Document:

EX-10.2

 Exhibit 10.2 

SEPARATION AGREEMENT AND GENERAL RELEASE 

This Separation Agreement and General Release (“Agreement”) is made as of this 31st day of December 2017 (the “Effective
Date”), by and between Michael Marino (the “Executive”) and Heidrick & Struggles International, Inc. and its affiliates (collectively, the “Company”), concerning the Executive’s separation from employment with
the Company. 
 WHEREAS, the Company and the Executive entered into a Letter Agreement dated November 17, 2016 (the “Letter
Agreement”); 
 WHEREAS, the Executive and the Company have agreed that the Executive’s employment with the Company will end
effective on December 31, 2017 or on such earlier date as may be mutually agreed upon by the Company and the Executive (the “Separation Date”); and 

WHEREAS, the Company and the Executive intend this Agreement to document the complete understanding of the parties as to all rights of the
Executive under the Letter Agreement and the Heidrick & Struggles International, Inc. Management Severance Pay Plan (“MSPP”) or otherwise relating to the Executive’s employment by, and separation from employment with, the
Company. 
 NOW THEREFORE, in consideration of the mutual promises and agreements set forth below, the receipt and adequacy of which is
hereby acknowledged, the Company and the Executive agree as follows: 

1.        SEPARATION/TRANSITION. The Executive’s employment as Executive Vice President and
Managing Partner, Culture Shaping shall terminate as of the close of business on the Separation Date. The Executive hereby resigns from all other officer, director and other positions with the Company and any and all of its affiliates effective as
of the close of business on the Separation Date. Through the Separation Date, the Executive shall take reasonable and appropriate actions to cooperatively and smoothly transition the duties and responsibilities of the position of Executive Vice
President and Managing Partner, Culture Shaping as directed. Through the Separation Date, the Executive will (a) be paid the Executive’s currently monthly salary ($29,166.67 per month), and (b) be eligible to participate in all
benefit plans and programs available to employees of Heidrick & Struggles, Inc. generally, in accordance with the terms of such plans and programs. Any business expenses properly incurred by the Executive prior to the Separation Date will
be reimbursed in accordance with the Company’s expense reimbursement policy. 

2.        CONSIDERATION. 

(a)        Separation Payment. In exchange for (i) the Executive’s
execution of the General Release and Waiver provided in Exhibit A to this Agreement (“Release”), which Executive can execute no earlier than the Separation Date, and delivery of same during the
21-day period following the Separation Date with such delivery pursuant to Section 14(d) below, (ii) non-revocation of the Release, and (iii) continued
compliance with all of the terms and conditions of this Agreement, the Executive shall receive a separation payment (the “Separation Payment”) of (i) 18 months of Base Salary equal to $29,166.67, and (ii) 18 months of Target Bonus equal to
$43,750.00, for a total Separation Payment of $1,312,500.00. These payments will be made in equal installments over the eighteen months following the end of the revocation period set forth in Paragraph 4 of Exhibit A hereto in accordance with
payroll procedures applicable to similarly situated employees of the Company (“Severance Period”). 

 (b)        In exchange for (i) the
Executive’s execution of the Release, which Executive can execute no earlier than the Separation Date, and delivery of same during the 21-day period following the Separation Date with such delivery
pursuant to Section 14(d) below, (ii) non-revocation of the Release, and (iii) continued compliance with all of the terms and conditions of this Agreement, the Executive’s Health Benefits
(as defined in the MSPP) shall be maintained during the Severance Period. The Executive and the Company shall share the costs of continuation of such Health Benefits in the same proportion as such costs were shared immediately prior to the
Separation Date. Continued Health Benefits shall cease on the date Executive becomes employed and covered under another employer’s benefit plan. The last day of the Severance Period shall be considered a “qualifying event” under COBRA
and Executive may exercise what continuation rights exist at his own expense. 

3.        TERMINATION OF BENEFITS. Except as specifically provided in this Agreement with respect to
plans or arrangements specifically identified in this Agreement, the Executive’s continued participation in all employee benefit plans (pension and welfare) and compensation plans will cease as of the Separation Date. Any payments made to the
Executive pursuant to this Agreement, other than with respect to the continued payment of salary to the Separation Date, shall be disregarded for purposes of determining the amount of benefits to be accrued on behalf of the Executive under any
pension or other benefit plan maintained by the Company. Nothing contained herein shall limit or otherwise impair the Executive’s right to receive pension or similar benefit payments which are vested as of the Separation Date under any
applicable tax qualified pension or other tax qualified benefit plan. 
 4.        NO OTHER
PAYMENTS. The Executive agrees and acknowledges that, other than as specifically provided for in this Agreement, no additional payments are due from the Company on any basis whatsoever. 

