Document:

Exhibit 10.7

 

		
        

        Arconic

        201 Isabella Street

        Pittsburgh, PA 15212-5858

         

        John C. Plant

        CEO
 & Chair, Board of Directors 

 

January 13, 2020

 

Timothy Myers

1720 East Haymarket Way

Hudson, OH 44236

  

Dear Tim:

 

As we have discussed, on behalf of Arconic Inc. (the “Company”),
I am pleased to offer you the position of Chief Executive Officer of Arconic Corporation effective upon the legal separation of
Arconic Corporation from Arconic Inc. (such separation, the “Spinoff,” and the date of such separation, “Legal
Day 1”), and, from and after the Spinoff, references herein to the Company shall be deemed to refer to Arconic Corporation,
unless the context clearly indicates otherwise.

 

Prior to Legal Day 1, you will continue in your current role
and you will report directly to me. On and after Legal Day 1, you will report directly to the Board of Directors of Arconic Corporation
(the “Board”). You will also be appointed as a member of the Board, effective as of Legal Day 1. During your employment
with the Company, you will devote substantially all of your working time and attention to the business and affairs of the Company
(excluding any vacation to which you are entitled) and you will comply with the Company’s policies and rules, as in
effect from time to time.

 

Set forth below is your total compensation package, together
with other important information.

 

Base Salary:

 

On Legal Day 1, your annual base salary will become $850,000
paid on a monthly basis in accordance with the Company’s normal payroll practices, and subject to all applicable taxes and
withholdings.

 

Incentive Compensation:

 

You will initially be eligible for a target annual cash incentive
compensation opportunity of 125% of your base salary (i.e., $1062,500 based on your initial base salary) for a full year, if individual
and business performance targets are met. Actual payouts could be higher or lower than target depending on individual and business
performance. Your annual cash incentive compensation opportunity and award for 2020 will be prorated to reflect the portion of
the year that you are CEO of Arconic Corporation (i.e., a blended rate will apply, with your current target annual cash incentive
opportunity applying to the portion of 2020 prior to Legal Day 1, and with the target annual cash incentive opportunity set forth
in this paragraph applying to the remainder of the year).

 

     

     

    

 

Equity Compensation:

 

You will be eligible for annual equity compensation awards in
connection with the Company’s regular annual grant cycles.  For your first such award, to be issued legal day one, you
will be granted (i) a restricted share unit award with a grant date value of $1,720,000, which will vest on the third anniversary
of the grant date, subject to your continued employment with the Company through such date and (ii) a performance-based restricted
share unit award with a grant date value (at target) of $2,580,000, which will be subject to performance goals applicable to Arconic
Corporation, as well as to your continued employment with the Company through the third anniversary of the grant date (together,
the “RSUs”). The RSUs shall be granted under the 2013 Arconic Stock Incentive Plan and shall be subject to Restricted
Share Unit Terms and Conditions consistent with those applicable to 2020 annual awards to Company senior executives generally,
it being understood that it is anticipated that as of the Spinoff the RSUs will be adjusted into awards of Arconic Corporation.

 

For each subsequent calendar year (starting in 2021) in which
you are employed by the Company, you shall be eligible to receive additional grants of equity-based and other long-term incentives
offered to senior executives generally, at a level, and on terms and conditions, that are commensurate with your positions and
responsibilities at the Company, and appropriate in light of your performance and of corresponding awards (if any) to other senior
executives of the Company (in all cases, as determined in good faith by the Board or a committee thereof).

 

Equity Ownership Requirements:

 

Consistent with Arconic Inc.’s efforts to align the interests
of its senior leadership with the interests of Arconic shareholders, Arconic Inc. has adopted equity ownership requirements for
senior Arconic Inc. executives and it is anticipated that Arconic Corporation will adopt similar requirements. You will be subject
to these requirements, currently 6.0 times base salary for the Chief Executive Officer, during your employment with the Company.
Until equity ownership requirements are met, you are required to retain 50% of shares acquired upon vesting of restricted stock
units and performance-based restricted stock units or upon exercise of stock options, after deducting those used to pay for applicable
taxes and/or the exercise price.

 

Relocation:

 

No later than September 30, 2020, you will relocate and establish
a permanent residence in the Pittsburgh, PA metropolitan area. The Company provides a Transfer and Relocation Plan, the terms of
which are determined by the Company in its discretion from time to time, to help facilitate your permanent relocation.

 

Benefits:

 

You will continue to be eligible to participate in Company benefit
plans as in effect from time to time on the terms applicable to Company senior executives generally (subject to the applicable
eligibility and other requirements set forth therein).

 

Confidentiality, Developments, Non-Competition
and Non-Solicitation Agreement:

 

In consideration of your employment with
the Company, you agree to execute the Confidentiality, Developments, Non-Competition and Non-Solicitation Agreement attached hereto
as Annex A.

 

    	 	 2	 

     

    

 

Severance:

 

On Legal Day 1, you will be designated as a Tier I Employee
under each of the Company’s Executive Severance Plan and Change in Control Severance Plan (together, the “Severance
Plans”) and you will participate at the same level under the corresponding plans anticipated to be adopted by Arconic Corporation
(it being understood that following the Spinoff, references in this letter to the Severance Plans or either Severance Plan shall
be deemed to refer to such corresponding plans of Arconic Corporation). Your participation in such plans is subject to the terms
and conditions of such plans as in effect from time to time. You acknowledge that the Company has informed you that it anticipates
reducing the Tier I Employee multipliers under the Severance Plans by .5 (i.e., the multiplier under Section 2.1(a)(i) of the Company’s
Executive Severance Plan would become 1.5 and the Applicable Period thereunder would become 18 months, and the Applicable Multiplier
and Applicable Period under the Company’s Change in Control Severance Plan would become 2.5 and 30 months, respectively)
and you hereby consent to any amendment effectuating such reductions, without regard to the one-year limitation on effectiveness
of amendments under the Company’s Executive Severance Plan.

 

Indemnification:

 

You will be covered as an insured officer
under the Company’s director and officer liability insurance policy, as in effect from time to time, to the same extent,
and on the same terms, as other executive officers of the Company.

 

Section 409A:

 

The payments and benefits provided under
this letter are intended to comply with, or be exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986,
as amended, and the provisions of this letter shall be interpreted and applied consistently with such intent. All reimbursements
under this letter that constitute deferred compensation within the meaning of Section 409A will be made or provided in accordance
with the requirements of Section 409A, including, without limitation, that (i) in no event will any reimbursement payments be made
later than the end of the calendar year next following the calendar year in which the applicable expenses were incurred; (ii) the
amount of reimbursement payments that the Company is obligated to pay in any given calendar year shall not affect the amount of
reimbursement payments that the Company is obligated to pay in any other calendar year; and (iii) your right to have the Company
pay such reimbursements may not be liquidated or exchanged for any other benefit.

 

Miscellaneous:

 

Your employment with the Company will at
all times be at-will. Subject to your rights to the payments and benefits upon certain termination of employment in accordance
with the terms of the Executive Severance Plan and the Change in Control Severance Plan, in each case, as in effect from time to
time, and this letter, nothing herein will confer upon you any right to continue in the employment of the Company for any period
of specific duration or interfere with or otherwise restrict in any way the rights of the Company or you to terminate your employment
at any time and for any reason, with or without cause. Upon your termination of employment for any reason and as a condition to
any payments and benefits to which you may become entitled under the Company’s Executive Severance Plan, Change in Control
Severance Plan, or this letter, at the request of the Board you will immediately resign from the Board, your position as an officer
of the Company and all offices and directorships of all subsidiaries and affiliates of the Company. Any waiver of any breach of
this letter shall not be construed to be a continuing waiver or consent to any subsequent breach on the part of either you or the
Company. All payments hereunder shall be subject to applicable tax withholding.

 

    	 	 3	 

     

    

 

Successors:

 

This Agreement shall be assigned to Arconic
Corporation, effective Legal Day 1. Other than Arconic Inc.’s assignment of this Agreement to Arconic Corporation on Legal
Day 1, neither party hereto may assign any rights or delegate any duties under this letter without the prior written consent of
the other party; provided, however, that this letter shall inure to the benefit of and be binding upon the successors and assigns
of the Company upon any sale of all or substantially all of the Company’s assets, or upon any merger, consolidation or reorganization
of the Company with or into any other corporation, all as though such successors and assigns of the Company and their respective
successors and assigns were the Company.

