Document:

Exhibit

Exhibit 10.21.1

TIME SHARING AGREEMENT 

This Time Sharing Agreement (the “Agreement”), is made and entered into this 14th  day of June, 2017, by and between Macy’s, Inc., a Delaware corporation, with principal offices at 7 West Seventh Street, Cincinnati, Ohio 45202 and 151 West 34th Street, New York, NY 10001 (“Company”), Macy’s Corporate Services, Inc., an Ohio corporation, with principal offices at 7 West Seventh Street, Cincinnati, Ohio 45202 and 151 West 34th Street, New York, NY 10001 (“Operator”) and Jeff Gennette, President and Chief Executive Officer of the Company, with a primary residence in New York, NY (“User”). 
W I T N E S S E T H: 
WHEREAS, Company, through its indirect wholly-owned subsidiary, Operator, owns or leases and operates the aircraft (collectively, the “Aircraft”) listed on Schedule A hereto for business use by employees of the Company in accordance with Part 91 of the Federal Aviation Regulations (“FAR”) and the Company’s policies regarding the business and personal use of corporate aircraft; and 
WHEREAS, Operator has the right and lawful authority to enter into time sharing agreements, as provided in §91.501 of the FAR to provide the Company’s senior executives with personal travel consistent with the Company’s aircraft policies; and 
WHEREAS, Operator has agreed to make the Aircraft, with flight crew, when the Aircraft and flight crew are not otherwise needed for business purposes, available to User for User’s personal travel in accordance with the Company’s aircraft policies on a non-exclusive time-sharing basis in accordance with §91.501 of the FAR; and 
WHEREAS, the User agrees to reimburse the Operator for personal use of the Aircraft as permitted under the FAR and as pursuant to the terms of this Agreement, which sets forth the understanding of the parties; and
NOW THEREFORE, Company, Operator and User declaring their intention to enter into and be bound by this Agreement, and for the good and valuable consideration set forth below, hereby covenant and agree as follows: 
1.    Provision of Aircraft and Crew.  Subject to Aircraft availability, Operator agrees to provide to User the Aircraft and flight crew on a time sharing basis in accordance with the provisions of this Agreement and FAR 91.501(c)(1).  Operator shall provide, at its sole expense, qualified flight crew for all flight operations under this Agreement.  If Operator is no longer the operator of any of the Aircraft, Schedule A shall be deemed amended to delete any reference to such Aircraft and this Agreement shall be terminated as to such Aircraft but shall remain in full force and effect with respect to each of the other Aircraft identified thereon, if any.  No such termination shall affect any of the rights and obligations of the parties accrued or incurred prior to such termination.  If Operator becomes the operator of any aircraft not listed on Schedule A hereto, Schedule A shall be modified to include such aircraft as an Aircraft covered by this Agreement, and thereafter this Agreement shall remain in full force and effect with respect to such Aircraft and each of the other Aircraft identified thereon, if any. 
2.     Term.  The term of this Agreement (the “Term”) shall commence on the date hereof and shall continue until terminated by either party on written notice to the other party, such termination to become effective 30 days from the date of the notice, provided that this Agreement may be terminated by Operator on such shorter notice as may be required for Operator to comply with applicable law, regulations, the requirements of any financial institution with a security or other interest in the Aircraft, insurance requirements, or in the event the insurance required hereunder is not in full force and effect.  Notwithstanding the foregoing, any provisions directly or indirectly related to User’s payment obligations for flights completed prior to the date of termination and the limitation of liability provisions in Section 9 shall survive the termination of this Agreement. 
3.     Reimbursement of Expenses.  Reimbursement for each Trip or Round Trip (as such terms are defined below) conducted under this Agreement shall be an amount (as determined by Operator) equal to the actual expenses 

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of operating such Trip (to include non-occupied legs, or “dead-head” flights, needed by Operator to position the aircraft for business use), not to exceed the sum of the following expenses as permitted pursuant to FAR 91.501(d): 
	
			
	 
	(a)
	Fuel, oil, lubricants, and other additives; 

	 
	(b)
	Travel expenses of the crew, including food, lodging, and ground transportation; 

	 
	(c)
	Hangar and tie-down costs away from the Aircraft’s base of operation; 

	 
	(d)
	Insurance obtained for the specific flight as per Section 7(b); 

	 
	(e)
	Landing fees, airport taxes, and similar assessments; 

	  
	(f)
	Customs, foreign permit, and similar fees directly related to the flight; 

	 
	(g)
	Passenger ground transportation;

	 
	(h)
	In-flight food and beverages;

	 
	(i)
	Flight planning and weather contract services; and 

	 
	(j)
	An additional charge equal to one hundred percent (100%) of the expenses listed in subsection (a) above. 