5.        TRANSITION. Executive agrees, without condition or qualification, to make himself available
at reasonable times to assist the Company as requested during the Severance Period. 

6.        RELEASE. As part of this Agreement, and in consideration of the additional payments provided
to the Executive in accordance with this Agreement, the sufficiency of which is hereby acknowledged, the Executive is required to execute the General Release and Waiver attached as Exhibit A hereto in accordance with paragraph 2 above, deliver the
executed Release to the Company per Section 14(d) below, and not revoke the Release. 

7.        ASSISTANCE WITH CLAIMS. The Executive agrees to cooperate fully with the Company or any
affiliate in the defense, prosecution or evaluation of any pending or potential claims or proceedings involving or affecting the Company or any affiliate arising during the period of the Executive’s employment with the Company (the
“Employment Period”) or relating to any decisions in which the Executive participated or any matter of which the Executive had knowledge. The Executive agrees, unless precluded by law, to promptly inform the Company if the Executive is
asked to participate (or otherwise become involved) in any claims that may be filed against the Company or any affiliate relating to the Employment Period. The Executive also agrees, unless precluded by law, to promptly inform the Company if the
Executive is asked to assist in any investigation (whether governmental or private) of the Company or any affiliate (or their actions) relating to any matter, regardless of whether a lawsuit has then been filed against the Company or any affiliate
with respect to such investigation. Specifically and without limitation, the Executive will attend and participate in meetings and interviews conducted by Company personnel, and/or attorneys appointed by the Company and may be

  
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represented by counsel who may attend such meetings and interviews, and execute written affidavits confirming the Executive’s statements in such meetings in respect of any such matters;
provided such meetings do not unreasonably interfere with the Executive’s employment or self-employment entered into after the Separation Date. The Executive will make himself available for the foregoing at mutually convenient times during
business hours from time to time as reasonably requested by the Company. Promptly upon the receipt of the Executive’s written request, the Company agrees to reimburse the Executive for all reasonable out-of-pocket expenses associated with such cooperation, including, without limitation, meals, lodging, travel, and ground transportation expenses; provided, however, subject to Paragraph 13 of this
Agreement, that such reimbursement shall specifically exclude any fees for legal representation engaged by the Executive, that is not otherwise reimbursable pursuant to the Company’s policies in effect at such time or the Company’s By-Laws. This Paragraph 7 shall not preclude the Executive from responding to an inquiry in an honest manner. 

8.        NON-DISPARAGEMENT. (a) The Executive agrees
that on and after the Effective Date, the Executive will not make any disparaging, critical or derogatory statement about the Company or any affiliate or their shareholders or any of their current or former officers, directors or employees or
otherwise make disparaging comment on any aspects of the Executive’s employment with the Company or the separation therefrom; (b) the Company’s current executive officers agree not to make any disparaging or derogatory public
disclosure in their capacities as executive officers of the Company about the Executive or the Executive’s employment with the Company or the separation therefrom; and (c) the provisions of this paragraph 8(a) and 8(b) shall not apply to
testimony as a witness, any disclosure required by law to be made by the Company or the Executive, or the assertion of or defense against any claim of breach of this Agreement and shall not require either party to make false statements or
disclosures. All inquiries shall be referred to the Company’s Human Resources Department and shall be handled in a manner consistent with the Company’s then-applicable policies. 

9.        COVENANTS AND RETURN OF PROPERTY. Except as may be modified by the following provisions of
this Paragraph 9, the Executive expressly acknowledges and agrees that the Executive will continue to remain subject to the Confidentiality provision (Section12) and
Non-Solicitation/Non-Competition provisions (Section 13) of the Letter Agreement, and any confidentiality, non-solicitation and non-competition provisions entered into in connection with any other agreement or compensation award with the Company (the “Covenants”), and further agrees that the obligations under the Covenants are not
limited in any way by this Agreement or separation from employment with the Company. 

