Document:

Exhibit 10.1

 

AMENDED AND RESTATED

LUOKUNG TECHNOLOGY CORP.

2018 OMNIBUS EQUITY PLAN

 

ARTICLE 1

GENERAL PROVISIONS

 

1.1.
PURPOSE OF THE PLAN.

 

The Amended and Restated Luokung Technology Corp.
2018 Omnibus Equity Plan has been established by Luokung Technology Corp. to (a) attract and retain high caliber employees, directors,
consultants and independent contractors; (b) motivate Participants, by means of appropriate incentives, to achieve long-range goals; (c)
provide incentive compensation opportunities that are competitive with those of other similarly-situated companies; and (d) further align
Participants’ interests with those of the Corporation’s shareholders through compensation that is based on the Corporation’s
ordinary shares; and thereby promote the long-term financial interest of the Corporation, including the growth in value of the Corporation’s
equity and enhancement of long-term shareholder return.

 

Capitalized terms shall have the meanings assigned
to such terms in Section 9 of the Plan.

 

1.2.
TYPES OF AWARDS AVAILABLE UNDER THE PLAN.

 

The Plan provides for five types of Awards:

 

Options - the Option
Grant Program under which Eligible Persons may be granted Incentive Stock Options or Non-Statutory Stock Options to purchase
Shares is set forth in Article 2;

 

Stock Appreciation Rights -
the Stock Appreciation Rights Program under which Eligible Persons may be granted a right to receive the appreciation
in the Fair Market Value of Shares in the form of cash or Shares is set forth in Article 3;

 

Restricted Stock -
the Restricted Stock Program under which Eligible Persons may be issued Shares or Preferred Shares, subject to certain
conditions and restrictions, is set forth in Article 4;

 

Unrestricted Stock: the Unrestricted
Stock Program under which Eligible Persons may be issued Shares or Preferred Shares, is set forth in Article 5; and

 

Restricted Stock Units -
the Restricted Stock Unit Program under which Eligible Persons may be granted a right to receive Shares upon the satisfaction
of certain conditions and restrictions is set forth in Article 6.

 

The provisions of Articles 1, 7
(to the extent applicable), 8 and 9 apply to each type of Award made under the Plan and govern the interests
of all persons under the Plan.

 

1.3.
ADMINISTRATION OF THE PLAN.

 

	(a)	General Administration. The Plan shall be administered and interpreted by the Committee (as designated pursuant to Paragraph 1.3 (b)). Subject to the express provisions of the Plan, the Committee shall have authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, to determine the terms and provisions of the Award Agreements by which Awards shall be evidenced (which shall not be inconsistent with the terms of the Plan), and to make all other determinations necessary or advisable for the administration of the Plan, all of which determinations shall be final, binding and conclusive.

 

     

     

    

 

	(b)	Appointment of Committee. The Board shall appoint the Committee from among its nonemployee directors to serve at the pleasure of the Board. The Board from time to time may remove members from, or add members to, the Committee and shall fill all vacancies thereon. The Committee at all times shall be composed of two or more nonemployee directors who shall meet all of the following requirements:

 

	 	(i)	Disinterested Administration for Rule 16b-3 Exemption. During the period any director is serving on the Committee, he shall (A) not be an officer of the Corporation or a director or officer of a parent or subsidiary of the Corporation, or otherwise currently employed by the Corporation or a parent or subsidiary of the Corporation; (B) not receive compensation, either directly or indirectly, from the Corporation or a parent or subsidiary of the Corporation for services rendered as a consultant or in any capacity other than as a director, except for an amount that does not exceed the dollar amount for which disclosure would be required pursuant to Rule 404(a) of the Securities Exchange Act of 1934; (C) not possess an interest in any other transaction for which disclosure would be required pursuant to Rule 404(a) of the Securities Exchange Act of 1934; and (D) not be engaged in a business relationship for which disclosure would be required pursuant to Rule 404(b) of the Securities Exchange Act of 1934. The requirements of this subsection are intended to comply with Rule 16b-3 under Section 16 of the Securities Exchange Act of 1934, and shall be interpreted and construed in a manner which assures compliance with said Rule 16b-3. To the extent said Rule 16b-3 is modified to reduce or increase the restrictions on who may serve on the Committee, the Plan shall be deemed modified in a similar manner; 

 

	 	(ii)	Reserved; and

 

	 	(iii)	Independent Director Rule for Stock Exchange. During the period any director is serving on the Committee, he shall satisfy all requirements to qualify as an independent director for purposes of the rules of the exchange on which the Stock is traded.

 

	(c)	Organization. The Committee may select one of its members as its chairman and shall hold its meetings at such times and at such places as it shall deem advisable. A majority of the Committee shall constitute a quorum. Actions may be taken by a majority of the Committee at a meeting or by unanimous written consent of all Committee members in lieu of a meeting. The Committee shall keep minutes of its proceedings and shall report the same to the Board at the next succeeding meeting of the Board.

 

	(d)	Powers of Committee. The Committee may make one
    or more Awards under the Plan to a Participant. The Committee shall decide which Eligible Persons shall receive an Award and when to
    grant an Award, the type of Award that it shall grant and the number of Shares covered by the Award. The Committee shall also decide
    the terms, conditions, performance criteria, restrictions and other provisions of the Award. The Committee may grant a single Award
    or an Award in combination with another Award(s) to a Participant. The Committee may grant an Award as an alternate to or
    replacement of an existing Award under the Plan or award under any other compensation plan or arrangement of the Corporation or a
    Related Corporation, including a plan of any entity acquired by the Corporation or a Related Corporation, upon the cancellation of
    the existing award; provided, that such grant of an alternate or replacement Award may be made only if the alternate or
    replacement Award does not constitute a repricing of the existing award (as limited by Section 1.5(c) of the Plan). In making Award
    decisions, the Committee may take into account the nature of services rendered by the individual, the individual’s present and
    potential contribution to the Corporation’s success and such other factors as the Committee, in its sole discretion, deems
    relevant. 

 

	The Committee shall interpret the Plan, establish and rescind any rules and regulations relating to the Plan, decide the terms and provisions of any Award Agreements made under the Plan, and determine how to administer the Plan. The Committee also shall decide administrative methods for the exercise of Stock Options. Each Committee decision shall be final, conclusive and binding on all parties.

 

	(e)	Delegation by Committee. Unless prohibited by applicable law or the applicable rules of a stock exchange, the Committee may allocate all or some of its responsibilities and powers to any one or more of its members. The Committee also may delegate some or all of it administrative duties and powers to any Employee, including officers.

 

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	(f)	Information to be Furnished to Committee. The records of the Corporation and Related Corporations as to an Eligible Person’s or Participant’s employment, termination of employment, performance of Services, termination of Services, leave of absence, reemployment and compensation shall be conclusive on all persons unless determined to be manifestly incorrect. Participants and other persons entitled to benefits under the Plan must, as a condition to the receipt or settlement of any Award hereunder, furnish the Committee with such evidence, data or information as the Committee reasonably considers desirable to carry out the terms of the Plan.

 

	(g)	Indemnification. In addition to such other rights of indemnification that they have as members of the Board or the Committee, the Corporation shall indemnify the members of the Committee (and any designees of the Committee, as permitted under Paragraph (e)), to the fullest extent permitted by applicable law, against reasonable expenses (including, without limitation, attorney’s fees) actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any Award awarded hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is approved to the extent required by and in the manner provided by the articles of incorporation of the Corporation relating to indemnification of the members of the Board) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to such matters as to which it is adjudged in such action, suit or proceeding that such Committee member or members (or their designees) did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Corporation.

 

1.4.
ELIGIBILITY.

 

The persons eligible to participate in this Plan
(“Eligible Persons”) are as follows:

 

	(a)	Employees. Employees (including Employees who are members of the Board and Employees who reside in countries other than the United States), provided that awards of Incentive Stock Options shall only be made to Employees.

 

	(b)	Outside Directors. Non-Employee members of the Board or the board of directors of any Related Corporation.

 

	(c)	Consultants. Other consultants and independent advisors who provide bona-fide services to the Corporation (or any Related Corporation).

 

	(d)	New Hires. Persons who have been offered employment by the Corporation or a Related Corporation, provided that such a prospective Employee may not be granted an Incentive Stock Option until he or she becomes an Employee and may not receive any payment or exercise any right relating to an Award until such person begins employment with the Corporation or the Related Corporation.

