Document:

Exhibit 10.1

U.S. SMALL BUSINESS ADMINISTRATION
PAYCHECK PROTECTION PROGRAM

NOTE

	SBA Loan #:	1379667209
	SBA Loan Name:	Paycheck Protection Program Loan
	Loan Date:	4/24/2020
	Loan Amount:	$1,325,700.00
	Interest Rate:	1.00% fixed
	Borrower:	HUDSON GLOBAL RESOURCES MANAGEMENT, INC.
	Lender:	First Republic Bank

 

This Note represents the Loan (as defined
below) made by Lender pursuant to the Paycheck Protection Program (the “PPP”). Borrower confirms and agrees
that the Loan is subject in all respects to the Coronavirus Aid, Relief, and Economic Security Act and the requirements, rules,
regulations, procedures and guidance concerning the PPP in effect as of the date of this Note and as may be promulgated from time
to time after the date of this Note by the U.S. Department of Treasury and/or SBA (collectively, the “PPP Regulations”),
including, without limitation, all PPP Regulations applicable to permitted uses of loan proceeds and loan forgiveness.

		1.	PROMISE TO PAY

In return for the Loan, Borrower promises
to pay to the order of Lender the amount of $1,325,700.00 Dollars, interest on the unpaid principal balance, and all other amounts
required by this Note.

		2.	DEFINITIONS

“Loan” means the
loan evidenced by this Note.

“Loan Documents”
means the documents related to this Loan signed by Borrower, including the Borrower Application Form for the Paycheck Protection
Program, the Borrower Certificate executed and delivered by Borrower in connection with this Note and all other attestations, certificates,
agreements and documents delivered by Borrower to Lender in connection with the Loan.

“SBA” means the Small
Business Administration, an Agency of the United States of America.

     

     

    
		3.	PAYMENT TERMS

Borrower must make all payments at the
place Lender designates. The payment terms for this Note are:

Initial Deferment Period: No
payments are due on this Loan for 6 months from the date of first disbursement of this Loan. Interest will continue to accrue during
the deferment period.

Loan Forgiveness: Borrower
may apply to Lender for forgiveness of the amount due on this Loan in an amount equal to the sum of the following costs incurred
by Borrower during the 8-week period beginning on the date of first disbursement of this Loan:

		a.	Payroll costs

		b.	Any payment of interest on a covered mortgage obligation (which shall not include any prepayment
of or payment of principal on a covered mortgage obligation)

		c.	Any payment on a covered rent obligation

		d.	Any covered utility payment

The amount of Loan forgiveness
shall be calculated (and may be reduced) in accordance with the requirements of the PPP, including the provisions of Section 1106
of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136). Not more than 25% of the amount forgiven
can be attributable to non-payroll costs. If Borrower has received an EIDL advance, then that amount shall be subtracted from the
loan forgiveness amount.

Maturity: This
Note will mature on the date that is two years from date of first disbursement of this Loan.

Repayment Terms:

Interest Rate:
The interest rate on this Note is one percent per year. The interest rate is fixed and will not be changed during the life of the
Loan.

Installment Payments
Following Deferment Period: Borrower must pay monthly principal and interest payments on the outstanding principal balance
of the Loan amortized over the term of the Loan, unless otherwise forgiven in whole or part in accordance with the PPP Regulations,
beginning 7 months from the date of the first disbursement of this Loan until the maturity date. Payments of principal and interest
must be made on such date as designated by Lender in the months during which they are due. Any Loan balance remaining following
forgiveness pursuant to the PPP Regulations, if any, will be fully reamortized over the remaining term of the Loan.

Application of Installment
Payments: Lender will apply each installment payment first to pay interest accrued to the day Lender received the payment,
then to bring principal current, and will apply any remaining balance to reduce principal.

Payment at Maturity.
All remaining principal and accrued interest is due and payable two years from the date of first disbursement of this Loan.

     

     

    

Loan Prepayment: Notwithstanding
any provision in this Note to the contrary:

Borrower
may prepay this Note at any time without penalty. Borrower may prepay 20 percent or less of the unpaid principal balance at
any time without notice. If Borrower prepays more than 20 percent and the Loan has been sold on the secondary market, Borrower
must:

		a.	Give Lender written notice;

		b.	Pay all accrued interest; and

		c.	If the prepayment is received less than 21 days from the date
Lender receives the notice, pay an amount equal to 21 days interest from the date Lender receives the notice, less any interest
accrued during the 21 days and paid under b. of this paragraph.

 

If Borrower does not prepay within
30 days from the date Lender receives the notice, Borrower must give Lender a new notice.

