Document:

EX-10.1

 

 
 Exhibit 10.1 

October 25th 2021 

Mr. Justin Scarpulla 
 Dear Justin: 

I’m very excited to invite you to join the leadership team of Identiv, Inc. (the “Company”), with an anticipated start date of
December 13th 2021, or such other date we mutually agree on (your actual start date hereinafter the “Effective Date”). This offer letter sets forth the terms and conditions
of your prospective employment with the Company. Your job title will be Chief Financial Officer, and you will have duties and authority consistent with your position as an Officer of Identiv, Inc. You will report to the Chief Executive Officer and
the Audit Committee of the Company’s Board of Directors (the “Board”). You agree that, during your service at the Company, you shall not engage in any other employment, consulting or other business which conflicts with
or may reasonably be seen to interfere with the full performance of your duties to the Company without the prior written consent of the Board. 

Compensation; Benefits 
 You will receive an initial base
salary of $285,000 annualized, paid in accordance with the Company’s standard payroll procedures. Your compensation will be subject to periodic review and adjustment in accordance with Company practices. 

All compensation will be subject to authorized payroll deductions and required tax withholdings. All compensation due hereunder is intended to be exempt from
or compliant with Section 409A of the Internal Revenue Code, and all provisions hereof are to be interpreted and administered in a manner consistent with this intent. You agree that the Company does not have a duty to design its compensation
policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company related to tax liabilities arising from your compensation. Any compensation paid pursuant to this letter agreement that is subject to
recovery under any applicable law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required. 

The Company shall promptly reimburse you for the ordinary and necessary business expenses you incur in the performance of your duties, provided that such
expenses are incurred and accounted for in accordance with the Company’s reimbursement policy. You will be eligible to participate in the employee benefit plans and paid vacation programs made available by the Company to its senior executives
from time to time. Your initial paid-time-off allowance period will be three weeks, increasing over time consistent with Company benefits policies. 

Incentive Equity Award 
 Subject to Board approval,
you’ll be granted 85,000 restricted stock units (the “RSUs”) under the Company’s 2011 Incentive Compensation Plan (the “Plan”). Subject to your continued employment, the RSUs will vest over
four years beginning on the Effective Date, with 25% of the RSUs vesting on the first anniversary of the Effective Date and the remaining RSUs vesting in equal quarterly installments for 12 quarters following the first anniversary of the Effective
Date. The RSUs will be governed by the terms of the Plan and a forthcoming award agreement. 
 Termination of Employment 

Your employment with the Company is “at-will.” This means that either you or the Company can terminate the
employment relationship at any time and for any reason, with or without cause or prior notice. 
 2201 Walnut Ave, Suite 100 

Fremont, CA 94538 

 
Upon any termination of employment for any reason, you will be entitled to payment of all earned but unpaid base salary and unused paid vacation accrued as of the effective date of termination
consistent with California law, as well as payment of any authorized but unreimbursed business expenses no later than thirty (30) days following the effective date of termination. You will also be entitled to continuation of any employee
benefits as required by applicable law, including COBRA. Except as provided below, you will not be entitled to any additional termination compensation or benefits hereunder. 

If the Company terminates your employment without Cause (as defined below) and you provide an Enforceable Release (as defined below), then you’ll be
entitled to: 
 (i) six (6) months continued payment of your then-current base salary (subject to applicable deductions and required tax
withholdings) in accordance with the Company’s standard payroll procedures, but with the first installment delayed to the first pay period after the Enforceable Release and such first installment to be inclusive of any amounts otherwise payable
while the Enforceable Release is pending; and 
 (ii) Benefits Continuation (as defined below) for six (6) months beginning in the month
after your last day of employment. 
 (iii) An additional (6) months vesting of your RSU’s beginning in the month after your last
day of employment. 
 Termination of Employment – Defined Terms 

For purposes of this letter agreement, “Benefits Continuation” is defined as Company reimbursement of the COBRA premiums for
continuation of the Company group health plan coverage for yourself and your eligible dependents that was in effect as of the date of your termination; provided, however, that such reimbursement shall terminate if and to the extent you become
eligible to receive group health coverage from a subsequent employer (and any such eligibility shall be promptly reported to the Company). Notwithstanding the foregoing, if reimbursement of COBRA premiums hereunder would violate the Patient
Protection and Affordable Care Act of 2010, the parties agree to reform this as necessary to comply with said law and the regulations issued thereunder. 