 

Entire Agreement:

 

Except as otherwise contemplated herein,
this letter contains the entire agreement between you and the Company with respect to the subject matter hereof. No modification
or termination of this letter may be made orally, but must be made in writing and signed by you and the Company.

 

In the event that the Spinoff has not been
consummated as of July 31, 2020 (as such date may be extended by mutual agreement of you and the Company), this letter agreement
shall be null and void ab initio.

 

Governing Law; Jurisdiction:

 

This letter will be governed and interpreted
in accordance with the laws of the State of Delaware without reference to its choice of law principles. Any action arising out
of or related to this letter will be brought in the state or federal courts with jurisdiction in Delaware, and you and the Company
consent to the jurisdiction and venue of such courts.

 

[Signature page follows.]

 

    	 	 4	 

     

    

 

To accept our offer, please sign and date the bottom of this
letter and return it to me by January 14, 2020. If you have any questions, please feel free to call me.

 

I look forward to your contributions to the future of Arconic
Corp.

 

Best Regards,

 

/s/ John C. Plant

 

John C. Plant

CEO and Chair, Arconic Inc. Board of Directors

  

cc:       Neil Marchuk 

 

Attachments: 

Confidentiality, Developments, Non-Competition and Non-Solicitation
Agreement

  

 

 

I, Timothy Myers, am pleased to accept your offer of employment
dated January 13, 2020, for the position of Chief Executive Officer Arconic Corp. in the terms detailed in the offer letter.

  

	Accepted by:	 	Date:	 
	 	 	 	 
	 	 	 	 
	/s/ Timothy Myers	 	January 13, 2020	 

Timothy Myers

 

[Signature Page]

 

     

     

    

 

Exhibit A

 

Confidentiality, Developments, Non-Competition,
and Non-Solicitation Agreement

 

As an employee of Arconic
Inc. (“Arconic”) or one of its subsidiaries (Arconic collectively with its subsidiaries, the “Company”),
you (“you” or “Employee”) will have access to or may develop confidential and proprietary information (as
defined below) of the Company. Therefore, in consideration of your employment, and recognizing the highly competitive nature of
the Company’s business, you enter into this Confidentiality, Non-Competition, and Non-Solicitation Agreement (this “Agreement”)
intending to be legally bound.

 

Confidentiality

 

You acknowledge that,
as an employee of the Company, you have access, and are privy, to information which is confidential and proprietary to the Company
and which is not generally available to the public from sources outside of the Company.

 

You agree to regard
and preserve as confidential any and all Confidential Information pertaining to the Company’s operations and affairs and
all information which is either learned or obtained by you during your employment, and which you know, or have reason to believe,
includes Confidential Information. You agree that you will use Confidential Information only for the performance of your duties
for the Company and you agree not to disclose any Confidential Information you acquire, except as expressly permitted below. You
understand and agree that this obligation of confidentiality shall continue indefinitely following the termination of your employment
with the Company.

 

Nothing in this Agreement
shall prohibit or restrict you from: (i) making any disclosure of relevant and necessary information or documents in any action,
investigation, or proceeding relating to this Agreement, or as required by law or legal process; or (ii) participating, cooperating,
or testifying in any action, investigation, or proceeding with, or reporting possible violations or providing information to, any
governmental agency or legislative body regarding this Agreement or the Company, including, but not limited to, the Company’s
Legal Department, the Securities & Exchange Commission, and/or pursuant to the Dodd-Frank Act (including without limitations
the whistleblower provisions thereof) or Sarbanes-Oxley Act; provided that, other than with respect to providing information to
a governmental agency and to the extent permitted by law, upon receipt of any subpoena, court order or other legal process compelling
the disclosure of any such information or documents, you will give the General Counsel of the Company prompt written notice so
as to permit the Company to protect its interests in confidentiality to the fullest extent possible. Notwithstanding any provision
of this Agreement to the contrary, the provisions of this Agreement are not intended to, and shall be interpreted in a manner that
does not, limit or restrict you from exercising any legally protected whistleblower rights (including pursuant to Rule 21F under
the Securities Exchange Act of 1934, as amended).

 

Upon termination of
your employment or at any time requested by the Company, you will deliver promptly to the Company all memoranda, notes, records,
reports and other documents (whether in paper or electronic form and all copies thereof) relating to the business of the Company
and all other Company property which you obtained or developed while employed by, or otherwise serving or acting on behalf of,
the Company and which you may then possess or have under your control, whether directly or indirectly.

 

    	 	 A-1	 

     

    

 

Disclosure of Developments and Other
Inventions

 

Without disclosing
any third party confidential information, Employee shall promptly disclose to Company all Developments and any inventions or developments
that Employee believes do not constitute a Development, so that Company can make an independent assessment. Employee represents
and warrants that if Employee developed, conceived or created any Development or other Intellectual Property prior to the date
hereof that relates to Company’s Business, Employee has listed such Intellectual Property on Appendix 1 in a manner that
does not violate any third party rights or disclose any third party confidential information.

 

Ownership of Developments

 

Ownership: All
right, title and interest (including all Intellectual Property rights of any sort throughout the world) relating to any and all
Developments (other than Employee Statutorily Exempt Developments) shall be the exclusive property of Company.

 

Assignment of Rights:
In consideration of Employee’s employment by Company as set forth in the Employment Agreement, Employee hereby assigns to
Company or its designee any and all right, title and/or interest (including all Intellectual Property rights of any sort throughout
the world) in and to any Developments that Employee has or may in the future acquire with respect to any Developments, provided
that this section shall not apply to any Employee Statutorily Exempt Developments.

 

Further Assistance
and Assurances: Employee shall, both during and after his/her employment by Company, at the expense of Company, perform all
lawful acts requested by, or on behalf of, Company to enable Company to obtain, perfect, sustain, and enforce its ownership interest
in any Development(s) in accordance with this Section and to obtain and maintain patents, copyrights and other Intellectual Property
rights for such Development(s) throughout the world.

 

Attorney-In-Fact:
Employee hereby irrevocably designates and appoints Company as Employee’s agent and attorney-in-fact, coupled with an interest
and with full power of substitution, to act for and on Employee’s behalf to execute and file any document and to do all other
lawfully permitted acts to further the purposes of this Section with the same legal force and effect as if executed by Employee.

 

Acknowledgement
of Employee Statutorily Exempt Developments: Employee acknowledges and agrees that, by executing this Agreement, nothing in
this Agreement is intended to expand the scope of protection provided to Employee by Sections 2870 through 2872 of the California
Labor Code or any other statute of like effect. Employee agrees to promptly advise the Company in writing of any developments that
Employee believes may qualify under Sections 2870 through 2872 of the California Labor Code or any other statute of like effect.

 

Records: Employee
agrees to keep and maintain adequate and current records (in the form of notes, sketches, drawings, and in any other form that
may be required by the Company) of all Developments made, written, conceived and/or reduced to practice by Employee during the
period of employment by Company, which records shall be available to and remain the sole property of the Company at all times.

 

Employee IP –
Ownership and Restrictions; License: Any discovery, invention, improvement, computer program and related documentation or other
work that (i) is created during the term of Employee’s employment with the Company and does not fall within the definition
of the term “Development” as defined herein, (ii) is an Employee Statutorily Exempt Development, or (iii) was developed,
created, or conceived prior to Employee’s employment with Company shall, as between Company and Employee, belong to Employee
and shall not be used by Employee in his or her performance on behalf of the Company. Without limiting Company’s other rights
and remedies, if, when acting within the scope of Employee’s employment or otherwise on behalf of Company, Employee uses
or discloses Employee’s own or any third party’s confidential information or other Intellectual Property in violation
of this Agreement (or if any Development cannot be fully made, used, reproduced, distributed and otherwise exploited without using
or violating the foregoing), Employee hereby: (a) grants to Company a perpetual, irrevocable, worldwide, fully-paid, royalty-free,
non-exclusive, sub-licensable right and license to use, exploit and exercise all such confidential information and/or Intellectual
Property rights; and (b) warrants that he/she is entitled to grant such license to the extent the confidential information or Intellectual
Property used by Employee in violation of this Section belongs to a third party.

