Document:

Exhibit 10.1

 

 

 

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT
AGREEMENT (this “Agreement”), dated this October 29, 2019, is between Pareteum Corporation, a Delaware
corporation (the “Company”), and Laura Thomas, a resident of the State of Virginia, having a mailing address of
XXX (“Executive”).

 

WHEREAS, Company
desires to retain the services of Executive to serve as Chief Financial Officer; and

 

WHEREAS, Executive
is willing to serve as its Chief Financial Officer upon the terms, and subject to the conditions, of this Agreement; and

 

NOW, THEREFORE,
in consideration of the premises stated above and the mutual covenants contained in this agreement, the parties hereby agree as
follows:

 

		1.	Effective Date; Employment; Termination of Employment.

 

		a)	Company shall employ Executive as Chief Financial Officer, and as such, she will report to the
CEO of the Company. Executive shall have such duties and responsibilities as are customarily associated with such position and
assigned to her by the Board of Directors. Executive shall at all times report to and be managed under the direction of the CEO.
The Executive will commence her employment on November 15, 2019 (the “Effective Date”) and the term that Executive
is employed by the Company is referred to herein as the “Employment Term.” 

 

		b)	Employment with the Company is for no specific period of time. Your employment with the Company
will be “at will,” meaning that either you or the Company may terminate your employment at any time and for
any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement.
This is the full and complete agreement between you and the Company as to your employment with the Company. Although your job duties,
title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time,
the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly
authorized officer of the Company (other than you). If the Company terminates Executive's employment, and provided that
Executive signs and delivers a General Release with the terms set forth in the form annexed hereto as Exhibit “A,”
Executive shall be entitled to twelve (12) months’ salary
at the rate at which her salary is set as of termination (the “Severance Pay”). If the Executive is entitled to receive
the Severance Pay, any such payments will be paid by the Company in installments according to its normal payroll procedures. If
Executive declines to sign and return the General Release, then Executive shall not be entitled to any further pay or benefits
after her employment terminates.

 

     

     

    

 

		c)	Executive shall devote her full business time, labor, skill and energy to the business and affairs
of the Company and to performing her duties and responsibilities to the Company. Executive shall perform her duties and responsibilities
to the Company diligently, competently, faithfully, and to the best of her ability. For the purposes hereof, Executive understands
and agrees that travel, including international travel, will comprise fifty percent (50%) (or more depending on circumstances)
of Executive’s duties. Executive understands and agrees that the position is based in New York City, New York and that she
may also perform her duties from her Virginia area home base or such other location as may be approved by the CEO.

 

		d)	The Company shall indemnify and hold harmless Executive to the maximum extent permissible for any
liabilities based on any transactions or events occurring in the course of the Company’s business and within the scope of
Executive’s duties and shall provide Directors & Officers Insurance covering Executive with respect to all such liabilities
or claims.

 

		2.	Compensation: Base Salary and Performance Bonus. 

 

		a)	As compensation for her services, commencing on the Effective Date the Company will pay Executive
a salary in the gross amount of $250,000 (two hundred fifty thousand dollars) less deductions applicable to wages, per year. The
Company will pay Executive’s salary by check or authorized electronic bank deposit in 24 equal semi-monthly installments,
unless more frequent installments are required by applicable law, in which case installments will be paid more frequently.

 

		b)	Commencing on the Effective Date Executive shall be eligible to receive an annual bonus of up to
sixty percent (60%) , where payment of any such bonus is subject to the Company’s achievement of its business plan targets
(including, without limitation, 100% of agreed-upon revenue, 100% of agreed-upon EBITDA, 100% of fully levered free cash flow targets,
together with any other objective criteria as set by the Company). Additionally, and without limitation of the foregoing, performance
levels of the Company that exceed the agreed-upon thresholds may, in the sole discretion of the CEO, trigger an accelerated payout
of any bonus that is actually earned, to be paid as follows:

 

		1)	Bonuses will be paid on an annual basis in the calendar year following the year in which any such
bonus was earned, where any such earned bonus will be paid in periodic installments in accordance with the Company’s payrollpolicy then in effect.

 

		2)	Executive must be employed by the Company at the end of the calendar year in which the bonus was
earned.

 

		c)	All payments made under this Agreement shall be made subject to applicable tax withholdings and
other withholdings required by applicable law.

 

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		3.	Equity Grant.

 

Subject to the availability of shares under
the Company’s long term incentive compensation plan and further subject to the determination of the Board, Executive will
be granted two hundred fifty thousand (250,000) options or shares (at the Company’s discretion) of the Company’s common
stock subject to the terms and conditions prescribed by the Board (whether options or shares, collectively referred to herein as
the “Option Shares”). The exercise price will be determined by a 30-day VWAP look-back, or the market price on the
day of grant by the Board, if higher. The Option Shares will include such other usual and customary terms as the parties deem reasonably
necessary to effectuate the terms herein, including, without limitation, a provision that automatically adjusts the number of Option
Shares granted in the event the Company exercises any form of stock split. In the event the Company elects to grant Executive additional
options, in order to be eligible for a grant of any such additional restricted stock option Executive must be an employee of the
Company at the time of grant and will be required to execute any such additional agreements as required by the Company. The exercise
price, vesting installments and exercising period of vested options is determined by the Option Compensation Plans and by approval
by the Board of the Company or in case of earlier termination of this Agreement till 90 days after the termination. Subject to
the terms and conditions set forth in the Option Compensation Plans, in the event of a change of control of the Company, whereby
all or a controlling portion of the Company’s equity is acquired by a third party, or the Company merges with another entity,
any unvested Option Shares shall immediately vest with Executive. For the avoidance of doubt, Executive understands, acknowledges
and agrees that the Options, together with any other grants of equity contemplated herein, shall at all times be subject to dilution
by the Company in the same manner as other holders of the same class of equity pari passu.

 

		4.	Benefits. 

 

		a)	Vacation Time. Executive shall be entitled to five (5) weeks paid vacation time per annum;
provided, however, that all vacation time shall be pre-approved by the CEO, and Executive shall not be able to take vacation
time at any time that would materially interfere with the business or operations of the Company. Executive shall be permitted to
carry over two weeks of unused vacation time from year to year during the Employment Term. Unused vacation time shall not be paid
out to Executive.