(a)        The Executive shall return all documents, records and property of the
Company no later than the Separation Date. Without limiting the generality of the foregoing, the Executive shall return to the Company no later than the Separation Date any and all original and duplicate copies of all the Executive’s work
product and of files, calendars (except for personal calendars and contacts), books, records, notes, notebooks, customer lists and proposals to customers, manuals, computer equipment (including any desktop and/or laptop computers, handheld computing
devices, home systems, flash drives, USB drives, external hard drives, computer disks and diskettes), mobile telephones (including SIM cards and the like), personal data assistants (PDAs), fax machines, and any other magnetic and other media
materials the Executive has in the Executive’s possession or under the Executive’s control that belong to the Company or that contain confidential or proprietary information concerning the Company or its clients or operations. The
Executive may not retain any information about the Company on any personal computer or portable data storage device. The Executive also must return to the Company by the Separation Date any keys, credit cards and I.D. cards that belong to the
Company or any of its affiliates but are in the Executive’s possession or within the Executive’s control. 

  
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 (b)        The Company shall return all
personal property of the Executive at a time and in a manner mutually convenient to the Executive and the Company. 

(c)        The Executive represents that he has not and agrees that he will not
instigate or participate in any administrative or judicial proceeding against the Company or any affiliate (except for proceedings to enforce this Agreement) unless requested by the Company or otherwise required by law. Excluded from this covenant
not to sue are any claims that by law cannot be waived, including but not limited to the right to participate in an investigation conducted by certain government agencies. The Executive is, however, waiving the Executive’s right to any monetary
recovery should any such agency (including but not limited to the Equal Employment Opportunity Commission) pursue any claims on the Executive’s behalf. 

(d)        Subject to the foregoing provisions of this Paragraph 9, the Company will
continue to have the right to enforce the obligations of the Covenants. 
 10.        DISCLOSURE OF
COVENANTS TO PROSPECTIVE NEW EMPLOYER(S). The Executive agrees that, prior to the commencement of any new employment, if prior to the end of the expiration of the restrictive provisions of the Covenants, the Executive will furnish the prospective
new employer with a copy of the provisions of this Agreement (and as needed, relevant provisions of the Letter Agreement or any other agreement with the Company) relating to the Covenants. The Executive also agrees that, during such period, the
Company may advise any new employer or prospective new employer of the provisions of this Agreement relating to the Covenants and furnish the new employer or prospective new employer with a copy of such provisions (and as needed, relevant provisions
of the Letter Agreement or any other agreement with the Company). 
 11.        WITHHOLDING FOR
TAXES. All benefits and payments provided to the Executive pursuant to this Agreement, which are required to be treated as compensation shall be subject to all applicable tax withholding and reporting requirements. 

12.        SETTLEMENT OF DISPUTES. The settlement of disputes provisions set forth in
Section 16(d) of the Letter Agreement are hereby incorporated by reference and are made part of this Agreement and shall be applicable for all disputes as may arise hereunder, regardless of whether the Letter Agreement is, or may deemed to be,
in full force and effect. 
 13.        ATTORNEYS FEES. In the event of any dispute with respect to
a breach or asserted breach of this Agreement, the prevailing party as determined by the presiding judge or arbitration panel in said proceeding shall be entitled to recover such party’s reasonable attorneys’ fees, experts’ fees,
costs and expenses from the other party. 
 14.        MISCELLANEOUS. 

(a)        Binding Effect. This Agreement shall be binding upon each of the parties
and upon their respective heirs, administrators, representatives, executors, successors and assigns, and shall inure to the benefit of each party and to their heirs, administrators, representatives, executors, successors and assigns. 

  
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 (b)        Applicable Law. This Agreement
shall be construed in accordance with the laws of the State of New York, without regard to the conflict of law provisions of any jurisdiction. 

(c)        Entire Agreement. This Agreement and those incorporated herein reflect the
entire agreement between the Executive and the Company and, except as specifically provided herein, supersedes all prior agreements and understandings, written or oral, relating to the subject matter hereof, it being acknowledged, however, that the
Executive shall continue to be subject to the Covenants. To the extent that the terms of this Agreement (including Exhibits to this Agreement) are to be determined under, or are to be subject to, the terms or provisions of any other document, this
Agreement (including Exhibits to this Agreement) shall be deemed to incorporate by reference such terms or provisions of such other documents. Executive acknowledges and agrees that he has entered into this Agreement freely, knowingly and
voluntarily, and that he has read and understands the entire Agreement. 

