it in the TPG RE Finance Trust Management, L.P. 2015 Restricted REIT Share Plan.

 

1.  Non-Compete.  The Covered Person agrees that TPG RE Group and its Affiliates would likely suffer significant harm from the Covered Person’s competing with any TPG RE Group or its Affiliates during the period such Covered Person provides Services and for some period of time thereafter.  Accordingly, the Covered Person agrees that while he or she provides Services and during the Restricted Period for the Covered Person, the Covered Person will not (a) associate (directly or indirectly) as an employee, officer or director (or pursuant to any other arrangement that enables the Covered Person to provide services customarily performed by an employee, officer or director), with any Competitor or any Competitor’s Affiliates or (b) solicit, induce, persuade or entice (by written, oral or any other means), any Portfolio Company or prospective Portfolio Company or any investor or prospective investor in any TPG Real Estate Fund, any TPG Fund or any Affiliate of any of the foregoing whose identity became known to the Covered Person in connection with the Covered Person’s provision of Services, to transact business with another Person or to reduce or refrain from doing any business with TPG RE Group, any TPG Real Estate Fund, any TPG Fund, any Portfolio Company or any Affiliate of the foregoing, in each case unless (A) the Covered Person has advised TPG RE in writing in advance of his or her desire to undertake such activities and the specific nature of such activities and (B) TPG RE, in its sole discretion, has approved in writing such activities, subject to any reasonable conditions that TPG RE may impose, including that (1) TPG RE has received written assurances (that will be designed, among other things, to protect the goodwill, Confidential Information, investor and operating partner relationships and other important commercial interests of TPG RE Group, the TPG Real Estate Funds, the TPG Funds, any Portfolio Company and any Affiliates of the foregoing) from the Competitor and the Covered Person that are, in TPG RE’s sole discretion, applicable and adequate to protect the interests of TPG RE Group, TPG RE, the TPG Real Estate Funds, the TPG Funds, the Portfolio Companies or any Affiliate of the foregoing and (2) the Covered Person and the Competitor adhere to such assurances. The restriction described in clause (a) of the prior sentence extends to the performance by the Covered Person (directly or indirectly) of the same or similar activities the Covered Person has performed for TPG RE Group and any of its Affiliates or such other activities that by their nature are likely to lead to the disclosure of Confidential Information.  Subject to any policies of the Company and its Affiliates regarding pre-clearance of trades, the Covered Person shall not be in violation of this Agreement solely as a result of such Covered Person’s investment in stock or other securities of a Competitor or any of its Affiliates listed on a national securities exchange or actively traded in the over-the-counter market if the Covered Person and, to the extent the Covered Person is an individual, the members of the Covered Person’s immediate family or any Associated Person of such Covered Person do not (directly or indirectly) hold, in the aggregate, more than a total of five percent (5%) of all such shares of stock 

A-1

or other securities of such Competitor issued and outstanding. The Covered Person acknowledges and agrees that engaging in the activities restricted by this Agreement would result in the inevitable disclosure or use of Confidential Information for the Competitor’s benefit or to the detriment of any of TPG RE Group or its Affiliates.

 

2.  Confidentiality.  The Covered Person agrees that he or she shall not at any time disclose, without the prior written consent of TPG RE, any information (whether oral or written) with respect to, or any matter relating to, TPG RE Group, the TPG Real Estate Funds, any TPG Fund, any Portfolio Company or any Affiliate of any of the foregoing, including trade secrets, proprietary information, and any and all reports, data, interpretations, forecasts, records, analyses, compilations, studies or other documents prepared by or provided to the Covered Person in connection with the Covered Person’s provision of Services or in connection with any existing or contemplated transaction or investment related activities of any TPG Real Estate Fund, any TPG Fund, any Portfolio Company or any Affiliate of any of the foregoing (whether or not such information was prepared by or provided to the Covered Person in his or her capacity as an employee or in connection with the Covered Person’s provision of Services) (the “Confidential Information”); provided that the Covered Person may disclose any such Confidential Information to the extent (i) it has become generally available to the public through no breach by the Covered Person, (ii) it is required by applicable law.  The confidentiality provisions of this Agreement shall survive indefinitely (including after the Covered Person ceases to provide Services).  Further notwithstanding the foregoing, nothing in this Agreement (including this Section 2 or Section 4 below) will prohibit or restrict the Covered Person from lawfully (A) initiating communications directly with, cooperating with, providing information to, causing information to be provided to, or otherwise assisting in an investigation by any governmental or regulatory agency, entity, or official(s) (collectively, “Governmental Authorities”) regarding a possible violation of any law; (B) responding to any inquiry or legal process directed to the Covered Person individually from any Governmental Authorities; (C) testifying, participating or otherwise assisting in an action or proceeding by any such Governmental Authorities relating to a possible violation of law; or (D) making any other disclosures that are protected under the whistleblower provisions of any applicable law.  Further notwithstanding the provisions of this Agreement, pursuant to 18 USC Section 1833(b), no individual shall be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, if an individual files a lawsuit for retaliation by an employer for reporting a suspected violation of law, such individual may disclose trade secret(s) to such individual’s attorney and use the trade secret information in the court proceeding, if such individual (x) files any document containing the trade secret under seal; and (y) does not disclose the trade secret, except pursuant to court order.