 

1.5
STOCK SUBJECT TO THE PLAN.

 

	(a)	Shares Available for Issuance.

 

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	 	(i)	
    Plan Securities’ Reserve.

     

    The Ordinary Shares issuable under the Plan shall
    be authorized but unissued Ordinary Shares, including Ordinary Shares repurchased by the Corporation and held by the Corporation as treasury
    shares. The maximum number of Ordinary Shares available for issuance under the Plan shall be 72,480,000 Ordinary Shares, all of which
    may be issued as Awards, including, but not limited to, Incentive Stock Options.

     

    The Preferred Shares issuable under the Plan shall
    be authorized but unissued Preferred Shares, including Preferred Shares repurchased by the Corporation and held by the Corporation as
    treasury shares. The maximum number of Preferred Shares available for issuance under the Plan shall be [*] shares, all of which may only
    be issued as Awards under Restricted Stock Program under Article 4 hereto and Unrestricted Stock Program under Article 5 hereto.

     

	 	(ii)	
    Share Use. Any Shares and/or Preferred
Shares (collectively “Plan Securities”) granted under the Plan that are forfeited because of the failure to meet an Award
contingency or condition shall again be available for issuance pursuant to new Awards granted under the Plan. To the extent any Plan
Securities covered by an Award are not delivered to a Participant or beneficiary because the Award is forfeited or canceled, or the Plan
Securities are not delivered because the Award is settled in cash, such Plan Securities shall not be deemed to have been delivered for
purposes of determining the maximum number of Plan Securities available for issuance under the Plan. However, should the Exercise Price
of an Option under the Plan be paid with Plan Securities or should Plan Securities otherwise issuable under the Plan be withheld by the
Corporation in satisfaction of the withholding taxes incurred in connection with the exercise or vesting of an Award under the Plan,
then such number of Plan Securities shall be treated for purposes of this Paragraph as having been issued to the holder. Notwithstanding
the above, the total number of Shares underlying a SAR granted under the Plan that is settled in Shares shall not be available for subsequent
issuance under the Plan regardless of the number of Shares used to settle the SAR.

 

	(b)	Adjustment to Shares and Awards. 

 

	 	(i)	Recapitalization. If the Corporation is involved in a corporate transaction or any other event which affects the Plan Securities (including, without limitation, any recapitalization, reclassification, reverse or forward share split, share dividend, extraordinary cash dividend, split-up, spin-off, combination or exchange of shares), then the Committee shall adjust Awards to preserve the benefits or potential benefits of the Awards as follows:

 

	 	(1)	The Committee shall take action to adjust the number and kind of Plan Securities that are issuable under the Plan and the maximum limits for each type of grant;

 

	 	(2)	The Committee shall take action to adjust the number and kind of Plan Securities subject to outstanding Awards;

 

	 	(3)	The Committee shall take action to adjust the Exercise Price or base price of outstanding Options and Stock Appreciation Rights; and

 

	 	(4)	The Committee shall make any other equitable adjustments.

 

Only whole Plan Securities shall be issued
in making the above adjustments. Further, the number of Plan Securities available under the Plan or the number of Plan Securities subject
to any outstanding Awards shall be the next lower number of Plan Securities, so that fractions are rounded upward. Any adjustment to or
assumption of ISOs under this Section shall be made in accordance with Code §424. If the Corporation issues any rights to subscribe
for additional Plan Securities pro rata to holders of outstanding Plan Securities of the class or classes of shares then set aside for
the Plan, then each Participant shall be entitled to the same rights on the same basis as holders of outstanding Plan Securities with
respect to such portion of the Participant’s Award as is
exercised on or prior to the record date for determining shareholders entitled to receive or exercise such rights.

 

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	 	(ii)	Reorganization. If the Corporation is part of any reorganization involving merger, consolidation, acquisition of the Plan Securities or acquisition of the assets of the Corporation, the Committee, in its discretion, may decide that:

 

	 	(1)	any or all outstanding Awards shall pertain to and apply, with appropriate adjustment as determined by the Committee, to the securities of the resulting corporation to which a holder of the number of Plan Securities subject to each such Award would have been entitled;

 

	 	(2)	any or all outstanding Options or SARs shall become immediately fully exercisable (to the extent permitted under federal or state securities laws) and shall remain exercisable for the remaining term of the Options or SARs under the terms of the Plan;

 

	 	(3)	any or all Options or SARs shall become immediately fully exercisable (to the extent permitted under federal or state securities laws) and shall be terminated after giving at least 30 days’ notice to the Participants to whom such Options or SARs have been granted; and/or

 

	 	(4)	any or all unvested Restricted Stock Units AND Restricted Stock on which restrictions have not yet lapsed shall become immediately fully vested, nonforfeitable and payable.

 

	 	(iii)	Limits on Adjustments. Any issuance by the Corporation of shares of any class other than the Stock, or securities convertible into shares of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Plan Securities subject to any Award, except as specifically provided otherwise in this Plan. The grant of Awards under the Plan shall not affect in any way the right or authority of the Corporation to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge, consolidate or dissolve, or to liquidate, sell or transfer all or any part of its business or assets. All adjustments the Committee makes under this Plan shall be conclusive.

 

	(c)	No Repricing. Except in connection with a corporate transaction involving the Corporation (including, without limitation, any share dividend, share split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of Plan Securities), the terms of outstanding Awards may not be amended to reduce the Exercise Price of outstanding Options or the base price of SARs or to cancel outstanding Options or SARS in exchange for cash, other awards or Options or SARs with an Exercise Price or base price that is less than the Exercise Price of the original Options or base price of the original SARs without shareholder approval.

 

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ARTICLE 2

OPTION GRANT PROGRAM

 

2.1
TERMS.

 

The grant of an Option entitles the Participant
to purchase the number of Shares designated in the Award Agreement for such Option at an Exercise Price established by the Committee.
Options may be either Incentive Stock Options or Non-Statutory Stock Options, as determined in the discretion of the Committee. Each Option
shall be evidenced by and conditional on an Award Agreement in the form approved by the Committee, which Award Agreement shall specify
whether the Option is an ISO or NSO. No ISO may be granted to any person more than ten (10) years after the Effective Date of the Plan.
Award Agreements need not be identical, but shall include (through incorporation of provisions hereof, by reference in the Award Agreements,
or otherwise) the terms specified below and be subject to the provisions of the Plan applicable to such Options.

 

To the extent that the aggregate Fair Market Value
of the Shares (determined as of the respective date or dates of grant), subject to ISOs granted to any Participant under the Plan and
any other option plan of the Corporation or any Related Corporation that first become exercisable in any calendar year, including any
ISOs which become exercisable on an accelerated basis during such year, exceeds the sum of One Hundred Thousand Dollars ($100,000), such
excess Options shall be treated as NSOs.

 

2.2
VESTING.

 

Each Option shall vest and become exercisable
at such time or times, during such period, and for such number of Shares as shall be determined by the Committee and set forth in the
Award Agreement evidencing the Option; provided that no Option may be exercisable after the expiration of ten (10) years (or, in
the case of an ISO granted to a 10% Stockholder, five (5) years) from the date of grant. Vesting may be conditioned on the continued performance
of Services or the achievement of performance conditions measured on an individual, corporate or other basis, or any combination thereof.

 

2.3
EXERCISE PRICE.

 

The Exercise Price shall be fixed by the Committee,
provided that the Exercise Price for any Option shall never be less than one hundred percent (100%) (or, in the case of a 10% Stockholder
receiving an ISO, 110%) of the Fair Market Value per share of Stock on the Option grant date.

 

2.4
METHOD OF EXERCISE.

 

The Participant may exercise the Option by delivering
a written notice of exercise to the Corporation, in the form and manner designated by the Committee and as set out in the relevant Award
Agreement. The notice shall be effective only if accompanied by payment of the Exercise Price in full. The Committee shall have the discretion
to provide that the Exercise Price may be payable, to the extent permitted by applicable law, in one or more of the forms specified below:

 

		(a)	Cash/Check. Cash or
check made payable to the Corporation;

 

		(b)	Shares Owned. By delivery
to the Corporation of Shares owned by the Participant (by either actual delivery of Shares or by attestation, with such Shares valued
at Fair Market Value as of the day of exercise) with such documentation as the Committee may require or in such other manner as the Committee
may require;

 

		(c)	Share Withholding. By
withholding Shares that would otherwise be acquired on exercise having an aggregate Fair Market Value at the time of exercise equal to
the Exercise Price;

 

		(d)	Cashless Exercise. By
cashless exercise through delivery of irrevocable instructions to a broker to promptly deliver to the Corporation the amount of proceeds
from a sale of Shares having a Fair Market Value equal to the Exercise Price; and/or

 

		(e)	Other Forms. In any
other form of legal consideration that may be acceptable to the Committee, so long as it does not result in the deferral of recognition
of income or a “deferral of compensation” within the meaning of Code §409A.