(d)        Notices. Any notice pertaining to this Agreement shall be in writing and
shall be deemed to have been effectively given on the earliest of (a) when received, (b) upon personal delivery to the party notified, (c) one business day after delivery via facsimile with electronic confirmation of successful
transmission, (d) one business day after delivery via an overnight courier service or (e) five days after deposit with the United Postal Service, and addressed as follows: 

 

							
	                to the Executive at:	  	Address on file with Company	  	
			
	                to the Company at:	  	Heidrick & Struggles International, Inc.	  	
		  	Attn: General Counsel	  	
		  	233 South Wacker Drive Suite 4200	  	
		  	Willis Tower	  	
		  	Chicago, IL 60606-6303	  	
		  	Fax: (312) 496-1297	  	

 (e)        Waiver of Breach. The waiver by either
party to this Agreement of a breach of any provision of this Agreement shall not operate as or be deemed a waiver of any subsequent breach by such party. Continuation of benefits hereunder by the Company following a breach by the Executive of any
provision of this Agreement shall not preclude the Company from thereafter exercising any right that it may otherwise independently have to terminate said benefits based upon the same violation. 

(f)        Amendment. This Agreement may not be modified or amended except by a
writing signed by the parties to this Agreement. 
 (g)        Counterparts. This
Agreement may be signed in multiple counterparts, each of which shall be deemed an original. Any executed counterpart returned by facsimile shall be deemed an original executed counterpart. 

(h)        No Third-Party Beneficiaries. Unless specifically provided herein, the
provisions of this Agreement are for the sole benefit of the parties to this Agreement and are not intended to confer upon any person not a party to this Agreement any rights hereunder. 

  
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 (i)        Terms and Construction. Each
party has cooperated in the drafting and preparation of this Agreement. The language in all parts of this Agreement shall be in all cases construed according to its fair meaning and not strictly for or against either party. 

(j)        Admissions. Nothing in this Agreement is intended to be, or will be deemed
to be, an admission of liability by the Executive or the Company to each other, or an admission that they or any of their agents, affiliates, or employees have violated any state, federal or local statute, regulation or ordinance or any principle of
common law of any jurisdiction, or that they have engaged in any wrongdoing towards each other. 

(k)        Indemnification. The Executive shall continue to be eligible for
indemnification by the Company to the extent provided to other former executives of the Company, as provided in the Company By-Laws as currently in effect, any policy of insurance obtained by the Company or as
may be required by Delaware law. 
 (l)        Internal Revenue Code
Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted and construed consistently with such intent.
Payments made under this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to Treasury Regulations
Section 1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury Regulation Section 1.409A-1(b)(4), and for this purpose each payment shall be
considered a separate payment. In the event the terms of this Agreement would subject Executive to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and the Executive shall cooperate diligently to amend
the terms of this Agreement to avoid such 409A Penalties, to the extent possible, including but not limited to accelerating or deferring any payments called for under this Agreement. To the extent any amounts under this Agreement are payable by
reference to the Executive’s “termination of employment,” such term shall be deemed to reference to the Executive’s “separation from service,” within the meaning of Section 409A of the Code. Notwithstanding any
other provision in this Agreement, if the Executive is a “specified employee,” as defined in Section 409A of the Code, as of the date of Executive’s separation from service, then to the extent any amount payable to the Executive
(i) constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, (ii) is payable upon the Executive’s separation from service and (iii) under the terms of this Agreement
would be payable prior to the six-month anniversary of the Executive’s separation from service, such payment shall be delayed until the earlier to occur of (a) the
six-month anniversary of the separation from service and (b) the date of Executive’s death. 

IN WITNESS WHEREOF, this Separation Agreement and General Release has been duly executed as of the Effective Date. 

 

					
			
	/s/ Michael Marino	 		 	/s/ Stephen W. Beard
	Michael Marino	 		 	Heidrick & Struggles International, Inc.
		 		 	By:    Stephen W. Beard
		 		 	Title:    General Counsel