 

		b)	Reimbursement for Expenses. The Company shall promptly reimburse Executive for all reasonable
and necessary business expenses incurred by Executive in accordance with her duties and responsibilities hereunder, including,
without limitation, telephone, facsimile, travel, lodging, entertainment and other customary charges incurred by Executive on behalf
of the Company in the performance of her duties hereunder, upon the presentation by Executive of appropriate evidence and documentation
of the incurrence thereof in accordance with the Company’s policies from time to time in effect.

 

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		c)	Benefits. During the Employment Term, the Executive shall be entitled to participate in
all employee benefit plans, practices and programs maintained by the Company, as in effect from time to time (collectively, "Employee
Benefit Plans"), on a basis which is no less favorable than is provided to other similarly situated executives of the Company,
to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right
to amend or cancel any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit
Plan and applicable law.

 

		d)	Other. In addition, Executive shall receive such additional compensation or other benefits
as are provided to Company employees generally and similarly-situated Company executives specifically, in each case as established
by the Board in its discretion. The Company retains discretion to amend, alter, or discontinue any such benefit plans.

 

		5.	Restrictions Respecting Confidential Information, Non-Competition, etc.

 

		a)	Acknowledgment of Executive. Executive acknowledges and agrees that by virtue of Executive’s
position and involvement with the business and affairs of the Company, Executive will develop substantial expertise and knowledge
with respect to all aspects of the business, affairs and operations of the Company and will have access to all significant aspects
of the business and operations of the Company and to confidential and proprietary information of the Company. As such, Executive
acknowledges and agrees that the Company will be damaged if Executive were to breach or threaten to breach any of the provisions
of this Section 5 or if Executive were to disclose or make unauthorized use of confidential and proprietary information of the
Company or otherwise engage in the activities prohibited by this Section 5. Accordingly, Executive expressly acknowledges and agrees
that Executive is knowingly and voluntarily entering into this Agreement, and that the terms, provisions and conditions of this
Section 5 are fair and reasonable and necessary to adequately protect the Company and its business.

 

		b)	Confidentiality Agreement. Concurrently with the execution of this Agreement, Executive
shall execute the Company’s Non-Disclosure Agreement (the “NDA”), the terms and provisions of which are attached
hereto and incorporated herein by reference as binding and operative provisions of this Agreement.

 

		c)	Non-Compete. During the Employment Term and for one (1) year after Executive ceases to be
employed by the Company for any reason, Executive shall not, directly or indirectly: (i) manage, operate or control, or participate
in the ownership, management, operation or control of, or otherwise become interested in (whether as an owner, stockholder, member,
partner, lender, consultant, executive, officer, director, agent supplier, distributor or otherwise) any business offering products
or services that are directly competitive with the products or services offered by the Company or any of its subsidiaries or affiliates
during the last six (6) months of Executive’s employment with the Company (or, if employed for less than six months, at any
time during Executive’s employment with the Company); or (ii) induce or influence any person that has a business relationship
with the Company or any of its subsidiaries or affiliates with whom Executive had material contact during the last six (6) months
of Executive’s employment with the Company (or, if employed for less than six months, at any time during Executive’s
employment with the Company) to discontinue or reduce the extent of such relationship. For purposes of this Agreement, Executive
shall be deemed to be directly or indirectly interested in a business if she is engaged in that business as a stockholder, director,
officer, executive, agent, member, partner, individual proprietor, consultant, advisor or otherwise, but not if Executive’s
interest is limited solely to the ownership of not more than 4.99% of the securities of any class of equity securities of a corporation
or other entity whose shares are listed or admitted to trade on a national securities exchange or are quoted on the Over the Counter
Bulletin Board or similar public trading system.

 

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		d)	No Solicitation. During the Employment Term and for one (1) year after Executive ceases
to be employed by the Company for any reason, Executive shall not, directly or indirectly, solicit to employ, or employ for herself
or others, any employee of the Company, or any subsidiary or affiliate of the Company, who was an officer, director or employee
of, or consultant or advisor to, the Company, or any subsidiary or affiliate of the Company, as of the date of the termination
of Executive’s employment with the Company or during the preceding six (6) month period, or solicit any such person to leave
such person’s position or join the employ of, or act in a similar capacity with, another, then or at a later time.

 

		e)	No Limitation. The parties agree that nothing in this Agreement shall be construed to limit
or negate the common law of torts, confidentiality, trade secrets, fiduciary duty and obligations where such laws provide the Company
with any broader, further or other remedy or protection than those provided herein.

 

		f)	Specific Performance. Because the breach or any threatened breach of any of the provisions
of this Section 5 may result in immediate and irreparable injury to the Company for which the Company may not have an adequate
remedy at law, Executive expressly agrees that the Company shall be entitled, in addition to all other rights and remedies available
to it at law, in equity or otherwise, to a decree of specific performance of the restrictive covenants contained in this Section
5 and further to a temporary and permanent injunction enjoining such breach or threatened breach, in each case without the necessity
of proving damages and without the necessity of posting bond or other security.

 

		g)	Challenge of Agreement by Executive. In the event Executive challenges this Agreement and
an injunction or other relief is issued staying the implementation of any of the restrictions imposed by Section 5 hereof, the
time remaining on the restrictions shall be tolled until the challenge is resolved by final adjudication, settlement or otherwise,
except that the time remaining on the restrictions shall not be tolled during any period in which Executive is unemployed.

 

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		h)	Interpretation of Restrictions. Executive acknowledges that the type and periods of restriction
imposed by this Section 5 are fair and reasonable and are reasonably required for the protection of the legitimate interests of
the Company and the goodwill associated with the business of the Company; and that the time, scope, geographic area and other provisions
of this Agreement have been specifically negotiated by sophisticated commercial parties and are given as an integral part of the
transactions contemplated hereby. If any of the covenants in this Section 5, or any part hereof, is hereafter construed to be invalid
or unenforceable, the same shall not affect the remainder of the covenant or covenants herein, which shall be given full effect,
without regard to the invalid portions. In the event that any covenant contained in this Agreement shall be determined to be unenforceable
by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive
in any other respect, it shall be interpreted to extend only over the maximum period of time for which it may be enforceable and/or
over the maximum geographical area as to which it may be enforceable and/or to the maximum extent in all other respects as to which
it may be enforceable, all as determined by such court in such action.

