Document:

Exhibit
10.1

 

Loan
Agreement

 

TTD/ABMT/L2010-01

 

	Lender:
    	TITAN
    TECHNOLOGY DEVELOPMENT LIMITED
	Address:
    	1903
    HING YIP COMMERCIAL CENTRE, 272 DES VOEUX ROAD CENTRAL, HONG KONG.
	 	(Hong
    Kong Company Registration No.: 718332)
	 	 
	Borrower:
    	ADVANCED
    BIOMEDICAL TECHNOLOGIES, INC.
	Address:
    	200
    PARK AVENUE, SUITE 1700, NEW YORK, NY 10166
	 	USA
    (Incorporated in the State of Nevada, USA)

 

Borrower
is the controlling shareholder of Shenzhen Changhua Biomedical Engineering Co. Ltd., approved by Shenzhen Bureau of Trade and
Industry’s permit, February 25, 2008 (2008) No. 0539 and Guangdong Shenzhen Joint Venture Permit (2008) No. 0008. Shenzhen
Changhua Biomedical Engineering Co., Ltd. is a company engaged in research and development and production of biodegradable medical
materials. Lender is a major shareholder of Borrower.

 

	1)	Loan:
	 	 
	 	Lender
    agrees to advance to Borrower’s subsidiary Shenzhen Changhua Biomedical Engineering Co., Ltd. (Changhua) the total amount
    of USD500,000 - (Five Hundred Thousand US dollars).
	 	 
	 	Borrower
    accepts that Lender may send the total amount in several advances using different financial institutions, associated companies
    or individuals that is appointed by Lender.
	 	 
	2)	Use
    of Proceed: For Changhua’s R&D, Clinical Trial, GMP Facilities Upgrading and Operation Expenses.
	 	 
	3)	Interest
    Rate: Annual interest rate is seven percent (7%).
	 	 
	4)	Loan
    Repayment period: 12 months
	 	 
	5)	Repayment:
	 	 
	 	Debt
    maturity: after 12 months, Borrower will repay Lender the total amount of loan plus interest.
	 	 
	 	Outstanding
    loan: after 6 months, Lender may demand the return of part of the loan plus interest occurred.
	 	 
	6)	Repayment
    Methods and Repayment Source
	 	 
	 	Repayment
    Methods: cash or securities;
	 	 
	 	Repayment
    Source: banks and securities firms.

 

    	 

    	 

    

 

	7)	Warranty:
	 	 
	 	Borrower
    and its subsidiary guarantee that the loan will be used for the purposes stipulated in this agreement and the fund may not
    be used for other purposes or illegal activities;
	 	 
	 	Borrower
    will return the loan within the terms stipulated in this agreement;
	 	 
	 	Borrower
    and its subsidiary agree to accept the supervision of Lender on the use of proceed provided under this agreement.
	 	 
	8)	Miscellaneous
	 	 
	 	This
    Agreement may not be amended or modified except by a writing executed by each of the parties. Neither party shall assign (including
    the engagement of subcontractors) any of its rights or obligations under this Agreement without the prior written consent
    of the other party. The provisions of this Agreement, including without limitation the obligation to make loan and interest
    repayments, shall be binding on Borrower, its Parent Company, its successors and assigns. All terms of this Agreement, which
    by their nature extend beyond its termination, shall remain in effect until fulfilled, and shall apply to the respective successors
    and assigns of the parties;
	 	 
	 	This
    Agreement, including all controversies arising from or relating to performance under this Agreement, shall be governed by
    and construed in accordance with the laws of Hong Kong, China. Venue for any action or dispute arising from or relating to
    this Agreement shall conclusively lie in the Courts located in Hong Kong, China. Each party hereby waives any objection that
    it may have based upon lack of personal jurisdiction, improper venue or forum non conveniens.

 

	Lender:
    	TITAN
    TECHNOLOGY DEVELOPMENT LIMITED
	 	 	 
	Signature:
    	/s/
    Chi Fung YU	 
	Name
    and Title: 	Chi
    Fung YU, Chairman	 
	 	 	 
	Borrower:
    	ADVANCED
    BIOMEDICAL TECHNOLOGIES, INC.
	 	 	 
