Document:

Exhibit 10.1

 

	Dated	2021
	 

     

     

     

    MD
    LOCAL GLOBAL LIMITED

     

    OCEAN
    TIDE WEALTH LIMITED

     

    and

     

    MINGZHE ZHANG

     

     

     

     

     

     

     

     

     

     

	 

     

    JOINT VENTURE SHAREHOLDERS'
    AGREEMENT

     

     

     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-11
Austin Friars London EC2N 2HG

Tel: +44 20 7382 1567 Fax:
+44 20 7382 1568

 

    	 	 	 

     

    

  

TABLE
OF CONTENTS

 

	1.	Interpretation	1
	2.	Business of the JVC	4
	3.	Shareholders’ Rights and Obligations	4
	4.	Matters requiring consent of shareholders	5
	5.	Directors and management	5
	6.	Finance for the JVC	7
	7.	Restrictions on parties	7
	8.	Anti-corruption	8
	9.	Accounting and other information	9
	10.	Dividend policy	9
	11.	Transfer of shares	10
	12.	Tag along	12
	13.	Allotment of new shares	13
	14.	Termination and liquidation	13
	15.	Confidentiality	14
	16.	Further assurance	16
	17.	Assignment and other dealings	17
	18.	Entire agreement	17
	19.	Variation and waiver	17
	20.	Costs	17
	21.	No partnership or agency	17
	22.	Notices	18
	23.	Severance	19
	24.	Third party rights	19
	25.	Rights and remedies	19
	26.	Inadequacy of damages	19
	27.	Governing law and jurisdiction	20

	SCHEDULE 1 Matters reserved for shareholder approval	21
	SCHEDULE 2 Deed of adherence	24

 

    	 	1	 

     

    

 

THIS AGREEMENT IS MADE ON THE
4th DAY OF August 2021 BETWEEN

 

	(1)	MD Local Global Limited, a company incorporated and registered
                                 in England and Wales with company number 12979697 whose registered address is at Regent House, 21 Church
                                 Road, Stanmore, Middlesex, United Kingdom, HA7 4AR (the A Shareholder);

 

	(2)	Ocean Tide Wealth Limited, a company incorporated and registered
                                 in England and Wales with company number 11910858 whose registered office is at 30 Crown Place, London,
                                 England, EC2A 4EB (the B Shareholder); and

 

	(3)	Mingzhe Zhang, of Unex Tower, 5 Station Street, London, United
                                 Kingdom, E15 1DA with passport number E91502869 (the C Shareholder).
	 	 
	 	(each a party, together the parties)

  

RECITALS

 

	(A)	Mansions Estate Agent Ltd is a newly formed company incorporated in
                                 England and Wales with company number 13457422 whose registered office is at 20-22 Wenlock Road, London,
                                 England, N1 7GU and which has 100 ordinary shares of £1 each in issue, 51 held by A Shareholder,
                                 41 held by B Shareholder and 8 held by C Shareholder (the JVC).

 

	(B)	The JVC shall carry on business in accordance with the terms and conditions
                                 of this Agreement. The parties shall exercise their rights in relation to the JVC in accordance with
                                 the terms and conditions of this Agreement.

 

IT IS HEREBY AGREED

 

	1.	Interpretation

 

	1.1	The definitions and rules of interpretation in this clause apply in this
                                 Agreement.

 

	A Director:	any director appointed to the Board by A Shareholder.
	 	 
	Acting in Concert:	has the meaning given to it in the City Code on Takeovers and Mergers published
    by the Panel on Takeovers and Mergers (as amended from time to time).
	 	 
	Articles:	the new articles of association of the JVC as amended or superseded from time to time.
	 	 
	B Director:	any director appointed to the Board by B Shareholder.

  

    	 	1	 

     

    

 	Board:	 	the board of directors of the JVC
    as constituted from time to time.
	 	 	
	Business Day:	 	any day other than a Saturday, Sunday or public holiday
    in England when banks in London are open for business.
	 	 	
	Business:	 	has the meaning given in clause 2.
	 	 	 
	C Director:	 	any director appointed to the Board by C Shareholder.
	 	 	 
	CA 2006:	 	the Companies Act 2006.
	 	 	 
	Confidential Information:	 	has the
    meaning given in clause 15.
	 	 	 
	Controlling 

    Interest:	 	means an interest in shares giving to the holder or
    holders control of the Company within the meaning of section 1124 of the Corporation Tax Act 2010.
	 	 	
	Deed Adherence:	of	the deed of adherence in the form set out in Schedule
    2.
		 	 
	Escrow Account:	 	Account name: [*]
	 	 	 
	 	 	Account Number: [*]
	 	 	 
	 	 	IBAN No.: [*]
	 	 	 
		
	Director:	 	a director of the JVC.
	 	 	 
	Eligible

    Director:	A	an A Director who would be entitled to vote on the
    matter at a meeting of the Board (but excluding any A Director whose vote is not to be counted in respect of the particular matter).
	 	 	 
	Eligible

    Director:	B	a B Director who would be entitled to vote on the matter
    at a meeting of the Board (but excluding any B Director whose vote is not to be counted in respect of the particular matter).
	 	 	
	Eligible 

    Director:	C	an C Director who would be entitled to vote on the
    matter at a meeting of the Board (but excluding any C Director whose vote is not to be counted in respect of the particular matter).
	 	 	
	Eligible 

    Director:		any Eligible
    A Director, Eligible B Director or Eligible C Director (as the case may be).
	 	 	
	Encumbrance:	 	any interest or equity of any person (including any
    right to acquire, option or right of pre-emption) or any mortgage, charge, pledge, lien, assignment, hypothecation, security interest,
    title retention or any other security agreement or arrangement.

 

    	 	2	 

     

    

 

	Financial Year:	in relation to the JVC, means its accounting reference period of 12 months ending on
    31 December or such other date as the JVC may determine in accordance with section 392 of the CA 2006 but, in the first year in which
    the JVC is formed, means the period starting with the day the JVC is formed and ending on 31 December, subject to the CA 2006.
	 	 
	Group:	in relation to a company, that company, any subsidiary or holding company from time to time of that
    company, and any subsidiary from time to time of a holding company of that company. Each company in a Group is a member of the
    Group.
	 	 
	Holding Company:	has the meaning given in clause 1.11.
	 	 
	Shareholder Majority:	the holders for the time being and from time to time of not less than 65% in number of the Shares;
	 	 
	Reserved Matters:	the matters listed in Schedule 1.
	 	 
	Shares:	the ordinary shares held by Shareholder A, Shareholder B, and Shareholder C, and any other shares
    in the capital of the Company from time to time, and each a "Share".
	 	 
	Shareholders:	the holders of shares in the JVC.
	 	 
	Subsidiary:	has the meaning given in clause 1.11.

 

		1.2	Clause, Schedule and paragraph headings
                                            shall not affect the interpretation of this Agreement.

 

		1.3	References to clauses and Schedules are
                                            to the clauses of and Schedules to this Agreement and references to paragraphs are to paragraphs
                                            of the relevant Schedule.

 

		1.4	The Schedules form part of this Agreement
                                            and shall have effect as if set out in full in the body of this Agreement. Any reference
                                            to this Agreement includes the Schedules.

 

		1.5	A reference to this Agreement or
                                            to any other agreement or document is a reference to this Agreement or such other
                                            agreement or document, in each case as varied from time to time.

 

		1.6	Unless the context otherwise requires, words
                                            in the singular shall include the plural and in the plural shall include the singular.

 

		1.7	Unless the context otherwise requires, a
                                            reference to one gender shall include a reference to the other genders.

 

		1.8	A person includes a natural person,
                                            corporate or unincorporated body and partnership (whether or not having separate legal personality).

 

		1.9	A reference to a party shall include
                                            that party's successors and permitted assigns.

 

    	 	3	 

     

    

 

		1.10	A reference to a company shall include
                                            any company, corporation or other body corporate, wherever and however incorporated or established.

 

		1.11	A reference to a holding company or
                                            a subsidiary means a holding company or a subsidiary (as the case may be) as defined
                                            in section 1159 of the CA 2006.

 

		1.12	Unless expressly provided otherwise in this
                                            Agreement, a reference to writing or written includes fax and email.

 

		1.13	Any words following the terms including,
                                            include, in particular, for example or any similar expression shall
                                            be construed as illustrative and shall not limit the sense of the words, description, definition,
                                            phrase or term preceding those terms.

 

		1.14	References to a document in agreed form
                                            are to that document in the form agreed by the parties and initialled by them or on their
                                            behalf for identification.

 

		1.15	A reference to any legislation or legislative
                                            provision is a reference to it as amended, extended or re-enacted from time to time, provided
                                            that, as between the parties, no such amendment, extension or re-enactment made after the
                                            date of this Agreement shall apply for the purposes of this Agreement to the extent that
                                            it would impose any new or extended obligation, liability or restriction on, or otherwise
                                            adversely affect the rights of, any party.

 

		1.16	A reference to any legislation or legislative
                                            provision shall include all subordinate legislation made from time to time under that legislation
                                            or legislative provision.

 

		1.17	Any obligation on a party not to do something
                                            includes an obligation not to allow that thing to be done.

 

		1.18	Unless the context requires otherwise,
                                            words and expressions defined in the Articles shall have the same meaning when used in this
                                            Agreement.

 

		2.	Business of the JVC

 

		2.1	The business of the JVC is residential property
                                            management and real estate agencies (Business).

 

		2.2	Each party shall use its reasonable endeavours
                                            to promote and develop the Business to the best advantage of the JVC.

 

		3.	Shareholders’ Rights and Obligations

 

		3.1	For the avoidance of doubt, the shares held
                                            by A Shareholder, B Shareholder and C Shareholder at the date of this agreement shall rank
                                            pari passu in all respect.

 

		3.2	A Shareholder shall be responsible for the
                                            promotion of the Business in the People’s Republic of China (the PRC) and the
                                            JVC’s cooperation with the landlords in relation to the Business.

 

		3.3	B Shareholder shall carry out operational
                                            procurement of and promotion of the Business in the United Kingdom (the UK) and the
                                            recruitment of the JVC in the UK. During the term of this agreement, B Shareholder undertakes
                                            to introduce no less than 600 clients to the JVC.

 

    	 	4	 

     

    

 

		3.4	C Shareholder shall be responsible for providing
                                            clients to the JVC. During the term of this agreement, C Shareholder undertakes to introduce
                                            no less than 200 clients to the JVC.

