Document:

Exhibit 10.1

PAYCHECK PROTECTION PROGRAM PROMISSORY NOTE

 

	Customer Number: 3466661	 	SBA Loan Number: 78228170-02
	 	 	 
	Principal Amount; $1,924,400.00	 	SBA Approval Date: 04/08/2020
	 	 	 
	Effective Date: 04/17/2020	 	 

1. AGREEMENT AND ACCEPTANCE

This Paycheck Protection Program Promissory Note (“Note”)
governs and evidences the Paycheck Protection Program Loan (“Loan”) that FROST BANK (“Lender”),
whose address is Frost Bank, P.O. Box 1600, San Antonio, TX 78296, is providing MICROPAC INDUSTRIES, INC.

(“Borrower”), whose address is 905 E WALNUT.
The Loan is established under the terms and conditions of the Paycheck Protection Program of the United States Small Business Administration
(“SBA”) and the CARES Act (2020)(H.R. 748)(15 U.S.C 636 et seq.) (the “Act”). Borrower agrees to be bound
by and comply with each and every following term and condition of this Note. Lender agrees, based on the terms and conditions and
relying upon the representations and warranties set forth in this Note, to make available to Borrower the Loan as more fully described
herein.

2. PROMISE TO PAY 

Borrower promises to pay to FROST BANK, or order, in
lawful money of the United States of America, the principal amount of One million, nine hundred twenty four thousand, four hundred
dollars , ($1,924,400.00), together with interest on the unpaid principal balance thereof, from the Effective Date set forth above
(the “Effective Date”), calculated as described in the “INTEREST CALCULATION METHOD” paragraph herein using
an interest rate of 1.00% per annum based on a year of 365 days, until maturity.

3. INTEREST CALCULATION METHOD

Interest on this Note is computed on
a 365/365 simple interest basis; that is, by applying the ratio of the interest rate over the number of days in a year (365 for
all years, including leap years), multiplied by the outstanding principal balance, multiplied by the actual number of days the
principal balance is outstanding. All interest payable under this Note is computed using this method.

4. REPAYMENT 

a. Subject to subparagraph (b) immediately
below, Borrower will pay this loan in 17 equal principal payments of $106,911,11 and one final principal and interest payment of
$106,993,12. The Borrower’s first principal payment is due on 11/17/2020 and all subsequent principal payments are due on
the same day of each month after that. Interest will accrue at the rate specified herein beginning on the Effective Date of this
Note. Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning 11/17/2020
with all subsequent interest payments to be due on the same day of each month after that. Borrower’s final payment due on
04/17/2022 (the “Maturity Date”) will be for all principal and all accrued interest not yet paid. Lender will apply
each installment payment first to pay interest accrued to the date Lender received payment, then to bring principal current, and
will apply any remaining balance to reduce principal. Notwithstanding anything to the contrary in this Note, any principal or interest
due on a date that is not a customary business day shall be payable on the preceding business day.

b. As provided below, Borrower may apply for the Loan
to be forgiven in whole or in part. If any portion of the principal and/or accrued interest is forgiven by Lender, then upon such
forgiveness, the remaining balance of the loan will be reamortized over (i) the remaining term of this Note; or (ii) 18 months,
as Lender may decide in its sole discretion, with the entire unpaid principal balance, along with accrued and unpaid interest,
due and payable on the Maturity Date.

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5. PERMISSIBLE USE 

a. Borrower shall use the proceeds of
the Loan only for purposes authorized by the Act, specifically the Paycheck Protection Program contained within such Act and subject
to the certifications contained in that paragraph contained herein titled “Certifications and Authorizations”.

b. In no event shall the proceeds of
this Note be used for any transaction that is illegal or prohibited under any applicable law or governmental rule or regulation.

6. FORGIVENESS; REDUCTION 

a. Subject to subparagraph (b) immediately
below, the amount payable hereunder by Borrower will be reduced by the Forgivable Amount (as herein defined). The “Forgivable
Amount” shall be such amount of the loan proceeds that Borrower shall have applied to qualifying forgivable purposes listed
below, on the condition that (x) Borrower shall have provided to Lender documentation of such application of proceeds that meets
the requirements of any guidance issued by the SBA (including but not limited to any Interim Final Rules promulgated by the SBA
and/or published in the Federal Register), as determined by Lender in its sole and absolute discretion; (y) Borrower shall have
maintained, and shall maintain, employee and compensation levels in accordance with any guidance issued by the SBA (including but
not limited to any Interim Final Rules promulgated by the SBA and/or published in the Federal Register) as determined by Lender
in its sole and absolute discretion; and (z) the calculation of such amount shall be further subject to the following paragraph;
provided, however, that any amount that Borrower requests to have forgiven that is challenged, disputed or denied
by the SBA shall not be a Forgivable Amount or otherwise eligible for forgiveness by the Lender. 

b. The actual amount of loan forgiveness
will depend, in part, on the total amount of payroll costs, payments of interest on mortgage obligations incurred before February
15, 2020, rent payments on leases dated before February 15, 2020, and utility payments under service agreements dated before February
15, 2020, over the eight-week period following the disbursement of the Loan. Not more than 25% of the loan forgiveness amount may
be attributable to non-payroll costs

c. The following is an exhaustive list
of qualifying forgivable purposes (each as set forth below and in further detail in the Act and in any Interim Final Rules promulgated
by the SBA and/or published in the Federal Register):

1) payroll costs;

2) costs related to the continuation
of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums;

3) for mortgage obligations that were
incurred before February 15, 2020;

4) rent payments on leases dated and
effective before February 15, 2020;

5) utility payments under service agreements
dated and effective before February 15, 2020;

6) interest payments on any other debt
obligations that were incurred before February 15, 2020; and/or

7) refinancing an SBA Economic Injury
Disaster Loan (“EIDL”) made between January 31, 2020 and April 3, 2020.

d. If Borrower has received one or more
EIDL advances, the total amount of such advances shall be subtracted from the loan forgiveness amount.

