Document:

Exhibit 10.1

 

Membership
Interest Purchase Agreement

 

THIS MEMBERSHIP INTEREST PURCHASE
AGREEMENT (this “Agreement”), dated as of November 2, 2021, is entered into between BWP Holdings LLC, a New
York limited liability company (“Seller”), and Down South Hosting, LLC, a Delaware limited liability company
(“Purchaser”).

 

Recitals

 

WHEREAS, Purchaser owns a
fifty percent (50%) membership interest in Up North Hosting LLC, a New York limited liability company (the “Company”);

 

WHEREAS, Seller owns the remaining
fifty percent (50%) membership interest in the Company (the “Membership Interest”);

 

WHEREAS, the Purchaser and
Seller are parties to that certain Limited Liability Company Agreement of Up North Hosting LLC dated April 3, 2018 (“Operating
Agreement”); and

 

WHEREAS, Seller wishes to
sell to Purchaser, and Purchaser wishes to purchase from Seller, the Membership Interest in accordance with the terms and provisions of
the Operating Agreement, subject to the terms and conditions set forth herein, resulting in Purchaser owning all of the issued and outstanding
membership interests in the Company.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

Purchase and Sale

 

Section
1.01 Purchase and Sale. Subject to the terms and conditions set forth herein, at the Closing (as defined herein), Seller
shall sell to Purchaser, and Purchaser shall purchase from Seller, all of Seller’s right, title and interest in the Membership Interest,
free and clear of any mortgage, pledge, lien, charge, security interest, claim or other encumbrance (“Encumbrance”),
for the consideration specified in Section 1.02.

 

Section
1.02 Purchase Price. The aggregate purchase price (the “Purchase Price”) for the Membership Interests
is: (i) One Million and 00/100 US Dollars ($1,000,000.00) in cash, by wire transfer of immediately available funds in accordance with
the Seller’s wire transfer instructions or bank check to an account of Seller’s designation, and (ii) an irrevocable instruction
sent to the transfer agent of its parent company Sysorex, Inc., a Nevada corporation (“Sysorex”), to issue One
Million (1,000,000) shares of restricted common stock of Sysorex (the “Sysorex Shares”) in DRS book entry form.
Purchaser shall pay the Purchase Price to Seller at the Closing (as defined herein).

 

Section
1.03 Closing The closing of the transactions contemplated by this Agreement (the “Closing”) shall
take place simultaneously with the execution of this Agreement on the date of this Agreement (the “Closing Date”).
The consummation of the transactions contemplated by this Agreement shall be deemed to occur at 12:01 a.m. on the Closing Date.

 

     

     

    

 

Section
1.04 Transfer Taxes. Seller shall pay, and shall reimburse Purchaser for, any sales, use or transfer taxes, documentary
charges, recording fees or similar taxes, charges, fees or expenses, if any, that become due and payable as a result of the transactions
contemplated by this Agreement.

 

Section
1.05 Withholding Taxes. Purchaser and the Company shall be entitled to deduct and withhold from the Purchase Price all taxes
that Purchaser and the Company may be required to deduct and withhold under any provision of tax law. All such withheld amounts shall
be treated as delivered to Seller hereunder.

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller represents and warrants
to Purchaser that the statements contained in this ARTICLE II are true and correct as of the date hereof. For purposes of this ARTICLE
II, “Seller’s knowledge,” “knowledge of Seller” and any similar phrases shall mean the actual or constructive
knowledge of any director or officer of Seller, after due inquiry.

 

Section
2.01 Organization and Authority of Seller; Enforceability. Seller is a limited liability company duly organized, validly
existing and in good standing under the laws of the state of Delaware. Seller has full limited liability company power and authority to
enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and to consummate the transactions
contemplated hereby. The execution, delivery and performance by Seller of this Agreement and the documents to be delivered hereunder and
the consummation of the transactions contemplated hereby have been duly authorized by all requisite limited liability company action on
the part of Seller. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by Seller, and (assuming
due authorization, execution and delivery by Purchaser) this Agreement and the documents to be delivered hereunder constitute legal, valid
and binding obligations of Seller, enforceable against Seller in accordance with their respective terms.

 

Section
2.02 No Conflicts; Consents. The execution, delivery and performance by Seller of this Agreement and the documents to be
delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the
certificate of formation, Operating Agreement or other organizational documents of Seller; (b) violate or conflict with any judgment,
order, decree, statute, law, ordinance, rule or regulation applicable to Seller; (c) conflict with, or result in (with or without notice
or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration or modification of
any obligation or loss of any benefit under any contract or other instrument to which Seller is a party; (d) result in any violation,
conflict with or constitute a default under the Company’s organizational documents or the Operating Agreement, or (e) result in
the creation or imposition of any Encumbrance on the Membership Interest. No consent, approval, waiver or authorization is required to
be obtained by Seller from any person or entity (including any governmental authority) in connection with the execution, delivery and
performance by Seller of this Agreement and the consummation of the transactions contemplated hereby. For the purpose of carrying out
the intent of this Section 2.02, Seller shall execute and deliver a Unanimous Written Consent by the Members of the Company in the form
attached hereto as Exhibit A pursuant to Section 4.01.

 

    2

     

    

 

Section
2.03 Legal Proceedings. There is no claim, action, suit, proceeding or governmental investigation (“Action”)
of any nature whatsoever pending or, to Seller’s knowledge, threatened against or by Seller (a) relating to or affecting the Membership
Interest; or (b) that challenges or seeks to prevent, enjoin or otherwise delay or prohibit the transactions contemplated by this Agreement.
No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

 

Section
2.04 Ownership of Membership Interests. 

