Document:

Exhibit 10.1

 

 

 

January 31, 2019

 

Terry Lynn

165 Georgia Lane

Portola Valley, California 94028

 

Re: SITO Mobile Offer Letter 

 

Dear Terry:

 

On behalf
of SITO Mobile, Ltd. (the “Company”), I am pleased to offer you full time employment with the Company in the role and
on the terms described below.

 

Position: You will start
in a full-time the position as Chief Financial Officer. In this position you will be located at our office in San Francisco, CA.
You will be reporting to Tom Pallack, CEO. Your start date will be February 19, 2019.

 

Salary: The starting
salary for this position is $275,000 annually, paid semi-monthly on the 5th and 20th of each month subject
to normal payroll taxes and other applicable withholdings and deductions. Your position with the Company will be classified as
exempt from the overtime and other requirements of federal and state law.

 

Equity: In your position,
subject to the approval of the Company’s Board of Directors, you will be granted a stock option grant of 250,000 shares (the
“Option Grant”) with a strike price as determined by the Board at the time of approval. The vesting of the Option Grant
will occur over a 4 year period at the rate of 1/4th of the total grant on the date one year after your start date and an additional
1/48th of the total grant each month thereafter, subject to your continued employment with Company. The option grant shall be governed
by the terms and conditions of the Company’s Stock Plan that will be provided to you when the option is granted.

 

Bonus: In this position you will also
have the ability to earn a year 1 bonus as measured on the first anniversary of your start date as set forth below contingent on
successful achievement of the following goals:

 

$150,000 bonus if revenue over the period exceeds
$50 million

$150,000 additional bonus
if revenue over the period exceeds $60 million

$150,000 additional bonus if revenue over the period exceeds $70 million

 

You must be employed with the Company at the time
the bonus is paid to be eligible.

 

Benefits: Effective the
first of the month following the month of your start date, as a full-time employee, you may participate in our group health insurance
plan, including coverage for medical, vision, dental, longterm disability and term life insurance. Enrollment forms will be provided
to you by the Company’s benefits coordinator. To remain eligible, you must work a minimum of 20 hours per week. The Company
reserves the right to change or discontinue any employee benefit, policy or practice at any time.

 

     

     

    

 

Paid Time Off:
You will be entitled to 15 days per year of paid time off, which consists of 10 vacation days and 5 personal days (plus Company
observed holidays) according to the Company’s standard policies, subject to any and all accrual caps imposed by such policies
(as they may be revised from time to time). Vacation time is calculated according to your anniversary date and is accrued at a
rate of 0.0384 days per day, starting from your first day of work. Vacation time may be taken as it accrues with management approval.
Whenever possible, requests should be submitted at least 30 days in advance to your manager. Requests will be reviewed and granted
whenever possible, workload permitting. Personal time, which covers absences due to illnesses and personal matters, is calculated
according to your anniversary date and is accrued at a rate of 0.0192 days per day, starting from your first day of work.

 

401(k) Plan: You are
immediately eligible to enroll in the Company’s 401(k) plan and request to rollover your other 401(k) plan holdings into
the Company’s plan.

 

Employment Relationship:
Your employment with the Company is for no specific period of time and will be “at will,” meaning that either you
or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations
which may have been made to you are superseded by this offer and nothing in this agreement shall be interpreted to contradict such
at will employment. This is the full and complete agreement between you and the Company on this term. Although your job duties,
title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time,
the “at will” nature of your employment may only be changed in an express written agreement signed by you and the Company’s
Chief Executive Officer.

 

Confidential Information
and Invention Assignment Agreement: Like all Company employees, you will be required, as a condition of your acceptance of
this offer and commencement of employment with the Company, to sign and deliver to the Company the Company’s enclosed standard
Confidential Information and Invention Assignment Agreement.