 

		i)	Severability of Covenants. Executive acknowledges and agrees that the provisions of this
Section 5 are reasonable and valid in all respects. If any tribunal having jurisdiction determines that any of the provisions of
this Section 5, or any part thereof, is invalid or unenforceable because of the duration or scope of such provision, such tribunal
shall modify any such unenforceable provision as it deems warranted to carry out the intent and agreement of the Parties as embodied
herein to the maximum extent permitted by law; and/or if any particular provision herein shall be adjudicated to be prohibited,
invalid or unenforceable, such that it cannot be amended to be enforceable, then such provision shall be deemed null and void,
but shall not invalidate or render unenforceable any other provision contained within this Agreement, and the remainder of this
Agreement shall be deemed and remain fully valid and enforceable.

 

		6.	Binding Effect. All of the terms and conditions of this Agreement shall be binding upon
and inure to the benefit of Executive and Company and any successor-in-interest to any of them.

 

		7.	Arbitration. 

 

		a)	Any dispute involving Executive’s
employment with Company, any of the terms or conditions of Executive’s
employment with Company, or the interpretation or application of this Agreement, or the NDA, shall be resolved by final and binding
arbitration before one arbitrator designated by the American Arbitration Association, pursuant to the then prevailing rules of
the AAA for the resolution of employment disputes, in New York, New York, whose decision shall be final and binding and subject
to confirmation in a court of competent jurisdiction in which the prevailing party may be awarded reimbursement of the arbitration
filing fees and fees of the arbitrator. The proceedings shall be conducted in English. Any evidence shall be translated into English
at the expense of the party offering the evidence and the costs of translation shall be recoverable as a cost by a prevailing party.
The arbitrator shall have authority to grant injunctive relief, including a temporary restraining order or preliminary injunction,
to the extent permitted by AAA rules.

 

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		b)	The parties agree that legal process for purposes of arbitration or any legal proceedings may be
served upon any party, anywhere in world, by means of: (a) U.S. First Class Mail or its equivalent; or (b) courier, such as Federal
Express, or (c) electronic mail; or (d) any means provided for under AAA rules.

 

		c)	Executive cannot participate in a representative capacity or as a member of any class of claims
pertaining to any claim subject to the arbitration provision in this Agreement. There is no right or authority for any claims subject
to this arbitration policy to be arbitrated on a class or collective action basis or on any basis involving claims brought in a
purported representative capacity on behalf of any other person or group of people similarly situated. Such claims are prohibited.
Furthermore, claims brought by or against either the Executive or the Company may not be joined or consolidated in the arbitration
with claims brought by or against any other person or entity unless otherwise agreed to in writing by all parties involved.

 

		8.	[RESERVED]

 

		9.	Miscellaneous.

 

		a)	This Agreement shall be governed by and construed in accordance with the laws of the State of New
York applicable to agreements made and to be performed in that state, without regard or reference to its principles of conflicts
of laws. This Agreement shall be construed and interpreted without regard to any presumption against the party causing this Agreement
to be drafted. Each of the parties unconditionally and irrevocably consents to the exclusive jurisdiction of the courts of the
State of New York, or the United States District Court for the Southern District of New York, with respect to any non-arbitrable
claim, suit, action or proceeding arising out of or relating to this agreement and with respect to any action to enforce the terms
of the arbitration clause herein. Each of the parties unconditionally and irrevocably waives any right to contest the venue of
said courts or to claim that said courts constitute an inconvenient forum. Each of the parties unconditionally and irrevocably
waives the right to a trial by jury in any action, suit or proceeding arising out of or relating to this Agreement.

 

		b)	This Agreement may be executed in any number of counterparts, each of which shall be deemed to
be original hereof, but all of which together shall constitute one and the same instrument and facsimile signatures delivered by
fax or e-mail transmission shall be treated as originals.

 

		c)	This Agreement is intended for the sole and exclusive benefit of the parties hereto and their respective
heirs, executors, administrators, personal representatives, successors, and permitted assigns, and no other person or entity shall
have any right to rely on this Agreement or to claim or derive any benefit here from absent the express written consent of the
party to be charged with such reliance or benefit. For the avoidance of doubt, and notwithstanding anything to the contrary contained
herein, with respect to any and all earned but unpaid commissions, bonuses, salary (or Severance Pay) and vested options or any
other forms of equity contemplated herein or any other sums due Executive (whether through Executive’s performance or by
acceleration), in the event Executive dies before the Company has delivered any such payments (or other forms of consideration,
including vested options or any other forms of equity) to Executive, the Company covenants and agrees that any such payments or
other forms of consideration (including vested options and equity) shall be paid and delivered to Executive’s heirs, executives,
administrators, personal representatives, successors, and permitted assigns as the case may be.

 

	 	 	 	 	 
	 	Executive initials	 	Company initials	 

 

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		d)	This Agreement may not be orally modified. This Agreement can be modified only by a written document,
signed by Executive and the Chairman of the Board.

 

		e)	The parties acknowledge that they have not relied on any representation, promise, or agreement
of any kind, oral or written, made to either of them in connection with their decisions to accept this Agreement, except for those
set forth in this Agreement.

 

		f)	This Agreement contains the entire agreement of the parties hereto concerning the subject matter
contained herein and supersedes and terminates any other prior written, including, without limitation, the immediate termination
and cessation of that certain Consulting Agreement, effective September 15, 2019, between the Company and Executive, and (except
for the releases contained therein) the immediate termination and cessation of that certain Separation Agreement and General Release,
dated August, 2019, between Company and Executive, or oral, agreements between them. There are no representations, agreements,
arrangements or understandings between the parties hereto concerning the subject matter of this Agreement, whether oral or written,
which are not fully expressed or referenced in the Agreements, and no unexecuted drafts of this Agreement or any notes, memoranda
or other writings pertaining hereto shall be used to interpret any of the provisions of this Agreement.