 

    	 	 A-2	 

     

    

 

Restrictive Covenants

 

Non-Competition:
During your employment and for a period of one year thereafter (regardless of whether the termination of your employment is voluntary
or involuntary), you will not directly or indirectly (i) engage in, carry on, or provide services (paid or unpaid) whether as a
director, officer, partner, owner, employee, inventor, consultant, advisor, or agent, to any Competitive Business (as defined below)
or (ii) hold any economic interest in any Competitive Business. However, notwithstanding the foregoing, you may own up to five
percent (5%) of the outstanding securities of any publicly traded company and you shall not be prohibited from becoming employed
by, or associated with, a private equity firm or hedge fund (or one of their portfolio companies) that has an investment in a Competitive
Business as long as you have no involvement whatsoever with such Competitive Business (including the formation, planning, or acquisition
of, or investment in, any such Competitive Business).

 

It is not the Company’s
intention to restrict or limit your activities following your termination of employment with the Company unless it is believed
that there is a substantial possibility that your future services or activities in any of the lines of business in which the Company
is engaged may be detrimental to the Company. So as to not unduly restrict your future employment, if you desire to enter into
any employment arrangement or relationship with any potential Competitive Business within the one-year restricted period, please
consult with the Executive Vice President of Human Resources of Arconic/Howmet to discuss your intended relationship with the entity.
Due to the many different businesses in which the Company presently engages, or which in the future the Company may engage, we
will discuss your desire to enter into a business or professional relationship with any manufacturer or firm which is a Competitive
Business. The Company’s consent will not be unreasonably withheld.

 

Also, as a reminder,
Arconic/Howmet stock incentive awards continue to be subject to forfeiture, under the terms of that program, to the extent you
become associated with, employed by, render services to, or own any interest in any business that is in competition with the Company
or if you engage in willful conduct that is injurious to the Company.

 

Non-Solicitation:
During your employment and for a period of one year thereafter (regardless of whether the termination of your employment was voluntary
or involuntary), you will not directly or indirectly (i) solicit, induce or attempt to solicit or induce any employee of the Company
to leave the Company for any reason; (ii) hire or attempt to hire any employee of the Company; or (iii) solicit business from,
or engage in business with, any customer or supplier of the Company that you met and/or dealt with during your employment with
the Company for any purpose. In the event that you become aware that any employee of the Company has been hired by any business
or firm with which you are then affiliated, you will immediately notify the Executive Vice President of Human Resources of Arconic/Howmet
to confirm your non-solicitation of said employee.

 

    	 	 A-3	 

     

    

 

You acknowledge and
agree that given the nature of the Company’s business, which is conducted throughout the world, the unique and extraordinary
services you will be providing to the Company and your position of confidence and trust with the Company, the scope and duration
of the covenants included in this Agreement (the “Restrictive Covenants”) are reasonable and necessary to protect the
legitimate business interests of the Company. You further acknowledge that you have received substantial consideration from the
Company and that your general skills and abilities are such that you can be gainfully employed in noncompetitive employment, and
that this Agreement will in no way prevent you from earning a living following your employment with the Company.

 

You also recognize
and agree that any breach or threatened or anticipated breach of any part of these Restrictive Covenants will result in irreparable
harm to the Company, and that the remedy at law for any such breach or threatened breach will be inadequate. Accordingly, in addition
to any other legal or equitable remedies that may be available to the Company, you agree that the Company will be entitled to obtain
an injunction, without posting a bond, to prevent any breach or threatened breach of any part of these Restrictive Covenants.

 

In the event that any
court of competent jurisdiction finds that the limitations set forth in these Restrictive Covenants are overly broad with respect
to duration, geographic scope or scope of prohibited activities, such court will have the authority to reduce the duration, area
or activities of such provisions so as to be enforceable to the maximum extent compatible with applicable law, and such provisions
will then be enforced as modified.

 

Notice of Immunity – Defend
Trade Secrets Act of 2016

 

Company employees,
contractors, and consultants may disclose Trade Secrets in confidence, either directly or indirectly, to a Federal, State, or local
government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or in
a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, Company
employees, contractors, and consultants who file retaliation lawsuits for reporting a suspected violation of law may disclose related
Trade Secrets to their attorney and use them in related court proceedings, as long as the individual files documents containing
the Trade Secret under seal and does not otherwise disclose the Trade Secret except pursuant to court order.

 

Definitions
for Purposes of this Agreement

 

“Business”
means areas of actual or demonstrably anticipated research and development conducted (or to be conducted) by, or for the benefit
of, Company as well as all products or services sold by, on behalf of, or for the benefit of Company worldwide.

 

“Competitive
Business” means any domestic or international business or firm (including any business in the process of being formed or
planned) that is engaged, or has active plans to become engaged, in any line of business of the Company with which you have had
direct functional accountability, or for which you provided leadership or support, during your last eighteen (18) months of employment
with the Company.

 

“Confidential
Information” includes, but is not limited to strategic plans, trade secrets, inventions, discoveries, technical and operating
know-how, accounting information, product information, marketing and sales data, business strategies, customer information, and
employee data of the Company that is proprietary in nature, and any similar information, data or materials of third parties that
the Company has a duty to keep confidential.

 

    	 	 A-4	 

     

    

 

“Developments”
means all discoveries, inventions, innovations, improvements, computer programs and related documentation, and other works of authorship,
mask works, designs, know-how, ideas and information made, written, conceived and/or reduced to practice, in whole or in part,
(whether or not patentable or subject to other forms of protection) by Employee, individually or with any other person, during
and after the period of Employee’s employment by Company that: (a) relate in any manner to the Business or activities of
Company; and/or (b) are created: (i) at any time using Company resources, including, but not limited to, Company computers, cellphones,
smartphones, etc.; (ii) during working hours; (iii) at a Company facility; (iv) by, or on behalf of, Company; and/or (v) using
Confidential Information.

 

“Employee Statutorily
Exempt Developments” means any Developments which qualify fully under the provisions of any applicable statute (including,
e.g., Section 2870 of the California Labor Code) that prohibits the assignment to Company of Employee’s rights in any inventions
developed entirely on Employee’s own time without using the Company’s equipment, supplies, facilities, resources, trade
secrets or Confidential Information (i.e., excluding inventions that either (i) relate at the time of conception or reduction to
practice of the invention to the Company’s Business, or actual or demonstrably anticipated research or development; or (ii)
result from any work performed by Employee for the Company).

 

“Intellectual
Property” means any intellectual and industrial property and all rights thereof, including, but not limited to, patents,
utility models, semi-conductor topography rights; copyrights, mask works, authors’ rights, registered and unregistered trademarks,
brands, domain names, trade secrets, know-how and other rights in information, drawings, logos, plans, database rights, technical
notes, prototypes, processes, methods, algorithms, any technical-related documentation, any software, registered designs and other
designs, in each case, whether registered or unregistered and including applications for registration, and all rights or forms
of protection having equivalent or similar effect anywhere in the world.

 

Governing Law; Jurisdiction

 

This Agreement will
be governed and interpreted in accordance with the laws of the State of Delaware without reference to its choice of law principles.
Any action arising out of or related to this Agreement will be brought in the state or Federal courts located in Delaware, and
you and the Company consent to the jurisdiction and venue of such courts.

 

Amendment; Waiver

 

No provision of this
Agreement may be modified, waived, or discharged unless such waiver, modification or discharge is in writing. Any failure by you
or the Company to enforce any of the provisions of this Agreement should not be construed to be a waiver of such provisions or
any right to enforce each and every provision in the future. A waiver of any breach of this Agreement will not be construed as
a waiver of any other or subsequent breach.

 

Successors; Binding Agreement

 

Upon the legal separation
of Arconic Corporation from Arconic Inc. (such separation, the “Spinoff”), this Agreement will be assigned to Arconic
Corporation and, from and after the Spinoff, all references herein to “Arconic” shall be deemed to refer to Arconic
Corporation and all references herein to the “Company” shall be deemed to refer to Arconic Corporation collectively
with its subsidiaries, unless the context clearly indicates otherwise.

 

    	 	 A-5	 

     

    

 

The Company has the
right to assign its rights and obligations under this Agreement to any entity that acquires all or substantially all of the assets
of the business for which you work, and continues your employment. The rights and obligations of the Company under this Agreement
will inure to the benefit and be binding upon the successors and assigns of the Company

 

Severability

 

In the event that any
one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remainder of this Agreement will not in any way be affected or impaired thereby.

 

This Agreement is the
entire agreement between the parties with respect to the matters covered by this Agreement and it replaces all previous agreements,
oral or written, between the parties regarding such matters. PROVISIONS OF THIS AGREEMENT MAY NOT BE WAIVED OR CHANGED EXCEPT BY
A SUBSEQUENT AGREEMENT SIGNED BY YOU AND AN OFFICER OF THE COMPANY.

