Document:

ASSET PURCHASE AGREEMENT

This Asset Purchase Agreement
(this "Agreement") is made and entered into as of this 2nd day of January, 2018 (the "Effective
Date"), by and among Nodechain, Inc, a Delaware corporation ("Purchaser"), Mewe World, Inc., a California
corporation ("Seller")

Recitals:

 

		A.	Seller warrants to Purchaser that he
is the owner of the entire right, title,
and interest in
10,000 (“Units”) Ripple (XRP) cryptocurrency.
Seller owns and holds 10,000 Ripple (XRP) cryptocurrency, Ripple (XRP) is built upon a distributed open source Internet
protocol, consensus ledger and native cryptocurrency called XRP (ripples). Released in 2012, Ripple purports to enable "secure,
instantly and nearly free global financial transactions of any size with no chargebacks." It supports tokens representing
fiat currency, cryptocurrency, commodity or any other unit of value. At its core, Ripple is based around a shared, public database
or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process. (collectively,
the "Acquired Assets").

B. The Seller wishes to sell and transfer,
and the Purchaser wishes to purchase, the Seller’s right, title and interest in digital assets described in Article I.

 

 

NOW, THEREFORE, the SELLER
and PURCHASER hereby agree as follows:

 

ARTICLE I

Purchase and Sale of Acquired
Assets, Sale Free and Clear, Purchase Price

 

1.1 Purchase and Sale
of Acquired Assets. Upon the terms and subject to the conditions and provisions contained herein, at the Closing (as defined
in Section 2.1), the Seller shall sell, convey, assign and deliver to the Purchaser, and the Purchaser shall acquire and accept
from the Seller, free and clear of any and all liens, claims, interests and encumbrances, the Seller's right, title and interest
in and to the following assets of the Purchaser ("Acquired Assets"):

(a) all tangible and intangible
personal property relating to the foregoing 10,000 Ripple (XRP) cryptocurrency including but not limited to any or existing cryptocurrency
(“Units”) held by Seller;

1.2 Purchase is Free
and Clear. The Seller shall sell and transfer the Acquired Assets free and clear of all liens, claims, interests and encumbrances
asserted against the Acquired Assets, with such liens, claims, interests and encumbrances attaching to the proceeds of the sale
of the Acquired Assets, if any.

AGREEMENT

B. The Seller wishes
to sell and transfer, and the Purchaser wishes to purchase, the Seller’s right, title and interest in the forgoing Patent
Rights and other property described in Article I.

 

NOW, THEREFORE, the SELLER
and PURCHASER hereby agree as follows:

 

 

ARTICLE I

 

Purchase and Sale
of Acquired Assets, Sale Free and Clear, Purchase Price

 

1.1 Purchase and Sale
of Acquired Assets. Upon the terms and subject to the conditions and provisions contained herein, at the Closing (as defined
in Section 2.1), the Seller shall sell, convey, assign and deliver to the Purchaser, and the Purchaser shall acquire and accept
from the Seller, free and clear of any and all liens, claims, interests and encumbrances, the Seller's right, title and interest
in and to the following assets of the Purchaser ("Acquired Assets"):

(a) all tangible and intangible
personal property relating to the foregoing in 10,000 Ripple (XRP) (“Units”)
cryptocurrency and or existing digital assets (“Units”) held by
Seller;

1.2 Purchase is Free
and Clear. The Seller shall sell and transfer the Acquired Assets free and clear of all liens, claims, interests and encumbrances
asserted against the Acquired Assets, with such liens, claims, interests and encumbrances attaching to the proceeds of the sale
of the Acquired Assets, if any.

1.3 Liabilities Not
Assumed. Notwithstanding anything to the contrary in this Agreement, the parties expressly acknowledge and agree that the
Purchaser shall not assume, be obligated to pay, perform or otherwise discharge or in any other manner be liable or responsible
for any liabilities, whether existing on the date of the Closing or arising thereafter as a result of any act, omission or circumstances
taking place prior to the Closing. Without limiting the foregoing, the Purchaser shall not be obligated to assume, and does not
assume, and hereby disclaims all liabilities of the Seller, or of any predecessor of any of the Seller, whether incurred or accrued
before or after the Effective Date or the Closing including but not limited to taxes, environmental issues, legal or accounting
services, employee benefit plans, employee obligations, any debts whether secured or unsecured, and all other liabilities of any
nature.

