Document:

EXHIBIT 10.1

 

PROMISSORY NOTE

 

	$223,000.00	Boca Raton Florida.	December 22, 2011

 

FOR VALUE RECEIVED, the undersigned,
DubLi Network Limited. (“Borrower”), whose address for purposes of notice is, 5200 Town Center Circle, Suite
601, Boca Raton, FL 33486 promises to pay to Michael Hansen (“Lender”), without grace at his office at PO Box 283612,
Dubai, UAE or such other place as Lender may direct, in lawful money of the United States of America, with interest, the principal
amount of Two Hundred and Twenty Three Thousand and no/100 Dollars ($223,000.00), together
with interest at the Applicable Rate.

 

Payment of
principal and interest shall be in accordance with the following provisions:

 

		1.	Definitions.

 

		(a)	“Applicable Rate” shall
                                                               mean the fixed rate of 3.00% per annum, computed based on the actual
                                                               number of days elapsed and a 365-day year. Interest will be calculated
                                                               starting January 1, 2012 and continue until the loan is paid in
                                                               full.

		(b)	“Business Day”
                                                               shall mean a day (other than Saturday or Sunday) when Lender is
                                                               open for conducting all of its customary business activities.

		(c)	“Loan” shall mean the
                                                               loan from Lender to Borrower, in the amount of this Note.

		(d)	“Maturity Date” shall
                                                               mean September 30, 2012.

		(e)	“Note” shall mean this
                                                               Promissory Note.

 

2.          Payments. The entire principal balance of this Note then unpaid, together with all accrued
and unpaid interest and all other amounts payable hereunder, shall be due and payable in full on the Maturity Date. Principal owing
hereunder from time to time shall accrue interest at the Applicable Rate.

 

		3.	Other Payment Terms.

 

(a)          Should
any payment become due and payable on any day other than a Business Day for Lender, the date of such payment shall be extended
to the next succeeding Business Day, and, in the case of a payment of principal or past due interest or any installment of either
thereof, interest shall accrue and be payable thereon for the period of such extension at the applicable interest rate or rates
specified herein. Each payment by Borrower on account of the principal of or interest on this Note or of any fee or other amount
payable to Lender shall be made not later than 11:00 a.m. (Eastern Standard time) on the applicable due date (or if such day is
not a Business Day, the next succeeding Business Day). Any payment made after 11:00 a.m. shall be credited on the next succeeding
Business Day. All payments shall be made to Lender at Lender’s office, in U.S. Dollars, in immediately available funds.

 

(b)          Borrower
shall have the right, from time to time, to prepay the unpaid principal, in whole or in part, without premium or penalty, upon
the payment of accrued interest on the amount prepaid to and including the date of payment.

 

4.          Event
of Default. Borrower’s failure to pay principal or interest due under this Note as and when due and payable, and the
continuation of such failure for more than fifteen (15) days, shall constitute an “Event of Default”. Upon
the happening of an Event of Default or at any time thereafter during the continuance of any such event, the Holder may, with
or without notice to the Borrower, declare this Note to be due and payable, both as to principal and interest, without presentment,
demand, protest, or other notice of any kinds, all of which are hereby expressly waived, anything contained herein to the contrary
notwithstanding.

 

    	 

    	 

    

 

4.1 Default
interest Rate Following the occurrence and during the continuance of an Event of Default, which if susceptible to cure is not
cured within ten (10) days, otherwise then from the first date of such occurrence, the annual interest rate on this note shall
automatically be increased to (15%) for the uncured period or upon satisfaction of the outstanding balance.

 

4.2 Lender
reserves the right upon the default to seek a conversion of principal to a senior debtor status pari passu with common lenders
to the extent that there are available assets.

 

5.          Waivers.
Borrower expressly waives demand and presentment for payment, notice of nonpayment, protest, notice of protest, notice of dishonor,
notice of intent to accelerate, notice of acceleration, all other notices, bringing of suit and diligence in taking any action
to collect amounts called for hereunder.

6.          Applicable
Law; Venue. This Note shall be governed by, and construed in accordance with, the laws of the State of Florida; subject, however,
to the effect of applicable federal law. Jurisdiction and venue for any action brought to enforce or interpret any term or condition
set forth in this Note or the other Security Documents, or which relates in any way to this Note, shall be solely in Florida,
to the exclusion of all other jurisdictions and venues.

 

7.          Assigns.
As used herein, the terms “Borrower”, “Lender” and “Holder” shall be deemed to include their
respective successors, legal representatives and assigns, whether by voluntary action of the parties or by operation of law.

 

IN WITNESS
WHEREOF, Borrower has caused this Note to be executed and delivered effective the date above written.

	 	 
	 	BORROWER:
	 	DubLi Network, Limited
	 	 
	 	By:	/s/Andreas Kusche
	 	 
	 	Andreas Kusche
	 	Its: General CounselThe Gymboree Corporation

500 Howard Street

San Francisco,
California 94105 

 

June 18, 2013

 

Dear Joelle:

 

I am pleased to offer you employment in
the position of Chief Operating Officer (“COO”) of The Gymboree Corporation (the “Company”).
In this position, you will report to the Chief Executive Officer of the Company.

 

Start Date: If you accept our offer,
your starting date will be July 15, 2013 (or such other date as is mutually agreed to by the Company and you) (such starting date,
the “Effective Date”).

 

Base Salary: Your initial base salary
will be at the rate of $550,000 per year, payable in accordance with the regular payroll practices of the Company. This salary
will be subject to annual review for increase from time to time in the discretion of the Compensation Committee of the Board of
Directors of the Company (the “Compensation Committee”). Such base salary, as from time to time adjusted, is
referred to as “Base Salary.”