7. 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 or unlawful purpose. For the avoidance of doubt, nothing in this paragraph
shall be construed to alter, modify or waive the repayment or other obligations of a Borrower that is a sole

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proprietor, independent contractor,
or otherwise eligible self-employed individual under this Note. Furthermore, Lender shall not have recourse for non-payment
of the Loan against an individual religious leader with requisite authority signing this Note on behalf of an ecclesiastical
or religious subdivision.

8. LATE CHARGES 

For each payment of principal, interest,
and/or fees which has not been paid in full within eleven (11) days after its date due, Borrower will pay to Lender a late charge
of $15.00 or five percent (5%) of the unpaid portion, whichever is greater. Borrower acknowledges and agrees that the amount of
this late fee is reasonable with respect to any such principal, interest, and/or fees, taking into account Lender’s expectation
of timely receipt of payments with regard to the favorable pricing of this Loan, and the operational, administrative and regulatory
burdens resulting from late payments and delinquencies. To the extent this late fee or any other fee or charge set forth in this
Note may be prohibited or may exceed any limit provided by any present or future applicable law, such fee or charge shall be reduced
to the maximum amount allowed.

9. PREPAYMENT 

Borrower may prepay principal of the
Loan 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) provide Lender
written notice; (b) pay all accrued interest; and (c) if the prepayment is received less than 21 days from the date Lender received
the notice, pay an amount equal to 21 days interest from the date Lender received the notice, less any interest accrued during
the 21 days and paid under (b) of this paragraph. If Borrower does not prepay within thirty (30) days from the date Lender received
the notice, Borrower must provide Lender a new notice.

10. DEFAULT 

a. There shall have occurred a default
(a “Default”) under this Note if Borrower:

1) Fails to make any payment when due
under this Note;

2) Breaches the terms of this Note in
any way, including but not limited to failure to do anything required under this Note;

3) Defaults under the terms of any other
obligation to Lender;

4) Does not disclose, or anyone acting
on Borrower’s behalf does not disclose, any material fact to Lender or SBA;

5) Makes, or anyone acting on Borrower’s
behalf makes, a materially false or misleading representation to Lender or SBA at any time;

6) Defaults on any loan or agreement
with another creditor;

7) Fails to pay any taxes when due;

8) Becomes the subject of a proceeding
under any bankruptcy or insolvency law;

9) Has a receiver or liquidator appointed
for any part of its business or property;

10) Makes an assignment for the benefit
of creditors;

11) Has any change in financial condition
or business operation that Lender believes may adversely affect Borrower’s ability to pay this Note;

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

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13) Makes any distribution of Borrower’s
assets that would adversely affect Borrower’s financial condition, or transfers (including pledging) or disposes of any assets,
except in the ordinary course of business, without Lender’s prior written consent.

14) Becomes the subject of a civil or
criminal action that Lender believes may adversely affect Borrower’s ability to pay this Note;

15) Has payments on the Loan returned
or reversed for any reason; or

16) Fails to submit required information to Lender that
Lender deems necessary in its sole discretion.

b. If there shall occur a Default specified
in the preceding clause 6, 7, 8, 9, 10, 11, 12, 13 or 14, then Borrower shall give notice to Lender within five (5) business days
of the occurrence thereof; provided that Borrower’s failure to give such notice shall not preclude the finding of a Default
under such provision.

11. REMEDIES 

a. In the event of any Default or failure
to meet any condition under this Note or comply with any term hereof, or upon any termination of the Loan, Lender may, at its option
without waiving any of its rights hereunder, at law or at equity, or otherwise:

1) suspend the funding, advancement
or disbursement of any and all loans (including the Loan) made by Lender to Borrower;

2) accelerate payment of the full balance
on any or all loans made by Lender to Borrower, including but not limited to amounts outstanding under this Note, and thereby require
immediate payment of the full balance, including, without limitation any interest, charges or fees of any kind due to Lender;

3) collect all amounts owing from Borrower
to Lender;

4) file suit and obtain judgment;

5) exercise its right of setoff against
any obligation Lender owes to Borrower, including a set-off to the extent permitted by law against any deposit account(s) Borrower
may have with Lender;

6) release anyone obligated to pay this
Note, without notice and without Borrower’s consent; or

7) incur expenses to collect amounts
due under this Note or enforce the terms of this Note or any document signed in connection with the Note, without notice and without
Borrower’s consent.

b. Without limitation of the foregoing,
if there shall occur any Default specified in subsection (8), (9) or (10) of Section 10.a., then all principal and interest outstanding
under this Note shall thereupon be immediately due and payable, without any further notice of default, notice of acceleration or
other notice of any kind from Lender to Borrower, all of which Borrower hereby expressly waives.