 

		g)	Executive represents and warrants that Executive has read this Agreement and Executive understands
that this is an important legal document Executive hereby represents and warrants that Executive has been advised of her right
to seek independent legal counsel in connection with the negotiation and execution of this Agreement and that Executive has either
retained and has been represented by such legal counselor has knowingly and voluntarily waived her right to such legal counsel
and desires to enter into this Agreement without the benefit of independent legal representation

   

[Signature Page Follows]

 

 

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IN WITNESS WHEREOF,
the Parties have set their hands hereto on the dates set forth below:

 

	PARETEUM CORPORATION	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Robert H. Turner	 	October 29, 2019	 
	(Signature)	 	(Date)	 
	 	 	 	 
	Chief Executive Officer	 	 	 
	(Title)	 	 	 
	 	 	 	 
	Robert H. Turner	 	 	 
	(Print name)	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	LAURA THOMAS	 	 	 
	 	 	 	 
	 	 	 	 
	/s/ Laura Thomas	 	October 29, 2019	 
	(Signature)	 	(Date)	 

 

 

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EXHIBIT A

RELEASE AND WAIVER OF CLAIMS

 

In consideration of
the payments and other benefits set forth in the Employment Agreement made effective as of ___
, 201_ (the “Employment
Agreement”), to which this form is attached, I, ___________________,
hereby furnish Pareteum Corporation (Pareteum) (the “Company”),
with the following release and waiver (this “Release”).
Any capitalized term used but not defined in this Release will have the meaning ascribed to such term in the Employment Agreement.

 

In exchange for the
consideration provided to me by Section 2 of the Employment Agreement that I am not otherwise entitled to receive, I hereby
generally and completely release the Company and its Affiliates and their respective directors, officers, employees, shareholders,
partners, agents, attorneys, representatives, insurers, predecessors, successors and assigns from any and all claims, liabilities
and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring
prior to my signing this Release, except claims that the law does not permit me to waive by signing this Release. This general
release includes, but is not limited to: (1) all claims arising out of or in any way related to my employment with the Company
or the termination of that employment; (2) all claims related to my compensation or benefits from the Company, including salary,
bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other
ownership interests in the Company; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant
of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge
in violation of public policy; and (5) all foreign, federal, state, and local statutory claims, including claims for discrimination,
harassment, retaliation, attorneys’ fees, or other claims
arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal
Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”),
the California Fair Employment and Housing Act or any comparable Canadian statute.

 

Notwithstanding the
foregoing, nothing in this Release shall constitute a release by me of any claims or damages based on any right I may have to enforce
the Company’s executory obligations under the Employment
Agreement, or my eligibility for indemnification under applicable law, Company governance documents or under any applicable insurance
policy with respect to my liability as an employee or officer of the Company, or my rights pursuant to my stock awards (including
any stock options, restricted stock or other awards granted to me by Parent) pursuant to their terms.

 

I acknowledge that,
among other rights, I am waiving and releasing any rights I may have under ADEA, that this Release is knowing and voluntary, and
that the consideration given for this Release is in addition to anything of value to which I was already entitled as an executive
of the Company. If I am 40 years of age or older upon execution of this Release, I further acknowledge that I have been advised,
as required by the Older Workers Benefit Protection Act, that: (a) the release and waiver granted herein does not relate to claims
under the ADEA which may arise after this Release is executed; (b) I should consult with an attorney prior to executing this Release;
(c) I have twenty-one (21) days from the date of termination of my employment with the Company in which to consider this Release
(although I may choose voluntarily to execute this Release earlier); (d) I have seven (7) days following the execution of this
Release to revoke my consent to this Release; and (e) this Release shall not be effective until the seven (7) day revocation period
has expired.

 

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I acknowledge my continuing
obligations under my NDA and my Employment Agreement with the Company. Pursuant to the NDA, I understand that among
other things, I must not use or disclose any confidential or proprietary information of the Company or its Affiliates and I must
promptly return all property and documents (including all embodiments of proprietary information) of the Company and its Affiliates
and all copies thereof in my possession or control. I understand and agree that my right to the severance pay I am receiving in
exchange for my agreement to the terms of this Release is contingent upon my continued compliance with my NDA and my Employment
Agreement.

 

This Release covers
both claims that I know about or suspect, as well as those I do not know about or suspect. I expressly waive all rights afforded
by any statute that limits the effect of a release with respect to unknown and unsuspected claims, including, without limitation,
§ 1542 of the Civil Code of the State of California, and any
other similar foreign, state, provincial or local laws, which states as follows:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

This Release constitutes
the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter
hereof. I am not relying on any promise or representation by or on behalf of the Company that is not expressly stated herein. This
Release may only be modified by a writing signed by both me and a duly authorized officer of the Company.

 

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NON-DISCLOSURE AGREEMENT 

 

 

 

This Non-Disclosure Agreement (the “Agreement”)
is made and entered into effective October ##, 2019 by and between Pareteum Corporation, a Delaware corporation having its
corporate address at:  1185 Avenue of the Americas, 37th Floor, New York, New York 10036, USA, and Laura Thomas,
a resident of the State of Virginia, having a mailing address of 13011 Grey Friars Place, Oak Hill, Virginia 20171, either both
of which may be hereinafter referred to as "the Party" or "the Parties."

 

 

 

WHEREAS

 

The Parties desire to discuss certain business
transactions and to exchange information for the purpose of exploring a potential business relationship for the benefit of the
Parties and/or to sign a business contract that shall include confidential technical or business information of each Party or entitle
each Party to exchange information for the execution of this business contract. In order to facilitate these discussions and in
order for the Parties to receive from each other, either orally or in writing, certain technical and business information under
terms that will protect the confidential and proprietary nature of such information, the Parties have entered into this Agreement.

 

NOW THEREFORE, THE PARTIES AGREE AS
FOLLOWS;

 

		1.	The Definition of "Confidential Information": The term "Confidential Information"
shall mean all information disclosed by one Party to the other Party, whether orally, in written, electronic or other format, and
whether disclosed by a Party’s agents, principals, employees or representatives, and whether to the other Party's agent's
principals, employees or representatives. “Confidential Information” shall include, without limitation, all ideas improvements,
inventions, methodologies, works and other innovations of any kind, authored, conceived, developed, made or reduced to practice
by the disclosing Party, whether or not eligible for copyright, patent, trademark, trade secret or other legal protection (including,
without limitation, formulas, processes, databases, mechanical and electronic hardware, electronic components, computers and their
parts, computer programs and their documentation, encoding techniques, marketing and new product plans, production, processes,
advertising, packaging and marketing techniques, marketing plans, product plans, technical plans, business strategies, strategic
alliances and partners, financial information, engineering data, methodologies and processes, forecasts, personnel information,
customer and prospective customer lists, trade secrets, product design, capabilities, specifications, the identify of potential
and actual customers, and suppliers and all documentation, materials and media provided by one Party to the other).