 

Annual Bonus: You will
be considered annually for a target annual cash bonus equal to 75% of your Base Salary, with a maximum annual cash bonus equal
to 150% of your Base Salary. The actual amount of your annual cash bonus, if any, will be based on the attainment of pre-established
performance goals as determined by the Compensation Committee; provided that your annual cash bonus in respect of fiscal
year 2013 will be not less than $250,000. To be eligible to receive the annual cash bonus, you must be employed on the payment
date. Any annual cash bonus shall be paid as soon as practicable following the completion of the Company’s audited financial
statements for the applicable fiscal year and in all events during the calendar year in which the applicable fiscal year ends.

 

Sign-On Bonus:
You will receive a sign-on bonus in the amount of $100,000 payable in cash on the next regularly scheduled payroll date following
the Effective Date. If you voluntarily terminate employment or your employment is terminated for Cause (as defined in the
Severance Plan) within twelve months of the Effective Date, you must repay the bonus to the Company
within thirty days following employment termination.

 

Option Grant:
As soon as reasonably practicable following the Effective Date, you will be granted options (“Options”) to acquire
60,000 units (with each unit (“Unit”) comprised of nine shares of Class A common stock of Giraffe Holding,
Inc. (“Parent”) and one share of Class L common stock of Parent) with an exercise price equal to the fair market
value of a Unit on the date of grant. The Options will be granted pursuant, and subject, to Parent’s 2010 Equity Incentive
Plan (the “Plan”, attached as Exhibit A) and an award agreement substantially in the form as Exhibit
B. The Options will vest in equal installments on each of the first five anniversaries of the Effective Date. You and the Company
agree that the Units received upon exercise of the Options will be subject to the Amended and Restated Stockholders Agreement among
Parent, the Company and certain other parties dated December 23, 2011, as from time to time amended (attached as Exhibit C).

 

    	-1-

    	 

    

 

 

Benefit Plans. During your employment
with the Company, you, and where applicable your spouse and dependents, will be eligible to participate in all benefit plans of
the Company that are made available generally to other senior executive officers of the Company, subject to the terms such plans.
In addition to holidays observed by the Company, you will be eligible for paid time off in accordance with the policies of Company
as in effect from time to time.

 

Reimbursement of Business Expenses.
The Company will reimburse you for all reasonable business expenses upon the presentation of statements of such expenses in accordance
with the Company’s policies and procedures now in force or as such policies and procedures may be modified with respect to
all senior executive officers of the Company.

 

Severance: You will be eligible to
participate in The Gymboree Corporation Management Severance Plan, as amended (the “Severance Plan”) in accordance
with its terms. Your Severance Payment Percentage (as defined in the Severance Plan) will be equal to 100%, which means that you
will be entitled to receive 12 months’ Base Salary upon a termination of your employment by the Company without Cause or
a resignation by you for Good Reason (as defined in the Severance Plan). Your COBRA Premiums Continuation Period (as defined in
the Severance Plan) will be 12 months.

 

Form I-9: The Immigration Reform
and Control Act requires employers to verify the employment eligibility and identity of new employees within three business days
of hire. Enclosed is a copy of the Form I-9 that you will be required to complete. Please bring the appropriate documents listed
on that form with you when you report for work.

 

Withholding: All payments made by
the Company under this letter agreement will be reduced by any tax or other amounts required to be withheld by the Company under
applicable law.

 

Code of Conduct: You will be subject
to, and you agree to comply with, the Company’s Code of Conduct and Code of Ethics. You will also become a party to a Confidential
Information, Invention Assignment and Arbitration Agreement, substantially in the form attached as Exhibit D.

 

Employment at Will. This letter agreement
and your response are not intended to constitute a contract of employment for a definite term. Employment with the Company is at-will.
This means that if you accept this offer both you and the Company will retain the right to terminate your employment relationship
at any time, with or without notice or cause.

 

    	-2-

    	 

    

 

 

Section 409A. Notwithstanding anything
to the contrary in this letter agreement or the Severance Plan, if at the time of your termination of employment, you are a “specified
employee,” as defined below, any and all amounts payable under this letter agreement or the Severance Plan on account of
such termination of employment that would (but for this provision) be payable within six months following the date of termination,
shall instead be paid on the next business day following the expiration of such six-month period or, if earlier, the date of your
death, except to the extent of amounts that do not constitute nonqualified deferred compensation under Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”). For purposes of this letter agreement and the Severance Plan,
all references to “termination of employment” and correlative phrases shall be construed to require a “separation
from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained
therein), and the term “specified employee” means an individual determined by the Company to be a specified employee
under Treasury regulation Section 1.409A-1(i). Each payment made under this letter agreement or the Severance Plan shall be treated
as a separate payment and the right to a series of installment payments under this letter agreement or the Severance Plan is to
be treated as a right to a series of separate payments. This letter agreement is intended to comply with or be exempt from the
requirements of Section 409A of the Code and shall be construed consistently therewith. In any event, the Company makes no representations
or warranties if any of the provisions of or payments under this letter agreement or the Severance Plan are determined to constitute
nonqualified deferred compensation subject to Section 409A of the Code but that do not satisfy the requirements of that Section.

 

If you wish to accept
this offer, please sign, date and return this letter agreement to me. If you do accept as provided, this letter agreement will
take effect as a binding agreement between you and the Company on the date it is received by me on behalf of the Company, provided
that you satisfy the other conditions set forth above in a timely manner. Please retain a copy of this
letter agreement for your records.

 

Joelle, formalities aside, I am personally
gratified that you are joining us and look forward to your contribution.

 

Sincerely,

 

	/s/ Mark Breitbard	 
	Mark Breitbard	 

 

Accepted and agreed as of date first written above:

 

	/s/ Joelle Maher	 
	Joelle Maher	 

 

 

    	-3-

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