12. ATTORNEY’S FEES AND COSTS

Borrower agrees to pay Lender’s
attorney’s fees and costs: (a) related to this Note; or (b) related to enforcing the terms of this Note against Borrower;
or (c) related to collecting any amounts due under this Note from Borrower.

13. LAWS GOVERNING THIS AGREEMENT

Subject to the paragraph herein titled
“Small Business Administration (SBA)”, this Note and the Loan will be governed by federal law applicable to Lender
and, to the extent not preempted by federal law, the law of the State of Texas without regard to its conflicts of law provisions.
If any part of this Note cannot be enforced, this fact will not affect the rest of this Note. Lender may delay or forgo enforcing
any of its rights or remedies under this Note without losing them. Notwithstanding anything to the contrary, this Note shall not
require or permit the payment, taking, reserving, receiving, collection, or charging of any sums 

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constituting interest that exceed
any maximum amount of interest permitted by applicable law. Any such excess interest shall be credited against the then unpaid
principal balance or refunded to Borrower. Without limiting the foregoing, all calculations to determine whether interest exceeds
the maximum amount allowed by applicable law shall be made by amortizing, pro-rating, allocating, and spreading such sums over
the full term of the Loan.

14. CHOICE OF VENUE; WAIVER OF
RIGHT TO TRIAL BY JURY 

If there is a lawsuit involving this Note or any other
document executed in connection therewith, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts
of Bexar County, State of Texas.

BORROWER HEREBY WAIVES TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT TO ENFORCE THIS AGREEMENT, TO COLLECT DAMAGES FOR THE BREACH OF THIS AGREEMENT,
OR WHICH IN ANY OTHER WAY ARISE OUT OF, ARE CONNECTED TO OR ARE RELATED TO THIS AGREEMENT OR THE SUBJECT MATTER OF THIS AGREEMENT.
ANY SUCH ACTION SHALL BE TRIED BY THE JUDGE WITHOUT A JURY. 

15. CERTIFICATIONS AND AUTHORIZATIONS

a. By signing this Note, Borrower hereby
ratifies each and every certification and/or authorization (i) required for participation in the Paycheck Protection Program, as
set forth in the Act or in any Interim Final Rules promulgated by the SBA and/or published in the Federal Register, or (ii) made
in the Paycheck Protection Program “Borrower Application Form” (SBA Form 2483 04/20, hereinafter the “Application”)
submitted by Borrower or its authorized representative to Lender in connection with the Loan, and agrees that all such certifications
and/or authorizations are valid, true and correct as of the date of this Note, and that no answers provided by Borrower or on its
behalf in the Application have changed in a manner that would render the Borrower ineligible to participate in the Paycheck Protection
Program.

b. Furthermore, Borrower certifies that
proceeds of the Loan will be used as specified below:

$1,924,400.00 for payroll costs and
payments on mortgage interest, rent, utilities and interest on other debt obligations (provided that at least 75% of this amount
shall be used for payroll costs), as defined in the Act and in any Interim Final Rules promulgated by the SBA and/or published
in the Federal Register

$0.00 to refinance eligible SBA Economic
Injury Disaster (EIDL) Loan No. (Disbursed directly to SBA)

c. By signing this Note, Borrower also
hereby certifies and acknowledges that:

(i) If Borrower defaults on the Loan,
SBA may be required to pay Lender under the SBA guarantee, and SBA may then seek recovery of the Loan from Borrower (to the extent
any balance remains after loan forgiveness set forth above); and

(ii) Borrower shall keep books and records
in a manner satisfactory to Lender, furnish financial statements as requested by Lender, and allow Lender and SBA to inspect and
audit books, records and papers relating to Borrower’s financial or business condition

16. SUCCESSOR AND ASSIGNS; CONSENT
TO SALE OF LOAN 

a. The terms of this Note shall be binding
upon Borrower, and upon Borrower’s heirs, personal representatives, successors and assigns, and shall inure to the benefit
of Lender and its successors and assigns; provided, however, that Borrower shall not be permitted to assign to any other party
its interest in or any benefits or obligations under this Note without Lender’s prior written consent.

b. In addition, Borrower and Lender
agree: (i) Lender may sell, assign or transfer all or part of this Loan to one or more purchasers, assignees or transferees, including
but not limited to SBA, without notice to or consent of Borrower; (ii) Lender may provide to any purchaser or potential purchaser
any information or knowledge 

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Lender may have about the parties or about any other matter relating to this Loan, without notice,
and the Borrower waives any rights to privacy it may have with respect to such matters; and (iii) the assignee, purchaser or transferee
of a Loan will be considered its absolute owner and will have all the rights granted under this Note or agreements governing the
sale, assignment or transfer of the Loan.

17. SMALL BUSINESS ADMINISTRATION
(SBA)

When SBA is the holder, this Note will be interpreted
and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording
documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity
from state or local control, penalty, tax or liability. 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.

18. FACSIMILE AND COUNTERPARTS 

This document may be signed in any number
of separate copies, each of which shall be effective as an original, but all of which taken together shall constitute a single
document. This Note, and any application submitted in connection with this Note or the Loan by the Borrower, shall be valid, binding,
and enforceable against a Party (as defined in the paragraph titled “Final Agreement” herein) when executed by an authorized
individual on behalf of the Party by means of (a) an electronic signature that complies with the federal Electronic Signatures
in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable
electronic signatures law; (b) an original manual signature; or (c) a faxed, scanned, or photocopied manual signature. Each electronic
signature or faxed,

scanned, or photocopied manual signature
shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. In
instances where this Note is signed electronically the Borrower agrees that such version shall be treated as a “transferable
record” under the applicable enactment of the Uniform Electronic Transactions Act.