For purposes of this letter agreement, a termination of your employment will be for “Cause” if you are terminated for any one or more
of the following events, as determined in good faith by the Board: (i) your commission of a criminal offence involving moral turpitude; (ii) your commission of any act of dishonesty either intended to injure the Company or otherwise having
a material detrimental effect on the Company; (iii) in carrying out your duties hereunder (A) gross negligence, (B) willful misconduct or (C) failure to comply with a legal directive of the Board or your direct report that is not
cured within thirty (30) days after written notice of such breach; or (iv) your breach of any material provision of this letter agreement, any material Company policy or your Nondisclosure, Proprietary Information Agreement and Inventions
Assignment. 
 For purposes of this letter agreement, an “Enforceable Release” is defined as an executed release of claims in a form
satisfactory to the Company that is irrevocable within sixty (60) days after your termination of employment, or such shorter period as the Company may require. 

Company Policies 
 In the performance of your duties,
you’ll comply with all applicable laws, rules and regulations as well as all Company rules, procedures, policies, requirements and directions. Like all Company employees, as a condition of your employment with the Company, you’ll be
required to sign and to be bound by the terms of the Company’s Nondisclosure, Proprietary Information Agreement and Inventions Assignment, a copy of which is attached to this letter. 

You understand and agree that by entering into this letter agreement, you represent to the Company that your performance will not breach any other agreement
to which you are a party and that you have not, and will not during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this letter agreement or the Company’s
policies. 

  
 2 

 Integration; Modification; Severability; Disputes 

This letter agreement, your Proprietary Information Agreement, the Indemnification Agreement to be entered into by the Company and you in your capacity as
Chief Financial Officer, and any written Company plans and policies that are referenced in this letter agreement, as such plans and policies may be amended by the Company from time to time, set forth the terms of your employment with the Company on
and after the Effective Date, and supersede and replace any prior agreements, representations or understandings, whether written, oral or implied, between you and the Company. No waiver, alteration, or modification, if any, of the provisions of this
agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto. 
 This letter agreement will be governed
by and construed in accordance with the laws of the State of California without regard to its conflict of laws principles. This letter agreement shall be governed by California law as applied to contracts executed and to perform entirely in
California. If any clause or provision of this letter agreement is found to be invalid or unenforceable, such clause or provision shall be construed and enforced as if it had been more narrowly drawn so as not to be invalid or unenforceable, and
such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this letter agreement. 
 To ensure the rapid
and economical resolution of disputes that may arise in connection with your employment, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, arising from or relating to the enforcement, breach,
performance, or interpretation of this letter agreement, your employment, or the termination of your employment, shall be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration in California conducted by
Judicial Arbitration and Mediation Services, Inc. (“JAMS”) or its successor, under the then applicable rules of JAMS. You acknowledge that by agreeing to this arbitration procedure, both you and the Company waive the right to resolve any
such dispute through a trial by jury or judge or by administrative proceeding. The arbitrator shall: (i) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted
by law; and (ii) issue a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. The Company shall pay all JAMS’ arbitration fees in excess of those administrative fees
you would be required to pay if the dispute were decided in a court of law. Nothing in this letter agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the
conclusion of any arbitration. Notwithstanding the provisions of this paragraph, any claims by either party arising under the Proprietary Information Agreement or involving trade secrets shall be resolved through the courts and not through the
arbitration procedure described above. 
 This offer is contingent upon satisfactory results of the background checks you’ve authorized us to conduct,
and upon proof of your eligibility for employment in the United States. This offer is valid through October 31, 2021. 