 

		4.	Matters requiring consent of shareholders

 

			Each party shall procure that the JVC shall
                                            not, without the prior written approval of every shareholder that holds, at the relevant
                                            time, shares carrying at least 85% of the total voting rights exercisable in general meetings
                                            of the JVC, carry out any of the Reserved Matters.

 

		5.	Directors and management

 

		5.1	The Board has responsibility for the supervision
                                            and management of the JVC and its Business, subject to clause 4.

 

		5.2	The Board shall have 7 directors and be
                                            made up of 4 A Directors, 2 B Directors and 1 C Director.

 

		5.3	The post of chairperson shall be held by
                                            an A Director. The chairperson shall have a casting vote.

 

		5.4	A party may appoint a director, and remove
                                            a director whom it appointed, by giving notice in writing to the JVC and the other party,
                                            and to the director being removed, in the case of removal of a director. The appointment
                                            or removal takes effect on the date on which the notice is received by the JVC or, if a later
                                            date is given in the notice, on that date. Each party will consult with the other prior to
                                            any appointment or removal of a director.

 

		5.5	The party removing a director shall indemnify
                                            and keep indemnified the JVC against any claim connected with the director's removal from
                                            office.

 

		5.6	The parties intend there to be at least
                                            two Board meetings each year. The number of annual Board meetings may be reduced with the
                                            prior agreement of the Shareholder Majority.

 

		5.7	A director may, and at the request of a director,
                                            shall, call a meeting of directors.

 

		5.8	The parties shall ensure that at least seven
                                            Business Days' notice of a meeting of directors is given to all directors entitled to receive
                                            notice accompanied by:

 

		5.8.1	an agenda specifying in reasonable detail
                                            the matters to be raised at the meeting; and

 

		5.8.2	copies of any papers to be discussed at
                                            the meeting.

 

		5.9	A shorter period of notice of a meeting
                                            of directors may be given if at least one A Director, one B Director and one C Director agree
                                            in writing.

 

    	 	5	 

     

    

 

		5.10	Matters not on the agenda, or business
                                            conducted in relation to those matters, may not be raised at a meeting of directors unless
                                            all the directors present at the meeting agree in writing.

 

		5.11	The quorum at any meeting of directors
                                            (including adjourned meetings) is three Eligible A Director (or the Eligible A Director's
                                            alternate), two Eligible B Director (or the Eligible B Director's alternate), and one Eligible
                                            C Director (or the Eligible C Director's alternate).

 

		5.12	No business shall be conducted at any meeting
                                            of directors unless a quorum is present at the beginning of the meeting and at the time when
                                            there is to be voting on any business.

 

		5.13	If a quorum is not present within 30 minutes
                                            of the time specified for a directors' meeting in the notice of the meeting then it shall
                                            be adjourned for 5 Business Days at the same time and place.

 

		5.14	The parties shall use their respective
                                            reasonable endeavours to ensure that any meeting of the Board and every general meeting of
                                            the JVC has the requisite quorum.

 

		5.15	A meeting of directors shall be adjourned
                                            to another time or date at the request of all the A Directors, all the B Directors or all
                                            the C Directors present at the meeting. No business may be conducted at a meeting after such
                                            a request has been made. No more than one such adjournment may be made in respect of a meeting.

 

		5.16	The Board shall not pass any resolution
                                            unless at least one A Director and one B Director votes for such resolution.

 

		5.17	A person entitled to be present at a meeting
                                            of the Board shall be deemed to be present for all purposes if he is able (directly or by
                                            any telephone communications) to speak to and to be heard by all those present or deemed
                                            to be present simultaneously. A director so deemed to be present shall be entitled to vote
                                            and be counted in a quorum accordingly.

 

		5.18	The Shareholders agree that the following
                                            matters shall only be carried out by the JVC subject to prior consent of the Board:

 

		5.18.1	pay or agree to pay any royalty or similar
                                            payment, or any amount exceeding £5,000;

 

		5.18.2	take or agree to take a freehold or leasehold
                                            interest in land or a licence over land;

 

		5.18.3	appoint or change of the Auditors;

 

		5.18.4	appoint or remove any senior executive
                                            (being a person who is authorised to enter into contracts on behalf of the Group); and/or

 

		5.18.5	make a political or charitable donation.

 

    	 	6	 

     

    

 

		6.	Finance for the JVC

 

		6.1	To finance the JVC, A Shareholder shall
                                            deposit £250,000 in cash to the Escrow Account as soon as reasonably practical after
                                            signing this agreement (“First Tranche A Capital”)
                                            and shall pay another £250,000 to the Escrow Account or the JVC’s bank account
                                            (if it has been set up at the time of the transfer of the aforesaid amount) within 4 calendar
                                            months from the date on which the First Tranche A Capital has been deposited to the Escrow
                                            Account (“Second Tranche A Capital”). Any amount deposited into the Escrow
                                            Account in accordance with this clause shall be transferred to the JVC’s bank account
                                            as soon as possible. The JVC shall within five (5) Business Days of its receipt of such amount
                                            notify A Shareholder in writing to confirm its receipt of the same.

 

		6.2	For the avoidance of doubt, the finance
                                            provided by A Shareholder in accordance with clause 6.2 shall be considered as capital contribution
                                            to the JVC and shall not be considered as a loan.

 

		6.3	If the Shareholders do agree to provide
                                            any further finance, such finance shall be provided proportionate to the shareholding of
                                            A Shareholder, B Shareholder and C Shareholder unless otherwise agreed in writing by the
                                            Shareholders.

 

		7.	Restrictions on parties

 

		7.1	Neither party nor any of its subsidiaries
                                            shall (unless otherwise agreed in writing by the other party and the JVC), during the times
                                            specified below, carry on or be employed, engaged or interested in any business in England
                                            and Wales which would be in competition with any part of the Business, including any developments
                                            in the Business after the date of this agreement. The times during which the restrictions
                                            apply are:

 

		7.1.1	any time when the party in question is
                                            a Shareholder; and

 

		7.1.2	for a period of 12 months after the party
                                            in question ceases to be a Shareholder.

 

		7.2	Neither party nor any of its subsidiaries
                                            shall, in the same area of Business in which the JVC operates and during the times specified
                                            below, deal with or seek the custom of any person that is, or was within the previous 12
                                            months, a client or customer of the JVC or, where the party is no longer a Shareholder, any
                                            person that was a client or customer of the JVC at any time during the period of 12 months
                                            immediately preceding the party in question ceasing to be a Shareholder. The times during
                                            which the restrictions apply are:

 

		7.2.1	any time when the party in question is
                                            a Shareholder; and

 

		7.2.2	for a period of 12 months after the party
                                            in question ceases to be a Shareholder.

 

		7.3	Neither party nor any of its subsidiaries
                                            shall, during the times specified below, offer employment to, enter into a contract for the
                                            services of, or attempt to solicit or seek to entice away from the JVC any individual who
                                            is at the time of the offer, or attempt, a director, officer or employee holding an executive
                                            or managerial position with the JVC or procure or facilitate the making of any such offer
                                            or attempt by any other person. The times during which the restrictions apply are:

 

    	 	7	 

     

    

 

		7.3.1	any time when the party in question is
                                            a Shareholder; and

 

		7.3.2	for a period of 12 months after the
                                            party in question ceases to be a Shareholder.

 

		7.4	The undertakings in this clause are given
                                            by each party to the other and to the JVC and apply to actions carried out by each party
                                            (or any of its subsidiaries) in any capacity and whether directly or indirectly, on the party's
                                            (or subsidiary's) own behalf, on behalf of any other person or jointly with any other person.

 

		7.5	Nothing in this clause shall prevent a party
                                            or any of its subsidiaries from holding for investment purposes only:

 

		7.5.1	units of any authorised unit trust; or

 

		7.5.2	not more than 5% of any class of shares
                                            or securities of any company traded on a recognised investment exchange (within the meaning
                                            of the Financial Services and Markets Act 2000).

 

		7.6	Each of the covenants in this clause is considered
                                            fair and reasonable by the parties.

 

		7.7	Each party shall procure that its subsidiaries
                                            comply with the terms of this clause.

 

		7.8	If a party ceases to be a Shareholder as
                                            a result of a transfer of shares to a Permitted Transferee in accordance with the Articles,
                                            the restrictions in this clause 7 shall continue to apply to the party that has transferred
                                            its shares for so long as any of its Permitted Transferees is a Shareholder, and for the
                                            period of time specified in each of clause 7.1.2, clause 7.2.2, clause 7.3.2 and clause 7.4.2
                                            after the Permitted Transferee ceases to be a Shareholder.

 

		8.	Anti-corruption

 

		8.1	Each party undertakes to the other party that:

 

		8.1.1	it will not, and will procure that the
                                            JVC will not engage in any activity, practice or conduct which would constitute an offence
                                            under sections 1, 2 or 6 of the Bribery Act 2010; and

 

		8.1.2	from time to time, at the reasonable
                                            request of the other party, it will confirm in writing that it has complied with its undertakings
                                            under clause 8.1.1 and will provide any information reasonably requested by the other party
                                            in support of such compliance.

 

		8.2	Breach of any of the undertakings in this
                                            clause shall be deemed to be a material breach of the agreement.

 

    	 	8	 

     

    

 

		9.	Accounting and other information

 

		9.1	The parties shall procure that the JVC shall
                                            at all times maintain accurate and complete accounting and other financial records including
                                            all corporation tax computations and related documents and correspondence with HM Revenue
                                            & Customs in accordance with the requirements of all applicable laws and generally accepted
                                            accounting principles applicable in the United Kingdom.

 

		9.2	Each party and its authorised representatives
                                            shall be allowed access at all reasonable times to examine the books and records of the JVC
                                            and to discuss the JVC's affairs with its directors and senior management.

 

		9.3	The parties shall procure that the JVC shall
                                            supply each party upon written request with the financial and other information necessary
                                            to keep the party informed about how effectively the Business is performing and in particular
                                            shall supply each party with:

 

		9.3.1	a copy of the accounts of the JVC prepared
                                            in accordance with the laws applicable in and the accounting standards, principles and practices
                                            generally accepted in the United Kingdom, within three months of the end of the year to which
                                            the audited accounts relate; and

 

		9.3.2	quarterly accounts of the JVC to be
                                            supplied within reasonable time, which shall include a profit and loss account, a balance
                                            sheet and a cashflow statement and such other information as each party may reasonably require.