  
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 Exhibit A 

GENERAL RELEASE AND WAIVER 

1.        This document (the “Release”) is attached to, is incorporated into, and forms a
part of, a Separation Agreement and General Release (“Release”), dated December 31, 2017 (the “Agreement”) by and between Heidrick & Struggles International, Inc. (the “Company”) and Michael Marino (the
“Executive”). Except for (i) a Claim (as defined below) based upon a breach of the Agreement, (ii) a Claim which is expressly preserved by the Agreement, (iii) a Claim duly filed pursuant to the group welfare and retirement
plans of the Company, or (iv) a Claim filed pursuant to any policy of liability insurance or the Company’s By-Laws, the Executive, on behalf of himself and the other Executive Releasors (as defined
below), releases and forever discharges the Company and the other Company Releasees (as defined below) from any and all Claims which the Executive now has or claims, or might hereafter have or claim, whether known or unknown, suspected or
unsuspected (or the other Executive Releasors may have, to the extent that it is derived from a Claim which the Executive may have), against the Company Releasees based upon or arising out of any matter or thing whatsoever, from the beginning of
time to the date affixed beneath the Executive’s signature on this General Release and Waiver and shall include, without limitation, Claims (other than those specifically excepted above) arising out of or related to the Letter Agreement dated
November 17, 2016, Claims arising out of or related to the Executive’s employment with or separation of employment from the Company, and Claims arising under (or alleged to have arisen under) (a) the Age Discrimination in Employment
Act of 1967, as amended; (b) Title VII of the Civil Rights Act of 1964, as amended; (c) The Civil Rights Act of 1991; (d) Section 1981 through 1988 of Title 42 of the United States Code, as amended; (e) the Employee Retirement
Income Security Act of 1974, as amended; (f) The Immigration Reform Control Act, as amended; (g) The Americans with Disabilities Act of 1990, as amended; (h) The National Labor Relations Act, as amended; (i) The Occupational
Safety and Health Act, as amended; (j) The Family and Medical Leave Act of 1993, as amended; (k) any state or local anti-discrimination law; (l) any allegation of defamation, intentional or negligent infliction of emotional distress,
workplace harassment or discrimination, retaliation, whistleblowing, invasion of privacy, violation of public policy, negligence or any other tort; (m) any allegation of a breach of any contract of employment, express or implied, or of a
violation of any Company policy or procedure (including the MSPP), of the provisions of the Constitution of the United States or the constitution of any state, or of any other law, rule, regulation or ordinance pertaining to employment and/or the
termination of employment; and/or (n) any other statutory or common law cause of action; or (o) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in these matters. 

2.        The Executive further represents that, except as set forth in the following sentence, the
Executive has not, and never will, institute against the Company or any of the Company Releasees any action or other proceeding in any court, administrative agency, or other tribunal of the United States, any State thereof or any foreign
jurisdiction, with respect to any Claim or cause of action of any type, other than as provided under (i), (ii), (iii) or (iv) above, arising or which may have existed at any time prior to the effective date of the Agreement. Excluded from this
covenant not to sue are any claims that by law cannot be waived, including but not limited to the right to participate in an investigation conducted by certain government agencies. The Executive is, however, waiving the Executive’s right to any
monetary recovery should any such agency (including but not limited to the Equal Employment Opportunity Commission) pursue any claims on the Executive’s behalf. 

  
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 3.        Executive acknowledges that he has reported all
hours worked as of the date of this Release and that he has received all compensation to which he may be entitled. He represents that he is not aware of any facts on which a claim under the Fair Labor Standards Act, the Attorney Fees in Wage Action
Act, or under applicable state minimum wage or wage payment laws, could be brought. 

4.        Executive represents that he has not assigned or otherwise transferred to any party any
claim that is being released pursuant to this Release. 
 5.        For purposes of this Release,
the terms set forth below shall have the following meanings: 
 (a)        The term
“Agreement” shall include the Agreement and the Exhibits thereto. 

(b)        The term “Claims” shall include any and all rights, claims,
demands, debts, dues, sums of money, accounts, attorneys’ fees, experts’ fees, complaints, judgments, executions, actions and causes of action of any nature whatsoever, cognizable at law or equity. 

(c)        The term “Company Releasees” shall include the Company and its
affiliates and their current, former and future officers, directors, trustees, members, employees, partners, assigns and administrators and fiduciaries under any employee benefit plan of the Company and of any affiliate, and insurers, and their
predecessors and successors. 
 (d)        The term “Executive Releasors”
shall include the Executive, and the Executive’s family, heirs, executors, representatives, agents, insurers, administrators, successors, assigns, and any other person claiming through the Executive. 

