Document:

Exhibit 10.1

 

SHIFT TECHNOLOGIES, INC.

 

AMENDED AND RESTATED RETENTION BONUS AGREEMENT

 

THIS
AMENDED AND RESTATED RETENTION BONUS AGREEMENT (this “Agreement”), dated September 7, 2022 (the “Restatement
Date”), between Shift Technologies, Inc. (the “Company”) and Oded Shein (the “Employee”),
is made to retain the Employee in recognition of his value to the Company in meeting its financial and strategic business objectives by
providing the Employee with the opportunity to earn a retention bonus. This Agreement is an amendment and restatement of that certain
retention bonus agreement dated June 22, 2022 between the Company and the Employee (the “Original Agreement”),
and replaces and supersedes the Original Agreement in its entirety. For the avoidance of doubt, the term “Company” herein
shall include any successor entity thereto or any affiliate thereof. In consideration of the mutual promises made herein, and the Employee’s
continued employment by the Company in accordance with the terms below, the Employee and the Company agree as follows:

 

1.     
Retention Bonus. Subject to the terms and provisions below, the Company shall pay to the Employee a total amount of $1,700,000
in three installments, with (i) the first installment of $400,000 subject to continued employment with the Company as a full-time employee
in good standing from June 22, 2022 (the “Effective Date”) through November 15, 2022 (the “First Retention
Bonus”), (ii) the second installment of $650,000 subject to the Employee’s continued employment with the Company as a
full-time employee in good standing from the Effective Date through November 1, 2023 (the “Second Retention Bonus”),
and (iii) the third installment of $650,000 subject to the Employee’s continued employment with the Company as a full-time employee
in good standing from the Effective Date through November 1, 2024 (the “Third Retention Bonus”). Each installment payment
amount payable to the Employee in accordance with the preceding sentence is referred to herein as a “Retention Bonus,”
and the period from the Effective Date through November 1, 2024 is referred to herein as the “Retention Period.”

 

2.     
Additional Conditions to Receipt. In addition to remaining actively employed by the Company as provided above (or as otherwise
provided under Section 4), the Employee must also comply with the following conditions to receive any Retention Bonuses:

 

a.      
Release. Each Retention Bonus payable under this Agreement shall be subject to the Employee (or if applicable, the Employee’s
estate) executing, delivering and not revoking a general release of claims against the Company (and its agents, parents, subsidiaries,
successors and assigns) substantially in the form prescribed by the Company (a “Release”). With respect to the First
Retention Bonus, the Employee agrees to execute a Release as soon as practicable on or after November 15, 2022 (or the Employee’s
termination date if the Employee’s employment is terminated as provided under Section 4(a)), but no later than 30 days following
such date. With respect to the Second Retention Bonus, the Employee agrees to execute a Release as soon as practicable on or after November
1, 2023 (or the Employee’s termination date if the Employee’s employment is terminated as provided under Section 4(a)), but
no later than 30 days following such date. With respect to the Third Retention Bonus, the Employee agrees to execute a Release as soon
as practicable on or after November 1, 2024 (or the Employee’s termination date if the Employee’s employment is terminated
as provided under Section 4(b)), but no later than 30 days following such date. Each applicable Release will become effective on the eighth
(8th) calendar day after the Employee signs and delivers it, provided the Employee does not timely revoke such Release (the
“Release Effective Date”).

 

    

     

    

 

b.     
Performance of Duties. The Employee agrees to perform the Employee’s regular duties and/or such other responsibilities as
may be required by the Company in good faith. The Employee must perform the Employee’s duties at a satisfactory level (such performance
to be determined in the discretion of the Board of Directors of the Company and the Chief Executive Officer of the Company) and continue
to comply with all of the Company’s policies, codes of conduct and directives (as may be modified or implemented from time to time).

 

c.      
Certain Terminations of Employment. If: (i) the Employee resigns from his position of employment with the Company for any reason
(or provides notice to the Company of his intent to resign from his position of employment with the Company for any reason), (ii) the
Employee’s employment with the Company is terminated due to death or disability (as defined under the Company’s long-term
disability plan and/or policy applicable to the Employee, as may be modified or implemented from time to time), or (iii) the Company terminates
the Employee’s employment for Cause (as defined below) (or provides notice to the Employee of its intent to terminate his employment
with the Company for Cause), in each case, at any time prior to the end of the Retention Period, the Employee’s opportunity to receive
any unpaid Retention Bonus(es) hereunder shall automatically terminate and be forfeited.