The term “Trip” shall mean a flight from a departure point to a single destination. A “Round Trip” shall mean a flight from a departure point to one destination and back to the same departure point. In the event that User travels from a departure point to multiple destinations, the Operator will provide a separate invoice for each Trip. All costs of repositioning an aircraft to accommodate a Trip shall be included on the invoice related to such Trip. 
4.     Invoicing and Payment.  All payments to be made to Operator by User hereunder shall be paid in the manner set forth in this Section 4.  Operator will pay, or cause to be paid, all expenses related to the operation of the Aircraft hereunder in the ordinary course.  Within 45 days of the end of a month, Operator shall provide or cause to be provided to User an invoice showing personal use of the Aircraft by User pursuant to this Agreement during such month and a complete accounting detailing all amounts that are payable by User pursuant to Section 4 for all Trips or Round Trips conducted during the month.  User shall pay all amounts due under the invoice in a manner reasonably acceptable to Operator not later than 30 days after receipt thereof.  In the event Operator has not received all supplier invoices for reimbursable charges relating to any Trips or Round Trips during a month prior to such invoicing, Operator shall issue a supplemental invoice(s) for such charge(s) to User, and User shall pay each supplemental invoice within 30 days after receipt thereof. 
     5.     Flight Requests. User shall provide Operator with Trip requests for User’s personal travel to be undertaken pursuant to this Agreement and proposed flight schedules as far in advance of User’s desired departure as possible, and, in any case, at least one (1) hour prior to User’s planned departure or as may be required by law.  The advance notice requirement in this Section 5 may be waived by Operator in its discretion.  All flight requests for travel under this Agreement shall be in accordance with all reasonable policies established by Operator.  Flight requests shall be in a form, whether oral or written, mutually convenient to, and agreed upon by the parties.  Operator shall have sole and exclusive authority over the scheduling of the Aircraft.  Operator shall not be liable to User or any other person for loss, injury, or damage occasioned by the delay or failure to furnish the Aircraft and crew pursuant to this Agreement for any reason.  In addition to requested schedules and departure times, User shall provide at least the following information for each proposed flight reasonably in advance of the desired departure time as required by Operator or its flight crew: 
	
			
	 
	(a)
	departure point; 

	 
	(b)
	destination; 

	 
	(c)
	date and time of flight; 

	 
	(d)
	number and identity of anticipated passengers; 

	 
	(e)
	nature and extent of luggage and/or cargo expected to be carried; 

	 
	(f)
	date and time of return flight, if any; and 

	 
	(g)
	any other information concerning the proposed flight that may be pertinent to or required by Operator, its flight crew, or governmental entities. 

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6. Operational Authority and Control. 
(a)  Operator shall be responsible for the physical and technical operation of the Aircraft and the safe performance of all flights under this Agreement, and shall retain full authority and control, including exclusive operational control and exclusive possession, command and control of the Aircraft for all flights under this Agreement. 
(b)  Operator shall furnish at its expense a fully qualified flight crew with appropriate credentials to conduct each flight undertaken under this Agreement.  In accordance with applicable FAR, the qualified flight crew provided by Operator will exercise all required and/or appropriate duties and responsibilities in regard to the safety of each flight conducted hereunder.  The pilot-in-command shall have absolute discretion in all matters concerning the preparation of the Aircraft for flight and the flight itself, the load carried and its distribution, the decision whether or not a flight shall be undertaken, the route to be flown, the place where landings shall be made, and all other matters relating to operation of the Aircraft.  User specifically agrees that the flight crew shall have final and complete authority to delay or cancel any flight for any reason or condition that in the sole judgment of the pilot-in-command could compromise the safety of the flight, and to take any other action that in the sole judgment of the pilot-in-command is necessitated by considerations of safety. No such action of the pilot-in-command shall create or support any liability to User or any other person for loss, injury, damage or delay. Operator’s operation of the Aircraft hereunder shall be strictly within the guidelines and policies established by Operator and FAR Part 91. 
(c)  Subject to Aircraft and crew availability, Operator shall use its good faith efforts, consistent with its approved policies, to accommodate User’s needs and avoid conflicts in scheduling.  Although every good faith effort shall be made to avoid its occurrence, any flights scheduled under this Agreement are subject to cancellation by either party without incurring liability to the other party.  In the event of a cancellation, the canceling party shall provide the maximum notice reasonably practicable. 
7.     Aircraft Maintenance.     Operator shall, at its own expense, cause the Aircraft to be inspected, maintained, serviced, repaired, overhauled, and tested in accordance with FAR Part 91 so that the Aircraft will remain in good operating condition and in a condition consistent with its airworthiness certification and shall take such requirements into account in scheduling the Aircraft hereunder, including but not limited to compliance with applicable airworthiness directives and service bulletins.  Performance of maintenance, preventive maintenance or inspection shall not be delayed or postponed for the purpose of scheduling the Aircraft unless such maintenance or inspection can safely be conducted at a later time in compliance with applicable laws, regulations and requirements, and such delay or postponement is consistent with the sound discretion of the pilot-in-command.  In the event that any non-standard maintenance is required during the term and will interfere with User’s requested or scheduled flights, Operator, or Operator’s pilot-in-command, shall notify User of the maintenance required, the effect on the ability to comply with User’s requested or scheduled flights and the manner in which the parties will proceed with the performance of such maintenance and conduct of such flight(s).  In no event shall Operator be liable to User or any other person for loss, injury or damage occasioned by the delay or failure to furnish the Aircraft under this Agreement, whether or not maintenance-related. 
8.     Insurance. 
(a)  Operator hereby agrees to arrange for and maintain at all times during the term of this Agreement, at its expense, aircraft liability insurance for the Aircraft in the form and substance and with such insurers as is customary for corporate aircraft of the type similar to the Aircraft.
(b)  Operator shall use reasonable commercial efforts to provide such additional insurance for specific flights under this Agreement as User may reasonably request.  User acknowledges that any trips scheduled to areas not currently covered by existing policies may require Operator to purchase additional insurance to comply with applicable regulations, and Operator shall be required to maintain or cause to be maintained such additional insurance.  The cost of all flight-specific insurance shall be borne by User as provided in Section 3(d). 
9.     Use of Aircraft.  User warrants that: 
(a)  User has all necessary powers to enter into the transactions contemplated in this Agreement and has taken actions required to authorize and approve this Agreement; 