1.4 Purchase Price.
The Purchaser agrees to pay a total purchase price (the "Purchase Price") of ONE HUNDRED DOLLARS and 00/100 ($100.00)
in cash as consideration of the sale and transfer of the Acquired Assets.

ARTICLE II

The Closing

 

2.1 Closing.
A closing shall take place at 5445 Oceanus Drive STE 102, Huntington Beach, CA 92649 on January 2nd, 2018 at a mutually
agreed upon time unless the sale is postponed by the parties, (the "Closing").

 

	 	2.2	Conveyances at Closing

 

(a)        At
the Closing, in connection with effecting and consummating the transactions contemplated hereby, the Seller shall, to the extent
necessary to deliver title, in the Purchaser’s reasonable discretion, deliver the following to the Buyer:

(i)                an
executed Bill of Sale;

(ii)            such
other instruments as shall be reasonably requested by the Purchaser to vest in the Purchaser title in and to the Acquired Assets
in accordance with the provisions hereof and the order approving the sale.

 

(b)      At
the Closing, and in connection with effectuating and consummating the transactions contemplated hereby, the Purchaser shall deliver
the Purchase Price to the Seller in the form of a cashier or bank check.

  

(c)       The
form of any document to be delivered hereunder shall be in a form and substance and shall be executed and delivered in a manner
reasonable satisfactory to the Purchaser and Seller.

 

ARTICLE III

 

Purchaser Representations
and Warranties

 

Purchaser hereby represents
and warrants to the Purchaser as follows:

 

3.1 Authority.
The Purchaser represents and warrants that: (a) it has the necessary power and authority to execute and deliver this Agreement
and to perform the respective obligations hereunder; (b) this Agreement had been duly and validly delivered, and constitutes a
legal, valid and binding obligation; and no authorization consent, approval or other action is or will be necessary as a condition
to execution and delivery of this Agreement and the performance of the obligations hereunder.

 

Seller’s
Representations and Warranties

 

Seller hereby represents and warrants to the Purchaser as follows:

 

3.2 Authority. The Seller represents and
warrants that: (a) he has the necessary power and authority to execute and deliver this Agreement and to perform the respective
obligations hereunder; (b) this Agreement had been duly and validly delivered, and constitutes a legal, valid and binding obligation;
and no authorization consent, approval or other action is or will be necessary as a condition to execution and delivery of this
Agreement including, without limitation, the assignment of the Patent Rights to Purchaser and the performance of the obligations
hereunder. Seller has obtained any third party consents required to transfer assets, approvals, and/or other authorizations required
to enter into this Agreement and to carry out his obligations hereunder.

    

3.3 Enforcement: Seller has not put a third party on notice of actual or potential infringement of any of the
Patents or the Abandoned Assets. Seller has not invited any third party to enter into a license under any of the Patents or the Abandoned Assets.

 

3.4 No
third party licensee(s): Seller represents and warrants that there are no licenses
outstanding relating to the
foregoing 10,000 Ripples (XRP) cryptocurrency (“Units”) to
or by any third parties.

 

4. REPRESENTATIONS AND WARRANTIES OF BUYER.
Buyer hereby represents and warrants to Seller as follows:

4.1 Authority.
Purchaser is a corporation duly organized and existing under the laws of the State of California and is authorized to transact
business therein. Buyer has full power and authority to enter into, deliver and perform this Agreement. Buyer’s execution,
delivery and performance of, and the consummation of the transactions contemplated by, this Agreement have been duly authorized
by Buyer’s board of directors and shareholders. This Agreement constitutes the legal, valid, and binding obligation of Purchaser,
enforceable in accordance with its terms.

4.2 Encumbrances.
Purchaser represents and warrants that the funds it uses to pay the Purchase Price are not the subject of an Internal Revenue
Service lien or a lien of any other taxing authority.

4.3 Condition
of Assets. Buyer acknowledges that it is purchasing the assets listed on Exhibit “A” “As Is Where
Is”, with no warranties or representation as to condition.

 

5.0 General
Provisions

 

5.1 Limitation
of Liability: EXCEPT IN THE EVENT OF BREACH OF ANY OF THE WARRANTIES IN THE ABOVE SECTIONS, SELLER’S TOTAL LIABILITY UNDER
THIS AGREEMENT WILL NOT EXCEED THE PURCHASE PRICE. PURCHASER’STOTAL LIABILITY UNDER
THIS AGREEMENT WILL NOT EXCEED THE PURCHASE PRICE. THE PARTIES ACKNOWLEDGE THAT THE LIMITATIONS ON POTENTIAL LIABILITIES SET FORTH IN THIS
SECTION 6.1 WERE AN ESSENTIALELEMENT IN SETTING CONSIDERATION UNDER
THIS AGREEMENT.