6.        The Executive acknowledges that: (a) the Executive has read and understands this
Release and the Agreement in their entirety; (b) the payments and other benefits provided to the Executive under the Agreement exceed the nature and scope of that to which the Executive would otherwise have been entitled to receive from the
Company; (c) the Executive has been advised in writing to consult with an attorney about this Release and the Agreement before signing and has had ample opportunity to do so; (d) the Executive has been given
twenty-one (21) days to consider this Release and the Agreement before signing; (e) the Executive has the right to revoke this Release in full within seven (7) calendar days of signing it by
providing written notice to the Company per the notice provisions of Section 14(d) of the Agreement, and that this Release shall not become effective until that seven-day revocation period has expired;
and (f) the Executive enters into this Release knowingly and voluntarily, without duress or reservation of any kind, and after having given the matter full and careful consideration. 

*    *    *    * 

 

							
				
		 		 		 	/s/ Michael Marino
		 		 		 	Michael Marino

  
 8Exhibit 10.7

 

DATED 1 JANUARY 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMENDING AGREEMENT TO

 

THE SHARE SALE AGREEMENT FOR THE ENTIRE ISSUED
SHARE CAPITAL OF TD HOLDINGS LIMITED

 

AND THE SECURED PROMISSORY NOTE

 

 

 

 

 

 

 

 

 

 

 

 

 

TD Holdings Limited

Suite 601, 6th Floor, West Tower,
Philippine Stock Exchange Center

Exchange Road, Ortigas Center, Pasig City,
Philippines

 

 

 

 

 

 

    	 	 	 

     

    

THIS AGREEMENT is made on 1 January
2016

 

 

 

BETWEEN

 

		(1)	GROM SOCIAL ENTERPRISES, INC. a company incorporated in the State of Delaware, the United
States of America, and having its principal office at 2060 NW Boca Raton Boulevard, Suite #6 Boca Raton Florida 33431 (“Buyer”);

 

		(2)	WAYNE EDWARD DEARING of 12 Zinia Street, Valle Verde 2, Brgy Ugong, Pasig City 1605, DAVID
ARDEN PEABODY of 4 Banaba Rd Bgy, Forbes Park, Forbes Park South, Makati City, Philippines and MICHAEL ALLARDICE GORDON
HISCOCK of 85 Wanganella Street, Balgowlah 2093, Sydney, Australia (collectively the “Sellers”);

 

WHEREAS

 

		(A)	On or about 30 June 2016 the Buyer and the Sellers entered into an agreement for the sale and purchase
of the entire issued share capital of TD Holdings Limited (“Original Agreement”) a private company incorporated in
Hong Kong company number 996145 (the “Company”).

 

		(B)	The Buyer and the Sellers now wish to amend the terms and conditions of the Original Agreement
and the Secured Promissory Note by entering into this Agreement.

 

IT IS AGREED as follows:

 

		1.	Definitions

 

		1.1	In this Agreement, the following words and expressions shall have the following meanings unless
the context otherwise requires:

 

Agreement means this Agreement (including
any Schedule to it which shall have the same force and effect as if set out in the body of this Agreement).

 

Buyer Notes means:

 

		(a)	The secured promissory notes made by Buyer payable to each Seller in the aggregate principal amount
of $4,000,000, issued:

 

		(i)	For a term of three years from the Closing Date;

 

		(ii)	At an interest rate of five percent per annum from the Closing Date to 30 June 2018;

 

		(iii)	At an interest rate of ten percent per annum from 1 July 2018 to 30 June 2019;

 

		(iv)	Secured by the Sellers Security;

 

		(v)	Subject to adjustment as is provided in this Agreement and the Buyer Notes agreement; and

 

		(vi)	Generally on the terms and conditions of the Buyer Notes agreement dated on or around the date
of this Agreement.

 

		(b)	Any secured promissory notes made by the Buyer payable to each Seller pursuant to Clause 5.6(a).

 

Earnout Years means each of the three
years following the Closing Date:

 

		(a)	Commencing 1 January 2016 and ending 31 December 2016;

 

		(b)	Commencing 1 January 2017 and ending 31 December 2017; and

 

		(c)	Commencing 1 January 2018 and ending 31 December 2018.

 

 

 

    	 	1	 

     

    

 

Secured Promissory Note
means the loan note created by the Sellers and the Buyer dated 16 June 2016 to give effect to the Buyer Notes referred to in the
Original Agreement.

