Document:

Exhibit 10.5

 

SYLA
Technologies Co., Ltd.

 

Independent
Director Agreement

 

(Director Name:
Mr. Ferdinand Groenewald)

 

Dated as of December
5, 2022

 

This Independent Director Agreement
(this “Agreement”), dated and made effective as of the date first set forth above (the “Effective Date”), is entered
into by and between SYLA Technologies Co., Ltd., a Japanese corporation (“Company”), and Ferdinand Groenewald (“Director”).
The Company and Director may be referred to herein individually as a “Party” or collectively as the “Parties”.

 

WHEREAS, the Company has appointed
the Director to the Board of Directors of Company (the “Board”) and now desires to enter into an agreement with the Director
with respect to Director’s continuing service as a director of Company; and

 

WHEREAS, the Director is willing
to continue serving as a director of Company upon the terms and conditions set forth herein and in accordance with the provisions of this
Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged.
the Parties hereby agree as follows:

 

	1.	Defined Terms. Wherever the following terms are used in this Agreement,
they shall have the meanings ascribed to them below, unless the context clearly indicates otherwise. Other capitalized terms in this Agreement
are defined in the text hereof.

 

		(a)	“Affiliate” means, with reference to Company, any other Person
controlling, controlled by or under the common control of Company. For purposes hereof, the term “control” (or any equivalent
term) means having ownership of more than fifty percent (50%) of the voting securities of a Person or the power, whether through voting
power or otherwise, to control the management policies of such Person.
	 	 	 
		(b)	“Person” means any natural person, corporation, company, partnership
(including both general and limited partnerships), limited liability company, sole proprietorship, association, joint stock company, firm,
trust, trustee, joint venture, unincorporated organization, executor, administrator, legal representative or other legal entity, including
any governmental authority, entity or instrumentality.

 

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	2.	Duties.

 

		(a)	Director agrees to serve as an independent Director of the Company and to
be available to perform the duties consistent with such position pursuant to the articles of incorporation and bylaws of the Company,
and any additional codes, guidelines or policies of the Company that may be effective now or in the future (collectively, the “Governance Documents”)
and the laws of Japan. The Company acknowledges that Director currently holds other positions (“Other Employment”) and agrees
that Director may maintain such positions, provided that such Other Employment shall not materially interfere with Director’s
obligations under this Agreement. Director confirms that Director expects Director will be able to devote sufficient time and attention
to the Company as is necessary to fulfill Director’s responsibilities as a Director of the Company and that Director expects the
Other Employment will not in any way impact Director’s independence, and if Director determines that is no longer the case, Director
will promptly notify the Company. Such time and attention shall include, without limitation, participation in telephonic and/or in-person
meetings of the Board; provided, that Director is given reasonable advance notice of such meetings and they are scheduled at times
when Director is available. Director also represents that the Other Employment shall not materially and unreasonably interfere with Director’s
obligations under this Agreement. Subject to the forgoing, Director will use Director’s best efforts to promote the interests of
Company and its shareholders.
	 	 	 
		(b)	Without limiting the generality of the foregoing, Director confirms that
Director is independent (as such term has been construed under Japanese law with respect to directors of Japanese corporations and the
OTC Markets, the NASDAQ Stock Exchange and the New York Stock Exchange). Director also confirms that, to Director’s knowledge, (a)
Director does not possess material business, close personal relationships or other affiliations, or any history of any such material business,
close personal relationships or other affiliations, with the Company’s significant equity or debt holders or any of their respective
corporate affiliates that would cause Director to be unable to (i) exercise independent judgment based on the best interests of the Company
or (ii) make decisions and carry out Director’s responsibilities as a Director of the Company, in each case in accordance with the
terms of the Governance Documents and applicable law, and (b) Director has no existing relationship or affiliation of any kind with any
entity Director knows to be a competitor of the Company.
	 	 	 
		(c)	In addition to Director’s service on the Board, Director agrees that,
if so selected by the Board, Director shall serve on the Compensation Committee, Audit Committee and Nominating Committee of the Board.
	 	 	 
		(d)	By execution of this Agreement, Director accepts Director’s appointment
or election as an independent Director of the Company, and agrees to serve in such capacity, subject to the terms of this Agreement, until
Director’s successor is duly elected and qualified or until Director’s earlier death, resignation or removal. The Parties
acknowledge and agree that Director is being engaged to serve as an independent Director of the Company only and is not being engaged
to serve, and shall not serve, the Company in any other capacity.
	 	 	 
		(e)	Director’s status during the Term (as defined below) shall be that
of an independent contractor and not, for any purpose, that of an employee or agent with authority to bind the Company in any respect.
All payments and other consideration made or provided to the Director hereunder shall be made or provided without withholding or deduction
of any kind except Japanese withholding income tax, and the Director shall assume sole responsibility for discharging all tax or other
obligations associated therewith.

 

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	3.	Term. The term of this Agreement shall continue until the earliest
of (a) such time as Director resigns or is removed in accordance with the Governance Documents, and (b) the death of the Director (the
“Term”).
	 	 
	4.	Compensation. For all services to be rendered by Director hereunder,
and so long as Director remains a Director of the Company, the Company shall, during the Term, pay to Director the compensation and reimbursement
of expenses as set forth in this Section 3.

