Document:

Exhibit 10.2

  

ASURE SOFTWARE, INC.

EXECUTIVE CHANGE IN CONTROL SEVERANCE PLAN

ARTICLE I

PURPOSE

This Executive Change in Control Severance Plan has been established by Asure Software, Inc., a Delaware corporation (the “Company”), on January 1, 2018 (the “Effective Date”) to provide Participants with the opportunity to receive severance protection in connection with a Change in Control of the Company. The purpose of the Plan is to assure the present and future continuity, objectivity, and dedication of management in the event of any Change in Control to maximize the value of the Company on a Change in Control. The Plan is intended to be a top hat welfare benefit plan under ERISA.Capitalized terms used but not otherwise defined herein have the meanings set forth in Article II.

ARTICLE II

 DEFINITIONS

“ACA” has the meaning set forth in Section 4.01(c).

“Accountants” has the meaning set forth in Section 7.03.

“Administrator” means the Compensation Committee.

“Applicable Severance Multiplier” means one for any Participant who is a named executive officer of the Company and, as to any other Participant, the multiplier contained in a Participant’s Participation Agreement.

“Beneficial Owner” has the meaning ascribed to it in Rule 13d-3 and Rule 13d-5 under the Exchange Act; except that, in calculating the beneficial ownership of any particular Person, such Person shall be deemed to have beneficial ownership of all securities that such Person has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The term “Beneficial Ownership” has a corresponding meaning.

“Benefit Continuation” has the meaning set forth in Section 4.01(c).

“Benefit Continuation Period” means the earliest of (i): the end of the twelve-month period following the date on which a Qualifying Termination with respect to the Participant occurs; (ii) the date on which the Participant becomes eligible to receive substantially similar coverage from another employer; and (iii) the date the Participant is no longer eligible to receive COBRA continuation coverage.

“Board” means the Board of Directors of the Company.

“Cause” means:

		(a)	
the Participant’s willful failure to perform his or her duties (other than any such failure resulting from incapacity due to physical or mental illness);

		(b)	
the Participant’s willful failure to comply with any valid and legal directive of the Board or the person to whom the Participant reports;

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		(c)	
the Participant’s willful engagement in dishonesty, illegal conduct or gross misconduct, which is, in each case, materially injurious to the Company or its affiliates;

		(d)	
the Participant’s embezzlement, misappropriation or fraud, whether or not that is related to the Participant’s employment with the Company; or

		(e)	
the Participant’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude.

For purposes of this definition, no act or failure to act on the part of the Participant shall be considered “willful” unless it is done, or omitted to be done, by the Participant in bad faith or without reasonable belief that the Participant’s action or omission was in the best interests of the Company. For purposes of a termination of Participant’s employment after the effective date of a Change of Control, such termination of a Participant’s employment shall not be deemed to be for Cause unless and until the Company delivers to the Participant a copy of a resolution duly adopted by the affirmative vote of not less than two-thirds (2/3) of the Board (after reasonable written notice is provided to the Participant and the Participant is given an opportunity, together with counsel, to be heard before the Board), finding that the Participant has engaged in the conduct described in any of (a)-(e) above.

“Change in Control” means the occurrence of any of the following:

		(a)	
one Person (or more than one Person acting as a group) acquires Beneficial Ownership of stock of the Company that, together with the stock held by such Person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; provided, that, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total fair market value or total voting power of the Company’s stock and acquires additional stock;

		(b)	
one Person (or more than one Person acting as a group) acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) Beneficial Ownership of the Company’s stock possessing 50% or more of the total voting power of the stock of the Company;

		(c)	
a majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed by a two-thirds (2/3rds) of the Board before the date of appointment or election; or

		(d)	
one Person (or more than one Person acting as a group), acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately before such acquisition(s).

A Change in Control will be deemed to occur: (i) with respect to a Change in Control pursuant to subparagraph (a) above, on the date that any Person or group first becomes the Beneficial Owner, directly or indirectly, of stock representing more than 50% of the combined voting power of the Company’s then-outstanding stock entitled generally to vote for the election of directors; (ii) with respect to a Change in Control pursuant to subparagraph (b) or (d) above, on the date the applicable transaction closes; and (iii) with respect to subparagraph (c) above, on the date members of the incumbent board first cease to constitute at least a majority of the Board.

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“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985.

“Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder.

“Company” means Asure Software, Inc., a Delaware corporation, and any successor thereto.

“Compensation Committee” means the Compensation Committee of the Board.

“Covered Payments” has the meaning set forth in Section 7.01.

“Covered Period” means the one-year period of time beginning on the first occurrence of a Change in Control and lasting through the anniversary of the occurrence of the Change in Control. The Covered Period shall also include the ninety-day period before the occurrence of the Change in Control if a Qualifying Termination occurs during such period at the request of a third party in anticipation of the Change in Control and the Change in Control does occur.

“Effective Date” has the meaning set forth in Article I.

“Eligible Employee” means any full-time employee of the Company who is a named executive officer of the Company and any other full-time employee of the Company who is recommended by the chief executive officer to the Administrator to be a key employee who should be eligible to participate in the Plan. Eligible Employees shall be limited to a select group of management or highly compensated employees within the meaning of Sections 201, 301, and 404 of ERISA.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

“Exchange Act” means the Securities and Exchange Act of 1934, as amended.

“Excise Tax” has the meaning set forth in Section 7.01.

“Good Reason” means:

		(a)	
a material reduction in the Participant’s base salary other than a general reduction in base salary that affects all similarly situated executives in substantially the same proportions;

		(b)	
a material reduction in the Participant’s target annual bonus opportunity;

		(c)	
a relocation of the Participant’s principal place of employment by more than 50 miles; or

		(e)	
a material, adverse change in the Participant’s title, reporting relationship, authority, duties or responsibilities (other than temporarily while the Participant is physically or mentally incapacitated or as required by applicable law).