 

(a) Seller
is the sole legal, beneficial, record and equitable owner of the Membership Interest, free and clear of any and all Encumbrances whatsoever.

 

(b) The
Membership Interest was issued in compliance with applicable laws. The Membership Interest was not issued in violation of the organizational
documents of the Company or any other agreement (including the Operating Agreement), arrangement or commitment to which Seller or the
Company is a party and are not subject to or in violation of any preemptive or similar rights of any Person.

 

(c) Other
than as set forth in the Company’s Operating Agreement, there are no voting trusts, proxies or other agreements or understandings
in effect with respect to the voting or transfer of any of the Membership Interests.

 

(d) Immediately
following the Closing, Seller will not own, or have any interest in the Company.

 

(e) Seller
hereby agrees and acknowledges that as of the date of this Agreement, Seller is not owed any money for goods, services, expense reimbursements,
or otherwise by the Company.

 

Section
2.05 Operating Agreement. Attached hereto as Exhibit B is the Operating Agreement, which agreement is in full force
and effect and is the only agreement in effect with respect to the matters described therein. The sale of the Membership Interests will
be made in accordance with the terms and provisions of the Operating Agreement, subject to any authorized waiver of such terms and provisions,
as applicable.

 

Section
2.06 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in
connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Seller.

 

Section
2.07 Non-Foreign Status. Seller is not a foreign person as defined in Treasury Regulations Section 1.1446(f)-1(b)(4) or
Section 1.1445-2.

 

    3

     

    

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF PURCHASER

 

Purchaser represents and warrants
to Seller that the statements contained in this ARTICLE III are true and correct as of the date hereof. For purposes of this ARTICLE III,
“Purchaser’s knowledge,” “knowledge of Purchaser” and any similar phrases shall mean the actual or constructive
knowledge of any director or officer of Purchaser, after due enquiry.

 

Section
3.01 Organization and Authority of Purchaser; Enforceability. Purchaser is a limited liability company duly organized, validly
existing and in good standing under the laws of the state of Delaware. Purchaser has full limited liability company power and authority
to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and to consummate the
transactions contemplated hereby. The execution, delivery and performance by Purchaser of this Agreement and the documents to be delivered
hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite limited liability company
action on the part of Purchaser. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by Purchaser,
and (assuming due authorization, execution and delivery by Seller) this Agreement and the documents to be delivered hereunder constitute
legal, valid and binding obligations of Purchaser enforceable against Purchaser in accordance with their respective terms.

 

Section
3.02 No Conflicts; Consents. The execution, delivery and performance by Purchaser of this Agreement and the documents to
be delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with
the certificate of formation, Operating Agreement or other organizational documents of Purchaser; or (b) violate or conflict with any
judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Purchaser. No consent, approval, waiver or authorization
is required to be obtained by Purchaser from any person or entity (including any governmental authority) in connection with the execution,
delivery and performance by Purchaser of this Agreement and the consummation of the transactions contemplated hereby.

 

Section
3.03 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission
in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Purchaser.

 

Section
3.04 Legal Proceedings. There is no Action pending or, to Purchaser’s knowledge, threatened against or by Purchaser
or any Affiliate of Purchaser that challenges or seeks to prevent, enjoin or otherwise delay or prohibit the transactions contemplated
by this Agreement. No event has occurred or circumstances exist that may give rise or serve as a basis for any such Action.

 

    4

     

    

 

ARTICLE IV

Closing Deliveries

 

Section
4.01 Seller’s Deliveries. At the Closing, Seller shall deliver to Purchaser the following:

 

(a) An
assignment of the Membership Interest to Purchaser in the form of Exhibit C hereto (the “Membership Interest Assignment”),
duly executed by Seller; and

 

(b) The
Unanimous Written Consent executed by Seller.

 

Section
4.02 Purchaser’s Deliveries. At the Closing, Purchaser shall deliver, or cause to deliver, the following to Seller:

 

(a) The
Purchase Price via a wire transfer of immediately available funds or bank check to an account of Seller’s designation; and

 

(b) Delivery
of the Sysorex Shares to Seller in the form of Exhibit D hereto (the “Share Issuance Notice”), duly executed
by Sysorex.

 

ARTICLE V

Tax Matters

 

Section
5.01 Allocation of Company Income and Loss. Purchaser and Seller shall request that the Company allocate all items of Company
income, gain, loss, deduction or credit attributable to the Membership Interest for the taxable year of the Closing based on a closing
of the Company’s books as of the Closing Date.

 

Section 5.02 Tax Audit
Procedures. Purchaser and Seller shall request that the Company agree: (a) to annually elect out of the BBA Procedures for tax years
beginning on or after January 1, 2018 pursuant to Section 6221(b) of the Code; and (b) for any year in which applicable law and regulations
do not permit the Company to elect out of the BBA Procedures and in which it receives a notice of final partnership adjustment, to timely
elect the alternative procedure under Section 6226 of the Code.

 

    5

     

    

 

ARTICLE VI

Indemnification

 

Section
6.01 Survival of Representations and Covenants. All representations, warranties, covenants and agreements contained herein
and all related rights to indemnification shall survive the Closing.