  
 3 

 Please call with any questions, and please take whatever time you need to consider our mutual fit, the terms
outlined here, and any other considerations. When you determine it’s appropriate, please indicate your acceptance of this offer by signing the acknowledgment below and returning it to me. 

I and the team are looking forward to building Identiv with you! 
  

	
	Sincerely,
	
	 /s/ Steven Humphreys

	Steven Humphreys
	Chief Executive Officer
	Identiv, Inc.

  

							
	AGREED AND ACCEPTED:	 		 	
				
	By:	 	 /s/ Justin Scarpulla
	 	                        	 	 10/25/2021

		 	Justin Scarpulla	 		 	Date Accepted

  
 4Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”), is entered into as of December 1, 2021 by and between Pop Culture Group Co.,
Ltd, a company incorporated and existing under the laws of Cayman Islands (the “Company”), and Renrong Zhu, an individual
(the “Executive”). The term “Company” as used herein with respect to all obligations of the Executive hereunder
shall be deemed to include the Company and all of its direct or indirect parent companies, subsidiaries, affiliates, or subsidiaries or
affiliates of its parent companies (collectively, the “Group”).

 

RECITALS

 

The
Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined
below).

 

The
Executive desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.

 

AGREEMENT

 

The parties hereto agree
as follows:

 

		1.	POSITION

 

The Executive hereby accepts a
position of Chief Financial Officer of the Company (the “Employment”).

 

		2.	TERM

 

Subject to
the terms and conditions of this Agreement, the initial term of the Employment shall be 3 years, commencing on December 1, 2021 (the “Effective
Date”), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the 3-year term, the Employment
shall be automatically extended for successive 1-year terms unless either party gives the other party hereto a 1-month prior written notice
to terminate the Employment prior to the expiration of such 3-year term or unless terminated earlier pursuant to the terms of this Agreement.

 

		3.	PROBATION

 

There is no probationary period.

 

		4.	DUTIES AND RESPONSIBILITIES

 

The Executive’s
duties at the Company will include all jobs assigned by the Company’s Board of Directors (the “Board”).

 

The Executive
shall devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and shall faithfully
and diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the Company
(the “Articles of Association”), and the guidelines, policies and procedures of the Company approved from time to time
by the Board.

 

	 	5.	NO BREACH OF CONTRACT

 

The Executive
shall use his/her best efforts to perform his/her duties hereunder. The Executive shall not, without prior consent of the Board,
become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or
interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a “Competitor”),
provided that nothing in this clause shall preclude the Executive from holding shares or other securities of any Competitor that is listed
on any securities exchange or recognized securities market anywhere, provided however, that the Executive shall notify
the Company in writing prior to his/her obtaining a proposed interest in such shares or securities in a timely manner and with such details
and particulars as the Company may reasonably require. The Company shall have the right to require the Executive to resign from any
board or similar body which he/she may then serve if the Board reasonably determines in writing that the Executive’s service on
such board or body interferes with the effective discharge of the Executive’s duties and responsibilities to the Company or that
any business related to such service is then in competition with any business of the Company or any of its subsidiaries or affiliates.

 

    

    	

    

 

The Executive
hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the
Executive of the Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other
agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by
and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if
any; (ii) the Executive has no information (including, without limitation, confidential information and trade secrets) relating to
any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her
duties hereunder; and (iii) the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this)
with any other person or entity except for other member(s) of the Group, as the case may be.

 

		6.	LOCATION

 

The Executive
will be based in Xiamen, the People’s Republic of China, until both parties hereto agree to change otherwise. The Executive acknowledges
that he/she may be required to travel from time to time in the course of performing his/her duties for the Company.