The Participant cannot terminate his or her employment for Good Reason unless he or she has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within 30 days of the initial existence of such grounds and the Company has had at least 30 days from the date on which such notice is provided to cure such circumstances, if curable. If the Participant does not terminate his or her employment for Good Reason within 90 days after the first occurrence of the applicable grounds, then the Participant will be deemed to have waived his or her right to terminate for Good Reason with respect to such grounds.

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“Parachute Payments” has the meaning set forth in Section 7.01.

“Participant” has the meaning set forth in Section 3.01.

“Participation Agreement” means the latest participation agreement delivered by the Company to a Participant informing the Eligible Employee of the Eligible Employee’s participation in the Plan.

“Person” has the meaning ascribed to it in Section 13(d)(3) of the Exchange Act.

“Plan” means this Asure Software, Inc. Executive Change in Control Severance Plan, as may be amended and/or restated from time to time.

“Pro-Rata Bonus” has the meaning set forth in Section 4.01(b).

“Qualifying Termination” means the termination of a Participant’s employment during the Covered Period either:

		(a)	
by the Company without Cause; or

		(b)	
by the Participant for Good Reason.

A Qualifying Termination that occurs during the ninety-day period before the first occurrence of a Change in Control will be deemed to occur upon the occurrence of the Change in Control for purposes of the Plan.

“Reduced Amount” has the meaning set forth in Section 7.01(a).

“Release” has the meaning set forth in Section 6.01(c).

“Severance” has the meaning set forth in Section 4.01(a).

 “Specified Employee Payment Date” has the meaning set forth in Section 10.13(b).

ARTICLE III

 PARTICIPATION

Section 3.01 Participants. Each Eligible Employee of the Company who (a) is chosen by the Administrator to participate in the Plan; (b) receives a Participation Agreement from the Company; and (c) executes and returns such Participation Agreement to the Company in accordance with the terms of the Participation Agreement, shall be a “Participant” in the Plan.

ARTICLE IV

SEVERANCE

Section 4.01 Severance. If a Participant has a Qualifying Termination, then, subject to Article VI, the Company will provide the Participant with the following:

		(a)	Severance in an amount equal to the product of the Participant’s Applicable Severance Multiplier times the Participant’s base salary in effect on the Qualifying Termination or, if greater, in effect on the first occurrence of a Change in Control (“Severance”).

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Subject to Section 10.13, Severance will be paid in substantially equal installment payments over the one-year period following the Qualifying Termination, payable in accordance with the Company’s normal payroll practices, but no less frequently than monthly, which payments in the aggregate are equal to the Severance and which shall begin on the 61st day following the Qualifying Termination;

		(b)	
A prorated annual bonus equal to the product of (i) the annual bonus, if any, that the Participant would have earned for the entire calendar year in which the Participant's employment with the Company terminates based on the level of achievement of the applicable performance goals for such year; and (ii) a fraction, the numerator of which is the number of days the Participant was employed by the Company during the calendar year in which the Participant's employment with the Company terminates and the denominator of which is the number of days in such year (a "Pro-Rata Bonus").

Subject to Section 10.13, a Participant’s Pro-Rata Bonus shall be paid on the date that annual bonuses are paid to the Company’s senior executives, but in no event later than two-and-a-half (2 1/2) months following the end of the calendar year in which the Qualifying Termination occurs;

		(c)	
During the Participant’s Benefit Continuation Period, continued participation for the Participant and his or her eligible dependents in the Company’s group health plans at then-existing participation and coverage levels and on terms no less favorable to the Participant than the terms in effect immediately before the Qualifying Termination (“Benefit Continuation”). Benefit Continuation shall be provided concurrently with any health care benefit required under COBRA. Notwithstanding the foregoing, if the Company’s providing Benefit Continuation under this Section 4.01(c) would violate the nondiscrimination rules applicable to non-grandfathered plans, or would result in the imposition of penalties under the Patient Protection and Affordable Care Act of 2010, as amended by the Health Care and Education Reconciliation Act of 2010, and the related regulations and guidance promulgated thereunder (the “ACA”), the Company shall reform this Section 4.01(c) in a manner as is necessary to comply with the ACA.

ARTICLE V

 EQUITY AWARDS

Section 5.01 Equity Awards. Notwithstanding the terms of the Company’s 2009 Equity Incentive Plan or other equity plans under which a Participant’s equity awards are granted or any applicable award agreements, if a Participant has a Qualifying Termination, then, subject to Article VI, that portion of the Participant’s outstanding unvested time-based equity awards that would become vested following a Qualified Termination shall become fully vested and any restrictions thereon shall lapse and, in the case of stock options and stock appreciation rights, shall remain exercisable for the remainder of their full term.

 

ARTICLE VI

CONDITIONS

Section 6.01 Conditions. A Participant’s entitlement to any severance benefits under Article IV and Article V will be subject to:

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		(a)	
the Participant executing and delivering to the Company his or her Participation Agreement in accordance with the terms thereof;

 

		(b)	
the Participant experiencing a Qualifying Termination;

 

		(c)	
the Participant executing a release of claims in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company (the "Release") and such Release becoming effective and irrevocable within 60 days following the Participant's Qualifying Termination; and

 

		(d)	
with respect to Benefit Continuation only, the Participant timely and properly electing continuation coverage under COBRA.