Non-Recourse: Lender
and SBA shall have no recourse against any individual shareholder, member or partner of Borrower for non-payment of the Loan, except
to the extent that such shareholder, member or partner uses the Loan proceeds for an unauthorized purpose.

 

		4.	DEFAULT

Borrower is in default under this Note
if Borrower does not make a payment when due under this Note, or if Borrower:

		A.	Fails to do anything required by this Note and other Loan Documents;

		B.	Defaults on any other loan with Lender;

		C.	Does not disclose, or anyone acting on its behalf does not disclose, any material fact to Lender
or SBA;

		D.	Makes, or anyone acting on its behalf makes, (i) a materially false or misleading representation
to Lender or SBA or (ii) a false or incorrect statement or certification in any certificate, attestation or agreement included
in any Loan Documents;

		E.	Defaults on any loan or agreement with another creditor, if Lender believes the default may materially
affect Borrower’s ability to pay this Note;

		F.	Fails to pay any taxes when due;

		G.	Becomes the subject of a proceeding under any bankruptcy or insolvency law;

		H.	Has a receiver or liquidator appointed for any part of their business or property;

		I.	Makes an assignment for the benefit of creditors;

		J.	Has any adverse change in financial condition or business operation that Lender believes may materially
affect Borrower’s ability to pay this Note;

		K.	Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without
Lender’s prior written consent; or

     

     

    
		L.	Becomes the subject of a civil or criminal action that Lender believes may materially affect Borrower’s
ability to pay this Note.

		5.	LENDER’S RIGHTS IF THERE IS A DEFAULT

Without notice or demand and without
giving up any of its rights, Lender may:

		A.	Require immediate payment of all amounts owing under this Note;

		B.	Collect all amounts owing from Borrower; or

C. File
suit and obtain judgment.

		6.	LENDER’S GENERAL POWERS

Without notice and without Borrower’s
consent, Lender may:

		A.	Incur expenses to collect amounts due under this Note, enforce the terms of this Note or any other
Loan Document. Among other things, the expenses may include payments for property taxes, prior liens, insurance, appraisals, environmental
remediation costs, and reasonable attorney’s fees and costs. If Lender incurs such expenses, it may demand immediate repayment
from Borrower or add the expenses to the principal balance; and

		B.	Release anyone obligated to pay this Note.

		7.	WHEN FEDERAL LAW APPLIES; GOVERNING LAW AND VENUE

When SBA is the holder, this Note will
be interpreted and enforced under federal law, including SBA regulations. As to this Note, Borrower may not claim or assert against
SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

When
the SBA is not the holder, this Note will be interpreted and enforced under the laws of the State of California. All judicial proceedings
arising in or under or related to the Loan, this Note or any of the other Loan Documents
may be brought in any state or federal court located in a state where Lender has an office (each, a “Lender’s State”).
By execution and delivery of this Note, Borrower generally and unconditionally: (a) consents to nonexclusive personal jurisdiction
in each Lender’s State; (b) waives any objection as to jurisdiction or venue in each Lender’s State; (c) agrees not
to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by
any judgment rendered thereby in connection with the Loan, this Loan or the other Loan Documents.

		8.	SUCCESSORS AND ASSIGNS

Under this Note, Borrower includes its
successors, and Lender includes its successors and assigns.

Lender may at any time assign to one
or more assignees all or a portion of its rights and obligations under this Note.

     

     

    
		9.	OTHER AGREEMENTS AND GENERAL PROVISIONS

		A.	Borrower understands and agrees, and waives and releases Lender, as follows:

		a.	Forgiveness of the Loan is only available for principal that is used for the limited purposes that
qualify for forgiveness under the PPP Regulations, and that to obtain forgiveness, Borrower must request it and must provide documentation
in accordance with the PPP Regulations, and certify that the amounts Borrower is requesting to be forgiven qualify under the PPP
Regulations. Borrower also understands that Borrower shall remain responsible under the Loan for any amounts not forgiven, and
that interest payable under the Loan will not be forgiven but that the SBA may pay the Loan interest on forgiven amounts.

		b.	Forgiveness is not automatic and Borrower must request it. Borrower is not relying on Lender for
its understanding of the requirements for forgiveness such as eligible expenditures, necessary records/documentation, or possible
reductions due to changes in number of employees or compensation. Rather Borrower will consult the PPP Regulations and SBA’s
program materials.