 

5.2 Limitation on Consequential
Damages: EXCEPT IN THE EVENT OF BREACH OF ANY OF THE WARRANTIES IN THE ABOVE SECTIONS NEITHER PARTY WILL HAVE ANY OBLIGATION
OR LIABILITY (WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, AND NOTWITHSTANDING ANY FAULT, NEGLIGENCE
(WHETHER ACTIVE, PASSIVE OR IMPUTED), REPRESENTATION, STRICT LIABILITY OR PRODUCT LIABILITY), FOR COVER OR FOR ANY INCIDENTAL,
INDIRECT OR CONSEQUENTIAL, MULTIPLIED, PUNITIVE, SPECIAL, OR EXEMPLARY DAMAGES OR LOSS OF REVENUE, PROFIT, SAVINGS OR BUSINESS
ARISING FROM OR OTHERWISE RELATED TO THE LETTER AGREEMENT, EVEN IF A PARTY OR ITS REPRESENTATIVES HAVE BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES. THE PARTIES ACKNOWLEDGE THAT THESE EXCLUSIONS OF POTENTIAL DAMAGES WERE AN ESSENTIAL ELEMENT IN SETTING CONSIDERATION
UNDER THIS AGREEMENT.

 

5.3 Compliance
with Laws: Notwithstanding anything contained in this Agreement to the contrary, the obligations of the Parties with respect to the consummation of the transactions contemplated by this
Agreement shall be
subject to all laws, present and future, of anygovernment having jurisdiction over the Parties and this transaction, and to orders, regulations, directions or requests of any such government.

 

5.4 Confidentiality
of Terms: The Parties hereto will keep the terms of this Agreement confidential and will not now but may hereafter divulge
any of this information to the public after the closing has been completed.

 

5.5 Notices:
All notices given hereunder will be given in writing (in English or with an English translation), and will be delivered to the
address set forth on the signature page to this Agreement by personal delivery or delivery postage prepaid by an internationally-recognized
express courier service. Notices are deemed given on the date of receipt if delivered personally or by express courier, or if delivery
refused, the date of refusal. Notice given in any other manner will be deemed to have been given only if and when received at the
address of the Party to be notified. Either Party may from time to time change its address for notices under this Agreement by
giving the other Party written notice of such change.

5.6 Relationship of Parties: Nothing
in this Agreement will be construed to create a partnership, joint venture, franchise, fiduciary, employment or agency relationship
between the Parties. Neither Party has any express or implied authority to assume or create any obligations on behalf of the other
or to bind the other to any contract, agreement or undertaking with any third party.

5.7 Severability: If any provision
of this Agreement is found to be invalid or unenforceable, then the remainder of this Agreement will have full force and effect,
and the invalid provision will be modified, or partially enforced, to the maximum extent permitted to effectuate the original objective.

5.8 Waiver: Failure by either Party
to enforce any term of this Agreement will not be deemed a waiver of future enforcement of that or any other term in this Agreement
or any other agreement that may be in place between the Parties.

5.9 Governing Law: This Agreement
will be interpreted, construed, and enforced in all respects in accordance with the laws of the State of Rhode Island, without
reference to its choice of law principles.

6.0 Entire Agreement: The Agreement,
including its exhibits, constitutes the entire agreement between the Parties with respect to the subject matter hereof, and merges
and supersedes all prior and contemporaneous agreements, understandings, negotiations, and discussions. Neither of the Parties
will be bound by any conditions, definitions, warranties, understandings, or representations with respect to the subject matter
hereof other than as expressly provided herein. No oral explanation or oral information by either Party hereto will alter the meaning
or interpretation of this Agreement. The terms and conditions of this Agreement will prevail notwithstanding any different, conflicting
or additional terms and conditions that may appear on any letter, email or other communication or other writing not expressly incorporated
into this Agreement.

6.1 Amendments: No amendments or
modifications will be effective unless in writing signed by authorized representatives of both Parties.