 

ARTICLE VII

 SECTION 280G

Section 7.01 Reduction. Notwithstanding any other provision of the Plan or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Company or its affiliates to a Participant or for a Participant’s benefit pursuant to the terms of the Plan or otherwise (“Covered Payments”) constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G of the Code and would, but for this Article VII, be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then the Covered Payments shall be either:

		(a)	
reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax (that amount, the "Reduced Amount"); or

 

		(b)	
payable in full if the Participant's receipt on an after-tax basis of the full amount of payments and benefits (after taking into account the applicable federal, state, local and foreign income, employment and excise taxes (including the Excise Tax)) would result in the Participant receiving an amount at least ten percent greater than the Reduced Amount.

Section 7.02 Order of Reduction. Any such reduction shall be made in accordance with Section 409A of the Code and the following:

		(a)	
the Covered Payments which do not constitute nonqualified deferred compensation subject to Section 409A of the Code shall be reduced first; and

 

		(b)	
all other Covered Payments shall then be reduced as follows: (i) cash payments shall be reduced before non-cash payments; and (ii) payments to be made on a later payment date shall be reduced before payments to be made on an earlier payment date.

 

Section 7.03 Determinations. Any determination required under this Article VII shall be made in writing in good faith by the accounting firm that was the Company’s independent auditor immediately before the occurrence of the change in control/an independent accounting firm selected by the Company (the “Accountants”), which shall provide detailed supporting calculations to the Company and the Participant as requested by the Company or the Participant. The Company and the Participant 

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shall provide the Accountants with such information and documents as the Accountants may reasonably request in order to make a determination under this Article VII. For purposes of making the calculations and determinations required by this Article VII, the Accountants may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Accountants’ determinations shall be final and binding on the Company and the Participant. The Company shall be responsible for all fees and expenses incurred by the Accountants in connection with the calculations required by this Article VII.

ARTICLE VIII

 CLAIMS PROCEDURES

Section 8.01 Initial Claims. A Participant who believes he or she is entitled to a payment under the Plan that has not been received may submit a written claim for benefits to the Plan within 60 days after the Participant’s Qualifying Termination. Claims should be addressed and sent to:

COMPENSATION COMMITTEE CHAIR

ASURE SOFTWARE, INC.

3700 N. Capital of Texas Hwy, Suite 350

AUSTIN, TX 78746

If the Participant’s claim is denied, in whole or in part, the Participant will be furnished with written notice of the denial within 90 days after the Administrator’s receipt of the Participant’s written claim, unless special circumstances require an extension of time for processing the claim, in which case a period not to exceed 180 days will apply. If such an extension of time is required, written notice of the extension will be furnished to the Participant before the termination of the initial 90-day period and will describe the special circumstances requiring the extension, and the date on which a decision is expected to be rendered. Written notice of the denial of the Participant’s claim will contain the following information:

		(a)	
the specific reason or reasons for the denial of the Participant's claim;

 

		(b)	
references to the specific Plan provisions on which the denial of the Participant's claim was based;

 

		(c)	
a description of any additional information or material required by the Administrator to reconsider the Participant's claim (to the extent applicable) and an explanation of why such material or information is necessary; and

 

		(d)	
a description of the Plan's review procedures and time limits applicable to such procedures, including a statement of the Participant's right to bring a civil action under Section 502(a) of ERISA following a benefit claim denial on review.

Section 8.02 Appeal of Denied Claims. If the Participant’s claim is denied and he or she wishes to submit a request for a review of the denied claim, the Participant or his or her authorized representative must follow the procedures described below:

		(a)	
Upon receipt of the denied claim, the Participant (or his or her authorized representative) may file a request for review of the claim in writing with the Administrator. This request for review must be filed no later than 60 days after the Participant has received written notification of the denial.

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(b)

	
The Participant has the right to submit in writing to the Administrator any comments, documents, records or other information relating to his or her claim for benefits.

 

	
(c)

	
The Participant has the right to be provided with, upon request and free of charge, reasonable access to and copies of all pertinent documents, records and other information that is relevant to his or her claim for benefits.

 

	
(d)

	
The review of the denied claim will take into account all comments, documents, records and other information that the Participant submitted relating to his or her claim, without regard to whether such information was submitted or considered in the initial denial of his or her claim.

 

Section 8.03 Administrator’s Response to Appeal. The Administrator will provide the Participant with written notice of its decision within 60 days after the Administrator’s receipt of the Participant’s written claim for review. There may be special circumstances which require an extension of this 60-day period. In any such case, the Administrator will notify the Participant in writing within the 60-day period and the final decision will be made no later than 120 days after the Administrator’s receipt of the Participant’s written claim for review. The Administrator’s decision on the Participant’s claim for review will be communicated to the Participant in writing and will clearly state:

	
(a)

	
the specific reason or reasons for the denial of the Participant's claim;

 

	
(b)

	
reference to the specific Plan provisions on which the denial of the Participant's claim is based;

 

	
(c)

	
a statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, the Plan and all documents, records and other information relevant to his or her claim for benefits; and

 

	
(d)

	
a statement describing the Participant's right to bring an action under Section 502(a) of ERISA.

 

Section 8.04 Exhaustion of Administrative Remedies. The exhaustion of these claims procedures is mandatory for resolving every claim and dispute arising under the Plan. As to such claims and disputes:

	
(a)

	
no claimant shall be permitted to commence any legal action to recover benefits or to enforce or clarify rights under the Plan under Section 502 or Section 510 of ERISA or under any other provision of law, whether or not statutory, until these claims procedures have been exhausted in their entirety; and

 

	
(b)

	
in any such legal action, all explicit and implicit determinations by the Administrator (including, but not limited to, determinations as to whether the claim, or a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference permitted by law.