 

Section
6.02 Mutual Indemnification. Subject to the other terms and conditions of this ARTICLE VI, each party hereto (as “Indemnifying
Party”) shall defend, indemnify and hold harmless the other party, its affiliates and their respective members, managers,
officers and employees (collectively, “Indemnified Party”) from and against:

 

(a) all
claims, judgments, damages, liabilities, settlements, losses, costs and expenses, including attorneys’ fees and disbursements (a
“Loss”), arising from or relating to any inaccuracy in or breach of any of the representations or warranties
of Indemnifying Party contained in this Agreement or any document to be delivered hereunder;

 

(b) any
Loss arising from or relating to any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Indemnifying
Party pursuant to this Agreement or any document to be delivered hereunder; or

 

(c) the
amount of any imputed underpayment (as described in Section 6225 of the Code) imposed on the Company and allocable to Indemnifying Party
or attributable to its membership interests during taxable years, or portions thereof, when Seller owned the Membership Interests (the
“Seller Ownership Period”), or any other income tax assessment imposed on the Company under any similar provision
of state or local law and allocable to Indemnifying Party or attributable to such Indemnifying Party’s membership interests during
the Seller Ownership Period.

 

Section
6.03 Indemnification Procedures. Whenever any claim shall arise for indemnification under Section 6.02, Indemnified Party
shall promptly provide written notice of such claim to Indemnifying Party. Indemnified Party’s failure to provide a notice of such
claim under this Section 6.03 does not relieve Indemnifying Party of any liability that Indemnifying Party may have to Indemnified Party,
but in no event shall Indemnifying Party be liable for any Loss that results from a delay in providing such notice. In connection with
any claim giving rise to indemnity hereunder resulting from or arising out of any Action by a person or entity who is not a party to this
Agreement, Indemnifying Party, at its sole cost and expense and upon written notice to Indemnified Party, may assume the defense of any
such Action with counsel reasonably satisfactory to Indemnified Party. Indemnified Party shall be entitled to participate in the defense
of any such Action, with its counsel and at its own cost and expense. If Indemnifying Party does not assume the defense of any such Action,
Indemnified Party may, but shall not be obligated to, defend against such Action in such manner as it may deem appropriate, including,
but not limited to, settling such Action, after giving notice of it to Indemnifying Party, on such terms as Indemnified Party may deem
appropriate and no action taken by Indemnified Party in accordance with such defense and settlement shall relieve Indemnifying Party of
its indemnification obligations herein provided with respect to any damages resulting therefrom. Indemnifying Party shall not settle any
Action without Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld or delayed).

 

    6

     

    

 

Section
6.04 Payments. Once a Loss is agreed to by Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE
VI, Indemnifying Party shall satisfy its obligations within ten (10) business days of such final, non-appealable adjudication by wire
transfer of immediately available funds. The parties hereto agree that should Indemnifying Party not make full payment of any such obligations
within such ten (10) business day period, any amount payable shall accrue interest from and including the date of agreement of Indemnifying
Party or final, non-appealable adjudication to and including the date such payment has been made at a rate per annum equal to 5%. Such
interest shall be calculated daily on the basis of a 365-day year and the actual number of days elapsed.

 

Section
6.05 Tax Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated
by the parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

 

Section
6.06 Effect of Investigation. Indemnified Party’s right to indemnification or other remedy based on the representations,
warranties, covenants and agreements of Indemnifying Party contained herein will not be affected by any investigation conducted by Indemnified
Party with respect to, or any knowledge acquired by Indemnified Party at any time, with respect to the accuracy or inaccuracy of or compliance
with, any such representation, warranty, covenant or agreement.

 

Section
6.07 Cumulative Remedies. The rights and remedies provided in this ARTICLE VI are cumulative and are in addition to and
not in substitution for any other rights and remedies available at law or in equity or otherwise.

 

ARTICLE VII

Miscellaneous

 

Section
7.01 Expenses. Except as otherwise provided in Section 1.04, all costs and expenses incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

 

Section
7.02 Further Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates
to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably
required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

 

    7

     

    

 

Section
7.03 Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after
normal business hours of the recipient or (d) on the third day after the date mailed, by certified or registered mail, return receipt
requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address
for a party as shall be specified in a notice given in accordance with this Section 7.03):

 

	If to Seller:	
    608 West Riverview Drive

    Suffolk, VA 23434

    E-mail: brian@bitworks.io

    Attention: Brian Raymond, Member

     

	If to Purchaser:	
    13880 Dulles Corner Lane, Suite 175

    Herndon, Virginia 20171

    E-mail: wayne@ttmdigitalassets.com

    Attention: Wayne Wasserberg, President

 

Section
7.04 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section
7.05 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render
unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal
or unenforceable, the parties hereto shall negotiate in good faith to modify the Agreement so as to effect the original intent of the
parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

Section
7.06 Entire Agreement. This Agreement and the documents to be delivered hereunder constitute the sole and entire agreement
of the parties to this Agreement with respect to the subject matter contained herein, and supersede all prior and contemporaneous understandings
and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in
the body of this Agreement and those in documents to be delivered hereunder, the Exhibits, the statements in the body of this Agreement
will control.

 

Section
7.07 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written
consent of the other party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party
of any of its obligations hereunder.

 

Section
7.08 No Third-Party Beneficiaries. Except as provided in ARTICLE VI, this Agreement is for the sole benefit of the parties
hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon
any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

    8

     

    

 

Section
7.09 Amendment and Modification. This Agreement may only be amended, modified or supplemented by an agreement in writing
signed by each party hereto.

