Document:

Exhibit 10.41

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (“Agreement”) is made and entered into, as of the 28th day of December 2022, (“Effective
Date”), by and between Tradition Transportation Group, Inc. (“TTG” or “Company”), an
Indiana corporation, and Joseph J. Montel (“Executive”). The Company and Executive may be collectively referenced
as the “parties” or individually as a “party.”

 

RECITALS

 

WHEREAS, TTG is headquartered
in Angola, Indiana and is a leader in the transportation and logistics industry. TTG currently has six (6) subsidiary companies, Tradition
Transportation, L.L.C. which specializes in the transportation of freight (“Transportation”), Tradition Leasing Systems,
L.L.C. which provides the mechanism to finance the purchase of new vehicles and to liquidate excess vehicles (“Leasing”),
Tradition Logistics, L.L.C. which provides time-sensitive warehousing, logistics and freight management on a national and international
basis (“Logistics”), Freedom Freight Solutions, LLC which is principally engaged in arranging transportation of freight
between shippers and carriers (“Brokerage”), Tradition Equipment Sales & Service, Inc. which provides mechanical
repair and maintenance services (“Sales & Service”), and Anthem Anchor Bolts and Fasteners, L.L.C. which manufactures
metal bolts, nuts and other industrial fasteners (“Anthem”). Collectively, TTG’s ownership of Transportation,
Leasing, Logistics, Brokerage, Sales & Service, and Anthem are referred to as the “Company’s Business”.

 

WHEREAS, the terms and
conditions of the Stock Purchase Agreement provide for employment of the Executive by TTG as detailed in this Agreement.

 

WHEREAS, Executive desires
to be employed by the Company and to secure minimum compensation from the Company for his services over a defined term and the Company
desires to provide fair and reasonable compensation and benefits to Executive, subject to the terms and subject to the conditions set
forth in this Agreement.

 

NOW, THEREFORE, the parties
incorporate the above recitals, and in consideration of the mutual promises, covenants and agreements made herein, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

1.              Employment.
The Company agrees to employ Executive, and Executive agrees to be employed by the Company, upon the terms and conditions of this Agreement.
During the Term, Executive will serve as the General Counsel of the Company and in such other additional positions as the Company may
designate from time to time consistent with his title. In such capacity, Executive will report to the Company’s Chief Executive
Officer (CEO) or, if the Executive is the CEO, the Board. Executive shall perform such duties which are of the character as those generally
associated with his positions and such additional or alternative duties as may be reasonably assigned to him from time to time by the
CEO or Board of Directors (“Board”) or any committee thereof. Executive will act in compliance with the Company’s
bylaws and all lawful directives of the CEO or Board. Executive shall comply with the Company’s policies and procedures in effect
from time to time throughout his employment. Executive’s principal place of employment shall be at the Company’s office in
Indianapolis, Indiana or at such other Company office as the CEO may designate from time to time, subject to regular business travel
as is reasonably required for the fulfillment of Executive’s duties.

 

2.              Devotion to Duties. During the Term, Executive agrees that he will devote his full working time and best efforts to
the business and affairs of the Company on a full-time basis and that he will exercise the highest degree of loyalty and reasonable standard
of conduct in the performance of his duties. Executive agrees that he (a) will not engage, directly or indirectly, in any activity
that is competitive with the Company’s business in any respect or make any preparations to engage in any competitive activities;
and (b) will not take any action that deprives the Company of any business opportunities or otherwise act in a manner that conflicts
with the best interests of the Company or that is detrimental to the business of the Company; provided, however, nothing herein shall
be construed as preventing Executive (x) from investing his personal assets in such form or manner as will not require his services in
the daily operations and affairs of the businesses in which such investments are made, provided such activities do not interfere with
his work for the Company; or (y) from serving in a volunteer capacity for civic, charitable or other non-profit entities, provided such
service does not interfere with his work for the Company or any of his duties or obligations to the Company; or (z) from accepting appointment
and serving on any board of directors or advisors of any business corporation, provided such activities do not interfere with his work
for the Company or otherwise conflict with his obligations to the Company. Executive understands and acknowledges that he has a duty of
loyalty to TTG and that he must discharge his duties, as an employee of TTG, loyally and in good faith; and, all parties agree that this
paragraph shall be interpreted and construed with due regard for historic Company and Executive practices.

 

 

 

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3.              Employment Term. The initial term of Executive’s employment under this Agreement shall be for a term of four (4)
years, commencing on the Effective Date (the “Initial Term”). Thereafter, the Initial Term shall be automatically extended
for successive one (1) year periods (each a “Renewal Term”), unless either party provides written notice to the other
party at least sixty (60) days prior to the end of the then existing term (ether the Initial Term or any Renewal Term) that the party
does not wish to extend the Term of this Agreement. The duration of Executive’s employment, including the Initial Term and any Renewal
Term are the “Term.” Notwithstanding the foregoing, the parties can mutually agree, in writing, at any time, to terminate
Executive’s employment under this Agreement. In addition, Executive’s employment may be terminated earlier in accordance with
the termination provisions in Section 10. If the Company elects not to renew the Agreement at the end of the Initial Term, Executive’s
termination will be considered a termination without Cause under Section 10(e). The effective date on which Executive’s employment
terminates, for any reason, shall be referred to as the “Termination Date.”

 

4.              Salary. The Company shall pay Executive an annual base salary of Three Hundred Thousand and No/100 Dollars ($300,000.00)
(“Base Salary”) payable at regular intervals in accordance with the Company’s normal payroll practices in effect
from time to time. The Base Salary is subject to all applicable federal, state, and local income taxes and such other deductions as are
required by law with respect to compensation paid by an employer to an employee. The Base Salary may be subject to additional deductions
pursuant to Executive’s participation in any benefit plan or program, subject to historic practices (i.e., medical, dental and eye
insurance provided without cost). The amount of the Base Salary shall be reviewed by the Board or a committee of the Board (such as Compensation
Committee) annually for possible increases, any such increases to be made solely at the discretion of the Board.

 

5.              Bonuses and Other Incentives. During the Term, Executive shall be entitled to participate in all incentive compensation
plans and programs as may be adopted by the Company from time to time and generally available to similar level employees, subject to the
terms and conditions of such plans and programs. Executive acknowledges and agrees that the Company, in its sole discretion, may change,
amend, modify, freeze, suspend or terminate any or all of its incentive compensation plans or programs, at any time during his employment
with the Company, to the extent permitted by applicable law, and nothing in this Agreement shall obligate the Company to institute, maintain
or refrain from changing, amending or discontinuing any benefit plan or program. Notwithstanding any prior practice or policy, Executive
must be employed by the Company on the actual date of distribution of any incentive payment, including bonuses and profit sharing distributions,
in order to be eligible to receive such incentive payments.

 

6.              Paid Time Off. During the Term, Executive shall be entitled to six (6) weeks of paid vacation or other paid time off
(“PTO”) each year. PTO may be taken at such times as Executive elects with due regard to the needs of the Company,
or paid out to Executive at the end of the calendar year. Except as expressly addressed in this Agreement, the use and administration
of PTO will be governed by the Company’s PTO policies applicable to its employees generally, as such policies may be stated in the
Company’s employee handbook or otherwise and as such policies may change from time to time during the Term.

 

7.              Employee Benefits. During the Term, Executive shall be entitled to participate in the Company’s benefit plans
or programs in effect from time to time and generally available to employees of Executive’s level or classification, including any
life, health, medical, dental, disability or other insurance policy or plan, or retirement plan; provided however, Executive's entitlement
to participate in such benefit plans or programs is subject to the eligibility requirements and other provisions of such benefit plans
or programs. Executive acknowledges and understands that the Company, in its sole discretion, may change, amend, modify, freeze, suspend
or terminate any or all of its Executive benefits plans or programs, at any time during Executive's employment with the Company, to the
extent permitted by applicable law, and nothing in this Agreement shall obligate the Company to institute, maintain or refrain from changing,
amending or discontinuing any benefit plan or program.

