Document:

fcel-ex104_42.htm

 

EXHIBIT 10.4

 

 

 

September 30, 2019

 

 

FuelCell Energy, Inc.

3 Great Pasture Road

Danbury, CT 06810

Attention: Chief Financial Officer and Legal Department

 

	
 
	
Re:
	
Payoff of Loan and Security Agreement 

 

 

Reference is hereby made to that certain Loan and Security Agreement (as amended from time to time, the “Loan Agreement”), entered into and effective as of April 14, 2016, by and among FuelCell Energy, Inc., a Delaware corporation, and each of its Qualified Subsidiaries(collectively referred to as the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (collectively referred to as the “Lender”) and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent for itself and the Lender (in such capacity, the “Agent”).  Capitalized terms used herein, but not otherwise defined, shall have the meaning set forth in the Loan Agreement. 

 

We have been advised that the Borrower intends to pay off all of its indebtedness to the Lender, including principal, accrued and unpaid interest, fees, costs and expenses (collectively, the “Obligations”) payable under the Loan Agreement.  This letter (the “Payoff Letter”) will confirm that, upon receipt by the Lender of the Payoff Amount (together with any applicable Per Diem Amount; both as defined below) from or on behalf of the Borrower, all of the Obligations shall be paid in full. 

 

Payoff Amount; Wiring Instructions.  The “Payoff Amount” is U.S. $835,178.00 through and until 5:00 p.m. Eastern time on September 30, 2019 (the “Payoff Date”).  If Lender does not receive funds in an amount sufficient to repay the Payoff Amount in full by 5:00 p.m. Eastern time on the Payoff Date, additional interest and fees shall accrue and be payable in the amount of U.S. $144.44 per day (the “Per Diem Amount”) until the Payoff Amount is paid in full. The Payoff Amount must be received, in immediately available funds, by 5:00 p.m. Eastern time on the Payoff Date in order for the Borrower to avoid the accrual of the Per Diem Amount.  The Payoff Amount and Per Diem Amount quoted herein are effective through October 31, 2019. 

 

The Payoff Amount (together with any applicable Per Diem Amount) should be paid by or on behalf of the Borrower by wire transfer in accordance with the following instructions:

 

 

	
Bank Name:
	
Wells Fargo Bank, N.A.

	
Address:
	
PO Box 63020

	
 
	
San Francisco, CA 94163

	
ABA#:
	
 

	
Account Name:
	
Hercules Funding II LLC

	
Account #:
	
 

	
Contact:
	
Peter Gaunt (650) 600-5426

 

{Fuelcell Energy Payoff Letter}

 

 

 

Termination of Obligations. Upon the acceptance of this Payoff Letter by the Borrower as evidenced by their countersignature hereto and Lender’s receipt of the Payoff Amount (together with any applicable Per Diem Amount), the Lender’s commitments to extend further credit to the Borrower under the Loan Agreement shall terminate, all obligations, covenants, debts and liabilities of the Borrower under the Loan Agreement shall be satisfied and discharged in full, and the Loan Agreement and all other documents entered into in connection with the Loan Agreement shall be terminated, all liens or security interests granted to secure the obligations under the Loan Agreement shall automatically terminate and all guaranties of the obligations under the Loan Agreement shall automatically terminate.  Notwithstanding the foregoing, provisions set forth in Sections 6.3, 11.14 and 11.17 of the Loan Agreement shall survive the termination of the Loan Agreement.

 

Lender’s Agreements.  Upon the Lender’s receipt of the Payoff Amount (together with any applicable Per Diem Amount):

 

(a)The undersigned hereby agrees that upon the payment in full of the Payoff Amount, this Payoff Letter shall be deemed to be an authorization for the Borrower or any agent or other designee of the Borrower (i) to file UCC-3 financing statement terminations with respect to each financing statement filed against the Borrower and its Subsidiaries for the benefit of the Lender, and (ii) to deliver a copy of this letter or any other termination or release contemplated hereby to any insurance company, insurance broker, bank, landlord, tenant, warehouseman or other Person to evidence (and/or reflect on public record) the termination and release of all security interests, pledges, liens, assignments or other encumbrances which the Borrower or any guarantor or other obligor has granted to the Lender to secure the Obligations, and thereafter any contract, agreement, mortgage, commitment to deliver insurance certificates and proceeds and the like executed by any such party in favor of the Lender in connection with the transactions contemplated by the Loan Agreement shall be automatically terminated, without further action of or consent by the Lender.

 

(b)Lender will immediately return to Borrower for the benefit of the Borrower and its Subsidiaries all of the collateral it has in its possession including, without limitation all promissory notes, certificates representing the Collateral, any transfers therefore and any other instruments. 