 

		(a)	Director shall be paid the sum of ¥4,070,700 (US$30,000) annually for
Director’s service as a director of the Company, to be paid ¥339,225 ($2,500) per month, payable within five business days of
the end of each calendar month, and with such amount for any partial calendar month being appropriately prorated.
	 	 	 
		(b)	Director shall be paid additional compensation for service on committees
of the Board as may be agreed by the Company and the Director, subject to any approvals required by the Board, subject to the maximum
aggregate compensation amount resolved by our shareholders meetings as required by applicable law or the rules or regulations of any securities
exchange on which the securities of the Company are listed.
	 	 	 
		(c)	During the Term, Company shall reimburse Director for all reasonable out-of-pocket
expenses incurred by Director in attending any in-person meetings, provided that Director complies with the generally applicable policies,
practices and procedures of the Company for submission of expense reports, receipts or similar documentation of such expenses. Any reimbursements
for allocated expenses (as compared to out-of-pocket expenses of the Director in excess of $500.00) must be approved in advance by the
Company.

 

	5.	Confidentiality.

 

		(a)	Definition. For purposes of this Agreement,
“Confidential Information” shall mean all Company Work Product (as hereinafter defined) and all non-public written, electronic,
and oral information or materials of Company communicated to or otherwise obtained by Director in connection with this Agreement, which
is related to the products, business and activities of Company, its Affiliates, and subsidiaries, and their respective customers, clients,
suppliers, and other entities with which such party does business, including: (i) all costing, pricing, technology, software, documentation,
research, techniques, procedures, processes, discoveries, inventions, methodologies, data, tools, templates, know how, intellectual property
and all other proprietary information of Company; (ii) the terms of this Agreement; and (iii) any other information identified as confidential
in writing by Company. Confidential Information shall not include information that: (a) was lawfully known by Director without an obligation
of confidentiality before its receipt from Company; (b) is independently developed by Director without reliance on or use of Confidential
Information; (c) is or becomes publicly available without a breach by Director of this Agreement; or (d) is disclosed to Director by a
third party which is not required to maintain its confidentiality. An “Affiliate” of a Party shall mean any entity directly
or indirectly controlling, controlled by, or under common control with, such Party at any time during the Term for so long as such control
exists.

 

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		(b)	Company Ownership. Company shall retain all
right, title, and interest to the Confidential Information, including all copies thereof and all rights to patents, copyrights, trademarks,
trade secrets and other intellectual property rights inherent therein and appurtenant thereto. Subject to the terms and conditions of
this Agreement, Company hereby grants Director a non-exclusive, non-transferable, license during the Term to use any Confidential Information
solely to the extent that such Confidential Information is necessary for the performance of Director’s duties hereunder. Director
shall not, by virtue of this Agreement or otherwise, acquire any proprietary rights whatsoever in Confidential Information, which shall
be the sole and exclusive property and confidential information of Company. No identifying marks, copyright or proprietary right notices
may be deleted from any copy of Confidential Information. Nothing contained herein shall be construed to limit the rights of Company from
performing similar services for, or delivering the same or similar deliverable to, third parties using the Confidential Information and/or
using the same personnel to provide any such services or deliverables.
	 	 	 
		(c)	Confidentiality Obligations. Director agrees
to hold the Confidential Information in confidence and not to copy, reproduce, sell, assign, license, market, transfer, give or otherwise
disclose such Confidential Information to any Person or to use the Confidential Information for any purposes whatsoever, without the express
written permission of Company.
	 	 	 
		(d)	Required Disclosure. If Director is requested
to disclose any of the Confidential Information as part of an administrative or judicial proceeding, Director shall, to the extent permitted
by applicable law, promptly notify Company of that request and cooperate with Company, at Company’s expense, in seeking a protective
order or similar confidential treatment for the Confidential Information. If no protective order or other confidential treatment is obtained,
Director shall disclose only that portion of Confidential Information which is legally required and will exercise all reasonable efforts
to obtain reliable assurances that confidential treatment will be accorded the Confidential Information which is required to be disclosed.
	 	 	 
		(e)	Enforcement. Director acknowledges that the
Confidential Information is unique and valuable, and that remedies at law will be inadequate to protect Company from any actual or threatened
breach of this Section 5 by Director and that any such breach would cause irreparable and continuing injury to Company. Therefore, Director
agrees that Company shall be entitled to seek equitable relief with respect to the enforcement of this Section 5 without any requirement
to post a bond, including, without limitation, injunction and specific performance, without proof of actual damages or exhausting other
remedies, in addition to all other remedies available to Company at law or in equity. For greater clarity, in the event of a breach or
threatened breach by Director of any of the provisions of this Section 5, in addition to and not in limitation of any other rights, remedies
or damages available at law or in equity, Company shall be entitled to a permanent injunction or other like remedy in order to prevent
or restrain any such breach or threatened breach by Director, and Director agrees that an interim injunction may be granted against Director
immediately on the commencement of any action, claim, suit or proceeding by Company to enforce the provisions of this Section 5, and Director
further irrevocably consents to the granting of any such interim or permanent injunction or any like remedy. If any action at law or in
equity is necessary to enforce the terms of this Section 5, Director, if it is determined to be at fault, shall pay Company’s reasonable
legal fees and expenses on a substantial indemnity basis.