 

 3.  Non-Solicitation.  While the Covered Person provides Services and during the Non-Solicitation Period for the Covered Person, the Covered Person agrees not to (whether on the Covered Person’s own behalf or on behalf of any other Person, whether directly or indirectly and whether or not for compensation) Solicit for Employment, hire or engage (or endeavor to Solicit for Employment, hire or engage) any Person who was an employee or consultant of TPG Global, TPG RE Group, any TPG Real Estate Fund, any TPG Fund, any Portfolio Company or any Affiliate of any of the foregoing at the time of such Solicitation for Employment, hiring or engagement or at any time 

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during the six (6) months immediately prior to such Solicitation for Employment, hiring or engagement.

 

4.  Non-Disparagement.  The Covered Person shall not at any time make negative, derogatory or disparaging comments regarding TPG Global, TPG RE Group, any TPG Fund, any TPG Real Estate Fund, any Portfolio Company or any Affiliate of any of the foregoing or any of their businesses, current or former equity holders, directors, officers, employees, agents, clients, investors or any other Person affiliated with TPG Global, whether individually or in their official capacities. The Covered Person shall not engage in any conduct or communications with the intent or that has the effect of disparaging TPG Global, TPG RE Group, any TPG Fund, any TPG Real Estate Fund, any Portfolio Company, any Affiliate of any of the foregoing or any of their businesses, current or former equity holders, directors, officers, employees, agents, clients, investors or any other Person affiliated with TPG Global, whether individually or in their official capacities.

 

5.  Work Product is Property of TPG Global.  In consideration of the promises and undertakings of TPG RE in this Agreement, the Covered Person agrees that all Work Product relating to the investment, investment advisory or loan servicing business shall be the sole and exclusive property of TPG Global and its applicable Affiliates, and is hereby irrevocably assigned to TPG Global or its designee, regardless of whether (a) such Work Product was conceived, made, developed or worked on during regular hours of the Covered Person’s provision of Services or during time away from any such provision of Services, (b) the Work Product was made at the suggestion of TPG Global or its Affiliates, or (c) the Work Product was reduced to drawing, written description, documentation, models or other tangible form. Without limiting the foregoing, the Covered Person acknowledges that all original works of authorship that are made by the Covered Person, solely or jointly with others, within the scope of the Covered Person’s Services, if any, and that are protectable by copyright law are “works made for hire,” as that term is defined in the U.S. Copyright Act (17 U.S.C., Section 101), and are therefore owned by TPG Global, from the time of creation. The Covered Person agrees to, and does hereby, transfer, and set over, to TPG Global or its designee, all of its rights, title and interests throughout the world in and to all Work Product, without the necessity of any further compensation, and agrees that TPG Global is entitled to obtain and hold in its own name all patents, copyrights and other rights in respect of all Work Product. The Covered Person agrees to (a) cooperate with TPG Global, both while an employee of the Company or TPG RE and thereafter, in obtaining patents or copyrights or other intellectual property protection for all Work Product, (b) execute, acknowledge, seal and deliver all documents tendered by TPG Global to evidence its ownership thereof throughout the world, and (c) cooperate with TPG Global in obtaining, defending and enforcing its rights therein. The Covered Person represents that there are no other contracts to assign inventions or other intellectual property that are now in existence between the Covered Person and any other Person (other than TPG Global). In addition, the Covered Person shall not be entitled to disclose, and use for his or her benefit, information regarding the track record of investment transactions with respect to any TPG Real Estate Fund or TPG Fund.  Nothing set forth herein shall limit in any way the rights of the Company, TPG RE, or TPG Global or its designee to the investment track record of the TPG Real Estate Funds or the TPG Funds. “Work Product” shall include all ideas, works of authorship, inventions, business methods and other creations, whether or not patentable, copyrightable or subject to other intellectual property protection, that are made, conceived, developed or worked on in whole or in part by the Covered Person, whether alone or with others that relate in any manner 

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whatsoever to the business, existing or anticipated, of TPG Global, the TPG Real Estate Funds, the TPG Funds, the Portfolio Companies, any of their Affiliates, or any other business or research or development effort in which TPG Global, the TPG Real Estate Funds, the TPG Funds, the Portfolio Companies or any of their Affiliates engages. Work Product includes any material previously conceived, made, developed or worked on prior to the date of such the Covered Person’s admission to TPG RE Group, including, for the avoidance of doubt, any material previously conceived, made, developed or worked on while the Covered Person provided Services prior to the date of the Covered Person’s admission to TPG RE Group.

 

6.  Scope.  The Covered Person acknowledges that he or she has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed upon him or her pursuant to this Agreement.  The Covered Person agrees that said restraints are necessary for the reasonable and proper protection of TPG Global, TPG RE Group, and their Affiliates, and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area.