 

		2.	Protection of "Confidential Information": In consideration of each Party's disclosure
of Confidential Information to the other Party, each Party agrees with respect to the Confidential Information received from the
other Party, that it:

 

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		(a)	shall maintain such Confidential Information in the strictest confidence;

 

		(b)	shall not disclose, transfer or otherwise make available any of such Confidential Information to
any third party, unless such Confidential Information must be disclosed for the purposes contemplated herein, or under legal compulsion
to disclose any such Confidential Information, in which event each Party shall, prior to such disclosure, obtain written consent
from the other Party and obtain from the third person a written agreement acknowledging the binding effect of these restrictions
regarding the Confidential Information; and

 

		(c)	shall not directly, indirectly or in concert with any person, use the Confidential Information
for any purpose other than evaluating the prospective business relationship with the other Party in accordance with the introduction.

 

Each Party shall take reasonable
measures to protect the Confidential Information of the other Party. Those measures shall not be less than the measures taken to
protect the receiving Party’s own confidential information. Confidential Information of the other Party may be provided to
a Party’s employees only on a need-to-know basis, and prior to such provision, the Party will notify each employee to whom
such disclosure is made that such Confidential Information is received in confidence and shall be kept in confidence by such employee.

 

		3.	Excluded Information: This Agreement shall not apply to any information:

 

		(a)	that has been or which becomes publicly known, through no wrongful act of either Party;

 

		(b)	which is required to be disclosed in order to comply with applicable law or regulation or with
any requirement imposed by judicial or administrative process or any governmental or court order.

 

		4.	No Licenses or Warranties: Each Party’s Confidential Information and all rights thereto
shall remain such Party’s sole property. Each Party recognizes that the disclosure of Confidential Information by the disclosing
Party shall not be construed as granting any rights, by license or otherwise, concerning any Confidential Information, except as
may be explicitly created by this Agreement. Each Party acknowledges that the other Party’s Confidential Information includes
valuable trade secrets. Neither Party has any obligation to disclose Confidential Information to the other Party. NEITHER PARTY
MAKES ANY REPRESENTATION OR WARRANTY AS TO THE ACCURACY, COMPLETENESS, CONDITION, FITNESS and MERCHANTABILITY, OR PERFORMANCE OF
ITS CONFIDENTIAL INFORMATION.

 

		5.	Remedies: If either Party causes a disclosure of the other Party’s Confidential Information
in breach of the terms of this Agreement, the disclosing Party shall immediately report in writing the disclosure to the other
Party and shall save, defend, indemnify and hold the non-disclosing Party harmless from and against any and all liability and damages
suffered by the non-disclosing Party arising therefrom. In addition to the foregoing and without limitation thereof, the disclosing
Party shall cooperate in prosecuting any claims against third parties for unauthorized use of any Confidential Information. Each
Party acknowledges that unauthorized disclosure, use or disposition, whether actual or threatened, of any Confidential Information
shall cause irreparable harm, loss of business and significant injury to the disclosing Party, the scope of which would be difficult
to ascertain. Each Party agrees, therefore, that the disclosing Party has the right to obtain an immediate injunction against any
breach, threatened breach or attempted breach of this Agreement, in addition to any other remedies that may be available at law,
including without limitation, the recovery of expenses, costs and attorney’s fees arising out of such breach, threatened
breach or attempted breach.

 

    	 	13	 

     

    

 

		6.	Return of "Confidential Information": All Confidential Information shall be returned
to the disclosing Parties promptly upon written request or, at the election of the disclosing Party, the Party that received the
Confidential Information shall certify said information has been destroyed and is no longer useable in any format.

 

		7.	Securities: Parties hereby acknowledge, covenant and agree that they are aware that United
States securities laws may prohibit any person who has material, non-public information about a company (including a Party) from
purchasing or selling, directly or indirectly, securities of a company (including the Parties), or from communicating such information
to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such
securities.

 

		8.	Prohibition of Disclosure: Neither Party hereto shall in any way or in any form distribute,
disclose, publicize, issue press releases, or advertise in any manner, including, but not limited to, making representation in
court pleadings, except as required by law, the discussions that gave rise to this Agreement, the discussions or negotiations covered
by this Agreement, this Agreement or the Confidential Information provided pursuant to this Agreement, without first obtaining
the prior written consent of the other Party.

 

		9.	Term, Assignment and Survival: This Agreement shall be valid unless terminated by mutual
written Agreement. Each Party’s obligations with respect to the Confidential Information, including but not limited to, sections
2,4,5,6 shall survive the termination of this Agreement and/or return of all Confidential Information from the latter date of either
termination or return of such information. Neither this Agreement nor any rights hereunder, in whole or in part, shall be assignable
or otherwise transferable by either Party.

 

		10.	Governing Law; Jurisdiction: This Agreement shall be governed and construed in accordance
with the laws of the State of New York, United States of America. In the event of any disputes arising under this Agreement, the
undersigned Parties without regard to any principles of conflicts of laws and waiving any defenses of forum non conveniens hereby
submit to the exclusive personal and subject matter jurisdiction of the State and Federal Courts situated in the Borough of Manhattan,
New York, New York.

 

		11.	Waiver: No failure by either Party to exercise any rights arising from default by the other
Party shall impair that right or constitute a waiver of it. No waiver by either Party of any covenant to be performed by the other
shall constitute a waiver of any later breach of covenant.

 

		12.	Counterparts: This Agreement may be executed in two signed copies, each of which when taken
together shall be deemed but one original.

 

    	 	14	 

     

    

 

		13.	Severability: The validity or unenforceability of any provision or provisions of this Agreement
shall no affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.

 

		14.	Entire Agreement; Amendment: This Agreement contains the entire understandings between and
among the Parties and supersedes any prior understanding and agreements among them respecting the subject matter hereof. No amendment
to this Agreement shall be valid unless set forth in writing and signed by both Parties.

 

		15.	Notices: All notices required or permitted hereunder shall be in writing and shall be sent
by nationally recognized overnight courier service, or by registered or certified mail, to the addresses stated in the heading
of this Agreement. Unless otherwise specified, notices shall be deemed given when the return receipt is received.

 

IN WITNESS WHEREOF, the Parties hereto have caused
this Agreement to be executed by their duly authorized representatives as of the date and year written above.