6.2 Headings: The section headings
contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this
Agreement.

6.3 No Rights in Third Parties:
The Agreement is not intended to confer any right or benefit on any third party (including, but not limited to, any employee or
beneficiary of any Party), and no action may be commenced or prosecuted against a Party by any third party claiming as a third-
party beneficiary of this Agreement or any of the transactions contemplated by this Agreement.

6.4 Counterparts: This Agreement
shall become binding when any one or more counterparts hereof, individually or taken together, shall bear the signatures each of
the Parties hereto. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as
against the Party whose signature appears thereon, but all of which taken together shall constitute but one and the same instrument.

 

 

 

 

 

 

 

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

 

The Purchaser and Seller hereby agree to the terms set forth
above.

 

 

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

	SELLER:	 	PURCHASER:
	
        Mewe World, Inc., a California corporation

         

         

        By: /s/ Alham Benyameen

         

         

         Alham Benyameen, President and CEO

         
	 	
        Nodechain, Inc. a Delaware corporation

         

         

        By: /s/ Andy Ibrahim

         

              

        Andy Michael Ibrahim, President and CEOExhibit 10.1

 

AMENDMENT TO EMPLOYMENT AGREEMENT

AND CHANGE IN CONTROL AGREEMENT

 

This Amendment to Employment Agreement and Change in Control Agreement (the “Amendment”) is made the 28th day of December 2017 between ALLIED MOTION TECHNOLOGIES INC., a Colorado corporation (the “Company”) and RICHARD S. WARZALA ( “Employee”).

 

WHEREAS, the Company and Employee are parties to an Amended and Restated Employment Agreement dated as of March 22, 2016 (the “Employment Agreement”);

 

WHEREAS, the Company and  Employee are parties to a letter agreement dated December 22, 2008 which provides Employee with certain benefits if his employment terminates after a Change in Control of the Company (the “CIC Agreement”);

 

WHEREAS, the Company and Employee desire to amend the Employment Agreement and the CIC Agreement as provided in this Amendment;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as set forth below:

 

1.             Any capitalized term not defined in this Amendment shall have the meaning set forth in the Employment Agreement or the CIC Agreement.

 

2.             Definitions:  As used in this Amendment, the following terms shall have the meanings set forth below:

 

“Good Reason” means the occurrence of any of the circumstances set forth in subsections (A) through (I) of Section 3(iii) of the CIC Agreement, without any requirement that a “change in control of the Company” shall have taken place in order for such circumstance to have occurred and provided that references in those subsections to “immediately prior to the change in control of the Company” or “at the time of the change in control of the Company” shall be considered to mean immediately prior to or at the time of the occurrence of the change, alteration, relocation, failure, event or other circumstance that constitutes Good Reason.

 

“Retirement” means the election of Employee to voluntarily terminate his employment with the Company effective on the last day of the Initial Period or any date thereafter by submitting a written retirement election to the Compensation Committee of the Board of Directors at least 120 days before the proposed effective date of retirement notifying the Company of Employee’s election to retire, which such election shall be irrevocable.

 

 

3.             Term.  Section 2 of the Employment Agreement is amended to read in its entirety as follows:

 

2.               Term of Employment.  The term of this Agreement is effective for a period commencing December 28, 2017 and continuing through the close of business on January 2, 2021 (the “Initial Period”), subject to earlier termination as provided in Section 4.  The Initial Term can be extended for one year periods (each a “Renewal Period”) by mutual agreement of the parties to be reached no later than 120 days prior to the end of the Initial Period or any Renewal Period, as the case may be.

 

4.             Termination of Employment for Cause.  The provisions of this Section 4 of this Amendment  supersede in all respects the provisions of Section 4.1(b) of the Employment Agreement.  In the event that Employee is terminated by the Company for Cause, the Company shall pay Employee (a) his then current Base Salary through the Date of Termination, (b) all fringe benefits through the end of the calendar month in which the Date of Termination occurs; (c) any cash annual Bonus earned in a year prior to the year during which the Date of Termination occurs that has not been fully paid to Employee; and (d) any incurred but unreimbursed business expenses (collectively the “Accrued Obligations”).