 

You understand and agree that
by accepting this offer of employment, you represent to the Company that your acceptance will not breach any other agreement to
which you are a party and which you have not disclosed in writing to the Company before signing this letter agreement, and that
you have not, and will not during the term of your employment with the Company, cause a conflict with any of the provisions of
this letter or the Company’s policies. You are not to bring with you to the Company, or use or disclose to any person associated
with the Company, any confidential or proprietary information belonging to any former employer or other person or entity with respect
to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use
such information and we will assist you in any way possible to preserve and protect the confidentiality of proprietary information
belonging to third parties. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or
otherwise associated with any former employer and suggest that you refrain from having any contact with such persons until such
time as any non- solicitation obligation expires.

 

On your first day of employment,
you will be provided with additional information about the objectives and policies, benefit programs and general employment conditions.
As required by law, your employment with the Company is also contingent upon your providing legal proof of your identity and authorization
to work in the United States.

 

If you wish to accept this offer,
please sign and date both of this letter and the enclosed Confidential Information and Invention Assignment Agreement and return
them to me. This offer, if not accepted, will expire at the close of business on February 2, 2019.

  

SITO
Mobile, Ltd. Newport Corporate Center 100 Town Square Place, Suite 204, Jersey City, 

NJ 07310 Tel: 201-275-0551 www.sitomobile.com

 

    2 

     

    

 

We are pleased
to have you join the SITO Mobile team as a member of what we feel is an organization that offers each employee an opportunity
for personal and professional development. If you have any questions, please do not hesitate to contact me at 650.867.2086.
We look forward to working with you in the future and hope you will find your employment at the Company a rewarding
experience.

 

	Very truly yours,	 	ACCEPTED AND AGREED:
	 	 	 	 	 
	SITO MOBILE, LTD.	 	Employee: Terry Lynn
	 	 	 	 	 
	By:	/s/ Tom
    Pallack	 	Signature 	/s/ Terry Lynn
	Name: 	Tom Pallack	 	 	 
	Title:	Chief Executive Officer	 	 	 

 

SITO
Mobile, Ltd. Newport Corporate Center 100 Town Square Place, Suite 204, Jersey City,

NJ 07310 Tel: 201-275-0551 www.sitomobile.com

 

    3 

     

    

 

Attachment A

 

SITO MOBILE, LTD. CONFIDENTIAL
INFORMATION AND 

INVENTION ASSIGNMENT AGREEMENT

 

As a condition
of my becoming employed (or my employment being continued) by SITO Mobile, Ltd. (including any of its subsidiaries) (together,
the “Company”), and in consideration of my employment relationship with the Company (the “Relationship”)
and my receipt of the compensation now and hereafter paid to me by the Company, I agree to the following:

 

1. Confidential
Information.

 

(a)
Company Information. I agree at all times during the Relationship and thereafter, to hold in strictest confidence,
and not to use, except for the benefit of the Company to the extent necessary to perform my obligations to the Company under the
Relationship, or to disclose to any person, firm, corporation or other entity without written authorization of the Board of Directors
of the Company, any Confidential Information of the Company which I obtain or create. I further agree not to make copies of such
Confidential Information except as authorized by the Company. I understand that “Confidential Information” means
any Company proprietary information, technical data, trade secrets or know-how, including, but not limited to, research, product
plans, products, services, suppliers, and customer information (including, but not limited to, any information about customers
of the Company on whom I called or with whom 1 became acquainted
during the Relationship that would not otherwise be publicly available), prices and costs, markets, software, developments, inventions,
laboratory notebooks, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing,
licenses, finances, budgets or other business information disclosed to me by the Company either directly or indirectly in writing,
orally or by drawings or observation of parts or equipment or created by me during the Relationship, whether or not during working
hours. I understand that Confidential Information includes, but
is not limited to, information pertaining to any aspect of the Company’s business which is either information not known by actual
or potential competitors of the Company or other third parties not under confidentiality obligations to the Company, or is otherwise
proprietary information of the Company or its customers or suppliers, whether of a technical nature or otherwise. I further understand
that Confidential Information does not include any of the foregoing items (i) of which I had knowledge prior to my employment
with the Company, or (ii) which has become publicly and widely known and made generally available through no wrongful act of mine.