Section 8.05 Arbitration. Subject to Section 8.04, any dispute, controversy or claim arising out of or related to the Plan shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively by the American Arbitration Association and shall be conducted consistent with 

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the rules, regulations and requirements thereof as well as any requirements imposed by state law. Any arbitral award determination shall be final and binding.

Section 8.06 Attorney’s Fees. The Company and each Participant shall bear their own attorneys’ fees incurred in connection with any disputes between them.

ARTICLE IX

 ADMINISTRATION, AMENDMENT AND TERMINATION

Section 9.01 Administration. The Administrator has the exclusive right, power and authority, in its sole and absolute discretion, to administer and interpret the Plan. The Administrator has all powers reasonably necessary to carry out its responsibilities under the Plan including (but not limited to) the sole and absolute discretionary authority to:

	
(a)

	
administer the Plan according to its terms and to interpret Plan policies and procedures;

 

	
(b)

	
resolve and clarify inconsistencies, ambiguities and omissions in the Plan and among and between the Plan and other related documents;

 

	
(c)

	
take all actions and make all decisions regarding questions of eligibility and entitlement to benefits, and benefit amounts;

 

	
(d)

	
make, amend, interpret, and enforce all appropriate rules and regulations for the administration of the Plan;

 

	
(e)

	
process and approve or deny all claims for benefits; and

 

	
(f)

	
decide or resolve any and all questions, including benefit entitlement determinations and interpretations of the Plan, as may arise in connection with the Plan.

The decision of the Administrator on any disputes arising under the Plan, including (but not limited to) questions of construction, interpretation and administration shall be final, conclusive and binding on all persons having an interest in or under the Plan. Any determination made by the Administrator shall be given deference in the event the determination is subject to judicial review and shall be overturned by a court of law only if it is arbitrary and capricious.

Section 9.02 Duration. Unless earlier terminated pursuant to Section 9.03, if a Change in Control has not occurred, the Plan will expire five (5) years from the Effective Date; provided, that on each anniversary of the date the Plan would otherwise expire, the Plan will be automatically extended for an additional year.

Section 9.03 Amendment and Termination. The Company reserves the right to amend or terminate the Plan at any time, by providing at least 90 days advance written notice to each Participant; provided that no such amendment or termination that has the effect of reducing or diminishing the right of any Participant will be effective without the written consent of such Participant.

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ARTICLE X

 GENERAL PROVISIONS

Section 10.01 At-Will Employment. The Plan does not alter the status of each Participant as an at-will employee of the Company. Nothing contained herein shall be deemed to give any Participant the right to remain employed by the Company or to interfere with the rights of the Company to terminate the employment of any Participant at any time, with or without Cause.

Section 10.02 Effect on Other Plans, Agreements and Benefits.

	
(a)

	
Any severance benefits payable to a Participant under the Plan will be reduced by any severance benefits to which the Participant would otherwise be entitled under any general severance policy or severance plan maintained by the Company or any agreement between the Participant and the Company that provides for severance benefits (unless the policy, plan or agreement expressly provides for severance benefits to be in addition to those provided under the Plan); and (ii) any severance benefits payable to a Participant under the Plan will be reduced by any severance benefits to which the Participant is entitled by operation of a statute or government regulations.

 

	
(b)

	
Any severance benefits payable to a Participant under the Plan will not be counted as compensation for purposes of determining benefits under any other benefit policies or plans of the Company, except to the extent expressly provided therein.

 

Section 10.03 Mitigation and Offset. If a Participant obtains other employment, such other employment will not affect the Participant’s rights or the Company’s obligations under the Plan. The Company may reduce the amount of any severance benefits otherwise payable to or on behalf of a Participant by the amount of any obligation of the Participant to the Company, and the Participant shall be deemed to have consented to such reduction.

Section 10.04 Severability. The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan. If any provision of the Plan is held by a court of competent jurisdiction to be illegal, invalid, void or unenforceable, such provision shall be deemed modified, amended and narrowed to the extent necessary to render such provision legal, valid and enforceable, and the other remaining provisions of the Plan shall not be affected but shall remain in full force and effect.

Section 10.05 Headings and Subheadings. Headings and subheadings contained in the Plan are intended solely for convenience and no provision of the Plan is to be construed by reference to the heading or subheading of any section or paragraph.

Section 10.06 Unfunded Obligations. The amounts to be paid to Participants under the Plan are unfunded obligations of the Company. The Company is not required to segregate any monies or other assets from its general funds with respect to these obligations. Participants shall not have any preference or security interest in any assets of the Company other than as a general unsecured creditor.

Section 10.07 Successors. The Plan will be binding upon any successor to the Company, its assets, its businesses or its interest (whether as a result of the occurrence of a Change in Control or otherwise), in the same manner and to the same extent that the Company would be obligated under the Plan if no succession had taken place. In the case of any transaction in which a successor would not by 

10

the foregoing provision or by operation of law be bound by the Plan, the Company shall require any successor to the Company to expressly and unconditionally assume the Plan in writing and honor the obligations of the Company hereunder, in the same manner and to the same extent that the Company would be required to perform if no succession had taken place. All payments and benefits that become due to a Participant under the Plan will inure to the benefit of his or her heirs, assigns, designees or legal representatives.

Section 10.08 Transfer and Assignment. Neither a Participant nor any other person shall have any right to sell, assign, transfer, pledge, anticipate or otherwise encumber, transfer, hypothecate or convey any amounts payable under the Plan prior to the date that such amounts are paid, except that, in the case of a Participant’s death, such amounts shall be paid to the Participant’s beneficiaries.

