Document:

Document

‘

December 2021

Dear Maria,

Congratulations on your promotion as President, ADP. A personalized compensation statement with your current and new FY'22 compensation package is provided on the following page.

In our pay for performance environment, ADP aims to recognize and reward the contributions of associates based on individual and business results. Remember, the pay components on this statement are only a portion of your overall competitive and comprehensive total rewards package with ADP which also includes your benefits, vacation, holidays and much more.

I encourage you to take some time to review this statement and let me know if you have any questions. You can also reach out to Zafer Datoo at [telephone number] with any specific questions on the compensation programs. Again, I want to thank you for your contributions to the success of ADP.

Sincerely, 

Carlos

‘

Maria Black

A Look at Your Current Compensation

												
			Fiscal Year
	Fiscal Year

	2022 (Current)
	2022 (New)

		Grade
	O3
	O3

	(1)
	Base Salary (1)
	$618,000
	$800,000

	(2)
	Target Bonus (2)
		
		% of Salary
	100%
	150%

		$ Amount
	$618,000
	$1,200,000

	(3)
	Total Cash Compensation (1) + (2)
	$1,236,000
	$2,000,000

	(4)
	Performance Stock Units (3)
	$2,380,000
	$3,980,000

	(5)
	Stock Options (3)
	$1,020,000
	$1,020,000

	(6)
	Total Equity Grant Value (4) + (5)
	$3,400,000
	$5,000,000

	(7)
	Total Direct Compensation (3) + (6)
	$4,636,000
	$7,000,000

		% Increase
		51%

(1) New FY’22 salary is effective January 1, 2022.

(2) New FY’22 bonus target is effective January 1, 2022 and FY’22 bonus target will be prorated for 6 months at 100% and 6 months at 150%.

(3) The current FY’22 PSUs and stock options reflect annual equity awards granted on September 1, 2021. The new FY’22 equity grant value reflects an incremental PSU award of $1,600,000 to be granted on January 1, 2022 and will have the same terms as the PSUs granted on September 1, 2021.Exhibit
10.1

 

MEMORANDUM
OF UNDERSTANDING/ LOAN AGREEMENT

 

BETWEEN

 

Al
AQEL AND PARTNERS INVESTMENT LLC

AND

PHI
GROUP INCORPORATED (PHI GROUP INC.)

 

This
Memorandum of Understanding (MOU) is made this day 17th day of January 2022

 

Between:

 

Al
AQEL AND PARTNERS INVESTMENT LLC of

Al
Aqel and Partners Investment LLC Muscat Governorate Bousher, 119

Alamarat,
Muscat. P.O. BOX: 2393 Sultanate of Oman.

 

(Hereinafter
refer as First Party). 

 

AND

 

PHI
GROUP INCORPORATED (PHI GROUP INC) of

2323
Main Street Irvine, California 92614, United States of America.

 

(Hereinafter
refer as Second Party).

 

 

    	 

     

    

 

 

RECITALS

 

Whereas
the First Party is a financial investor, who is willing to make a loan to the Second Party in the initial principal $1,000,000,000.00USD
(One Billion United States of American Dollars Only).

 

Whereas,
The Second Party is an established registered business company. The Second Party is willing to accept the fund and the First Party is
prepared to cooperate with the Second Party in that respect.

 

Now
therefore, in consideration of the foregoing fact and the mutual representations and covenant hereinafter set forth, the parties here
to agree as follows:

 

ARTICLE
1: RECITALS:

 

1.1
The recitals set forth above constitute an integral part of this agreement and considered as a fundamental condition for its execution.

 

ARTICLE
2: PURPOSE OF THIS AGREEMENT:

 

2.1
The purpose of this Agreement is to define the contractual relations between the First Party and the Second Party and to serve as
a loan agreement upon execution by both Parties.

 

ARTICLE
3: AMOUNT AND ADVANCE OF LOAN:

 

3.1
Subject to the terms set forth herein, the First Party hereby commits to loan to the Second Party the principal amount of $1,000,000,000.00USD
(One Billion United States of American Dollars Only) on the Closing Date, the First Party shall disburse the full amount of the Loan
immediately to the Designated Account or to such other bank account designated by the Second Party

 

ARTICLE
4: PURPOSE:

 

4.1
The provision of the fund is provided by the first party to the Second Party, for operational and building a profiting venture and
to enable the Second Party to fund the costs and expenses of its business, as determined in its sole discretion.