 

7.  Limitations.  If the provisions of this Agreement are ever deemed by a court to exceed the limitations permitted by applicable law, the Covered Person, and TPG RE Group agree that such provisions shall be, and are, automatically reformed to the maximum limitations permitted by such law.  The provisions of this Agreement are severable, and no breach of any provision of this Agreement, or any other claimed breach of contract or violation of law, shall operate to excuse the Covered Person’s obligation to fulfill the requirements of this paragraph 7.

 

8.  Injunctive Relief.  It is impossible to measure in money the damages that will accrue to TPG RE Group or its Affiliates if the Covered Person breaches any of the covenants provided in this Agreement.  If the Covered Person breaches any such covenant, TPG RE Group shall be entitled to an injunction restraining the Covered Person from violating such covenant (without posting any bond).  If TPG RE Group shall institute any action or proceeding to enforce any such covenant, the Covered Person hereby waives the claim or defense that TPG RE Group has an adequate remedy at law and agrees not to assert in any such action or proceeding the claim or defense that TPG RE Group has an adequate remedy at law.  The foregoing shall not prejudice TPG RE Group’s right to require the Covered Person to account for and pay over to TPG RE Group, and the Covered Person hereby agrees to account for and pay over to TPG RE Group, the compensation, profits, monies, accruals or other benefits derived or received by the Covered Person as a result of any transaction constituting a breach of any of the covenants provided in this Agreement.

 

9.  Attorneys’ Fees.  If a Covered Person breaches any of the covenants provided in this Agreement, TPG RE Group shall be entitled to recover from the Covered Person all expenses, including attorneys’ fees, incurred by TPG RE Group or its Affiliates in enforcing such covenants.

 

10.  Governing Law; Submission to Jurisdiction.  Notwithstanding any provision in the Award Agreement to the contrary, the Covered Person’s covenants, restrictions and representations set forth in this Schedule A shall be construed according to the laws of the State of New York without regard to its conflict of laws principles that would result in the application of the laws of another jurisdiction. With respect to any claim or dispute related to or arising under the terms of this Schedule A, the parties hereby consent to the jurisdiction, forum and venue of the state and federal courts located in New York, New York; provided, however, that the parties acknowledge and agree 

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that each member of TPG RE Group shall also be entitled to enforce the terms of this Schedule A in any other court of competent jurisdiction.

 

11.  Definitions.  

“Affiliate” shall mean, as to any Person, any other Person that controls, is controlled by, or is under common control with, such Person; provided that no Portfolio Company shall be considered an Affiliate of TPG RE Group for purposes of this Agreement. For purposes of this definition, “control” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. “Affiliated” shall have correlative meaning. For purposes of this definition Affiliates of TPG RE Group shall include the TPG Real Estate Funds, any TPG Fund, any entities affiliated with TPG Global, and any successor to the foregoing, as applicable.

 

“Business” shall mean investing in real estate credit instruments.

 

“Competitor” shall mean (i) the entities set forth on Schedule I attached hereto (as may be amended from time to time by the Company or TGP RE) under the heading “Competitors” and such entities’ Affiliates or (ii) any entity that competes with the Business.

 

“Covered Person” shall mean the Awardee.

“Non-Solicitation Period” shall mean, with respect to the Covered Person, the period commencing on the date such Covered Person’s Services are terminated and ending on the date that is eighteen (18) months following the date such Covered Person’s Services are terminated.

“Restricted Period” shall mean, with respect to a Covered Person, the period commencing on the date such Covered Person’s Services are terminated and ending on the date that is the number of months following the date such Covered Person’s Services are terminated determined by reference to the following tables (based on whether such Covered Person was (1) a Partner, (2) a Managing Director, (3) a Director or (4) a Vice President) as of the date such Covered Person’s Services are terminated and whether such Covered Person was a Type I Leaver or a Type II Leaver), as follows:

 

If the Services are terminated at any time before (but not including) TPG RE Finance Trust Management, L.P. first having at least $2 billion of equity under management:

 

	
 
	
Type I Leaver
	
Type II Leaver

	
Firm Partner
	
6 months
	
18 months

	
Managing Director/Business Unit Partner
	
3 months
	
9 months

	
Director/Principal 
	
0 months
	
6 months

	
Vice President
	
0 months
	
3 months

 

If the Services are terminated at any time following TPG RE Finance Trust Management, L.P. first having at least $2 billion of equity under management:

 

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Type I Leaver
	
Type II Leaver

	
Firm Partner
	
6 months
	
18 months

	
Managing Director/Business Unit Partner
	
3 months
	
12 months

	
Director/Principal
	
0 months
	
6 months

	
Vice President
	
0 months
	
3 months

“Services” shall mean the performance of services by an individual as an employee or other service provider to TPG RE Group or any of its Affiliates.

“Solicit for Employment” shall mean, with respect to any Person, to solicit, induce, persuade or entice (by written, oral or any other means) a second Person to (i) reduce, impair or terminate their employment, consulting or similar relationship with a third Person or (ii) enter into an employment, consulting or similar relationship with the first Person. “Solicitation for Employment” shall have a corresponding meaning.

 

 

[Remainder of the page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as set forth above.

 

	
TPG RE - New York, Inc.