 

Section
7.10 Waiver. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach
or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before
or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement
shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

Section
7.11 Contra Proferentem. Each and every provision of this Agreement shall be construed as though parties participated equally in
the draft of same, and any rule of construction that a document be construed against the drafting party, including without limitation
the doctrine commonly known as contra proferentem, shall not be applicable to this Agreement.

 

Section
7.12 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction).

 

Section
7.13 Submission to Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this Agreement or the
transactions contemplated hereby may be instituted in the federal courts of the United States of America or the courts of the State of
New York in each case located in the city of New York and county of New York, and each party irrevocably submits to the exclusive jurisdiction
of such courts in any such suit, action or proceeding.

 

Section
7.14 Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this Agreement
is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right
it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated
hereby.

 

Section
7.15 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original,
but all of which, when taken together, will constitute one and the same instrument. The signature page of any counterpart may be detached
therefrom without impairing the legal effect of the (signature) thereon, provided such signature page is attached to any other counterpart
identical thereto. The execution of this Agreement may be effected by facsimile and/or electronically transmitted signatures, all of which
shall be treated as originals; provided, however, that the party receiving a copy hereof with a facsimile and/or electronically transmitted
signature may, by written notice to the other, require the prompt delivery of an original signature to evidence and confirm the delivery
of the facsimile signature. Purchaser and Seller each intend to be bound by its respective facsimile and/or electronically transmitted
signature, and is aware that the other party will rely thereon, and each party waives any defenses to the enforcement of this Agreement
delivered by facsimile and/or electronic transmission.

 

[signature page follows]

 

    9

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	 	SELLER:
	 	 	 	 
	 	BWP HOLDINGS LLC,
	 	a New York limited liability company
	 	 
	 	By:	Bitworks, LLC.
	 	 	Its Member
	 	 	 
	 	 	By:	/s/ Brian Raymond
	 	 	Name:	Brian Raymond
	 	 	Title:	Member
	 	 	 	 
	 	PURCHASER:
	 	 	 	 
	 	DOWN SOUTH HOSTING LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	TTM Digital Assets & Technologies, Inc.
	 	 	Its Member
	 	 	 
	 	 	By:	/s/ Wayne Wasserberg
	 	 	Name:  	Wayne Wasserberg
	 	 	Title:	President

 

    10

     

    

 

EXHIBIT A

 

Unanimous Written Consent

 

[Attached Hereto]

 

     

     

    

 

EXHIBIT B

 

Operating Agreement

 

[Attached Hereto]

 

     

     

    

 

EXHIBIT C

 

Membership Interest Assignment

 

[Attached Hereto]

 

 

     

     

    

 

EXHIBIT D

 

Share Issuance Notice

 

[Attached Hereto]Document

EXHIBIT 10.1
EMPLOYMENT AGREEMENT

    This EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of September 15, 2021, between AppFolio, Inc., a Delaware corporation (the “Company”), and Fay Sien Goon (the “Executive”).

W I T N E S S E T H

    WHEREAS, the Company desires to employ the Executive as the Chief Financial Officer of the Company; and

    WHEREAS, the Company and the Executive desire to enter into this Agreement as to the terms of the Executive’s employment with the Company.

    NOW, THEREFORE, the parties to this Agreement agree as follows:

1.Employment Term.  The Company agrees to employ the Executive pursuant to the terms of this Agreement, and the Executive agrees to be so employed, commencing as of October 18, 2021 (the “Effective Date”).  The Executive’s employment may be terminated in accordance with Sections 8 and 9 of this Agreement.  The period of time between the Effective Date and the termination of the Executive’s employment is the “Employment Term.”
2.Position and Duties.
(a)During the Employment Term, the Executive will serve as the Chief Financial Officer of the Company, reporting to the Company’s Chief Executive Officer.  In this capacity, the Executive will have the duties, authorities and responsibilities as are consistent with the Executive’s position.
(b)During the Employment Term, the Executive shall devote all of the Executive’s business time, energy, business judgment, knowledge and skill and the Executive’s best efforts to the performance of the Executive’s duties with the Company.  Notwithstanding the foregoing, the Executive may: (i) serve on the boards of directors of non-profit organizations and, in a manner consistent with the Company’s applicable policies and procedures and practices, other for-profit companies, (ii) participate in charitable, civic, educational, professional, community or industry affairs, (iii) manage the Executive’s passive personal investments, (iv) serve in the capacities as described on the list separately provided to, and reviewed by, the Company; provided that the Executive’s duties, responsibilities and time-commitment associated with such capacities may not be expanded following the Effective Date without prior written approval of the Chief Executive Officer; provided, further, that in each case of clauses (i)-(iv), so long as such activities in the aggregate do not interfere or conflict with the Executive’s duties under this Agreement or create a potential business or fiduciary conflict.
3.Base Salary.  During the Employment Term, the Company will pay the Executive a base salary (the “Base Salary”) at an annual rate of $450,000, in accordance with the Company’s 