 

2.5
SETTLEMENT OF AWARD.

 

The Corporation shall allot, issue and otherwise
deliver Shares, in the name of the relevant Participant, as soon as practicable after the Corporation’s receipt of the Participant’s
properly completed notice of exercise and payment in full of the Exercise Price as described in Section 2.4. Such Shares shall be subject
to such conditions as the Committee may establish, except that such conditions may not cause the deferral of recognition of income.

 

2.6
CANCELLATION AND REGRANT OF OPTIONS.

 

The Committee shall have the authority to effect,
at any time and from time to time, with the consent of the affected Participant, the cancellation of any or all outstanding Options under
the Option Grant Program and to grant in substitution new Options covering the same or different number of Shares which might have an
Exercise Price per Share no less than the Fair Market Value per Share on the new grant date. The cancellation and grant need not be simultaneous.

 

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ARTICLE 3

STOCK APPRECIATION RIGHTS PROGRAM

 

3.1
TERMS.

 

A Stock Appreciation Right entitles the
Participant to receive, with respect to each Share subject to the SAR, the appreciation in the Fair Market Value over a base price
established by the Committee, payable in cash or Shares, or a combination of both, as determined by the Committee at the time of
payment. Each SAR shall be evidenced by an Award Agreement in the form approved by the Committee. Award Agreements evidencing SARs
need not be identical, but shall include (through incorporation of provisions hereof, by reference in the Award Agreements, or
otherwise) the terms specified below and be subject to the provisions of the Plan applicable to such SARs.

 

3.2
VESTING.

 

The SAR shall cover a specified number of Shares
and shall vest and become exercisable upon such terms and conditions as the Committee shall establish; provided that no SAR may
be exercisable more than ten (10) years after the date of grant unless otherwise determined by the Committee and set forth in the Award
Agreement. Vesting may be conditioned on the continued performance of Services or the achievement of performance conditions measured
on an individual, corporate or other basis, or any combination thereof.

 

3.3
VALUE.

 

The base price in effect for Shares covered by
a SAR shall be determined by the Committee at the time of grant. In no event, however, may the base price per Share be less than the Fair
Market Value per Share on the grant date. The Participant will receive upon exercise of the SAR an amount equal to the excess of the Fair
Market Value of a Share on the surrender date over the base price of a Share (the “Spread”) multiplied by the number
of Shares covered by the SAR Award. Notwithstanding the foregoing, the Committee, in its sole discretion, may provide at the time it grants
a SAR that the Spread covered by such SAR may not exceed a specified amount.

 

3.4
METHOD OF EXERCISE.

 

The Participant may exercise the SAR by delivering
a written notice of exercise to the Corporation, in the form and manner designated by the Committee and as set out in the relevant Award
Agreement.

 

3.5
SETTLEMENT OF AWARD.

 

To the extent the Committee determines that the
Participant will receive cash upon exercise of a SAR, the Corporation shall deliver the cash amount which becomes due upon exercise of
a SAR as soon as administratively practicable after the Corporation’s receipt of the Participant’s properly completed notice
of exercise. To the extent the Committee determines that Shares will be delivered to the Participant upon exercise of a SAR, the Corporation
shall allot, issue and otherwise deliver Shares, in the name of the relevant Participant, as soon as practicable after the Corporation’s
receipt of the Participant’s properly completed notice of exercise and payment in full of the Exercise Price as described in Section
3.4. The Shares shall be subject to such conditions, restrictions and contingencies as the Committee may establish, except that such conditions
may not cause the deferral of recognition of income.

 

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ARTICLE 4

RESTRICTED STOCK PROGRAM

 

4.1
TERMS.

 

A Restricted Stock Award is a grant of Shares
or Preferred Shares subject to conditions and restrictions, if any, as determined by the Committee. Each Restricted Stock Award shall
be evidenced by an Award Agreement in the form approved by the Committee. Award Agreements evidencing Restricted Stock Awards need not
be identical, but shall include (through incorporation of provisions hereof, by reference in the Award Agreements, or otherwise) the terms
specified below and be subject to the provisions of the Plan applicable to such Restricted Stock Awards.

 

4.2
LAPSE OF RESTRICTIONS.

 

Each Restricted Stock Award shall be, for the
applicable Period of Restriction determined by the Committee, subject to such conditions, restrictions and contingencies as the Committee
shall determine. Lapse of restrictions may be conditioned on the continued performance of Services or the achievement of performance conditions
measured on an individual, corporate or other basis, or any combination thereof.

 

4.4
SHARE ESCROW/LEGENDS.

 

	(a)	Legend. Unless the certificate representing Shares of the Restricted Stock are deposited with a custodian (as described in subparagraph 4.4 (b) below), each certificate shall bear the following legend (in addition to any other legend required by law):

 

“The transferability of the shares
represented by this certificate is subject to the restrictions, terms and conditions (including forfeiture and restrictions against transfer)
contained in the Amended and Restated Luokung Technology Corp. 2018 Omnibus Equity Plan and a Restricted Stock Agreement dated __________,
____, between ________________ and Luokung Technology Corp. The Plan and the Restricted Stock Agreement are on file in the office of the
Corporate Secretary of Luokung Technology Corp.”

 

Such legend shall be removed or canceled
from any certificate evidencing Shares of Restricted Stock as of the date that such Shares become nonforfeitable.

 

	(b)	Deposit with Custodian. As an alternative to delivering a share certificate to the Participant, the Committee may deposit or transfer such Shares electronically to a custodian designated by the Committee. The Committee shall cause the custodian to issue a receipt for the Shares to the Participant for any Restricted Stock so deposited. The custodian shall hold the Shares and deliver the same to the Participant in whose name the Restricted Stock evidenced thereby are registered only after such Shares become nonforfeitable.

 

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ARTICLE 5

UNRESTRICTED STOCK PROGRAM

 

The Committee may, in its sole discretion,
award Unrestricted Stock to any Participant as a share bonus or otherwise pursuant to which such Participant may receive Shares or Preferred
Shares free of restrictions or limitations that would otherwise be applied under Section 4 of this Plan.

 

ARTICLE 6

RESTRICTED STOCK UNIT PROGRAM

 

6.1
TERMS.

 

A Restricted Stock Unit Award entitles the Participant
to receive Shares upon the vesting of the Restricted Stock Unit Award. Each Restricted Stock Unit Award shall be evidenced by an Award
Agreement in the form approved by the Committee. Subject to the terms of the Plan, Restricted Stock Units may be granted to Participants
in such amounts and upon such terms and at any time and from time to time, as shall be determined by the Committee. Award Agreements evidencing
Restricted Stock Unit Awards need not be identical, but shall include (through incorporation of provisions hereof, by reference in the
Award Agreements, or otherwise) the terms specified below and be subject to the provisions of the Plan applicable to Restricted Stock
Unit Awards.

 

6.2
VESTING.

 

Each Restricted Stock Unit shall be subject to
such vesting conditions, restrictions and contingencies as the Committee shall determine and set forth in the Award Agreement evidencing
the Restricted Stock Unit. Vesting may be conditioned on the continued performance of Services or the achievement of performance conditions
measured on an individual, corporate or other basis, or any combination thereof.

 

6.3
SETTLEMENT OF AWARD.

 

As soon as practicable following the date each
Restricted Stock Unit vests, the Corporation shall allot, issue and otherwise, in the name of the relevant Participant, the Shares underlying
such Restricted Stock Unit. The Shares shall be subject to such conditions, restrictions and contingencies as the Committee may establish,
except that such conditions may not cause the deferral of recognition of income.