	
 
	
 
	
 

	
 

By:
	
 
	
 

	
 
	
 
	
Name: Matthew Coleman

	
 
	
 
	
Title:   Vice President

	
 
	
 
	
 

	
 

 

 

 

 Covered Person: 

 

Signature Page

 

Schedule I

 

Competitors

 

Acore Capital

Apollo

Bain

Blackstone

Blackrock

Brookfield Asset Management

Carlyle

Colony Capital

Fortress

iStar

KKR

Ladder Capital

Lone Star

Oaktree

Prime Finance

Starwood

STWD

Square Mile

LoanCore

Mesa West (acquired by Morgan Stanley Asset Management)

Walton Street

Granite Point

PIMCO

PCCP

Angelo Gordon

 

 

Schedule IExhibit 10.1

 

ASSET ACQUISITION AGREEMENT

 

This ASSET ACQUISITION
AGREEMENT is entered into and made effective as of the 20th day of February, 2019 by and between Solei Systems, Inc.,
a Florida corporation and its wholly-owned acquisition subsidiary to be formed for purposes of closing the transaction contemplated
by this Agreement, ("SOLI" or “Buyer”) and KB Medical Systems, LLC (“Seller”). Buyer and Seller
may hereinafter be referred to individually as a “Party” or together as the “Parties”.

 

WHEREAS, Seller is the
sole and exclusive owner of the ASSETS fully described on Schedule “A” (“ASSETS”),
and upon the terms and conditions set forth below, Seller desires to sell the ASSETS to Buyer free and clear of any claims, debts
or liabilities of Seller;

 

NOW, THEREFORE, in consideration
for the mutual covenants, agreements, representations and warranties contained in this Agreement, the Parties hereto agree as follows:

 

1. SALE AND PURCHASE OF ASSETS.

 

		1.1	PURCHASE. Subject to the terms and conditions herein set forth, SOLI hereby agrees to acquire,
and Seller hereby agrees to transfer the ASSETS to SOLI free and clear of any claims, debts or liabilities of Seller upon the Closing
of this agreement (as defined in Section 4.1 hereof).

 

		1.2	CONSIDERATION. The total consideration for the ASSETS shall be $2,000,000, made up of (i) that
number of shares of unregistered and restricted common stock of Buyer with a value at Issuance of $1,000,000 (“SOLI Shares”)
plus (ii) cash consideration of $1,000,000 (USD), as hereafter provided.

 

		1.3	SCHEDULE OF CONSIDERATION.

 

		A)	STOCK. The total stock consideration shall be issued by SOLI to Seller or its designees on the
date which is six (6) months after Closing. The SOLI Shares shall be valued based on the five (5) day trailing average closing
bid price of SOLI common shares on the trading market on which said shares are trading at the time of issuance.

 

		B)	CASH. The total cash consideration shall be payable in the amount
of $1,000,000 in good funds at Closing.

 

2. REPRESENTATIONS AND WARRANTIES

 

2.1       REPRESENTATIONS
AND WARRANTIES OF BUYER. The Buyer represents and warrants as follows:

 

		a)	CORPORATE
                                         ORGANIZATION AND GOOD STANDING. Buyer is a corporation that is duly organized, validly
                                         existing and in good standing under the laws of the State of Florida.

 

		b)	CORPORATE
                                         AUTHORITY. Buyer has all requisite corporate power and authority to execute, deliver,
                                         perform and conclude the transactions contemplated by this Agreement and all other agreements
                                         and instruments related to this Agreement. All corporate action on the part of Buyer
                                         and its directors, officers and stockholders necessary for the authorization, execution
                                         and delivery of the Agreement by Buyer, the authorization, sale, issuance and delivery
                                         of the SOLI Shares and the performance of all of Buyer’s obligations under this
                                         Agreement have been taken or shall be taken prior to Closing. The Agreement, when executed
                                         and delivered by Buyer, shall constitute valid and binding obligations of Buyer, enforceable
                                         in accordance with its terms.

 

		c)	NO
                                         VIOLATION. Consummation of the acquisition contemplated herein will not constitute or
                                         result in a breach or default under any provision of any charter, bylaw, indenture, mortgage,
                                         lease, or agreement, or any order, judgment, decree, law, or regulation by which Buyer
                                         is bound.

 

		d)	AUTHORIZED
                                         SHARES. The SOLI Shares, when issued will be duly authorized, validly issued, fully paid
                                         and non-assessable, and free and clear of all encumbrances. The SOLI Shares shall be
                                         issued as restricted, unregistered shares; however, there will be no restrictions on
                                         transferability or otherwise on the SOLI Shares other than under the Securities Act of
                                         1933, as amended.

 

		e)	APPLICABLE
                                         LAW COMPLIANCE. The SOLI Shares will be issued in compliance with all applicable laws.
                                         None of the SOLI Shares will be issued in violation of any agreement, arrangement, or
                                         commitment to which Buyer is a party or is subject to or in violation of any preemptive
                                         or similar rights of any person and shall be issued in a private transaction as unregistered,
                                         restricted shares with applicable transfer restriction legend.