Section 10.09 Waiver. Any party’s failure to enforce any provision or provisions of the Plan will not in any way be construed as a waiver of any such provision or provisions, nor prevent any party from thereafter enforcing each and every other provision of the Plan.

Section 10.10 Governing Law. To the extent not pre-empted by federal law, the Plan shall be construed in accordance with and governed by the laws of Delaware without regard to conflicts of law principles. Subject to Section 8.05, any action or proceeding to enforce the provisions of the Plan will be brought only in a state or federal court located in the state of Texas, county of Travis, and each party consents to the venue and jurisdiction of such court. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

Section 10.11 Withholding. The Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

Section 10.12 Section 409A.

	
(a)

	
The Plan is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and administered in accordance with Section 409A of the Code. Notwithstanding any other provision of the Plan, payments provided under the Plan may only be made upon an event and in a manner that complies with Section 409A of the Code or an applicable exemption. Any payments under the Plan that may be excluded from Section 409A of the Code either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A of the Code to the maximum extent possible. For purposes of Section 409A of the Code, each installment payment provided under the Plan shall be treated as a separate payment. Any payments to be made under the Plan upon a termination of employment shall only be made upon a "separation from service" under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under the Plan comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of non-compliance with Section 409A of the Code.

 

	
(b)

	
Notwithstanding any other provision of the Plan, if any payment or benefit provided to a Participant in connection with his or her Qualifying Termination is

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determined to constitute "nonqualified deferred compensation" within the meaning of Section 409A of the Code and the Participant is determined to be a "specified employee" as defined in Section 409A(a)(2)(b)(i) of the Code, then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Qualifying Termination or, if earlier, on the Participant's death (the "Specified Employee Payment Date"). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to the Participant in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. Notwithstanding any other provision of the Plan, if any payment or benefit is conditioned on the Participant's execution of a Release, the first payment shall include all amounts that would otherwise have been paid to the Participant during the period beginning on the date of the Qualifying Termination and ending on the payment date if no delay had been imposed. Notwithstanding any other provision of the Plan, if a Qualifying Termination occurs during the ninety-day period before the first occurrence of a Change in Control, Benefit Continuation reimbursement shall not begin until after the Change in Control occurs and the first Benefit Continuation reimbursement shall include all amounts that would otherwise have been paid to the Participant during the period beginning on the date the Participant's employment with the Company terminates and ending on the payment date if no delay had been imposed.

 

	
(b)

	
To the extent required by Section 409A of the Code, each reimbursement or in-kind benefit provided under the Plan shall be provided in accordance with the following: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; and (ii) any right to reimbursements or in-kind benefits under the Plan shall not be subject to liquidation or exchange for another benefit.

 

 

[Remainder of page intentionally left blank; signature page follows]

 

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CERTIFICATION

The Secretary of Asure Software, Inc. hereby certifies that the foregoing Executive Change in Control Severance Plan was approved and adopted by the Board of Directors of Asure Software, Inc. on December 15, 2017.

___________________________________________

Kelyn Brannon, Secretary

 

 

 

 

 

 

13Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT is made and entered into as of the 19th day of December 19th, 2017 (the “Agreement”),
by and between CHINA GREEN AGRICULTURE, INC., a Nevada corporation (the “Company”), having its principal place
of business at 3rd Floor, Borough A, Block A. No.181, South Taibai Road, Xi’an, Shaanxi Province, People’s
Republic of China 710065, and Yongcheng Yang (the “Executive”), (collectively the “Parties”).

 

WITNESSETH:

 

WHEREAS,
the Company is engaged in the business of research, development, production and distribution of humic acid organic liquid compound
fertilizer (the “Business”); and

 

WHEREAS,
Executive has represented that he has the experience, background and expertise necessary to enable him to be the Company’s
Chief Financial Officer; and

 

WHEREAS,
based on such representation, and the Company’s reasonable due diligence, the Company wishes to employ Executive as its
Chief Financial Officer, and Executive wishes to be so employed, in each case, upon the terms hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements herein contained, and other good
and valuable consideration, the Parties agree as follows:

 

		1.	DEFINITIONS.
                                         As used herein, the following terms shall have the following meanings:

 

1.1
“Affiliate” means any Person controlling, controlled by or under common control with the Company.

 

1.2
“Board” means the Board of Directors of the Company.

 

1.3
“Common Stock” means the Company’s $.001 par value per share common stock.

 

1.4
“Cause” means (i) conviction of any crime whether or not committed in the course of his employment by the Company;
(ii) Executive’s refusal to carry out instructions of the Chief Executive Officer or the Board which are consistent with
Executive’s role as Chief Financial Officer; or (iii) the breach of any representation, warranty or agreement between Executive
and Company.

 

1.5
“Date of Termination” means (a) in the case of a termination for which a Notice of Termination (as hereinafter
defined in Section 5.3) is required, 30 days from the date of actual receipt of such Notice of Termination or, if later, the date
specified therein, as the case may be, and (b) in all other cases, the actual date on which the Executive’s employment terminates
during the Term of Employment (as hereinafter defined in Section 3) (it being understood that nothing contained in this definition
of “Date of Termination” shall affect any of the cure rights provided to the Executive or the Company in this Agreement).

 

1.6
“Disability” means Executive’s inability to render, for a period of three consecutive months, services
hereunder due to his physical or mental incapacity.

 

1.7
“Effective Date” means December 19th, 2017.

 

1.8
“Person(s)” means any individual or entity of any kind or nature, including any other person as defined in
Section 3(a)(9) of the Securities Exchange Act of 1934, and as used in Sections 13(d) and 14(d) thereof.