 

8.              Business Expenses. During the Term, the Company will reimburse Executive for reasonable and necessary travel and business
expenses incurred by Executive directly related to performing services for the Company under this Agreement, in accordance with the Company's
policies and procedures with respect thereto, as may be amended from time to time by the Company; provided, however, that such expenses
which are not in accordance with the Company's policies must be authorized in advance by the CEO in order for Executive to be entitled
to reimbursement.

 

 

 

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9.              Compliance. Executive agrees to be bound by and comply with all written policies, procedures, rules and regulations
of the Company, including but not limited to those set forth in any code of conduct or ethics policies adopted by the Company or set forth
in any employee handbook, as may be amended by the Company, from time to time, in its sole discretion. In the event there is a conflict
or dispute between the terms of this Agreement and any policies, procedures and rules of the Company, the terms of this Agreement shall
control. Executive further agrees that he shall, at all times, perform his duties and responsibilities in material compliance with all
international, federal, state and local laws, regulations and ordinances.

 

10.            Termination.
Subject to the respective continuing obligations of the parties, including the restrictive covenants set forth in Section 11, Executive’s
employment may be terminated during the Term as follows:

 

(a)             Termination
by Mutual Agreement. The Company and Executive may agree to terminate his employment at any time by mutual written agreement
executed by Executive and the CEO or, if the Executive is the CEO, the Board. Upon termination of Executive’s employment by mutual
written agreement, the Company’s obligations to pay or to provide Executive compensation and benefits under this Agreement will
immediately terminate; provided, however, that Executive will be entitled to receive all Accrued Compensation. “Accrued Compensation”
means: (i) that portion of his Base Salary which is earned but unpaid as of the Termination Date; and (ii) reimbursement for all business
expenses not yet paid as of the Termination Date. Any benefits payable under insurance, retirement, bonus and/or profit sharing plans,
as a result of Executive’s eligibility and participation in such plans through such date, shall be paid when due under those plans.
Other than the foregoing, the Company will have no further obligations to Executive under this Agreement. The Accrued Compensation will
be paid within thirty (30) days after the Termination Date.

 

(b)             Termination
Due to Death. If Executive dies during the Term, this Agreement will terminate on the date of his death. Upon his death, the
Company’s obligation to pay or provide his (or his estate or legal successors) compensation and benefits under this Agreement will
immediately terminate, except that the Company will pay or provide his estate or other legal successor the Accrued Compensation. Any
benefits payable under insurance, retirement, bonus and/or profit sharing plans, as a result of Executive’s eligibility and participation
in such plans through such date, shall be paid when due under those plans. Other than the foregoing, the Company will have no further
obligation to Executive (or his estate or legal successors) under this Agreement. The Accrued Compensation will be paid following Executive’s
death within thirty (30) days after the Company’s receipt of appropriate documentation verifying the proper person(s) to which
payment should be made.

 

(c)             Termination
Due to Disability. If Executive suffers a Disability, the Company may terminate his employment by providing written notice to
Executive of the Company’s termination because of the Disability, specifying in such notice the effective Termination Date, and
Executive’s employment will terminate at the end of the day on the Termination Date specified in the Company’s notice. For
purposes of this Agreement, the term “Disability” means either (i) when Executive is deemed disabled and entitled
to benefits in accordance with any Company-provided long-term disability insurance policy or plan, if any is applicable, covering Executive,
or (ii) the inability of Executive, because of a physical or mental condition or illness, to perform, with or without reasonable accommodation,
the essential functions of his job for a period of six (6) consecutive months or longer. Upon termination due to a Disability, the Company’s
obligation to pay or provide compensation or benefits under this Agreement will immediately terminate, except the Company will pay or
provide Executive the Accrued Compensation. Any benefits payable under insurance, retirement, bonus and/or profit sharing plans, as a
result of Executive’s eligibility and participation in such plans through such date, shall be paid when due under those plans.
Other than the foregoing, the Company will have no further obligations to Executive under this Agreement. The Accrued Compensation will
be paid within thirty (30) days after the Termination Date.

 

 

 

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(d)             Termination
by the Company for Cause. At any time during the Term, the Company, may terminate Executive’s employment for Cause by providing
him with written notice of the termination for Cause specifying in such notice the termination date and Executive’s employment
will terminate at the end of the day on the termination date specified in such note. For purposes of this Agreement, “Cause”
means the occurrence of one or more of the following events: (i) Executive’s conviction for, or pleading no contest to, a felony
or any crime that is materially and demonstrably injurious to the financial condition, reputation, or goodwill of the Company; (ii) Executive’s
misappropriation of any material Company property or Confidential Information; (iii) Executive’s willful misconduct in connection
with the performance of his job duties; (iv) Executive’s intentional violation of any material international, federal, state or
local law or regulation applicable to the business of the Company; or, (v) Executive’s breach of any material covenant, condition
or provision of this Agreement or any policies or procedures of the Company, or failure to perform his duties or responsibilities or
to comply with any lawful directive of the CEO or Board, and such breach or failure, if curable, remains unremedied for a period of ten
(10) days after the Company provided Executive with a written notice of such violation. Upon termination of the Executive’s employment
for Cause, the Company’s obligation to pay or provide Executive compensation and benefits under this Agreement will immediately
terminate, except that the Company will pay or provide his Accrued Compensation. Any benefits payable under insurance, retirement, bonus
and/or profit-sharing plans, as a result of Executive’s eligibility and participation in such plans through such date, shall be
paid when due under those plans. Other than the foregoing, the Company will have no further obligations to Executive under this Agreement.
The Accrued Compensation will be paid within thirty (30) days after the Termination Date.

 

(e)             Termination by the
Company Without Cause. At any time during the Term, the Company may terminate Executive’s employment without Cause,
for any reason or no reason, by giving Executive sixty (60) days’ prior written notice, specifying in such notice the
effective termination date, and Executive’s employment will terminate at the end of the day on the termination date specified
in the Company’s notice (or such other date as may be mutually agreed upon in writing by the Company and Executive).
Termination ‘without Cause’ shall mean any termination by the Company that is not a termination for Cause, as defined in
Section 10(d). Upon termination of Executive’s employment by the Company without Cause, the Company’s obligation to pay
or provide his compensation and benefits under this Agreement will immediately terminate, except that the Company will pay or
provide Executive: (i) the Accrued Compensation; and (ii) the aggregate Base Salary owed for the remaining period of the Term
(together the “Severance Payment”). The Severance Payment will be paid in a single lump sum payment within thirty
(30) days of the Termination Date. The Severance Payment is subject to all applicable payroll tax withholdings. The Accrued
Compensation will be paid within thirty (30) days after the Termination Date.

 

(f)             Termination
by Executive for Good Reason. At any time during the Term, Executive may terminate his employment for Good Reason by giving TTG
sixty (60) days’ prior written notice specifying in such notice the basis for the Good Reason termination. For purposes of this
Agreement, “Good Reason” means the occurrence of any of the following events without Executive’s consent: (i)
failure of the Company to obtain the assumption of the obligations to perform the Agreement by any successor; (ii) reduction of ten percent
(10%) or more in the Base Salary; (iii) demotion or material adverse change in Executive’s principal position, including title
and reporting relationships, duties or responsibilities; or (iv) relocation of Executive’s principal place of employment to a location
that is more than thirty (30) miles from the place where Executive was based immediately prior to such relocation; and/or his office
as of the Effective Date; provided however, the Company will have thirty (30) days from its receipt of any written notice of the Good
Reason termination in which to take corrective action to cure the Good Reason (if curable), and if the Company does not cure the Good
Reason, the Good Reason termination will be effective at the end of the thirtieth (30th) day after the Company receives the
written notice of Good Reason termination; and provided further, however, for Executive to exercise his right to termination for Good
Reason he must provide written notice of the termination for Good Reason within sixty (60) days after he knows or should have known of
the initial existence of the condition listed above making any such termination a termination for Good Reason. Upon a termination by
Executive for Good Reason, the Company’s obligation to pay or provide him with compensation and benefits under this Agreement will
immediately terminate, except that the Company will pay or provide Executive with (x) the Accrued Compensation and (y) the aggregate
Base Salary owed for the remaining period of the Term (together the “Severance Payment”). The Severance Payment will
be paid in a single lump sum payment within thirty (30) days of the Termination Date. The Severance Payment is subject to all applicable
payroll tax withholdings. The Accrued Compensation will be paid within thirty (30) days after the Termination Date.