 

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		f)	OPERATION.
                                         The business of Buyer and all of its affiliates and subsidiaries has been operated in
                                         compliance with all applicable laws and regulatory requirements in all applicable jurisdictions;
                                         there have been no breaches, violations or defaults in any material agreement to which
                                         Buyer is a party. Buyer has no knowledge of any claims pending against Buyer, its affiliates
                                         or subsidiaries; Buyer shall have operated the business of Buyer, its affiliates and
                                         subsidiaries in the ordinary course of business consistent with past practices up to
                                         and including the date of Closing.

 

		g)	TAX
                                         RETURNS AND PAYMENTS. There are no material federal, state, county, local or foreign
                                         taxes due and payable by the Buyer, its affiliates or subsidiaries that have not been
                                         timely paid. There are no material accrued and unpaid federal, state, county, local or
                                         foreign taxes of the Buyer, its affiliates or subsidiaries that are due, whether or not
                                         assessed or disputed. There have been no examinations or audits of any tax returns or
                                         reports by any applicable federal, state, local or foreign governmental agency. The Buyer
                                         has duly and timely filed all federal, state, county, local and foreign tax returns required
                                         to have been filed by it (to the extent the failure to file the same would have a Material
                                         Adverse Effect), and there are in effect no waivers of applicable statutes of limitations
                                         with respect to taxes for any year.

 

		h)	GOVERNMENTAL
                                         CONSENT. No consent, approval or authorization of or designation, declaration or filing
                                         with any governmental authority on the part of Buyer is required in connection with the
                                         valid execution and delivery of this Agreement, or the offer, sale or issuance of the
                                         SOLI Shares or the consummation of any other transaction contemplated by this Agreement,
                                         except for (i) the filing of such notices as may be required under the Securities
                                         Act of 1933, as amended (the “Securities Act”) and (ii) such
                                         filings as may be required under applicable state securities laws.

 

		i)	SOLVENCY.
                                         Immediately after giving effect to the transactions contemplated by this Agreement, the
                                         Buyer and its affiliates and subsidiaries shall be solvent and shall have adequate capital
                                         to carry on their businesses as currently conducted and as proposed to be conducted by
                                         Buyer, its affiliates and subsidiaries after the Closing. No transfer of property is
                                         being made by or on behalf of Buyer, its affiliates or subsidiaries and no obligation
                                         is being incurred by or on behalf of Buyer, its affiliates or subsidiaries in connection
                                         with the transactions contemplated hereunder with the intent to hinder, delay or defraud
                                         either present or future creditors of the Buyer, its affiliates or subsidiaries.

 

		j)	FINANCIAL
                                         STATEMENTS. The Financial Statements (as defined in Section 3.1(d)) are true and correct
                                         in all material respects, and fairly represent the financial condition and operating
                                         results of Buyer and its affiliates and subsidiaries as of the dates and for the periods
                                         specified therein. As of the date hereof, there are no undisclosed liabilities of a material
                                         nature.

 

		k)	MATERIAL
                                         CHANGES. As of Closing, there have not been any changes in the assets, liabilities, financial
                                         condition or operating results of Buyer from the information reflected in the Financial
                                         Statements, except changes in the ordinary course of business that have not caused, in
                                         the aggregate, a Material Adverse Effect.

 

		l)	CAPITALIZATION.
                                         Immediately prior to Closing, the authorized capital common stock of Buyer will consist
                                         of 300,000,000 shares of common stock, of which 116,082,890 are issued and outstanding.
                                         The outstanding shares have been duly authorized and validly issued in compliance with
                                         applicable laws, and are fully paid and nonassessable. The issued and outstanding shares
                                         of Buyer common stock are owned by approximately 500 public shareholders with majority
                                         control held by Charles Scott.

 

2.3       REPRESENTATIONS
AND WARRANTIES OF SELLER. Seller represents and warrants as follows:

 

		a)	VALID ORGANIZATION AND GOOD STANDING. Seller is a limited liability company duly formed and is
in good standing under the laws of the place of its formation.

 

		b)	AUTHORITY. Seller has all requisite legal power and authority to execute this Agreement and to
execute, deliver, perform and conclude the transactions contemplated by this Agreement and all other agreements and instruments
related to this Agreement, in accordance with applicable law and its current Operating Agreement

.

		c)	NO VIOLATION. Consummation of the acquisition contemplated herein will not constitute or result
in a breach or default under any provision of any indenture, mortgage, lease, or agreement, or any order, judgment, decree, law,
or regulation by which Seller is bound.

 

		d)	OWNERSHIP. Seller is the sole developer and owner of the ASSETS, the ASSETS are not now protected
by any agreement, patent, trademark or copyright, and all ownership of and rights to the ASSETS, including all related intellectual
property and the rights to claim and file for patent, trademark and copyright protection shall be transferred to Buyer, free of
any and all claims of any kind of any other person or entity, including any member of Seller.

 

		e)	OPERATION. The business of Seller has been operated in compliance with all applicable regulatory
requirements; and to the knowledge of Seller, there have been no breaches, violations or defaults in any material agreement to
which Seller is a party. Seller is the sole owner of all intellectual property included in the ASSETS; Seller has not infringed
upon the intellectual

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property of any other party in connection
with the use or operation of the ASSETS; Seller has no knowledge of any claims against or regarding the ASSETS; and Seller shall
have operated the business of Seller in the ordinary course of business consistent with past practices up to and including the
date of Closing.