 

1.9
“Prospective Customer” shall mean any Person which has either (a) entered into a nondisclosure agreement with
the Company or any Company subsidiary or Affiliate or (b) has within the preceding 12 months received a currently pending and
not rejected written proposal in reasonable detail from the Company or any of the Company’s subsidiary or Affiliate.

 

		2.	EMPLOYMENT.

 

2.1
Agreement to Employ. Effective as of the Effective Date, the Company hereby agrees to employ Executive, and Executive hereby
agrees to serve, subject to the provisions of this Agreement, as an officer and employee of the Company.

 

2.2
Duties and Schedule. Executive shall serve as the Company’s Chief Financial Officer and shall have such responsibilities
as designated by the Company’s Chief Executive Officer or the Board that are not inconsistent with applicable laws, regulations
and rules. Executive shall report directly to the Company’s Chief Executive Officer or the Board, or the Audit Committee
thereof, as circumstances may require.

 

     

     

    

 

3.      TERM
OF EMPLOYMENT. Unless Executive’s employment shall sooner terminate pursuant to Section 5, the Company shall employ
Executive for a term commencing on the Effective Date and ending on the first anniversary thereof (the “Term”).
The term shall automatically renew for an additional year unless either Party provides notice to the other that the Term shall
not continue within 60 days prior to the end of the prior Term. The period during which Executive is employed pursuant to this
Agreement shall be referred to as the “Term” or the “Term of Employment”.

 

		4.	COMPENSATION.

 

4.1
Salary. Executive’s salary during the Term shall be $180,000 per year (the “Salary”), payable
in twice-monthly payments and in US Dollars. All applicable withholding taxes shall be deducted from such payments. The Board
will review Executive’s Salary at least once per year and may, in its discretion, increase or decrease the Salary in accordance
with the Company’s compensation policies. A discretionary bonus, if any, may be paid each year as determined solely by the
Board.

 

4.2
Vacation. Executive shall be entitled to fifteen (15) days of paid vacation per year taken at such times so as to not materially
impede his duties hereunder. Executive shall be entitled to a pro rata number of days of paid vacation during the period
beginning on the Effective Date through the end of the first fiscal year. Vacation days that are not taken may not be carried
over into future years. Illness days shall be consistent with the Company’s standard policies and applicable U.S. law. Executive
should be entitled to standard U.S. federal government holidays in addition to vacation or illness days.

 

4.3
Business Expenses. Executive shall be reimbursed by the Company for all ordinary and necessary expenses incurred by Executive
in the performance of his duties hereunder on behalf of the Company, such expenses not to exceed $500 per month without the prior
written approval of the Company.

 

4.4
Section 409A Compliance. The Executive and the Company intend that any compensation under this Agreement shall be paid
in compliance with Section 409A of the Internal Revenue Code such that there are no adverse tax consequences, interest, or penalties
as a result of the payments. Notwithstanding any other provisions of this Agreement to the contrary, any payment or benefits otherwise
due to the Executive upon the Executive’s termination from employment with the Company shall not be made until and unless
such termination from employment constitutes a “Separation from Service”, as such term is defined under Section 409A
of the Internal Revenue Code. This provisions shall have no effect on payments or benefits otherwise due or payable to the Executive
or on the Executive’s behalf, which are not on account of the Executive’s termination from employment with the Company,
including as a result of the Executive’s death. Furthermore, if the Company reasonably determines that the Executive is
a “Specified Employee” as defined by Section 409A, upon termination of Executive’s employment for any reason
other than death (whether by resignation or otherwise), no amount may be paid to the Executive earlier than six months after the
date of termination of Executive’s employment if such payment would violate Section 409A and the regulations issued thereunder,
and payment shall be made, or commence to be made, as the case may be, on the date that is six months and one day after the termination
of Executive’s employment. Each payment made under this Agreement shall be designated as a “separate payment”
within the meaning of Section 409A.

 

		5.	TERMINATION.

 

5.1
Termination Due to Death or Disability.

 

5.1.1
Death. This Agreement shall terminate immediately upon the death of Executive. Upon Executive’s death, Executive’s
estate or Executive’s legal representative, as the case may be, shall be entitled to Executive’s accrued and unpaid
Salary and vacation as of the date of Executive’s death, plus all other compensation and benefits that were vested through
the date of Executive’s death.

 

5.1.2
Disability. In the event of Executive’s Disability, this Agreement shall terminate and Executive shall be entitled
to (a) accrued and unpaid vacation through the first date that a Disability is determined; and (b) all other compensation and
benefits that were vested through the first date that a Disability has been determined.

 

5.2
Termination . Both the Company and the Executive may terminate the employment hereunder by delivery of written notice to
the other party at least thirty (30) days prior to termination date or with a shorter notice period if agreed upon by the Parties.
At Company’s sole discretion, it may substitute thirty (30) days salary in lieu of such written notice. However, that in
the event of a breach of this Agreement by the Executive or an event which would constitute “Cause”, the Company may
immediately terminate this Agreement upon written notice with no waiting period or substituting salary. Upon the effective date
of termination under this Section 5.2, Executive shall be entitled to (a) accrued and unpaid vacation through such effective date;
and (b) all other compensation and benefits that were vested through such effective date.

 

    2 

     

    

 

5.3
Notice of Termination. Any termination of the Employment by the Company or the Executive shall be communicated by a notice
in accordance with Section 8.4 of this Agreement (the “Notice of Termination”).