 

If you agree to the
terms of this Agreement, please sign on the line provided below and return two signed copies. A fully executed copy will be returned
to you for your files after it is signed by the Company.

 

ARCONIC INC.

 

	By: 	/s/ Neil Marchuk	 
	 	 	 
	AGREED
    TO AND ACCEPTED AS OF THIS 13TH DAY OF JANUARY, 2020:
	 	 	 
	 	 	 
	/s/ Timothy
    Myers	 
	Timothy Myers	 

 

    	 	 A-6	 

     

    

 

Appendix 1

 

Prior Employee Inventions 

 

 

 

 

 

    	 	 A-7Exhibit 10.1

 

 

EXCLUSIVE
TRADEMARK AND SYMBOL USE LICENSE AGREEMENT, AND 

OTHER COVENANTS (FLAMENGO / E-SPORTS)

 

CLUBE
DE REGATAS DO FLAMENGO, non-profit sports practice entity, registered with the CNPJ under No. 33.649.575 / 0001-99, with head
office at Avenida Borges de Medeiros, No. 997, Lagoa, Rio de Janeiro - RJ, CEP 22.430-041, herein represented, pursuant to its
By-laws, by its Chairman, Mr. LUIZ RODOLFO LANDIM MACHADO, hereinafter simply referred to as “LICENSOR” or
“FLAMENGO”.

 

SIMPLICITY
ONE BRASIL LTDA, limited liability company, registered with the CNPJ under no 26.311.017 / 0001-53, with head office
at Avenida São Francisco, 1.014, Quadra 43, Lote 62E sala 5, Santa Genoveva, Goiânia - GO, CEP 22.775-056, herein
represented, in the form of its Articles of Incorporation, by its partner, Mr. ALEXANDRE JORGE PERES, hereafter simply referred
to as “LICENSEE”.

 

WHEREAS
THAT:

 

	(i)	FLAMENGO
                                         is the holder of several registrations for FLAMENGO trademark and its variants, with
                                         or without claiming red and black colors, pursuant to Industrial Property Law, LPI, No.
                                         9279/96, as described in Annex I (the  “Trademarks”);
	 	 
	(ii)	FLAMENGO
                                         also owns property rights to its symbols, shields and other distinctive signs that
                                         identify it in Brazil and abroad, whether for sports activities or for any directly exploited
                                         product, or through specific agreements with third parties;
	 	 
	(iii)	The
                                         LICENSEE intends to promote the “League of Legends” modality, as well
                                         as other modalities in E-Sports defending the colors, logos, badges and other distinctive
                                         signs of the LICENSOR;
	 	 
	(iv)	The
                                         LICENSEE recognizes that “Flamengo” trademark, as well as the
                                         other symbols that incorporate said sign - in full or in part, and also the uniforms,
                                         shields, red and black colors are; of undeniable notoriety in Brazil and abroad, and
                                         of undeniable reputation before the general public in all segments; and,

 

    	 	 	 

    	 

    

 

 

	(v)	The
                                         LICENSOR wishes to license exclusively to E-Sports solely to exploit the use of
                                         its marks and symbols to display a League of Legends team in E-Sports, as well as other
                                         modalities in E-Sports, subject to its future approval, by signing this agreement, according
                                         to the following terms and conditions:

 

1.
AGREEMENT SUBJECT MATTER

 

	1.1.	The
                                         LICENSOR, as the legitimate holder of industrial property rights over the trademarks
                                         included in ANNEX I and other symbols and shields duly required / registered
                                         in accordance with Brazilian Law (“TRADEMARKS”), hereby authorizes the LICENSEE
                                         to use the TRADEMARKS on a League of Legends team in E-Sports, as well as in other
                                         modalities in E-Sports, which will be maintained and assembled by LICENSEE during
                                         the agreement term.
	 	 
	1.2.	It
                                         is established that in League of Legends modality, in the specific case of the vacancy
                                         for participation in the Brazilian League of Legends Championship (“CBLOL”),
                                         it will belong to the LICENSOR and will be administered on behalf of the LICENSOR
                                         by the LICENSEE as part of the Agreement. Therefore, it is further established
                                         that the amounts related to participation in CBLOL and awards arising from participation
                                         in CBLOL and other competitions organized by RIOT GAMES in the League of Legends modality,
                                         during the term of this Agreement, will be paid directly to LICENSOR by RIOT GAMES,
                                         being subsequently passed on to LICENSEE, excluding royalties and corresponding
                                         taxation, as provided in Clause 5.1 (b) of this Agreement.
	 	 
	1.3.	It
                                         is further established that the vacancy for participation in CBLOL, during the term of
                                         this agreement, in the League of Legends modality, will be administered on behalf of
                                         the LICENSOR exclusively by the LICENSEE, and, therefore, the LICENSOR
                                         shall inform the LICENSEE, by 05 (five) business days, of any communication
                                         received by RIOT GAMES. In this sense, the LICENSEE is granted the right to decide
                                         on the permanence and / or purchase of any vacancy or rights that may be made available
                                         by RIOT GAMES to the participating teams of CBLOL. If the LICENSOR does not make
                                         the appropriate communication and the LICENSEE loses the rights to manage the
                                         vacancy, the LICENSOR shall pay, as a fine, the amount of 10% (ten percent) of
                                         the total fixed compensation and royalties already executed up to said date, without
                                         prejudice to the other conditions contained in the Agreement.

 

    	 	 	 

    	 

    

 

 

	1.3.1.	For
                                         the purposes of clause 1.3, the Parties agree that it is solely and exclusively for the
                                         LICENSEE, without any influence of the LICENSOR, to identify the opportunity
                                         and / or convenience of exercising the right of permanence, purchase or similar with
                                         respect to the permanence of the League of Legends team at CBLOL.
	 	 
	1.4.	For
                                         all other League of Legends tournaments or any other type of E-Sports tournament that
                                         may arise under this Agreement or during its term, the vacancies shall be the property
                                         and responsibility of the LICENSEE, and the LICENSOR shall not have any
                                         interference or property rights over them during the term of this Agreement, or upon
                                         expiration thereof, and the LICENSOR is obliged to notify LICENSEE of any
                                         opportunity to which it is notified, invited and / or made available in any way, under
                                         penalty of indemnifying LICENSEE if it doesn’t do it.
	 	 
	1.5.	The
                                         LICENSEE may use the Trademarks in conjunction with any trademarks or fantasy
                                         names, domain names, logos, or other advertising media that together or separately encompass
                                         the market identity of the LICENSOR, subject to any prior obligations of the LICENSOR
                                         with respect to others Sponsors, such as ADIDAS Brasil S.A, and always after the
                                         prior approval of the LICENSOR.
	 	 
	1.5.1	In
                                         addition, the LICENSEE may sublicense the Trademarks on a non-exclusive basis
                                         or any part thereof to third parties, subject to the prior authorization of the LICENSOR.
                                         The LICENSOR undertakes to proceed with all acts, measures and fees necessary
                                         to maintain all Trademarks in full force and effect during the term of this Agreement.
                                         The LICENSOR shall always keep the LICENSEE informed of any event that
                                         may affect the validity of the Trademarks or this license. The activities and expenses
                                         incurred with the maintenance of the Marks will be the sole responsibility of the LICENSOR.

 

    	 	 	 

    	 

    

 

 

	1.6.	The
                                         LICENSOR shall be solely and exclusively liable for any loss or damage caused
                                         to the LICENSEE on account of the cancellation, refusal or annulment of applications
                                         for registration or registrations of the Trademarks, for any reason, and hereby specifically
                                         agrees and undertakes to exempt the LICENSEE from and indemnify it for
                                         any such loss or damage.
	 	 
	1.7.	The
                                         LICENSEE may request this Agreement to be registered with INPI or any other governmental
                                         entity, understanding that any and all costs and / or expenses related to such registration
                                         (including, without limitation, deposit fees, attorney’s fees, registration fees
                                         and renewal fees) shall be borne solely by the LICENSEE.