 

 

 

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(g)            Termination
by Executive without Good Reason. At any time during the Term, Executive may terminate his employment without Good Reason upon
the giving of not less than sixty (60) days' advance written notice to the Company and his employment with the Company will terminate
at the end of the day on the last day in that notice period; provided, however, that the Company may, but need not, elect one or more
of the following options: (i) make the termination effective immediately; (ii) require Executive to continue to perform his duties to
the Company during the notice period; (iii) limit or impose reasonable restrictions on Executive’s activities during the notice
period; or (iv) accept his notice of termination as a resignation prior to the date specified by him in his notice of termination at any
time during the notice period. The Company shall pay Executive his Base Salary and all benefits in accordance with the Company’s
payroll practices then in effect through the notice period so long as he is required to provide and continues to so provide services to
the Company, provided that if the Company elects options (i) or (iv) above, Company shall be obligated to pay Executive his Base Salary
and all benefits through the notice period. Upon termination, whether at the end of the notice period specified by Executive in his notice
or earlier as may be elected by the Company, the Company’s obligation to pay or provide Executive with compensation and benefits
under this Agreement will immediately terminated, except that the Company will pay or provide Executive with the Accrued Compensation
within thirty (30) days after the Termination Date. Any benefits payable under insurance, retirement, bonus and/or profit-sharing plans,
as a result of Executive’s eligibility and participation in such plans through such date, shall be paid when due under those plans.
Other than the foregoing, the Company will have no further obligations to Executive under this Agreement.

 

(h)             Other
Rights/Requirements. Nothing contained in this Agreement shall impair, affect, or change any requirements otherwise imposed upon
TTG or Executive by applicable statute, law, rule, regulation, or other legal requirements.

 

11.            Other Definitions. The following terms have the following meanings as used throughout this Agreement:

 

		(a)	“Affiliate” means an entity which controls, is controlled by, or is under common ownership
with, TTG and any subsidiaries or affiliated entities as the same may exist from time to time hereafter.

 

		(b)	“Competitive Capacity” with respect to a TTG Employee means: (i) the same or similar
capacity or position that the TTG Employee held with the Company within the twelve (12) month period prior to the Termination Date; (ii)
an executive level or officer or management level position; (iii) performing tasks or duties similar to the tasks or duties the TTG Employee
performed for TTG or an Affiliate within the last year of his employment; (iv) managing or supervising those who perform tasks or duties
similar to those which the TTG Employee performed for TTG or an Affiliate within the last year of his employment; or, (v) performing tasks
or duties in which the TTG Employee utilizes or may utilize any Confidential Information that he learned during the course of his employment
with TTG.

 

		(c)	“Competitor” means any Person who is in the same or substantially similar business
as the Company’s Business or who provides the same or substantially same services as TTG.

 

		(d)	“Confidential Information” means any and all materials, records, data, documents, lists,
writings, and information (whether in writing, printed, electronically stored, computerized, on disk or otherwise, including all copies,
summaries, analyses, drafts, and extracts) relating or referring in any manner to trade secrets (as currently defined under applicable
law, including the Indiana Uniform Trade Secrets Act, the federal Defend Trade Secrets Act, and any amendments thereto or successor statutes)
of TTG or any Affiliate, and other non-public financial or proprietary information of TTG or any Affiliate, including but not limited
to business reports, business plans, projections, income statements, profit and loss statements, business strategies and/or strategic
plans, internal audits, sales, sales techniques, budgets, profit margins, pricing, research and development, intellectual property, software
and/or computer programs, marketing strategies, marketing plans or materials, business development plans or strategies, records or information
relating to suppliers or customers of TTG or any Affiliate, supplier or customer lists or specification, and processes, systems, methods,
documentation or devices used in or pertaining to the business of TTG and/or any Affiliate which are unique to the business of or services
of TTG or any Affiliate (regardless of whether the information has been marked “confidential”).

 

 

 

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		(e)	“Customer” means any Person to whom TTG and/or any Affiliate rendered or provided any
services to at any time during the Term: (i) with whom Executive had any direct or material business contact (contact that is intended
to establish or strengthen a business relationship for the Company); (ii) whom Executive managed, had responsibility for, or provided
any services to, or; (iii) about whom Executive obtained, accessed, reviewed, or utilized Confidential Information.

 

		(f)	“TTG Employee” shall mean any person who is, or was during the one (1) year period
prior to the Termination Date, employed by TTG or an Affiliate as an executive, officer, or manager, or in whom TTG or the Affiliate otherwise
has a legitimate protectable interest.

 

		(g)	“indirectly” means that Executive will not assist others in performing business activities
that Executive is prohibited from engaging in directly under this Agreement.

 

		(h)	“Potential Customer” shall mean any Person, during the last year of Executive’s
employment (i) whom Executive solicited, targeted or identified (or whom he knew was solicited, targeted or identified by TTG or an Affiliate)
as a prospective or potential customer, or; (ii) about whom Executive obtained information on behalf of TTG and/or any Affiliate for purposes
of soliciting, targeting or identifying as a prospective or potential customer.

 

		(i)	“Person” shall mean any individual, partnership, corporation, organization, firm, association,
limited liability company, trust, joint venture, company or other entity.

 

		(j)	“Restricted Area” shall mean all of the counties in Indiana, and Chatham county, Georgia.

 

		(k)	“solicit” means any direct or indirect communication of any kind whatsoever, regardless
of by whom initiated, inviting, advising, inducing, encouraging, enticing, or requesting either expressly or implicitly, any person, in
any manner, to take or refrain from taking action.

 

12.            Non-Disclosure
of Confidential Information. Executive acknowledges that during the course of his employment with the Company, he has become or will
become knowledgeable about, in possession of, or privy to, Confidential Information. If such Confidential Information were to be divulged
or become known to any competitor of the Company or to any other person outside the employ of the Company or its Affiliates, or if Executive
were to be employed by any competitor of the Company or to engage in competition with the Company, the Company or its Affiliates would
be harmed. Therefore, subject to the exceptions below, Employee agrees that he will not directly or indirectly: (a) communicate, deliver,
exhibit or provide any Confidential Information to any person or entity, except other authorized employees or agents of the Company or
Affiliates who have a need to know the such Confidential Information for a proper corporate or business purpose as part of their normal
job responsibilities for the Company or Affiliates; (b) use any Confidential Information to compete against the Company or use any Confidential
Information for his own personal benefit or for the benefit of any other person or entity other than the Company; (c) aid anyone else
in obtaining Confidential Information or disclosing Confidential Information to any third party, or (d) taking any action causing, or
fail to take any action necessary to prevent, any such information to lose its character or cease to qualify as Confidential Information.
The confidentiality covenant contained in this Section shall be binding upon Executive during his employment with the Company and shall
continue thereafter until and unless: (i) the Confidential Information becomes obsolete; (ii) the Confidential Information becomes generally
known in the Company’s trade or industry by means other than a breach of this covenant or by the disclosure of Confidential Information
by a person under an obligation to maintain the confidentiality of the Confidential Information; or (iv) Executive is required to disclose
Confidential Information by valid court order or subpoena, or in response to an inquiry or request by a governmental agency or self-regulatory
organization. Executive agrees to notify the Company within five (5) business days of the receipt of any such court order, subpoena or
request, to the extent allowed under the law. If a court of proper jurisdiction reviews this provision and finds that the temporal scope
of this paragraph is unreasonable, Executive agrees that the obligations regarding Confidential Information shall continue for one (1)
year after the Termination Date, provided however, that notwithstanding the foregoing, Employee’s confidentiality obligations with
respect to trade secrets shall continue for so long as the information qualifies as a trade secret under state or federal law.

