Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

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

 

RECITALS

 

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

 

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

 

AGREEMENT

 

The parties hereto
agree as follows:

 

	 	1.	POSITION

 

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

 

	 	2.	TERM

 

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

 

	 	3.	PROBATION

 

No
probationary period.

 

	 	4.	DUTIES AND RESPONSIBILITIES

 

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

 

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

 

	 	5.	NO BREACH OF CONTRACT

 

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

 

     

     

    

 

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

 

	 	6.	LOCATION

 

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

 

	 	7.	COMPENSATION AND BENEFITS

 

	 	(a)	Compensation. The Executive’s cash compensation (inclusive of the statutory welfare reserves that the Company is required to set aside for the Executive under applicable law) shall be provided by the Company in a separate schedule A attached herein (“Schedule A”) or as specified in a separate agreement between the executive and the company’s designated subsidiary or affiliated entity, subject to annual review and adjustment by the Company or the compensation committee of the Board. The cash compensation may be paid by the Company, a subsidiary or affiliated entity or a combination thereof, as designated by the Company from time to time.
	 	(b)	Equity Incentives. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to participate in such plan pursuant to the terms thereof.
	 	(c)	Benefits. The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan.

 

	 	8.	TERMINATION OF THE AGREEMENT

 

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

 

     

     

    

 

	 	(b)	By the Executive. The Executive may terminate the Employment at any time with a [ ]-month prior written notice to the Company or by payment of [ ] months’ salary in lieu of notice. In addition, the Executive may resign prior to the expiration of the Agreement if such resignation or an alternative arrangement with respect to the Employment is approved by the Board.
	 	(c)	Notice of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

 

	 	9.	CONFIDENTIALITY AND NONDISCLOSURE

 

	 	(a)	Confidentiality and Non-disclosure. The Executive hereby agrees at all times during the term of his/her employment and after termination, to hold in the strictest confidence, and not to use, except for the benefit of the Group, or to disclose to any person, corporation or other entity without written consent of the Company, any Confidential Information. The Executive understands that “Confidential Information” means any proprietary or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group’s licensors, including, without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers (including, but not limited to, customers of the Group on whom the Executive called or with whom the Executive became acquainted during the term of his/her employment), supplier lists and suppliers, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, personnel information, marketing, finances, information about the suppliers, joint ventures, licensors, licensees, distributors and other persons with whom the Group does business, information regarding the skills and compensation of other employees of the Group or other business information disclosed to the Executive by or obtained by the Executive from the Group, its affiliates, or their clients, customers or partners either directly or indirectly in writing, orally or by drawings or observation of parts or equipment, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Executive.
	 	(b)	Company Property. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted in connection with his/her work or using the facilities of the Group are property of the Group and subject to inspection by the Group, at any time. Upon termination of the Executive’s employment with the Company (or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his/her work with the Company and will provide written certification of his compliance with this Agreement. Under no circumstances will the Executive have, following his/her termination, in his/her possession any property of the Group, or any documents or materials or copies thereof containing any Confidential Information.
	 	(c)	Former Employer Information. The Executive agrees that he has not and will not, during the term of his/her employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises of the Group any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Group and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit, arising out of or in connection with any violation of the foregoing.

 

     

     

    

 

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

 

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

 

	 	10.	WITHHOLDING TAXES

 

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

 

	 	11.	NOTIFICATION OF NEW EMPLOYER

 

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

 

	 	12.	ASSIGNMENT

 

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

 

	 	13.	SEVERABILITY

 

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

 

	 	14.	ENTIRE AGREEMENT

 

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

 

     

     

    

 

	 	15.	REPRESENTATIONS

 

The
Executive hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement.
The Executive hereby represents that the Executive’s performance of all the terms of this Agreement will not breach any agreement
to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to his/her employment by
the Company. The Executive has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement
in conflict with this Section 15. The Executive represents that the Executive will consult his/her own consultants for tax
advice and is not relying on the Company for any tax advice with respect to this Agreement or any provisions hereunder.