 

		2.	Interpretation

 

		2.1	In this Agreement, unless the context otherwise requires:

 

		(a)	Defined words used in this Agreement shall have the meaning ascribed to them in the Original Agreement
and the Secured Promissory Note;

 

		(b)	references to times of day are, unless the context otherwise requires, to Hong Kong time and references
to a day are to a period of twenty four hours running from midnight on the previous day;

 

		(c)	any amount expressed to be in $ or dollars, shall be to the lawful currency of the United States
of America;

 

		(d)	the index, headings and any descriptive notes in brackets following references to statutes in this
Agreement are for convenience only and shall not affect its construction or interpretation;

 

		(e)	references to Clauses, Recitals or Schedules are to clauses of and recitals and schedules to this
Agreement and references in a Schedule or a part of a Schedule to a paragraph are to a paragraph of that Schedule or that part
of that Schedule;

 

		(f)	all Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and
made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise
defined therein shall have the meaning as defined in this Agreement;

 

		(g)	use of the singular shall include the plural and vice versa, and the use of any gender shall include
all other genders;

 

		(h)	references to any document in the agreed form means in a form agreed by the parties and for the
purposes of identification initialled by each party;

 

		(i)	a party means a party to this Agreement and includes its permitted assignees and successors in
title and, in the case of an individual, his estate and personal representatives;

 

		(j)	a Person shall include any individual, firm, company, state or agency of the state or any association
or partnership or other body or entity (wherever and howsoever incorporated or established), and in each case, vice versa;

 

		(k)	includes or including shall mean including without limitation;

 

		(l)	general words shall not be given a restrictive meaning;

 

		(m)	writing or written includes faxes and any non-transitory form of visible reproduction including
e-mail;

 

		(n)	The words “hereof,” “herein,” “hereto” and “hereunder”
and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement.

 

		(o)	the captions herein are included for convenience of reference only and shall be ignored in the
construction or interpretation hereof.

 

		(p)	unless the context of this Agreement clearly requires otherwise, the term "or" has, except
where otherwise indicated, the inclusive meaning represented by the phrase "and/or."

 

		(q)	a rule of construction does not apply to the disadvantage of a party because the party was responsible
for the preparation of this Agreement or any part of it; and

 

		(r)	where any agreement, acknowledgement, covenant, representation, warranty, indemnity, undertaking,
obligation or liability is expressed to be made, undertaken or given by two or more persons their liability shall be deemed to
be joint and several.

 

 

 

    	 	2	 

     

    

 

		3.	Agreement to Amend

 

		3.1	The Sellers agree to extend the term of the Buyer Notes by one year for maturity and repayment
in full on 1 July 2019 in consideration for:

 

		(a)	An increase in the interest rate on the Buyer Notes to 10 percent per annum commencing on 1 July
2018, and payable quarterly in arrears commencing on 1 October 2018;

 

		(b)	An extension of the Earnout Years by one year to 31 December 2019; and

 

		(c)	Receipt of 800,000 Buyer Shares.

 

		3.2	Effective 1 January 2018, the Buyer and the Sellers agree that:

 

		(a)	The Definitions, and the terms and conditions of this Agreement, hereby amend the terms and conditions
of the Original Agreement and the Secured Promissory Notes;

 

		(b)	In particular and for the avoidance of doubt;

 

	 	-	The definitions of “Buyer Notes” and “Earnout Years” in the Original Agreement are replaced by the new
definitions of those defined terms in this Agreement;

 

	 	-	The words “second anniversary” appearing in clause 2(i) of the Secured Promissory Note shall be replaced with the
words “third anniversary”.

 

	 	-	Clause 2(a) of the Secured Promissory Note is amended by adding a new sentence at the end of the clause as follows:“Commencing
on 1 July 2018, the outstanding Principal Amount shall bear interest at the rate of ten (10%) percent per annum calculated on
the basis of a 360 day”.

 

	 	-	Clause 2(c) of the Secured Promissory Note is amended by adding a new sentence at the end of the clause as follows: “Commencing
on 1 July 2018, interest only shall be due and payable by the Company quarterly in arrears commencing 1 October 2018”.

 

		(c)	Notwithstanding anything in this Agreement, for the purposes of clause 3(b) of the Secured Promissory
Note the definition of Note Term will not be extended by one year and will remain for a period of two years.

 

		(d)	If there is an inconsistency between this Agreement and the Original Agreement or the Secured Promissory
Note, the Definitions and terms and conditions of this Agreement will prevail.

 

		4.	Confidentiality

 

		4.1	The parties undertake to keep confidential the terms of this Agreement and all information about
each other, and will ensure that the same level of confidentiality binds its employees, agents and advisors.