 

		7.	COMPENSATION AND BENEFITS

 

		(a)	Compensation. The
Executive’s cash compensation (inclusive of the statutory welfare reserves that the Company is required to set aside for the Executive
under applicable law) shall be provided by the Company in a separate schedule A attached hereto (“Schedule A”) or as specified
in a separate agreement between the Executive and the Company’s designated subsidiary or affiliated entity, subject to annual review
and adjustment by the Company or the compensation committee of the Board. The cash compensation may be paid by the Company,
a subsidiary or affiliated entity or a combination thereof, as designated by the Company from time to time.

 

		(b)	Equity Incentives. To
the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate in such plan pursuant
to the terms thereof.

 

		(c)	Benefits. The Executive
is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company
in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan.

 

		8.	TERMINATION OF THE AGREEMENT

 

		(a)	By the Company. The
Company may terminate the Employment for cause, at any time, without notice or remuneration, if the Executive (1) commits any serious
or persistent breach or non-observance of the terms and conditions of the Employment; (2) is convicted of a criminal offence other
than one which, in the opinion of the Board, does not affect the Executive’s position as an employee of the Company, bearing in
mind the nature of the Executive’s duties and the capacity in which the Executive is employed; (3) willfully disobeys a lawful
and reasonable order; (4) misconducts himself/herself and such conduct is inconsistent with the due and faithful discharge of the
Executive’s material duties hereunder; (5) is guilty of fraud or dishonesty; or (6) is habitually neglectful in his/her
duties. The Company may terminate the Employment without cause at any time with a 1-month prior written notice to the Executive or by
payment of 1 month’s salary in lieu of notice.

 

		(b)	By the Executive. The
Executive may terminate the Employment at any time with a 1-month prior written notice to the Company. In addition, the Executive
may resign prior to the expiration of the Agreement if such resignation or an alternative arrangement with respect to the Employment
is approved by the Board.

 

		(c)	Notice of Termination. Any
termination of the Executive’s Employment under this Agreement shall be communicated by written notice of termination from the
terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement
relied upon in effecting the termination.

 

    2

    	

    

 

		9.	CONFIDENTIALITY AND NONDISCLOSURE

 

		(a)	Confidentiality and Non-disclosure. The
Executive hereby agrees at all times during the term of his/her Employment and after termination of the Executive’s Employment
under this Agreement, to hold in the strictest confidence, and not to use, except for the benefit of the Group, or to disclose to any
person, corporation or other entity without written consent of the Company, any Confidential Information. The Executive understands that
“Confidential Information” means any proprietary or confidential information of the Group, its affiliates, their clients,
customers or partners, and the Group’s licensors, including, without limitation, technical data, trade secrets, research and development
information, product plans, services, customer lists and customers (including, but not limited to, customers of the Group on whom the
Executive called or with whom the Executive became acquainted during the term of his/her Employment), supplier lists and suppliers, software,
developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, personnel
information, marketing, finances, information about the suppliers, joint ventures, licensors, licensees, distributors, and other persons
with whom the Group does business, information regarding the skills and compensation of other employees of the Group or other business
information disclosed to the Executive by or obtained by the Executive from the Group, its affiliates, or their clients, customers, or
partners, either directly or indirectly, in writing, orally or by drawings or observation of parts or equipment, if specifically indicated
to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include
information that is generally available and known to the public through no fault of the Executive.

 

		(b)	Company Property. The
Executive understands that all documents (including computer records, facsimile and e-mail) and materials created, received
or transmitted in connection with his/her work or using the facilities of the Group are property of the Group and subject to inspection
by the Group, at any time. Upon termination of the Executive’s Employment with the Company (or at any other time when requested
by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his/her work
with the Company and will provide prompt written certification of his compliance with this Agreement. Under no circumstances will the
Executive have, following his/her termination, in his/her possession any property of the Group, or any documents or materials or copies
thereof containing any Confidential Information.

   

		(c)	Former Employer Information. The
Executive agrees that he/she has not and will not, during the term of his/her employment, (i) improperly use or disclose any proprietary
information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep
in confidence, or (ii) bring into the premises of the Group any document or confidential or proprietary information belonging to
such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will
indemnify the Group and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys’
fees and costs of suit, arising out of or in connection with any violation of the foregoing.