 

		9.4	The parties shall procure that the JVC shall,
                                            as soon as possible, comply with any request made by a party, to provide any documents, information
                                            and correspondence necessary (at the cost of the party making the request) to enable the
                                            relevant party to comply with filing, elections, returns or any other requirements of HM
                                            Revenue & Customs or of any other revenue or tax authority.

 

		10.	Dividend policy

 

		10.1	Subject to the requirements of the CA 2006,
                                            the parties agree that no dividend shall be distributed in the first Financial Year after
                                            the incorporation of the JVC unless the parties agree otherwise in writing.

 

		10.2	Subject to the requirements of the CA 2006
                                            and clause 10.1, and unless the parties agree otherwise in relation to any particular Financial
                                            Year, the parties shall use reasonable endeavours to procure that the JVC shall distribute
                                            by way of dividend at least 30% of the profit of the JVC in relation to each Financial Year
                                            but after making all necessary, reasonable and prudent provisions and reserves for taxation,
                                            for the repayment of borrowings by the JVC (if any), minority interests and extraordinary
                                            items as shown in the audited accounts for that year.

 

		10.3	A distribution under this clause in relation
                                            to any Financial Year shall be made within six months of the day to which the audited accounts
                                            of the JVC for that year are made up.

 

    	 	9	 

     

    

 

		11.	Transfer of shares

 

		11.1	In this clause 11, reference to the transfer
                                            of a share includes the transfer, assignment or other disposal of a beneficial or other interest
                                            in that share, or the creation of a trust or encumbrance over that share, and reference to
                                            a share includes a beneficial or other interest in a share. Any transfer of shares by a shareholder
                                            shall be subject to the pre- emption rights in this agreement.

 

		11.2	A shareholder (Seller) wishing to
                                            transfer its shares (Sale Shares) must give notice in writing (a Transfer Notice)
                                            to the JVC giving details of the proposed transfer including:

 

		11.2.1	the number of Sale Shares;

 

		11.2.1	if the Seller wishes to sell the Sale
                                            Shares to a third party, the name of the proposed buyer; and

 

		11.2.2	the price (in cash) at which the Seller
                                            wishes to sell the Sale Shares (which will be deemed to be fair value of the Sale Shares
                                            if no cash price is agreed between the Seller and the Board (Transfer Price)).

 

		11.3	As soon as practicable following the receipt
                                            of a Transfer Notice, the Board shall offer the Sale Shares for sale in the manner set out
                                            in the remaining provisions of this agreement at the Transfer Price. Each offer shall be
                                            in writing and give details of the number and Transfer Price of the Sale Shares offered.

 

		11.4	The Board shall offer the Sale Shares to
                                            all shareholders other than the Seller (the Continuing Shareholders), inviting them
                                            to apply in writing within the period from the date of the offer to the date 28 Business
                                            Days after the offer (both dates inclusive) (the First Offer Period) for the maximum
                                            number of Sale Shares they wish to buy.

 

		11.5	If:

 

		11.5.1	at the end of the First Offer Period,
                                            the total number of Sale Shares applied for is equal to or exceeds the number of Sale Shares,
                                            the Board shall allocate the Sale Shares to each Continuing Shareholder who has applied for
                                            Sale Shares in the proportion which the Continuing Shareholder's existing holding of shares
                                            bears to the total number of shares held by those Continuing Shareholders who have applied
                                            for Sale Shares. Fractional entitlements shall be rounded down to the nearest whole number
                                            (save where such rounding would result in not all Sale Shares being allocated, in which case
                                            the allocation of any such fractional entitlements among the Continuing Shareholders who
                                            have applied for Sale Shares shall be determined by the Board). No allocation shall be made
                                            to a Continuing Shareholder of more than the maximum number of Sale Shares which it has stated
                                            it is willing to buy.

 

		11.5.2	not all Sale Shares are allocated following
                                            allocations in accordance with clause 11.5.1, but there are applications for Sale Shares
                                            that have not been satisfied, the Board shall allocate the remaining Sale Shares to such
                                            applicant(s) in accordance with the procedure set out in clause 11.5.1. The procedure set
                                            out in this clause 11.5.2 shall apply on any number of consecutive occasions until either
                                            all Sale Shares have been allocated or all applications for Sale Shares have been satisfied;
                                            and

 

    	 	10	 

     

    

 

		11.5.3	at the end of the First Offer Period,
                                            the total number of Sale Shares applied for is less than the number of Sale Shares, the Board
                                            shall allocate the Sale Shares to the Continuing Shareholders in accordance with their applications.
                                            The balance (the Initial Surplus Shares) shall be dealt with in accordance with this
                                            agreement.

 

		11.6	At the end of the First Offer Period, the
                                            Board shall offer the Initial Surplus Shares (if any) to all the employees of the JVC, inviting
                                            them to apply in writing within the period from the date of the offer to the date 28 Business
                                            Days after the offer (both dates inclusive) (the Second Offer Period) for the maximum
                                            number of Initial Surplus Shares they wish to buy. The Board shall allocate the Initial Surplus
                                            Shares to each employee who has applied for Initial Surplus Shares on a first apply, first
                                            allocated basis. If, at the end of the Second Offer Period, the number of Initial Surplus
                                            Shares applied for is less than the number of Initial Surplus Shares, the balance (the Second
                                            Surplus Shares) shall be dealt with in accordance with clause 11.7.

 

		11.7	If an Allocation Notice does not relate
                                            to all of the Sale Shares or the Transfer Notice lapses pursuant to clause 11.4 then within
                                            two weeks following service of the Allocation Notice or the date of the lapse of the Transfer
                                            Notice (as the case may be), the Seller may transfer the Second Surplus Shares or the Sale
                                            Shares (in the case of a lapsed offer) (as the case may be) to any person at a price at least
                                            equal to the Transfer Price.

 

		11.8	On the date specified for completion in
                                            the Allocation Notice, the Seller shall, against payment of the consideration, execute and
                                            deliver a transfer of the Sale Shares allocated to such Applicant, in accordance with the
                                            requirements specified in the Allocation Notice.

 

		11.9	If the Seller fails to comply with clause
                                            11.8:

 

		11.9.1	the chairperson of the JVC (or, failing
                                            the chairperson, one of the other directors, or some other person nominated by a resolution
                                            of the Board) may, as agent on behalf of the Seller:

 

		(a)	complete, execute and deliver in the Seller's
                                            name all documents necessary to give effect to the transfer of the relevant Sale Shares to
                                            the Applicants;

 

		(b)	receive the consideration and give a good
                                            discharge for it (and no Applicant shall be obliged to see to the distribution of the consideration);
                                            and

 

		(c)	(subject to the transfers being duly stamped)
                                            enter the Applicants in the register of members as the holders of the Sale Shares purchased
                                            by them; and

 

    	 	11	 

     

    

 

		11.9.2	the JVC shall pay the consideration
                                            into a separate bank account in the JVC's name on trust (but without interest) for the Seller
                                            until the Seller has delivered its certificate(s) for the relevant Sale Shares or an indemnity,
                                            in a form reasonably satisfactory to the Board, in respect of any lost certificate, together,
                                            in either case, with such other evidence (if any) as the Board may reasonably require to
                                            prove good title to those Sale Shares, to the JVC.

 

		11.10	Except as expressly provided in the Articles
                                            or this Agreement, the parties shall procure that no transfer of shares shall be registered
                                            by the Board unless the transferee of such shares has executed and delivered a Deed of Adherence.

 

		12.	Tag along

 

		12.1	After going through the pre-emption procedure
                                            set out in clause 11, the provisions of clause 12.2 to clause 12.6 shall apply if, in one
                                            or a series of related transactions, one or more shareholders propose to transfer any of
                                            the Shares (Proposed Transfer) which would, if carried out, result in any person (Buyer),
                                            and any person Acting in Concert with the Buyer, acquiring a Controlling Interest in the
                                            JVC.

 

		12.2	Before making a Proposed Transfer, a Seller
                                            shall procure that the Buyer makes an offer (Offer) to the other Shareholders to purchase
                                            all of the Shares held by them for a consideration in cash per Share that is at least equal
                                            to the highest price per Share offered or paid by the Buyer, or any person Acting in Concert
                                            with the Buyer, in the Proposed Transfer or in any related previous transaction in the 12
                                            months preceding the date of the Proposed Transfer (Specified Price).

 

		12.3	The Offer shall be made by written notice
                                            (Offer Notice), at least 7 Business Days before the proposed sale date (Sale Date).
                                            To the extent not described in any accompanying documents, the Offer Notice shall set out:

 

		12.3.1	the identity of the Buyer;

 

		12.3.2	the Specified Price and other terms and
                                            conditions of payment;

 

		12.3.3	the Sale Date; and

 

		12.3.4	the number of Shares proposed to be purchased
                                            by the Buyer (Offer Shares).

 

		12.4	If the Buyer fails to make the Offer to
                                            all of the holders of Shares in the JVC in accordance with clause 12.2 and clause 12.3, the
                                            Seller shall not be entitled to complete the Proposed Transfer and the JVC shall not register
                                            any transfer of Shares effected in accordance with the Proposed Transfer.

 

		12.5	If the Offer is accepted by any Shareholder
                                            (Accepting Shareholder) in writing within 7 Business Days of receipt of the Offer
                                            Notice, the completion of the Proposed Transfer shall be conditional on completion of the
                                            purchase of all the Offer Shares held by Accepting Shareholders.

 

		12.6	The Proposed Transfer is subject to the
                                            pre-emption provisions of clause 11, but the purchase of Offer Shares from Accepting Shareholders
                                            shall not be subject to those provisions.

 

    	 	12	 

     

    

 

		13.	Allotment of new shares

 

		13.1	Subject to clause 13.2, the parties shall
                                            procure that the JVC shall not issue any shares or other equity securities (within the meaning
                                            of section 560(1) of the CA 2006) to any person, unless:

 

		13.1.1	the JVC has obtained the prior written
                                            approval of the Shareholders that hold, at the relevant time, shares carrying at least 85%
                                            of the total voting rights exercisable in general meetings of the JVC; and

 

		13.1.2	that person is a party to this Agreement
                                            or has executed and delivered a Deed of Adherence.

 

		13.2	Should the JVC intend to issue any shares
                                            or other equity securities (within the meaning of section 560(1) of the CA 2006) to any person
                                            other than the Shareholders, the parties shall procure that the JVC shall only issue non-voting
                                            shares which only have the rights with respect to dividends unless otherwise agreed in writing
                                            by the Shareholder(s) holding 50% of the voting rights.