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(b)  User will use the Aircraft under this Agreement for and only for his own account, including the carriage of his guests, and will not use the Aircraft for the purpose of providing transportation of passengers or cargo for compensation or hire or for common carriage; 
(c)  User will not permit any lien, security interest or other charge or encumbrance to attach against the Aircraft as a result of his actions or inactions, and shall not attempt to convey, mortgage, assign, lease or in any way alienate the Aircraft or Operator’s rights hereunder or create any kind of lien or security interest involving the Aircraft or do anything or take any action that might mature into such a lien; and
(d)  During the Term of this Agreement, User will abide by and conform to such laws, governmental and airport orders, rules, and regulations as shall from time to time be in effect relating in any way to the operation or use of the Aircraft by the User under a time sharing arrangement and all applicable policies of Operator.
10.     Limitation of Liability.  NEITHER OPERATOR (NOR ITS AFFILIATES) MAKES, HAS MADE OR SHALL BE DEEMED TO MAKE OR HAVE MADE ANY WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, WITH RESPECT TO ANY AIRCRAFT TO BE USED HEREUNDER OR ANY ENGINE OR COMPONENT THEREOF INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO DESIGN, COMPLIANCE WITH SPECIFICATIONS, QUALITY OF MATERIALS OR WORKMANSHIP, MERCHANTABILITY, FITNESS FOR ANY PURPOSE, USE OR OPERATION, AIRWORTHINESS, SAFETY, PATENT, TRADEMARK OR COPYRIGHT INFRINGEMENT OR TITLE. 
User agrees that the Aircraft liability insurance carried by, or on behalf of, Operator shall provide User’s sole recourse for all claims, losses, liabilities, obligations, demands, suits, judgments or causes of action, penalities, fines, costs and expenses of any nature whatsoever, including attorneys’ fees and expenses for or on account of or arising out of, or in any way connected with the use of the Aircraft by User or his guests, including, without limitation, injury to or death of any persons, including, without limitation, User’s employees, agents, representativies, guests, invitees or other parties which may result from or arise out of the use or operation of the Aircraft. In no event shall Operator OR COMPANY be liable to User or its employees, agents, representatives, guests, invitees or other parties for any claims or liabilities, including, without limitation, property damage, injury and death, and expenses, including, without limitation, attorneys’ fees, in excess of the amount paid by the applicable insurance carrier in the event of such loss. The provisions of this Section 10 shall survive THE termination or expiration of this Agreement. 
11.     Notices and Communications.  All notices and other communications under this Agreement shall be in writing (except as permitted in Section 4) and shall be given (and shall be deemed to have been duly given upon receipt or refusal to accept receipt) by personal delivery, by facsimile or electronic mail (with a simultaneous confirmation copy sent by first class mail properly addressed and postage prepaid), or by a reputable overnight courier service, addressed as follows: 
If to Company:        Macy’s, Inc.
151 West 34th Street
New York, NY 10001
Attention: Elisa Garcia, Chief Legal Officer and Secretary
Email: elisa.garcia@macys.com

If to Operator:        Macy’s Corporate Services, Inc.
7 West Seventh Street
Cincinnati, Ohio 45202
Attention: Ann Munson Steines
Email: ann.steines@macys.com

If to User:        Jeff Gennette
President and Chief Executive Officer
Macy’s, Inc.