 

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		(f)	Related Duties. Director shall: (i) promptly
deliver to Company upon Company’s request all materials in Director’s possession which contain Confidential Information; (ii)
use its best efforts to prevent any unauthorized use or disclosure of the Confidential Information; (iii) notify Company in writing immediately
upon discovery of any such unauthorized use or disclosure; and (iv) cooperate in every reasonable way to regain possession of any Confidential
Information and to prevent further unauthorized use and disclosure thereof.
	 	 	 
		(g)	Legal Exceptions. Further notwithstanding
the foregoing provisions of this Section 5, Director may disclose confidential information as may be expressly required by law, governmental
rule, regulation, executive order, court order, or in connection with a dispute between the Parties; provided that prior to making any
such disclosure, subject to applicable law, Director shall use its best efforts to: (i) provide Company with at least fifteen (15) days’
prior written notice setting forth with specificity the reason(s) for such disclosure, supporting documentation therefor, and the circumstances
giving rise thereto; and (ii) limit the scope and duration of such disclosure to the strictest possible extent.
	 	 	 
		(h)	Limitation. Except as specifically set forth
herein, no licenses or rights under any patent, copyright, trademark, or trade secret are granted by Company to Director hereunder, or
are to be implied by this Agreement. Except for the restrictions on use and disclosure of Confidential Information imposed in this Agreement,
no obligation of any kind is assumed or implied against either Party or their Affiliates by virtue of meetings or conversations between
the Parties hereto with respect to the subject matter stated above or with respect to the exchange of Confidential Information. Each Party
further acknowledges that this Agreement and any meetings and communications of the Parties and their affiliates relating to the same
subject matter shall not: (i) constitute an offer, request, invitation or contract with the other Party to engage in any research, development
or other work; (ii) constitute an offer, request, invitation or contract involving a buyer-seller relationship, joint venture, teaming
or partnership relationship between the Parties and their affiliates; or (iii) constitute a representation, warranty, assurance, guarantee
or inducement with respect to the accuracy or completeness of any Confidential Information or the non-infringement of the rights of third
persons.

 

	6.	Intellectual Property Rights.

 

		(a)	Disclosure of Work Product. As used in this
Agreement, the term “Work Product” means any invention, whether or not patentable, know-how, designs, mask works, trademarks,
formulae, processes, manufacturing techniques, trade secrets, ideas, artwork, software or any
copyrightable or patentable works. Director agrees to disclose promptly in writing to Company, or any Person designated by Company, all
Work Product that is solely or jointly conceived, made, reduced to practice, or learned by Director in the course of any work performed
for Company (“Company Work Product”). Director agrees (a) to use Director’s best efforts to maintain such Company Work
Product in trust and strict confidence; (b) not to use Company Work Product in any manner or for any purpose not expressly set forth in
this Agreement; and (c) not to disclose any such Company Work Product to any third party without first obtaining Company’s express
written consent on a case-by-case basis.

 

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		(b)	Ownership of Company Work Product. Director
agrees that any and all Company Work Product conceived, written, created or first reduced to practice in the performance of work under
this Agreement shall be deemed “work for hire” under applicable law and shall be the sole and exclusive property of Company.
	 	 	 
		(c)	Assignment of Company Work Product. Director
irrevocably assigns to Company all right, title and interest worldwide in and to the Company Work Product and all applicable intellectual
property rights related to the Company Work Product, including without limitation, copyrights, trademarks, trade secrets, patents, moral
rights, contract and licensing rights (the “Proprietary Rights”). Except as set forth below, Director retains no rights to
use the Company Work Product and agrees not to challenge the validity of Company’s ownership in the Company Work Product. Director
hereby grants to Company a perpetual, non-exclusive, fully paid-up, royalty-free, irrevocable and world-wide right, with rights to sublicense
through multiple tiers of sublicensees, to reproduce, make derivative works of, publicly perform, and display in any form or medium whether
now known or later developed, distribute, make, use and sell any and all Director owned or controlled Work Product or technology that
Director uses to complete the services and which is necessary for Company to use or exploit the Company Work Product.
	 	 	 
		(d)	Assistance. Director agrees to cooperate
with Company or its designee(s), both during and after the Term, in the procurement and maintenance of Company’s rights in Company
Work Product and to execute, when requested, any other documents deemed necessary by Company to carry out the purpose of this Agreement.
Director will assist Company in every proper way to obtain, and from time to time enforce, United States and foreign Proprietary Rights
relating to Company Work Product in any and all countries. Director’s obligation to assist Company with respect to Proprietary Rights
relating to such Company Work Product in any and all countries shall continue beyond the termination of this Agreement, but Company shall
compensate Director at a reasonable rate to be mutually agreed upon after such termination for the time actually spent by Director at
Company’s request on such assistance.
	 	 	 