 

(b)
Prior Obligations. I represent that my performance of all terms of this Agreement as an employee of the Company
has not breached and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by
me prior or after the commencement of the Relationship, and I will not disclose to the Company or use any inventions, confidential
or non-public proprietary information or material belonging to any current or former client or employer or any other party. I
will not induce the Company to use any inventions, confidential or non-public proprietary information, or material belonging to
any current or former client or employer or any other party. I acknowledge and agree that I have listed on Exhibit A hereto
all agreements (e.g., non-competition agreements, non-solicitation of customers agreements, non-solicitation of employees agreements,
confidentiality agreements, inventions agreements, etc.) with a current or former employer, or any other person or entity, that
may restrict my ability to accept employment with the Company or my ability as an employee to recruit or engage customers or service
providers on behalf of the Company, or otherwise relate to or restrict my ability to perform my duties as an employee of the Company
or any obligation I may have to the Company.

 

SITO
Mobile, Ltd. Newport Corporate Center 100 Town Square Place, Suite 204, Jersey City,

NJ 07310 Tel: 201-275-0551 www.sitomobile.com

 

    4 

     

    

 

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

 

2.       Inventions.

 

(a)
Inventions Retained and Licensed. I have attached hereto, in Exhibit A, a list describing with particularity
all inventions, original works of authorship, developments, improvements, and trade secrets which were made by me before the commencement
of the Relationship (collectively referred to as “Prior Inventions”), which belong solely to me or belong to
me jointly with another, which relate in any way to any of the Company’s proposed businesses, products or research and development,
and which are not assigned to the Company hereunder; or, if no such list is attached, I represent that there are no such Prior
Inventions. If, in the course of the Relationship, I incorporate into a Company product, process or machine a Prior Invention
owned by me or in which I have an interest, the Company is hereby granted and shall have a non-exclusive, royalty-free,
irrevocable, perpetual, worldwide license (with the right to sublicense) to make, have made, copy, modify, make derivative works
of, use, sell and otherwise distribute such Prior Invention as part of or in connection with such product, process or machine.

 

(b)
Assignment of Inventions. I agree that I will promptly make full written disclosure to the Company, will hold in
trust for the sole right and benefit of the Company, and hereby assign to the Company, or its designee, all my right, title and
interest throughout the world in and to any and all inventions, original works of authorship, developments, concepts, know-how,
improvements or trade secrets, whether or not patentable or registrable under copyright or similar laws, which I may solely or
jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the Relationship,
which relate to the messaging/notification business (collectively referred to as “Inventions”), except as provided
in Section 2(e) below. I further acknowledge that all Inventions which are made by me (solely or jointly with others) within the
scope of and during the Relationship are “works made for hire” (to the greatest extent permitted by applicable
law) and are compensated by my salary, unless regulated otherwise by the mandatory law of the state of New Jersey.

 

(c)
Maintenance of Records. I agree to keep and maintain adequate and current written records of all Inventions made
by me (solely or jointly with others) during the Relationship. The records may be in the form of notes, sketches, drawings, flow
charts, electronic data or recordings, laboratory notebooks, and any other format. The records will be available to and remain
the sole property of the Company at all times. I agree not to
remove such records from the Company’s place of business except as expressly permitted by Company policy which may, from time
to time, be revised at the sole election of the Company for the purpose of furthering the Company’s business. I
agree to return all such records (including any copies thereof) to the Company at the time of termination of the Relationship
as provided for in Section 3.