 

 

 

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Nothing in this Section or any other provision
of this Agreement, shall be construed to prohibit Executive from reporting conduct to, providing information to, or participating in any
investigation or proceeding brought or conducted by, any federal, state, or local government agency or self-regulatory organization. Nothing
in this Section or any other provision of this Agreement, shall be construed to prohibit Executive from using Confidential Information
in connection with a dispute between Executive and the Company. 

 

Executive specifically acknowledges that the
Confidential Information, whether reduced to writing or maintained in the mind or memory of Executive and whether compiled by the Company,
an Affiliate, and/or Executive, derives independent economic value from not being readily known to or ascertainable by proper means by
others who can obtain economic value from its disclosure or use, that reasonable efforts have been put forth by the Company to maintain
the secrecy of such information, that such information is the sole property of the Company and that any retention and use of such information
(except as otherwise set forth above) constitutes a misappropriation of the Company’s trade secrets.

 

Executive agrees that all Confidential Information
and all records, documents and materials relating to all Confidential Information shall be and remain the sole and exclusive property
of the Company and that he will, immediately upon termination of his employment, return to the Company all Confidential Information.

 

13.            Non-Solicitation.
Executive agrees that during the Term of this Agreement and for a period of one (1) year following the Termination Date, regardless
of the reason for termination (whether voluntary or involuntary) and however terminated, he shall not, directly or indirectly (including
through any partnership, corporation or business entity in which he has ownership interest or serves as an officer, employee, independent
contractor, representative, agent or consultant), either for his own benefit or the benefit of any other Person:

 

		(a)	solicit, divert, or take away (or attempt to solicit, divert or take away) any Customer for the purpose
of providing services related to the Company’s Business; or

 

		(b)	advise, persuade, or induce (or attempt to advise, persuade, or induce) any Customer to terminate, reduce,
limit, or change the Customer’s services or business relationship with TTG or an Affiliate; or

 

		(c)	solicit (or attempt to solicit) any Potential Customer not to do business with the Company; or

 

		(d)	recruit or solicit (or attempt to recruit or solicit) any TTG Employee to terminate his employment with
TTG or an Affiliate; or

 

		(e)	offer or provide employment (whether on a full-time or part-time, consulting or independent contractor
basis) in a Competitive Capacity to a TTG Employee for or on behalf of a Competitor; or

 

		(f)	solicit, entice or persuade (or attempt to solicit, entice or persuade) any independent contractors or
agents to terminate their contract or relationship with TTG or any Affiliate, or discontinue providing services to TTG, an Affiliate,
and/or Customers; or

 

		(g)	solicit, entice or persuade (or attempt to solicit, entice or persuade) any suppliers, vendors or others
who were supplying services or goods to TTG or Affiliate during the one (1) year period prior to the Termination Date, to terminate, reduce,
limit or change their business or relationship with TTG or Affiliate; or

 

		(h)	otherwise interfere with or damage (or attempt to interfere or damage) any relationship between the Company
and any Customer or Potential Customer.

 

Executive acknowledges that TTG
is entitled to the full one (1) year post-termination restriction on the activities set forth in this Section. Therefore, in the event
any of the provisions of this Section are breached by Executive, the commencement of the one (1) year post-termination restriction will
not begin until Executive is in full compliance with this Section. This Section shall survive the termination of Executive’s employment
with TTG regardless of the reason for termination.

 

 

 

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14.            Severability/Blue
Pencil. Each of the provisions of this Agreement are distinct and severable, notwithstanding that the covenants may be set forth
in one section for convenience. If any provision of this Agreement shall be determined to be invalid, illegal or unenforceable in whole
or in part, for any reason, neither the validity of the remaining part of such provision nor the validity of any other provision of this
Agreement shall in any way be affected. Should any particular restrictive covenant, provision or clause of this Agreement be held unreasonable
or unenforceable for any reason, including without limitation, the time period, geographic area and/or scope of activity covered by such
covenant, provision or clause, the parties acknowledge and agree that such covenant, provision or clause shall be given effect and enforced
to whatever extent would be reasonable and enforceable under applicable law. The parties expressly authorize a court of competent jurisdiction
to blue pencil or modify such provision to limit the covenants to cover the maximum period of time, range of activities or other restrictions
as would be enforceable under Indiana law.

 

15.            Available
Relief. Executive agrees that TTG, or its successor or assigns, will suffer irreparable damage and injury and will not have an
adequate remedy at law in the event of any breach by Executive of any provision of Section 12 or 13. Accordingly, in the event of a breach
or of a threatened or attempted breach by Executive of Section 12 or 13, in addition to all other remedies to which TTG is entitled under
law, in equity, or otherwise (including monetary damages), TTG and/or its assigns and successors, shall be entitled to a temporary restraining
order and/or preliminary or permanent injunction (without the necessity of showing any actual damage) or a decree of specific performance
of the provisions of Section 12 or 13 and no bond or other security shall be required in that connection. Furthermore, if Executive breaches
any post-employment covenants, including the restrictions and obligations in Section 12 or 13, as determined in TTG’s sole discretion,
TTG may recoup any severance payment paid to Executive.

 

16.            Enforcement/Attorneys’
Fees. In any action that is brought to enforce or interpret this Agreement, the prevailing party shall be entitled to recover
their reasonable attorneys’ and paralegal fees and expenses incurred in connection therewith.

 

17.            Assignments;
Successors and Assigns. The rights and obligations of Executive hereunder are not assignable or delegable, and any prohibited
assignment or delegation will be null and void. TTG may, without the consent of the Executive, assign this Agreement to any successor
or in connection with any merger, consolidation, share exchange, combination, sale of stock or assets or similar transaction. The provisions
hereof shall inure to the benefit of and be binding upon the successors and assigns of TTG.

 

18.            Governing
Law. This Agreement shall be interpreted under, subject to and governed by the laws of the State of Indiana, without consideration
of the choice of law principles thereof, and all questions concerning its validity, construction and administration shall be determined
in accordance with Indiana law.

 

19.            Entire Agreement; Modification; Waiver. This Agreement constitutes the entire agreement among the parties relating to
the subject matter hereof and expressly supersedes any prior agreements between the parties relating to the subject matter hereof. This
Agreement shall not be amended or modified without the Board receiving the recommendation of the General Counsel for the Company, and
the prior written consent of the Company’s CEO and Executive. No failure or delay by TTG in exercising any right or remedy under
this Agreement shall operate as a waiver thereof, nor shall any waiver by TTG under this Agreement operate or be construed as a continuing
waiver or a waiver of any subsequent breach or noncompliance hereunder. No single or partial exercise of any right or remedy by TTG shall
preclude any other or further exercise thereof or the exercise of any other right or remedy. Any waiver by TTG under this Agreement shall
be in writing and signed by the Company’s CEO. A waiver shall operate only as to the specific term or condition waived and will
not constitute a waiver for the future or act on anything other than that which is specifically waived.

 

20.            “No-Defense” Provision. The covenants set forth in this Agreement are essential terms and conditions to
TTG employing the Executive, and shall be construed as independent of any other obligations or agreements between the parties. The existence
of any claim or cause of action the Executive may have against TTG, including but not limited to the TTG’s alleged material breach
of any agreement with Executive, shall not constitute a defense to the enforcement by TTG of the covenants and obligations in this Agreement
and shall not relieve Executive of his obligations under this Agreement.