		(e)	Execution of Documents. In the event Company
is unable for any reason, after reasonable effort, to secure Director’s signature on any document requested by Company pursuant
to this Section 6 within seven (7) days of the Company’s initial request to Director, Director hereby irrevocably designates and
appoints Company and its duly authorized officers and agents as its agent and attorney in fact, which appointment is coupled with an interest,
to act for and on its behalf solely to execute, verify and file any such documents and to do all other lawfully permitted acts to further
the purposes of this Section 6 with the same legal force and effect as if executed by Director. Director hereby waives and quitclaims
to Company any and all claims, of any nature whatsoever, which Director now or may hereafter have for infringement of any Proprietary
Rights assignable hereunder to Company.

 

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		(f)	Director Representations and Warranties.
Director hereby represents and warrants that: (i) Company Work Product will be an original work of Director or all applicable third parties
will have executed assignments of rights reasonably acceptable to Company; (ii) neither the Company Work Product nor any element thereof
will infringe the intellectual property rights of any third party; (iii) neither the Company Work Product nor any element thereof will
be subject to any restrictions or to any mortgages, liens, pledges, security interests, encumbrances or encroachments; (iv) Director will
not grant, directly or indirectly, any rights or interest whatsoever in the Company Work Product to any third party; (v) Director has
full right and power to enter into and perform Director’s obligations under this Agreement without the consent of any third party;
(vi) Director will use best efforts to prevent injury to any Person (including employees of Company) or damage to property (including
Company’s property) during the Term; and (vii) should Company permit Director to use any of Company’s equipment, tools, or
facilities during the Term, such permission shall be gratuitous and Director shall be responsible for any injury to any Person (including
death) or damage to property (including Company’s property) arising out of use of such equipment, tools or facilities.

 

	7.	Director’s Representation and Acknowledgment. Director represents
to the Company that Director’s execution and performance of this Agreement shall not be in violation of any agreement or obligation
(whether or not written) that Director may have with or to any Person, including without limitation, any prior or current employer. The
Director hereby acknowledges and agrees that this Agreement (and any other agreement or obligation referred to herein) shall be an obligation
solely of the Company, and the Director shall have no recourse whatsoever against any shareholder of Company or any of any of its affiliate
or subsidiary companies with respect to any matter arising under this Agreement.
	 	 
	8.	Effect of Waiver. The waiver by either Party of a breach of any provision
of this Agreement shall not operate or be construed as a waiver of any subsequent breach hereof. No waiver shall be valid unless in writing.
	 	 
	9.	Assignment. No Party shall have any power or any right to assign
or transfer, in whole or in part, this Agreement, or any of its rights or any of its obligations hereunder, including, without limitation,
any right to pursue any claim for damages pursuant to this Agreement or the transactions contemplated herein, or to pursue any claim for
any breach or default of this Agreement, or any right arising from the purported assignor’s due performance of its obligations hereunder,
without the prior written consent of the other Party and any such purported assignment in contravention of the provisions herein shall
be null and void and of no force or effect, provided that, notwithstanding the foregoing, the Company may transfer, assign or delegate
to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company any of Company’s rights, obligations or duties hereunder.
	 	 
	10.	No Third-Party Rights. Except as expressly provided in this Agreement,
this Agreement is intended solely for the benefit of the Parties hereto and is not intended to confer any benefits upon, or create any
rights in favor of, any Person other than the Parties hereto.

 

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	11.	Entire Agreement; Effectiveness of Agreement. This Agreement sets
forth the entire agreement of the Parties hereto and shall supersede any and all prior agreements and understandings concerning the Director’s
employment by the Company. This Agreement may be changed only by a written document signed by the Director and the Company.
	 	 
	12.	Survival. The provisions of Section 5, Section 6, and Section 9 through
Section 22, inclusive, shall survive any termination or expiration of this Agreement, and provided that any expiration or termination
of this Agreement shall not excuse a Party from compliance with, or fulfillment of, any obligations or conditions which arose prior to
such expiration or termination.
	 	 
	13.	Severability. If any one or more of the provisions, or portions of
any provision, of the Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of the
remaining provisions or parts hereof shall not in any way be affected or impaired thereby.
	 	 
	14.	Governing Law and Waiver of Jury Trial.

 

		(a)	All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be determined, and this Agreement shall be governed by and construed and enforced in accordance with the internal
laws of Japan, and for all purposes shall be construed in accordance with the laws of Japan, without giving effect to the choice of law
provisions of Japan.
	 	 	 
		(b)	each Party agrees that all legal proceedings
concerning this Agreement shall be commenced in the COURTS OF JAPAN LOCATED IN TOKYO, JAPAN (the “Selected Courts”). Each
Party hereto hereby irrevocably submits to the exclusive jurisdiction of the Selected Courts for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of
the rights of a Party under this Agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of such Selected Courts, or such Selected Courts are improper or inconvenient
venue for such proceeding. Each Party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such Party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by applicable law.

 

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		(c)	TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 14(c).
	 	 	 
		(d)	If any Party shall commence an action or proceeding to enforce any provisions
of this Agreement, then the prevailing Party in such action or proceeding shall be reimbursed by the other Party for its attorney’s
fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

	 15. 	General Remedies. Each Party acknowledges that a breach by it
of its obligations hereunder will cause irreparable harm to the other Party, and thus each Party acknowledges that the remedy at
law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach
by such Party of the provisions of this Agreement, that the other Party shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing
any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss
and without any bond or other security being required.
	 	 