 

d.     
Compliance with Applicable Laws. The Employee shall at all times comply with laws and regulations applicable to the Employee’s
actions on behalf of the Company.

 

e.      
Confidentiality of Company Information. The Employee shall not, at any time during or after employment with the Company, make any
unauthorized disclosure of any confidential business or proprietary information or trade secrets of the Company, or make any use thereof,
except as required for the Employee to carry out the Employee’s job responsibilities with the Company.

 

f.       
Confidentiality of Agreement. The Employee hereby agrees that the Employee will keep the terms of this Agreement confidential,
and will not, except as required by law, disclose such terms to any person other than the Employee’s immediate family or legal,
tax or financial advisors (who must also keep the terms of this Agreement confidential). Notwithstanding the foregoing, the Company will
not discharge or in any manner discriminate against employees who inquire about, discuss, or disclose their own pay or compensation with
another Company employee or applicant.

 

3.     
Payment of Retention Bonus. Subject to the requirements of Section 2 above, each Retention Bonus (if any) shall be payable as soon
as administratively practicable after the Release Effective Date applicable to such Retention Bonus, but no later than the first regularly
scheduled payroll date following such date; provided, however, that to the extent required by Section 409A of the Internal Revenue Code
of 1986, as amended, and the corresponding regulations and guidance promulgated thereunder (the “Code”), if the period
between the date of the applicable payment triggering event and the deadline for execution of the Release set forth in Section 2 spans
two calendar years, such Retention Bonus shall not be paid until the second calendar year. The Employee agrees that the Company may withhold
from each Retention Bonus payable hereunder, to the extent permitted by law, any amounts that the Employee owes the Company at the time
of payment of such Retention Bonus.

 

    

     

    

 

4.     
Consequences of a Termination of Employment Without Cause. 

 

		a.	Notwithstanding the continued employment requirement of Section 2 above and subject to Section 2, in the
event that the Employee’s employment with the Company is terminated by the Company without Cause on or prior to November 1, 2023,
then the Employee will be paid any unpaid First Retention Bonus and Second Retention Bonus in accordance with Sections 2 and 3 above;
provided that the Employee had not failed to satisfy any of the conditions set forth in Section 2 immediately prior to such termination.
For avoidance of doubt, the Employee’s opportunity to receive any unpaid Third Retention Bonus shall automatically terminate and
be forfeited in such event.

 

		b.	Notwithstanding the continued employment requirement of Section 2 above and subject to Section 2, in the
event that the Employee’s employment with the Company is terminated by the Company without Cause after November 1, 2023 and prior
to November 1, 2024, then the Employee will be paid any unpaid Third Retention Bonus in accordance with Sections 2 and 3 above; provided
that the Employee had not failed to satisfy any of the conditions set forth in Section 2 immediately prior to such termination.

 

		c.	“Cause” has the meaning set forth in the then existing employment agreement between
the Employee and the Company, if any, and otherwise shall mean the Employee’s action, or failure to act, during the Employee’s
employment with the Company that is determined to constitute any of the following: (i) performance of any act or failure to perform any
act in bad faith and to the detriment of any Company Entities; (ii) dishonesty, intentional misconduct or material breach of any
agreement with any Company Entity; or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional
harm to any person. Prior to any termination for Cause pursuant to each such event listed in (i) or (ii) above, to the extent such event(s)
is capable of being cured by the Employee, the Company shall give the Employee written notice thereof describing in reasonable detail
the circumstances constituting Cause and the Employee shall have the opportunity to remedy the same within thirty (30) days after receiving
written notice.

 

		d.	“Company Entity” shall mean any parent, subsidiary or affiliate of the Company.

 

    

     

    

 

5.     
Termination of Agreement. Upon the Employee’s failure to satisfy any of the payment conditions set forth in this Agreement,
this Agreement and the opportunity to receive any payment due to the Employee hereunder shall automatically terminate and be forfeited,
void and of no further force and effect, in all cases, without any action from the parties hereto.