 

5.4
Payment. The Executive shall not be entitled to severance payments upon any termination provided in Section 5 herein. Except
as otherwise provided in this Agreement, any payments to which the Executive shall be entitled under this Section 5, including,
without limitation, any economic equivalent of any benefit, shall be made as promptly as possible following the Date of Termination,
but in no event more than 30 days after the Date of Termination. If the amount of any payment due to the Executive cannot be finally
determined within thirty (30) days after the Date of Termination, such amount shall be reasonably estimated on a good faith basis
by the Company and the estimated amount shall be paid no later than thirty (30) days after such Date of Termination. As soon as
practicable thereafter, the final determination of the amount due shall be made and any adjustment requiring a payment to Executive
shall be made as promptly as practicable. The payment of any amounts under this Section 5 shall not affect Executive’s rights
to receive any workers’ compensation benefits.

 

6.       EXECUTIVE’S
REPRESENTATION. The Executive represents and warrants to the Company that: (a) he is subject to no contractual,
fiduciary or other obligation which may affect the performance of his duties under this Agreement; (b) he has terminated, in
accordance with their terms, any contractual obligation which may affect his performance under this Agreement; and (c)       his
employment with the Company will not require him to use or disclose proprietary or confidential information of any other
person or entity.

 

		7.	NON-COMPETITION:
                                         NON-DISCLOSURE; INVENTIONS.

 

7.1
Trade Secrets. Executive acknowledges that his employment position with the Company is one of trust and confidence. Executive
further understands and acknowledges that, during the course of Executive’s employment with the Company, Executive will be entrusted
with access to certain confidential information, specialized knowledge and trade secrets which belong to the Company, or its subsidiaries,
including, but not limited to, their methods of operation and developing customer base, its manner of cultivating customer relations,
its practices and preferences, current and future market strategies, formulas, patterns, patents, devices, secret inventions,
processes, compilations of information, records, and customer lists, all of which are regularly used in the operation of their
business and which Executive acknowledges have been acquired, learned and developed by them only through the expenditure of substantial
sums of money, time and effort, which are not readily ascertainable, and which are discoverable only with substantial effort,
and which thus are the confidential and the exclusive Property of the Company and its subsidiaries (hereinafter “Trade Secrets”).
Executive covenants and agrees to use his best efforts and utmost diligence to protect those Trade Secrets from disclosure to
third parties. Executive further acknowledges that, absent the protections afforded the Company and its subsidiaries in Section
7, Executive would not be entrusted with any of such Trade Secrets. Accordingly, Executive agrees and covenants (which agreement
and covenant shall survive the termination of this Agreement regardless of the reason) as follows:

 

7.1.1
Executive will at no time take any action or make any statement that will disparage or discredit the Company, any of its subsidiaries
or their products or services;

 

7.1.2
During the period of Executive’s employment with the Company and for sixty (60) months immediately following the termination of
such employment, Executive will not disclose or reveal to any person, firm or corporation other than in connection with the business
of the Company and its subsidiaries or as may be required by law, any Trade Secret used or useable by the Company or any of its
subsidiaries, divisions or Affiliates (collectively the “Companies”) in connection with their respective businesses,
known to Executive as a result of his employment by the Company, or other relationship with the Companies, and which is not otherwise
publicly available. Executive further agrees that during the term of this Agreement and at all times thereafter, he will keep
confidential and not disclose or reveal to any person, firm or corporation other than in connection with the business of the Companies
or as may be required by applicable law, any information received by him during the course of his employment with regard to the
financial, business, or other affairs of the Companies, their respective officers, directors, customers or suppliers which is
not publicly available;

 

7.1.3
Upon the termination of Executive’s employment with the Company, Executive will return to the Company all documents, customer
lists, customer information, product samples, presentation materials, drawing specifications, equipment and other materials relating
to the business of any of the Companies, which Executive hereby acknowledges are the sole and exclusive property of the Companies
or any one of them. Nothing in this Agreement shall prohibit Executive from retaining, at all times any document relating to his
personal entitlements and obligations, his rolodex, his personal correspondence files; and any additional personal property;

 

7.1.4
During the term of the Agreement and, for a period of three (3) months immediately following the termination of the Executive’s
employment with the Company, Executive will not: compete, or participate as a shareholder, director, officer, partner (limited
or general), trustee, holder of a beneficial interest, employee, agent of or representative in any business competing directly
with the Companies without the prior written consent of the Company, which may be withheld in the Company’s sole discretion;
provided, however, that nothing contained herein shall be construed to limit or prevent the purchase or beneficial ownership by
Executive of less than five percent of any security registered under Section 12 or 15 of the Securities Exchange Act of 1934;

 

    3 

     

    

 

7.1.5
During the term of the Agreement and, for a period of eighteen (18) months immediately following the termination of the Executive’s
employment with the Company, Executive will not:

 

7.1.5.1
solicit or accept competing business from any customer of any of the Companies or any person or entity known by Executive to be
or have been, during the preceding 18 months, a customer or Prospective Customer of any of the Companies without the prior written
consent of the Company;

 

7.1.5.2
encourage, request or advise any such customer or Prospective Customer of any of the Companies to withdraw or cancel any of their
business from or with any of the Companies; or

 

7.1.6
Executive will not during the period of his employment with the Company and, subject to the provisions hereof for a period of
eighteen (18) months immediately following the termination of Executive’s employment with the Company,

 

7.1.6.1
conspire with any person employed by any of the Companies with respect to any of the matters covered by this Section 7;

 

7.1.6.2
encourage, induce or solicit any person employed by any of the Companies to facilitate Executive’s violation of the covenants
contained in this Section 7;

 

7.1.6.3
assist any entity to solicit the employment of any employee of any of the Companies; or

 

7.1.6.4
employ or hire any employee of any of the Companies, or solicit or induce any such person to join the Executive as a partner,
investor, coventurer, or otherwise encourage or induce them to terminate their employment with any of the Companies.