 

ARTICLE 7

PERFORMANCE-BASED COMPENSATION

 

7.1
AWARDS OF PERFORMANCE-BASED COMPENSATION.

 

At its discretion, the Committee may make performance-based
Awards to Participants. In such event, the number of Shares becoming exercisable or transferable or amounts payable with respect to grants
of Options, Stock Appreciation Rights, and/or awards of Restricted Stock, Unrestricted Stock or Restricted Stock Units may be determined
based on the attainment of written performance goals based on the performance measures set forth in Section 7.2 and which have been approved
by the Committee for a specified performance period. The performance goals shall state, in terms of an objective formula or standard,
the method of computing the amount of compensation payable to the Participant if the goal is attained. The performance goals must be established
by the Committee in writing no more than ninety (90) days after the commencement of the performance period or, if less, the number of
days that is equal to 25% of the relevant performance period. The outcome of the performance goal must be substantially uncertain at the
time the Committee establishes the performance goal. Performance goals will be based on the attainment of one or more objectives based
on performance measures.

 

7.2
PERFORMANCE MEASURES.

 

Performance measures may include the
following: (i) earnings before all or any taxes; (ii) earnings before all or any of interest expense, taxes, depreciation and
amortization; (iii) earnings before all or any of interest expense, taxes, depreciation, amortization and rent; (iv) earnings before
all or any of interest expense and taxes; (v) net earnings; (vi) net income; (vii) operating income or margin; (viii) earnings per
share; (ix) growth; (x) return on shareholders’ equity; (xi) capital expenditures; (xii) expenses and expense ratio
management; (xiii) return on investment; (xiv) improvements in capital structure; (xv) profitability of an identifiable business
unit or product; (xvi) profit margins; (xvii) share price; (xviii) market share; (xix) revenues; (xx) costs; (xxi) cash flow; (xxii)
working capital; (xxiii) return on assets; (xxiv) economic value added; (xxv) industry indices; (xxvi) peer group performance;
(xxvii) regulatory ratings; (xxviii) asset quality; (xxix) gross or net profit; (xxx) net sales; (xxxi) total shareholder return;
(xxxii) sales (net or gross) measured by product line, territory, customers or other category; (xxxiii) earnings from continuing
operations; (xxxiv) net worth; (xxxv) levels of expense, receivables, cost or liability by category, operating unit or any other
delineation, or any other measures approved by the Committee. Performance Measures may relate to the Corporation and/or one or more
of its affiliates, one or more of its divisions or units or any combination of the foregoing, on a consolidated or nonconsolidated
basis, and may be applied on an absolute basis or be relative to one or more peer group companies or indices, or any combination
thereof, all as the Committee determines.

 

7.3
Reserved.

 

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ARTICLE 8

RULES APPLICABLE TO ALL AWARDS

 

8.1
TERMINATION OF SERVICE.

 

Unless otherwise determined by the Committee and
included in the Participant’s Award Agreement, in the event that a Participant’s Service with the Corporation and/or all Related
Corporations is terminated for any reason, all Awards held by the Participant which are unexercised or have not yet vested as of such
date shall expire, terminate, and cease to be exercisable as of such termination date, provided, however, that if the Participant’s
Service terminates for reasons other than Cause, all outstanding vested Options and SARs held by the Participant as of his or her termination
date shall continue to be exercisable until the earlier of the expiration of their term or the date that is three months after such termination
date.

 

8.2
ACCELERATION OF VESTING.

 

The Committee shall have complete discretion,
subject to the terms of the Plan, exercisable either at the time an Award is granted or at any time while the Award remains outstanding,
to accelerate the vesting of or lapse of restrictions on any Award.

 

8.3
EXTENSION OF EXERCISE PERIOD.

 

The Committee shall have complete discretion,
subject to the terms of the Plan, exercisable either at the time an Award is granted or at any time while the Award remains outstanding,
to extend the period of time for which the Option or SAR is to remain exercisable following the Participant’s termination of Service from
the limited exercise period otherwise in effect for that Option or SAR to such greater period of time as the Committee shall deem appropriate,
but in no event beyond the expiration of the Option or SAR term, and/or to permit the Option or SAR to be exercised, during the applicable
post-termination exercise period, not only with respect to the number of vested Shares for which such Option or SAR is exercisable at
the time of the Participant’s termination of Service but also with respect to one or more additional installments in which the Participant
would have vested had the Participant continued in Service. Such an extension may result in recharacterization of an ISO as a Non-Statutory
Stock Option.

 

8.4
TRANSFERABILITY.

 

All rights with respect to an Award granted to
a Participant under the Plan shall be available during his or her lifetime only to such Participant, except as designated by the
Participant by will or by the laws of descent and distribution; provided, however, that the Committee shall have the
discretion to provide that any Awards (other than an ISO) may, in connection with the Participant’s estate plan, be assigned in
whole or in part during the Participant’s lifetime to a trust established exclusively for one or more members of the Participant’s
immediate family. The terms applicable to the assigned Awards shall be the same as those in effect for the Awards immediately prior
to such assignment and shall be set forth in such documents issued to the assignee as the Committee may deem appropriate. Any
assignment shall not affect the Participant’s obligations to satisfy applicable tax withholding as described herein. The
Participant may also designate in writing one or more persons as the beneficiary or beneficiaries of his or her outstanding Awards
and those Awards shall, except to the extent of any lifetime transfer as provided herein, automatically be transferred to such
beneficiary or beneficiaries upon the Participant’s death while holding those Awards. Each such designation shall revoke all prior
designations by the same Participant, shall be in a form prescribed by the Corporation, and will be effective only when filed by the
Participant in writing with the Corporation during the Participant’s lifetime. In the absence of any such designation,
benefits under an Award remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. A
beneficiary or beneficiaries shall take the transferred Awards subject to all the terms and conditions of the applicable Award
Agreement, including (without limitation) the limited time period during which any Award may be exercised following the
Participant’s death.

 

8.5
SHAREHOLDER RIGHTS.

 

Except as otherwise provided by the Committee
in the Award Agreement, the Participant (or his or her beneficiaries) holding an Award shall have no shareholder rights with respect to
the Shares subject to or underlying the Award until the Participant has received and become a holder of record of the Shares underlying
the Award or, in the case of Restricted Stock, all restrictions have lapsed.

 

8.6
TAX WITHHOLDING.

 

	(a)	Conditions on Delivery of Shares. The Corporation’s obligation to deliver Shares under the Plan shall, to the extent required by Federal, state, local or foreign law, be subject to the satisfaction of all applicable Federal, state, local and foreign income and employment tax withholding requirements (or, in the case of Restricted Stock, the making of arrangements satisfactory to the Corporation regarding such payment). Whenever under the Plan payments are to be made in cash, such payments may be net of an amount sufficient to satisfy such withholding requirements.

 

	(b)	Tender of Shares. The Committee may, in its discretion, provide any or all Participants granted Non-Statutory Stock Options, SARs, Restricted Stock, Unrestricted Stock, or RSUs settled in Plan Securities under the Plan with the right to use Plan Securities in satisfaction of all or part of the applicable withholding taxes to which such Participants may become subject in connection with the exercise of their Options or SARs, the vesting of their Restricted Stock, or the settlement of their Restricted Stock Units or other Awards in Plan Securities. Such right may be provided to any such Participant in either or both of the following formats:

 

	 	(i)	The election to have the Corporation withhold, from the Plan Securities otherwise issuable upon the exercise of the NSO or SAR, the vesting of the Restricted Stock, or the settlement of Restricted Stock Units or other Awards in Plan Securities, a portion of those Plan Securities with an aggregate Fair Market Value equal to the percentage of the applicable withholding taxes (not to exceed the minimum required by law) designated by the Participant.

 

	 	(ii)	The election to deliver to the Corporation, at the time the NSO or SAR is exercised, the Restricted Stock vests, or the Restricted Stock Units or other Awards are settled in Plan Securities, Plan Securities previously acquired by such Participant (other than in connection with the Option or SAR exercise, Restricted Stock vesting or Restricted Stock Units or other Awards in Stock settlement triggering the withholding taxes) with an aggregate Fair Market Value equal to the percentage of the withholding taxes (not to exceed the minimum required by law) designated by the Participant.

 

    10

     

    

 

ARTICLE 9

DEFINITIONS

 

The following definitions shall be in effect under
the Plan:

 

9.1 Award Agreement shall mean a written
document setting forth the terms and provisions applicable to an Award granted to a Participant under the Plan, and is a condition to
the grant of an Award hereunder.

 

9.2 Awards shall mean any award or benefit
granted to any Participant under the Plan, including, without limitation, the grant of Options, SARs, Restricted Stock, Unrestricted Stock
and Restricted Stock Units.