 

		14.	Termination and liquidation

 

		14.1	Subject to clause 14.2, this Agreement shall
                                            terminate:

 

		14.1.1	when A Shareholder fails to finance the
                                            JVC in accordance with clause 6.1;

 

		14.1.2	when, as a result of transfers of shares
                                            made in accordance with this Agreement or the Articles, only one party remains as legal and
                                            beneficial holder of the shares in the JVC; or

 

		14.1.3	when a resolution is passed by shareholders
                                            or creditors, or an order is made by a court or other competent body or person instituting
                                            a process that shall lead to the JVC being wound up and its assets being distributed among
                                            the JVC's creditors, shareholders or other contributors.

 

		14.2	On termination of this Agreement, the following
                                            clauses shall continue in force:

 

		14.2.1	Clause 1(interpretation);

 

		14.2.2	Clause 7 (restrictions on parties);

 

		14.2.3	this clause;

 

		14.2.4	Clause 15 (confidentiality);

 

		14.2.5	Clause 17 (assignment and other dealings);

 

		14.2.6	Clause 18 (entire agreement);

 

		14.2.7	Clause 19 (variation and waiver);

 

		14.2.8	Clause 20 (costs);

 

    	 	13	 

     

    

 

		14.2.9	Clause 21 (no partnership or agency);

 

		14.2.10	Clause 22 (notices);

 

		14.2.11	Clause 23 (severance);

 

		14.2.12	Clause 26 (inadequacy of damages); and

 

		14.2.13	Clause 27 (governing law and jurisdiction).

 

		14.3	Termination of this Agreement shall not
                                            affect any rights, remedies, obligations or liabilities of the parties that have accrued
                                            up to the date of termination, including the right to claim damages in respect of any breach
                                            of the agreement which existed at or before the date of termination.

 

		14.4	A party shall cease to be a party to this
                                            Agreement for the purpose of receiving benefits and enforcing its rights from the date that
                                            it ceases to hold (or beneficially own) any shares in the capital of the JVC (but without
                                            prejudice to any benefits and rights enjoyed prior to such cessation).

 

		14.5	Following an event referred to in clause
                                            14.1.2, the JVC shall be wound up and its assets shall be distributed. The parties shall
                                            endeavour to ensure that, before dissolution:

 

		14.5.1	all existing contracts of the JVC are
                                            performed to the extent that there are sufficient resources;

 

		14.5.2	the JVC shall not enter into any new contractual
                                            obligations; and

 

		14.5.3	the JVC's assets are distributed as soon
                                            as practical.

 

		15.	Confidentiality

 

		15.1	In this clause, Confidential Information
                                            means any information (however recorded or preserved) which:

 

		15.1.1	any party may have or acquire (whether
                                            before, on or after the date of this Agreement) in relation to the customers, business, assets
                                            or affairs or plans, intentions or market opportunities of the JVC (including, without limitation,
                                            any information provided pursuant to clause 9); or

 

		15.1.2	any party or any member of its Group
                                            may have or acquire (whether before, on or after the date of this Agreement) in relation
                                            to the customers, business, assets or affairs or plans, intentions or market opportunities
                                            of the other party or any member of the other party's Group, as a consequence of the negotiations
                                            relating to this Agreement or any other agreement or document referred to in this Agreement
                                            or the performance of the agreement or any other agreement or document referred to in this
                                            Agreement; or

 

    	 	14	 

     

    

 

		15.1.3	relates to the contents of this Agreement
                                            (or any agreement or document referred to in this Agreement or agreement or arrangement entered
                                            into pursuant to this Agreement),
	 	 	 
	 	but excludes the information in clause 15.2.

  

		15.2	Information is not Confidential Information
                                            if:

 

		15.2.1	it is or becomes generally available
                                            to the public (other than as a result of its disclosure in breach of this Agreement); or

 

		15.2.2	a party can establish to the reasonable
                                            satisfaction of the other party that it found out the information from a person not connected
                                            with the other party or its Group and that such person is not under any obligation of confidence
                                            in respect of the information; or

 

		15.2.3	a party can establish to the reasonable
                                            satisfaction of the other party that the information was known to the first party before
                                            the date of this Agreement and that it was not under any obligation of confidence in respect
                                            of the information; or

 

		15.2.4	the parties agree in writing that it is
                                            not confidential.

 

		15.3	Each party shall at all times keep confidential
                                            (and use all reasonable endeavours to ensure that the JVC shall keep confidential) any Confidential
                                            Information and shall not:

 

		15.3.1	use such Confidential Information except
                                            for the purpose of exercising or performing its rights and obligations under or in connection
                                            with this Agreement;

 

		15.3.2	disclose such Confidential Information
                                            in whole or in part to any third party, except as expressly permitted by this clause 15.

 

		15.4	Each party may disclose Confidential Information:

 

		15.4.1	to another member of its Group, and
                                            to those of the party's, and the JVC's Representatives who need to know such information
                                            for the purposes of exercising the party's rights or carrying out its obligations under or
                                            in connection with this Agreement, provided that it:

 

		(a)	informs any such member of its Group or
                                            such Representatives (or uses all reasonable endeavours to procure, in relation to the Representatives
                                            of the JVC, that the JVC informs such Representatives) of the confidential nature of the
                                            Confidential Information before disclosure; and

 

		(b)	uses all reasonable endeavours to procure
                                            that the JVC ensures, in relation to its Representatives, that such Representatives to whom
                                            it discloses Confidential Information comply with the confidentiality obligations set out
                                            in this clause;

 

    	 	15	 

     

    

 

Representatives means, in relation
to each of a party, its Group or the JVC (as the case may be), their respective employees, officers, representatives or advisers.

 

		15.4.2	with the written consent of such of
                                            the JVC or the party or any member of its Group that the information relates to; or

 

		15.4.3	as may be required by law, by any governmental
                                            or other regulatory authority or by a court or other authority of competent jurisdiction,
                                            provided that, to the extent it is legally permitted to do so, it gives the other party as
                                            much notice of such disclosure as possible; or

 

		15.4.4	a party may, provided it has reasonable
                                            grounds to believe that the other party is involved in activity that may constitute a criminal
                                            offence under the Bribery Act 2010, disclose Confidential Information to the Serious Fraud
                                            Office without first informing the other party of such disclosure; or

 

		15.4.5	to any tax authority to the extent
                                            reasonably required for the purposes of the tax affairs of the party concerned or any member
                                            of its Group.

 

		15.5	On termination of this Agreement, each
                                            party shall (and shall use all reasonable endeavours to procure that its subsidiaries, and
                                            its officers and employees and those of its subsidiaries and the JVC shall):

 

		15.5.1	destroy or return to the other party
                                            all documents and materials (and any copies) containing, reflecting, incorporating or based
                                            on the other party's Confidential Information;

 

		15.5.2	erase all the other party's Confidential
                                            Information from computer and communications systems and devices used by it, including such
                                            systems and data storage services provided by third parties (to the extent technically and
                                            legally practicable),

 

provided that a recipient party (and/or
the JVC, as the case may be) may retain documents and materials containing, reflecting, incorporating or based on the other party's Confidential
Information to the extent required by law or any applicable governmental or regulatory authority.

 

		15.6	The provisions of this clause 15 shall
                                            continue to apply after termination of this Agreement for any cause.

 

		16.	Further assurance

 

At its own expense each party shall
(and shall use all reasonable endeavours to procure that any relevant third party shall) promptly execute and deliver such documents
and perform such acts as the other party may reasonably require from time to time for the purpose of giving full effect to this Agreement.

 

    	 	16	 

     

    

 

		17.	Assignment and other dealings

 

Neither party shall assign, transfer,
mortgage, charge, sub-contract, delegate, declare a trust over or deal in any other manner with any or all of its rights and obligations
under this Agreement (or any other document referred to in it) without the prior written consent of the other party (such consent not
to be unreasonably withheld or delayed).

 

		18.	Entire agreement

 

		18.1	This Agreement constitutes the entire agreement
                                            between the parties and supersedes and extinguishes all previous discussions, correspondence,
                                            negotiations, drafts, agreements, promises, assurances, warranties, representations, arrangements
                                            and understandings between them, whether written or oral, relating to its subject matter.

 

		18.2	Each party acknowledges that in entering
                                            into this, it does not rely on, and shall have no remedies in respect of, any statement,
                                            representation, assurance or warranty (whether made innocently or negligently) that is not
                                            set out in this Agreement.

 

		18.3	Nothing in this clause shall limit or exclude
                                            any liability for fraud.

 

		19.	Variation and waiver

 

		19.1	No variation of this Agreement shall be
                                            effective unless it is in writing and signed by the parties (or their authorised representatives).

 

		19.2	A waiver of any right or remedy under this
                                            Agreement or by law is only effective if given in writing and signed by the person waiving
                                            such right or remedy and shall not be deemed a waiver of any subsequent right or remedy.

 

		19.3	A failure or delay by any person to exercise
                                            any right or remedy provided under this Agreement or by law shall not constitute a waiver
                                            of that or any other right or remedy, nor shall it prevent or restrict any further exercise
                                            of that or any other right or remedy. No single or partial exercise of any right or remedy
                                            provided under this Agreement or by law shall prevent or restrict the further exercise of
                                            that or any other right or remedy.

 

		19.4	A person that waives a right or remedy
                                            provided under this Agreement or by law in relation to one person, or takes or fails to take
                                            any action against that person, does not affect its rights or remedies in relation to any
                                            other person.

 

		20.	Costs

 

Except as expressly provided in this
Agreement, each party shall pay its own costs and expenses incurred in connection with the negotiation, preparation, execution and performance
of this Agreement (and any documents referred to in it).

 

		21.	No partnership or agency

 

		21.1	Nothing in this Agreement is intended to,
                                            or shall be deemed to, establish any partnership between the parties or constitute any party
                                            the agent of another party.

 

    	 	17	 

     

    

 

		21.2	Each party confirms that it is acting on
                                            its own behalf and not for the benefit of any other person.

 

		22.	Notices

 

		22.1	A notice given to a party under or in connection
                                            with this Agreement:

 

		22.1.1	shall be sent to the party for the
                                            attention of the contact and at the address or email address specified in clause 22.2, or
                                            such other contact, address or email address as that party may notify in accordance with
                                            clause 22.3; and

 

		22.1.2	shall be sent by a method listed in clause
                                            22.3; and

 

		22.1.3	unless proved otherwise is deemed received
                                            as set out in clause 22.3 if prepared and sent in accordance with this clause.