 

	Pareteum Corporation   	 	Name:  
	 	 	 
	 	 	 
	By:	 	 	 
	Name/Title: 	 	Name: Laura Thomas

 

 

 

 

    	 	15Exhibit

EXHIBIT 10.1

Certain information identified by bracketed asterisks ([***]) has been omitted because it is both not material and would be competitively harmful if disclosed.

Fiscal 2020 Management Incentive Program (MIP)
For Corporate MIP Bonus-eligible Positions
Adopted August 19, 2019

This SYSCO CORPORATION FISCAL 2020 MANAGEMENT INCENTIVE PROGRAM FOR CORPORATE MIP BONUS-ELIGIBLE PARTICIPANTS (the “Program”) was adopted pursuant to the Sysco Corporation 2018 Omnibus Incentive Plan (the “Plan”) by the  Committee (as defined in the Plan) of Sysco Corporation (the “Company”) on July  25, 2019, and shall be effective for the Company’s fiscal year ending June 27, 2020 (the “Program Year”).  Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them in the Plan.

1.    Participants. For purposes of this Program, “Senior Officer” shall mean the Company’s President and Chief Executive Officer, the Company’s Chief Financial Officer or an Executive Vice-President of the Company.  The Participants in this Program are grouped as follows:
(A)    Corporate MIP Bonus-eligible Participants: Those persons who serve in a Corporate MIP Bonus-eligible position and are designated by a Senior Officer as eligible to participate in the Program.
(B)    Senior Executive Participants: Corporate MIP Bonus-eligible Participants who are “covered employees” of the Company within the meaning of Code Section 162(m) and Treasury Regulation 1.162-27(c)(2) (or any successor statute, any regulatory section, or any administrative interpretation thereof) for the Program Year.  If it is determined that a Participant is a Senior Executive Participant for the Program Year, such Participant’s bonus shall be calculated subject to any and all restrictions applicable to Senior Executive Participants under the Plan and this Program for the Program Year.
Once a person is designated as a Participant in this Program, the Committee may remove the Participant as a Participant in this Program with or without cause at any time during the Program Year, and the Participant shall not be entitled to any bonus under this Program for the Program Year regardless of when during the Program Year such Participant is removed.
2.    Definitions.
(A)     For calculation of a performance bonus the applicable metrics are defined as follows:
(i)    Operating Income: Means the Operating Income expressed as a dollar value, as it may be adjusted pursuant to Section 3(B), for the Program Year.
(ii)    Gross Profit Dollars Growth and US Broadline and Canadian Broadline Total Case Growth: Means Gross Profit Dollars Growth and US and Canadian Broadline Case Growth expressed as a percentage and computed by comparing gross profit dollars and total cases for US Broadline and Canadian Broadline, as they may be adjusted pursuant to Section 3(B), for the Program Year to target gross profit dollars 

and the target total cases for US Broadline and Canadian Broadline in the Fiscal 2019 Profit Plan, as they may be adjusted pursuant to Section 3(B).
(iii)    Strategic Bonus Objectives: Means key goals for the Program Year, as established by the Committee and as set forth in the Participant’s performance objectsives.
(iv)    Operating Income Bonus Percentage: Means the percentage determined from Appendix B - Operating Income, which is computed by comparing Operating Income for the Program Year to the target  Operating Income for the Program Year in the the Fiscal 2019 Profit Plan.
(v)    Gross Profit Dollar Growth and US Broadline and Canadian Broadline Case Growth Bonus Percentage: Means the percentage determined from Table A – Gross Profit Dollar Growth and USBL+CABL Case Growth, attached hereto, which is computed by comparing the Gross Profit Dollar Growth for the Program Year and the US Broadline and Canadian Broadline Total Cases Growth for the Program Year to the target Gross Profit Dollar Growth for the Program Year and the target US Broadline and Canadian Broadline Cases Growth from the Fiscal 2019 Profit Plan.
(vi)    Strategic Bonus Objective Bonus Percentage: Means the percentage determined from Appendix B – Strategic Bonus Objectives, attached hereto, which coincides with Participant’s achievement of Strategic Bonus Objectives for the Program Year.
(B)    Corporate MIP Bonus-eligible Position: Means (i) positions held by the Senior Officers and (ii) other positions with the Company or its affiliates, as deemed appropriate by a Senior Officer. 
(C)    Bonus Target Amount: Means a Participant’s Target Bonus Percentage for the Program Year multiplied by the Participant’s base salary as of the end of the relevant Program Year.
(D)    Bonus for a Corporate MIP Bonus-eligible Position: Means the sum of the Company Performance Bonus for a MIP Bonus-eligible Position and the SBO Performance Bonus for a Corporate MIP Bonus-eligible Position.
(E)    Performance Bonus for a Corporate MIP Bonus-eligible Position: As defined in Section 3(A)(i) hereof.
(G)    GAAP Change Year: As defined in Section 3(C)(i) hereof.
(G)    SBO Performance Bonus for a Corporate MIP Bonus-eligible Position: As defined in Section 3(A)(ii) hereof.
(H)    Rate Change Year: As defined in Section 3(C)(iii) hereof.
(I)    Target Bonus Percentage:  The percentage set forth in the Participant’s bonus letter for the Program Year.

3.    Calculation of Bonus.  

(A)         Bonus Formula. The Bonus for a Corporate MIP Bonus-eligible Position for the Program Year shall be based 75% on financial performance of the Company and 25% on an individual Participant’s performance with respect to Strategic Bonus Objectives, and shall be equal to the sum of the (i) and (ii), calculated as follows:
(i)    Performance Bonus for a Corporate MIP Bonus-eligible Position.  The Company Performance Bonus for a MIP Bonus-eligible Position shall be equal to the sum of the following:

(AA)    Operating Income Bonus – 
	
							
	Participant’s Bonus Target Amount
	X
	Operating Income Bonus Percentage
	X
	50%
	

=
	Operating Income Bonus

		
	(BB) 
	Gross Profit Dollars Growth and US Broadline and Canadian Broadline Total Case Growth Bonus –

	
							
	Participant’s Bonus Target Amount
	X
	Gross Profit Dollars Growth and US Broadline and Canadian Broadline Cases Growth Bonus Percentage
	X
	25%
	=
	Gross Profit Dollars Growth and US Broadline and Canadian Broadline Cases Growth Bonus

(ii)    SBO Performance Bonus for a MIP Bonus-eligible Position.  The SBO Performance Bonus for a MIP Bonus-eligible Position shall be determined based on the Participant’s achievement of the specified SBOs, and shall be equal to the sum of the following:

(CC)     Strategic Bonus Objective Bonus – 
	
							
	Participant’s Bonus Target Amount
	X
	SBO Bonus Percentage
	X
	25%
	=
	SBO Bonus

Each of the above components of the Bonus for a MIP Bonus-eligible Position shall be calculated and awarded independently, unless otherwise indicated in Appendix A, attached to this Program.  Each metric based on financial performance has a possible payout between 0% and 200%, depending on actual performance relative to established targets.  SBO Performance Bonus has a possible payout of between 0% and 150%, depending on actual performance relative to established targets.  If performance for the Program Year with respect to a component does not meet Threshold, a Participant will not receive any bonus with respect to that component.  If performance for the Program Year is between Threshold and Maximum, the amount of bonus earned with respect to that component will be determined as set forth on the applicable Appendix B attached to this Program.  Prior to the date that is ninety (90) days after the beginning of the Program Year, the Committee shall determine the Threshold, Target and Maximum performance metrics and the respective payout percentages to be set forth on Appendix B for the Company.

(B)    Performance Metric Adjustments.  Certain items of revenue, expense, gain, losses or other adjustments resulting from extraordinary or non-recurring items, will be taken into account in the application of the relevant performance metrics used to determine the Participants’ bonuses under this Program in accordance with the following:
(i)    Multi-Employer Pension Adjustments.  Adjustments resulting from the Company’s or an Operating Company’s complete or partial withdrawal from a multi-employer pension plan sponsored by a third party in which the Company or an Operating Company participates (“Pension Adjustments”). The amount of any such adjustment shall be determined in accordance with GAAP.  Pension Adjustments shall initially be excluded from the calculation of the performance metrics used to determine Participants’ bonuses under this Program; provided however, the Committee may include all or any portion of such Pension Adjustments in the determination of a Participant’s bonus hereunder in its discretion, provided such inclusion shall not apply to a Senior Executive Participant unless the Committee determines that the inclusion of all or any portion of such Pension Adjustments will not impact the Company’s ability to deduct the bonus payable to a Senior Executive Participant under this Program under Section 162(m) of the Code.
(ii)    Restructuring Charges Adjustment.  Adjustments resulting from the Company’s or an Operating Company’s costs including, but not limited to, severance, facility closures and consolidations and asset write downs.  The foregoing notwithstanding, the following items will not be eligible for adjustment under this provision: ERB, COLI, Fuel and Tax. 
(iii)     Acquisitions and Divestitures.  All or any portion of operating results, acquisition and divestiture expenses (including any applicable break up fees), acquisition debt, if any, and any gains or losses relating to or resulting from (AA) an acquisition by the Company of stock (or other equity interest) or substantially all of the assets of a corporation, partnership, limited liability company or other entity for a purchase price in excess of $100 million;  and  (BB) a divestiture of an Operating Company or operating division of the Company (or substantially all of the assets thereof) for a sale price in excess of $100 million may be excluded from the determination of the Company Performance Bonus under this Program; provided however, such exclusion shall not apply to a Senior Executive Participant unless the Committee determines that the exclusion of all or any portion of such adjustments will not impact the Company’s ability to deduct the bonus payable to a Senior Executive Participant under this Program under Section 162(m) of the Code. 
(iii)    Foreign Exchange Rate Fluctuations.  Variance of actual foreign exchange rates during the Program Year versus projected foreign exchange rate assumptions used in the development of operational targets in the Fiscal 2018 Profit Plan.
(iv)    Certain Other Events.  Notwithstanding the foregoing, the  Committee may include or exclude from the determination of a Participant’s bonus hereunder the results of certain other extraordinary or non-recurring items not otherwise contemplated by this Section (B), and expenses related to acquisitions by, or restructuring of, the Company and its subsidiaries (whether or not such expenses are extraordinary or non-recurring).

(C)    General Rules Regarding Bonus Calculation.
(i)    Consistent Accounting. In determining whether or not the results of operations for a given fiscal year result in a bonus, Company accounting practices and, except as otherwise modified in this Program, GAAP shall be applied on a basis consistent with prior periods, and such determination shall be based on the calculations made by the Company, approved (in the case of Senior Executive Participants) by the Committee and binding on each Participant.  Notwithstanding the foregoing, if there is any material change in GAAP during a Program Year that results in a material change in accounting for the revenues or expenses of the Company, the calculations of the MIP bonus for such Program Year (the “GAAP Change Year”) shall be made as if such change in GAAP had not occurred during the GAAP Change Year.  In determining the MIP bonus for the year following a GAAP Change Year, the calculation shall be made after taking into account such change in GAAP. 
(ii)    Maximum Bonus. Subject to Section 6 as to Senior Executive Participants, and notwithstanding any other provision in this Program to the contrary, in no event shall any Participant be entitled to a bonus under this Program in excess of 281.25%  of such Participant’s base salary in effect as of the end of the Program Year. 
(iii)    Tax Law Changes.  If the Internal Revenue Code is amended during the Program Year and, as a result of such amendment(s), the effective tax rate applicable to the earnings of the Company (as described in the “Summary of Accounting Policies” section of the Company’s annual report to the Securities and Exchange Commission on Form 10-K) changes during the Program Year, the determination of the Participant’s Company Performance Bonus for the Program Year (the “Rate Change Year”) shall be made as if such rate change had not occurred during the Rate Change Year.  In determining the Company Performance Bonus in the year following the Rate Change Year, the calculation shall be made after taking into account such rate change. 
4.    Payment.  Within ninety (90) days following the end of the Program Year, the Company shall determine, and, in the case of Senior Executive Participants, the Committee shall approve, the amount of any bonus earned by each Participant under this Program.  Such bonus shall be payable in the manner, at the times and in the amounts provided in the Plan.
5.    Clawback of Bonus.  In accordance with the Company’s incentive payment clawback policy, in the event of a restatement of financial results (other than a restatement due to a change in accounting policy) within thirty-six (36) months of the payment of a bonus under this Program, if the Committee or the Company determines in its sole and absolute discretion, that the bonus paid to a Participant under the Program for the Program Year would have been lower had it been calculated based on such restated results (the “Adjusted MIP Bonus”), then the Committee or the Company shall, subject to applicable governing law, recoup from such Participant, in such form and at such time as the Committee or the Company determines in its sole and absolute discretion, the difference between the amount previously paid to such Participant pursuant to this Program (without regard to amounts deferred by such Participant under the Company’s executive benefit plans) and the Adjusted MIP Bonus.
6.    Overall Limitation upon Payments under the Plan to Senior Executive Participants.      Notwithstanding any other provision in this Program to the contrary, in no event shall any Senior Executive Participant be granted a Cash-Based Award in excess of one percent (1%) of the Company’s earnings before income taxes as publicly disclosed in the “Consolidated Results of Operations” section of the Company’s Annual Report on Form 10-k filed with the Securities and Exchange Commission for the fiscal year ended immediately before the date the applicable Cash-Based Awards are paid. 