 

		(d)	Third Party Information. The
Executive recognizes that the Group may have received, and in the future may receive, from third parties their confidential or proprietary
information subject to a duty on the Group’s part to maintain the confidentiality of such information and to use it only for certain
limited purposes. The Executive agrees that the Executive owes the Group and such third parties, during the Executive’s Employment
by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to
disclose it to any person or firm and to use it in a manner consistent with, and for the limited purposes permitted by, the Group’s
agreement with such third party.

 

This Section 9
shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Company
shall have right to seek remedies permissible under applicable law.

 

    3

    	

    

 

		10.	WITHHOLDING TAXES

 

Notwithstanding
anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise
due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as
may be required to be withheld pursuant to any applicable law or regulation.

 

		11.	NOTIFICATION OF NEW EMPLOYER

 

In the event
that the Executive leaves the employ of the Company, the Executive hereby grants consent to notification by the Company to his/her new
employer about his/her rights and obligations under this Agreement.

 

		12.	ASSIGNMENT

 

This Agreement
is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement
or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement
or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation,
or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity, this Agreement
shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge
and perform all the promises, covenants, duties, and obligations of the Company hereunder.

 

		13.	SEVERABILITY

 

If any provision
of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this
Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are
declared to be severable.

 

		14.	ENTIRE AGREEMENT

 

This Agreement
constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes
all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment
agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict with
any of the provisions herein. The Executive acknowledges that he/she has not entered into this Agreement in reliance upon any
representation, warranty or undertaking which is not set forth in this Agreement.

 

		15.	REPRESENTATIONS

 

The Executive
hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive
hereby represents that the Executive’s performance of all the terms of this Agreement will not breach any agreement to keep in confidence
proprietary information acquired by the Executive in confidence or in trust prior to his/her Employment by the Company. The Executive
has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section 15.
The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company for
any tax advice with respect to this Agreement or any provisions hereunder.

 

    4

    	

    

 

		16.	GOVERNING LAW

 

This Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws.

 

		17.	ARBITRATION

 

Any dispute
or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel
of three arbitrators in New York, New York, in accordance with the rules of the American Arbitration Association then in effect. Judgment
may be entered on the arbitrator’s award in any court having jurisdiction. Each party to this agreement agrees that it will not
challenge the jurisdiction or venue provisions as provided in this Section 17.

 

		18.	AMENDMENT

 

This Agreement
may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to
this Agreement, which agreement is executed by both of the parties hereto.

 

		19.	WAIVER

 

Neither the
failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise
of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to
any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver
shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

  

		20.	NOTICES

 

All notices,
requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have
been duly given and made if (i) sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated
and kept on file by the sending party), (ii) delivered by hand, (iii) otherwise delivered against receipt therefor, or (iv) sent
by a recognized courier with next-day or second-day delivery to the last known address of the other party.

 

		21.	COUNTERPARTS

 

This Agreement
may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears
thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more
counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic
copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

		22.	NO INTERPRETATION AGAINST
DRAFTER

 

Each party
recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with
legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party
on the basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he/she has read and understands
this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement
and has had ample opportunity to do so.

 

[Remainder of this
page has been intentionally left blank.]

 

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IN WITNESS WHEREOF, this Agreement has been
executed as of the date first written above.

 

	Pop Culture Group Co., Ltd	 
	 	 	 
	By:	/s/ Zhuoqin Huang	 
	Name: 	Zhuoqin Huang	 
	Title:	Chief Executive Officer	 

 

Executive

 

	Signature: 	/s/ Renrong Zhu	 
	Name:	Renrong Zhu	 

 

[Signature Page to
Employment Agreement]

 

    6

    	

    

 

Schedule A

 

Annual compensation is $600,000, payable in U.S. dollars.

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