 

 

 

    	 	8	 

     

    

 

21.            Jurisdiction
and Venue. The parties agree that all suits, actions, proceedings, litigation, disputes, or claims relating to or arising out
of this Agreement shall be filed and tried in the Superior or Circuit Court, as appropriate, of Marion County, Indiana, or the United
States District Court for the Southern District of Indiana. In this regard, the parties hereby: (a) agree that venue shall be such stated
courts; (b) irrevocably consent to service of process and to the jurisdiction and venue of such courts; and (c) irrevocably waive any
claim of inconvenient forum if any such suit, claim, proceeding, litigation, dispute, or claim has been filed, brought, or made in any
of such courts.

 

22.            Construction.
This Agreement is the result of negotiations between the parties, and no party shall be deemed to be the drafter of this Agreement; accordingly,
this Agreement shall be interpreted and construed without any presumption or inference based upon or against the party causing this Agreement
to be prepared. The language of this Agreement shall in all cases be construed as a whole, according to its fair meaning and not strictly
for or against either party.

 

23.            Review
and Consultation. Executive acknowledges and agrees that: (a) he has read this Agreement in its entirety prior to executing the
agreement; (b) he understands the provisions and effects of this Agreement; (c) he has consulted with or had the opportunity to consult
with an attorney or other advisers as he has deemed appropriate in connection with the execution of this Agreement; (d) he has executed
this Agreement voluntarily and knowingly and that no promise, inducement or agreement, not expressed herein, has been made to his by
TTG; and (e) he has not received any advice, counsel or recommendation from TTG or its attorneys with respect to this Agreement and he
does not rely and has not relied upon any representation or statement by TTG or its agents or representatives, other than those expressly
contained in this Agreement.

 

24.            Section
Headings. Section headings are inserted into this Agreement for convenience only and shall not affect any construction or interpretation
of this Agreement.

 

25.            Reasonableness.
Executive agrees and acknowledges that the covenants, restrictions and obligations set forth in this Agreement are reasonable and necessary
to protect TTG. Executive agrees that the covenants, restrictions and obligations will not affect his ability to make a living and that
he will be fully able to earn an adequate livelihood for himself and any spouse, significant other or dependents, if any such provision
is specifically enforced against him. Accordingly, the restrictive covenants and obligations in Sections 12 and 13 shall be enforced
to the maximum extent allowed by law.

 

26.            Counterparts.
This Agreement may be executed in any number of identical counterparts, each of which shall be deemed a duplicate original but all
of which shall constitute one and the same agreement. The parties agree that signatures transmitted by facsimile or other electronic
means are acceptable the same as original signatures for the execution of the Agreement.

 

27.            Miscellaneous.
Any change in Executive’s duties, responsibilities, title, position, compensation, or status, with TTG will not affect the
validity or enforceability of this Agreement, including the restrictive covenants in Sections 12 and 13.

 

28.            Return
of Property. Upon termination of Executive’s employment, Executive shall immediately return to TTG all Company documents
and property, including but not limited to Confidential Information, manuals, reports, files, memoranda, records, door and file keys,
passwords and access codes, and any other physical or tangible things that Executive received, prepared, or helped prepare in connection
with TTG or Executive’s employment. Upon request by TTG, TTG may require Executive to certify, in writing under the penalties for
perjury, that Executive has complied with this Section.

 

29.            Withholding
Taxes. TTG may withhold from all payments due to Executive (or his beneficiary or estate) hereunder all taxes that, by applicable
federal, state, local or other law, TTG is required to withhold therefrom.

 

30.            Survival of Provisions. Any provision of this Agreement, which by terms or reasonable implication is to be or may be
performed or effective after the termination of the Agreement, shall be deemed to survive such termination, including but not limited
to the restrictive covenants in Sections 12 and 13.

 

 

 

    	 	9	 

     

    

 

31.            Non-Disparagement.
At any time during or for a period of one (1) year after the termination of Executive’s employment with TTG, regardless
of the reason for the termination or however terminated, Executive agrees that he will not disparage TTG or its Affiliates, or its or
their business, services, owners, officers, directors, employees, or any dealings of any kind between Executive and TTG or any Affiliate,
to any third party. Furthermore, Executive agrees that he will not disparage any of TTG’s customers, vendors or suppliers, or any
other person or entity that does business with TTG, including any of its or their directors, officers, employees, owners and executives,
to any third party, or otherwise take any action which could reasonably be expected to adversely affect the personal, professional or
business reputation of those entities or persons. For purposes of this Agreement, “disparage” shall mean any degrading,
denigrating, belittling, insulting, defamatory, false, or misleading statement, whether written or oral, about those entities or persons,
its’ or their work product, or business operations.

 

32.            Notice
to Future Employers. For the period of one (1) year immediately following the termination of Executive's employment with TTG,
Executive will inform each new employer, within 30 days of accepting employment, of the existence of this Agreement and provide that
employer with a copy of this Agreement. Executive further agrees that TTG may, if it so desires, send a copy of this Agreement to, or
otherwise make the provisions hereof known to, any such employer.

 

33.            Notices
to Parties. For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and
shall be deemed to have been given: (a) if delivered by overnight courier on the date of delivery, or (b) if mailed, three business
days after mailing if sent by U.S. first class mail. Any such notice shall be addressed as follows:

 

	
    If to Executive:

     
	
    Joseph J. Montel

    Post Office Box 3790

    Carmel, Indiana 46082

    ______________________

     
	 
	If to TTG:	
    Chief Executive Officer

    300 Growth Parkway

    Angola, Indiana 46703
	 

 

or to such other address as either party
hereto may have furnished to the other party in writing in accordance herewith, except that notices of change of address shall be effective
only upon receipt.

 

34.            Section 409(A). It is intended that any severance payment that may be due under this Agreement will not cause a violation
of Section 409(A) of the Internal Revenue Service Code. Thus, notwithstanding anything in this Agreement to the contrary, if any provision
in this Agreement or any severance payment would result in the imposition of an applicable tax under Section 409(A), that Agreement provision
or severance payment will be reformed to avoid imposition of the applicable Section 409(A) tax. If an amount is to be paid under this
Agreement in two or more installments, each installment shall be treated as a separate payment for purposes of Section 409(A).

 

35.            Disclaimer. Nothing in this Agreement shall be construed to prohibit Executive from reporting conduct to, providing
truthful information to, or participating in any investigation or proceeding brought or conducted by, any federal or state government
agency or self-regulatory organization.

 

36.            Notice
of Rights Pursuant to Section 7 of the Defend Trade Secrets Act. Notwithstanding any provisions in this Agreement or any TTG
policy applicable to the unauthorized use or disclosure of trade secrets or confidential information, Executive is hereby notified that,
pursuant to Section 7 of the Defend Trade Secrets Act (DTSA), Executive cannot be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a trade secret that is made (a) in confidence to a federal, state, or local government
official, either directly or indirectly, or to an attorney; and (b) solely for the purpose of reporting or investigating a suspected
violation of law.  Executive also may not be held liable for such disclosures made in a complaint or other document filed in a lawsuit
or other proceeding, if such filing is made under seal.  In addition, individuals who file a lawsuit for retaliation by an employer
for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information
in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade
secret, except pursuant to court order.

 

 

 

    	 	10	 

     

    

 

37.            Trade
Secrets. This Agreement supplements and does not supersede Executive’s obligations under all statutes and common laws intended
to protect the Company's trade secrets, including the Indiana Uniform Trade Secrets Act and the federal Defend Trade Secrets Act.

 

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

 

TRADITION TRANSPORTATION GROUP, INC.

 

 

	By: /s/ Timothy E. Evans                                                	 	Date: the 28th day of December 2022
	Printed Name: Timothy E. Evans	 	 
	Title: President & Chief Executive
Officer	 	 
	 	 	 
	 	 	 
	By: /s/ Joseph M. Davis                                                 	 	Date: the 28th day of December 2022
	Printed Name: Joseph M. Davis

	 	 
	Title: Chief Operating Officer

	 	 
	 	 	 
	 	 	 
	EXECUTIVE	 	 
	 	 	 
	/s/ Joseph J. Montel                                                        	 	Date: the 28th day of December 2022
	Printed Name: Joseph J. Montel

	 	 

 

 

 

    	 	11EX-10.1

 Exhibit 10.1 
  

			
	Loan Agreement Certificate 	  	Date of Agreement: November 13, 2019
		
	To Kiraboshi Bank Ltd.	  	