regular payroll practices.  The Base Salary is subject to annual review by the Company’s Board of Directors (the “Board”).
4.Sign-on Bonus. The Company will pay the Executive a one-time sign-on bonus of $500,000 (the “Sign-On Bonus”), payable on the next regularly scheduled payroll date following the Effective Date, or such other date mutually agreed upon by the Executive and the Company, subject to the Executive’s continued employment through the payment date. If the Executive’s employment is terminated (i) by the Company for “Cause” or (ii) by the Executive for any reason (other than death, “Disability” or resignation for “Good Reason” (as such capitalized terms are defined in Section 12 below), in each case, following the payment of the Sign-On Bonus but prior to the first anniversary of the Effective Date, the Executive will be required to repay the Sign-On Bonus to the Company. 
5.Short-Term Cash Awards. For each fiscal year of the Company completed during the Employment Term, the Executive will be eligible to earn an annual short-term incentive cash award (each annual award, an “STI Award”) under the Short-term Incentive Cash Plan or its successor (the “STIP”).  The annual grant of an STI Award is subject to the Board’s approval and the Executive’s execution of the applicable participation agreement under the STIP.  For fiscal year 2021, the Executive will be eligible for a STI Award of $450,000 at target (subject to a possible increase or decrease relative to certain performance metrics), prorated based on the Effective Date. For fiscal year 2022, the Executive will be eligible for a special one-time STI Award of $2,000,000 at target (again, subject to a possible increase or decrease relative to certain performance metrics) (the “2022 STI Award”) in addition to the annual STI Award of $450,000 at target.  In each case, the STI Award will be subject to the terms and conditions of this Section 5 and the applicable plan documents.
6.Equity Awards. The Executive will be eligible to receive the following incentive equity awards:
(a)New-Hire Award.  As soon as administratively practicable following the Effective Date, the Executive will be granted an award of time-vesting RSUs (as defined in Section 12 below) with an initial aggregate award value of $6,000,000 on the date of grant (the “New Hire Equity Award”).  The New Hire Equity Award will vest in equal annual installments over five years following the grant date, subject to the Executive’s continuous employment through the applicable vesting date.  The New Hire Equity Award is subject to the Board’s approval and the Executive’s execution of an RSU award agreement with standard terms and conditions consistent with the terms of this Agreement;
(b)Performance-Based Award. The Executive will be eligible for an award of RSUs that is tied to certain performance metrics over a performance period of up to three years with an initial aggregate target award value of $2,400,000 on the date of grant (the “Performance-Based LTI Award”).  Such Performance-Based LTI Award is subject to the Board’s approval and the Executive’s execution of related agreements with the Company containing standard terms and conditions; and 
(c)Time-Based Award. The Executive will be eligible for an award of time-vesting RSUs with an initial aggregate award value of $600,000 on the date of grant (the “Time-Based LTI Award”).  The Time-Based LTI Award will vest in equal annual installments over four years 
2

following the grant date, subject to the Executive’s continuous employment through the applicable vesting date. Such Time-Based LTI Award is subject to the Board’s approval and the Executive’s execution of an RSU award agreement with standard terms and conditions.
7.Employee Benefits.
(a)Benefit Plans; Vacation.  During the Employment Term, the Executive will be eligible to participate in any employee benefit plan adopted by the Company for the benefit of its executive employees, subject to satisfying the applicable eligibility requirements, except to the extent such plans are duplicative of the benefits otherwise provided under this Agreement.  The Executive shall be entitled to the same vacation policy for executive employees of the Company as in effect from time to time.  Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time.  
(b)Business Expenses.  The Company will reimburse the Executive for all reasonable and necessary out-of-pocket business incurred by the Executive in connection with the performance of the Executive’s duties under this Agreement, including reasonable travel costs and expenses incurred in connection with the Executive’s commute to the Company’s headquarters, in accordance with the Company’s expense reimbursement policy, subject to a tax gross-up to the extent any such amounts are includible in the Executive’s taxable income.
(c)Tax and Legal Fees. As a one-time reimbursement, upon presentation of appropriate documentation, the Company will pay the Executive’s reasonable tax and legal counsel fees incurred in connection with the Executive’s employment transition, which fees shall be paid within forty-five (45) days following the Company’s receipt the aforementioned documentation, subject to a tax gross-up to the extent any such amounts are includible in the Executive’s taxable income, and the Executive’s continued employment through the payment date.
8.Termination.  The Executive’s employment and the Employment Term shall terminate on the first of the following to occur:
(a)Disability.  Immediately upon written notice by the Company to the Executive of termination due to Disability (capitalized terms in this Section 8 that have not been previously defined in this Agreement are defined in Section 12, below). 
(b)Death.  Automatically upon the date of death of the Executive.
(c)Cause.  Immediately upon written notice by the Company to the Executive of a termination for Cause.
(d)Without Cause.  Immediately upon written notice by the Company to the Executive of an involuntary termination without Cause (other than for death or Disability).
(e)Good Reason.  Upon written notice by the Employee to the Company of a termination for Good Reason.
(f)Without Good Reason.  Upon thirty (30) days’ prior written notice by the Executive to the Company of the Executive’s voluntary termination of employment without Good 
3