 

7.2
Executive expressly acknowledges that all of the provisions of this Section 7 of this Agreement have been bargained for and Executive’s
agreement hereto is an integral part of the consideration to be rendered by the Executive which justifies the rate and extent
of the compensation provided for hereunder.

 

7.3
Executive acknowledges and agrees that a violation of any one of the covenants contained in this Section 7 shall cause irreparable
injury to the Company, that the remedy at law for such a violation would be inadequate and that the Company shall thus be entitled
to temporary injunctive relief to enforce that covenant until such time that a court of competent jurisdiction either (a) grants
or denies permanent injunctive relief or (b) awards other equitable remedy(s) as it sees fit.

 

7.4
Successors.

 

7.4.1
Executive. This Agreement is personal to Executive and, without the prior express written consent of the Company, shall
not be assignable by Executive, except that Executive’s rights to receive any compensation or benefits under this Agreement
may be transferred or disposed of pursuant to testamentary disposition, intestate succession or a qualified domestic relations
order or in connection with a Disability. This Agreement shall inure to the benefit of and be enforceable by Executive’s
estate, heirs, beneficiaries, and/or legal representatives.

 

7.4.2 The
Company. This Agreement shall inure to the benefit of and be binding upon the Company and its successors
and assigns.

 

7.5
Inventions and Patents. The Company shall be entitled to the sole benefit and exclusive ownership of any inventions or
improvements in products, processes, or other things that may be made or discovered by Executive while he is in the service of
the Company, and all patents for the same. During the Term, Executive shall do all acts necessary or required by the Company to
give effect to this section and, following the Term, Executive shall do all acts reasonably necessary or required by the Company
to give effect to this section. In all cases, the Company shall pay all costs and fees associated with such acts by Executive.

 

    4 

     

    

 

		8.	MISCELLANEOUS.

 

8.1
Indemnification. The Company and each of its subsidiaries shall, to the maximum extent provided under applicable law, indemnify
and hold Executive harmless from and against any expenses, including reasonable attorney’s fees, judgments, fines, settlements
and other legally permissible amounts (“Losses”), incurred in connection with any proceeding arising out of,
or related to, Executive’s employment by the Company, other than any such Losses incurred as a result of Executive’s
negligence or willful misconduct. The Company shall, or shall cause a subsidiary thereof to, advance to Executive any expenses,
including attorney’s fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted
by applicable law. Such costs and expenses incurred by Executive in defense of any such proceeding shall be paid by the Company
or applicable subsidiary in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written
request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for
which payment is being sought; and (c) an undertaking adequate under applicable law made by or on behalf of Executive to repay
the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that Executive
is not entitled to be indemnified by the Company or any subsidiary thereof. the Company will provide Executive with coverage under
all director’s and officer’s liability insurance policies which is has in effect during the Term, with no deductible
to Executive.

 

8.2
Applicable Law. Except as may be otherwise provided herein, this Agreement shall be governed by and construed in accordance
with the laws of the State of New York, applied without reference to principles of conflict of laws.

 

8.3
Amendments. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties
hereto or their respective successors or legal representatives.

 

8.4
Notices. All notices and other communications hereunder shall be in writing and shall be given by hand-delivery to the
other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If
to the Executive:

 

3rd
Floor, Borough A, Block A. No.181

South
Taibai Road, Xi’an, Shaanxi Province,

People’s
Republic of China 710065

Attn:
Mr. Yongcheng Yang

Tel:
(86-29) 8826-6368

 

If
to the Company:

 

3rd
Floor, Borough A, Block A. No.181

South
Taibai Road, Xi’an, Shaanxi Province,

People’s
Republic of China 710065

Attn:
Mr. Zhuoyu Li, Chief Executive Officer

Tel:
(86-29) 8826-6368

 

Or
to such other address as either party shall have furnished to the other in writing in accordance herewith. Notices and communications
shall be effective when actually received by the addressee.

 

8.5
Withholding. The Company may withhold from any amounts payable under the Agreement, such federal, state and local income,
unemployment, social security and similar employment related taxes and similar employment related withholdings as shall be required
to be withheld pursuant to any applicable law or regulation.

 

8.6
Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, and any such provision which is not valid or enforceable in whole shall be enforced
to the maximum extent permitted by law.

 

    5 

     

    

 

8.7
Captions. The captions of this Agreement are not part of the provisions and shall have no force or effect.

 

8.8
Entire Agreement. This Agreement contains the entire agreement among the parties concerning the subject matter hereof and
supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between
the parties with respect thereto.

 

8.9
Survivorship. The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement
or the Executive’s employment hereunder to the extent necessary to the intended preservation of such rights and obligations.

 

8.10
Waiver. Either Party’s failure to enforce any provision or provisions of this Agreement shall not in any way be construed
as a waiver of any such provision or provisions, or prevent that party thereafter from enforcing each and every other provision
of this Agreement.

 

8.11
Joint Efforts/Counterparts. Preparation of this Agreement shall be deemed to be the joint effort of the parties hereto
and shall not be construed more severely against any party. This Agreement may be signed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one and the same instrument.

 

8.12
Representation by Counsel. Each Party hereby represents that it has had the opportunity to be represented by legal counsel
of its choice in connection with the negotiation and execution of this Agreement.

 

--
Signature page follows --

 

    6 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

 

	EMPLOYEE:	 	CHINA
    GREEN AGRICULTURE, INC.
	 	 	 
	/s/
    Yongcheng Yang	 	/s/
    Zhuoyu Li
	Yongcheng
    Yang	 	Zhuoyu
    Li
		 	Chief
    Executive Officer

 

 

 7

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