	 16. 	Indemnification. During the Term, the Director shall be entitled
to indemnification and insurance coverage for officers’ liability, fiduciary liability and other liabilities arising out of the
Director’s position with the Company in any capacity, in an amount not less than the highest amount available to any other director,
and such coverage and protections, with respect to the various liabilities as to which the Director has been customarily indemnified prior
to termination of employment, shall continue for at least six years following the end of the Term. Any indemnification agreement entered
into between the Company and the Director shall continue in full force and effect in accordance with its terms following the termination
of this Agreement.
	 	 
	 17. 	Expenses. Other than as specifically set forth herein, each of the
Parties will bear their own respective expenses, including legal, accounting and professional fees, incurred in connection with this Agreement
and the transactions contemplated herein.
	 	 
	 18. 	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, or by email with return receipt requested and received or nationally recognized overnight courier service, addressed as set forth
below or to such other address as either Party shall have furnished to the other in writing in accordance herewith. All notices, requests,
demands and other communications shall be deemed to have been duly given (i) when delivered by hand, if personally delivered, (ii) when
delivered by courier or overnight mail, if delivered by commercial courier service or overnight mail, and (iii) on receipt of confirmed
delivery, if sent by email.

 

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If to the Company:

 

SYLA Technologies Co., Ltd.

Attn: Hiroyuki Sugimoto

Ebisu Prime Square Tower 7F, 1-1-39

Hiroo, Shibuya-ku, Tokyo, Japan

Email: sugimoto@syla.jp

 

If to Director, to the
address for notices as set forth on the signature page hereof:

 

	 19. 	Headings.
                                            The section headings contained in this Agreement are inserted for convenience only and shall
                                            not affect in any way the meaning or interpretation of this Agreement.
	 	 
	 20. 	Counsel.
                                            The Parties acknowledge and agree that Anthony L.G., PLLC (“Counsel”) has acted
                                            as legal counsel to the Company, and that Counsel has prepared this Agreement at the request
                                            of the Company, and that Counsel is not legal counsel to Director individually. Each of the
                                            Parties acknowledges and agrees that they are aware of, and have consented to, the Counsel
                                            acting as legal counsel to the Company and preparing this Agreement, and that Counsel has
                                            advised each of the Parties to retain separate counsel to review the terms and conditions
                                            of this Agreement and the other documents to be delivered in connection herewith, and each
                                            Party has either waived such right freely or has otherwise sought such additional counsel
                                            as it has deemed necessary. Each of the Parties acknowledges and agrees that Counsel does
                                            not owe any duties to Director in Director’s individual capacity in connection with
                                            this Agreement and the transactions contemplated herein. Each of the Parties hereby waives
                                            any conflict of interest which may apply with respect to Counsel’s actions as set forth
                                            herein, and the Parties confirm that the Parties have previously negotiated the material
                                            terms of the agreements as set forth herein.
	 	 
	 21. 	Rule
                                            of Construction. The general rule of construction for interpreting a contract, which
                                            provides that the provisions of a contract should be construed against the Party preparing
                                            the contract, is waived by the Parties hereto. Each Party acknowledges that such Party was
                                            represented by separate legal counsel in this matter who participated in the preparation
                                            of this Agreement or such Party had the opportunity to retain counsel to participate in the
                                            preparation of this Agreement but elected not to do so.
	 	 
	 22. 	Execution
                                            in Counterparts, Electronic Transmission. This Agreement may be executed in any number
                                            of counterparts, each of which shall be deemed an original. The signature of any Party which
                                            is transmitted by any reliable electronic means such as, but not limited to, a photocopy,
                                            electronically scanned or facsimile machine, for purposes hereof, is to be considered as
                                            an original signature, and the document transmitted is to be considered to have the same
                                            binding effect as an original signature or an original document.

 

[Signatures appear on following page]

 

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IN WITNESS WHEREOF, the Parties
have executed this Agreement as of the Effective Date.

 

	 	SYLA Technologies Co., Ltd.
	 	 	 
	 	By:	/s/ Hiroyuki Sugimoto
	 	Name:	Hiroyuki Sugimoto
	 	Title:	Chief Executive Officer, Co-President
	 	 	 
	 	Ferdinand Groenewald
	 	 
	 	By:	/s/ Ferdinand Groenewald
	 	Name:	Ferdinand Groenewald

 

	 	Address for notices:
	 	 	 
	 	Ferdinand Groenewald
	 	  240 W Galveston St 445 
	 	  League City, Texas 77574 
	 	 
	 	Email:	 ferdig42@gmail.com 

  

    	11Exhibit 10.1

 

BINDING
SETTLEMENT TERM SHEET

 

November
21, 2022 (the “Effective Date”)

 

This
Binding Settlement Term Sheet (this “Term Sheet”) is entered into by and between, on the one hand, Royal Asset
Management, LLC, a Colorado limited liability company (“RAM”), Venture Product Consulting, LLC, a Colorado
limited liability company (“VPC”), and, on the other hand, Diego Pellicer Worldwide, Inc., a Nevada
corporation (“DPWW,” and together with RAM and VPC, each a “Party” and together, the “Parties.”)
The transactions contemplated by this Term Sheet will be fully set forth in final documents acceptable to the Parties (“Definitive
Documentation”).