 

ARTICLE
5: LOAN INTEREST:

 

5.1
Interest: The duties of the first party, under the terms and conditions of this Agreement shall be as follows:

 

To
make available the sum of $1,000,000,000USD only to the Second Party, The Second Party Guarantee Interest Rate of 3% for 10 years term
period, with an option to make annual repayments no later than 60 days after the Calendar year. And/or repayment at the expiration of
the contract period. Interest will continue to be paid on the outstanding capital only. With 2 years grace period to enable your investment
grow to a productive stage.

 

 

 

    	pg. 2

     

    

 

 

5.2
Maturity: The entire then-outstanding principal balance of the Loan and all accrued and unpaid interest thereon shall be due and
payable at the end of the Maturity Date.

 

5.3
Payment of Interest: The First Party hereby grants to the Second Party a Two (2) years grace period from the Closing Date (the “Interest
Free Loan Period”) before Loan interest becomes due and payable.

 

5.4
Payments: All payments to be made by the Second Party to the First Party hereunder will be made in USD to and in the name of the
First Party to the Lender Account or to such other account owned and designated by the First Party in writing at least ten (10) Business
Days prior to the payment due date. At its option upon at least ten (10) Business Days prior notice to the First Party, the Second Party
may prepay the outstanding Loan without premium or penalty by paying all or any portion of the then-outstanding principal balance of
the Loan and all accrued and unpaid interest thereon.

 

The
First Party shall maintain a register in which true and accurate entries are made evidencing all payments on the Loan made by the Second
Party, which register shall be available for inspection by the Second Party, at any reasonable time and from time to time upon reasonable
prior notice.

 

5.5
Prepayment Penalty: There is no prepayment penalty associated with this funding.

 

ARTICLE
6: LOAN DISBURSEMENT:

 

The
duties of the both the First Party and Second party, under the terms and conditions of this Agreement shall be as follows:

 

6.1
The First Party is to arrange a round table meeting in (Istanbul, Turkey) with the Second party for the Legalization Closure
and the disbursement of loan funds, which shall be transferred in favor of the second party. This also includes the setting up of the
Non-residential bank account in Turkey for the Second Party to receive the approved loan amount.

 

6.2
Loan processing fee that is total of €155,450.00 Euros to be made available and paid by Second Party when he arrives for closing
of this transaction in Istanbul. A down payment of €55,450 euro should be paid by Second Party to a payment bank account to commence
on the documentation and the remaining balance of €100,000.00 euros only will be paid upon arrival to Istanbul to finalize the due
clearance documentation. Please note, these payments are very important and must be paid in order to facilitate the loan process such
as to procure the basic insurance bond to act as the security/collateral for the loan funding, and to obtain legal clarification from
the Turkish authority to open a Non-residential bank account and possess the volume sum of one billion dollars.

 

6.3
Second Party is expected to arrive in Istanbul Turkey for the closure of the Loan on or before Seven (7) Business days from the date
the Letter of Intent and Loan agreement is sent by the First

 

 

 

    	pg. 3

     

    

 

 

Party
to the Second Party. Failure to comply with this given time frame will lead to the cancelation of the Loan Approval.

 

However,
if by any reason that the Second Party is incapacitated or unable to travel for the closure of this meeting at the given time, the closing
can be done remotely online and electronic signatures and stamps will be accepted by both parties.

 

ARTICLE
7: REPRESENTATIONS AND WARRANTIES:

 

7.1
The First Party represents and warrants to the Second Party as of the date hereof that

 

(i)
it is a company duly qualified to carry on business
under the laws of the jurisdiction of its incorporation.

 

(ii)
it has the authority to execute and deliver this Agreement.

 

(iii)
it has the power, capacity, and authority to perform
and observe all of its obligations hereunder. The First Party hereby confirms that it operates in compliance with applicable laws and
the Loan funds are clean with no criminal origin.