  

			
	 Address:
	  	 6-1, Nihonbashi Kodenmacho, Chuo-ku,
Tokyo

		
	 Borrower:
	  	 Earlyworks Co., Ltd.

		
		  	 Satoshi Kobayshi, Representative Director.

		
	 Address:
	  	 [*]

	
	 Jointly and Severally Liable Guarantor: Satoshi Kobayshi.

		
	 Address:
	  	 <blank>

	
	 Jointly and Severally Liable Guarantor: <blank>

 Article 1 (Borrowings Guide) 

The Borrower shall, based on the guarantee by the Tokyo Credit Guarantee Corporation No. [*] dated October 28, 2019 after approving the
separately concluded the Bank transaction agreement, enter into the loan agreement (hereinafter referred to as the “Agreement”) with Kiraboshi Bank, Ltd. (hereinafter referred to as the “Bank”) as follows: This Agreement shall
come into effect when the Borrower receives the money specified below from the Bank. 
  

									
	 	 	 	 
	
Amount
	 	Three thousand five hundred (35,000,000) Yen	 	Borrowing date	 	<blank>
	 	 
	
Use of funds
	 	Working capital
	 	 
	
Final repayment date
	 	November 12, 2024
	 	 
	
Repayment method
	 	The Borrower shall pay 583,000Yen on December 31, 2019 as the first payment, and thereafter
the Borrower shall pay 583,000Yen at the last day of each month and the payment shall be completed when the Borrower pays 603,000Yen on the final due date.
	 	 
	
Interest rate
	 	1.60000% per year (Daily calculation with 365 days in a year)
	 	 
	 Timing
and method of interest payment
	 	The loan date shall be the date of the first-time payment and December 31, 2019 shall be the date of
the second time payment and thereafter the Borrower shall pay the amount to be paid for the next payment date in advance on the last day of each month.
	 	 
	
Damages
	 	If the Borrower fails to perform the obligations under this Agreement, the Borrower shall pay damages at
14% per annum (calculated on a daily basis with 365 days in a year) against the overdue principal.
	 	 	 	 	 
	
Repayment Deposit Account
	 	Branch Name	 	Type of deposit	 	Account number	 	Registered seal for deposit  
	 	Nihonbashi Branch	 	Ordinary deposit	 	[*]	 	<seal>
	 	 
	
Holiday category
	 	If the principal repayment date or interest payment date falls on the Bank holiday, the payment date shall
be the next business day.

 Column used by Bank 

 

																	
	 	 	 	 	 	 	 	 	 
	  Items	 	Loan basic account No.	 	Handling No.	 	Approval No.	 	Goods	 	Customer No.	 	Name of
customer	 	Date of the establishment	 	Remarks
	 	 	 	 	 	 	 	 	 
	  44	 	[*]	 	[*]	 	[*]	 	7021	 	[*]	 	Earlyworks Co., Ltd.	 	May 01, 2018	 	<blank>
	 
	  Borrowed amount: Three thousand five hundred
(35,000,000) Yen 

 RQ 44713 Short-term prime rate long-term lending rate “For business use: For equal principal”
(Revised March 2020) L.11-.870 
  

									
	 	 	 	 
	 Proof mark
after the fact
	 	 Proof mark before

the fact
	 	Seal verification	 	Seal of the person in charge
	 	 	 	 	 
	<blank>	 	<blank>	 	 (Financing)

<blank>
	 	 (Deposit)

<blank>
	 	<blank>

  

[Special agreement on Split Borrowings] 

Abbr. (Not applicable) 

Article 2 (Special agreement on Repayment before Due Date) 

I. The date on which the Borrower may repay the obligations under this Agreement before the due date (hereinafter referred to as the
“Repayment Date before the Due Date”) shall be a business day of the Bank, and it shall be determined based on the prior approval of the Bank. 

II. In the event that the Borrower repays before the due date based on the preceding paragraph, if an unpaid interest exists, regardless of
the provisions of the timing and method of payment of interest set forth in Article 1, the full amount of unpaid interest up to that date shall be paid on the Repayment Date before the Due Date. 

III. If all or part of the loan is repaid before the due date pursuant to the preceding two paragraphs, and the final repayment date comes
after the end of the month that includes the day that has passed 12 months calculating from the Repayment Date before the Due Date, a fee for the repayment before due date equivalent to 2/100 of the amount to be repaid before the due date and
consumption tax (including local taxes) shall be paid to the Bank on the Repayment Date before the Due Date; provided, however, that it is excluded the cases that local public organization’s loans and loans guaranteed by the Credit Guarantee
Corporation regarding the payment of fee for the repayment before the due date. 
 Article 3 (Definition of Floating Rate) 

The Borrower shall agree that the interest rates set forth in Article 1 shall be the following floating interest rates; provided, however, that
if any change in the claim protection status of Bank occurs due to any change in the Borrower’s financial situation, an increase or decrease in the security value or if there is any change in the financial situation or other reasonable reasons,
the Bank or the Borrower may seek the consultation with the other party regarding the matter that the applicable interest rate for borrowings under this Agreement is changed to a level generally accepted as reasonable. 

1. If the basic interest rate is changed, the Bank shall raise or lower the interest rate by the same amount as the fluctuation range on the
basis of the short-term prime rate-linked long-term lending rate (hereinafter referred to as the “Base Rate”) determined by the Bank. 

2. The Borrower shall confirm that the basic interest rate is <blank> % per year as of date when loan is borrowed. 

3. If the basic interest rate is changed, the new interest rate shall apply from the day following the first agreed repayment date (Interest
Payment Date) after the date of such change. 

 Article 4 (Automatic Payment of Principal and Interest) 

I. The Borrower shall deposit an amount equal to or greater than the prescribed repayment amount by each agreed repayment date in the deposit
account in the name of the Borrower (hereinafter referred to as the “Repayment Deposit Account”) as stipulated in Article 1 (hereinafter referred to as the “Repayment Deposit Account”). The Bank shall withdraw the relevant
repayment amount from the Repayment Deposit Account on each agreed repayment date and apply it to each repayment. The Bank shall withdraw the relevant repayment amount from the Repayment Deposit Account on each agreed repayment date and appropriate
it to each repayment. In addition, regarding this handling, regardless of the current account regulations or the ordinary deposit (general account) regulations, the drawing of a check or the submission of an ordinary deposit (general account)
passbook and an ordinary deposit passbook refund request form shall be omitted. 
 II. If the balance of the Repayment Deposit Account is
less than the repayment amount on the agreed repayment date, the Bank shall suspend handling of an automatic payment or shall process it in a method that the Bank deems appropriate such as an automatic withdrawal after reaching the repayment amount
including late damages after the agreed repayment date for repayment of the principal. 
 III. The Bank shall be able to process the
withdrawals set forth in the preceding two paragraphs without notifying the Borrower of it. 
 IV. The Borrower shall bear the guarantee fee
of the Credit Guarantee Corporation, other guarantee fees, registration fees, fixed date fee necessary to protect the Bank’s claims based on this Agreement and any other incidental expenses related to this Agreement. The Bank may withdraw it
from the Repayment Deposit Account and appropriate it pursuant to the paragraph 1. 
 Article 5 (Forfeiture of Benefit of Time) 

I. The Borrower shall naturally forfeit the benefit of time with respect to all obligations owed to the Bank without a notice, etc. from the
Bank and shall immediately repay the obligations if even one of the following events occurs with respect to the Borrower: 
 1. the Borrower
files or is filed against a petition of suspension of payment, the commencement of bankruptcy proceedings, the commencement of civil rehabilitation proceedings or commencement of special liquidation; 