19. FINAL AGREEMENT 

The persons and entities signing below
(“Party”, or collectively, the “Parties”) acknowledge and agree that each Party’s execution of this
Note constitutes acknowledgment that such Party (a) agrees that there are no oral agreements relating to this Note, (b) agrees
that agreements will be binding upon Lender only if in writing and signed by Lender, and (c) acknowledges receipt of the following
Notice, and to the fullest extent allowed by law, agrees to be bound by the terms of this Note and this Notice.

NOTICE: THIS DOCUMENT AND ALL OTHER
DOCUMENTS RELATING TO THIS LOAN CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES RELATING TO THIS LOAN. 

20. GENERAL PROVISIONS. 

a. All individuals signing this Note
in their individual capacity and all entities signing this Note are jointly and severally liable.

b. Time is of the essence in performance
of this Note.

c. Borrower waives all suretyship defenses.

d. Borrower must sign all documents
necessary at any time to comply with this Note.

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
waiving or giving up any of them.

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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.

i. Borrower agrees that it shall promptly
sign and deliver to Lender an amended and restated form of this Note, to the extent such a modified or revised form is required
to comply with any requirement of the Act, the Paycheck Protection Program, or any other SBA requirement, as determined by Lender
in its sole discretion.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE
PAGE FOLLOWS.]

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By signing below, each individual or entity becomes obligated as
Borrower.

 

 

Borrower:

By: /s/ Mark King

Name: Mark King

Title: CEOExhibit 10.13

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the “Agreement”),
is entered into as of _______________, 20____ (the “Effective Date”), by and between Skillful Craftsman Education
Technology Limited, a Cayman Islands exempted company (the “Company”) and _______________, an individual (the
 “Executive”). Except with respect to the direct employment of the Executive by the Company, 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 and indirect subsidiaries and variable interest entity (collectively, the “Group”).

 

RECITALS

 

WHEREAS, the Company desires to employ
the Executive as its _________and to assure itself of the services of the Executive during the term of Employment (as defined below);
and

 

WHEREAS, the Executive desires to be employed
by the Company as its _________ during the term of Employment and upon the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the
mutual promises set forth in this Agreement, the parties agree as follows:

 

	1.  	POSITION

 

The Executive hereby accepts the position
of _________ of the Company and any other officer or employee positions with other Group members as may be approved by the Board
(as defined below).

 

	2.  	TERM

 

Subject to the terms and conditions of
this Agreement, the initial term of the Employment shall be one (1) year commencing on the Effective Date, unless terminated
earlier pursuant to the terms of this Agreement. The Employment will be renewed automatically for additional one (1) year
terms if neither the Company nor the Executive provides a notice of termination of the Employment to the other party within thirty
(30) days prior to the expiration of the applicable term.

 

	3.  	DUTIES AND RESPONSIBILITIES

 

	 	(a)	The Executive’s duties at the Company will include all the duties and responsibilities associated with a _______ of a U.S. listed public company with primary operations in the People’s Republic of China. As _________ of the Company, the Executive shall be primarily responsible for _________, as well as all tasks and responsibilities normally associated with the offices of _________ of an online education and technology service provider of similar size and nature to the Company. During the term of Employment, Executive shall report to and be responsible to the Company’s board of directors (including any designated audit or other committee thereof) (the “Board”). Executive shall also perform such other duties and responsibilities as may be determined by the Board, as long as such duties and responsibilities are consistent with those of the Company’s _________.

 

	 	(b)	The Executive shall devote all of Executive’s working time, attention and skills to the performance of Executive’s duties to the Company and the Group and shall faithfully and diligently serve the Company and the Group in accordance with this Agreement, the memorandum and articles of association of the Company, as amended and restated from time to time, and the guidelines, policies and procedures of the Company approved from time to time by the Board.

 

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	 	(c)	The Executive shall use Executive’s best efforts to perform Executive’s duties hereunder. The Executive shall not, without the prior written consent of the Board, become an employee of any entity other than the Company and any member of the Group, and shall not be concerned or interested in any business or entity that engages in the same business in which the Company or any member of the Group engages (any such business or entity, a “Competitor”), provided that nothing in this clause shall preclude the Executive from holding less than one percent (1%) of the outstanding equity of any Competitor that is listed on any securities exchange or recognized securities market anywhere. The Executive shall notify the Company in writing of Executive’s interest in such securities in a timely manner and with such details and particulars as the Company may reasonably require.

 

	 	(d)	The Executive acknowledges the Executive’s and the Company’s public reporting obligations associated with the Executive’s position of the Company under applicable securities laws, rules and regulations, and the Executive shall use the Executive’s efforts to comply with all such reporting obligations that are Executive’s personal responsibility; provided that the Company agrees to provide the Executive with assistance and support with respect to all such filings (including making such filings on the Executive’s behalf).

 

	4.  	NO BREACH OF CONTRACT

 

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 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 entered into by and between the Executive and any member of the
Group pursuant to applicable law, if any; (ii) that 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 from
entering into this Agreement or carrying out Executive’s duties hereunder; (iii) that 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.