 

(iv)
First party will send a Team to project site/company
one month after the release of the Fund to take inventory of project progress to ensure full implementation of Loan released and Second
Party guarantees his safety/welfare during this 3-day visit.

 

7.2
The Second Party represents and warrants to the First Party as of the date hereof that (i) it is a company duly qualified to carry
on business under the laws of the jurisdiction of its incorporation.

 

(ii)
it has the authority to execute and deliver this Agreement.

 

(iii)
it has the power, capacity, and authority to perform
and observe all of its obligations hereunder.

 

ARTICLE
8: COLLATERAL:

 

8.1
The Loan will be secured by a SURETY BOND from reliable insurance company, to act as the funding collateral, the premium can be deducted
from the second party loan funds by approval of the second party which is 1% of the value loan amount.

 

ARTICLE
9: MISCELLANEOUS PROVISIONS:

 

 9.1 Amendments. This Agreement may be amended only by a written document signed by both Parties or by their duly authorized representatives.

 

 9.2 Governing Language. In the event that this Agreement is translated into any other language, the English language hereof shall govern.

 

 

 

    	pg. 4

     

    

 

 

ARTICLE
10: EVENTS OF DEFAULT:

 

Each
of the following shall constitute an event of default under this agreement:

 

 10.1 Reimbursements. Failure of the Second Party to make any payments in accordance with the provisions of this Agreement which failure continues for a period of five (5) Business Days.

 

 10.2 Failure to Fund. Failure of the First Party to disburse all or any portion of the Loan funds to the Second Party on the Closing Date.

 

 10.3 False Statements. Any warranty, representation or statement made or furnished to the First Party by or on behalf of the Second Party under Article 7 of this Agreement or the other Transaction Documents shall have been false or misleading in any material respect either now or at the time made or furnished;

 

 10.4 Other Defaults. Failure of the Second Party to comply with or to perform any other material term, obligation, covenant or condition contained in this Agreement or in any of the Transaction Documents between the Parties and such failure continues for more than thirty (30) days after the earlier of the date on which;

 

	(i)	the
                                            First Party has given notice of such default to the Second Party

 

	(ii)	(ii)
                                            the Second Party has actual knowledge of such default.

 

Effect
of Default. In the event of a default by the Second Party,
all obligations of the First Party under this Agreement will be immediately terminated, and the First Party may at its option upon notice
to the Second Party accelerate and demand payment of all or any part of the remaining outstanding balance of the Loan and declare such
amount to be immediately due and payable. In the event of a default by the First Party, all obligations of the Second Party under this
Agreement will be immediately terminated, and compensation will be paid to the Second Party
for any damages arising from the First Party’s failure to perform, in addition to any other rights or remedies available at law
or in equity.

 

ARTICLE
11: CONFIDENTIALITY:

 

The
parties hereto agree to respect the confidential nature
of information which they receive during the term of this agreement, including information concerning the sale, distribution, financial
statements or banks accounts information of the company or the signature of the agreement, and they undertake to keep such information
strictly confidential during the said term and after the termination.

 

 

 

    	pg. 5

     

    

 

 

ARTICLE
12: GOVERNING LAW AND JURISDICTION:

 

All
difference concerning the validity, the interpretation or the performance of the present agreement shall be finally settled under the
rules of conciliation and arbitration of the international chamber of commerce by a single arbitrator appointed in accordance with the
said rules.

 

This
agreement shall in all respects be governed and construed in accordance with the law of both countries.

 

For:
The First Party

 

	/s/ Majid Al Barwani	 	Date. 18th January, 2022
	Mr. MAJID AL BARWANI (CEO)	 	 
	Al AQEL AND PARTNERS INVESTMENT LLC. (signed and sealed)

 

	For:
The Second Party	 	 
	 	 	 
	/s/ Henry D. Fahman	 	Date. January 17, 2022
	Mr. HENRY D. FAHMAN (Chairman)	 	 
	PHI GROUP INCORPORATED (PHI GROUP INC). (signed and sealed)

 

 

 

    	pg. 6

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