 

		4.2	The parties shall be entitled to disclose the information where:

 

		(a)	Information becomes public knowledge other than as a direct or indirect result of the information
being disclosed in breach of this Agreement;

 

 

 

    	 	3	 

     

    

 

		(b)	The parties agree in writing that such information is not confidential; and

 

		(c)	The disclosure is required by law, or by a regulatory body, tax authority or securities exchange.

 

		5.	Assignment

 

		5.1	This Agreement shall be binding on and shall enure for the benefit of the successors in title of
each party.

 

		5.2	No party shall be entitled to assign the benefit of any rights under this Agreement without the
prior written consent of the other parties, such consent not to be unreasonably withheld.

 

		6.	Further Assurance

 

Each party shall execute or procure that any
necessary third party shall execute all such documents and/or do or procure the taking of such steps as the other party shall after
Closing reasonably require in order to give effect to this Agreement (and any document entered into pursuant to it) and to give
each party the full benefit of the provisions of such documents.

 

		7.	Waiver, Variation and Release

 

		7.1	No failure or delay by a party in exercising any claim, remedy, right, power or privilege under
this Agreement shall operate as a waiver, nor shall any single or partial exercise of any claim, remedy, right, power or privilege
preclude any further exercise of any other claim, right, power or privilege.

 

		7.2	No variation of this Agreement shall be effective unless it is agreed in writing and executed by
each party.

 

		8.	Costs

 

The Buyer shall pay the Sellers
legal costs relating to this Agreement up to a maximum of US$7,500.

 

		9.	Counterparts

 

This Agreement may be entered into in two or
more counterparts, and by the parties to it on separate counterparts, but shall not be effective until each party has executed
at least one counterpart, and each counterpart, when executed and delivered shall be an original, and all counterparts shall together
constitute one and the same document.

 

		10.	Invalidity

 

Each of the provisions of this Agreement shall
be read and construed independently of the other provisions as entirely separate and is severable. If any provision (or part thereof)
is found by any court or competent authority to be illegal, invalid or unenforceable in any jurisdiction, that provision (or part
thereof) shall be deemed not to be part of this Agreement and shall not affect the continuation in force of the remainder of this
Agreement.

 

		11.	Third Party Rights

 

This Agreement and the documents referred to
in it are made for the benefit of the parties to them and their successors and permitted assigns, and are not intended to benefit,
or be enforceable by, anyone else.

 

		12.	Governing Law and Jurisdiction

 

		12.1	This Agreement and any dispute claim or obligation (whether contractual or non-contractual) shall
be governed by and construed in all respects in accordance with the law of Hong Kong.

 

		12.2	The parties irrevocably agree to submit to the exclusive jurisdiction of the courts of Hong Kong
in relation to any dispute, claim or obligation (whether contractual or non-contractual) arising out of or in connection with this
Agreement or the legal relationships established by it.

 

 

  

 

    	 	5	 

     

    

 

 

IN WITNESS WHEREOF THIS AGREEMENT has
been executed by the parties

 

	
        EXECUTED by GROM SOCIAL ENTERPRISES,
        INC. in accordance with its constituting documents and the laws by which it is governed by:

         

         
	
        )

        )

        )

        )
	
         

         

         

         

        /s/ Darren Marks

        

        Darren Marks, Director

	 	 	
         

        /s/ Mel Leiner

        Mel Leiner, Director

 

 

 

	
        EXECUTED by WAYNE EDWARD DEARING in
        the presence of:

         

         

         

        Signature of Witness

         

        Name of Witness

         

         
	
        )

        )

        )

        )

        )
	
         

         

         

         

         

         /s/ Wayne Edward Dearing

        Wayne Edward Dearing

	
        EXECUTED by DAVID ARDEN PEABODY in
        the presence of:

         

         

         

        Signature of Witness

         

        Name of Witness

         

         
	
        )

        )

        )

        )

        )
	
         

         

         

         

         

         

        /s/ David Arden Peabody

        David Arden Peabody

 

 

 

	
        EXECUTED by MICHAEL ALLARDICE GORDON
        HISCOCK in the presence of:

         

         

         

        Signature of Witness

         

        Name of Witness

         

         
	
        )

        )

        )

        )

        )
	
         

         

         

         

         

        /s/ Michael Allardice Gordon
        Hiscock

        Michael Allardice Gordon Hiscock

 

 

 

 

 

 

    	 	6

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