 

SITO
Mobile, Ltd. Newport Corporate Center 100 Town Square Place, Suite 204, Jersey City,

NJ 07310 Tel: 201-275-0551 www.sitomobile.com

 

    5 

     

    

 

(d)
Patent and Copyright Rights. I agree to assist the Company, or its designee, at its expense, in every proper way
to secure the Company’s, or its designee’s, rights in the Inventions and any copyrights, patents, trademarks, mask work rights,
moral rights, or other intellectual property rights relating thereto in any and all countries, including the disclosure to the
Company or its designee of all pertinent information and data with respect thereto, the execution of all applications, specifications,
oaths, assignments, recordations, and all other instruments which the Company or its designee shall deem necessary in order to
apply for, obtain, maintain and transfer such rights, or if not transferable, waive such rights, and in order to assign and convey
to the Company or its designee, and any successors, assigns and nominees the sole and exclusive rights, title and interest in
and to such Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating thereto.
I further agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or
papers shall continue after the termination of this Agreement until the expiration of the last such intellectual property right
to expire in any country of the world. If the Company or its designee is unable because of my mental or physical incapacity or
unavailability or for any other reason to secure my signature to apply for or to pursue any application for any United States
or foreign patents, copyright, mask works or other registrations covering Inventions or original works of authorship assigned
to the Company or its designee as above, then I hereby irrevocably
designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, to act for and
in my behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the application
for, prosecution, issuance, maintenance or transfer of letters patent, copyright or other registrations thereon with the same
legal force and effect as if originally executed by me. I hereby waive and irrevocably quitclaim to the Company or its designee
any and all claims, of any nature whatsoever, which I now or hereafter have for infringement of any and all proprietary rights
assigned to the Company or such designee.

 

(e) Exception
to Assignments. I understand that the provisions of this Agreement requiring assignment of Inventions to the
Company do not apply to any concepts or ideas developed prior to my employment by the Company, or to any Invention which
qualifies fully under the provisions of any applicable New Jersey limiting an employer’s right to require that Inventions
created in certain circumstances be assigned to the employer. I will advise the Company promptly in writing of any inventions
that I believe meet such provisions and are not otherwise
disclosed on Exhibit A.

 

3.       Company
Property; Returning Company Documents. I acknowledge and agree that I have no expectation of privacy with respect to the
Company’s telecommunications, networking or information processing systems (including, without limitation, stored company files,
e-mail messages and voice messages) and that my activity and any files or messages on or using any of those systems may be monitored
at any time without notice. I further agree that any property situated on the Company’s premises and owned by the Company, including
disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company personnel at any time
with or without notice. I agree that, at the time of termination of the Relationship, I will deliver to the Company (and will
not keep in my possession, recreate or deliver to anyone else) any and all devices, records, data, notes, reports, proposals,
lists, correspondence, specifications, drawings, blueprints, sketches, laboratory notebooks, materials, flow charts, equipment,
other documents or property, or reproductions of any of the aforementioned items developed by me pursuant to the Relationship
or otherwise belonging to the Company, its successors or assigns. In the event of the termination of the Relationship, I agree
to sign and deliver the “Termination Certification” attached hereto as Exhibit B; however, my failure
to sign and deliver the Termination Certification shall in no way diminish my continuing obligations under this Agreement.

 

SITO
Mobile, Ltd. Newport Corporate Center 100 Town Square Place, Suite 204, Jersey City,

NJ 07310 Tel: 201-275-0551 www.sitomobile.com

 

    6 

     

    

 

4. Notification to Other Parties.

 

(a) Employees. In the event that I leave the employ of the Company, I
hereby consent to notification by the Company to my new employer about my rights and obligations under this Agreement.

 

(b) Consultants. I hereby grant consent to notification by the Company
to any other parties besides the Company with whom I maintain a consulting relationship, including parties with whom such relationship
commences after the effective date of this Agreement, about my rights and obligations under this Agreement.