 

9.3 Board shall mean the Corporation’s
Board of Directors.

 

9.4 Cause shall mean the commission
of any act of fraud, embezzlement or dishonesty by the Participant, any act or omission by such person constituting a breach or
default under any written or oral agreement between such person and the Corporation (or any Related Corporation), any unauthorized
use or disclosure by such person of confidential information or trade secrets of the Corporation (or any Related Corporation), or
any other intentional act by such person adversely affecting the business or affairs of the Corporation (or any Related Corporation)
in a material manner. The foregoing definition shall not be deemed to be inclusive of all the acts or omissions which the
Corporation (or any Related Corporation) may consider as grounds for the dismissal or discharge of any Participant or other person
in the Service of the Corporation (or any Related Corporation).

 

	9.5	Change of Control shall mean the first of the following events to occur:

 

	(a)	The acquisition by any one person or more than one person acting as a group (within the meaning of Treasury Regulation §1.409A-3(i)(5)(v)(B)), other than the Corporation, any Related Corporation, or any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any Related Corporation, (a “Person”) of any shares of the Corporation that, together with shares held by such Person, constitutes more than 50% of the total fair market value or total voting power of the shares of the Corporation. For purposes of this Paragraph (a), the following acquisitions shall not constitute a Change of Control: the acquisition of additional shares by a Person who is considered to own more than 50% of the total voting power of the shares of the Corporation. An increase in the percentage of shares owned by any one Person as a result of a transaction in which the Corporation acquires its shares in exchange for property will be treated as an acquisition of shares for purposes of this Paragraph;

 

	(b)	A majority of the members of the Board is replaced during any twelve (12)-month period commencing on the Effective Date, by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment;
	 	 
	(c)	The consummation of a merger or consolidation of the Corporation with any other corporation, other than a merger or consolidation which would result in (a) the voting securities of the Corporation outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Corporation or such surviving entity outstanding immediately after such merger or consolidation; or (b) the directors of the Corporation immediately prior thereto continuing to represent at least fifty percent (50%) of the directors of the Corporation or such surviving entity immediately after such merger or consolidation;

 

	(d)	The consummation of the sale or disposition by the Corporation of all or substantially all of the Corporation’s assets.

 

The above definition of “Change of Control”
shall be interpreted by the Board, in good faith, to apply in a similar manner to transactions involving partnerships and partnership
interests, and to comply with Code §409A and official guidance issued thereunder from time to time.

 

9.6 Code shall mean the Internal Revenue
Code of 1986, as amended.

 

9.7 Committee shall mean the particular
entity, whether the Committee or the Board, which is authorized to administer the Plan, to the extent such entity is carrying out its
administrative functions under the Plan.

 

9.8 Corporation shall mean Luokung Technology
Corp. Ltd, a British Virgin Islands company, and any corporate successor to all or substantially all of the assets or voting shares of
Luokung Technology Corp. which shall by appropriate action adopt the Plan.

 

9.9 Disability shall mean, unless otherwise
provided in the Award Agreement or in any employment, change of control or similar agreement in effect between the Participant and the
Corporation or Related Corporation, the Participant is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period
of not less than 12 months; or, by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period
of not less than 3 months under an accident and health plan covering employees of the Corporation or a Related Corporation.

 

9.10 Effective Date shall mean the date the Plan is adopted
by the last of the Board and the Shareholders.

 

9.11 Eligible Persons shall mean persons eligible to participate
in the Plan, as described in Section 1.4.

 

9.12 Employee shall mean an employee of the Corporation (or
any Related Corporation).

 

9.13 Exercise Price shall mean the per Share exercise price
of an Option as determined under Article 2 of the Plan.

 

    11

     

    

 

9.14 Fair Market Value per Share on the
relevant date shall mean, if the Shares are duly listed on a national securities exchange or on The Nasdaq Stock Market, the closing price
of the Shares on the relevant date, or, if there are no sales on such date, on the next preceding day on which there were sales, or if
the Shares are not so listed, the fair market value of the Shares for the relevant date, as determined by the Committee in good faith
and in compliance with Code §409A.

 

9.15 Incentive Stock Option or ISO
shall mean an Option that is intended to qualify as, and that satisfies the requirements applicable to, an “incentive stock option”
described in Code § 422(b).

 

9.16 Non-Statutory Stock Option or NSO
shall mean an Option that is not intended to be, or does not qualify as, an Incentive Stock Option.

 

9.17 Option shall mean a right to acquire
Shares of the Corporation pursuant to a Non-Statutory Stock Option or Incentive Stock Option granted under Article 2 of the Plan.

 

9.18 Participant shall mean any Eligible
Person who receives an Award under the Plan, and includes those former Eligible Persons who have certain post-termination rights under
the terms of an Award granted under the Plan.

 

9.19 Reserved.

 

9.20 Period of Restriction shall mean the
period(s) during which the transfer of an Award or the Shares subject to an Award is limited in some way (based on the passage of time,
the achievement of performance goals, or upon the occurrence of other events as determined by the Committee, at its discretion) or the
Shares are subject to a substantial risk of forfeiture, pursuant to the terms of this Plan or the applicable Award Agreement.

 

9.21 Plan shall mean the Amended and Restated
Luokung Technology Corp. 2018 Omnibus Equity Plan, as set forth in this document.

 

9.22 Related Corporation shall mean any
affiliate of the Corporation; provided, however, that with respect to any ISO and for purposes of the definition of 10% Stockholder,
“Related Corporation” shall mean any Corporation during any period in which it is a “parent corporation” (as that
term is defined in Code §424(e)) with respect to the Corporation or a “subsidiary corporation” (as that term is defined
in Code §424(f)) with respect to the Corporation.

 

9.23 Restricted Stock shall mean a grant
of Shares and/or Preferred Shares granted under Article 4 of the Plan that is subject to such conditions, restrictions and contingencies
as the Committee determines and set forth in the applicable Award Agreement.

 

9.24 Restricted Stock Unit or RSUs
shall mean a right to receive Shares upon satisfaction of certain vesting requirements pursuant to Article 6 of the Plan.

 

9.25 Service shall mean the performance
of services for the Corporation (or any Related Corporation) by a person in the capacity of an Employee, a non-Employee member of the
board of directors, or a consultant or independent advisor, except to the extent otherwise specifically provided in the Award Agreement.

 

9.26 Shares shall mean Ordinary Shares
of the Corporation, par value $0.01 per share.

 

9.27 Stock Appreciation Rights or SARs
shall mean a right to receive the appreciation in the Fair Market Value of Shares, as granted under Article 3 of the Plan.

 

9.28 10% Stockholder shall mean the owner
of shares (as determined under Code §424(d)) possessing more than ten percent (10%) of the total combined voting power of all classes
of shares of the Corporation (or any Related Corporation).

 

9.29 Unrestricted Stock means an Award of Shares
or Preferred Shares made pursuant to Article 5 of the Plan.

 

9.30 Unrestricted Stock means an Award of Shares
or Preferred Shares made pursuant to Article 5 of the Plan.

 

9.31 Preferred Shares shall mean Preferred
Shares of the Corporation, par value $0.01 per share.

 

    12

     

    

 

ARTICLE 10

MISCELLANEOUS

 

10.1
EFFECTIVE DATE AND TERM OF PLAN.

 

	(a)	Effective Date. The Plan shall become effective immediately upon its adoption by the Board, subject to approval by the shareholders of the Corporation at the first annual meeting of shareholders held following the adoption by the Board, or any special meeting of the shareholders duly called. Options may be granted under the Option Grant Program at any time on or after the Effective Date. However, until the shareholders approve the Plan, no Options or SARs granted under the Plan may be exercised, no Restricted or Unrestricted Stock shall be issued under the Plan and no Award may be settled in Stock under the Plan. If shareholder approval is not obtained within twelve (12) months after the Effective Date, then all Awards shall be null and void.

 

	(b)	Termination Date. The Plan shall terminate upon the earliest to occur of (i) the tenth (10th) anniversary of the Plan’s effective date, or (ii) the date on which all Shares available for issuance under the Plan shall have been issued as fully-vested Shares. Should the Plan terminate on the tenth (10th) anniversary of the Effective Date, then all Awards outstanding at that time shall continue to have force and effect in accordance with the provisions of the applicable Award Agreements.