 

6.     
No Right to Continued Employment. This Agreement shall not be regarded as a contract of employment for a set period of time and
does not confer upon the Employee any right with respect to the continuance of employment or other service with the Company or any subsidiary.
Further, this Agreement shall not interfere in any way with any right that the Company or any subsidiary would otherwise have to terminate
the Employee’s employment or other service at any time. The Employee remains an at-will employee for the duration of the Employee’s
employment with the Company, including during the Retention Period, which means that the Company or the Employee may terminate the Employee’s
employment at any time with or without cause and without advance notice. Any economic or other benefit to the Employee under this Agreement
shall not be taken into account in determining any benefits to which the Employee may be entitled under any severance, retirement or other
benefit or compensation plan or policy maintained by the Company unless expressly provided for under such plan or policy. 

 

7.     
Section 409A of the Internal Revenue Code. Although the Company does not guarantee the tax treatment of any payment under this
Agreement, this Agreement and any payments made hereunder are intended to comply with or be exempt from Section 409A of the Code, and,
accordingly, to the maximum extent permitted, this Agreement shall be interpreted in a manner consistent therewith. Any payment under
this Agreement may only be made upon an event and in a manner permitted by Section 409A of the Code, and such payments are intended to
be exempt from Section 409A of the Code under the “short-term deferral” exception, to the maximum extent applicable. For purposes
of Section 409A of the Code, the Employee’s right to receive any installment payments pursuant to this Agreement shall be treated
as a right to receive a series of separate and distinct payments. During the Retention Period, the Company reserves the right to amend
the provisions of this Agreement at any time and in any manner without the Employee’s consent but with notice to the Employee solely
to comply with the requirements of Section 409A of the Code and to avoid the imposition of additional tax, interest or income inclusion
under Section 409A of the Code on any payment to be made hereunder. Notwithstanding the foregoing, in no event shall the Company be liable
for any additional tax, interest, income inclusion or other penalty that may be imposed on the Employee by Section 409A of the Code or
for damages for failing to comply with Section 409A of the Code.

 

8.     
Withholding. The Company may deduct and withhold from any amount payable under this Agreement such federal, state, local, foreign,
or other taxes as are required to be withheld pursuant to any applicable tax law or regulation. The Employee hereby acknowledges that
the Company has advised the Employee to consult with the Employee’s legal, tax or financial advisors with respect to any tax or
other financial consequences of any amounts paid to the Employee under this Agreement.

 

9.     
Entire Agreement.This Agreement constitutes the entire agreement between the parties with respect to the subject matter contained
herein and supersedes all prior agreements (including, for the avoidance of doubt, the Original Agreement), promises, covenants, arrangements,
communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party hereto;
provided, that the restrictive covenants contained in this Agreement are in addition to, and not in lieu of, any existing or future restrictive
covenant agreement or similar obligations contained in any other agreements between the Employee and the Company. None of the parties
hereto will be liable to any other party in any manner by any representations and warranties or covenants relating to such subject matter
except as specifically set forth in this Agreement. Except as provided in Section 7, any modification of this Agreement will be effective
only if it is in writing and signed by both parties.

 

    

     

    

 

10.  Assignment.
Without the prior written consent of the Company, this Agreement is not assignable by the Employee other than by will or the laws of descent
and distribution, and any assignment in violation of this Agreement will be void. Notwithstanding the foregoing, this Agreement and the
rights hereunder will inure to the benefit of and be enforceable by the Employee’s personal or legal representatives, executors,
administrators, successors, heirs, distributes, devisees and legatees. The Company may assign or delegate this Agreement or any of its
rights or obligations hereunder to a person or entity that is an affiliate of or successor to the Company.

 

11.  Governing Law.
This Agreement shall be governed in all respects by the laws of the State of California without regard to its conflict of laws rules or
principles that might refer to the laws of another jurisdiction.

 

12.  Counterparts.
This Agreement may be executed in counterparts, which shall be deemed originals with the same effect as if both parties had signed the
same document. Any counterpart shall be construed together with any other counterpart and both shall constitute one Agreement. For the
purposes of this Agreement, a facsimile or PDF copy of a signature shall be construed to be an original.

 

[Signature Page Follows]

 

    

     

    

  

AGREED AND ACCEPTED AS OF THE RESTATEMENT DATE:

 

 

	 ODED SHEIN	 	SHIFT TECHNOLOGIES, INC.
	 	 	 