 

5. Solicitation of Employees, Consultants and Other Parties. I agree that, during the Relationship
and for a period of 12 months immediately following the termination of the Relationship for any reason, whether with or without
cause, I shall not either directly or indirectly: (i) solicit, induce, recruit or encourage any of the Company's current (as of
the time of any such solicitation, inducement, recruitment, or encouragement) employees or consultants to terminate their relationship
with the Company, or (ii) attempt to solicit, induce, recruit, encourage or take away current (as of the time of any such solicitation,
inducement, recruitment, encouragement or taking away) employees or consultants of the Company, either for myself or for any other
person or entity, except that it shall not be a violation of this provision to place an advertisement in any newspaper or trade
publication, or to make any other non-individually targeted solicitations, Further, during the Relationship and at any time following
termination of the Relationship for any reason, with or without cause, I shall not use any Confidential Information of the Company
to attempt to negatively influence any of the Company's clients or customers from purchasing Company products or services or to
solicit or influence or attempt to influence any client, customer or other person either directly or indirectly, to direct his
or its purchase of products and/or services to any person, firm, corporation, institution or other entity in competition with
the business of the Company.

 

6. Representations and Covenants.

 

(a) Facilitation of Agreement. I agree to execute promptly any proper
oath or verify any proper document required to carry out the terms of this Agreement upon the Company's written request to do
so.

 

(b) Conflicts. I represent that my performance of all the terms of this
Agreement does not and will not breach any agreement I have entered into, or will enter into with any third party, including without
limitation any agreement to keep in confidence proprietary information acquired by me in confidence or in trust prior to commencement
of my Relationship with the Company. I represent that I do not presently perform or intend to perform, during the term of the
my employment, consulting or other services for, and I am not presently employed by and have no intention of being employed by,
companies who businesses or proposed businesses in any way involve products or services which would be competitive with the Company’s
products or services, or those products or services proposed or in development by the Company during the term of my employment.
If, however, my employment with the Company is terminated for any reason, I agree that, I will not consult, become employed by,
or otherwise provide services to, and provide information to the companies listed on Exhibit B for a period of two years from
my last day of employment with the Company.

 

(c) Voluntary Execution. I certify and acknowledge that I have carefully
read all of the provisions of this Agreement and that I understand and will fully and faithfully comply with such provisions.

 

SITO Mobile, Ltd. Newport Corporate Center 100 Town Square
Place, Suite 204, Jersey City,

NJ 07310 Tel: 201-275-0551 www.sitomobile.com

    7 

     

    

 

7. General Provisions.

 

(a) Governing Law. The validity, interpretation, construction and performance
of this Agreement shall he governed by the laws of the State of New Jersey, without giving effect to the principles of conflict
of laws.

 

(b) Entire Agreement. This Agreement sets forth the entire agreement and
understanding between the Company and me relating to the subject matter herein and merges all prior discussions between us. No
modification or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing
signed by both parties. Any subsequent change or changes in my duties, obligations, rights or compensation will not affect the
validity or scope of this Agreement.

 

(c) Severability. If one or more of the provisions in this Agreement are
deemed void by law, then the remaining provisions will continue in full force and effect.

 

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

 

(e) Survival. The provisions of this Agreement shall survive the termination
of the Relationship. 

 

(f) Remedies. I acknowledge and agree that violation of this Agreement
by me may cause the Company irreparable harm, and therefore agree that the Company will be entitled to seek extraordinary relief
in court, including but not limited to temporary restraining orders, preliminary injunctions and permanent injunctions and in
addition to and without prejudice to any other rights or remedies that the Company may have for a breach of this Agreement.

 

(g) ADVICE OF COUNSEL. I ACKNOWLEDGE THAT, IN EXECUTING THIS AGREEMENT,
I HAVE HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND I HAVE READ AND UNDERSTOOD ALL OF THE TERMS AND
PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR. PREPARATION
HEREOF.