 

2.
COMMITMENTS AND RESPONSIBILITIES

 

	2.1.	The
                                         LICENSEE undertakes to remunerate all athletes, technical committee, as well as
                                         any support team eventually hired to assist the “League of Legends” team
                                         in E-Sports, as well as other E-Sports modalities, without any connection or contracting
                                         between them and the LICENSOR. If the LICENSEE athletes receive any kind
                                         of material incentive, allowance or sponsorship, this shall only be paid by the LICENSEE,
                                         without any remuneration relationship with the LICENSOR. It is hereby stipulated
                                         that if any member of the technical or support team, athletes, or any of their employees
                                         and / or representatives enter legally in the face of the LICENSOR seeking any
                                         kind of relationship or legal relationship, the LICENSEE will be fully responsible
                                         for the expenses incurred by the LICENSOR with its defense, as well as for the
                                         payment of any court fees, appeal bonds, loss of suit and conviction fees, and it is
                                         certain that the responsibility of the LICENSEE for the sums due will be computed
                                         as from January 1, 2020 and any previous amounts is the responsibility of the LICENSOR.
                                         The LICENSEE shall, in this event, pay to the LICENSOR all amounts spent
                                         by it, as defined in this clause, within five (05) days after the LICENSOR communicates
                                         the fact.

 

		2.1.1.	The
                                         LICENSEE declares that if any athlete or member of its technical committee of
                                         its League of Legends team in E-Sports has at any time filed a lawsuit against the LICENSOR,
                                         the LICENSEE, upon notice from the LICENSOR in writing, accompanied by
                                         the appropriate documentary evidence of the respective lawsuit brought against the LICENSOR,
                                         undertakes to dismiss it within a maximum of fifteen (15) days of its knowledge, taking
                                         all reasonable steps to maintain absolute confidentiality about the reasons for dismissal.

 

	2.2.	If
                                         any national or international pay-per-view, cable TV, open or closed pay-TV broadcaster
                                         has an interest in capturing, fixing, editing, displaying or broadcasting “League
                                         of Legends” team matches and / or other modalities in E-Sports, the LICENSOR
                                         shall agree to said contract, and the authorization of the LICENSEE to third
                                         parties is expressly forbidden without the written consent of the LICENSOR. In
                                         such cases, the LICENSOR shall have up to 10 (ten) business days from the request
                                         made by the LICENSEE in writing and effectively to respond to the request, and
                                         the absence of response by the LICENSOR will be considered tacit approval, provided
                                         that they are subject to the terms of this Agreement.
	 	 
	2.3.	The
                                         LICENSEE undertakes not to allow any third party to use the image of matches played
                                         by the “League of Legends” team and / or other modalities in E-Sports under
                                         the LICENSOR trademarks and symbols, in any media and for any display, including
                                         but not limited to games, sticker albums, feature films, short films, documentaries,
                                         commercials, advertisements, etc., without the prior and express consent of the LICENSOR.
                                         The LICENSOR may even use legal instruments to prevent the use of such images.
                                         In such cases, the LICENSOR shall have up to ten (10) business days from the request
                                         made by the LICENSEE in writing and effectively to respond to the request, and
                                         the absence of response by the LICENSOR will be considered tacit approval, provided
                                         that they are subject to the terms of this Agreement.
	 	 
	2.4.	The
                                         LICENSEE will be fully liable to the LICENSOR for any breach of contract.
                                         Likewise, the LICENSOR shall be fully liable to the LICENSEE for any breach
                                         of contract.
	 	 
	2.5.	There
                                         is no legal solidarity between the LICENSOR and the LICENSEE under this
                                         express contractual provision. It is hereby stipulated that if any third party enters
                                         the LICENSOR seeking indemnity or compensation for moral or material damages due
                                         to actions or omissions attributable to the LICENSEE, the LICENSEE will
                                         be fully responsible for the expenses incurred by the LICENSOR for its defense,
                                         as well as as for the payment of any court fees, appeal bonds, attorney’s fees
                                         and conviction fees. The LICENSEE shall, in this event, pay the LICENSOR
                                         all the amounts spent by it, as defined in this clause, within five (05) days after the
                                         LICENSOR communicates the fact. Likewise, if any third party enters the LICENSEE
                                         seeking compensation or reimbursement for moral or material damages due to actions
                                         or omissions attributable to the LICENSOR, the LICENSOR will be fully responsible
                                         for the expenses incurred by the LICENSEE for its defense, as well as for payment
                                         of any court fees, appeal bonds, attorney’s fees and conviction fees. The LICENSOR
                                         shall, in this event, pay to the LICENSEE all amounts spent by it, as defined
                                         in this clause, within five (5) days after the LICENSEE communicates the fact.

 

    	 	 	 

    	 

    

 

 

	2.6.	The
                                         LICENSEE undertakes to require its athletes not to participate in any E-Sports
                                         “League of Legends” match or exhibit in a team that exhibits, displays or
                                         bears the trademarks of other clubs or sports associations during the term in which they
                                         participate in the LICENSEE team.
	 	 
	2.7.	The
                                         LICENSEE shall use only uniforms previously approved by the LICENSOR in
                                         color combinations and trademark displays in expressly authorized sizes.
	 	 
	2.8.	The
                                         LICENSEE may not engage sponsorship for the “League of Legends” team
                                         in E-Sports without the express prior consent and agreement of the LICENSOR.
	 	 
	2.9.	The
                                         obligations of the LICENSEE, among others provided for in this Agreement or arising
                                         from law, are to comply with and require its service providers, employees, workers, athletes,
                                         etc., to comply with all clauses and conditions set forth herein.
	 	 
	2.10.	The
                                         LICENSEE undertakes not to produce and / or market any products with the LICENSOR
                                         Trademarks and / or color combination, either by itself or through third parties,
                                         without the necessary LICENSOR endorsement in writing.

 

    	 	 	 

    	 

    

 

 

	2.11.	All
                                         arts created by the LICENSEE must be approved by the LICENSOR.
	 	 
	2.11.1.	The
                                         LICENSEE will send the art to the LICENSOR and the LICENSOR will
                                         have five (5) business days to approve or send notification with the points with which
                                         it does not agree.
	 	 
	2.11.2.	If
                                         there is no manifestation during this period, the art will be considered as approved,
                                         and the LICENSOR may not later question its use.
	 	 
	2.11.3.	In
                                         case of initial disagreement with the art, it is agreed that the maximum period of manifestation
                                         of each Party will be 05 (five) business days, until the final approval.
	 	 
	2.12.	Travel,
                                         food, lodging, transportation and all other expenses for training and for the participation
                                         of the “League of Legends” team and other modalities in E-Sports in competitions
                                         shall be the responsibility of the LICENSEE, with no burden or financial liability
                                         to the LICENSOR.
	 	 
	2.13.	The
                                         LICENSEE must keep the LICENSOR E-Sports teams among the 60% (sixty percent)
                                         best placed in the competitions in which they participate. The team shall be among the
                                         “Top 6” of the competitions, except for the purposes of this clause international
                                         competitions and competitions other than the League of Legends modality.
	 	 
	2.13.1.	In
                                         the event of a different outcome and the LICENSEE does not take the appropriate
                                         measures before the end of the knockout stage, upon prior notification by the LICENSOR,
                                         the LICENSOR may charge 10% (ten percent) of the prize corresponding to the competition
                                         in question.
	 	 
	2.13.2.	If
                                         the LICENSEE fails to comply with this provision on a recurring basis in 3 (three)
                                         or more League of Legends competitions, it will give rise to the possibility of early
                                         termination by the LICENSOR, without paying any fine.

 

    	 	 	 

    	 

    

 

	2.14.	The
                                         inclusion of any new modality of e-Sports by the LICENSEE to the Project must
                                         be previously approved by the LICENSOR, requiring simple written proof, either
                                         by email, letter, facsimile, etc. In such cases, the LICENSOR shall have up to
                                         10 (ten) business days from the request made by the LICENSEE in writing to respond
                                         to the request, and the absence of response by the LICENSOR will be deemed tacit
                                         approval, provided that they are subject to the term of this Agreement. In case of refusal,
                                         it shall be substantiated in writing and submitted by the LICENSOR for analysis
                                         by the LICENSEE.
	 	 
	2.15.	The
                                         LICENSEE will assume the designation of the Official Partner of the LICENSOR
                                         for all electronic sports projects.
	 	 
	2.16.	The
                                         LICENSOR shall obligatorily make at least one post per month of content related
                                         to the projects of the E-Sports team administered by the LICENSEE in its official
                                         social network accounts, these posts also being subject to the provisions of Clause 2.10
                                         of this Agreement.

 

		2.16.1.	The
                                         LICENSOR will make the best efforts to perform up to two (2) annual activities
                                         with the participation of male professional soccer athletes, in the Training Center of
                                         the LICENSOR.