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151 West 34th Street
New York, NY 10001
Email: jeff.gennette@macys.com
Or, to such other person or address as either party may from time to time designate in writing to the other party. 
12.     Entire Agreement.  This Agreement constitutes the entire understanding between the parties with respect to its subject matter, and there are no representations, warranties, rights, obligations, liabilities, conditions, covenants, or agreements relating to such subject matter that are not expressly set forth herein. There are no third-party beneficiaries of this Agreement. 
13.     Further Acts.  Company, Operator and User shall from time to time perform such other and further acts and execute such other and further instruments as may be required by law or may be reasonably necessary (i) to carry out the intent and purpose of this Agreement, and (ii) to establish, maintain and protect the respective rights and remedies of the other party. 
14.     Successors and Assigns.  User shall not have the right to assign, transfer or pledge this Agreement.  This Agreement shall be binding on the parties hereto and their respective heirs, executors, administrators, successors and assigns, and shall inure to the benefit of the parties hereto, and, except as otherwise provided herein, their respective heirs, executors, administrators, other legal representatives, successors and permitted assigns. 
15.     Taxes.  User shall be responsible for the payment of all applicable Federal excise taxes or any similar taxes imposed by any authority in connection with the use of the Aircraft by User hereunder; and User herby indemnifies and holds harmless Operator for any such taxes. 
16.     Governing Law and Consent to Jurisdiction. This Agreement shall be governed by the laws of the State of Ohio, without regard to its choice of law principles. 
17.     Severability.  If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions shall not be affected or impaired. 
18.     Amendment or Modification.  This Agreement may be amended, modified or terminated only in writing duly executed by the parties hereto. 
19.     Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement, binding on all the parties notwithstanding that all the parties are not signatories to the same counterpart.  Each party may transmit its signature by facsimile, and any faxed counterpart of this Agreement shall have the same force and effect as a manually-executed original. 
20.     Truth-in-Leasing Compliance.  Operator, on behalf of User, shall (i) deliver a copy of this Agreement to the Federal Aviation Administration, Aircraft Registration Branch, Attn: Technical Section, P.O. Box 25724, Oklahoma City, Oklahoma 73125 within 24 hours of its execution, (ii) notify the appropriate Flight Standards District Office at least 48 hours prior to the first flight under this Agreement of the registration number of the Aircraft, and the location of the airport of departure and departure time for such flight, and (iii) carry a copy of this Agreement onboard the Aircraft at all times when the Aircraft is being operated under this Agreement. 
21.     TRUTH-IN-LEASING STATEMENT PURSUANT TO SECTION 91.23 OF THE FEDERAL AVIATION REGULATIONS. 
(a)  OPERATOR CERTIFIES THAT EACH OF THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED DURING THE 12-MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT (OR SUCH SHORTER PERIOD AS OPERATOR SHALL HAVE POSSESSED THE AIRCRAFT) IN ACCORDANCE WITH THE PROVISIONS OF PART 91 OF THE FEDERAL AVIATION REGULATIONS. EACH OF THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN COMPLIANCE WITH THE MAINTENANCE AND INSPECTION REQUIREMENTS FOR ALL OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. 

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(b)  OPERATOR AGREES, CERTIFIES AND ACKNOWLEDGES, AS EVIDENCED BY ITS SIGNATURE BELOW, THAT WHENEVER ANY OF THE AIRCRAFT IS OPERATED UNDER THIS AGREEMENT, OPERATOR SHALL BE KNOWN AS, CONSIDERED, AND SHALL IN FACT BE THE OPERATOR OF, AND SHALL HAVE OPERATIONAL CONTROL OF, THE AIRCRAFT.
(c)  EACH PARTY CERTIFIES THAT IT UNDERSTANDS ITS RESPECTIVE RESPONSIBILITIES, IF ANY, FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
(c)  THE PARTIES UNDERSTAND THAT AN EXPLANATION OF FACTORS AND PERTINENT FEDERAL AVIATION REGULATIONS BEARING ON OPERATIONAL CONTROL CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 

[Remainder of page intentionally left blank] 
 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the day and year first above written.  The persons signing below warrant their authority to sign. 
 
MACY’S, INC.

By:_/s/ Elisa Garcia___________________________________
Name:    Elisa Garcia
Title:    Chief Legal Officer and Secretary

MACY’S CORPORATE SERVICES, INC.

By:_/s/ Ann M. Steines___________________________________
Name:    Ann Munson Steines
Title:    Senior Vice President

/s/ Jeff Gennette_______________________________________
JEFF GENNETTE

A legible copy of this Agreement shall be kept in the Aircraft 
for all operations conducted hereunder. 
 

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SCHEDULE A 
 
	
					
	 
	 
	 
	 
	 

	Type of Aircraft
	  
	U.S. Registration Number
	  
	Manufacturer Serial Number

	Cessna Citation Encore Plus
	 
	

N765F (formerly 
known as N237BG)
	 
	560-0771

	Gulfstream G200
	 
	

N765WM (formerly 
known as N200LV)
	 
	115

	 
	 
	 
	 
	 

	Gulfstream G200
	 
	N765M 
	 
	124

 

7EXHIBIT
10.2

 

EMPLOYMENT AGREEMENT

 

This is an Employment
Agreement entered into between Alpha Network Alliance Ventures Inc., a Delaware corporation (“Employer”) and Dato Dr.
Ronie Tan (“Executive”), the terms and conditions of which are as follows:

 

		1.	Term of Employment; Cancellation.

 