 

10.2
AMENDMENT OF PLAN.

 

	(a)	Amendment and Termination By the Board. Subject to Paragraph (b) below, the Board shall have the power at any time to add to, amend, modify or repeal any of the provisions of the Plan, to suspend the operation of the entire Plan or any of its provisions for any period or to terminate the Plan in whole or in part. In the event of any such action, the Committee shall prepare written procedures which, when approved by the Board, shall govern the administration of the Plan resulting from such addition, amendment, modification, repeal, suspension or termination. The Committee may amend any Award Agreement that it previously has authorized under the Plan and the applicable Participant; provided, however, that no Award Agreement may be amended to reprice or constructively reprice any Award.

 

	(b)	Restrictions on Amendment and Termination. Notwithstanding the provisions of Paragraph (a) above, the following restrictions shall apply to the Board’s authority under Paragraph (a) above:

 

	 	(i)	Prohibition Against Adverse Effects on Outstanding Awards. No addition, amendment, modification, repeal, suspension or termination shall adversely affect, in any way, the rights of the Participants who have outstanding Awards without the consent of such Participants;

 

	 	(ii)	Stockholder Approval Required for Certain Modifications. No modification or amendment of the Plan may be made without the prior approval of an ordinary resolution of the shareholders passed at a duly convened and constituted meeting of the shareholders of the Corporation if (i) such modification or amendment would cause the applicable portions of the Plan to fail to qualify as an ISO plan pursuant to Code §422, (ii) such modification or amendment would materially increase the benefits accruing to Participants under the Plan, (iii) such modification or amendment would materially increase the number of Awards or Shares which may be issued under the Plan, or (iv) such modification or amendment would materially modify the requirements as to eligibility for participation in the Plan. Clauses (ii), (iii) and (iv) of the preceding sentence shall be interpreted in accordance with the provisions of paragraph (b)(2) of Rule 16b-3 of the 1934 Act.

 

10.3
CONTINUING SECURITIES LAW COMPLIANCE; LEGENDS.

 

The granting of Awards and the issuance of
Shares under the Plan shall be subject to all applicable laws, and to such approvals by any governmental agencies or national
securities exchanges as may be required. If at any time on or after the Effective Date, the Committee, in its discretion, shall
determine that the requirements of any applicable federal or state securities laws should fail to be met, no Shares issuable under
Awards and no Options or SARs shall be exercisable until the Committee has determined that these requirements have again been met.
The Committee may suspend the right to exercise any Option or SAR at any time when it determines that allowing the exercise and
issuance of Shares would violate any federal or state securities or other laws, and may provide that any time periods to exercise
the Option or SAR are extended during a period of suspension. With respect to “Insiders,” transactions under this Plan
are intended to comply with all applicable conditions of Rule 16b-3 under the Securities Exchange Act of 1934. To the extent any
provision of the Plan or action by the Committee fails to so comply, it shall be deemed null and void, to the extent permitted by
law and deemed advisable by the Committee. Each Award Agreement and each certificate representing Awards or Shares granted pursuant
to the Plan (including Awards or Shares issuable pursuant to the terms of derivative securities) may bear such restrictive legend(s)
as the Committee deems necessary or advisable under applicable law, including Federal and state securities laws. If any Award is
made to a Participant who is subject to the Corporation’s policy regarding trading of its Shares by its officers and directors
and Shares are scheduled to be delivered under the Plan to the Participant on a day (the “original distribution date”)
that does not occur during a “window period” applicable to the Participant, as determined by the Corporation in
accordance with such policy, then the Corporation can choose not to deliver such Shares on such original distribution date and
instead to deliver such Shares on the first day of the next “window period” applicable to the Participant pursuant to
such policy, but in no event later than the March 15 following the close of the calendar year in which such Shares were no longer
subject to a substantial risk of forfeiture (within the meaning of Code §409A).

 

10.4
LIQUIDATION OF THE CORPORATION.

 

In the event of the complete liquidation or dissolution
of the Corporation, any outstanding Awards granted under this Plan shall be deemed automatically canceled without any action on the part
of the Corporation and without regard to or limitation by any other provision of the Plan.

 

10.5
NO EMPLOYMENT/SERVICE RIGHTS.

 

Nothing in the Plan shall confer upon any Participant
any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of
the Corporation (or any Related Corporation employing or retaining such person) or of the Participant, which rights are hereby expressly
reserved by each, to terminate the Participant’s Service at any time for any reason, with or without Cause.

 

    13

     

    

 

10.6
RULES OF CONSTRUCTION.

 

For all purposes of this Plan, except as otherwise
expressly provided:

 

	 	(a)	all accounting terms not otherwise defined herein have the meanings ascribed thereto under U.S. generally accepted accounting principles;

                                                      

	 	(b)	all references in this Plan to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of the body of this Plan except to the extent identified as references to sections or subsections of the Code;

                                                      

	 	(c)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Plan as a whole and not to any particular Article, Section or other subdivision;

                                                      

	 	(d)	whenever the words “include,” “includes” or “including” are used in this Plan, they shall be deemed to be followed by the words “without limitation”;

                                                      

	 	(e)	whenever this Plan refers to a number of days, such number shall refer to calendar days unless business days are expressly specified;

                                                      

	 	(f)	a reference to any legislation or to any provision of any legislation shall include such legislation, as amended through the date hereof, and all subsequent amendments or modification thereto or re-enactment thereof, any legislative provision substituted therefor and all regulations and statutory instruments issued thereunder or pursuant thereto; and

                                                      

	 	(g)	except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.

 

10.7
UNFUNDED STATUS OF PLAN.

 

The Plan is intended to constitute an “unfunded”
plan for incentive compensation. With respect to any payments not yet made to a Participant by the Corporation, nothing set forth herein
shall give any such Participant any rights that are greater than those of a general creditor of the Corporation. In its sole discretion,
the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Shares
or a payment in lieu of or with respect to Awards hereunder, provided, however, that the existence of such trusts or other arrangements
is consistent with the unfunded status of the Plan.

 

10.8
AWARDS TO PARTICIPANTS OUTSIDE THE UNITED STATES.

 

The Committee may modify the terms of any
Award under the Plan made to or held by a Participant who is then resident or primarily employed outside the United States in any
manner deemed by the Committee to be necessary or appropriate in order that the Award shall conform to laws, regulations, and
customs of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits of
the Award to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of the
Participant’s residence or employment abroad, shall be comparable to the value of such an Award to a Participant who is
resident or primarily employed in the United States. Such authorization shall extend to and include establishing one or more
separate sub-plans which include provisions not inconsistent with the Plan that comply with statutory or regulatory requirements
imposed by the foreign country or countries in which the Participant resides.

 

10.9
SEVERABILITY.

 

In the event any provision of the Plan shall be
held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall
be construed and enforced as if the illegal or invalid provision had not been included.

 

10.10
GOVERNING LAW.

 

To the extent not preempted by United States Federal
law, the Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of British Virgin Islands.

 

 

14EX-10.1

 Exhibit 10.1 

Employee Transition Separation Agreement and General Release 

This Employee Transition Separation Agreement and General Release (the “Agreement”) is entered into by and between SeaChange
International, Inc. (“SeaChange” or the “Company”)1 and Michael Prinn (“you,” “your” or the “Employee”). 

The purpose of this Agreement is to confirm the terms of your transition out of employment with SeaChange and to release SeaChange from any
claims. Unless you rescind your assent as set forth in Section 9 below, this Agreement shall be effective on the eighth (8th) day following the day you sign it (the “Effective
Date”), at which time it shall become final and binding on all parties. With these understandings and in exchange for the promises of you and the Company as set forth below, you and SeaChange agree as follows. 