 

3.
TERRITORY

 

	3.1.	This
                                         license agreement will be valid throughout the national and international territory.

 

4.
TERM

 

	4.1.	This
                                         Agreement will have a term of 3 (three) years, beginning on January 1, 2020 and ending
                                         on December 31, 2022, and may be renewed by mutual agreement by the parties, and always
                                         in writing.
	 	 
	4.2.	The
                                         renewal of this instrument is at the sole discretion of the LICENSOR, in accordance
                                         with the negotiation and approval of new commercial conditions,
subject to the rights and duties previously assumed by the Parties in relation to third parties, as well as the provisions of
the following clause. Renewal will depend on signature of an Addendum.

 

    	 	 	 

    	 

    

 

 

	4.3.	The
                                         LICENSEE shall be entitled to submit the first proposal for the renewal of the
                                         Agreement (“Right of First Proposal”) by September 30, 2022 (“Final
                                         Date of First Proposal”).

 

4.3.1. Until
the First Proposal Final Date, the LICENSOR shall not conclude negotiations with third parties for the granting to third
parties of any provision, sponsorship, marketing or licensing services similar to or identical to the services that are the subject
of this Agreement. After the First Proposal Final Date, the LICENSOR will be free to evaluate third party business proposals
(“Third Party Proposal”), but not to enter into agreements until the final date of the agreement.

 

4.3.2. The
LICENSOR shall, after the First Proposal Final Date and by December 31, 2022, inform the LICENSEE of its interest
in accepting or not accepting the First Proposal (“Final Proposal Acceptance Date”) or Third Party Proposal, if such
last one is more advantageous.

 

 4.3.3. If a Third Party Proposal is submitted, the LICENSOR shall acknowledge the entire content of said Third Party Proposal to the LICENSEE, so that it may be entitled to cover the Third Party Proposal.

 

5.
COMPENSATION AND FORM OF PAYMENT

 

	5.1.	As
                                         consideration for the use of the Trademarks of the LICENSOR, if the LICENSEE obtains
                                         sponsorships and / or partnerships for the “League of Legends” in E-Sports
                                         or any other modality in E-Sports, provided that the LICENSOR agrees to said sponsorship
                                         / partnership, the LICENSEE shall pay the LICENSOR in accordance with the
                                         following provisions:

 

		a)	Fixed
                                         Compensation: payment of fixed annual fee, always to be paid in 04 (four) equal installments
                                         and maturing on 01/10; 05/10, 09/10 and 12/10 of each of the three (3) years that will
                                         be paid as follows:

 

(i)
in the first year, the amount of R$ 170.000,00 (one hundred and seventy thousand reais);

(ii)
in the second year, the amount of R$ 185.000,00 (one hundred and eighty-five thousand reais); and,

(iii)
in the third year, the amount of R$ 200.000,00 (two hundred thousand reais).

 

    	 	 	 

    	 

    

 

 

		b)	Variable
                                         Compensation - Royalties / Sponsorships: payment of royalties in the amount of 8%
                                         (eight percent) of the gross revenue obtained by the project, minus only the taxes due.
                                         It is established that for the purpose of calculating royalties there will be no deduction
                                         of operating expenses and other expenses from revenue before the application of the percentage
                                         of royalties.

 

b.1)
The payment of royalties will be due in accordance with the gross revenue obtained by the project, and shall be paid by the fifth
business day of the month following the receipt of the revenue.

 

		5.1.1.	For
                                         purposes of this Agreement, sponsorship is any amount that, regardless of the name of
                                         the agreement, generates compensation or material aid to the LICENSEE, whether
                                         through direct compensation or materials and equipment. The LICENSEE acknowledges
                                         that any other properties linked to the “League of Legends” in E-Sports,
                                         including but not limited to the sale of static and digital cards on the playing field,
                                         shall also be considered as sponsorship for purposes of this instrument.

 

	5.2.	Payment
                                         will always be at t For purposes of this Agreement, sponsorship is any amount that, regardless
                                         of the name of the agreement, generates compensation or material aid to the LICENSEE,
                                         whether through direct compensation or materials and equipment. LICENSEE acknowledges
                                         that any other properties linked to the “League of Legends” in E-Sports,
                                         including but not limited to the sale of static and digital cards on the playing field,
                                         shall also be considered as sponsorship for purposes of this instrument.he end of each
                                         full month, based on the date of signature of the assignment and will be effective within
                                         10 (ten) days of the issuance of the receipt or bill by the LICENSOR, by depositing
                                         in the respective checking account of the LICENSOR.
	 	 
	5.3.	If
                                         the LICENSEE does not obtain sponsorships and / or partnerships in sufficient
                                         amounts to support the maintenance costs of its “League of Legends” team
                                         in E-Sports, the LICENSEE shall bear the remaining amount, and in no event the
                                         LICENSOR will be required to provide funds to pay no costs or expenses for the
                                         “League of Legends” team in E-Sports.

 

    	 	 	 

    	 

    

 

 

	5.4.	All
                                         sponsorships and / or partnerships obtained by the LICENSEE shall be previously
                                         and expressly approved by the LICENSOR and shall, in any case, comply with the
                                         agreement limits previously established by the LICENSOR with third parties, and
                                         may not exceed the exclusive rights of its business partners, by way of example, Adidas,
                                         Ambev and Konami. The LICENSEE is entitled to negotiate the sponsorship and partnership
                                         rights referred to in this Clause, and the LICENSOR may not interfere with the
                                         values, commercial properties and duration of these agreements, provided that they are
                                         subject to the terms of this Agreement. In such cases, the LICENSOR shall have
                                         up to five (05) business days from the request made by the LICENSEE in writing
                                         to respond to the sponsorship approval request, and the absence of response by the LICENSOR
                                         shall be deemed tacit approval, provided they are subject to the terms of this Agreement.
	 	 
	5.5.	The
                                         amounts obtained by the LICENSEE shall be informed to the LICENSOR every
                                         2 months, through the presentation of the Income Statement, containing all receipts from
                                         the LICENSEE in the previous month. This statement shall contain accurate and
                                         reliable information and the LICENSOR may request any additional information and / or
                                         question the values and data contained in such statement.

 

		5.5.1.	The
                                         statement for the last month, prior to the bimonthly billing by the LICENSOR,
                                         shall contain the summary information of the previous months, thus proving the total
                                         under which the royalties shall be calculated.
	 	 	 
	 	5.4.2.	The LICENSOR shall verify the information submitted
by the LICENSEE and may submit any further questions or documents at any time.

 

	5.5.	If
                                         any payment is due to the LICENSOR by the LICENSEE, the LICENSEE
                                         shall make the payment due to the LICENSOR at Banco Itaú, Agência
                                         8548 – Conta Corrente 26170-3, Favorecido - Clube de Regatas do Flamengo.
	 	 
	5.6.	Payment
                                         of any royalties due shall be made by LICENSEE after payment, for INSS, of the
                                         percentage of 5% (five percent) on the amount due. However, the LICENSOR shall
                                         only consider the discount upon sending, by the LICENSEE, of the proof of said
                                         payment, until the due date, to the email financeirolicenciamento@flamengo.com.br.

 

    	 	 	 

    	 

    

 

 

	5.7.	Either
                                         Party may mutually agree to receive late payments without terminating this Agreement
                                         if payment is due to it from the other Party. In any case, the amounts due will be monetarily
                                         adjusted, according to the IGPM / FGV monetary index, or in their absence, by the higher
                                         index, plus interest of 1% (one percent) per month or fraction and a fine of 10% (ten
                                         percent) on the total due.
	 	 
	5.8.	Each
                                         Party will be responsible for the collection and timely payment of taxes levied on payments
                                         under this agreement, as defined in tax legislation.

 

6.
PROMOTIONAL MATERIAL

 

	6.1.	All
                                         promotional material used by the LICENSEE, such as catalogs, graphic material,
                                         advertisements, billboards, media advertisements, among others, in the promotion of the
                                         “League of Legends” team in E-Sports, shall be previously and expressly approved
                                         by the LICENSOR , in any case, it shall respect the limits set forth herein and
                                         may not exceed information not authorized by the LICENSOR.
	 	 
	6.2.	Respecting
                                         the agreement limits, the LICENSEE is responsible for obtaining the individual
                                         authorization of each of the athletes and third parties who use the image, name, nickname
                                         or voice for their promotional or dissemination campaigns. By this Agreement, at no time
                                         does the LICENSOR grant the LICENSEE the right to use the image of third
                                         parties. This Instrument only authorizes the use of the trademarks of the LICENSOR
                                         described in ANNEX I.
	 	 