 

	5.  	LOCATION

 

The Executive will be based primarily in
Jiangsu Province, China. The Company reserves the right to transfer or second the Executive to any location in China or elsewhere
in accordance with its operational requirements.

 

	6.  	COMPENSATION AND BENEFITS

 

	 	(a)	Base Salary. The Executive’s initial pre-tax base salary shall be USD$_________ per month, paid monthly in arrears in accordance with the Company’s regular payroll practices, and such compensation is subject to annual review and adjustment by the Board in its sole discretion.  The Executive shall also be entitled to receive salary, as and in the amount approved by the Board in advance, from any member of the Group. 

 

	 	(b)	Bonus. The Executive shall be eligible for cash bonuses as determined by the Board in its sole discretion. 

 

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	 	(c)	Equity Incentives. To the extent the Company adopts and maintains an equity incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof as determined by the Board.

 

	 	(d)	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, provided that such plans shall be subject to review and approval by the Board.

 

	 	(e)	Expenses. The Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses incurred by the Executive in the performance of Executive’s duties under this Agreement; provided that he/she properly accounts for such expenses in accordance with the Company’s policies and procedures.

 

	7.  	TERMINATION OF THE AGREEMENT

 

The Executive’s employment may be
terminated as provided for in this Section 7.

 

		(a)	
        By the Company.

         

        (i) For Cause. The Company
        may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically
        required by applicable law, in which case notice or remuneration will be provided in accordance with applicable law), if:

         

        (1)   the
        Executive is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement;

         

        (2)   the
        Executive has been grossly negligent or acted dishonestly to the detriment of the Company;

         

        (3)   the
        Executive has engaged in actions amounting to willful misconduct or failed to perform Executive’s duties hereunder and such
        failure continues after the Executive is afforded not less than fifteen (15) days to cure such failure;

         

        (4)   the
        Executive’s willful failure to comply with a lawful directive of the Board; or

         

        (5)   the
        Executive violates Sections 8, 9 or 10 of this Agreement.

         

        Upon termination for “cause”,
        the Executive shall be entitled to the amount of base salary earned and not paid prior to termination. However, the Executive
        will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination, and the Executive’s
        right to all other benefits will terminate, except as required by any applicable law.

         

        (ii) For Death and Disability.
        The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration
        is specifically required by applicable law, in which case notice or remuneration will be provided in accordance with applicable
        law), if:

         

        (1)   the
        Executive has died, or

        

         

        

 

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	 	 	(2)   the
Executive has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders
the Executive unable to perform the essential functions of Executive’s employment with the Company, with or without reasonable
accommodation, for more than 120 days in any 12-month period, unless a longer period is required by applicable law, in which case
that longer period would apply.

 

Upon termination for death or
disability, the Executive shall be entitled to the amount of base salary earned and not paid prior to termination. However,
the Executive will not be entitled to receive payment of any severance benefits or other amounts by reason of the termination,
and the Executive’s right to all other benefits will terminate, except as required by any applicable law.

 

(iii) Without Cause. The Company
may terminate the Employment without cause, at any time, upon thirty (30) days’ prior written notice. Upon termination without
cause, the Company shall provide the following severance payments and benefits to the Executive: a cash payment of one (1) month
of the Executive’s base salary as of the date of such termination for each year (which is any period longer than six months
but no more than one year) and a cash payment of half month of the Executive’s base salary as of the date of such termination
for any period of employment no more than six months, provided that the total severance payments shall not exceed twelve months
of the Executive’s base salary.

 

Upon termination without cause, the Executive
shall also be entitled to the amount of base salary earned and not paid prior to termination.

 

In order to be eligible for, and as a condition
precedent for the payment of, the severance payments and benefits under this Section 7(a)(iii), the Executive must execute
and deliver to the Company a general release of the Company and all members of the Group and their affiliates in a form annexed
hereto as Exhibit A.

 

(iv) Change of Control Transaction. If the Company
or its successor terminates the Employment upon 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 (the “Change of Control Transaction”),
the Executive shall be entitled to the following severance payments and benefits upon such termination: (1) a lump sum cash
payment equal to three (3) months of the Executive’s base salary at a rate equal to the greater of Executive’s
annual salary in effect immediately prior to the termination, or Executive’s then current annual salary as of the date of
such termination; (2) a lump sum cash payment equal to a pro-rated amount of Executive’s target annual bonus for the
year immediately preceding the termination; (3) payment of premiums for continued health benefits under the Company’s
health plans for three (3) months following the termination; and (4) immediate vesting of 100% of the then-unvested portion
of any outstanding equity awards held by the Executive.

 

	 	(b)	
        By
        the Executive. The Executive may terminate the Employment at any time with thirty (30) days’ prior written notice
        to the Company without cause, if (1) there is a material reduction in the Executive’s authority, duties and responsibilities
        unless such reduction was made with Executive’s consent, or (2) there is a material reduction in the Executive’s
        annual salary (the occurrences in (1) and (2) being referred to as “Good Reason”). Upon the Executive’s
        termination of the Employment due to either of the above reasons, the Company shall provide compensation to the Executive equivalent
        to three (3) months of the Executive’s base salary that he/she is entitled to immediately prior to such termination.
        In addition, the Executive may resign prior to the expiration of the Agreement if such resignation is approved by the Board or
        an alternative arrangement with respect to the Employment is agreed to by the Board.