2. the Borrower is subject to the suspension of transactions by a clearinghouse or suspension of use of debtors of the Electronic Monetary
Claim Recording Institution; 
 3. a provisional seizure, a protective seizure, or an order or notice of seizure is delivered with respect
to the Borrower’s or the Guarantor’s deposits or other claims against the Bank; or 
 4. the Borrower is missing and the notice
sent by the Bank to the Borrower has failed to reach its registered address. 
 II. The Borrower shall, upon a request from the Bank,
forfeit the benefit of time for all obligations to the Bank and immediately repay the obligations even if one of the following events occurs with respect to the Borrower: 

1. the Borrower is late in fulfilling even part of the obligations owed to the Bank; 

2. a seizure or the commencement of auction procedures for the object of the security occurs; 

3. the Borrower violates a transaction agreement with the Bank, it is revealed that even one of the items of Article 12 is not true, or an
event occurs such as a report to the Bank based on Article 14 or a document showing the financial situation to be submitted to the Bank containing material misrepresentation; 

4. the guarantor falls under even one of each item of the preceding paragraph or this paragraph; or 

 5. a reasonable reason arises that requires the protection of claims equivalent to each of
the preceding items. 
 III. In case of the preceding paragraph, if a bill is delayed or does not arrive due to reasons attributable to the
Borrower that the Borrower fails to notify a change of address or fails to receive a bill from the Bank, etc., the benefit of time shall be forfeited when it should normally arrive. 

IV. Even after the Borrower has forfeited the benefit of time pursuant to the preceding three paragraphs, if the Bank determines that the
Borrower’s repayment to the Bank will not be hindered, the Borrower’s benefit of time may be permitted as before by notifying the Borrower in writing; provided, however, that this shall not preclude the effect of any action that the Bank
has already taken based on the forfeiture of benefit of time. 
 Article 6 (Set-off or
Appropriation of Repayment by Bank) 
 I. If the Borrower must perform its obligations to the Bank due to the expiration or forfeiture of
benefit of time, the Bank may set off its obligations against the Borrower’s deposits and other claims to the Bank at any time, regardless of the maturity of such claims. 

II. In case where the set off set forth in the preceding paragraph may be made, the Bank omits a prior notice and prescribed procedures, and
receives refund of various deposits instead of the Borrower so that the Bank may appropriate it to the repayment of the Borrower’s obligations. In this case the Bank shall notify the Borrower of the result of such appropriation. 

III. If the Bank offsets or applies refunding and appropriation in accordance with the preceding two paragraphs, the period shall be until the
date of calculation performed by the Bank regarding the calculation of interest on the claims and obligations, penalties, damages, etc. In addition, if no separate agreement between the Borrower and the Bank regarding interest rates, fees, etc.,
exists, it shall be determined by the Bank. 
 Article 7 (Set off by the Borrower) 

I. The Borrower may set off the Borrower’s deposits and other claims against the Bank that are due against the Borrower’s obligations
to the Bank, even if such obligations have not yet expired. 
 II. If the Borrower performs the set off pursuant to the preceding paragraph,
the notice of set off shall be in writing and shall immediately submit certificates of deposits and other claims and pass books that have been set off to the Bank.     

III. With regard to calculations of interest of claims and obligations, penalties, damages, etc. when the Borrower sets off, its period shall
be until the date of arrival of the notice of set off. In addition, if no separate agreement of the interest rate and fee rate between the Borrower and the Bank exists, it shall be reasonably determined by the Bank. Furthermore, the provisions under
the paragraphs 2 and 3 of Article 2 shall apply mutatis mutandis to the payment of accrued interest and the repayment fee before due date. 

Article 8 (Designation of Appropriation by the Bank) 

If the repayment of obligations from the Borrower or the set-off or refund of appropriation under
Article 6 is insufficient to extinguish the entire obligations of the Borrower the Bank, the Bank shall appropriate it in the order and method that the Bank deems to be an appropriate and notify the Borrower of the results thereof in writing. In
this case, the Borrower shall not be able to raise an objection to such appropriation. 
 Article 9 (Designation of Appropriation by the
Borrower) 
 I. If the Borrower performs the set off pursuant to Article 7, if such set off is insufficient to extinguish the entire
obligations of the Borrower the Bank, the Borrower may designate the order and method of the appropriation by a written notice to the Bank. 

 II. If the Borrower fails to perform the designation pursuant to the preceding paragraph,
the Bank may perform an appropriation according to the order and method that the Bank deems to be an appropriate. In addition, the Borrower shall not be able to raise an objection to such appropriation. 

III. If the designation set forth in paragraph 1 is likely to hinder the Bank’s protection of claims, after making an objection without
delay, the Bank may perform an appropriation based on the order and method designated by the Bank in consideration of the security, presence/absence of the guarantee, the slightness and seriousness, the difficulty of disposal, the length of
repayment period, the expected settlement of discounted bills or the discounted electronically recorded claims, etc. In this case, the Bank shall notify the Borrower of the result of such appropriation in writing. 

IV. If the Banks performs an appropriation pursuant to the preceding two paragraphs, the Borrower’s unmatured obligations shall be deemed
to have matured, and the Bank may designate its order and method. 
 Article 10 (Warranty) 

I. For all obligations borne by the Borrower under this Agreement, the Guarantor shall bear the performance of obligations jointly and
severally with the Borrower and shall comply with this Agreement for such performance. 
 II. The Guarantor shall not set off the
Borrower’s bank deposits or other claims. 
 III. The Guarantor shall not be exempted from its liability even if the Bank changes or
terminates the security or other guarantees for its own convenience. 
 IV. If the Guarantor performs the obligations assured by the
Guarantor, the rights acquired from the Bank through the subrogation shall not be exercised without the Bank’s consent while the Borrower and the Bank continues the transactions. If requested by the Bank, the Guarantor shall assign its right or
order to the Bank without charge. 
 V. If the Guarantor has provided other guarantee for the transactions between the Borrower and the
Bank, such guarantee shall not be changed by this Agreement. In addition, if the Guarantor has provided another guarantee that the maximum amount thereof is stipulated, the amount guaranteed by the Guarantor in this Agreement shall be added to the
said maximum amount to be guaranteed. The same shall apply if the Guarantor guarantees other transactions between the Borrower and the Bank in the future. 

VI. With regard to a liquidation of the guarantee obligation based on this Agreement, if the Guarantor requests a liquidation in accordance
with the guidelines (including revisions made after publication. hereinafter referred to as the “Guidelines”) on the management guarantees published by the Research Group on Guidelines for Management Guarantees on December 5, 2013
(The secretariat is the Japanese Bankers Association and the Japan Chamber of Commerce and Industry), the Bank shall endeavor to deal with such liquidation in good faith based on the Guidelines. 