1. Transition Period.  

A. Provided that the Company does not terminate you earlier or extend your employment, the Company shall terminate or you shall resign from
your employment with the Company, whichever you choose, on September 30, 2022, and your employment with the Company shall terminate effective 5:00 pm EDT on September 30, 2022. The actual termination date
will be your “Separation Date.” Starting August 3, 2022 and through the Separation Date (the “Transition Period”), you shall no longer hold the position of Executive Vice President, Chief Financial Officer and
Treasurer. However, you will continue to be a Company employee and perform the duties needed to assist with your transition out of employment with the Company, as well as any other duties reasonably requested by the Company. For the avoidance of
doubt, the duties of your employment during the Transition Period include, but are not limited to: 
 (i) timely executing all necessary
documents to transition out of your position or other lawful documents at the Company’s request; and 
 (ii) otherwise assisting in
transitioning your duties and responsibilities to others. 
 B. Provided that you execute and do not revoke this Agreement pursuant to
Section 9 below, comply with this Agreement, comply with Company policy and your obligations to the Company, and have not been terminated for Cause (as that term is defined in your October 8, 2019 Change in Control Agreement (the
“CIC Agreement”)), during the Transition Period: 
 (i) The Company will continue to pay your current regular monthly base
salary, subject to applicable taxes and withholdings; and 
  

	1.	 Except for the obligations set forth in Section 2, which shall be solely the obligations of SeaChange
International, Inc., whenever the terms “SeaChange International, Inc.,” “SeaChange” or the “Company” are used in this Agreement (including, without limitation, Section 6), they shall be deemed to include SeaChange
International, Inc., and any and all of its divisions, affiliates and subsidiaries and all related entities (including its and their directors, officers, employees, agents, successors and assigns). 

 (ii) You will continue to be entitled to employee benefits, expense reimbursement, and
health insurance, subject to your eligibility under any applicable plan documents and compliance with applicable policies. 
 2. Separation and
Final Wages. 
 A. On the Separation Date, you shall be paid all earned, but unpaid salary through the Separation Date and any
other accrued but unpaid amounts that might be due under Company policies or applicable law (the “Accrued Amounts”). 
 B.
As of the Separation Date, your salary will cease, and any entitlement you have or might have under a Company-provided benefit plan, program, contract or practice will terminate, except as required by federal or state law, or as otherwise described
below. You acknowledge that, as of the Separation Date (or sooner at the Company’s request and/or pursuant to your employment duties), you shall also relinquish any Board of Directors, committee and other positions you hold with SeaChange or on
its behalf. You further acknowledge that from and after the Separation Date, you will have no authority to represent yourself as an employee, officer, director or agent of the Company, and you agree not to represent yourself in the future as an
employee, officer, director or agent of the Company. 
 3. Severance Pay. 

A. If you (i) do not rescind this Agreement, as set forth in Section 9 below, (ii) comply with the terms of this Agreement,
(iii) comply with the terms of your September 6, 2019 Employee Nondisclosure and Developments Agreement (the “NDA”) and any other post-employment obligations, (iv) are not terminated for Cause (as defined in the CIC
Agreement), and (v) execute (no earlier than the Separation Date), do not revoke, and comply with the attached General Release and Satisfaction Agreement (Exhibit A), pursuant to your offer letter dated September 6, 2019 (the
“Offer Letter”), the Company will pay you (i) severance pay in the gross amount of $300,000.00 (THREE HUNDRED THOUSAND DOLLARS AND NO CENTS) (the “Severance Pay”), plus (ii) $50,000.00 (FIFTY THOUSAND DOLLARS AND
NO CENTS), which represents full settlement of any and all outstanding disputed amounts, including but not limited to, bonus payments, future stock awards (the “Settlement Amount”). 

B. Severance Pay and the Settlement Amount shall be subject to all required withholdings and taxes and shall be reported as income on an IRS
Form W-2 for each calendar year in which it is paid. The Severance Pay will be paid in twenty-four (24) equal installments over a period of one year, commencing on the first regularly scheduled payroll date to occur after the Effective Date,
and paid in accordance with the Company’s payroll schedule for active employees. In the event that a Change of Control occurs during the one year period in which Severance Pay is being paid, the balance of any remaining unpaid Severance Pay
shall be accelerated and paid in a lump-sum immediately prior to closing of the Change of Control. For the purposes of this Agreement, “Change of Control” is defined in your CIC Agreement. The Settlement Amount will be paid in a lump sum
on the later of (a) September 30, 2022 or (b) the first regularly scheduled payroll date after the Effective Date. 

  
 2 

 C. If you (i) do not rescind this Agreement, as set forth in Section 9 below, (ii) comply
with the terms of this Agreement, (iii) comply with the terms of your September 6, 2019 Employee Nondisclosure and Developments Agreement (the “NDA”) and any other post-employment obligations, (iv) are not terminated
for Cause (as defined in the CIC Agreement), and (v) execute (no earlier than the Separation Date), do not revoke, and comply with the attached General Release and Satisfaction Agreement (Exhibit A), pursuant to your offer letter
dated September 6, 2019 (the “Offer Letter”), the Company will accelerate the vesting of your remaining 4,762 unvested restricted stock units (RSUs) from your RSU grant dated May 26, 2020 (the “Accelerated
Shares”). You agree that the Company may sell enough of the Accelerated Shares to cover the tax liabilities due on the vesting of the Accelerated Shares in order to remit the taxes due on your behalf. 

D. By way of reminder, “Cause” is defined in the CIC Agreement to include (i) “engaging in willful and repeated gross
negligence or gross misconduct” and (ii) “breaching of a material fiduciary duty to the Company.” For the avoidance of doubt, gross misconduct and a breach of a material fiduciary duty to the Company include without limitation
refusing to carry out your material duties or the lawful directions of SeaChange, including your transition-related duties, such as executing all required documents to transition out of your position. 

E. Payments pursuant to Section 3(A) shall cease and the Company shall be entitled to repayment of any Severance Pay already paid to you
in the event that, after giving detailed written notice to you and giving you five days to respond, the Company reasonably concludes that you have engaged in conduct that constitutes a breach of your agreements with and/or post-employment
obligations to the Company. Payments will not be made during any such challenge. 
 4. Acknowledgments. You acknowledge and agree that: 

A. this Agreement and the Severance Pay are neither intended to nor shall they constitute a severance plan and shall confer no benefit on
anyone other than the Company and you; and 
 B. except for any vested monies due to you pursuant to the Company’s 401(k) savings plan,
as of the date you sign this Agreement, you have been paid and provided all wages, vacation pay, holiday pay, equity, authorized, reimbursable business expenses, and all other forms of compensation, benefit or remuneration that may be due to you now
or which would have become due in the future in connection with your employment with or separation of employment from the Company. 
 5. Unemployment
Insurance and COBRA. After the Separation Date, you may: 
 A. seek unemployment benefits as a result of your separation from the
Company. Decisions regarding eligibility for and amounts of unemployment benefits are made by the applicable state agency, not by the Company. The Company will not object to your request for unemployment benefits to the applicable state agency; and

 B. if you timely elect continued coverage under COBRA, the Company will pay your COBRA premiums necessary to continue your coverage
(including coverage for eligible dependents, if applicable) (“COBRA Premiums”) through the period (the “COBRA Premium Period”) starting on October 1, 2022 and ending on the earliest to occur of: (i) December 31,
2022 or (ii) the date you and your eligible dependents, if applicable, become eligible for group health insurance coverage through your new employer. 

  
 3 

 6. Your Agreements. You hereby covenant and agree as follows: 

A. Your termination from employment with the Company shall be effective as of the Separation Date, without the need of acceptance or further
action by the Company. 
 B. You (individually or through your counsel) shall coordinate with the Company (or its counsel) to ensure the
prompt and complete return to the Company and/or deletion of all SeaChange property and documents (whether in hard copy or electronic form) in your custody and possession within seven (7) calendar days of the Separation Date, and you agree that
you will not retain any copies thereof. If you discover any Company property or documents in the future, you will immediately notify the Company. 

C. You will abide by the terms of your NDA. By way of reminder, a copy of the NDA is attached as Exhibit B. 

D. You will abide by any and all common law and/or statutory obligations relating to the protection and non-disclosure of the Company’s
trade secrets and/or confidential and proprietary documents and information, and you specifically agree that you will not disclose any confidential or proprietary information that you acquired as an employee of the Company to any other person or
entity, or use such information in any manner that is detrimental to the interests of the Company. 
 E. You and the Company will keep
confidential and not publicize or disclose the circumstances or negotiations leading to the existence and terms of this Agreement, other than to (i) an immediate family member, your legal counsel, accountant or financial advisor, provided that
any such individual to whom disclosure is made shall be bound by these confidentiality obligations; or (ii) as mandated by applicable state or federal law. 