 

[Signature Page Follows]

 

SITO Mobile, Ltd. Newport Corporate Center 100 Town Square
Place, Suite 204, Jersey City,

NJ 07310 Tel: 201-275-0551 www.sitomobile.com

    8 

     

    

 

The parties have executed this Confidential Information and Invention Assignment Agreement on the respective dates set forth
below:

 

	SITO MOBILE, LTD.	 	Terry Lynn:
	 	 	 	an Individual
	 	 	 	 
	By:	/s/ Tom Pallack	 	/s/ Terry Lynn
	 	 	 	Signature
	Name:	Tom Pallack	 	 Date: 2/1/2019
	 	 	 	 
	Title:	CEO	 	 
	 	 	 	 
	Date:	2/1/2019	 	 

 

	Address:	 	Contact:
	100 Town Square Place, Suite 204	 	165 Georgia Lane
	Jersey City, NJ 07310	 	Portola Valley, CA. 94028

 

SITO Mobile, Ltd. Newport Corporate Center 100 Town Square
Place, Suite 204, Jersey City,

NJ 07310 Tel: 201-275-0551 www.sitomobile.com

 

    9 

     

    

 

EXHIBIT A

 

LIST OF RESTRICTIVE AGREEMENTS UNDER SECTION 1(b); LIST OF

PRIOR INVENTIONS AND ORIGINAL WORKS OF AUTHORSHIP

EXCLUDED UNDER SECTION 5

 

	 Title of Agreement	 	 Date	 	 Nature
    of Restriction
	 	 	 	 	 
	 	 	 	 	 
	 Title of Invention, etc.	 	 Date	 	 Identifying Number or Brief Description

X   No restrictive agreements, and no inventions or improvements

__ Additional Sheets Attached

 

Signature of Employee: /s/ Terry Lynn

 

Print Name of Employee: Terry Lynn

 

Date: 2/1/2019

 

SITO
Mobile, Ltd. Newport Corporate Center 100 Town Square Place, Suite 204, Jersey City, 

NJ 07310 Tel: 201-275-0551 www.sitomobile.com

 

    10 

     

    

 

 

EXHIBIT B

 

LIST OF COMPANIES

 

IN REFERENCE TO
UNDER SECTION 6 (b)

 

Opera Place IQ

Verve

Xad/Groundtruth

ThinkNear

9th
Decimal

 

__X______No conflicts

 

_______Addition Sheets Attached

 

	Signature of Employee:	/s/ Terry Lynn	 
	Print Name of Employee:	Terry Lynn	 

 

	Date:	2/1/2019	 

 

SITO
Mobile, Ltd. Newport Corporate Center 100 Town Square Place, Suite 204, Jersey City, 

NJ 07310 Tel: 201-275-0551 www.sitomobile.com

 

    11Exhibit 10.1

 

AMENDMENT
NO. 1 TO

THE MASTER AGREEMENT

 

THIS
AMENDMENT NO. 1, dated as of January 30, 2019 (this “Amendment”), to the Master Agreement, dated as of November
13, 2018 (as amended, modified or otherwise supplemented from time to time, the “Master Agreement”), is entered
into by and among General Electric Company, a New York corporation (“GE”), Baker Hughes, a GE company, a Delaware
corporation (“BHGE”), and Baker Hughes, a GE company, LLC, a Delaware limited liability company and an indirect
subsidiary of BHGE (“BHGE LLC”). Capitalized terms used but not defined herein shall have the meanings ascribed
to them in the Master Agreement.

 

WITNESSETH:

 

WHEREAS,
Section 6.09 of the Master Agreement permits the parties to amend the Master Agreement by an instrument in writing signed
on behalf of each of the parties thereto; and

 

WHEREAS,
GE, BHGE and BHGE LLC desire to amend certain provisions of the Master Agreement as set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained in this Amendment and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, GE, BHGE and BHGE LLC hereby agree as follows:

 

Section
1. Amendments to the Master Agreement.