Article 11 (Security) 
 I.
If a reasonable reason that the Bank requires the protection of claims against the Borrower occurs such as a security provided to the Bank has been lost, damaged or decrease in value due to reasons not attributable to the Bank or a credit
uncertainty of the Borrower or the Guarantor occurs, the Borrower shall provide the security or additional security as the Bank deems appropriate or appoint a guarantor or appoint an additional guarantor if the bank requests it by specifying a
reasonable period of time. 
 II. If the Borrower fails to perform obligations to the Bank, the Bank collects or disposes of the security,
including legal procedures, in a manner, timing, price, etc. as generally considered appropriate and then the Bank may appropriate the remaining amount after deducting various expenses from the acquired money to the repayment of the Borrower’s
obligations regardless of the legal order. In addition, if there are any remaining 

 
obligations, the Borrower shall immediately repay it. After appropriating it to the repayment of the obligations of the Borrower, if a surplus in the acquired money arises, the Bank shall return
it to the right holder. 
 III. If the Borrower fails to perform the obligations to the Bank, the Borrower’s personal property, bills
and other securities (including Borrower’s transfer shares, corporate bonds, electronically recorded claims and other securities recorded in the name of the Borrower) in the possession of the Bank may be collected or disposed of by the Bank,
and in this case, the Bank may handle it in accordance with the preceding paragraph. 
 IV. The security set forth in this Article shall
include the statutory security rights such as retention rights, statutory liens, etc. 
 Article 12 (Representation and Warranty by the
Borrower) 
 The Borrower (limited to corporations) represents and warrants to the Bank that the matters described in each of the
following items are true during the course of the transactions with the Bank based on this Agreement: 
 1. The Borrower is legally
established in accordance with Japanese laws and remains in full force and effect; 
 2. The conclusion and performance of this Agreement by
the Borrower and transactions based on it are the acts within the scope of the Borrower’s purpose and the Borrower has completed all the procedures required by laws and regulations, etc. regarding it, the Articles of Incorporation, and other
internal rules; 
 3. The conclusion and performance of this Agreement by the Borrower and transactions based on it does not violate the
following matters: 
 (a) Matters specified by the laws and regulations, etc. that bind the Borrower; 

(b) Matters prescribed in the Articles of Incorporation and other internal rules of the Borrower; and 

(c) Matters prescribed in an agreement with a third party to which the Borrower is a party, or matters stipulated in an
agreement with a third party that binds the Borrower itself or the Borrower’s property. 
 4. A person who signs or affixes his or her
name and seal to this Agreement shall be authorized to sign or affix its name and seal thereto on behalf of the Borrower based on the procedures required by the laws and regulations, etc., the Articles of Incorporation, and other internal rules.

 Article 13 (Exclusion of Antisocial Forces) 

I. The Borrower or the Guarantor definitely promises that it shall not currently fall under an organized crime group, an organized crime group
member, a person for whom 5 (five) years have not passed since leaving an organized crime group, an associate member of an organized crime group, an organized crime group affiliated company, a corporate racketeer group, etc., a group engaging in
criminal activities under the pretext of conducting social campaigns or crime group specialized in intellectual crimes, or other equivalent thereto (hereinafter referred to as the “Organized Crime Group Member, etc.”), that it shall not
fall under any of the following items, and that it shall not fall under any of the following items in the future: 
 1. it has a
relationship deemed to be recognized that the Organized Crime Group Member, etc. controls the management; 
 2. it has a relationship deemed
to be substantially involved in the management by the Organized Crime Group Member, etc.; 
 3. it has a relationship deemed to be
recognized to unjustifiably use the Organized Crime Group Member, etc. such as for the purpose of seeking unfair profit for itself, its own company or third parties or for the purpose of causing damage to third parties; 

 4. a party has a relationship deemed to be involved such as providing funds or convenience
to the Organized Crime Group Member, etc.; or 
 5. An officer or person who is substantially involved in the management has a relationship
with the Organized Crime Group Member, etc. that should be socially criticized. 
 II. The Borrower or the Guarantor definitely promises not
to commit any of the following acts either by itself or by using a third party: 
 1. an act of violent demanding; 

2. an act of unreasonable claim exceeding the legal responsibility; 

3. an act of threatening speech and behavior or utilizing violence in regard to transactions; 

4. an act of spreading rumors, obstructing the business of the Bank using fraudulent means or force, or damaging the credit of the Bank; or

 5. any act equivalent to those provided in each preceding item. 

III. If the Borrower or the Guarantor falls under the Organized Crime Group Member, etc. or any of each item of the paragraph 1 or commits an
act falling under any of each item of the preceding paragraph, or it is found that it has made a false declaration regarding the representations and definite promises based on the provisions of paragraph 1 and then it is inappropriate to continue
the transactions with the Borrower, the Borrower shall, upon request from the Bank, forfeit the benefit of time for all obligations to the Bank and shall immediately repay such obligations. 

IV. Even if the Borrower or the Guarantor suffers damages pursuant to the application of the provisions of the preceding paragraph, it shall
not make any claims to the Bank. In addition, if the Bank suffers any damage, the Borrower or the Guarantor shall assume responsibilities thereof. 

Article 14 (Report and Investigation, etc.) 

I. The Borrower shall periodically submit to the Bank a copy of the document that indicates the Borrower’s financial situation, such as a
balance sheet and profit and loss statement. 
 II. To the extent necessary for the Bank to investigate the Borrower’s property,
management, business conditions, etc., the Borrower shall submit documents or make a report, and provide the benefits necessary for the investigation if requested by the Bank. 

III. The Borrower shall report to the Bank without delay if a significant change in its property, management, business conditions, etc. occurs
or is likely to occur. 
 IV. If a guardianship, curatorship or assistance is commenced or a supervisor of voluntarily appointed guardian is
appointed by a hearing and decision of the family court for the Borrower or the Guarantor, or the Borrower or Guarantor is already subjected to those hearings and decisions, the Borrowers, the Guarantor or its guardian, curator, assistant or a
supervisor of voluntarily appointed guardian or a voluntarily appointed guardian shall immediately notify the Bank of that effect in writing by attaching the data that proves the facts such as the certificate of registered information. In addition,
the same shall apply if the contents of notification are changed (including the case that a guardianship, curatorship or assistance is commenced by the guardian, curator, assistant based on the hearings and decisions of the family court) or revoked.

 Article 15 (Assignment of Claims) 

I. The Bank may assign the claims (hereinafter in this Article, including the trust) under this Agreement to other financial institutions, etc.
in the future. 
 II. If any claim is assigned pursuant to the preceding paragraph, the Bank shall act as the agent of the assignee
(hereinafter, in this article, including the trustee of the trust) with respect to the assigned claim unless the Bank notifies the Borrower of the assigned claim. The Borrower shall pay to the Bank the amount of repayment for the principal and
interest each time by the method stipulated in Article 1 as before, and the Bank shall deliver it to the assignee. 
 Article 16
(Obligation to Prepare a Notarial Instrument) 
 The Borrower and the Guarantor shall, upon a request from the Bank, immediately take the
necessary procedures to prepare a Notarial Instrument with an acknowledgement of the compulsory execution regarding the obligations under this Agreement. The Borrower and the Guarantor shall bear the costs required for the above. 

Article 17 (Amendment or Modification of Matters to be Notified) 

I. The Borrower and the Guarantor shall immediately notify the Bank in writing of any change in the seal, name, trade name, representative,
address, or other matters notified to the Bank. 
 II. If the notification given or documents sent by the Bank are delayed or do not arrive
due to the reason attributable to the Borrower or the Guarantor, such as failure to submit the notification set forth in the preceding paragraph, or the Borrower or the Guarantor’s failure to receive a request from the Bank, it is assumed that
it arrived at the time it should normally arrive. 
 Article 18 (Governing Law and Agreed Jurisdiction) 

I. The Borrower, the Guarantor and the Bank shall agree that the governing law for the transaction contract based on this Agreement shall be
Japanese laws.  

II. If a litigation, mediation, or other judicial proceedings become necessary with respect to transactions based on the Agreement, the
Borrower, the Guarantor and the Bank shall agree the court having jurisdiction over the location of the head office of the Bank or the location of the branch of the Bank with which the Borrower deals shall be the competent court. 

The Guarantor and the Bank shall agree that the court having jurisdiction over the locations of the head office of the Bank or the branch of
the Bank with which the Borrower deals transactions shall be the competent court. 
 Article 19 (Handling of Loan Agreement Certificate
after Completion of Repayment) 
 If there is no special request from the Borrower within six (6) months after the completion of
repayment, the Bank may dispose of this Agreement without notifying the Borrower. 
 Article 20 (Consent to Acquisition of Certificate of
Residence) 
 The Borrower and the Guarantor agree that the Bank obtains a certificate of residence (copy) of the Borrower and the
Guarantor if the Bank deems it necessary for reasons such as for securing claims.

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