 

		22.2	The addresses, email addresses and contacts
                                            for service of notices are:

 

		22.2.1	A Shareholder:

 

		(a)	address: [*]

 

		(b)	for the attention of: [*]

 

		(c)	email address: [*]

 

		22.2.2	B Shareholder:

 

		(a)	address: [*]

 

		(b)	for the attention of: [*]

 

		(c)	email address: [*]

 

		22.2.3	C Shareholder:

 

		(a)	address: [*]

 

		(b)	for the attention of: [*]

 

		(c)	email address: [*]

 

		22.3	This clause 22.3 sets out the delivery
                                            methods for sending a notice to a party under this Agreement and, for each delivery method,
                                            the date and time when the notice is deemed to have been received:

 

		22.3.1	if delivered by hand, at the time the
                                            notice is left at the address;

 

		22.3.2	if sent by pre-paid first-class post
                                            or other next working day delivery service, at 9.00 am on the second Business Day after posting;

 

    	 	18	 

     

    

 

		22.3.3	if sent by pre-paid airmail, at 9.00 am
                                            on the fifth Business Day after posting;

 

		22.3.4	if sent by email, at the time of transmission.

 

		22.4	If deemed receipt under clause 22.3 would
                                            occur outside Usual Business Hours, the notice shall be deemed to have been received when
                                            Usual Business Hours next recommence. For the purposes of this clause, Usual Business
                                            Hours means 9.00 am to 5.30 pm local time on any day which is not a Saturday, Sunday
                                            or public holiday in the place of receipt of the notice (which, in the case of service of
                                            a notice by email shall be deemed to be the same place as is specified for service of notices
                                            on the relevant party by hand or post).

 

		22.5	This clause 22 does not apply to the service
                                            of any proceedings or other documents in any legal action.

 

		23.	Severance

 

		23.1	If any provision or part-provision of this
                                            Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed deleted, but
                                            that shall not affect the validity and enforceability of the rest of this Agreement.

 

		23.2	If any provision or part-provision of this
                                            Agreement is deemed deleted, the parties shall negotiate in good faith to agree a replacement
                                            provision that, to the greatest extent possible, achieves the intended commercial result
                                            of the original provision.

 

		24.	Third party rights

 

		24.1	This Agreement does not give rise to rights
                                            under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement.

 

		24.2	The rights of the parties to rescind or
                                            vary this Agreement are not subject to the consent of any other person.

 

		25.	Rights and remedies

 

The rights and remedies provided
under this Agreement are in addition to, and not exclusive of, any rights or remedies provided by law.

 

		26.	Inadequacy of damages

 

Without prejudice to any other rights
or remedies that a party may have, each party acknowledges and agrees that damages alone would not be an adequate remedy for any breach
of the terms of clause 7 or clause 15 by that party. Accordingly, the other party shall be entitled to the remedies of injunction, specific
performance or other equitable relief for any threatened or actual breach of the terms of clause 7 or clause 15 of this Agreement.

 

    	 	19	 

     

    

 

		27.	Governing law and jurisdiction

 

		27.1	This Agreement and any dispute or claim
                                            (including non-contractual disputes or claims) arising out of or in connection with it or
                                            its subject matter or formation shall be governed by and construed in accordance with the
                                            law of England and Wales.

 

		27.2	Each party irrevocably agrees that the
                                            courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim
                                            (including non-contractual disputes or claims) arising out of or in connection with this
                                            Agreement or its subject matter or formation.

 

IN WITNESS WHEREOF this
document has been executed and delivered on the date first stated above.

 

    	 	20	 

     

    

 

SCHEDULE
1

Matters reserved for shareholder
approval

 

		1.	Altering in any respect the Articles or the
                                            rights attaching to any of the shares in the JVC.

 

		2.	Permitting the registration of any person
                                            as a member of the JVC other than the parties in relation to their initial investment and
                                            any permitted transferees.

 

		3.	Increasing or reducing the amount of the
                                            JVC's issued share capital, granting any option or other interest (in the form of convertible
                                            securities or in any other form) over or in its share capital, redeeming or purchasing any
                                            of its own shares or effecting any other reorganisation of its share capital.

 

		4.	Issuing any loan capital in the JVC or entering
                                            into any commitment with any person with respect to the issue of any loan capital.

 

		5.	Making any borrowing from its bankers in the
                                            ordinary and usual course of business.

 

		6.	Applying for the listing or trading of any
                                            shares or debt securities on any stock exchange or market.

 

		7.	Passing any resolution for the JVC's winding
                                            up or presenting any petition for its administration other than in accordance with this Agreement
                                            (unless it has become insolvent).

 

		8.	Altering the name of the JVC or its registered
                                            office.

 

		9.	Changing the nature of the JVC's Business
                                            or commencing any new business by the JVC which is not ancillary or incidental to the Business.

 

		10.	Forming any subsidiary or acquiring shares
                                            in any other company or participating in any partnership or joint venture (incorporated or
                                            not).

 

		11.	Amalgamating or merging with any other company
                                            or business undertaking.

 

		12.	Making any acquisition or disposal by the JVC
                                            of any material asset(s).

 

		13.	Creating or granting any Encumbrance over
                                            the whole or any part of the Business, undertaking or assets of the JVC or over any shares
                                            in the JVC or agreeing to do so.

 

		14.	Making any loan (otherwise than by way of
                                            deposit with a bank or other institution the normal business of which includes the acceptance
                                            of deposits or in the ordinary course of business) or granting any credit (other than in
                                            the normal course of trading) or giving any guarantee (other than in the normal course of
                                            trading) or indemnity.

 

    	 	21	 

     

    

 

		15.	Altering any mandate given to the JVC's
                                            bankers relating to any matter concerning the operation of the JVC's bank accounts.

 

		16.	Appointing any agent or other intermediary
                                            to conduct any of the JVC's Business.

 

		17.	Entering into any arrangement, contract
                                            or transaction outside the normal course of the JVC's Business or otherwise than on arm's
                                            length terms.

 

		18.	Giving notice of termination of any arrangements,
                                            contracts or transactions which are material in the nature of the JVC's Business, or materially
                                            varying any such arrangements, contracts or transactions.

 

		19.	Adopting or amending any standard terms
                                            of business or terms and conditions (including but not limited to the prices) under which
                                            the JVC provides goods or services to customers and other third parties.

 

		20.	Granting any rights (by licence or otherwise)
                                            in or over any intellectual property owned or used by the JVC.

 

		21.	Factoring or assigning any of the book debts
                                            of the JVC.

 

		22.	Changing the auditors of the JVC or its Financial
                                            Year end.

 

		23.	Making or permitting to be made any material
                                            change in the accounting policies and principles adopted by the JVC in the preparation of
                                            its audited and management accounts except as may be required to ensure compliance with relevant
                                            accounting standards under the CA 2006 or any other generally accepted accounting principles
                                            in the United Kingdom.

 

		24.	Establishing or amending any profit-sharing,
                                            share option, bonus or other incentive scheme of any nature for directors.

 

		25.	Dismissing any director, officer or employee
                                            in circumstances in which the JVC incurs or agrees to bear redundancy or other costs in excess
                                            of £5,000 in total.

 

		26.	Establishing or amending any pension scheme
                                            or granting any pension rights to any director, officer, employee, former director, officer
                                            or employee, or any member of any such person's family.

 

		27.	Agreeing to remunerate (by payment of fees,
                                            the provision of benefits-in-kind or otherwise) any officer of, or consultant to, the JVC
                                            at a rate in excess of £100,000 per annum or increasing the remuneration of any such
                                            person to a rate in excess of

£100,000 per annum.

 

		28.	Entering into or varying any contract of
                                            employment providing for the payment of remuneration (including pension and other benefits)
                                            in excess of a rate of £80,000 per annum or increasing the remuneration of any staff
                                            (including pension and other benefits) to a rate in excess of £50,000 per annum.

 

    	 	22	 

     

    

  

		29.	Instituting any legal proceedings, or settling
                                            or compromising any legal proceedings (other than debt recovery proceedings in the ordinary
                                            course of business) instituted or threatened against the JVC, or submitting to arbitration
                                            or alternative dispute resolution any dispute involving the JVC.

 

		30.	Making any agreement with any revenue or
                                            tax authorities or making any claim, disclaimer, election or consent exceeding £2,000
                                            for tax purposes in relation to the JVC or its business.

 

    	 	23	 

     

    

 

SCHEDULE
2

Deed of adherence

 

THIS DEED IS MADE ON THE       DAY
OF         2021

 

BETWEEN

 

		(1)	[FULL COMPANY NAME] incorporated and registered
                                            in England and Wales with company number [NUMBER] whose registered office is at [REGISTERED
                                            OFFICE ADDRESS](the Transferor);

 

		(2)	[FULL COMPANY NAME] incorporated and registered
                                            in England and Wales with company number [NUMBER] whose registered office is at [REGISTERED
                                            OFFICE ADDRESS] OR [INDIVIDUAL'S NAME] of [ADDRESS](the New Shareholder); and

 

		(3)	The persons named in the Schedule as the
                                            existing shareholders of [FULL COMPANY NAME](the Continuing Shareholders).

 

RECITALS

 

		(A)	This deed is [entered into under clause
                                            [NUMBER] of OR supplemental to] an agreement dated [DATE], made between the Transferor
                                            and the Continuing Shareholders setting out the terms for operating the joint venture company,
                                            [NAME] Limited (JVC), as amended from time to time (Joint Venture Agreement).

 

		(B)	By a [transfer of OR subscription
                                            for] Shares in the capital of the JVC dated [DATE], [the Transferor transferred to the New
                                            Shareholder OR the New Shareholder subscribed for] [NUMBER] [CLASS] Shares of £[AMOUNT]
                                            each in the capital of the JVC.

 

IT IS HEREBY AGREED

 

		1.	Words and expressions used in this
                                            deed shall, unless the context expressly requires otherwise, have the meaning given to them
                                            in the Joint Venture Agreement. The Effective Date means the date of this deed.

 

		2.	The New Shareholder confirms that
                                            it has been supplied with a copy of the Joint Venture Agreement. The New Shareholder and
                                            each of the Continuing Shareholders undertake with each other that, from the Effective Date,
                                            the New Shareholder shall [assume all of the rights of the Transferor under the Joint Venture
                                            Agreement and shall observe, perform and be bound by the provisions of the Joint Venture
                                            Agreement that contain obligations on the Transferor OR assume all of the rights under
                                            the Joint Venture Agreement granted to holders of the same class of shares as those that
                                            are allotted to the New Shareholder and shall observe, perform and be bound by the provisions
                                            of the Joint Venture Agreement that contain obligations on holders of the same class of shares
                                            as those that are allotted to the New Shareholder] as though the New Shareholder was an original
                                            party to the Joint Venture Agreement.