 

RAM
and DPWW are parties to that certain lawsuit captioned as Diego Pellicer Worldwide, Inc. v. Royal Asset Management,
LLC, Case No. 2021 CV 32364, in the District Court of and for the City and County of Denver, Colorado (the
“Action”).

 

RAM
and VPC are both licensed as Regulated Marijuana Businesses as defined in rules promulgated by the Colorado Marijuana Enforcement
Division (“MED”) pursuant to Sections 14 and 16 of Article XVIII of the Colorado Constitution, the Colorado
Marijuana Code, §§ 44-10-101, et seq., C.R.S., as the same may be supplemented or amended from time to time, together
with the regulations promulgated thereunder, and all applicable local laws and regulations thereto promulgated by a governmental
authority (collectively, the “Marijuana Code”).

 

The
Parties wish to resolve disputes among them, including the Action, without the admission of fault by any Party, and enter into
a transaction to combine the business of each Party as described below, and as will be further set forth in the Definitive Documentation
(the “Transaction”).

 

Now,
therefore, the Parties agree as follows:

 

	1.
    Settlement: 	RAM and VPC shall
    execute confessions of judgment in favor of DPWW in the amount of $4,500,000 (the “Confessions”), to confess
    judgment against RAM in the amount of $4,435,000 and VPC in the amount of $65,000, in favor of DPWW, and RAM and VPC thereupon
    will release and waive all rights of appeal and stay of execution. The Confessions will be attached to this Term Sheet as
    Exhibit A and Exhibit B, respectively. Further,

 

(a)
       The Confessions will not be enforceable and DPWW shall not file the Confessions in any
court until the later of (1) the date on which RAM’s debt to Capital 420, LLC is repaid, or (2) May 31, 2023.

 

(b)
       If the Transaction is terminated by DPWW for failure to obtain shareholder approval
or during the Due Diligence Period (defined below), or if the MED does not approve the Transaction, the amount of the Confessions
will be reduced to $3,435,000 for RAM and $65,000 for VPC.

 

(c)
       The Confessions will bear interest at the applicable rate for post-judgment interest
under the laws of the State of Colorado.

  

Upon
execution of this Term Sheet, the Parties shall jointly file a notice of settlement with the Court, notifying the Court that the
Action has been settled, and requesting that the trial date in the Action be vacated, and DPWW shall promptly file a notice of
dismissal dismissing its claims in the Action with prejudice.

 

     

     

    

 

	2. Transaction: 	The Parties shall enter into two Membership Interest
Purchase Agreements (each, a “MIPA”)pursuant to which Neil Demers, majority owner of RAM and VPC, will
transfer and cause to transfer 100% of all membership interests of RAM and 99% of membership interests of VPC to DPWW, a subsidiary
of DPWW, or a special purpose acquisition company designated by DPWW, as applicable. This Term Sheet, and the MIPAs:

 

(a)
       will close within 10 days after the date upon which all requisite approvals for the
MIPA have been obtained from the MED and the City and County of Denver or when RAM’s debt to Capital 420, LLC is paid, whichever
date is later (the “Closing”).

 

(b)       shall
be effective to transfer ownership of all membership interests of RAM and VPC to DPWW.

 

(c)       shall
be effective to change Controlling Beneficial Ownership (as defined in the Marijuana Code) of RAM’s and VPC’s licenses
to DPWW, at the Closing.

 

(d)     
Neil Demers, as managing member of RAM and VPC, will agree to indemnify DPWW for liabilities of RAM and VPC which were not reflected
on financial records provided by RAM or VPC in connection with the Transaction during the Due Diligence Period (defined below).

 

	3. Payment: 	In exchange for the Transaction, at the Closing:

 

(a)
       DPWW shall release the Confessions.

 

(b)
      DPWW shall issue 12.5% of DPWW’s outstanding shares of common stock to Neil Demers.
Outstanding shares means the number of common stock outstanding shares as of May 21, 2023.

 

(c)
       DPWW shall issue 28.3% of DPWW’s outstanding shares of common stock to Phi Beta
Capital Advisors, Ltd. (“PBC”) Outstanding shares means the number of common stock outstanding shares as of
May 21, 2023.

 

	4. Due Diligence: 	Beginning on the Effective Date and continuing for a
period of 150 days thereafter (the “Due Diligence Period”), each Party may make or cause to be made such investigation
of another Party as it deems necessary or advisable. Each Party agrees to cooperate in good faith and permit the other Party and
its respective agents and representatives, on reasonable notice, to furnish such data and other information with respect to the
Transaction as they shall, from time to time, reasonably request. If a Party determines, in its sole and absolute discretion,
for any reason whatsoever that the Transaction is unsatisfactory to them, they may, deliver written notice to the Parties of such
Party’s unsatisfactory due diligence review, and the Term Sheet shall immediately be terminated with no further force or
effect, and the Parties shall be discharged and released from their liabilities and obligations, except as set forth in
Section 11 below. If written notice is not delivered within the Due Diligence Period, the Parties shall be deemed satisfied with
their due diligence review and the termination rights within this provision shall be waived.