 

(c)Lender shall execute and deliver the Termination of Control Agreement attached hereto as Schedule A for each agreement by which Lender obtained control of a deposit account and / or a securities account to terminate its control over such deposit and / or securities account.

 

(d)Lender shall execute and deliver the Confirmation of Receipt of Full Payment of the Payoff Amount attached hereto as Schedule B.

 

The Lender further agrees that, at any time and from time to time following its receipt of the Payoff Amount, it will promptly execute and deliver such other termination statements or other agreements and instruments in form and substance reasonably satisfactory to the Borrower and take such other actions as the Borrower or its counsel may reasonably request to evidence, effect or reflect on public record the release of the security interests, pledges, liens and other encumbrances granted to the Lender pursuant to the Loan Agreement or any other agreement executed and/or delivered in connection therewith.

 

Release.  For and in consideration of the agreements of the Lender contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrower hereby forever releases and discharges the Lender, each of its respective officers, directors, employees, agents, affiliates, representatives, successors and assigns (collectively, the “Released Parties”) from any and all claims, causes of actions, damages and liabilities of any nature whatsoever, 

	
{Fuelcell Energy Payoff Letter}
	
- 2 -
	
 

 

 

known or unknown, which the Borrower ever had, now has or might hereafter have against one or more of the Released Parties which relates, directly or indirectly, to the Loan Documents or the transactions relating thereto, to the extent that any such claim, cause of action, damage or liability shall be based in whole or in part upon facts, circumstances, actions or events existing on or prior to the Payoff Date.  

 

Counterparts; Facsimile Delivery.  Lender hereby requests that the Borrower acknowledges its receipt and acceptance of and agreement to the terms and conditions set forth in this Payoff Letter by signing a copy of it in the appropriate space indicated below and returning it to the Lender.  This Payoff Letter may be signed by the parties hereto in several counterparts.  Delivery of a photocopy or facsimile of an executed counterpart of this Payoff Letter shall be effective as delivery of a manually executed original counterpart of this Payoff Letter.

 

Governing Law.  The validity, construction and effect of this Payoff Letter shall be governed by the laws of the State of California (without giving effect to principles of conflicts of law).

 

 

 

	
Very truly yours,

	
 
	
 

	
HERCULES CAPITAL, INC.

	
 
	
 

	
 
	
 

	
By: 
	
/s/ Jennifer Choe

	
Name:
	
Jennifer Choe

	
Title:
	
Assistant General Counsel

	
 
	
 

	
 
	
 

	
HERCULES FUNDING II, LLC

	
 
	
 

	
 
	
 

	
By: 
	
/s/ Jennifer Choe

	
Name:
	
Jennifer Choe

	
Title:
	
Assistant General Counsel

 

 

 

 

	
{Fuelcell Energy Payoff Letter}
	
- 3 -
	
 

 

 

	
ACCEPTED AND AGREED:

	
 
	
 

	
FUELCELL ENERGY, INC.

	
 
	
 

	
 
	
 

	
By: 
	
/s/ Michael S. Bishop

	
Name:
	
Michael S. Bishop

	
Title:
	
Executive Vice President, Chief Financial Officer

	
 
	
 

	
 
	
 

	
VERSA POWER SYSTEMS, INC.

	
 
	
 

	
 
	
 

	
By: 
	
/s/ Michael S. Bishop

	
Name:
	
Michael S. Bishop

	
Title:
	
Executive Vice President, Chief Financial Officer, FuelCell Energy, Inc.

	
 
	
 

	
 
	
 

	
 
	
 

	
VERSA POWER SYSTEMS LTD.

	
 
	
 

	
 
	
 

	
By: 
	
/s/ Michael S. Bishop

	
Name:
	
Michael S. Bishop

	
Title:
	
Executive Vice President, Chief Financial Officer, FuelCell Energy, Inc.

	
 
	
 

 

 

 

 

 

400 Hamilton Avenue

Suite 310

Palo Alto, CA  94301

 

650.289.3060

650.473.9194

www.HerculesTech.com

 

 

{Fuelcell Energy Payoff Letter}

 

Schedule B

 

 

 

 

 

 

CONFIRMATION OF RECEIPT OF FULL PAYMENT 

OF THE PAYOFF AMOUNT

 

 

 

By its signature below, the undersigned hereby confirms its receipt of full payment of the Payoff Amount on the Payoff Date and releases its security interest in all of the Collateral as provided in our Payoff Letter dated as of September 30, 2019 (the “Payoff Letter”) to FuelCell Energy, Inc.  All terms used herein and not defined shall have the meaning attributed to them in the Payoff Letter.