 

	 	16.	GOVERNING LAW

 

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

 

	 	17.	ARBITRATION

 

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

 

	 	18.	AMENDMENT

 

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

 

	 	19.	WAIVER

 

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

 

	 	20.	NOTICES

 

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

 

     

     

    

 

	 	21.	COUNTERPARTS

 

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

 

	 	22.	NO INTERPRETATION AGAINST DRAFTER

 

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

 

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

 

     

     

    

 

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

 

	TIAN RUIXIANG Holdings Ltd	 
	 	 
	By:	
        /s/
	 
	Name:	 	 
	Title:	 	 

 

Executive

 

	Signature:	/s/ 	 
	 	 	 
	Name:	 	 

 

[Signature Page
to Employment Agreement]

 

     

     

    

 

Schedule A

 

Annual compensation is $[ ], the payment
of which shall commence upon the closing of the Company’s proposed initial public offering.Exhibit 10.1

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

This ASSIGNMENT AND ASSUMPTION
AGREEMENT (this “Agreement”) is entered into as of December 26, 2019, by and among Paddock Enterprises,
LLC, a Delaware limited liability company (“Assignor”) and O-I Glass, Inc., a Delaware corporation (the
“Assignee”). Assignor and Assignee are each referred to herein as a “Party” and collectively
as the “Parties”.

 

RECITALS

 

WHEREAS, prior to the
Assignment Effective Time (as defined below), Assignor, Assignee and Owens-Illinois, Inc., a predecessor to Assignor and formerly
a Delaware corporation (“Old O-I”), consummated the transactions contemplated by that certain Agreement and
Plan of Merger, dated as of the date hereof, by and among Assignor, Assignee and Old O-I (the “Merger Agreement”);

 

WHEREAS, pursuant to
the Merger Agreement, at the Merger Effective Time (as defined below), Old O-I merged with and into Assignor, with Assignor continuing
as the surviving entity of the merger, and each share of Old O-I common stock (“Old O-I Common Stock”) issued
and outstanding as of the Merger Effective Time was converted into the right to receive a share of Assignee common stock (“New
PublicCo Common Stock”) on a one-for-one basis (the “Merger”);

 

WHEREAS, pursuant to
the Merger, at the Merger Effective Time, Assignor succeeded to and assumed all of the assets and liabilities of Old O-I by operation
of Delaware law;

 

WHEREAS, Assignee is
the sole direct owner of 100% of Assignor;

 

WHEREAS, Assignor is
an entity disregarded as separate from Assignee for U.S. federal income tax purposes;

 

WHEREAS, after the Merger
Effective Time and at the Assignment Effective Time, Assignor desires to transfer and assign to assignee all of its rights, title
and interest in, to and under the Transferred Contracts, the Equity Compensation Plans and Agreements and the Benefit Plans (each
as defined below), and Assignee desires to accept such assignment and to assume all obligations and liabilities of Assignor under
the Transferred Contracts, the Equity Compensation Plans and Agreements and the Benefit Plans, all on the terms and subject to
the conditions set forth in this Agreement; and

 

WHEREAS, the Parties
desire that the Assignment, the Equity Compensation Plan Assignment and the Benefit Plan Assignment (each as defined below) occur
at the Assignment Effective Time.

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements and covenants set forth herein, Assignor and Assignee hereby agree as follows:

 

    	 	1	 

     

    

 

AGREEMENT

 

1.            Certain
Definitions. For purposes of this Agreement:

 

		(a)	“Assignment Effective Time” means the time immediately after the Merger Effective
Time.