	Signature:
    	/s/
    Hui Wang	 
	Name
    and Title: 	Hui
    Wang, Director and Chief Executive Officer	 

 

Date:
October 31, 2020Exhibit 10.1
​
SECOND AMENDMENT TO AND TERMINATION OF THE 
MAY 8, 2018 AMENDED AND RESTATED AVNET DEFERRED 
COMPENSATION PLAN
​
This Second Amendment and Termination (“Termination”) to the Amended and Restated Avnet Deferred Compensation Plan as of May 8, 2018, as amended on February 6, 2020 (“Plan”), shall be effective as of November 17, 2020. Avnet, Inc. (the “Company”) first established the Avnet Deferred Compensation Plan effective as of February 1, 1997 and amended and restated it on January 1, 2009 and most recently on May 8, 2018, as amended by the First Amendment dated February 6, 2020.

1.This Termination hereby terminates the Plan in whole.

I, Darrel S. Jackson, being the duly elected and qualified Secretary of Avnet, Inc., hereby certify that the foregoing is a true and complete copy of the  Second Amendment to and Termination of the Amended and Restated Avnet Deferred Compensation Plan, as approved by the Board of Directors on November 17, 2020. I have executed this document as of November 17, 2020. 
​
	​

	​

	​

	​
	​
	/s/ Darrel S. Jackson

	​
	​
	Darrel Jackson

	​
	​
	Secretary

​

​
​
​
​Exhibit 10.2
​
November 17, 2020
​
Philip R. Gallagher
11749 N. 129th Way
Scottsdale, AZ 85259
Dear Phil:
We are pleased that you have agreed to serve as the Chief Executive Officer of Avnet, Inc. (the “Company”).  This letter agreement (“Letter Agreement”) sets forth the terms and conditions of your employment as an officer (“Officer”) of the Company, and replaces in its entirety the letter agreement between yourself and the Company dated April 3, 2017.  
1.Position and Term.  On and after the date hereof, you shall serve as Chief Executive Officer of the Company.  In addition, you will serve without additional compensation as a member of the Board of Directors of the Company (the “Board”).  Except with respect to the restrictive covenants set forth in Annex A attached hereto, this Letter Agreement may be cancelled by either party upon written notice at any time.  The period for which you will serve as the Chief Executive Officer of the Company is referred to herein as the “Term.”  
2.Base Salary.  During the Term, your base salary shall be at least $1,000,000 per year.  The base salary will be paid in accordance with the Company’s standard payroll procedures.
3.Bonus. During the Term, the target amount for your annual cash incentive award shall be no less than 150% of your base salary.  Any bonus will be determined based upon the achievement of specific financial and strategic targets in the sole discretion of the Compensation Committee of the Board. 
4.Equity Grants.  During the Term, the target amount for your long-term equity incentive award shall be no less than 350% of your base salary. Such equity awards are typically a mix of performance share units, stock options and restricted stock units, in the sole discretion of the Compensation Committee of the Board, and are subject to the terms of the Company’s equity incentive plan, standard grant agreements and vesting schedule. 
5.Employee Benefits.  You will be eligible to participate in the Company’s employee benefit plans on the same basis as other senior executives, in accordance with the terms of such plans as they may be amended from time-to-time.  You will also receive the retirement benefits that you previously accrued under Avnet’s Supplemental Executive Retirement Plan, subject to the terms of that plan and applicable law. 
6.Severance.  If the Company terminates your employment without Cause, you will receive a lump sum payment equal to your base annual salary and your target bonus for the year in which the termination occurs.  For purposes hereof, “Cause” includes, but is not limited to, your gross misconduct, breach of any material term of this Letter Agreement, willful breach, habitual neglect or wanton disregard of your duties, or conviction of any criminal act.