	6.3.	If
                                         the LICENSEE uses the image of a third party without proper authorization, it
                                         will be fully liable to the third party for the misuse of its image. Thus, any kind of
                                         legal solidarity between the LICENSOR and the LICENSEE vis-à-vis
                                         the third party is excluded by this express agreement provision.

 

		6.3.1.	The
                                         LICENSEE will assume and / or reimburse the LICENSOR of all expenses, legal
                                         costs, attorney’s fees and other damages caused as a result of any claims made
                                         as a result of improper use of image of the third party vis-à-vis the LICENSOR,
                                         which has as its subject the “League of Legends” in E-Sports or its promotion
                                         and / or dissemination, including taking steps to substitute the LICENSOR in any
                                         legal claims against this proposal by third parties,
regardless of the forum through which they proceed. The reimbursement dealt with in this clause shall occur within a maximum of
five (05) days from the communication by the LICENSOR.

 

    	 	 	 

    	 

    

 

 

7.
PAYMENT CHECK

 

	7.1.	The
                                         LICENSEE undertakes to maintain at its head office, the agreements and records
                                         of all transactions related to this Agreement, and the LICENSOR reserves the right
                                         to review or have them examined by an independent and qualified auditor, regardless of
                                         any notice and / or communication, within normal business hours, as well as all other
                                         documents held by the LICENSEE, and relate to the subject matter and terms of
                                         this Agreement.
	 	 
	7.2.	All
                                         agreements, accounts and records will continue to be available for at least 03 (three)
                                         years after the expiration and / or termination of the agreement term, allowing the LICENSEE
                                         to review them during that period.
	 	 
	7.3.	The
                                         LICENSEE shall provide, within fifteen (15) days, upon written request of the
                                         LICENSOR, during the agreement term, any additional document and / or information
                                         relating to this agreement and its subject, which may be required by the LICENSOR.

 

8.
REPRESENTATIONS, WARRANTIES AND PROTECTION OF THE 

TRADEMARKS OF THE LICENSOR

 

	8.1.	The
                                         LICENSOR represents and warrants that (i) it owns all rights, title and interests
                                         in and to the Trademarks, (ii) such title is not subject to any liens or other encumbrance,
                                         and (iii) has all rights and authority necessary to grant the license to the LICENSEE
                                         hereunder and perform this Agreement.
	 	 
	8.2.	The
                                         LICENSOR represents and warrants that, to the best of its knowledge, on the Effective
                                         Date, (i) no third party is infringing or otherwise violating the Trademarks, and (ii)
                                         no action, demand or other proceeding involving the Trademarks has been filed or, in
                                         the knowledge of the LICENSOR, threatened.
	 	 
	8.3.	Notwithstanding
                                         the other representations and warranties contained in this Agreement, each Party represents
                                         and warrants to the other party that:

 

		(a)	It
                                         is properly organized, validly existing and in accordance with local laws;
		(b)	It
                                         has the necessary powers and authority to enter into this Agreement, to perform its obligations
                                         and to complete the transactions contemplated herein, and no further action is required
                                         to authorize the execution, delivery and performance of this Agreement.

 

    	 	 	 

    	 

    

 

 

	8.4	The
                                         LICENSEE undertakes not to register or attempt to register the TRADEMARKS of the
                                         LICENSOR, subject of this agreement, as well as any other trademark, name, visual
                                         element, symbol, insignia, or any other identical and / or similar distinctive signs,
                                         present or future, likewise, not allowing any associated, affiliated or subsidiary companies
                                         to do so.
	 	 
	8.5.	The
                                         LICENSEE undertakes never to request any registration with the INPI about the
                                         plastic form, or visual configuration of the subject of this agreement (clause 1.1),
                                         obligating its partners, heirs, successors and contractors.
	 	 
	8.6.	The
                                         LICENSEE is not authorized without the prior written approval of the LICENSOR
                                         to bring any judicial action of any kind related to any unauthorized use of the TRADEMARKS
                                         of the LICENSOR by third parties.
	 	 
	8.7.	The
                                         LICENSEE undertakes to notify the LICENSOR, within a maximum and non-extendable
                                         period of 05 (five) days from the date on which it becomes aware of any third party claims
                                         and any potential or actual violations of any intellectual proprietary rights to the
                                         TRADEMARKS of the LICENSOR, subject of this Agreement.
	 	 
	8.8.	The
                                         LICENSOR shall have the sole right to determine whether or not to pursue legal
                                         action for any unauthorized use or imitation of its TRADEMARKS or whether or not to defend
                                         itself against any claim made by a third party. Lawsuits brought by the LICENSOR
                                         will be sponsored on its own account, and the LICENSEE, upon request of the LICENSOR,
                                         will be associated with it as a party to the proceedings.
	 	 
	8.9.	If
                                         the LICENSOR decides to take legal action against any unauthorized use or imitation
                                         of its TRADEMARKS or to defend itself in any claim made by a third party, the LICENSEE
                                         undertakes to provide the LICENSOR with all possible assistance, providing
                                         information and documents and obtaining relevant evidence within their reach.

 

    	 	 	 

    	 

    

 

 

	8.10.	The
                                         LICENSEE, by itself, its employees and / or contractors, shall use the TRADEMARKS
                                         of the LICENSOR strictly in the form stipulated in this agreement, being responsible
                                         for its good use and may not, under penalty of termination of this agreement, perform
                                         any act that denigrates or adversely affect the TRADEMARKS of the LICENSOR, hereby
                                         licensed.
	 	 
	8.11.	The
                                         LICENSEE may not make any alteration and / or improper reproduction, of any nature,
                                         of the TRADEMARKS OF THE LICENSOR granted herein, and shall be used in accordance
                                         with this license and in compliance with visual standards, color combinations and other
                                         distinctive signs determined by the LICENSOR, as set out in ANNEX I to
                                         this instrument.

 

9.
CONFIDENTIALITY

 

	9.1.	The
                                         Parties, their employees, contractors, athletes and representatives shall maintain strict
                                         confidentiality about all information related to the activities of the Parties, as well
                                         as the terms of this Agreement, and any other information that has been disclosed in
                                         confidence by a Party to other, and the Parties and their representatives, employees
                                         and subcontractors shall not disclose such information to any third party without the
                                         prior written consent of the other Party, except to the extent that such confidential
                                         data becomes public in any way other than breach of this agreement. This provision will
                                         remain for three (3) years from the expiration and / or termination of the agreement
                                         term.

 

10.
UNIFORMS

 

	10.1.	The
                                         LICENSOR will make every effort to provide sporting goods and uniforms to the
                                         “League of Legends” team in E-Sports of the LICENSEE. However, if
                                         sporting goods and uniforms are not sufficient, the LICENSEE undertakes to purchase,
                                         at its expense, the remaining sporting goods and uniforms directly from the supplier
                                         of the LICENSOR at the time, and currently the supplier of sporting goods and
                                         uniforms of the LICENSOR is ADIDAS BRASIL LTDA.

 

		10.1.1.	Regardless
                                         of the supply of the material by the LICENSOR, the LICENSEE may not modify,
                                         without the prior and express approval of the LICENSOR, the layout, material
                                         or trademarks of the uniforms. By uniforms is meant the official playing shirt, pants,
                                         socks, polo shirts, travel shirts, travel shorts, travel bags, suitcases, warm clothing
                                         and sneakers.

    	 	 	 

    	 

    

 

 

11.
AGREEMENT TERMINATION

 

	11.1.	This
                                         Agreement may be terminated by right of either Contracting Party for breach of any of
                                         its terms and conditions if the breaching party fails to remedy such breach within ten
                                         (10) calendar days from receipt of notification of the other Party requesting remediation
                                         of the default. Any breach not remedied under the terms above will also give rise to
                                         the payment of a 10% (ten per cent) pecuniary fine on the amount of the monthly fixed
                                         rate of each effective year under the terms of clause 5.1.