Reason (which the Company may, in its sole discretion, make effective earlier than any notice date).
9.Consequences Of Termination.
(a)Death; Disability.  In the event that the Executive’s employment and/or the Employment Term ends on account of the Executive’s death or Disability, the Company shall pay to the Executive or the Executive’s estate, as the case may be, the Accrued Benefits (as defined in Section 12, below), and the Executive’s outstanding equity awards as of such termination date shall vest in accordance with the Equity Award Treatment (as defined in Section 12, below).  Notwithstanding the foregoing, all right and obligations to the Accrued Benefits shall be subject to state and federal laws governing disabilities and leaves of absence as well as the Company’s applicable policies.
(b)Termination For Cause Or Voluntary Termination By Executive.  If the Executive’s employment is terminated: (x) by the Company for Cause, or (y) by the Executive other than by reason of death, Disability or resignation for Good Reason, then the Company shall pay to the Executive the Accrued Benefits.
(c)Termination Without Cause or Resignation for Good Reason.  If the Executive’s employment by the Company is terminated by the Company other than for Cause or the Executive resigns for Good Reason, the Company shall pay or provide the Executive with the following:
(i)the Accrued Benefits;
(ii)subject to the Executive’s continued compliance with Sections 10 and 11 of this Agreement, (1) an amount equal to the Executive’s monthly Base Salary (but not as an employee), paid in accordance with the Company’s normal payroll practices for a period of twelve (12) months following such termination; (2) a pro-rated portion of the STI Award (including the 2022 STI Award, if applicable) for the fiscal year in which such termination occurs, with such pro-rated portion determined based on the number of days the Executive was employed by the Company during such year, and achievement of the applicable performance goals determined by the Board at the time of such termination based on forecasted results (but no greater than target-level performance), payable on the first regularly scheduled pay period following the sixtieth (60th) day following such termination; (3) payment of COBRA premiums (through premium reimbursement or direct payment to the insurer) for twelve (12) months following termination; (4) payment of any earned but unpaid STI Award (including the 2022 STI Award, if applicable) for the prior completed fiscal year; and (5) the Executive’s outstanding equity awards as of such termination date shall vest in accordance with the Equity Award Treatment.  Notwithstanding the foregoing, any such payment scheduled to occur pursuant to this Section 9(c)(ii) during the first sixty (60) days following the termination will not be paid until the first regularly scheduled pay period following the sixtieth (60th) day following such termination and will include payment of any amount that was otherwise scheduled to be paid prior thereto. 
(d)Corporate Transaction.  In addition to the payments described in Sections 9(c)(i) and (ii), and subject to the Executive’s continued compliance with Sections 10 and 11 of this Agreement, if the Executive’s employment by the Company (or its successor) is terminated by the 
4

Company (or its successor) other than for Cause or the Executive resigns for Good Reason on or within twelve (12) months following the consummation of a Corporate Transaction (as defined in Section 12 below), all outstanding equity awards held by the Executive as of the applicable termination date shall accelerate and become fully-vested effective as of immediately prior to such termination.  In addition, if the outstanding equity awards held by the Executive as of immediately prior to the consummation of a Corporate Transaction are not assumed or substituted for value upon such Corporate Transaction, such equity awards shall accelerate and become fully-vested effective as of immediately prior to such Corporate Transaction. 
(e)Resignation From All Other Positions.  Upon any termination of the Employment Term, the Executive will promptly resign, and will be deemed to have automatically resigned, from all positions, if any, that the Executive holds as a member of the Board (including any committees), officer, director, manager or fiduciary of the Company or any of its affiliates or subsidiaries. The Executive will take all actions reasonably requested by the Company to give effect to this Section 9(d). 
(f)Exclusive Remedy.  The amounts payable to the Executive following termination of employment and the Employment Term pursuant to Sections 8 and 9 of this Agreement shall be in full and complete satisfaction of the Executive’s rights under this Agreement and any other claims that the Executive may have in respect of the Executive’s employment with the Company or any of its affiliates.  The Executive acknowledges that such amounts are fair and reasonable and are the Executive’s sole and exclusive remedy, in lieu of all other remedies at law or in equity, with respect to the termination of the Executive’s employment or any breach of this Agreement.
10.Release; Continued Compliance.  Any and all amounts payable and benefits or additional rights provided upon termination of employment pursuant to this Agreement beyond the Accrued Benefits pursuant to Section 9(c) (the “Severance Benefits”) shall only be payable if the Executive delivers to the Company, and does not revoke, a general release of claims in favor of the Company in substantially the form attached hereto as Exhibit A.  Such release will be executed and delivered (and no longer subject to revocation, if applicable) within sixty (60) days following termination.  During such time that the Executive is receiving the Severance Benefits, if (a) the Company discovers grounds constituting Cause existed before Executive’s termination or (b) the Executive breaches any of the restrictive covenants set forth in the Employee Proprietary Information and Invention Assignment Agreement attached to this Agreement as Exhibit B, the Executive’s right to receive the Severance Benefits will immediately cease and be forfeited and any previously paid Severance Benefits shall be repaid (including repayment of any amounts received in respect of equity awards that became vested as a result of the Equity Award Treatment).
11.Restrictive Covenants.  The Executive acknowledges and agrees to be bound by the restrictive covenants set forth in the Employee Proprietary Information and Invention Assignment Agreement attached to this Agreement as Exhibit B.
12.Certain Defined Terms.  As used in this Agreement, the following terms have the meanings set forth below:
(a)“Accrued Benefits” means: (i) any accrued but unpaid Base Salary through the date of termination; (ii) reimbursement for any unreimbursed business expenses incurred through the 
5