 

5.             Death or Disability.  In the event that Employee’s employment is terminated as a result of death or Disability, in addition to the payments provided for in Sections 4.3, 4.4 and 4.5 of the Employment Agreement, the Company shall pay Employee, to the extent not otherwise payable to Employee pursuant to Sections 4.3, 4.4 or 4.5 of the Employment Agreement, the Accrued Obligations .  In addition, (a) all of Employee’s outstanding equity grants and awards that vest on the basis of the passage of time only (“Time Based Awards”) or that vest on the basis of performance criteria (“Performance-Based Awards”) that have been earned but are still subject to time-based vesting and that have not previously vested shall accelerate and become fully vested upon the Date of Termination, and (b) Employee shall also be entitled to receive a pro rata portion of the cash or securities that would otherwise have been earned under any outstanding equity grants and awards that are Performance Based Awards (if any) had Employee remained employed, such pro rata portion to be determined by multiplying (i) the amount of such award or grant that would have been earned (if any) had Employee remained employed by the Company through the last vesting date under such award or grant by (ii) a fraction, the denominator of which is the aggregate number of days since the beginning of the performance period applicable to such award or grant (the “Performance Period”) during which employment is terminated through the last day of the Performance Period applicable to such award or grant and the numerator of which shall be the number of days Employee is employed during the Performance Period during which employment is terminated; provided, that the transfer of stock or cash, if any, will not occur until and after the applicable performance criteria is achieved and certified in accordance with the terms applicable to such grant or award.  This provision shall control over any conflicting provisions under the equity incentive plans or grant or award agreements pursuant to which such grants or awards were made.

 

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6.             Termination Without Cause.  In the event that the Company terminates Employee’s employment without Cause, in addition to the payments provided for in Section 4.6 of the Employment Agreement, the Company shall pay Employee, to the extent not otherwise payable to Employee pursuant to Section 4.6 of the Employment Agreement, the Accrued Obligations. In addition, (a) all of Employee’s outstanding equity grants and awards that are Time Based Awards or Performance-Based Awards that have been earned but are still subject to time-based vesting and that have not previously vested shall accelerate and become fully vested upon the Date of Termination, and (b) Employee shall also be entitled to receive a pro rata portion of the cash or securities that would otherwise have been earned under any outstanding equity grants and awards that are Performance Based Awards (if any) had Employee remained employed, such pro rata portion to be determined by multiplying (i) the amount of such award or grant that would have been earned (if any) had Employee remained employed by the Company through the last vesting date under such award or grant by (ii) a fraction, the denominator of which is the aggregate number of days since the beginning of the Performance Period during which employment is terminated through the last day of the Performance Period applicable to such award or grant and the numerator of which shall be the number of days Employee is employed during the Performance Period during which employment is terminated; provided, that the transfer of stock or cash, if any, will not occur until and after the applicable performance criteria is achieved and certified in accordance with the terms applicable to such grant or award.  This provision shall control over any conflicting provisions under equity incentive plans or grant or award agreements pursuant to which such grants or awards were made.

 

7.             Termination by Employee for Good Reason.  Employee may terminate his employment under the Employment Agreement for Good Reason.  Employee shall notify the Company in writing within 30 days of the initial existence of the event which Employee believes constitutes Good Reason, such written notice to specify in reasonable detail the nature of the alleged Good Reason (“Good Reason Notice”).  Following the Company’s receipt of such written notice, the Company shall have a period of 30 days in which to cure such alleged Good Reason before Employee shall be entitled to elect to terminate the Employment Agreement and his employment with the Company for Good Reason.  If the Company shall fail to cure such alleged Good Reason within such 30 day period, Employee shall have a period of 60 days from and after the end of such cure period in which to elect to terminate his employment with the Company.  Any such election must be made in writing delivered to the Compensation Committee of the Board and shall be irrevocable.  Failure to provide such election within such 60 day period shall be deemed to be an irrevocable waiver by Employee of the termination rights with respect to the facts and circumstances set forth in the underlying Good Reason Notice.  The Date of Termination shall be the date of delivery of the irrevocable election by Employee.

 

In the event that Employee terminates his employment for Good Reason, the Company shall pay to Employee the same amounts Employee would receive in the

 

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event the Company terminated his employment under the Employment Agreement without Cause, including the acceleration of equity grants and awards provided for under Section 6 of this Amendment.  For avoidance of doubt, if the event constituting Good Reason is a reduction in Employee’s Base Salary, the rate of Base Salary in effect for purposes of determining the amounts payable to Employee pursuant to the preceding sentence shall be the rate in effect immediately prior to such reduction.

 

8.             Retirement.  Employee may terminate Employee’s employment with the Company by delivery of a written notice of Retirement.