        

        

 

    4 

     

    

 

	 	 	In order to be eligible for, and as a condition precedent for the payment of, the severance payments and benefits under this Section 7(b), the Executive must execute and deliver to the Company a general release of the Company and all members of the Group and their affiliates in a form annexed hereto as Exhibit A.

 

	 	(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.

 

	 	(d)	Resignation of All Other Positions. Immediately upon the effective date of any termination of the Executive’s Employment for any reason, the Executive shall resign in writing from membership on the Board, the board of directors of any Group member or any committee thereof and from any and all offices Executive holds at the Company or Group Member.

 

	 	(e)	No Mitigation. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by the Executive as a result of employment by a subsequent employer.

 

	8.  	CONFIDENTIALITY AND NONDISCLOSURE

 

	 	(a)	Confidentiality and Non-Disclosure. The Executive hereby agrees at all times during the term of the Employment and after its termination, to hold in the strictest confidence, and not to use, except for the benefit of the Company, 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 Company, its affiliates, or their respective clients, customers or partners, including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures, franchisees, distributors and other persons with whom the Company does business, information regarding the skills and compensation of other employees of the Company or other business information disclosed to the Executive by or obtained by the Executive from the Company, its affiliates, or their respective clients, customers or partners either directly or indirectly in writing, orally or otherwise, 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 Executive’s work or using the facilities of the Company are property of the Company and subject to inspection by the Company, 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 Executive’s work with the Company and will provide written certification of Executive’s compliance with this Agreement. Under no circumstances will the Executive have, following Executive’s termination, in Executive’s possession any property of the Company, or any documents or materials or copies thereof containing any Confidential Information.

 

    5 

     

    

 

	 	(c)	Former Employer Information. The Executive agrees that he/she has not and will not, during the term of Executive’s 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 information acquired by Executive, if any, or (ii) bring into the premises of the Company 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 Company 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 Company may have received, and in the future may receive, from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company 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 Company’s agreement with such third party.

 

This Section 8 shall survive the termination
of this Agreement for any reason. In the event the Executive breaches this Section 8, the Company shall have right to seek
remedies permissible under applicable law.

 

	9.  	CONFLICTING EMPLOYMENT

 

The Executive hereby agrees that, during
the term of Executive’s employment with the Company, he/she will not engage in any other employment, occupation, consulting
or other business activity related to the business in which the Company is now involved or becomes involved during the term of
the Executive’s employment, nor will the Executive engage in any other activities that conflict with Executive’s obligations
to the Company without the prior written consent of the Company.

 

	10.  	NON-COMPETITION, NON-SOLICITATION AND NON-DISPARAGEMENT

 

In consideration of the salary paid to
the Executive by the Company, the Executive agrees that during the term of the Employment and for a period of twelve (12) months
following the termination of the Employment for whatever reason:

 

	 	(a)	The Executive will not approach clients, customers or contacts of the Company or the Group, users of the Company’s or the Group’s services, or other persons or entities introduced to the Executive in the Executive’s capacity as a representative of the Company or the Group for the purposes of doing business with such persons or entities which will harm the business relationship between the Company or the Group and such persons and/or entities;

 

	 	(b)	the Executive will not assume employment with or provide services as a director, consultant or otherwise for any Competitor, or engage, whether as principal, partner, licensor or otherwise, in any Competitor; 

 

    6 

     

    

 

	 	(c)	the Executive will not seek, directly or indirectly, by the offer of alternative employment or other inducement whatsoever, to solicit the services of any officer, director, or employee of or consultant to the Company or any member of the Group employed or engaged as at or after the date of such termination, or in the twelve (12) months preceding such termination; and

 

	 	(d)	the Executive will not make public statements or communications that disparage the Company, any Group member, or any of their respective business, officers, directors or employees. 

 

The provisions contained in Section 10
are considered reasonable by the Executive in order to protect the legitimate business interest of the Company and the Group. In
the event that any such provisions should be found to be void under applicable laws but would be valid if some part thereof was
deleted or the period or area of application reduced, such provisions shall apply with such modification as may be necessary to
make them valid and effective.

 

This Section 10 shall survive the
termination of this Agreement for any reason. In the event the Executive breaches this Section 10, the Executive acknowledges
that there will be no adequate remedy at law, and the Company or the applicable member of the Group shall be entitled to injunctive
relief and/or a decree for specific performance, and such other relief as may be proper (including monetary damages if appropriate).
In any event, the Company or any applicable member of the Group shall have right to seek all remedies permissible under applicable
law.

 

	11.  	COOPERATION

 

The parties agree that certain matters
in which the Executive will be involved during the Executive’s employment by the Company may necessitate the Executive’s
cooperation in the future. Accordingly, following the termination of Executive’s employment for any reason, to the extent
reasonably requested by the Company, the Executive shall cooperate with the Company in connection with matters arising out of the
Executive’s service to the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the
Executive’s other activities. It is expressly agreed that non-compliance with a request for cooperation services by the Executive
for good reason, including health condition or prior commitments, shall not constitute a breach or violation of this Agreement.
The Company shall reimburse the Executive for reasonable expenses incurred in connection with such cooperation.