date of termination; and (iii) all other accrued but unpaid payments, benefits or fringe benefits to which the Executive shall be entitled under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program or grant.  Notwithstanding anything to the contrary, amounts due under prongs (i)-(iii) will be paid within sixty (60) days following termination of employment, or such earlier date as may be required by applicable law.
(b)“Cause” means the Executive’s: (i) theft, dishonesty, misconduct, falsification of any employment or Company records or any other act or omission that has a material detrimental effect on the Company’s reputation or business; (ii) conviction (including any plea of guilty or no contest) for any felony, or for any criminal act that materially impairs the Executive’s ability to perform the Executives duties to the Company; (iii) material breach of any agreement between the Executive and the Company; or (iv) material violation of any Company policy; or (v) the Executive’s willful failure to perform, or willful misconduct or gross negligence in the performance of, the Executive’s duties to the Company or the Executive’s failure to follow the lawful directives of the Board or any executive to which the Executive reports (other than as a result of death or Disability); provided that, in the case of clauses (iii), (iv) and (v), the Executive shall have an opportunity to cure, if susceptible to cure, for a period of thirty (30) days following notice by the Board. 
(c)“Corporate Transaction” has the meaning set forth in the Company’s 2015 Stock Incentive Plan, as may be amended from time to time.
(d)“Disability” or “Disabled” means the Executive becomes “disabled” or suffers from a “disability” as defined in Section 409A, or in any successor regulation, as determined by the Board in good faith. 
(e)“Equity Award Treatment” means (i) with respect to each outstanding equity award held by the Executive as of the applicable termination date that vests solely based on the Executive’s continued employment with the Company (each a “Time-Vesting Award”), the portion of such Time-Vesting Award that would have vested had the Executive remained employed with the Company for an additional twelve (12) months will accelerate and become vested effective as of immediately prior to such termination: provided, that if the Executive’s employment ends on account of the Executive’s death or Disability, then 100% of the Time-Vesting Award will accelerate and become vested effective as of immediately prior to such termination; and (ii) with respect to each outstanding equity award held by the Executive as of the applicable termination date that vests (in whole or in part) based on achievement of applicable performance goals (each a “Performance-Vesting Award”), a pro-rated portion of such Performance-Vesting Award will accelerate and become vested effective as of immediately prior to such termination, with such pro-rated portion determined based on the number of days the Executive was employed by the Company during the applicable performance period for the Performance-Vesting Award, and achievement of the applicable performance goals determined by the Board at the time of such termination based on forecasted results (but no greater than target-level performance).
(f)“Good Reason” means, without the Executive’s prior written consent: (i) a material reduction in the Executive’s base salary (other than a reduction pertaining to all similarly situated employees of the Company); (ii) a material diminution of the Executive’s duties inconsistent with the Executive’s position; (iii) a material breach by the Company or its affiliate of the Agreement or 
6

any other material written agreement with the Company; or (iv) the relocation of the Executive’s principal work location by more than thirty-five (35) miles or a material modification by the Company of the Executive’s flexible hybrid work arrangement involving both off-site services and in-person services at the Company’s headquarters; provided that, “Good Reason” shall only exist if the Executive tenders written objection to the Company within thirty (30) days of the initial occurrence of such Good Reason setting forth in reasonable detail the circumstances alleged to give rise to Good Reason, the Company fails to remedy the condition within thirty (30) days after receiving such written objection notice, and the Executive gives notice of resignation from employment within thirty (30) days after the end of such cure period. 
(g)“RSUs” means restricted stock units covering a number of shares of Class A common stock of the Company that may be settled in cash and/or by issuance of shares of Class A common stock of the Company. 
(h)“Section 409A” means Section 409A of the Internal Revenue Code and the regulations and guidance promulgated under the Internal Revenue Code.
13.No Assignments.  This Agreement is personal to each of the parties.  Except as provided below, no party may assign or delegate any rights or obligations under this Agreement without first obtaining the written consent of the other party.  The Company may assign this Agreement to any successor to all or substantially all of its business or assets.
14.Notice.  All communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) on the date of transmission, if delivered by electronic mail, or (c) on the first business day following the date of deposit, if delivered by guaranteed overnight delivery service:
If to the Executive:

At the address (or to the email address) shown in the books and records of the Company.

If to the Company:
70 Castillan Drive
Santa Barbara, CA 93117
Attention: General Counsel and Chief Compliance Officer

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.
15.Interpretation.  The section headings used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation of this Agreement.  In the event of any inconsistency between the terms of this Agreement and any form, award, plan or policy of the Company, the terms of this Agreement shall govern and control.
16.Severability.  The provisions of this Agreement shall be deemed severable.  The invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect 
7

the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties shall be enforceable to the fullest extent permitted by applicable law.
17.Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.
18.Arbitration.  Any dispute or controversy arising under or in connection with this Agreement or the Executive’s employment with the Company shall be settled exclusively by arbitration, conducted before a single arbitrator in Santa Barbara, California in accordance with the JAMS Employment Rules and Procedures then in effect (available at www.jamsdr.com).  The decision of the arbitrator will be final and binding upon the parties.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.  In connection with any such arbitration and regardless of outcome, (a) each party shall pay all of its own costs and expenses, including, without limitation, its own legal fees and expenses, and (b) the arbitration costs shall be borne by the Company.
19.Governing Law.  This Agreement, the rights and obligations of the parties, and all claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of California (without regard to its choice of law provisions).
20.Miscellaneous.  No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer or director as may be designated by the Board.  No waiver by either party at any time of any breach by the other party of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  This Agreement, together with all exhibits attached to this Agreement, sets forth the entire agreement of the parties in respect of the subject matter contained in this Agreement and supersedes any and all prior agreements or understandings between the Executive and the Company with respect to the subject matter of this Agreement.   No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement.  In the event of any inconsistency between the terms of this Agreement and any equity award, the terms of this Agreement shall govern and control. 
21.Representations.  The Executive represents and warrants to the Company that: (a) the Executive has the legal right to enter into this Agreement and to perform all of the obligations on the Executive’s part to be performed under this Agreement; and (b) the Executive is not a party to any agreement or understanding, written or oral, and is not subject to any restriction, which, in either case, could prevent or impair the Executive from entering into this Agreement or performing the Executive’s duties and obligations under this Agreement.
8