(a)       Subject
to the terms and conditions set forth in this Employment Agreement, Employer agrees to employ Executive and Executive agrees to
be employed by Employer for an initial term of five years, starting on December 1, 2017 and ending on the fifth anniversary of
such date; provided, however, that (i) this initial five-year term automatically shall extend for one additional year on such second
anniversary date and on each subsequent anniversary of such date unless Employer or Executive notifies the other pursuant to Section
6(a) that no such extension will be effected at least two months before such anniversary date and (ii) this Employment Agreement
is subject to earlier termination as provided herein. The date described in this Section 1 on which Executive starts his employment
with Employer shall be referred to in this Employment Agreement as the “Starting Date”. The employment term described
in this Section 1 shall be referred to in this Employment Agreement as the “Term”. If either party provides proper
notice that this Employment Agreement will not be renewed, then it shall expire at the end of the Term.

 

(b)       This
Employment Agreement may be terminated by Employer without prior notice and with no obligation of Employer under Section 4 to pay
contractual severance benefits to Executive, if at any time the transfer of assets to Employer pursuant to the Acquisition is enjoined
or rescinded or Employer’ ability to enjoy possession and use of such assets is enjoined or limited through any cause of
action arising from earlier ownership of such assets or its assignment of such assets to Employer as described above.

 

		2.	Position, and Duties and Responsibilities.

 

(a)       Position.
Executive shall be Co-Founder and Chairman of The Board of Employer.

 

(b)       Duties
and Responsibilities. Executive’s duties and responsibilities shall be those normally associated with Executive’s
position as a president and chief executive officer of Employer, plus any additional duties and responsibilities that Employer’s
Board of Directors, from time to time may assign orally or in writing to Executive. Executive shall undertake to perform all his
duties and responsibilities hereunder in good faith and on a full-time basis and shall at all times act in the course of Executive’s
employment under this Employment Agreement in the best interest of Employer.

 

		3.	Compensation and Benefits.

 

(a)    Base
Salary. Executive’s initial base salary shall be calculated at the rate of $300,000.00 per year. The base salary
shall be payable in accordance with Employer’s standard payroll practices and policies for employees and shall be
subject to such withholdings as required by law or as otherwise permissible under such practices or policies.
Executive’s base salary shall increase by 10% on December 1 of each year, based on the salary due to Executive in the
year prior to each such increase.

 

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(b)       Bonus
and Other Incentive Compensation. Employer shall pay Executive bonus of cash compensation equal to 2.0% of all monthly net
revenues of Employer, payable not later than 15 days after the end of each month. Executive during the Term shall be eligible (but
not guaranteed) to receive another or other bonuses pursuant to such unique or general plans or programs as Employer shall make
available to Executive. Executive shall also be eligible (but not guaranteed) to receive other benefits, including stock options,
that Employer may from time to time determine to offer to its executive officers. Employer and Executive may agree upon goals and
objectives to be required for Executive to meet to be eligible for payment of a bonus. Bonuses are not payable for any time period
during which an event, occurrence or breach of this Employment Agreement takes place that, with any required notice, lapse of time
or compliance with procedures under Section 4, constitutes Cause for termination under Section 4. Executive shall not be entitled
to any bonus payable following the expiration of this Employment Agreement or the termination thereof in accordance with Section
4.

 

(c)       Employee
Benefit Plans. Executive shall be eligible to participate in the employee benefit plans, programs and policies maintained by
or for Employer for similarly situated employees in accordance with the terms and conditions to participate in such plans, programs
and policies as in effect from time to time. The introduction and administration of benefit plans, programs and policies are within
Employer’s sole discretion and the introduction, deletion or amendment of any benefit plan, program or policy will not constitute
a breach of this Employment Agreement.

 

(d)       Vacation.
Executive shall be eligible for vacation as provided to similarly situated employees under policies set forth in Employer’s
Employee Handbook, if there is one, or other policies in place, which vacation time shall be taken at such time or times in each
year so as not to materially and adversely interfere with the business of Employer. Unused vacation may not be carried over from
any one-year period to any other period except as may be required by law.

 

(e)       Other
Benefits. Employer shall pay for costs related to Executive’s reasonable monthly cell phone and other mobile Internet
costs, home office Internet costs, car and commuting costs and club membership costs, payable not later than 10 days after the
end of each month. Employer shall not be liable to pay more than $1,000 per month for car and commuting costs.

 

		4.	Termination of Employment.

 

(a)       Termination
By Employer Other Than For Cause Or Disability Or By Executive For Good Reason.

 

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(1)       Employer
shall have the right to terminate Executive’s employment under this Agreement at any time, and Executive shall have the right
to resign at any time. However, a notice under Section 1 that no extension of Executive’s Term will be effected shall not
constitute at the time of such notice a termination of Executive’s employment by Employer or a resignation by Executive.
If either Employer or Executive elects to give such notice, Employer’s only obligation to Executive under this Employment
Agreement after the expiration of the Term shall be to pay Executive’s earned but unpaid salary then in effect under Section
3(a), if any, until the date the Term expired.