	/s/ Oded Shein	 	/s/ Tracy Notte
	Date: 09/12/2022	 	Name: Tracy Notte              
	 	 	Title: Chief People Officer
	 	 	Date: 09/12/2022Exhibit 10.5

 

DIRECTOR
AGREEMENT

 

This
Director Agreement (the “Agreement”) is made and entered into as of September 3, 2022 (the “Effective Date”),
by and between Cine Top Culture Holdings Limited, a Cayman Islands company (the “Company”), and Y. Tristan Kuo, an individual
(the “Director”).

 

I.
SERVICES

 

1.1
Board of Directors. The Company has appointed the Director to the Company’s Board of Directors (the “Board”),
Chairman of the Audit Committee, a member of the Corporate Governance and Nominating Committee and the Compensation Committee of the
Board. Director agrees to perform such tasks as may be necessary to fulfill Director’s obligations as a member of the Board and
serve as a director so long as he is duly appointed or elected and qualified in accordance with the applicable provisions of the Memorandum
and Articles of Association, Bylaws and any applicable stockholders’ agreement of the Company and until such time as he resigns,
fails to stand for election, fails to be elected by the stockholders of the Company or is removed from his position. Director may at
any time and for any reason resign or be removed from such position (subject to any other contractual obligation or other obligation
imposed by operation of law), in which event the Company shall have no obligation under this Agreement with respect to the Director.

 

1.2
Director Services. Director’s services to the Company hereunder shall include service on the Board to manage the business
of the Company in accordance with applicable law and stock exchange rules as well as the Memorandum and Articles of Association and Bylaws
of the Company, serving on committees of the Board as appointed and such other services mutually agreed to by Director and the Company
(the “Director Services”).

 

1.3
Member of Committees. Director agrees to serve as the Chairman of the Audit Committee and a member of the Compensation Committee
and the Corporate Governance and Nominating Committee of the Board. The Company and the Director acknowledge that all official appointments
to committees of the Board are made by the Board.

 

1.4
Expiration Date. This Agreement shall terminate upon the “Expiration Date”, which shall be the earlier of the date
on which Director ceases to be a member of the Board for any reason, including death, resignation, removal, or failure to be elected
by the stockholders of the Company, or the date of termination of this Agreement in accordance with Section 5.2 hereof.

 

II.
COMPENSATION

 

2.1
Expense Reimbursement. The Company shall reimburse Director for all reasonable travel and other out-of-pocket expenses incurred
in connection with the Director Services rendered by Director.

 

2.2
Fees to Director. The Company agrees to pay Director a fee of US$24,000 per year for Director Services, service as the Chairman
of the Audit Committee, a member of the Compensation Committee and the Corporate Governance and Nominating Committee of the Board and
other services mutually agreed by the parties. The fee to the Director shall be paid by the Company quarterly.

 

III.
CONFIDENTIALITY AND NONDISCLOSURE

 

3.1
Confidentiality. During the term of this Agreement, and for a period of two (2) years after the Expiration Date, Director shall
maintain in strict confidence all information he has obtained or shall obtain from the Company, which the Company has designated as “confidential”
or which is by its nature confidential, relating to the Company’s business, operations, properties, assets, services, condition
(financial or otherwise), liabilities, employee relations, customers (including customer usage statistics), suppliers, prospects, technology,
or trade secrets, except to the extent such information (i) is in the public domain through no act or omission of the Director, (ii)
is required to be disclosed by law or a valid order by a court or other governmental body, or (iii) is independently learned by Director
outside of this relationship with the Company (the “Confidential Information”).

 

    	 

     

    

 

3.2
Nondisclosure and Nonuse Obligations. Director will use the Confidential Information solely to perform his obligations for the
benefit of the Company hereunder. Director will treat all Confidential Information of the Company with the same degree of care as Director
treats his own Confidential Information, and Director will use his best efforts to protect the Confidential Information. Director will
not use the Confidential Information for his own benefit or the benefit of any other person or entity, except as being specifically permitted
in this Agreement. Director will immediately give notice to the Company of any unauthorized use or disclosure by or through him, or of
which he becomes aware, of the Confidential Information. Director agrees to assist the Company in remedying any such unauthorized use
or disclosure of the Confidential Information.