 

    	 	24	 

     

    

 

		3.	Nothing in this deed shall release
                                            the Transferor from any liability in respect of any obligations under the Joint Venture Agreement
                                            due to be performed prior to the Effective Date [or from its obligations under clause [NUMBER]
                                            or clause [NUMBER] of the Joint Venture Agreement].

 

		4.	This deed may be executed in any number
                                            of counterparts, each of which when executed and delivered shall constitute a duplicate original,
                                            but all the counterparts shall together constitute the one agreement.

 

		5.	This deed and any dispute or claim
                                            (including non-contractual disputes or claims) arising out of or in connection with it or
                                            its subject matter or formation shall be governed by and construed in accordance with the
                                            law of England and Wales.

 

		6.	Each party irrevocably agrees that
                                            the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or
                                            claim (including non-contractual disputes or claims) arising out of or in connection with
                                            this deed or its subject matter or formation.

 

IN WITNESS WHEREOF this
document has been executed and delivered as a deed on the date first stated above.

 

    	 	25	 

     

    

 ·	Signed by Yang Li	 	/s/ Yang Li
	for and on behalf of MD Local Global Limited,
    in the presence of:	 	Director
	 	 	 
	/s/ Huang Zhenyuan	 	 
	Witness signature   	 	 
	 	 	 
	Huang Zhenyuan	 	 
	Witness name	 	
	 	 	 
	4-3-101 Yvegui garden No 5 Avenue Hebei District Tianjin China	 	 
	Witness address	 	 
	 	 	 
	Professional Manager	 	 
	Witness occupation	 	 
	 	 	 
	Signed by Jenny Dong	 	/s/ Jenny Dang
	for and on behalf of Ocean Tide Wealth Limited,	 	Director
	in the presence of:	 	 
	 	 	 
	/s/ Xiaoyu Ding	 	 
	Witness signature	 	 
	 	 	 
	Xiaoyu Ding	 	 
	Witness name	 	 
	 	 	 
	33 Apartment,32 Westferry Circus, London, E14 8RH	 	 
	Witness address	 	 
	 	 	 
	Insurance Broker	 	 
	Witness occupation	 	 
	 	 	 
	Signed by Mingzhe Zhang,	 	/s/ Mingzhe
    Zhang
	in the presence of:	 	Mingzhe Zhang
	 	 	 
	/s/ Li Na	 	 
	Witness signature	 	 
	 	 	 
	Li Na	 	 
	Witness name	 	 
	 	 	 
	Agar House, 79 Orchard Place, London 614044	 	 
	Witness address	 	 
	 	 	 
	Customer Service	 	 
	Witness occupation	 	 

 

    	 	26bmea-ex101_260.htm

Exhibit 10.1

TRANSITION AND SEPARATION AGREEMENT

This Transition and Separation Agreement (the "Agreement") by and between Sunny Lee Ryan ("Employee") and Biomea Fusion, Inc. (the "Company"), is made effective as of Employee's signature (the "Effective Date") with reference to the following facts:

	
 
	
A.
	
Employee is Executive Vice President of Finance pursuant to the terms of an Employment Agreement (the "Employment Agreement") dated August 12, 2020.
	
 

	
 
	
B.
	
In conjunction with her employment, Employee was issued certain equity awards as reflected in Exhibit A hereto (the "Equity Awards"), subject to the terms and conditions of applicable equity plan(s), notices of grant and equity award agreements (collectively, the "Equity Agreements").
	
 

	
 
	
C.
	
In conjunction with her employment, Employee executed a Proprietary Information and Inventions Assignment Agreement (the "Confidentiality Agreement") and Indemnification and Advancement Agreement dated May 4, 2021 (the "Indemnity Agreement").
	
 

	
 
	
D.
	
Employee's employment with the Company will end effective upon the Separation Date (as defined below).
	
 

	
 
	
E.
	
Employee and the Company want to end their relationship amicably and also to establish the obligations of the parties including, without limitation, any amounts due and owing to the Employee.
	
 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows:

1.Separation Date. Employee's employment will end on July 31, 2021 (the “Separation Date”).  Contingent upon Employee’s signature of this Agreement no later than July 7, 2021, execution of the General Release of Claims (the “General Release”) attached as Exhibit B hereto no earlier than the Separation Date and no later than August 7, 2021, and allowing the General Release to become effective, the Company shall provide to Employee the payments and other consideration set forth in this Agreement.  Employee agrees that she is not otherwise entitled to the payments and other consideration of this Agreement.  

2.Transition Period, Services and Compensation.

(a)Transition Period. During the period of time commencing on the Effective Date and ending on the Separation Date (the "Transition Period"), Employee shall remain an employee of the Company and shall retain her title and role as Executive Vice President of Finance. 

(b)Transition Services.  Employee shall be available during the Transition Period to provide services to the Company consistent with Employee's duties and responsibilities as Executive Vice President of Finance (the "Transition Services"). During the Transition Period, Employee will work solely from home, unless requested to come into the office by the Company's President and COO, and will have contact regarding the Transition Services and all other Company business matters only with Employee's direct reports and the President and COO. 

(c)Compensation. In exchange for the performance of the Transition Services, the Company shall continue to pay to Employee her base salary as in effect as of June 28, 2021 ("Base Salary"), in equal installments, in accordance with the Company's standard payroll practices. All payments made to Employee under this Section 2(c) will be reduced by the amount of applicable withholdings and deductions.

1 

 

(d)Benefits. During the Transition Period, Employee shall remain eligible to participate in or accrue benefits under any Company benefit plan for which status as an employee of the Company is a condition of such participation or accrual, in accordance with the terms of the applicable plan.

(e)Protection of Information. Employee agrees that, during the Transition Period and thereafter, Employee will not, except for the purposes of performing the Transition Services, seek to obtain any confidential or proprietary information or materials of the Company.

3.Final Paycheck: Payment of Accrued Wages and Expenses: Equity Awards.

(a)Final Paycheck. On the Separation Date, the Company will pay Employee all accrued but unpaid base salary and all accrued and unused vacation or PTO earned through the Separation Date, subject to standard payroll deductions and withholdings. Employee is entitled to these payments regardless whether Employee executes this Agreement.

(b)Business Expenses. The Company shall reimburse Employee for all outstanding expenses incurred prior to the Separation Date which are consistent with the Company's policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company's requirements with respect to reporting and documenting such expenses. Employee is entitled to these reimbursements regardless whether Employee executes this Agreement.

(c)Equity Awards. Except as expressly provided herein, all equity awards issued to Employee shall be governed by the terms of the applicable Equity Agreements.

4.Severance Payment and Benefits. Without admission of any liability, fact or claim, the Company hereby agrees to provide Employee the severance payments and benefits set forth below. All payments and benefits payable pursuant to this Section 4 are contingent upon (i) Employee's signature of the General Release no earlier than the Separation Date and no later than July 31, 2021, (ii) the General Release becoming irrevocable in accordance with its terms, and (iii) Employee's continued performance of all obligations under this Agreement and the Confidentiality Agreement.

(a)Severance Payment. On the first payroll period that follows by at least three (3) business days the Effective Date of the General Release, the Company shall pay to Employee twelve (12) months of Base Salary and bonus compensation at Employee's 2021 target, pro-rated for the number of days of Employee's employment in 2021 (totaling $493,333.33) (the "Severance Payment").  The Severance Payment shall be paid in a lump sum, and will be reduced by all applicable tax withholding.

(b)Healthcare Continuation Coverage. If Employee timely elects to receive continued healthcare coverage pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, and applicable state law, as amended (together, "COBRA"), the Company shall directly pay the COBRA premiums for Employee and Employee's covered dependents through the earlier of (i) the twelve (12)-month anniversary of the last day of the month in which the Separation Date falls (or July 31, 2022) or (ii) the date on which Employee and/or Employee's covered dependents, if any, become eligible for healthcare coverage under another employer's plan(s); provided, that after the Company ceases to directly pay, Employee may, if eligible, elect to continue healthcare coverage at Employee's expense in accordance with the provisions of COBRA. Notwithstanding the foregoing, if the Company is unable to continue to cover Employee under its group health plans without penalty under applicable law (including without limitation, Section 2716 

2 

 

of the Public Health Service Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to Employee in substantially equal monthly installments. Employee acknowledges that she shall be solely responsible for all matters relating to Employee's continuation of coverage pursuant to COBRA, including, without limitation, Employee's election of such coverage and her timely payment of premiums.

(c)Equity Acceleration and Extension of Exercise Period.  The vesting in all equity awards issued to Employee shall be accelerated as of the Separation Date, such that Employee shall be vested in, or the Company's right of repurchase shall have expired with respect to, that number of shares as she would have held had her employment continued through the three (3) month anniversary of the Separation Date (October 31, 2021), as reflected on Exhibit A hereto.  The period for Employee to exercise any vested equity awards (including any vesting accelerated under this Agreement) is hereby extended through and including the date that is three (3) years from the Separation Date (July 31, 2024).

 

(d)Taxes. Employee understands and agrees that all payments under this Agreement will be subject to appropriate tax withholding and other deductions. To the extent any taxes may be payable by Employee for the benefits provided to her by this Agreement beyond those withheld by the Company, Employee agrees to pay them herself and to indemnify and hold the Company and the other entities released herein harmless for any tax claims or penalties, and associated attorneys' fees and costs, resulting from any failure by her to make required payments. To the extent that any reimbursements payable pursuant to this Agreement are subject to the provisions of Section 409A of the Code, such reimbursements shall be paid to Employee no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and Employee's right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.  The Company and Employee will execute any and all amendments to this Agreement, if any, as may be necessary to ensure compliance with or exemption from the distribution provisions of Section 409A of the Code in an effort to avoid or minimize, to the extent allowable by law, any tax (and any interest or penalties thereon) associated with Section 409A of the Code. 

 

(e)Sole Separation Benefit. Employee acknowledges and agrees that the payments and benefits referenced in this Section 4 constitute adequate and valuable consideration, in and of themselves, for the promises contained in this Agreement, and satisfy all obligations by the Company to Employee under the terms of the Employment Agreement and Severance Agreement.