 

(2)       If
Employer terminates Executive’s employment other than for Cause or Disability or Executive resigns for Good Reason, Employer
shall (in lieu of notice of termination and in lieu of any other severance benefits under any of Employer’s employee benefit
plans, programs or policies) pay Executive an amount equal to Executive’s annual base salary as in effect under Section 3(a)
either immediately before Executive’s termination of employment or on the first day of the Term, whichever is greater. Employer
may, at its sole discretion, elect to pay Executive the amount owing under this Section 4(a)(2) in a lump sum or by way of salary
continuation. Executive waives his rights, if any, to have such payment(s) taken into account in computing any other benefits payable
to, or on behalf of, Executive by Employer.

 

(b)       Termination
By Employer For Cause or By Executive Other Than For Good Reason.

 

(1)       Employer
shall have the right to terminate Executive’s employment at any time for Cause, and Executive shall have the right to resign
at any time other than for Good Reason.

 

(2)       If
Employer terminates Executive’s employment for Cause or Executive resigns other than for Good Reason, Employer’s only
obligation to Executive under this Employment Agreement shall be to pay Executive’s earned but unpaid base salary then in
effect under Section 3(a), if any, up to the date Executive’s employment terminates, and Executive’s right to exercise
any outstanding stock options shall terminate thirty days after the day this Employment Agreement terminates under this Section
4.

 

(c)       Cause.
The term “Cause” as used in this Employment Agreement includes but is not limited to the following:

 

(1)       Executive
has engaged in conduct which constitutes gross negligence, gross misconduct or gross neglect in the performance of Executive’s
duties and responsibilities under this Employment Agreement, including conduct resulting or intending to result directly or indirectly
in gain or personal enrichment for Executive (“Cause” as defined here may be determined by the Shareholder in its reasonable
judgment);

 

(2)       Executive
has been convicted of a felony for fraud, embezzlement or theft; or

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(3)       Executive
has engaged in a breach of any provision of this Employment Agreement, which Executive has failed to cure within thirty days after
Executive has been provided notice of such breach.

(d)       Good
Reason. The term “Good Reason” means

 

(1)       Any
material reduction in Executive’s base salary;

 

(2)       A
relocation of Executive’s primary work site more than fifty miles from 11801 Pierce St., Riverside, California, absent Executive’s
consent; or

 

(3)       Any
material breach of any of the terms of this Employment Agreement by Employer; provided, however,

 

(4)       No
Good Reason shall exist unless (i) Executive gives Employer a detailed, written statement of the basis for Executive’s belief
that Good Reason exists and gives Employer a fifteen day period after the delivery of such statement to cure the basis for such
belief and (ii) Executive actually submits Executive’s resignation to Employer’s President or the Shareholder during
the sixty day period which begins immediately after the end of such fifteen day period if Executive reasonably and in good faith
determines that Good Reason continues to exist after the end of such fifteen day period.

 

(e)       Termination
for Disability or Death.

 

(1)       Employer
shall have the right to terminate Executive’s employment on or after the date Executive has a Disability, and Executive’s
employment shall terminate at Executive’s death.

 

(2)       If
Executive’s employment terminates under this Section 4(e), Employer’s only obligation under this Employment Agreement
shall be to pay Executive or, if Executive dies, Executive’s estate any earned but unpaid base salary then in effect under
Section 3(a) through the date Executive’s employment terminates.

 

The term “Disability”
as used in this Employment Agreement means the suffering by Executive for at least a 180 consecutive day period of a physical or
mental condition resulting from bodily injury, disease, or mental disorder which renders Executive incapable of continuing even
with reasonable accommodation to perform the essential functions of Executive’s job. Employer or the Shareholder shall determine
whether Executive has a Disability. If Executive disputes such determination, the issue shall be submitted to a panel consisting
of three physicians who specialize in the physical or mental condition from which Executive is believed to suffer, one appointed
and paid by Employer, one appointed and paid by Executive and the third appointed by these two physicians and paid one-half by
Employer and one-half by Executive. The determination as to whether Executive has a Disability shall be made by such panel and
shall be binding on Employer and on Executive. Executive acknowledges that, given the nature of Employer’s and Employer’
business and the critical importance of his position to the operations of Employer, it would constitute an unreasonable accommodation
on the part of Employer to operate without the services of Executive for in excess of 180 consecutive days. Furthermore, Executive
acknowledges that it would be impractical for Employer to hire a replacement for Executive, unless the replacement is hired on
a permanent basis.

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(f)       Benefits
at Termination of Employment. Executive shall not be entitled, by reason of his employment with Employer or by reason of any
termination of such employment, however arising, to any remuneration, compensation or benefits other than those expressly provided
for in this Section 4. However, any termination of Executive arising out of Executive’s death, or Disability does not affect
Executive’s right to collect disability or life insurance benefits that Executive may remain entitled to receive at that
time in accordance with the terms of the applicable benefit plan, program or policy.

 

		5.	Covenants by Executive.

 

(a)       Employer
Property.