 

	11.2.	This Agreement shall automatically terminate in its
entirety upon simple communication to the other Party, in the following hypotheses and without prejudice to the payment of the
fines and / or compensation set forth in clause 12:

 

		(i)	if
                                         either of the Contracting Parties goes bankrupt, or seeks or has filed for judicial or
                                         extrajudicial recovery;
	 	 	 
		(ii)	in
                                         the event of an act of God and / or force majeure, provided that the cause of the case
                                         continues for more than 03 (three) months from the date of the event;
	 	 	 
		(iii)	in
                                         the event of any statement or interview, written or spoken, in any media or social networks,
                                         issued by the LICENSEE, its athletes, contractors, employees, associates, administrators
                                         and / or partners or shareholders that, in the reasonable opinion of the LICENSOR,
                                         implies in discredit, demoralization or negatively reflect the reputation and / or image
                                         of the LICENSOR, its managers, administrators, associates, contractors or employees,
                                         sponsors and supplier of sports equipment during the agreement term;

 

    	 	 	 

    	 

    

 

 

		(iv)	in
                                         the event that LICENSEE enters into a sponsorship or marketing agreement for League
                                         of Legends properties in E-Sports, including but not limited to sponsorship space on
                                         uniforms, sale of advertising signs, licensed products, and television authorization,
                                         without the prior and express authorization of the LICENSOR, except as provided
                                         in the Agreement regarding the deadline for responses of authorization requests sent
                                         to the LICENSOR by the LICENSEE; and,
	 	 	 
		(vi)	exclusively
                                         by the LICENSOR in the event of the “League of Legends” team in E-Sports
                                         obtains placement below sixth in any tournament during the term of the agreement; and
	 	 	 
		(vii)	exclusively
                                         by LICENSEE if the LICENSOR enters into any agreement with third parties
                                         of any nature that conflicts with the terms of this Agreement, violating the exclusivity
                                         herein.

 

	11.3.	The
                                         Parties may also terminate this Instrument without cause, upon payment of a contractual
                                         fine in accordance with the following hypotheses:

 

	 	(i)	If the termination occurs in the year 2020, the party
that terminated the agreement shall pay a fine of R$ 150.000,00 (one hundred and fifty thousand reais) or an amount equivalent
to forty percent (40%) of the remaining balance of the contract value of that year, being due the highest value among the hypotheses
described above;
	 	(ii)	If the termination occurs in the year 2021, the terminating
Party shall pay a fine of R$ 185.000,00 (one hundred and eighty-five thousand reais) or an amount equivalent to 40% (forty percent)
of the remaining balance of the contract value of that year, being due the highest amount among the hypotheses described above;
	 	(iii)	If the termination
    occurs in the year 2022, the terminating Party shall pay a fine of R$ 200.000,00 (two hundred thousand reais) or an amount
    equivalent to 40% (forty per cent) of the remaining balance of the contract value of that year, being due the highest value
    among the hypotheses described above.

 

12.
FINES AND COMPLIANCE WITH THE AGREEMENT

 

	12.1.	The
                                         aggrieved Party is assured the right to judicially enforce this Agreement, in the event
                                         of non-compliance with the obligations assumed herein, without prejudice to the application
                                         of the penalties provided for herein.

 

    	 	 	 

    	 

    

 

 

	12.2.	If
                                         either Party intends to unilaterally terminate this Instrument or give rise to termination
                                         on the grounds set forth in clauses 11.1 and 11.2, items (iii) and (iv), the terminating
                                         Party shall pay the other party a non-compensatory fine in the amount of R$ 100.000,00
                                         (one hundred thousand reais) to indemnify the opposing party, without prejudice to any
                                         losses and damages that exceed this amount.

 

13.
SPECIFIC OBLIGATIONS - EXPIRATION OR

TERMINATION
OF AGREEMENT

 

	13.1.	Upon
                                         expiration and / or termination of this agreement, the LICENSEE shall immediately
                                         refrain from using the TRADEMARKS of the LICENSOR, as well as any other name,
                                         trademark and / or symbol similar to those of the subject matter of this Instrument,
                                         without specific notification for this purpose.
	 	 
	13.2.	Failure
                                         to comply with the provisions of the above clause will subject, without prejudice to
                                         the other penalties provided for in this Instrument, the adoption of judicial measures
                                         by the LICENSOR, to obtain judicial authorization to comply with the obligations
                                         assumed by the LICENSEE, in addition to collection of indemnity for improper use
                                         of the trademark.

 

14.
GENERAL PROVISIONS

 

	14.1.	This
                                         Agreement does not establish between the Parties any form of partnership, employment
                                         relationship or joint or several liability, and each Party is responsible for all its
                                         obligations, including labor, tax, social security, insurance and other amounts due by
                                         law.
	 	 
	14.2.	Notifications
                                         regarding this Agreement must be sent in writing and may be delivered in person with
                                         receipt protocol or via registered mail to the contacts listed below.

 

		●	LICENSOR:

Mauricio
Portela

 

mauricio.portela@flamengo.com.br

Avenida
Borges de Medeiros, no 997, Lagoa, Rio de Janeiro – RJ,

ZIP
Code 22.430-041

 

    	 	 	 

    	 

    

 

 

		●	LICENSEE:

Alexandre
Jorge Peres

 

alexandre@teamoneesports.com.br

Av.
Cruzeiro do Sul, 1.100, 2o piso, Loja 2008, São Paulo – SP,

ZIP
Code 03033-020

 

	14.3.	In
                                         the event of changes to the addresses indicated herein, the new address shall be notified
                                         in writing to the other party, otherwise the notification to the address given to the
                                         qualification of the Parties in the preamble to the Agreement shall be deemed given.
	 	 
	14.4.	It
                                         is forbidden to the LICENSEE, without the express written consent of the LICENSOR,
                                         to transfer or assign, in whole or in part, in any capacity, the rights and obligations
                                         assumed in this agreement.
	 	 
	14.5.	This
                                         Agreement may be amended or modified by an addendum, duly signed by the Parties and which
                                         shall be incorporated into this Instrument.
	 	 
	14.6.	All
                                         expenses that may be incurred by either Party as a result of the negotiations hereunder
                                         shall be the sole responsibility of the Party that incurred or contracted them.
	 	 
	14.7.	In
                                         cases not covered by this Instrument, the provisions of Law No. 10,406 of January 10,
                                         2002 (Brazilian Civil Code) shall apply.
	 	 
	14.8.	The
                                         Parties certify that they have received this Instrument for reading and prior knowledge
                                         of its terms, declaring to have understanding of each word and each clause, being aware
                                         of its contents.
	 	 
	14.9.	This
                                         Agreement is entered into irreversibly and irrevocably for all legal purposes, binding
                                         the Parties, their heirs and successors to their full and faithful compliance.
	 	 
	14.10.	This Agreement terminates, liquidates, supersedes and
cancels any document precedent thereto and relating to the subject matter of this Agreement.

 

    	 	 	 

    	 

    

 

 

	14.11.	If
                                         one or more clauses of this Agreement are to be considered null and void, such nullity
                                         shall not invalidate the remaining clauses nor the agreement itself.
	 	 
	14.12.	No
                                         attitude of tolerance by one Party regarding the breach of contractual obligations by
                                         the other Party means the partial or complete tacit abrogation of the mutual agreement.
	 	 
	14.13.	The LICENSEE shall carry out its activities in
its name and on its behalf, without any relationship of commercial representation or dependence with the LICENSOR, not
constituting any kind of solidarity, legal bond or partnership with the LICENSOR.

 

15.
APPLICABLE LAW AND COURT

 

	15.1	This
                                         Agreement is governed by Brazilian laws. The Parties elect the Courts of the Judicial
                                         District of Rio de Janeiro State Capital as competent to settle disputes arising from
                                         the interpretation and validity of this Agreement, expressly waiving any other, however
                                         privileged it may be.

 

And,
being thus fair and contracted, the Parties sign this Instrument in 02 (two) copies of equal content and form, in the presence
of the two witnesses indicated.

 

Rio
de Janeiro, November 5, 2019.

 

_/s/______________________

CLUBE
DE REGATAS DO FLAMENGO

 

/s/
Alexandre Peres

Alexandre
Peres (p.p. Bruno Rodrigues)

 

SIMPLICITY
ONE BRASIL LTDA.

 

/s/
Laila Cavalcanti Loss

Laila
Cavalcanti Loss

SIMPLICITY
ONE BRASIL LTDA. [STAMP]

 

	WITNESSES:	 
	 	 
	1.
                                         /s/ Edson Martins Monteiro_____

        Full
        name: Edson Martins Monteiro

        ID
        card No.:27-783-224-2

        CPF
        No.:
	2.
                                         /s/_________________________

        Full
        name: [Illegible]

        ID
        card No.: 20208582-6

        CPF
        No.:503469727-79

 

[STAMP]

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