 

1.1       Section
1.01(a) of the Master Agreement is hereby amended to:

 

(a)       amend
and restate the definition of “Term Sheets” as follows:

 

““Term
Sheets” means, collectively, the term sheets described in Section 5.01 and attached as exhibits hereto.”

 

(b)       amend
and restate the definition of “Term Sheet Effective Date” as follows:

 

““Term
Sheet Effective Date” means February 22, 2019.”

 

1.2       Section
1.01(b) of the Master Agreement is hereby amended by replacing the term “Amended and Restated Tax Matters Agreement”
with “Term Sheet for the A&R Tax Matters Agreement”.

 

1.3       Section
5.02(b) of the Master Agreement is hereby amended and restated in its entirety to read as follows:

 

    1

     

    

“(b)BHGE,
BHGE LLC and GE shall each use commercially reasonable efforts to negotiate in good faith the terms and conditions of and, as
applicable, to enter into the following amendment:

 

(i)       an
amended and restated tax matters agreement, substantially including the terms set forth in the term sheet attached hereto as Exhibit
M (the “Term Sheet for the A&R Tax Matters Agreement”), amending and restating that certain tax matters
agreement, dated as of July 3, 2017, among GE, BHGE, EHHC Newco, LLC, and BHGE LLC.”

 

1.4       Section
5.04 of the Master Agreement is hereby amended and restated in its entirety to read as follows:

 

“Section
5.04. Binding Effect; Effectiveness.

 

(a)       While
the parties hereto intend to convert each of the Term Sheets into one or more definitive agreements covering the subject matter
of such Term Sheet prior to the Term Sheet Effective Date, the parties agree that each Term Sheet contains all material terms
necessary to the transactions contemplated by such Term Sheet and that, to the extent definitive agreements do not replace any
Term Sheet on or prior to the Term Sheet Effective Date, such Term Sheet or, if such Term Sheet concerns an amendment to an existing
agreement between the parties to such Term Sheet, such existing agreement, as amended by such Term Sheet, shall be binding on
the applicable parties from and after the Term Sheet Effective Date and thereafter shall govern the relationship of the parties
with respect to such subject matter. For the avoidance of doubt, references to Term Sheets in this Agreement do not include the
Term Sheet for the A&R Tax Matters Agreement.

 

(b)       The
parties hereto agree that the Term Sheet for the A&R Tax Matters Agreement contains all material terms necessary to the transactions
contemplated by such term sheet and is binding on the parties thereto as of the date hereof.

 

(c)       In
the event that the Aeroderivatives Supply and Technology Development Agreement (GE Aviation to joint venture) is not effective
in accordance with the terms thereof on or prior to the Trigger Date (as defined in the Amended and Restated Stockholders Agreement),
the parties shall enter into an aeroderivative supply and technology development agreement on the same terms as the Aeroderivatives
Supply and Technology Development Agreement (except for such changes as are necessary so that the agreement no longer references
GE’s power business and is only with respect to the BHGE Field of Use (as defined in the Aeroderivatives Supply and Technology
Development Agreement)).”

 

1.5       Section
5.05 of the Master Agreement is hereby amended and restated in its entirety to read as follows:

 

    2

     

    