 

2.4       SURVIVAL
OF REPRESENTATIONS AND WARRANTIES. All representations, warranties, covenants and agreements made by the Parties set forth in this
Agreement shall survive Closing for a period of eighteen (18) months beginning on the date of Closing.

 

3. CONDITIONS PRECEDENT

 

3.1       Conditions
to Each Party’s Obligations. The respective obligations of each Party hereunder shall be subject to the satisfaction prior
to or at the Closing of the following conditions:

 

a)        No
Restraints. No statute, rule, regulation, order, decree, or injunction shall have been enacted, entered, promulgated, or enforced
by any court or governmental entity of competent jurisdiction which enjoins or prohibits the consummation of this Agreement and
shall be in effect.

 

b)        Legal
Action. There shall not be pending or threatened in writing any action, proceeding, or other application before any court or governmental
entity challenging or seeking to restrain or prohibit the consummation of the transactions contemplated by this Agreement, seeking
to obtain any material damages, or asserting any claim to the ASSETS.

 

c)        Due Diligence of Buyer.
Buyer shall have completed all due diligence to its reasonable satisfaction regarding Seller and the ASSETS.

 

d)       Due
Diligence of Seller. Seller shall have completed all due diligence to its reasonable satisfaction regarding Buyer, its affiliates
and subsidiaries, including without limitation review of Buyer’s audited financial statements for tax years 2016 and, 2017
and unaudited financial statements for 2018 (the “Financial Statements”), and any other documents or information reasonably
requested by Seller.

 

3.2       Conditions
to Seller’s Obligations. The obligations of Seller shall be subject to the satisfaction prior to or at the Closing of the
following conditions unless waived by Seller:

 

a)        Representations
and Warranties of Buyer. The representations and warranties of Buyer set forth in this Agreement shall be true and correct as of
the date of this Agreement and as of the Closing as though made on and as of the Closing, except: (i) as otherwise contemplated
by this Agreement; or (ii) in respects that do not have a Material Adverse Effect on the Parties or on the benefits of the transactions
provided for in this Agreement. “Material Adverse Effect” for purposes of this Agreement shall mean any change or effect
that, individually or when taken together with all other such changes or effects which have occurred prior to the date of determination
of the occurrence of the Material Adverse Effect, is or is reasonably likely to be materially adverse to the business, ASSETS,
financial condition, or results of operation of the entity.

 

b)       Seller
shall have obtained the $1,000,000 cash consideration portion of the Consideration as provided herein and the common shares of
SOLI shall be admitted for trading on the OTC Markets Pink Sheets or such other equivalent trading market as Buyer and Seller shall
mutually agree at or prior to Closing.

 

c)       Seller
shall have reserved the SOLI Shares, which shall have a value equal to $1,000,000 as determined by the trading market agreed to
by the Parties, for issuance to Seller as provided in this Agreement.

 

d)        Performance
of Obligations of Buyer. Buyer shall have performed all agreements and covenants required to be performed by it under this Agreement
prior to the Closing, except for breaches that do not have a Material Adverse Effect on the Parties or on the benefits of the transactions
provided for in this Agreement.

 

e)       There
shall be and have been no material adverse change in the operating results of the business of Buyer between the date of this Agreement
and the Closing.

 

		f)	John Korangy and Simon Kim shall have received an employment agreement (“Employment Agreement”)
from Buyer in a form satisfactory to the terms as set forth in those certain letter agreements dated February 20, 2019 between
Buyer and Korangy, Buyer and Kim.

 

 

3.3       Conditions
to Buyer’s Obligations. The obligations of Buyer shall be subject to the satisfaction prior to or at the Closing of the following
conditions unless waived by Buyer:

 

a)        Representations
and Warranties of Seller. The representations and warranties of Seller set forth in this Agreement shall be True and correct as
of the date of this Agreement and as of the Closing as though made on and as of the Closing, except: (i) as otherwise

    	3 

    	 

    

contemplated by this Agreement, or (ii) in
respects that do not have a Material Adverse Effect on the Parties or on the benefits of the transactions provided for in this
Agreement.

 

b)        Performance
of Seller. Seller shall have performed all agreements and covenants required to be performed by Seller under this Agreement prior
to Closing, except for breaches that do not have a Material Adverse Effect on the Parties or on the benefits of the transactions
provided for in this Agreement.

 

4. CLOSING
AND DELIVERY OF DOCUMENTS

 

4.1       Time
and Place. The Closing of the transaction contemplated by this Agreement shall take place, immediately upon the full execution
of this Agreement and the satisfaction of all conditions, specifically the delivery of all required documents, or at such other
time and place as the Parties mutually agree, but no later than April 15, 2019. All proceedings to be taken and all documents to
be executed at the Closing shall be deemed to have been taken, delivered and executed simultaneously, and no proceeding shall be
deemed taken nor documents deemed executed or delivered until all have been taken, delivered and executed. The date of Closing
may be accelerated or extended by agreement of the parties.