 

		(b)	“Benefit Plans” means, collectively, (i) each of the Contracts, plans,
programs, policies and arrangements listed on Exhibit A hereto, and (ii) each “employee benefit plan”
(within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended) and each other
compensation or benefit plan, program, policy, Contract or arrangement (including any trust, escrow, funding, insurance, vendor,
administration, services or other Contract related to any of the foregoing), in each case, sponsored, maintained or entered into
by Assignor or its predecessors (including Old O-I) for the benefit of any current or former director, officer, employee, consultant
or independent contractor of Assignor or any of its subsidiaries or that provides compensation and/or benefits to any current or
former director, officer, employee, consultant or independent contractor of Assignor or any of its subsidiaries, in each case of
the foregoing clauses (i) and (ii), as amended and/or restated and together with any subplans, appendices, award agreements,
participation agreements, exhibits or addendums thereunder or thereto. For clarity, Benefit Plans shall not include the Equity
Compensation Plans and Agreements.

 

		(c)	“Contract” means any contract, agreement, lease, license, sales order, purchase
order, indenture, mortgage, note, bond, guaranty, instrument, deed, indemnity, commitment, promise, undertaking, work order, insurance
policy, assurance, assignment, understanding, or other legally binding arrangement, whether written or oral and whether express
or implied, including all amendments, supplements, exhibits and schedules thereto.

 

		(d)	“Equity Compensation Plans and Agreements” means, collectively, (i) the
Amended and Restated 1997 Equity Participation Plan of Owens-Illinois, Inc., the Amended and Restated 2004 Equity Incentive
Plan for Directors of Owens-Illinois, Inc., the Second Amended and Restated Owens-Illinois, Inc. 2005 Incentive Award
Plan, and the Owens-Illinois, Inc. Amended and Restated 2017 Incentive Award Plan, (ii) each Award Agreement (as defined
in the Merger Agreement), and (iii) each other Contract providing for the grant or issuance of Old O-I Common Stock, in each
case, together with any subplans, appendices, exhibits, addendums or amendments thereto.

 

		(e)	“Merger Effective Time” has the definition given to the term “Effective
Time” in the Merger Agreement.

 

		(f)	“Transferred Contracts” means all of the Contracts to which Assignor is a party,
except (i) those Contracts listed on Exhibit B hereto, (ii) the Equity Compensation Plans and Agreements
and (iii) the Benefit Plans.

 

2.            Assignment
and Assumption of Transferred Contracts. Contingent upon the consummation of the Merger and effective as of the
Assignment Effective Time, Assignor hereby forever grants, sells, assigns, transfers and delivers to Assignee all of
Assignor’s rights, title and interest in and to the Transferred Contracts, and Assignee hereby accepts such assignment
and assumes and agrees to pay, discharge or perform, as appropriate, all obligations and liabilities of Assignor under the
Transferred Contracts (the foregoing, the “Assignment”). At the Assignment Effective Time, all references
to Assignor or its predecessors (including Old O-I) in the Transferred Contracts are hereby deemed to be automatically
amended to be references to Assignee, except where the context clearly dictates otherwise.

 

    	 	2	 

     

    

 

3.            Assignment
and Assumption of Equity Compensation Plans and Agreements and Benefit Plans.

 

(a)          Contingent
upon the consummation of the Merger and effective as of the Assignment Effective Time, Assignor hereby forever grants, sells, assigns,
transfers and delivers to Assignee all of Assignor’s rights, title and interest in and to the Equity Compensation Plans and
Agreements, and Assignee hereby accepts such assignment and assumes and agrees to pay, discharge or perform, as appropriate, all
obligations and liabilities of Assignor under the Equity Compensation Plans and Agreements (the foregoing, the “Equity
Compensation Plan Assignment”). At the Assignment Effective Time, all references to Assignor or its predecessors (including
Old O-I) or to Old O-I Common Stock in the Equity Compensation Plans and Agreements are hereby deemed to be automatically amended
to be references to Assignee and to New PublicCo Common Stock, respectively, except where the context clearly dictates otherwise.