7.Restrictive Covenants.  You agree to the restrictive covenants set forth in Annex A, which is attached hereto and incorporated herein by reference.  
8.Tax Withholding.  All amounts payable to you by the Company are subject to all applicable tax withholdings.  In addition, you acknowledge that this Letter Agreement shall be interpreted consistent with the intent to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, such that there are no adverse tax consequences, interest, or penalties as a result of any amount paid or payable pursuant to this Letter Agreement.  
9.Recoupment.  Any incentive or bonus payment made to you shall be subject to the terms and conditions of the Company’s recoupment or clawback policy, as in effect and as may be amended from time to time, including disgorgement or repayment to the extent required by such policy.
10.Stock Ownership Guidelines. You agree to comply with the Company’s Stock Ownership Guidelines for Officers, as may be amended from time to time. 
11. Entire Agreement/Governing Law.  This Letter Agreement supersedes and replaces any prior agreements, representations or understandings (whether written, oral, implied or otherwise) between you and the Company, including that certain letter agreement dated April 3, 2017, and constitutes the complete agreement between you and the Company regarding your position as Chief Executive Officer.  This Letter Agreement is governed by Arizona law, without giving effect to principles regarding conflict of laws, and the parties agree to the exclusive jurisdiction of the state and federal courts in Maricopa County, Arizona, with regard to any disputes arising hereunder. 
12.Counterparts.  This Letter Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.
13.Headings.  Headings in this letter are for reference only and shall not be deemed to have any substantive effect. 
We are very pleased to have you serve in this leadership role during this exciting time for the Company.  Please confirm your agreement to the terms specified in this Letter Agreement by signing below.
Sincerely,
​
Avnet, Inc. 
​
By:  /s/ Rodney Adkins​ ​​ ​​ ​
Name: Rodney Adkins
Title: Chair of the Board
​

2

AGREED AND ACKNOWLEDGED:
/s/ Philip R. Gallagher​ ​​ ​​ ​​ ​
Philip R. Gallagher 
​
​

3

Annex A
Restrictive Covenants
​
The Officer acknowledges and recognizes (i) his possession of Confidential Information (as defined in Section (b) below), (ii) the highly competitive nature of the business of the Company and its affiliates and subsidiaries, which is worldwide in scope, and (iii) that reasonable restrictions on the Officer’s future business endeavors and the Officer’s ability to disclose Confidential Information are necessary to protect valuable client and customer relationships of the Company.  Accordingly, in consideration of the premises contained herein, the Officer agrees to the restrictions set forth in this Annex A.
​
a.Non-Competition.  The Officer agrees that during the Term and for one (1) year thereafter, he shall not, either individually or as an officer, director, stockholder, member, partner, agent, employee, consultant, principal, or committee-member of another business firm or sole proprietorship, (i) engage in, or be connected in any manner with, any business operating anywhere in the world that is in direct or indirect competition with any active business of the Company or any of its affiliates or subsidiaries, or any planned business of the Company or any of its affiliates or subsidiaries of which the Officer is aware (each a “Competitive Business”); (ii) be employed by an entity or person that controls a Competitive Business; or (iii) directly or indirectly solicit any customer or client of the Company or any of its affiliates or subsidiaries; provided, however, that the restrictions set forth in this Section (a) shall not prohibit the Officer from being a passive shareholder of a public company if the Officer owns less than one percent (1%) of such company.
b.Confidential Information.  The Officer agrees that he shall not, at any time during the term of this Agreement or thereafter, disclose to another, or use for any purpose other than performing his duties and responsibilities under this Letter Agreement, any Confidential Information.  For purposes of this Letter Agreement, Confidential Information includes all trade secrets and confidential information of the Company and its affiliates and subsidiaries including, but not limited to, the Company’s unique business methods, processes, operating techniques and “know-how” (all of which have been developed by the Company or its affiliates and subsidiaries through substantial effort and investment), profit and loss results, market and supplier strategies, customer identity and needs, information pertaining to employee effectiveness and compensation, inventory strategy, product costs, gross margins, and other information relating to the affairs of the Company and its affiliates and subsidiaries that Officer shall have acquired during his employment with the Company.
c.Non-Solicitation of Employees.  The Officer agrees that he shall not, at any time while employed by the Company and for three (3) years thereafter, directly or indirectly solicit or induce any of the employees of the Company or any of its affiliates or subsidiaries to terminate employment with their employer.

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]