7.    Confidentiality. The target performance levels and other information set forth on Appendix B constitute confidential information of the Company, subject to the prohibition on disclosure of confidential information under Sysco’s Code of Conduct. Any disclosure of the target performance levels by a Participant prior to the time such target performance levels are disclosed to the public, as determined by the Committee, will result in a forfeiture (which may include a clawback) of such Participant’s Bonus for the Program Year.
8.    Treatment Upon Change in Control.
(A)    Notwithstanding anything to the contrary contained herein, and in lieu of any other payments due hereunder other than pursuant to this Section 8, within ninety (90) days following the date on which a Change in Control (as defined in Section 1.2(f) of the Plan) has occurred, each person who was a Participant at the time of the Change in Control shall be paid a cash bonus hereunder, equal to the following (subject to reduction in the case of certain severance payments, as set forth below): the product of (i) a fraction equal to the number of days in the Performance Period in which the Change in Control occurs up to and including the date of the Change in Control divided by 365, and (ii) the bonus that would have been paid under this Plan, calculated using a Performance Goal equal to the product of (i) performance through and including the end of the most recently completed fiscal quarter occurring prior to and in the same Performance Period as the Change in Control (the “Measurement Date”), calculated in accordance with generally accepted accounting principles, if applicable, and (b) a fraction, the numerator of which is 365 and the denominator of which is the number of days in such Performance Period up to and including the Measurement Date. 
(B)    In addition to any bonus paid or payable pursuant to Section 8(A), any Participant who remains in the employ of the Company or any Affiliated Company on the last day of the Performance Period in which a Change in Control occurs shall be entitled to receive, in cash, within ninety (90) days after the end of the Performance Period, an amount equal to the positive difference, if any, between (a) the bonus that would have been paid to the Participant for such Performance Period under the Plan as in effect on the date of the Change in Control, using the actual performance for the entire Performance Period, and (b) the amount paid pursuant to Section 8(A).
(C)    Notwithstanding the foregoing, with respect to any Participant who is a party to the Company’s a severance agreement with the Company or an Affliated Company, the bonus paid pursuant to this Section 8 shall be reduced, but to not less than zero, by the amount of any payment pursuant to such Participant’s severance agreement that is determined or calculated with respect to payments received or to be received under this Plan or any predecessor or successor thereof.
9.    Delegation of Authority.  Pursuant to Section 2.3 of the Plan, the Committee hereby delegates discretionary authority granted to the Committee under this Program as well as under the Plan, including but not limited to the authority to determine the target, minimum and maximum performance levels applicable to Participants and the Company and the related payout percentages subject to the maximum bonus levels set forth in Section 3(c)(ii) of this Program, to the Senior Officers and each of them individually, except as to Senior Executive Participants.

APPENDIX A

This Appendix A includes alternative terms and conditions that govern the performance bonus opportunity under the Program for an individual that is a Senior Officer (as defined in the Sysco Corporation Compensation and Leadership Development Committee Charter, but for whom bonus opportunity and achievement under the Program are measured, in part, on financial performance of a Foodservice  Operations of a specific jurisdiction of the Company.

For such an individual, Section 3(a)(i) and Section 3(a)(ii) of the Program shall be replaced as follows:

(i)    Performance Bonus for a Business Unit MIP Bonus-eligible Position.  The Company Performance Bonus for a MIP Bonus-eligible Position shall be equal to the sum of the following:

(AA)    Operating Income Bonus of Company – 
	
							
	Participant’s Bonus Target Amount
	X
	Operating Income Bonus Percentage
	X
	25%
	

=
	Company Operating Income Bonus

(BB)    Operating Income Bonus of Business Unit – 
	
							
	Participant’s Bonus Target Amount
	X
	Business Unit Operating Income Bonus Percentage
	X
	35%
	

=
	Business Unit Operating Income Bonus

		
	(CC) 
	Gross Profit Dollars Growth and US Broadline Total Case Growth Bonus 

	
							
	Participant’s Bonus Target Amount
	X
	Gross Profit Dollars Growth and US Broadline Local Cases Growth Bonus Percentage
	X
	15%
	=
	Gross Profit Dollars Growth and US Broadline Local Cases Growth Bonus

(ii)    SBO Performance Bonus for a MIP Bonus-eligible Position.  The SBO Performance Bonus for a MIP Bonus-eligible Position shall be determined based on the Participant’s achievement of the specified SBOs, and shall be equal to the sum of the following:
(CC)     Strategic Bonus Objective Bonus – 
	
							
	Participant’s Bonus Target Amount
	X
	SBO Bonus Percentage
	X
	25%
	=
	SBO Bonus

Each of the above components of the Bonus for a MIP Bonus-eligible Position shall be calculated and awarded independently.  Each metric based on financial performance has a possible payout between 0% and 200%, depending on actual performance relative to established targets.  SBO Performance Bonus has a possible payout of between 0% and 150%, depending on actual performance relative to established targets.  If performance for the Program Year with respect to a component does not meet Threshold, a Participant will not receive any bonus with respect to that component.  If performance for the Program Year is between Threshold and Maximum, the amount of bonus earned with respect to that component will be determined as set forth on the applicable Appendix B attached to this Program.  Prior to the date that is ninety (90) days after the beginning of the Program Year, the Committee shall determine the Threshold, Target and Maximum performance metrics and the respective payout percentages to be set forth on Appendix B for the Company.

APPENDIX B

[***]

This Appendix B has been omitted pursuant to Item 601(a)(5) of Regulation S-K. We agree to furnish supplementally to the Securities and Exchange Commission a copy of Appendix B upon request, subject to our right to request confidential treatment thereof.

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