 

 

 

 

	
HERCULES CAPITAL, INC.

	
 
	
 

	
 
	
 

	
By: 
	
/s/ Jennifer Choe

	
Name:
	
Jennifer Choe

	
Title:
	
Assistant General Counsel

 

 

 

 

 

 

 

 

 

400 Hamilton Avenue

Suite 310

Palo Alto, CA  94301

 

650.289.3060

650.473.9194

www.HerculesTech.com

{Fuelcell Energy Payoff Letter}Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (the “Agreement”), is entered into as of [ ], 2019 by and between Global Internet
of People, Inc., a company formed and existing under the laws of the Cayman Islands (the “Company”), and [  
], an individual (the “Executive”). The term “Company” as used herein with respect to all
obligations of the Executive hereunder shall be deemed to include the Company and all of its direct or indirect parent companies,
subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies (collectively, the “Group”).

 

RECITALS

 

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

 

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

 

AGREEMENT

 

The
parties hereto agree as follows:

 

	 	1.	POSITION

 

The
Executive hereby accepts a position of [ ] of the Company (the “Employment”).

 

	 	2.	TERM

 

Subject
to the terms and conditions of this Agreement, the initial term of the Employment shall be [ ] years, commencing on [ ], 2019
(the “Effective Date”), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration
of the [ ]-year term, the Employment shall be automatically extended for successive [ ]-year terms unless either party gives the
other party hereto a [ ]-month prior written notice to terminate the Employment prior to the expiration of such [ ]-year term
or unless terminated earlier pursuant to the terms of this Agreement.

 

	 	3.	PROBATION

 

No
probationary period.

 

	 	4.	DUTIES
    AND RESPONSIBILITIES

 

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

 

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

  

    1

     

    

  

	 	5.	NO
    BREACH OF CONTRACT

 

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

 

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

 

	 	6.	LOCATION

 

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

 

	 	7.	COMPENSATION
    AND BENEFITS

 

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

 

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

 

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

   

	 	8.	TERMINATION
    OF THE AGREEMENT

 

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

  

    2

     

    

 

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

 

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

 

	 	9.	CONFIDENTIALITY
    AND NONDISCLOSURE

 

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

 

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

 

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

  

    3

     

    

 

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

 

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

 

	 	10.	WITHHOLDING
    TAXES

 

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

 

	 	11.	NOTIFICATION
    OF NEW EMPLOYER

 

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

 

	 	12.	ASSIGNMENT

 

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

 

	 	13.	SEVERABILITY

 

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

  

	 	14.	ENTIRE
    AGREEMENT

 

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

  

    4

     

    

 

	 	15.	REPRESENTATIONS

 

The
Executive hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement.
The Executive hereby represents that the Executive’s performance of all the terms of this Agreement will not breach any
agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to his/her employment
by the Company. The Executive has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement
in conflict with this Section 18. The Executive represents that the Executive will consult his/her own consultants for tax
advice and is not relying on the Company for any tax advice with respect to this Agreement or any provisions hereunder.

 

	 	16.	GOVERNING
    LAW

 

This
Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

	 	17.	ARBITRATION

 

Any
dispute arising out of, in connection with or relating to, this Agreement shall be resolved through arbitration conducted in New
York under the auspices of the Judicial Arbitration and Mediation Services, Inc. (the “JAMS”) in accordance
with the rules of the United Nations Commission of International Trade Law (“UNCITRAL Rules”) in effect at the time
of the arbitration. There shall be one arbitrator. The award of the arbitration tribunal shall be final and binding upon the disputing
parties, and any party may apply to a court of competent jurisdiction for enforcement of such award.

 

	 	18.	AMENDMENT

 

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

 

	 	19.	WAIVER

 

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

   

	 	20.	NOTICES

 

All
notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be
deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor,
or (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

  

    5

     

    

 

	 	21.	COUNTERPARTS

 

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

 

	 	22.	NO
    INTERPRETATION AGAINST DRAFTER

 

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

  

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

  

    6

     

    

 

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

 

	Global Internet of People, Inc	 
	 	 	 
	By:	
        /s/
	 
	Name: 	 	 
	Title:	 	 

 

Executive

 

	Signature: 	
        /s/
	 
	Name:	 	 

   

[Signature
Page to Employment Agreement]

  

    7

     

    

 

Schedule
A

 

Annual
compensation is $[ ], the payment of which will commence upon the closing of the Company’s proposed initial public offering.

 

 

8

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