 

Any copy, facsimile telecommunication
or other reliable reproduction of the writing or transmission required by this Agreement or any signature required thereon may
be used in lieu of an original writing or transmission or signature for any and all purposes for which the original could be used,
provided that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original
writing or transmission or original signature.

 

4.2       Deliveries
by Seller. At Closing, Seller shall make the following deliveries to Buyer:

 

		a)	Certified resolutions authorizing the execution and performance of this Agreement by Seller and
all members of Seller; and

 

		b)	Fully executed bill of sale and assignment of the ASSETS to or as directed by Buyer.

 

		c)	Non-compete and non-use agreement in form acceptable to Buyer and Seller, restricting Seller from
developing or using a system similar to the ASSETS.

 

		d)	Fully executed Employment Agreement.

 

4.3       Deliveries
by Buyer. At Closing, Buyer shall make the following deliveries to Seller:

 

		a)	Buyer shall issue the SOLI Shares to Seller as provided in Section 1.2;

 

		b)	Buyer shall have transferred the sum of $1,000,000 to Seller in good funds.

 

		c)	Certified resolutions of the Board of Directors of Buyer authorizing the execution and performance
of this Agreement

 

		d)	Fully executed Employment Agreement.

 

5. INDEMNIFICATION

 

5.1.        Indemnification.
The Seller, on the one hand, and the Buyer, on the other hand, (each Party, an “Indemnifying Party”) shall agree to
indemnify, and hold harmless the other Party (“Indemnified Party”) from any and all claims, demands, liabilities, damages,
losses, costs and expenses (“Losses”) that the other Party shall incur or suffer, including attorneys fees and costs,
that arise, result from or relate to any breach of, or failure by Indemnifying Party to perform any of its representations, warranties,
covenants, or agreements in this Agreement or in any exhibit, addendum, or any other instrument furnished by the Indemnifying Party
under this Agreement. The maximum amount of Losses against which the Indemnified Party shall be entitled to be indemnified pursuant
to this Section 5.1 shall in no event exceed $700,000 (the “Indemnity Cap”). The Indemnity Cap shall not apply to any
fraudulent misrepresentation or the intentional and willful breach of this Agreement by a Party.

5.2        Arbitration
& Governing Law. The parties hereby agree that any and all claims (except only for requests for injunctive or other equitable
relief) whether existing now, in the past or in the future as to which the parties or any affiliates may be adverse parties, and
whether arising out of this Agreement or from any other cause, will be resolved by arbitration before the American Arbitration
Association within the State of Virginia.

 

a) The
parties hereby irrevocably consent to the jurisdiction of the Judicial Arbitration Mediation Services and the situs of the arbitration
(and any requests for injunctive or other equitable relief) within the State of Virginia. Any award in arbitration may be entered
in any domestic or foreign court having jurisdiction over the enforcement of such awards.

 

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b) The
law applicable to the arbitration and this Agreement shall be that of the State of Virginia, determined without regard to its provisions
which would otherwise apply to a question of conflict of laws.

 

c) The
arbitrator may, in its discretion, allow the parties to make reasonable disclosure and discovery in regard to any matters which
are the subject of the arbitration and to compel compliance with such disclosure and discovery order. The arbitrator may order
the parties to comply with all or any of the disclosure and discovery provisions of the Federal Rules of Civil Procedure, as they
then exist, as may be modified by the arbitrator consistent with the desire to simplify the conduct and minimize the expense of
the arbitration.

 

d) Regardless of any practices
of arbitration to the contrary, the arbitrator will apply the rules of contract and other law of the jurisdiction whose law applies
to the arbitration so that the decision of the arbitrator will be, as much as possible, the same as if the dispute had been determined
by a court of competent jurisdiction.

 

e) Any award or decision
by the American Arbitration Association shall be final, binding and non-appealable except as to errors of law or the failure of
the arbitrator to adhere to the arbitration provisions contained in this agreement. Each party to the arbitration shall pay its
own costs and counsel fees except as specifically provided otherwise in this agreement.

 

f) In any adverse action,
the parties shall restrict themselves to claims for compensatory damages and\or securities issued or to be issued and no claims
shall be made by any party or affiliate for lost profits, punitive or multiple damages.

 

g) The parties covenant
that under no conditions will any party or any affiliate file any action against the other (except only requests for injunctive
or other equitable relief) in any forum other than before the American Arbitration Association, and the parties agree that any
such action, if filed, shall be dismissed upon application and shall be referred for arbitration hereunder with costs and attorney's
fees to the prevailing party.

 

h) It is the intention
of the parties and their affiliates that all disputes of any nature between them, whenever arising, whether in regard to this agreement
or any other matter, from whatever cause, based on whatever law, rule or regulation, whether statutory or common law, and however
characterized, be decided by arbitration as provided herein and that no party or affiliate be required to litigate in any other
forum any disputes or other matters except for requests for injunctive or equitable relief. This agreement shall be interpreted
in conformance with this stated intent of the parties and their affiliates.

 

The provisions for arbitration
contained herein shall survive the termination of this agreement for any reason.