“Section
5.05. Services. Between the date hereof and July 3, 2019, the parties hereto shall use their commercially reasonable
efforts to negotiate in good faith the terms and conditions of a definitive transition services agreement (the “Transition
Services Agreement”), which Transition Services Agreement (i) shall provide for the provision of mutually agreed services
substantially consistent with those provided under the Intercompany Services Agreement, as amended pursuant to this Agreement,
to the extent the provision of such services is not prohibited by contract or applicable Law; provided, that the parties
hereto will work together in good faith to identify alternative approaches with respect to such services not provided; (ii) shall
include provisions governing the liability of the parties thereunder that are consistent with the Intercompany Services Agreement
and appropriate for the services to be provided under the Transition Services Agreement, (iii) shall contemplate such services
being provided at cost (calculated consistently, including with respect to any fees, costs or expenses associated with any such
services provided by third party providers, with GE’s standard practice for pricing transition services in connection with
dispositions) and related information rights consistent with GE’s standard practice for transition services provided in
connection with dispositions; and (iv) each of the parties hereto shall enter into, or cause an appropriate Affiliate to enter
into, promptly following the termination of the Intercompany Services Agreement in accordance with its terms. Notwithstanding
the foregoing, in no event shall the Transition Services Agreement become operative prior to the termination of the Intercompany
Services Agreement, as amended by this Agreement, with respect to the services contemplated by this Section 5.05, nor,
for the avoidance of doubt, shall any duplicative payments be required in respect of any services.”

 

Section
2. Effect on the Master Agreement. Other than as specifically set forth herein, all
other terms and provisions of the Master Agreement shall remain unaffected by the terms of this Amendment, and shall continue
in full force and effect. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of any party under the Master Agreement.

 

Section
3. Controls Tools List. Between the date hereof and February 22, 2019, the parties
shall work together in good faith to agree to the Controls Tools List (as defined in and as contemplated by the Amended and Restated
Intercompany Services Agreement).

 

Section
4. Headings; Interpretations. The headings set forth in this Amendment are for convenience
of reference purposes only and shall not affect or be deemed to affect in any way the meaning or interpretation of this Amendment
or any term or provision hereof. The parties agree that all references in the Master Agreement to “the date hereof”
or “the date of this Agreement” shall refer to November 13, 2018.

 

Section
5. Counterparts; Electronic Transmission of Signatures. This Amendment may be executed
in any number of counterparts and by different parties hereto in separate counterparts, and delivered by means of electronic mail
transmission or otherwise, each of which when so executed and delivered shall be deemed to be an original and all of which when
taken together shall constitute one and the same agreement.

 

    3

     

    

Section
6. Severability. If any provision of this Amendment shall be held to be illegal, invalid
or unenforceable under any applicable Law, then such contravention or invalidity shall not invalidate the entire Amendment. Such
provision shall be deemed to be modified to the extent necessary to render it legal, valid and enforceable, and if no such modification
shall render it legal, valid and enforceable, then this Amendment shall be construed as if not containing the provision held to
be invalid, and the rights and obligations of the parties hereto shall be construed and enforced accordingly.

 

Section
7. Governing Law. This Amendment shall be governed by and construed and interpreted
in accordance with the Laws of the State of New York irrespective of the choice of laws principles of the State of New York other
than Section 5-1401 of the General Obligations Law of the State of New York.

 

[The remainder
of this page has been

intentionally left blank; the next page is the signature page.]

 

    4

     

    

IN WITNESS
WHEREOF, the parties have caused this Amendment to be executed on the date first written above by their respective duly authorized
officers.

 

	 	GENERAL ELECTRIC COMPANY	 
	 	 	 
	 	 	 
	 	By:	 /s/ James M. Waterbury	 
	 	 	Name: James M. Waterbury	 
	 	 	Title:   Vice President	 

 

 

 

    
[Signature Page to Amendment No. 1 to the Master Agreement]

     

    

	 	BAKER HUGHES, A GE COMPANY	 
	 	 	 
	 	 	 
	 	By:	 /s/ Lee Whitley	 
	 	 	Name: Lee Whitley	 
	 	 	Title:   Corporate Secretary	 

 

 

 

    
[Signature Page to Amendment No. 1 to the Master Agreement]

     

    

	 	BAKER HUGHES, A GE COMPANY,
    LLC	 
	 	 	 
	 	 	 
	 	By:	 /s/ Lee Whitley	 
	 	 	Name: Lee Whitley	 
	 	 	Title:   Corporate Secretary	 

 

 

 

    
[Signature Page to Amendment No. 1 to the Master Agreement]

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