5.Full Payment. Employee acknowledges that the payment and arrangements herein shall constitute full and complete satisfaction of any and all amounts properly due and owing to Employee as a result of her employment with the Company and the termination thereof. Employee further acknowledges that, other than the Indemnity Agreement, Equity Agreements (as amended herein), and the Confidentiality Agreement (except the non-disparagement provision therein), this Agreement shall supersede each agreement entered into between Employee and the Company regarding Employee's employment, including, without limitation, the Employment Agreement. Notwithstanding the foregoing, or anything contained in the Confidentiality Agreement or this Agreement, Employee acknowledges that she will not be held criminally or civilly liable for (a) the disclosure of confidential or proprietary information or trade secrets that is made in confidence to a government official or to an 

3 

 

attorney solely for the purpose of reporting or investigating a suspected violation of law, or (b) disclosure of confidential or proprietary information or trade secrets in a made in a complaint or other document filed in a lawsuit or other proceeding under seal or pursuant to court order.

6.Employee's Release of the Company. Employee understands that by agreeing to the release provided by this Section 6, Employee is agreeing not to sue, or otherwise file any claim against, the Company or any of its employees or other agents for any reason whatsoever based on anything that has occurred as of the date Employee signs this Agreement.

(a)Released Claims. On behalf of Employee and Employee's heirs, assigns, executors, administrators, trusts, spouse and estate, Employee hereby releases and forever discharges the "Releasees" hereunder, consisting of the Company, and each of its owners, affiliates, subsidiaries, predecessors, successors, assigns, agents, directors, officers, partners, employees, and insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, loss, cost or expense, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called "Claims"), which Employee now has or may have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date Employee signs this Agreement, including, without limiting the generality of the foregoing, any Claims arising out of, based upon, or relating to Employee's hire, employment, remuneration or resignation by the Releasees, or any of them, Claims arising under federal, state, or local laws relating to employment, Claims of any kind that may be brought in any court or administrative agency, including any Claims arising under Title VIl of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. Section 2000, et seq.; the Americans with Disabilities Act, as amended, 42 U.S.C. Section 12101, et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. Section 701 et seq.; the Civil Rights Act of 1866, and Civil Rights Act of 1991, 42 U.S.C. Section 1981, et seq.; the Equal Pay Act, as amended, 29 U.S.C. Section 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family and Medical Leave Act, as amended, 29 U.S.C. Section 2601, et seq.; the False Claims Act , 31 U.S.C. Section 3729 et seq.; the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. Section 201, et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. Section 1001, et seq.; the Worker Adjustment and Retraining Notification Act, as amended, 29 U.S.C. Section 2101, et seq.; the Sarbanes-Oxley Act of 2002; the California Fair Employment and Housing Act, as amended, Cal. Lab. Code Section 12940, et seq.; the California Equal Pay Law, as amended, Cal. Lab. Code Section 1197.5(a), et seq.; the Moore-Brown-Roberti Family Rights Act of 1991, as amended, Cal. Government Code Sections 12945.2 and 19702.3; California Labor Code Sections 1101, 1102; the California WARN Act, California Labor Code Section 1400 et. seq; California Labor Code Sections 1102.5(a) and (b); Claims for wages under the California Labor Code and any other federal, state or local laws of similar effect; Claims under the employment and civil rights laws of California; Claims for breach of contract; Claims arising in tort, including, without limitation, Claims of wrongful dismissal or discharge, discrimination, harassment, retaliation, fraud, misrepresentation, defamation, libel, infliction of emotional distress, violation of public policy, and/or breach of the implied 

4 

 

covenant of good faith and fair dealing; and Claims for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney's fees.

 

(b)Unreleased Claims. Notwithstanding the generality of the foregoing, Employee does not release (i) Claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law; (ii) Claims for workers’ compensation insurance benefits under the terms of any worker’s compensation insurance policy or fund of the Company; (iii) Claims pursuant to the terms and conditions of COBRA; (iv) any other Claims that cannot be released as a matter of law; (v) Claims for indemnity under the bylaws of the Company, as provided for by California law or under any applicable insurance policy with respect to Employee’s liability as an employee, director or officer of the Company, and under the Indemnity Agreement; (vi) rights to any vested benefits under any stock, compensation or other employee benefit plan or agreement with the Company, and any rights Employee may have as a shareholder; (vii) any Claims that may arise after Employee's signature of this Agreement or for enforcement of this Agreement; (viii) Employee’s right to communicate directly with, cooperate with, or provide information to, any federal, state or local government regulator; and (ix) Employee’s right to bring to the attention of the Equal Employment Opportunity or California Department of Fair Employment and Housing claims of discrimination, harassment, interference with leave rights, and retaliation; provided, however, that Employee does release the right to secure damages for any such alleged treatment.

(c)EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE HAS BEEN ADVISED OF AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS:

"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE

MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY."

BEING AWARE OF SAID CODE SECTION, EMPLOYEE HEREBY EXPRESSLY WAIVES ANY RIGHTS EMPLOYEE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.

7.Non-Disparagement, Transfer of Company Property, Confidentiality and Non-Solicitation. 

(a)Non-Disparagement. Employee shall not disparage, criticize or defame the Company, its affiliates and their respective affiliates, directors, officers, agents, partners, stockholders, employees, products, services, technology or business, either publicly or privately. The Company, Thomas Butler, Ramses Erdtmann and Naomi Cretcher will not disparage, criticize or defame Employee or her character, traits, qualifications, skills, experience or job performance. Nothing in this Section 7(a) shall have application to any evidence or testimony required by any court, arbitrator or government agency, or shall prohibit Employee or any other person from communicating or cooperating with any government agency.  Employee will direct any requests for an employment reference or verification of her employment with Company to Naomi Cretcher (or her successor) and, in response to any such request, Ms. Cretcher (or her successor) shall provide 

5 

 

only Employee’s dates of employment and last position held.  In the event of a breach of this provision by any applicable person(s), the non-breaching party shall be free to make any truthful statements such party, in its discretion, deems necessary or appropriate to attempt to refute or remedy the applicable breach.

(b)Transfer of Company Property. On the earlier of (i) the Separation Date or (ii) the Company's request, Employee shall turn over to the Company originals and all copies of files, memoranda, records, and other documents, and any other physical or personal property which are the property of the Company; provided, however, that Employee may retain copies of her own personnel, compensation, and equity grant records and related information. All Company equipment will be returned by Employee with all files and data stored thereon intact.

(c)Confidentiality. Employee reaffirms her obligations under the Confidentiality Agreement. Except as may be required by law, court order, subpoena or other legal process, or as necessary in any legal dispute between the parties, neither Employee, nor anyone else acting by, through, under or in concert with Employee will disclose to any individual or entity (other than Employee's legal or tax advisors or immediate family members) the terms of this Agreement. Nothing in this Section 7(c) shall prohibit Employee from testifying in any legal proceeding in which her testimony is compelled by law or court order or from communicating or cooperating with any government agency, and no breach of this provision shall occur due to any accurate, legally compelled testimony or due to Employee's accurate communication with, or disclosure of information or documents to, any government agency. 

8.Employee Representations. Employee warrants and represents that (a) she has not filed or authorized the filing of any complaints, charges or lawsuits against the Company or any affiliate of the Company with any governmental agency or court, and that if, unbeknownst to Employee, such a complaint, charge or lawsuit has been filed on her behalf, she will immediately cause it to be withdrawn and dismissed, (b) she has reported all hours worked as of the date of this Agreement and has been paid all compensation, wages, bonuses, commissions, and/or benefits to which she may be entitled and no other compensation, wages, bonuses, commissions and/or benefits are due to her, except as provided in this Agreement, (c) she has no known workplace injuries or occupational diseases and has been provided and/or has not been denied any leave requested under the Family and Medical Leave Act or any similar state law, (d) the execution, delivery and performance of this Agreement by Employee does not and will not conflict with, breach, violate or cause a default under any agreement, contract or instrument to which Employee is a party or any judgment, order or decree to which Employee is subject, and (e) upon the execution and delivery of this Agreement by the Company and Employee, this Agreement will be a valid and binding obligation of Employee, enforceable in accordance with its terms.

9.No Assignment by Employee. Employee warrants and represents that no portion of any of the matters released herein, and no portion of any recovery or settlement to which Employee might be entitled, has been assigned or transferred to any other person, firm or corporation not a party to this Agreement, in any manner, including by way of subrogation or operation of law or otherwise. If any claim, action, demand or suit should be made or instituted against the Company or any other Releasee because of any actual assignment, subrogation or transfer by Employee, Employee agrees to indemnify and hold harmless the Company and all other Releasees against such claim, action, suit or demand, including necessary expenses of investigation, attorneys' fees and costs. In the event of Employee's death, this Agreement shall inure to the benefit of Employee and Employee's executors, administrators, heirs, distributees, devisees, and legatees. None of Employee's rights or obligations may be assigned or transferred by Employee, other than Employee's rights to payments hereunder, which may be transferred only upon Employee's death by will or operation of law.

6 

 

10.Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of California or, where applicable, United States federal law, in each case, without regard to any conflicts of laws provisions thereof or of any other state.

11.Miscellaneous. This Agreement, together with the Equity Agreements, Exhibits A and B hereto, the Confidentiality Agreement and the Indemnity Agreement, comprises the entire agreement between the parties with regard to the subject matters hereof and supersede, in their entirety, any other agreements between Employee and the Company with regard to the subject matter hereof, including the Employment Agreement. The Company and Employee acknowledge that the termination of the Employee's employment with the Company is intended to constitute an involuntary separation from service for the purposes of Section 409A of the Code, and the related Department of Treasury regulations. Employee acknowledges that there are no other agreements, written, oral or implied, and that she may not rely on any prior negotiations, discussions, representations or agreements, with respect to the subject matter of this Agreement. This Agreement may be modified only in writing, and such writing must be signed by both parties and recited that it is intended to modify this Agreement. This Agreement may be executed in separate counterparts, and by facsimile, .pdf or other electronic means, each of which is deemed to be an original and all of which taken together constitute one and the same agreement.

12.Company Assignment and Successors. The Company shall assign its rights and obligations under this Agreement to any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise). This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Company, Employee and their respective successors, heirs, permitted assigns, agents, and legal representatives. The Company will require any successors or assigns to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place.  

7 

 

13.Employee's Cooperation. After the Separation Date, Employee shall reasonably cooperate with the Company and its affiliates, upon the Company's reasonable request, with respect to any internal investigation or administrative, regulatory or judicial proceeding involving matters within the scope of Employee's duties and responsibilities to the Company during her employment with the Company (including, without limitation, Employee being reasonably available to the Company upon reasonable notice for interviews and factual investigations, appearing at the Company's reasonable request to give testimony without requiring service of a subpoena or other legal process, and turning over to the Company all relevant Company documents, if any, which are or may have come into Employee's possession during her employment and then-remain in her possession consistent with this Agreement); provided, however, that any such request by the Company after the Separation Date shall not be unduly burdensome or interfere with Employee's personal, business or employment schedule or obligations. Within 14 days of written request by Employee, Company will reimburse Employee for any out-of-pocket expenses incurred by Employee for travel or otherwise in complying with this paragraph.  