 

    -2-

     

    

 

	5. Conditions: 	The Parties’ performance under the MIPAs will
be conditioned upon the occurrence of the following events:

 

(a)
       DPWW will have been found suitable to own RAM and VPC by the MED and the City and County
of Denver pursuant to the Marijuana Code, and the MED will have approved the Transaction.

 

(b)
       DPWW will have obtained shareholder approval for the Transaction.

 

(c)
       Within 60 days of the Effective Date, RAM and VPC will have obtained the approval of
PBC of the Transaction, in full accord and satisfaction of RAM’s and VPC’s debt obligations to PBC. If PBC does not
approve the Transaction, the amount of the Confessions remain $4,350,000.00 for RAM and $65,000.00 for VPC pursuant to paragraph
1 above.

 

(d)
       RAM and VPC will have provided audited financial statements to DPWW prior to the Closing.

 

(e)
       RAM and VPC will provide any and all documents, including, but not limited to, leases,
notes, loan documents, bank statements, vendor contracts, payroll records, all records regarding government enforcement actions,
all records regarding VPC’s and RAM’s licenses, tax returns, and notices of any potential litigation that may involve
RAM or VPC.

 

(f)
       Satisfactory completion of each Party’s due diligence during the Due Diligence
Period.

 

	6. Covenants: 	From the date of this Term Sheet until the Closing:

 

(a)
       Each Party shall operate their respective businesses in the ordinary course.

 

(b)
       Each Party shall fully and promptly cooperate with due diligence requests from the other
Party in connection with the Transaction.

 

(c)
       Each Party shall promptly cooperate with any reasonable request from the other Party
regarding any application filed under the Marijuana Code, or any request from the MED or the City and County of Denver.

 

(d)
       Upon completion of the Due Diligence Period, DPWW shall immediately submit this Term
Sheet and the Transaction to its shareholders for approval and vote, and shall use commercially reasonable efforts to obtain such
approval, provided that RAM and VPC have complied with their respective due diligence obligations under Section 4.

 

    -3-

     

    

 

(e)
        RAM and VPC shall promptly submit this Term Sheet to PBC for approval by PBC of the
Transaction in full accord and satisfaction of RAM’s and VPC’s debt obligations to PBC, and shall use commercially
reasonable efforts to obtain such approval.

 

(f)
        As soon as practicable following the date of this Term Sheet, DPWW shall assign its
lease for the leased premises located at 2949 W. Alameda Ave., Denver, CO to RAM, and the Parties shall terminate the Alameda
Sublease.

 

(g)
       RAM shall pay all revenue received from Melody & Company Management, LLC towards
amounts payable under Capital 420, LLC.

 

(h)
       Prior to the Closing, RAM shall use commercially reasonable efforts to exchange Mark
Smith, Yvonne Smith, and Julie Funiyama’s membership interests in RAM into unsecured promissory notes made by RAM not to
exceed the aggregate of $150,000 principal.

 

	7. DPWW Corporate: 	In order to effectuate the Transaction and obtain approvals
under the Marijuana Code DPWW shall undertake certain corporate activities, including, without limitation:

 

(a)
       At Closing, DPWW shall authorize and issue new shares of common stock of its existing
outstanding shares of common stock in accordance with Section 3 of this Term Sheet.

 

(b)
       Following the Closing, DPWW shall perform a reverse stock split in order to elevate
its stock price above $0.10.

 

(c)
       Prior to the Closing, DPWW shall obtain up-listing on the OTCQB or other exchange acceptable
to MED for listing of a Publicly- Traded Corporation to own a Regulated Marijuana Business.

 

(d)
       Upon the Closing, DPWW shall offer Neil Demers a C-Suite level position at a compensation
package and on terms agreed to by the Parties.

 

	8. Mutual Release 	Upon the execution of this Term Sheet, each Party, and
any and all of their past and present agents, representatives, entities, affiliates, principals, officers, directors, employees,
attorneys, heirs, and for anyone who has or obtains rights from such Party, hereby mutually releases the other Party from any
claims, liabilities, charges or actions, whether known or unknown at the time of this Term Sheet, any Party may have against another
Party, including without limitation claims which are in any way connected to or arise out of the following documents, and except
for the Confessions and other obligations of any Party under this Term Sheet (the “Release”):

 

 (a)         That certain Commercial Sublease Agreement dated September 8, 2015 between RAM and DPWW (the “Alameda Sublease”);

 

    -4-

     

    

 

(b)
        That certain Sublease Termination Agreement dated October 1, 2020, between
RAM and VPC, on one hand, and DPWW, on the other hand;

 

(c)
       That certain promissory note dated October 16, 2020, made by RAM and payable to DPWW;

 

(d)
       That certain promissory note dated October 16, 2020, made by VPC and payable to DPWW;

 

(e)
       That certain Fee Agreement dated December 5, 2016, between RAM and DPWW; and

 

(f)
       That certain promissory note dated April 3, 2018, made by RAM and payable to DPWW.

 

	9. Definitive Documentation 	RAM and VPC shall undertake to deliver the initial drafts
of the MIPAs and other documents necessary in the Definitive Documentation. DPWW shall undertake to draft, deliver, and execute
all documents necessary to effectuate the changes set forth in Section 7. Each Party shall cooperate to complete and timely submit
all regulatory filings required under the Marijuana Code in order to effectuate the Transaction. Each Party shall bear its own
legal fees and expenses in connection with the Transaction.