 

(b)          Contingent
upon the consummation of the Merger and effective as of the Assignment Effective Time, Assignor hereby forever grants, sells, assigns,
transfers and delivers to Assignee all of Assignor’s rights, title and interests in and to the Benefit Plans, and Assignee
hereby accepts such assignment and assumes and agrees to pay, discharge or perform, as appropriate, all obligations and liabilities
of Assignor under the Benefit Plans (the foregoing, the “Benefit Plan Assignment”). At the Assignment Effective
Time, all references to Assignor or its predecessors (including Old O-I) or to Old O-I Common Stock in the Benefit Plans are hereby
deemed to be automatically amended to be references to Assignee and to New PublicCo Common Stock, respectively, except where the
context clearly dictates otherwise.

 

(c)          Assignee
and Assignor agree that neither the transactions contemplated in the Merger Agreement nor the transactions contemplated herein
constitute a “Change in Control,” a “Change of Control,” or term of similar import under the Equity Compensation
Plans and Agreements or the Benefit Plans, as such term is defined therein.

 

4.            Further
Assurances. Subject to the terms of this Agreement and each of the Transferred Contracts, the Equity Compensation Plans
and Agreements and the Benefit Plans, the Parties shall from time to time after the date hereof, without further
consideration, execute, acknowledge, deliver and take such further acts, assignments, notices, transfers, conveyances,
assumptions and assurances as may be reasonably required to carry out the intent of this Agreement, including, without
limitation, preparing and entering into amendments to the Transferred Contracts, the Equity Compensation Plans and Agreements
and the Benefit Plans, notifying the other parties thereto of such assignment and assumption (including by delivery of a copy
of this Agreement), and preparing and making any required filings with the Securities and Exchange Commission.

 

    	 	3	 

     

    

 

5.            Governing
Law and Venue. This Agreement and any action, dispute, controversy, proceeding or claim arising out of or in connection with
it shall be governed by and construed in accordance with the laws of the State of Delaware without regard to any conflict of laws
principles thereof. Any action, dispute, controversy, proceeding or claim brought in connection with this Agreement shall be brought
exclusively in the Delaware Court of Chancery and the courts of the United States located in the State of Delaware, and the Parties
hereby irrevocably consent to the jurisdiction of such courts and waive any objections as to venue or inconvenient forum.

 

6.            Counterparts.
This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed to be an original but all
of which shall constitute one and the same agreement.

 

7.            Entire
Agreement. This Agreement together with the Merger Agreement constitute the entire agreement and supersede all other agreements
and undertakings, both written and oral, among the Parties, or any of them, with respect to the subject matter hereof. This Agreement
may not be amended or supplemented except by a written document executed by the Parties.

 

8.            Severability.
The provisions of this Agreement are severable, and in the event any provision hereof is determined to be invalid or unenforceable,
such invalidity or unenforceability shall not in any way affect the validity or enforceability of the remaining provisions hereof.

 

9.            U.S.
Federal Income Tax Treatment. The Parties acknowledge and agree that the Assignment will be a transaction between the sole
owner and a disregarded entity of such owner and thus a disregarded transaction for U.S. federal income tax purposes.

 

[Remainder of Page Left Intentionally
Blank]

 

    	 	4	 

     

    

 

In
Witness Whereof, the Parties have caused this Agreement to be duly executed by their authorized representatives as of the
date first above written.

 

 

	 	ASSIGNOR:
	 	 	 
	 	 	 
	 	PADDOCK ENTERPRISES, LLC
	 	 	 
	 	 	 
	 	By:	/s/ John Haudrich
	 	Name:	John Haudrich
	 	Title:	Treasurer and Chief Financial Officer

 

[Signature Page to Assignment and
Assumption Agreement]

 

    			

     

    

 

	 	ASSIGNEE:
	 	 
	 	 
	 	O-I GLASS, INC.
	 	 	 
	 	 	 
	 	By:	/s/ MaryBeth Wilkinson
	 	Name:	MaryBeth Wilkinson
	 	Title:	Senior Vice Present, General Counsel and Corporate Secretary

 

[Signature Page to Assignment and
Assumption Agreement]

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