 

12. INDEMNIFICATION.

 

The Company shall, to the maximum extent
provided under applicable law, indemnify and hold the Executive harmless from and against any expenses, including reasonable attorneys’
fees, judgments, fines, settlements and other legally permissible amounts (“Losses”), incurred in connection
with any proceeding arising out of, or related to, Executive’s performance of the Employment, other than any such Losses
incurred as a result of the Executive’s gross negligence or willful misconduct. The Company shall advance to the Executive
any expenses, including reasonable attorneys’ fees and costs of settlement, incurred in defending any such proceeding to
the maximum extent permitted by applicable law. Such costs and expenses incurred by the Executive in defense of any such proceeding
shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written
request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses
for which payment is being sought; and (c) an undertaking adequate under applicable law made by the Executive or on Executive’s
behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement
that the Executive is not entitled to be indemnified by the Company.

 

    7 

     

    

 

	13.  	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.

 

	14.  	WORK MADE FOR HIRE

 

The Executive acknowledges that, by reason
of being employed by the Company at the relevant times, to the extent permitted by law, all of the work product consisting of copyrightable
subject matter (“Work Product”) is “work made for hire” as defined in 17 U.S.C. § 101 and similar
applicable intellectual property law of other jurisdictions in which the Group operates and such copyrights are therefore owned
by the Company. To the extent that the foregoing does not apply, the Executive hereby irrevocably assigns to the Company, for no
additional consideration, the Executive’s entire right, title, and interest in and to all Work Product and intellectual property
rights therein, including the right to sue, counterclaim, and recover for all past, present, and future infringement, misappropriation,
or dilution thereof, and all rights corresponding thereto throughout the world. Nothing contained in this Agreement shall be construed
to reduce or limit the Company’s rights, title, or interest in any Work Product or intellectual property rights so as to
be less in any respect than that the Company would have had in the absence of this Agreement.

 

	15.  	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 of the Executive, and (ii) in the event of a Change of Control Transaction,
this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor of the Company
and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

 

	16.  	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.

 

	17.  	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. 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. Any amendment to this Agreement
must be in writing and signed by the Executive and the Company.

 

    8 

     

    

 

	18.  	 GOVERNING LAW; JURISDICTION

 

This Agreement and all issues pertaining
to the Employment or the termination of the Employment shall be governed and interpreted in accordance with the laws of the State
of New York without regard to choice of law principles, except the arbitration provision which shall be governed by the Federal
Arbitration Act. Executive agrees that if, for any reason, any provision hereof is unenforceable, the remainder of this Agreement
will nonetheless remain binding and in effect. Any dispute regarding the Employment or this Agreement, other than any injunctive
relief available under Section 10 hereof, which cannot be resolved by negotiations between the Executive and the Company shall
be submitted to, and solely determined by, final and binding arbitration conducted by the International Chamber of Commerce in
accordance with its arbitration rules applicable to employment disputes, and the parties agree to be bound by the final award
of the arbitrator in any such proceeding. The arbitrator shall apply the laws of the State of New York with respect to the interpretation
or enforcement of this Agreement, or to any claims involving the Employment or the termination of the Employment. All questions
regarding whether or not a dispute is subject to arbitration will be resolved by the arbitrator. Arbitration shall be held in such
place as the parties may mutually agree. Judgment upon the award by the arbitrator may be entered in any court having jurisdiction,
including courts in the People’s Republic of China. The arbitrator shall award costs and attorney fees to the prevailing
party. As part of this Agreement, Executive agrees that Executive may not participate in a representative capacity or as a member
of any class of claims pertaining to any claim against the Company. There is no right or authority for any claims subject to this
Agreement to be arbitrated on a class or collective action basis or on any basis involving claims brought in a purported representative
capacity on behalf of any other person or group of people similarly situated. Such claims are prohibited. Furthermore, claims brought
by or against either the Company or the Executive may not be joined or consolidated in the arbitration with claims brought by or
against any other person or entity unless otherwise agreed to in writing by all parties involved.

 

	19.  	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.

 

	20.  	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.

 

	21.  	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) delivered by hand, (ii) otherwise delivered against receipt therefor, (iii) sent by a recognized courier
with next-day or second-day delivery, or (iv) by email, to the last known address of the other party, with communications
to the Company being to the attention of the Board.

 

	22.  	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.

 

    9 

     

    

 

Photographic or electronic copies of such
signed counterparts may be used in lieu of the originals for any purpose, and signed counterparts may be delivered by electronic
means.

 

	23.  	NO INTERPRETATION AGAINST DRAFTER

 

Each party recognizes that this Agreement
is a legally binding contract and acknowledges that it, or he/she 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.

 

	24.  	ACKNOWLEDGMENT OF FULL UNDERSTANDING

 

THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT
HE/SHE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE/SHE
HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF EXECUTIVE’S CHOICE BEFORE SIGNING THIS AGREEMENT.