 

In the event that Employee’s employment with the Company terminates as a result of Retirement the Company shall pay Employee the Accrued Obligations.  In addition,  (a) the Company shall pay to Employee in a lump sum within 30 days of the effective date of Retirement a pro rata portion (based on the number of days employed during the Performance Period during which employment terminates divided by the total number of days in the Performance Period) of the target Bonus Employee was eligible to receive for the Performance Period in which termination occurs had termination not occurred at all, (b) all of Employee’s outstanding equity grants and awards that are Time Based Awards (including Performance Based Awards that have been earned but still remain subject to the time based vesting) shall accelerate and become fully vested, and (c) all of Employee’s outstanding equity grants and awards that are Performance Based Awards that have not been earned at the time of the Employment Termination Date shall be forfeited.

 

9.             Bonus and Grants Under Equity Incentive Plans.  The provisions in this Section 9 of this Amendment supersede in all respects the provisions of Sections 3.2 and 3.3 of the Employment Agreement.  During the Initial Period and any Renewal Period, Employee shall be eligible to receive in addition to current Base Salary and those benefits that the Employee is currently receiving, cash and equity-based incentive compensation (the “Incentive Compensation”) based on the long and short term performance of the Company compared to goals set by the Compensation Committee after consultation with Employee.  As of the date of this Amendment, Incentive Compensation that can be earned by Employee consists of annual cash bonuses based on Economic Value Added, equity incentive awards based on the short term performance of the Company, equity incentive awards based on the long term performance of the Company, and a contribution to a deferred compensation plan based on a minimum return on equity.  The Compensation Committee (i) will annually set performance goals for Incentive Compensation after consultation with Employee and (ii) may from time to time change the components of Incentive Compensation, so long as such changes afford to Employee the opportunity to earn the same aggregate amount in Incentive Compensation as exists as of the date hereof.  For purposes of the second clause of the preceding sentence, the parties acknowledge that Employee’s opportunity to earn Incentive Compensation is currently 70% of Base Salary at target (but uncapped as to maximum payout) with respect to the annual cash bonus component of Incentive Compensation and 100% of Base Salary with respect to each of

 

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the other components of Incentive Compensation described in the third sentence of this Section 9.

 

10.          Amendment to Section 4 of the CIC Agreement.  The parties agree that (i) the Company shall have no liability to make any Gross-Up Payment to Employee and (ii) all references to the Gross-Up Payment shall be removed from the CIC Agreement.  The parties further agree that the following provision shall be added to the CIC Agreement as Section 4(vi):

 

(vi)          If any payment or benefit that you would receive from the Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be reduced to the Reduced Amount.  The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.  If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order:  reduction of cash payments; cancellation of accelerated vesting of equity grants and awards; reduction of employee benefits.  In the event that acceleration of vesting of equity grant and award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of your equity grants and awards.

 

The Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder and perform the foregoing calculations. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to you and the Company within fifteen (15) calendar days after the date on which right to a Payment is triggered (if requested at that time by you or the Company). Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon you and the Company.

 

11.            Amendment to Section 2 of the CIC Agreement.  The parties agree that Section 2 of the CIC Agreement shall be amended to add the following subsection (iii):

 

(iii)  Notwithstanding any other provision of this Agreement, with respect to any amounts that represent deferred compensation subject to Code 409A,

 

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a change in control of the Company will be considered to have occurred only if the event constitutes a change in control event under Code Section 409A.

 

12.          Notices to the Company.  Any notice addressed to the Company pursuant to the Employment Agreement or CIC Agreement shall be addressed to 495 Commerce Drive, Suite 3, Amherst, New York 14228.

 

13.          Effect on Existing Agreements.  To the extent any provision of the Employment Agreement or CIC Agreement conflicts with or is in conflict with the provisions of this Amendment, the provisions of this Amendment shall control.  Any provision of the Employment Agreement or CIC Agreement not modified by this Amendment shall remain in full force and effect.

 

IN WITNESS WHEREOF, the Company and Employee have executed this Agreement, which may be in separate counterparts, effective as of the Effective Date.

	
 
    	
 
    
	
 
    	
Company:
    
	
 
    	
 
    
	
 
    	
ALLIED   MOTION TECHNOLOGIES INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Richard D. Federico
    
	
 
    	
Name:   Richard D. Federico
    
	
 
    	
Title:   Chair of the Compensation Committee
    
	
 
    	
 
    
	
 
    	
Employee:
    
	
 
    	
 
    
	
 
    	
/s/   Richard S. Warzala
    
	
 
    	
Name:   Richard S. Warzala
    

 

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