 

6. GENERAL PROVISIONS

 

6.1  FURTHER
ASSURANCES. From time to time, each Party will execute such additional instruments and take such actions as may be reasonably required
to carry out the intent and purposes of this Agreement.

 

6.2 WAIVER.
Any failure on the part of either Party hereto to comply with any of its obligations, agreements, or conditions hereunder may be
waived in writing by the Party to whom such compliance is owed.

 

6.3  BROKERS.
Each Party agrees to indemnify and hold harmless the other Party against any fee, loss, or expense arising out of claims by brokers
or finders employed or alleged to have been employed by the indemnifying Party.

 

6.4  NOTICES.
All notices and other communications hereunder shall be in writing and shall be given by personal delivery, overnight delivery,
mailed by registered or certified mail, postage prepaid, with return receipt requested, as follows:

 

 

If to Seller, to:

 

KB Medical Systems, LLC

1990 K Street NW

Suite 5R

Washington, DC 20006

 

If to Solei Systems, to:

 

Solei Systems, Inc.

206 N. Washington Street

Suite 100

Alexandria, VA 22134

 

The persons and addresses set forth above may
be changed from time to time by written notice. If notice is given by personal delivery or overnight delivery in accordance with
the provisions of this Section, such notice shall be conclusively deemed given at the time of such

    	5 

    	 

    

delivery provided a receipt is obtained from
the recipient. If notice is given by mail, such notice shall be deemed given upon receipt and delivery or refusal.

 

6.5  ASSIGNMENT.
This Agreement shall inure to the benefit of, and be binding upon, the Parties hereto and their successors and permitted assigns;
provided, however, that any assignment by either Party of its rights under this Agreement without the written consent of the other
party shall be void.

 

6.6   COUNTERPARTS.
This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Signatures sent by facsimile transmission shall be deemed to be evidence
of the original execution thereof.

 

6.7   REVIEW
OF AGREEMENT. Each Party acknowledges that it has had time to review this agreement and, as desired, consult with counsel. In the
interpretation of this Agreement, no adverse presumption shall be made against any Party on the basis that it has prepared, or
participated in the preparation of, this Agreement.

 

6.8   ENTIRE
AGREEMENT. This Agreement contains the entire agreement between the Parties with respect to the transactions contemplated hereby
and supersede any prior oral or written agreement otherwise and shall not be modified or terminated except by written amendment
signed by the Parties to be bound.

 

6.09 CONFIDENTIALITY. The Parties
agree to maintain all Confidential Information and exchanged pursuant to this Agreement as strictly confidential; provided, however,
that such confidentiality covenant shall not prohibit the Parties from (i) providing such information to their respective attorneys,
advisors or consultants, so long as each such person is informed of the confidentiality covenant, or (ii) disclosing such information
to the extent required by any court order or as necessary in order to enforce any rights or obligations under this Agreement. The
term “Confidential Information” as used herein shall mean any and all information, in any form, possessed by, used
by, under the control of, or otherwise relating to the respective Parties that is not in the public domain.

 

6.10 GOVERNING
LAW. This Agreement shall be governed, construed and enforced in accordance with the laws of the Commonwealth of Virginia.

 

6.11  COST
OF ENFORCEMENT. In the event of any legal action arising under this Agreement or between the Parties, the substantially prevailing
party shall be entitled to recover all costs and expenses, including reasonable attorneys' fees, incurred in enforcing or attempting
to enforce, or defending any of the terms, covenants or conditions of this Agreement, including costs incurred prior to the commencement
of legal action and all costs and expenses, including reasonable attorneys' fees, incurred in any appeal from any action brought
to enforce any of said terms, covenants or conditions.

 

IN WITNESS WHEREOF, the
Parties have executed this Agreement on the date first written above.

 

 

 

	Solei Systems, Inc.	KB Medical Systems, LLC

 

 

	By:____________________________ 	By:_______________________________

	Josh Flood	Shahin John Korangy 

	Title: President	Title: Managing Member

 

 

 

SIGNATURES CONTINUED ON NEXT PAGE

 

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Approved and agreed to by the members of KB Medical Systems,
LLC

 

 

	___________________________ 	________________________ 

	Signature	Signature

	Name: __ Shahin Korangy_____ 	Name: ___ Sunil Budhrani___

	Member interest: __44.498__ %	Member interest: _44.498__ %

 

 

	___________________________ 	________________________ 

	Signature	Signature

	Name: __Stephen W. Davis____ 	Name: ___Simon Kim______

	Member interest: _4.8425_____ %	Member Interest: __1.00 %__

 

 

 

	___________________________ 	________________________ 

	Signature	Signature

	Name: __Gautam Sain________ 	Name: _Erik Kloster_______

	Member interest: _0.9625_ %	Member interest: _3.00___ %

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Schedule ‘A’

 

The ASSETS

 

The ASSETS to be conveyed by Seller to Buyer
at Closing shall be and include all of the assets of every kind and nature of or belonging to Seller at Closing, including but
not limited to, all assets used in or relating to the CareClix business operated by Seller, all tradenames, trademarks, processes,
software, source codes, and any and all other intellectual property of or used by Seller and all inventory.

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