 

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

 

    10 

     

    

 

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

 

	 	SKILLFUL CRAFTSMAN EDUCATION 
 TECHNOLOGY LIMITED
	 	 	 
	 	 	 
	 	By: 	        
	 	 	Name:
	 	 	Title:
	 	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	 
	 	Name:

 

    11 

     

    

 

EXHIBIT A

 

GENERAL RELEASE AND COVENANT NOT TO SUE

 

TO
ALL WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW THAT:

 

_______________ (“Executive”),
on Executive’s own behalf and on behalf of Executive’s descendants, dependents, heirs, executors and administrators
and permitted assigns, past and present, in consideration for the amounts payable and benefits to be provided to Executive under
the employment agreement (the “Agreement”) made and entered into as of ____________, 20__ (the “Effective
Date”), by and between Executive and Skillful Craftsman Education Technology Limited (the “Company”)
(each individually, “Party,” collectively, the “Parties”), does hereby covenant not to sue
or pursue any litigation or arbitration against, and waives, releases and discharges the Company, its parents, subsidiaries, affiliates,
divisions, assigns, predecessors, insurers, successors, and the past and present employees, officers, directors, insurers, attorneys,
representatives and agents thereof, both individually and in their business capacities, and their employee benefit plans and programs
and their administrators and fiduciaries (collectively, the “Releasees”), from any and all claims, demands,
rights, judgments, defenses, actions, charges or causes of action whatsoever, of any and every kind and description, whether known
or unknown, accrued or not accrued, that Executive ever had, now has or shall or may have or assert as of the date of this General
Release and Covenant Not to Sue against the Releasees relating to Executive’s employment with the Company or service as a
member of the Board of Directors of the Company or the termination thereof or Executive’s service as an officer or member
of the Board of Directors of any subsidiary or affiliate of the Company or the termination of such service; provided, however,
that nothing herein shall release the Company from any of its obligations to Executive under the Employment Agreement or to pay
the amounts and provide the benefits upon which this General Release and Covenant Not to Sue is conditioned, or any rights Executive
may have to indemnification under any charter (or similar documents) of any member of the Releasees or any insurance coverage under
any directors and officers insurance or similar policies, or any rights Executive may have as a member or holder of equity or other
securities of the Company or its affiliates.

 

Executive further agrees
that this General Release and Covenant Not to Sue may be pleaded by the Company as a full defense to any action, suit or other
proceeding covered by the terms hereof that is or may be initiated, prosecuted or maintained by Executive or Executive’s
heirs or assigns.  Executive understands and confirms that Executive is executing this General Release and Covenant Not to
Sue voluntarily and knowingly.

 

In furtherance of the
agreements set forth above, Executive hereby expressly waives and relinquishes any and all rights under any applicable statute,
doctrine or principle of law restricting the right of any person to release claims that such person does not know or suspect to
exist at the time of executing a release, which claims, if known, may have materially affected such person’s decision to
give such a release.  In connection with such waiver and relinquishment, Executive acknowledges that Executive is aware that
Executive may hereafter discover claims presently unknown or unsuspected, or facts in addition to or different from those that
Executive now knows or believes to be true, with respect to the matters released herein.  Nevertheless, it is the intention
of Executive to fully, finally and forever release all such matters, and all claims relating thereto, that now exist, may exist
or theretofore have existed, as specifically provided herein.  The Parties hereto acknowledge and agree that this waiver shall
be an essential and material term of the release contained above.  Nothing in this paragraph is intended to expand the scope
of the release as specified herein.

 

    12 

     

    

 

No provision of this
General Release and Covenant Not to Sue should be read as preventing Executive from making a report to, filing a charge or complaint
with, or participating in any investigation or proceeding conducted by, any governmental agency. While Executive may participate
in such investigation or proceeding, Executive acknowledges and agrees that Executive waives Executive’s right to recover
monetary damages, of any kind, in such investigation or proceeding arising from, or in any way relating to, Executive’s employment
with, or separation from, the Company that may have arisen prior to Executive’s signing of this General Release and Covenant
Not to Sue. Executive acknowledges that this Release prohibits Executive from pursuing any claims against the Company seeking monetary
relief for Executive and/or as a representative on behalf of others.

 

This General Release
and Covenant Not to Sue shall be governed by and construed in accordance with the laws of the State of New York, applicable to
agreements made and to be performed entirely within such State without regard to principles of conflicts of laws.

 

To the extent that
Executive is forty (40) years of age or older, this paragraph shall apply.  Executive acknowledges that Executive has been
offered a period of time of at least twenty-one (21) days to consider whether to sign this General Release and Covenant Not to
Sue, and the Company agrees that Executive may cancel or revoke this General Release and Covenant Not to Sue at any time during
the seven (7) days following the date on which this General Release and Covenant Not to Sue has been signed by the Parties
to this General Release and Covenant Not to Sue.  In order to cancel or revoke this General Release and Covenant Not to Sue,
Executive must deliver to the Company written notice stating that Executive is canceling or revoking this General Release and Covenant
Not to Sue.  If this General Release and Covenant Not to Sue is timely cancelled or revoked, none of the provisions of this
General Release and Covenant Not to Sue shall be effective or enforceable and the Company shall not be obligated to make certain
payments to Executive or to provide Executive with certain other benefits described in the Agreement, and all contracts and provisions
modified, relinquished or rescinded hereunder shall be reinstated to the extent in effect immediately prior hereto.

 

Executive acknowledges
and agrees that Executive has entered into this General Release and Covenant Not to Sue knowingly and willingly and has had ample
opportunity to consider the terms and provisions of this General Release and Covenant Not to Sue. Executive is hereby advised to
consult legal counsel prior to execute this General Release and Covenant Not to Sue.

 

IN
WITNESS WHEREOF, the undersigned has caused this General Release and Covenant Not to Sue to be executed on this _____
day of _____________, 20__.

 

	 
	Executive

                                                                                 

                                                                                 

		Name:

 

    13

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