 

(1)       Executive
upon the termination of Executive’s employment for any reason or, if earlier, upon Employer’s or Employer’ request
shall promptly return all “Property” which had been entrusted or made available to Executive by Employer.

 

(2)       The
term “Property” means all records, files, memoranda, reports, price lists, customer lists, drawings, plans, sketches,
keys, codes, computer hardware and software and other property of any kind or description prepared, used or possessed by Executive
during Executive’s employment by Employer (and any duplicates of any such property) together with any and all information,
ideas, concepts, discoveries, and inventions and the like conceived, made, developed or acquired at any time by Executive individually
or, with others during Executive’s employment which relate to Employer’s or Employer’ business, products or services.

 

(b)       Trade
Secrets.

 

(1)       Executive
agrees that Executive will hold in a fiduciary capacity for the benefit of Employer, as their respective interests may appear,
and will not directly or indirectly use or disclose, any “Trade Secret” that Executive may have acquired during the
term of Executive’s employment by Employer for so long as such information remains a Trade Secret.

 

(2)       The
term “Trade Secret” means information, including, but not limited to, technical or nontechnical data, a formula, a
pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product
plans, or a list of actual or potential customers or suppliers that (a) derives economic value, actual or potential, from not being
generally known to, and not being generally readily ascertainable by proper means by, other persons who can obtain economic value
from its disclosure or use and (b) is the subject of reasonable efforts by Employer, to maintain its secrecy.

    5 

     

    

 

(3)       This
Section 5(b) and Section 5(c) are intended to provide rights to Employer that are in addition to, not in lieu of, those rights
Employer has under the common law or applicable statutes for the protection of trade secrets.

 

(c)       Confidential
Information.

 

(1)       Executive
while employed under this Employment Agreement and thereafter during the “Restricted Period” shall hold in a fiduciary
capacity for the benefit of Employer, and shall not directly or indirectly use or disclose, any “Confidential Information”
that Executive may have acquired (whether or not developed or compiled by Executive and whether or not Executive is authorized
to have access to such information) during the term of, and in the course of, or as a result of Executive’s employment by
Employer.

 

(2)       The
term “Confidential Information” means any secret, confidential or proprietary information of Employer relating to its
respective businesses, including, without limitation, trade secrets, customer lists, details of client or consultant contracts,
current and anticipated customer requirements, pricing policies, price lists, market studies, business plans, operational methods,
marketing plans or strategies, product development techniques or flaws, computer software programs (including object code and source
code), data and documentation data, base technologies, systems, structures and architectures, inventions and ideas, past, current
and planned research and development, compilations, devices, methods, techniques, processes, financial information and data, business
acquisition plans and new personnel acquisition plans (not otherwise included in the definition of a Trade Secret under this Employment
Agreement) that has not become generally available to the public by the act of one who has the right to disclose such information
without violating any right of Employer. Confidential Information may include as well, but it is not limited to, future business
plans, licensing strategies, advertising campaigns, information regarding customers, employees and independent contractors and
the terms and conditions of this Employment Agreement.

 

(d)       Restricted
Period. The term “Restricted Period” as used in the Employment Agreement shall mean the period that starts on the
date of this Employment Agreement and extends until the later of one year from the date of this Employment Agreement and one year
after Executive’s employment with Employer terminates without regard to whether such termination comes before, at or after
the end of the Term.

 

(e)       Nonsolicitation
of Customers or Employees.

 

(1)       Executive
(i) while employed under this Employment Agreement shall not, on Executive’s own behalf or on behalf of any person, firm,
partnership, association, corporation or business organization, entity or enterprise (other than Employer), solicit Competing Business
of customers of Employer and (ii) during the Restricted Period shall not, on Executive’s own behalf or on behalf of any person,
firm, partnership, association, corporation or business organization, entity or enterprise, solicit Competing Business of customers
of Employer with whom Executive within the twenty-four month period immediately preceding the beginning of the Restricted Period
had or made contact in the course of Executive’s employment by Employer.

 

    6 

     

    

 

(2)       Executive
(i) while employed under this Employment Agreement shall not, either directly or indirectly, call on, solicit or attempt to induce
any other officer, employee or independent contractor of Employer to terminate his or her employment with Employer and shall not
assist any other person or entity in such a solicitation (regardless of whether any such officer, employee or independent contractor
would commit a breach of contract by terminated his or her employment), and (ii) during the Restricted Period, shall not, either
directly or indirectly, call on, solicit or attempt to induce any other officer, employee or independent contractor of Employer
with whom Executive had contact, knowledge of, or association in the course of Executive’s employment with Employer, during
the twelve month period immediately preceding the beginning of the Restricted Period, to terminate his or her employment with Employer
and shall not assist any other person or entity in such a solicitation (regardless of whether any such officer, employee or independent
contractor would commit a breach of contract by terminating his or her employment).

 

(3)       The
term “Competing Business” as used in this Employment Agreement means the creation or development, marketing, selling,
licensing or servicing of any product or service in a way which competes with Employer.