22.Tax Matters.
(a)Withholding.  The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.
(b)Section 409A Compliance.
(i)The intent of the parties is that payments and benefits under this Agreement comply with, or are exempt from, Section 409A.  Accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith or exempt therefrom.  In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Section 409A or damages for failing to comply with Section 409A.
(ii)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A.  For purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”  Notwithstanding anything to the contrary in this Agreement, if the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Section 409A, then with regard to any payment or the provision of any benefit that is considered deferred compensation under Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of the Executive, and (B) the date of the Executive’s death, to the extent required under Section 409A.  Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 22(b)(ii) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. 
(iii)To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Section 409A, (A) all expenses or other reimbursements under this Agreement shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.
(iv)For purposes of Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.
9

(v)Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Section 409A be subject to offset by any other amount unless otherwise permitted by Section 409A.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

10

    IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

									
		COMPANY

	
	By: 	/s/ Jason Randall	
	Name: 	Jason Randall	
	Title: 	President & CEO	
			
		EXECUTIVE

	
		/s/ Fay Sien Goon	

[Signature Page to Employment Agreement]

Exhibit A
GENERAL RELEASE

    I, Fay Sien Goon, in consideration of and subject to the performance by AppFolio, Inc. (together with its subsidiaries, the “Company”) of its obligations under that Employment Agreement, dated as of September 15, 2021 (the “Agreement”), do hereby release and forever discharge as of the date hereof the Company and its respective affiliates and all present, former and future managers, directors, officers, employees, successors and assigns of the Company and its affiliates and direct or indirect owners (collectively, the “Released Parties”) to the extent provided below (this “General Release”).  The Released Parties are intended to be third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with the terms hereof in respect of the rights granted to such Released Parties hereunder.  Terms used herein but not otherwise defined shall have the meanings given to them in the Agreement.
1.My employment or service with the Company and its affiliates terminated as of ________________, and I hereby resign from any position as an officer, member of the board of managers or directors (as applicable) or fiduciary of the Company or its affiliates (or reaffirm any such resignation that may have already occurred).  I understand that the Severance Benefits represent, in part, consideration for signing this General Release and are not salary, wages or benefits to which I was already entitled.  I understand and agree that I will not receive the Severance Benefits unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter.  I understand and agree that such payments and benefits are subject to the restrictive covenants set forth in Exhibit B attached to the Agreement, which (as noted below) expressly survive my termination of employment and the execution of this General Release.  Such payments and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Company or its affiliates.
2.Except as provided in paragraphs 5 and 6 below and except for the provisions of the Agreement which expressly survive the termination of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes of action, cross-claims, counterclaims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Company or any of the Released Parties which I, my spouse, or any of my heirs, executors, administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Company (including, but not limited to, any allegation, claim or violation, arising under:  Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any 
Exhibit A - 1

applicable Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”).
3.The released claims described in paragraph 2 hereof include all such claims, whether known or unknown by me.  Therefore, I waive the effect of California Civil Code Section 1542 and any other analogous provision of applicable law of any jurisdiction.  Section 1542 states:
“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”
4.I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above.
5.I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of 1967).
6.I agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties of any kind whatsoever in respect of any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive relief.  Notwithstanding the above, I further acknowledge that I am not waiving and am not being required to waive any right that cannot be waived under law, including the right to file an administrative charge or participate in an administrative investigation or proceeding; provided, however, that I disclaim and waive any right to share or participate in any monetary award resulting from the prosecution of such charge or investigation or proceeding.  Additionally, I am not waiving (i) any right to the Accrued Benefits or any severance benefits to which I am entitled under the Agreement, (ii) any claim relating to directors’ and officers’ liability insurance coverage or any right of indemnification under the Company’s organizational documents or otherwise, or (iii) my rights as an equity or security holder in the Company or its affiliates.
7.In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any 
Exhibit A - 2

other Claims hereinabove mentioned or implied.  I acknowledge and agree that this waiver is an essential and material term of this General Release and that without such waiver the Company would not have agreed to the terms of the Agreement.  I further agree that in the event I should bring a Claim seeking damages against the Company, or in the event I should seek to recover against the Company in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law.  I further agree that I am not aware of any pending claim of the type described in paragraph 2 above as of the execution of this General Release.
8.I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company, any Released Party or myself of any improper or unlawful conduct.
9.I agree that if I violate this General Release by suing the Company or the other Released Parties, I will pay all costs and expenses of defending against the suit incurred by the Released Parties, including reasonable attorneys’ fees.
10.Any non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), any other self-regulatory organization or any governmental entity.
11.I hereby acknowledge that Exhibit B of the Agreement shall survive as applicable therein my execution of this General Release.
12.I represent that I am not aware of any claim by me other than the claims that are released by this General Release.  I acknowledge that I may hereafter discover claims or facts in addition to or different than those which I now know or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected at the time of entering into this General Release, may have materially affected this General Release and my decision to enter into it. 
13.Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof.
14.Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.
BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:
1.I HAVE READ IT CAREFULLY;
Exhibit A - 3

2.I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;
3.I VOLUNTARILY CONSENT TO EVERYTHING IN IT;
4.I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;
5.I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT, AND THE CHANGES MADE SINCE MY RECEIPT OF THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED 21DAY PERIOD;
6.I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;
7.I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND
8.I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.
SIGNED:__________________________    DATED:_________________

Exhibit A - 4

Exhibit B
Employee Proprietary Information and Invention Assignment Agreement

(attached)
Exhibit B - 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}]]