 

3.3
Return of Company Property. All materials furnished to Director by the Company, whether delivered to Director by the Company or
made by Director in the performance of Director Services under this Agreement (the “Company Property”), are the sole and
exclusive property of the Company. Director agrees to promptly deliver the original and any copies of the Company Property to the Company
at any time upon the Company’s request. Upon termination of this Agreement by either party for any reason, Director agrees to promptly
deliver to the Company or destroy, at the Company’s option, the original and any copies of the Company Property. Director agrees
to certify in writing that Director has so returned or destroyed all such Company Property.

 

IV.
COVENANTS OF DIRECTOR

 

4.1
No Conflict of interest. During the term of this Agreement, and for a period of one (1) year after the Expiration Date, Director
shall not be employed by, own, manage, control or participate in the ownership, management, operation or control of any person, firm,
partnership, corporation or unincorporated association or entity of any kind that is competitive with the Company or otherwise undertake
any obligation inconsistent with the terms hereof. Director represents that nothing in this Agreement conflicts with Director’s
obligations to his current affiliation or other current relationships with the entity or entities. A business shall be deemed to be “competitive
with the Company” for purpose of this Article IV if and to the extent it engages in the business substantially similar to the Company’s
businesses described in its annual report. The ownership by the Director of not more than 5% of a corporation, partnership or other enterprise
shall not constitute a violation hereof.

 

4.2
Noninterference with Business. During the term of this Agreement, and for a period of two (2) years after the Expiration Date,
Director agrees not to interfere with the business of the Company in any manner. By way of example and not of limitation, Director agrees
not to solicit or induce any employee, independent contractor, customer or supplier of the Company to terminate or breach his, her or
its employment, contractual or other relationship with the Company.

 

V.
TERM AND TERMINATION

 

5.
1 Term. This Agreement is effective as of the date first written above and will continue until the Expiration Date.

 

5.2
Termination. Either party may terminate this Agreement at any time upon thirty (30) days prior written notice to the other party,
or such shorter period as the parties may agree upon.

 

5.3
Survival. The rights and obligations contained in Articles Ill and IV will survive any termination or expiration of this Agreement.

 

VI.
MISCELLANEOUS

 

6.1
Assignment. Except as expressly permitted by this Agreement, neither party shall assign, delegate, or otherwise transfer any of
its rights or obligations under this Agreement without the prior written consent of the other party. Subject to the foregoing, this Agreement
will be binding upon and inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and
assigns.

 

6.2
No Waiver. The failure of any party to insist upon the strict observance and performance of the terms of this Agreement shall
not be deemed a waiver of other obligations hereunder, nor shall it be considered a future or continuing waiver of the same terms.

 

    	 

     

    

 

6.3
Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice
deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of
receipt; (iii) by facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv) by certified or registered
mail, return receipt requested, upon verification of receipt. Notice shall be sent to the addresses set forth on the signature page of
this Agreement or such other address s either party may specify in writing.

 

6.4
Severability. Should any provisions of this Agreement be held by a court of law to be illegal, invalid or unenforceable, the legality,
validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby.

 

6.5
Entire Agreement. This Agreement constitutes the entire agreement between the parties relating to this subject matter and supersedes
all prior or contemporaneous oral or written agreements concerning such subject matter. The terms of this Agreement will govern all Director
Services undertaken by Director for the Company.

 

6.6
Amendments. This Agreement may only be amended, modified or changed by an agreement signed by the Company and Director. The terms
contained herein may not be altered, supplemented or interpreted by any course of dealing or practices.

 

6.7
Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

6.8
Governing Law. Any disputes arising from or in connection with this Agreement, and the rights and obligations of the parties hereunder,
shall be determined in accordance with the law of Cayman Islands applicable to agreements made and to be performed entirely in Cayman
Islands.

 

(Signature
pages to follow)

 

    	 

     

    

 

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

 

	Cine
    Top Culture Holdings Limited 	 	Director:
    Y. Tristan Kuo
	 	 	 	 	 
	By:	/s/Yihong
    Pan	 	By:	/s/
    Y. Tristan Kuo
	Name:	Yihong
    Pan, Chief Executive Officer	 	Name:	Y.
    Tristan Kuo
	Address:
    	Suite
                                                         401, No. 381, Panyu Avenue North, Nancun County, Panyu District Guangzhou City, China 511442
	 	Address:

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