		B.	All individuals and entities signing this Note are jointly and severally liable.

		C.	Borrower waives all suretyship defenses.

		D.	Borrower must sign all documents necessary at any time to comply with the Loan Documents.

		E.	Lender may exercise any of its rights separately or together, as many times and in any order it
chooses. Lender may delay or forgo enforcing any of its rights without giving up any of them.

		F.	Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms
of this Note.

		G.	If any part of this Note is unenforceable, all other parts remain in effect.

		H.	To the extent allowed by law, Borrower waives all demands and notices in connection with this Note,
including presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses based upon any claim that Lender
did not obtain any guarantee.

		10.	FURTHER ASSURANCES

The Loan and this Note are subject in
all respects to the PPP Regulations, including any PPP Regulations promulgated after the date of this Note. If after the date of
this Note, any further PPP Regulations are promulgated or if the PPP Regulations mandate a form of or the terms of the note, loan
authorization or other loan documents for PPP loans, Borrower agrees to execute any further instruments and documents and to take
such further actions as Lender requests, including exchanging this Note for new note, executing an amendment to this Note, or executing
any other loan documents that Lender requests. In the event of any exchange of or amendment to this Note, the disbursement date
applicable to the Loan (and all related time periods under the PPP Regulations and the maturity date applicable to this Loan) shall
be the same as set forth in this Note.

     

     

    
		11.	BORROWER’S NAME AND SIGNATURE

By signing below, each individual or
entity executing this Note as “Borrower” becomes obligated under this Note as Borrower.

	BORROWER:	 	 	 
	 	 	 	 
	HUDSON GLOBAL RESOURCES MANAGEMENT, INC.
	 	 	 	 	 
	By:	
        /s/ Matthew K. Diamond
	 	 	 
	 	Name:	MATTHEW K. DIAMOND	 	 	 	 
	 	Title:	CFO	 	 	 	 
	 	 	 	 	 	 	 
	 	
        4/26/2020
	 	 	 	 
	 	DateExhibit

EXHIBIT 10.4

FIRST AMENDMENT
TO THE
2U, INC. SEVERANCE PAY
AND CHANGE IN CONTROL
PLAN
This First Amendment (this “Amendment”) to the 2U, Inc. Severance Pay and Change in Control Plan (the “Plan”), is adopted by the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of 2U, Inc. (the “Company”) on April 24, 2020.  Capitalized terms used but not otherwise defined herein will have the meaning ascribed to them in the Plan.
WHEREAS, the Company maintains the Plan;
WHEREAS, in accordance with Section 5.1 of the Plan, subject to certain restrictions that do not apply in this instance, the Board (or a duly authorized committee thereof) is authorized to amend any or all provisions of the Plan at any time for any reason, and the Board has delegated such authority to the Committee; 
WHEREAS, the Committee desires to include a scrivener’s error provision to the Plan and to make a clarification, as set forth in this Amendment; and
WHEREAS, the Committee desires to delegate to the officers of the Company the authority to restate the Plan consistent with the terms of this Amendment and to make any filings it deems necessary and appropriate in connection therewith.
NOW, THEREFORE, BE IT RESOLVED, that the Plan is amended as follows:
The second paragraph of the “Introduction” of the Plan is hereby clarified by replacing the penultimate sentence thereof with the following:
“The Plan is intended to be a ‘top-hat’ welfare benefit plan within the meaning of U.S. Department of Labor Regulation Section 2520.104-24.” 
1.Article IV the Plan is hereby amended by adding a new Section 4.8 thereto, as follows:
“4.8    Scrivener’s Error.  The Plan shall be applied and interpreted without regard to any scrivener’s error (as described in the next following sentence).  The determination of whether a scrivener’s error has occurred, shall be made by the Committee or its authorized representative, in the exercise of its best judgment and sole discretion, based on its understanding of the intent of the Company as settlor of the Plan, and taking into account such evidence, written or oral, as it deems appropriate or helpful.  The Committee, or its authorized representative, is authorized to correct any scrivener’s error that it discovers in this document or in any other document of the Plan.  Construction or interpretation made under this Section 4.8 shall be conclusive.”
RESOLVED FURTHER, that the proper officers of the Company are authorized to restate the Plan consistent with the terms of this Amendment and to make any filings they deem necessary and appropriate in connection therewith; and 

RESOLVED FURTHER, that the proper officers of the Company be, and the same hereby are, authorized individually to take such actions, obtain such consents, and execute such documents and instruments as such officer, in his or her sole discretion, deems necessary or desirable to effectuate the intent of the foregoing resolutions and this Amendment.
  
ADOPTED:                            ATTESTED:

April 24, 2020                            /s/ Matthew Norden            
Date                                Secretary

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