 

	10. Representations and Warranties.	Each Party represents and warrants to the other Party
as follows:

 

(a)
       Advice of Counsel. Each Party has had the opportunity to seek the advice of independent
legal and tax counsel and has read and understood each of the terms and provisions of this Term Sheet.

 

(b)
       Authority to Execute. Each Party has full power and authority to execute, deliver,
and perform this Term Sheet and the Transactions contemplated hereunder, and has taken all necessary steps for the execution and
delivery of this Term Sheet

 

(c)
       No Previous Assignment. No Party has previously assigned, transferred, granted,
or purported to assign, transfer, or grant any of the claims, counterclaims, or defenses related to the Action.

 

	11. Effect of Termination. 	If this Term Sheet or the Transaction is terminated
as set forth herein, the following provisions will apply:

 

(a)       
If this Term Sheet is terminated by either Party during the Due Diligence Period, the liabilities and obligations with respect
to the Confessions as set forth in the foregoing Paragraph 1, the releases set forth in Paragraph 8, and the provisions of Section
6(f), shall remain in effect.

 

(b)       
If this Term Sheet or the Transaction is terminated by DPWW during the Due Diligence Period or prior to Closing due to the failure
of the conditions set forth in Sections 5(a) or 5(b) the amount of the Confessions will be reduced as set forth in Section 1(b).

 

    -5-

     

    

 

(c)
       If this Term Sheet or the Transaction is terminated for any reason, the Confessions
as modified herein, and the Release will remain in full force and effect.

 

12.
Miscellaneous

 

(a)
        No Admission. Neither this Term Sheet nor any action taken hereunder is to be
construed as an admission by any Party that it has violated any contract, local, state or federal law, statutory or common, or
as an admission by any Party of the factual accuracy or truth of any claim related to disputes or potential disputes addressed
by this Term Sheet.

 

(b)
        Entire Agreement. This Term Sheet supersedes all prior discussions and agreements
between the Parties and/or their representatives with respect to the subject matter hereof and contains the sole and entire agreement
between the Parties with respect to the subject matter hereof.

 

(c)
        Governing Law and Venue. This Term Sheet is governed by and construed and enforced
in accordance with the laws of the State of Colorado, without giving effect to any conflict or choice of law provision that would
result in imposition of another state’s law. The Parties irrevocably submit to the exclusive jurisdiction of the state courts
located in the City and County of Denver, Colorado for any dispute arising under this Term Sheet.

 

(d)
        Succession and Assignment. This Term Sheet is binding upon and will inure to
the benefit of the Parties and their successors and assigns. No Party may assign this Term Sheet or any of its rights, interests,
or obligations hereunder.

 

(e)         
Invalid Provisions; Severability. If a dispute between the Parties arises out of this Term Sheet or the subject matter
of this Term Sheet, the Parties would want a court or arbitrator to interpret this Term Sheet as follows:

 

(a)
       With respect to any provision held to be unenforceable, by modifying that provision
to the minimum extent necessary to make it enforceable or, if that modification is not permitted by law or public policy, by disregarding
the provision;

 

(b)       
if an unenforceable provision is modified or disregarded in accordance with this Section by holding the rest of the Term Sheet
will remain in effect as written;

 

(c)
       by holding that any unenforceable provision will remain as written in any circumstances
other than those in which the provision is held to be unenforceable; and

 

(d)
       if modifying or disregarding the unenforceable provision would result in a failure of
an essential purpose of this Term Sheet, by holding the entire Term Sheet unenforceable.

 

Upon
the determination that any term or other provision of this Term Sheet is invalid, illegal or incapable of being enforced, the
Parties shall negotiate in good faith to modify this Term Sheet so as to effect the original intent of the Parties as closely
as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible.

 

    -6-

     

    

 

(f)
       Counterparts/Electronic or Fax Signatures. This Term Sheet may be executed
in counterparts, each of which will be an original and all of which, when taken together, will constitute one instrument notwithstanding
that all Parties have not executed the same counterpart. Signatures that are transmitted electronically or by fax will be
effective as originals.

 

(g)
       Attorney’s Fees. If a Party brings an action to enforce the terms of this
Term Sheet, the substantially prevailing Party in such action will be entitled to an award of its reasonable attorney’s
fees and costs incurred in connection therewith.

 

[Signature
page follows.]

 

    -7-

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Term Sheet as of the date first set forth above.

 

ROYAL
ASSET MANAGEMENT, LLC

 

/s/
Neil Demers

 

 

Neil
Demers, Manager

 

VENTURE
PRODUCT CONSULTING, LLC

 

/s/
Neil Demers

 

 

Neil
Demers, Manager

 

DIEGO
PELLICER WORLDWIDE, LLC

 

/s/
Nello Gonfiantini

 

 

Nello
Gonfiantini, CEO

 

    -8-

     

    

 

EXHIBIT
A 

RAM
CONFESSION 

(see
attached)

 

    -9-

     

    

 

EXHIBIT
B

VPC
CONFESSION

 

    -10-

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