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed and delivered as of the date indicated next to their respective signatures below.

 

			
	
 
	
 
	
EMPLOYEE

	
 
	
 
	
 

	
Dated: July 7, 2021
	
 
	
/s/ Sunny Lee Ryan

	
 
	
 
	
Sunny Lee Ryan

 

					
	
 
	
 
	
BIOMEA FUSION, INC.

	
 
	
 
	
 
	
 
	
 

	
Dated: July 7, 2021
	
 
	
/s/ Thomas Butler

	
 
	
 
	
Name:
	
 
	
Thomas Butler

	
 
	
 
	
Title:
	
 
	
Chief Executive Officer

	
 
	
 
	
 
	
 
	
 

 

 

8 

 

 

EXHIBIT A

SUMMARY OF EQUITY AWARDS

 

								
	
Grant Type
	
Grant Date
	
Number of Shares
	
ISO/NSO
	
Exercise Price
	
Post-Employment Exercise Period
	
Vested Shares*
	
Vested Shares with Acceleration**

	
Shares
	
12/18/20
	
58,114
	
NA
	
NA
	
NA
	
10,896
	
14,528

	
Option
	
1/8/21
	
52,306
	
ISO
	
$5.13688
	
Three Years
	
9,807
	
13,076

	
Option
	
2/22/21
	
78,154
	
ISO
	
$7.50226
	
Three Years
	
4,884
	
14,653

*Reflects shares vested as of the date hereof.

**Reflects shares vested as of the Separation Date, including accelerated vesting under this Agreement.

 

 

 

9 

 

 

Exhibit B

GENERAL RELEASE OF CLAIMS

This General Release of Claims (“Release”) is entered into by Sunny Lee Ryan (“Employee”), in favor of Biomea Fusion, Inc., together with subsidiaries, affiliates, predecessors and successors referred to collectively herein as the “Company.” Defined terms used herein without definition shall have the meanings given to them in the Employment Transition and Separation Agreement (as defined below).

1.Release of Claims.  

a)Employee, on behalf of Employee and Employee’s executors, heirs, administrators, representatives and assigns, hereby agrees to release and forever discharge the Company and all predecessors, successors and their respective parent corporations, affiliates, related, and/or subsidiary entities, and all of their past and present investors, directors, shareholders, officers, general or limited partners, employees, attorneys, agents and representatives, and the employee benefit plans in which Employee is or has been a participant by virtue of Employee’s employment with or service to the Company (collectively, the “Company Releasees”), from any and all claims, debts, demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges, complaints, obligations, promises, agreements, controversies, suits, expenses, compensation, responsibility and liability of every kind and character whatsoever (including attorneys’ fees and costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or unsuspected (collectively, “Claims”), which Employee has or may have had against such entities based on any events or circumstances arising or occurring on or prior to the date Employee signs this Release, arising directly or indirectly out of, relating to, or in any other way involving in any manner whatsoever Employee’s employment by or service to the Company or Employee’s cessation of such employment or service, including, without limitation, any and all Claims that Employee may have against any of the Company Releasees with respect thereto whether pursuant to any contract or agreement, breach or alleged breach of fiduciary duty or otherwise, and any and all claims arising under federal, state, or local laws relating to employment, including without limitation claims of wrongful discharge, breach of express or implied contract, fraud, misrepresentation, defamation, or liability in tort, and claims of any kind that may be brought in any court or administrative agency including, without limitation, claims under the Age Discrimination in Employment Act, 29 U.S.C. Section 621, et seq. (“ADEA”); Title VIl of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. Section 2000, et seq.; the Americans with Disabilities Act, as amended, 42 U.S.C. Section 12101, et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. Section 701 et seq.; the Civil Rights Act of 1866, and Civil Rights Act of 1991, 42 U.S.C. Section 1981, et seq.; the Equal Pay Act, as amended, 29 U.S.C. Section 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family and Medical Leave Act, as amended, 29 U.S.C. Section 2601, et seq.; the False Claims Act , 31 U.S.C. Section 3729 et seq.; the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. Section 201, et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C. Section 1001, et seq.; the Worker Adjustment and Retraining Notification Act, as amended, 29 U.S.C. Section 2101, et seq.; the Sarbanes-Oxley Act of 2002; the California Fair Employment and Housing Act, as amended, Cal. Lab. Code Section 12940, et seq.; the California Equal Pay Law, as amended, Cal. Lab. Code Section 1197.5(a), et seq.; the Moore-Brown-Roberti Family Rights Act of 1991, as amended, Cal. Government Code Sections 12945.2 and 19702.3; California Labor Code Sections 1101, 1102; the California WARN Act, California Labor Code Section 1400 et. seq; California Labor Code Sections 1102.5(a) and (b); Claims for wages under the California Labor Code and any other federal, state or local laws of similar effect; Claims under the employment and civil rights laws of California; Claims for breach of contract; Claims arising in tort, including, without limitation, Claims of wrongful dismissal or discharge, discrimination, harassment, retaliation, fraud, misrepresentation, defamation, libel, infliction of emotional distress, violation of public policy, and/or breach of the implied covenant of good faith and fair dealing; and Claims for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney's fees.

10

 

b)Notwithstanding the generality of the foregoing, Employee does not release (i) Claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law; (ii) Claims for workers’ compensation insurance benefits under the terms of any worker’s compensation insurance policy or fund of the Company; (iii) Claims pursuant to the terms and conditions of COBRA or any similar state law; (iv) any other Claims that cannot be released as a matter of law; (v) Claims for indemnity under the bylaws of the Company, as provided for by California law or under any applicable insurance policy with respect to Employee’s liability as an employee, director or officer of the Company, and under the Indemnity Agreement; (vi) rights to any vested benefits under any stock, compensation or other employee benefit plan or agreement with the Company, and any rights Employee may have as a shareholder; (vii) any Claims that may arise after Employee's signature of this Agreement or for enforcement of the Separation Agreement; (viii) Employee’s right to communicate directly with, cooperate with, or provide information to, any federal, state or local government regulator; and (ix) Employee’s right to bring to the attention of the Equal Employment Opportunity or California Department of Fair Employment and Housing claims of discrimination, harassment, interference with leave rights, and retaliation; provided, however, that Employee does release the right to secure damages for any such alleged treatment.

c)EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE HAS BEEN ADVISED OF AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542, WHICH PROVIDES AS FOLLOWS:

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, , IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”

BEING AWARE OF SAID CODE SECTION, EMPLOYEE HEREBY EXPRESSLY WAIVES ANY RIGHTS EMPLOYEE MAY HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT.

(d)In accordance with the Older Workers Benefit Protection Act of 1990, Employee is informed of the following:

	
 
	
i.
	
Employee has the right to consult with an attorney before signing this agreement;

	
 
	
ii.
	
Employee has been given at least 21 (twenty-one) days, from the date upon which Employee first received this Release to consider it;

	
 
	
iii.
	
Employee has seven (7) days after signing this Release to revoke it, and this Release will not be effective, and Employee will not receive any of the benefits of Section 4 of the Separation and Transition Agreement dated July 7, 2021 (the "Separation Agreement"), until that revocation period has expired; and

	
 
	
iv.
	
Employee understands that this Release will not become effective and enforceable unless the seven (7) day revocation period passes and Employee does not revoke the Release in writing.  Employee understands that this Release may not be revoked after the seven (7) day revocation period has passed.  Employee also understands that any revocation of this Release must be made in writing and delivered to Ramses Erdtmann (re@biomeafusion.com) no later than 5 p.m. Pacific on the 7th day following Employee’s signature of this Release.

 

(e)Employee understands that this Release shall become effective, irrevocable, and binding upon Employee on the eighth (8th) day after Employee’s execution of it (the “Effective Date”), so long as Employee has not revoked it within the time period and in the manner specified in clause (d)(iv) 

11

 

above.  Employee further understands that Employee will not be entitled to any severance payments or benefits under Section 4 of the Separation Agreement unless Employee executes this Release, and any applicable revocation period hereunder shall have expired.  

2.Employee’s Representations.  Employee represents and warrants that:

(a)Employee has returned to the Company all Company property in Employee’s possession;

(b)Employee is not owed wages, commissions, bonuses or other compensation, other than as set forth in the Separation Agreement;

(c)During the course of Employee’s employment, Employee did not sustain any injuries for which Employee might be entitled to compensation pursuant to worker’s compensation law; and

(d)Employee has not initiated any adversarial proceedings of any kind against the Company or against any other person or entity released herein, nor will Employee do so in the future, except as specifically allowed by the Separation Agreement.

3.Severability.  In the event any provision of this Release is found to be unenforceable by an arbitrator or court of competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by law.  If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby. 

4.Interpretation; Construction.  The headings set forth in this Release are for convenience only and shall not be used in interpreting this Release.  Employee acknowledges that Employee has had an opportunity to review and revise the Release and have it reviewed by legal counsel, if desired, and, therefore, any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Release.  Either party’s failure to enforce any provision of this Release shall not in any way be construed as a waiver of any such provision, or prevent that party thereafter from enforcing each and every other provision of this Release.

5.Governing Law and Venue.  This Release will be governed by and construed in accordance with the laws of the United States of America and the State of California applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws principles thereof or of any other state.

6.Entire Agreement.  This Release and the Separation Agreement and other agreements referenced therein constitute the entire agreement of the parties in respect of the subject matters contained herein and therein and supersede all prior or simultaneous representations, discussions, negotiations and agreements, whether written or oral.  No waiver, amendment or modification of this Release will be effective under any circumstances whatsoever.  

[signature page follows]

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7.Miscellaneous.  Facsimile or pdf signatures shall have the same force and effectiveness as original signatures. 

EMPLOYEE HAS READ THE FOREGOING RELEASE AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, EMPLOYEE HAS EXECUTED THIS RELEASE ON THE DATES SHOWN BELOW.

EMPLOYEE

 

			
	
 
	
 
	
 

	
Dated: July 31, 2021
	
 
	
/s/ Sunny Lee Ryan

	
 
	
 
	
Sunny Lee Ryan

 

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