 

(f)       Noncompetition
Obligation. Executive while employed under this Employment Agreement and thereafter during the Restricted Period shall not
conduct or participate in Competing Business or organize or form any other business that will conduct Competing Business and shall
not engage in the management of, or provide consulting concerning the management of, Competing Business on behalf of any business
other than Employer.

 

(g)       Reasonable
and Continuing Obligations. Executive agrees that Executive’s obligations under this Section 5 are obligations that will
continue beyond the date Executive’s employment terminates and that such obligations are reasonable and necessary to protect
Employer’s and Employer’ legitimate business interests. Employer in addition shall have the right to take such other
action as it deems necessary or appropriate to compel compliance with the provisions of this Section 5.

 

(h)       Remedy
for Breach. Executive agrees that the remedies at law of Employer for any actual or threatened breach by Executive of the covenants
in this Section 5 would be inadequate and that Employer shall be entitled to specific performance of the covenants in this Section
5, including entry of an ex parte, temporary restraining order in state or federal court, preliminary and permanent injunctive
relief against activities in violation of this Section 5, or both, or other appropriate judicial remedy, writ or order, in addition
to any damages and legal expenses which Employer may be legally entitled to recover. Executive acknowledges and agrees that the
covenants in this Section 5 shall be construed as agreements independent of any other provision of this or any other agreement
between Employer and Executive, and that the existence of any claim or cause of action by Executive against Employer, whether predicated
upon this Employment Agreement or any other agreement, shall not constitute a defense to the enforcement by Employer of such covenants.

 

    7 

     

    

 

(i)       Survival.
Executive’s obligations under this Section 5 shall survive the expiration or termination of this Employment Agreement, regardless
of the grounds for any such termination.

		6.	Miscellaneous.

 

(a)       Notices.
Notices and all other communications shall be in writing and shall be deemed to have been duly given when personally delivered
or when mailed by United States registered or certified mail, or by e-mail with proof of receipt. Notices to Employer shall be
sent to Alpha Network Alliance Ventures Inc., 11801 Pierce Street, 2nd Floor, Riverside, California 92505, Attention: Corporate
Secretary. Notices and communications to Executive shall be sent to the address Executive most recently provided to Employer for
this purpose. Proof of actual receipt of notice shall evidence proper notice regardless of means of delivery. Alpha Network Alliance
Ventures Inc., and any of its subsidiaries, shall have the right to act as agent for Employer for the giving of any notice required
or permitted under this Employment Agreement.

 

(b)       No
Waiver. Except for the notice described in Section 6(a), no failure by either Employer, Employer or Executive at any time to
give notice of any breach by the other of, or to require compliance with, any condition or provision of this Employment Agreement
shall be deemed a waiver of any provisions or conditions of this Employment Agreement.

 

(c)       Governing
Law. This Employment Agreement shall be governed by the laws of the Delaware, without reference to the choice of law principles
thereof.

 

(d)       Assignment.
This Employment Agreement shall be binding upon and inure to the benefit of Employer and any successor to all or substantially
all of the business or assets of Employer and any permitted assigns. Employer may assign its interests in this Employment Agreement
to a successor to its business or to Employer or any subsidiary or affiliate of or successor to Employer, and no such assignment
shall be treated as a termination of Executive’s employment under this Employment Agreement. Executive’s rights and
obligations under this Employment Agreement are personal and shall not be assigned or transferred.

 

(e)       Other
Agreements. This Employment Agreement replaces and merges any and all previous agreements and understandings regarding all
the terms and conditions of Executive’s employment relationship with Employer, and this Employment Agreement constitutes
the entire agreement between Employer and Executive with respect to such terms and conditions. This Employment Agreement constitutes
the entire agreement between Employer and Executive with respect to the subject matter covered hereby.

 

(f)       Amendment.
No amendment to this Employment Agreement shall be effective unless it is in writing and signed by Employer and/or Employer, as
their respective interests are thereby affected, and by Executive.

    8 

     

    

 

(g)       Invalidity.
If any part of this Employment Agreement is held by a court of competent jurisdiction to be invalid or otherwise unenforceable,
the remaining part shall be unaffected and shall continue in full force and effect, and the invalid or otherwise unenforceable
part shall be deemed not to be part of this Employment Agreement.

 

IN WITNESS WHEREOF,
Employer, Employer and Executive have executed this Employment Agreement in multiple originals to be effective on the first date
of the Term.

 

Employer:

 

	ALPHA NETWORK ALLIANCE VENTURES INC.,

a Delaware corporation 	 	 
	 	 	 	 
	 	 	 	 
	 	/s/ Eleazar Rivera	 	 
	By:	Name:  Eleazar Rivera	 	Date: December 1, 2017
	 	Title: President	 	 
	 	 	 	 
	 	 	 	 
	EXECUTIVE	 
	 	 	 	 
	 	 	 	 
	 	/s/ Dato Dr. Ronie Tan	 	 
	By:	Name: Dato Dr. Ronie Tan	 	Date:  December 1, 2017
	 	Title: Chairman of the Board	 	 

 

 

 

    9

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