F. Nothing in this Agreement prohibits you from providing truthful testimony in any legal proceeding or in communicating with any governmental
agency or representative or from making any truthful disclosure required, authorized or permitted under law; provided, however, that in providing such testimony or making such disclosures or communications, you will use your best efforts to ensure
that this Section 6 and the NDA are complied with to the maximum extent possible. In addition, any non-disclosure provision in this Agreement does not prohibit or restrict you (or your attorney, if applicable) from initiating communications
directly with, responding to any inquiry from, or providing testimony before the SEC, FINRA, any other self-regulatory organization or any other state or federal regulatory agency regarding this Agreement or its underlying facts or circumstances.
Furthermore, nothing in this Agreement shall bar or prohibit you from contacting, seeking assistance from or participating in any proceeding before any federal or state administrative agency to the extent permitted by applicable federal, state
and/or local law. However, you nevertheless will be prohibited to the fullest extent authorized by law from obtaining monetary damages in any agency proceeding in which you do so participate. Moreover, nothing contained in this Agreement, including
this Section 6, shall prohibit or be construed as prohibiting the exercise of any right by you under Section 7 of the National Labor Relations Act or that you cannot waive or forego under applicable laws or regulations. 

  
 4 

 G. In the event of a breach of this Agreement or the NDA, the Company will be able to seek
any legal or equitable remedy available to the Company, such as a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any
actual damages or that monetary damages would not afford an adequate remedy, and without the necessity of posting any bond or other security). The Company will also be entitled to stop providing and/or to seek recovery of any Severance Pay, as set
forth above. Nothing set forth herein, or elsewhere in the Agreement, is intended to limit the relief available to the Company. 
 7.
Nondisparagement. 
 A. You agree that you shall not make any statements that are disparaging about or adverse to the business
interests of the Company or which are intended to harm the reputation of the Company, including, but not limited to, any statements that disparage any product, service, finances, employees, officers, directors, capability or any other aspect of the
business of the Company, unless required to do so by law or by an order of a court or other forum of competent jurisdiction. Nothing set forth in this Section 7.A., or elsewhere in the Agreement, is intended to restrict or impede you from
exercising your rights under Section 7 of the National Labor Relations Act. The Company’s officers and directors shall not make any statements that are disparaging about or adverse to your business interests or which are intended to harm
your reputation, unless required to do so by law or by an order of a court or other forum of competent jurisdiction. 
 B. The Company
agrees that each member of its Board of Directors, individually and/or collectively, shall not make any statements that are disparaging about or adverse to your interests or which are intended to harm your reputation. 

8. Release of Claims. 
 A. Release by
You. 
 i. You voluntarily, irrevocably, and unconditionally release and discharge Company and its former and present owners, parents,
shareholders, predecessors, successors, assigns, agents, directors, officers, employees, officers, subsidiaries, and affiliates, and all persons acting by, under, or in concert with any of them (collectively, “Company Releasees”)
from any and all complaints, claims, demands, contracts, liabilities, actions, causes of action, promises, or rights of any nature whether known or unknown and whether in law or in equity which you now own or hold or have at any time owned or held
against Company Releasees arising out of or in any way connected with your employment relationship with or separation from employment and any other transactions, occurrences, acts or omissions or any loss, damage or injury whatsoever, known or
unknown, resulting from any act or omission by or on the part of Company Releasees committed or omitted on or prior to the date you sign this Agreement. Without limiting the generality of the foregoing, this release includes all claims that are
capable of release under any federal, state, or local law or regulation dealing with the employment relationship, including but not limited to employment discrimination, harassment, and retaliation based on any protected category,

  
 5 

 
whistleblower claims, and the payment of wages, salary, vacation, and bonuses, including but not limited to statutes such as federal and state discrimination laws, wage and hour laws,
whistleblower laws, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Lilly Ledbetter Fair Pay Act of 2009, the Equal Pay Act, the Americans with Disabilities Act, the Age Discrimination in Employment Act
(“ADEA”), the Family and Medical Leave Act, the Employee Retirement Income Security Act (excluding COBRA), the Vietnam Era Veterans Readjustment Assistance Act, the Fair Credit Reporting Act, the Occupational Safety and Health Act,
the Sarbanes-Oxley Act of 2002, state and federal False Claims Act, the Worker Adjustment and Retraining Act (WARN), the Massachusetts Fair Employment Practices Law, the Massachusetts Civil Rights Act, the Massachusetts Equal Rights Act, the Minimum
Fair Wage Act, the Massachusetts Plant Closing Law, the Massachusetts Wage Act, the Massachusetts Equal Pay Act, the Massachusetts Parental Leave Act, the Massachusetts Sexual Harassment Statute, all as amended; any and all claims under
Massachusetts law and/or the law of any other states and localities that apply to your employment with Company; as well as all claims for emotional distress or pain and suffering; and/or any other statutory or common law claims, now existing or
hereinafter recognized, known or unknown, including, but not limited to, breach of contract, whether oral or written, express or implied; promissory estoppel; any tort, including, without limitation, assault, battery, libel, slander, defamation,
misrepresentation, intentional interference with contract, fraud, wrongful discharge, or any claim for equity or other benefits; or any other statutory and/or common law claim. 

ii. You specifically and expressly acknowledge that this Agreement is intended to include and extinguish all claims, known and unknown, which
exist up to and including the date you sign this Agreement and which arise from your employment with Company or separation from employment and that no possible claim against Company Releasees would materially affect or change your complete and
voluntary acceptance of this Agreement, even if such claim were unknown at the time of signing of this Agreement and discovered after that signing. 

iii. You have not initiated, and shall not initiate, against any of the Company Releasees any claim, action, or proceeding pertaining in any
manner to a released claim. 
 iv. You represent and agree that: (a) you have been paid all monies that are owed to you, other than as
set forth in this Agreement; (b) the payments and benefits set forth in this Agreement, together with payments and benefits previously provided to you, are complete payment, settlement, accord and satisfaction with respect to all obligations
and liabilities of Company Releasees to you, and with respect to all claims, causes of action and damages that could be asserted by you against Company Releasees regarding your employment with, change in employment status with, and/or termination
from employment, including, without limitation, all claims for wages, salary, commissions, draws, car allowances, incentive pay, bonuses, business expenses, paid time off, stock and stock options, severance pay, attorneys’ fees, compensatory
damages, exemplary damages, or other compensation, benefits, costs or sums; (c) you have no known workplace injuries or occupational diseases; (d) you either have been provided or you have not been denied any leave requested under the
Family and Medical Leave Act, the Americans with Disabilities Act, or other applicable leave of absence laws; and (e) you have not complained and you are not aware of any fraudulent activity or any act(s) which would form the basis of a claim
of fraudulent or illegal activity by the Company Releasees. 

  
 6 

 v. Notwithstanding anything to the contrary in this Section 8, this release does not
include the release of any rights: (a) that cannot by law be released by private agreement, including but not limited to rights that cannot be released under the Fair Labor Standards Act of 1938 or rights relating to workers’ compensation
and unemployment benefits; (b) of indemnification or defense pursuant to applicable law, any applicable indemnification agreement between you and Company, Company’s Bylaws, or any policy of insurance (including D&O insurance)
applicable to you, and subject to the terms and conditions of any such applicable agreements or policies; (c) any vested benefits or rights you may have under any employee benefit plan pursuant to the Employee Retirement Income Security Act; or
(d) to enforce this Agreement. 
 vi. Nothing in this Agreement prevents you from cooperating with or participating in any
proceeding before the Equal Employment Opportunity Commission or a state fair employment practices agency, except that you acknowledge and agree that you may not be able to recover any monetary benefits in connection with any such proceeding.
Notwithstanding the foregoing, nothing contained in this Agreement prevents, impedes or interferes with your ability to engage in any activities that cannot be released as a matter of law under the National Labor Relations Board, the Occupational
Safety and Health Administration, the Securities and Exchange Commission or any other governmental agency, commission or entity presiding over violations of federal law or regulation (“Government Agencies”), without notice to
Company. This Agreement does not prevent, impede or interfere with your right to receive an award for information provided to any Government Agencies as set forth above. Further, nothing in this release or Agreement shall be deemed to limit the
Company’s right to seek immediate dismissal of such charge or complaint on the basis that your signing of this Agreement constitutes a full release of any individual rights under federal or state discrimination laws, or the Company’s right
to seek restitution or other legal remedies to the extent permitted by law of the economic benefits provided to you under this Agreement in the event that you successfully challenge the validity of this release and prevail in any claim under federal
or state discrimination laws. The terms of this Agreement do not limit you from receiving an award for information provided under a whistleblower statute to any governmental agency. 

B. WAIVER OF RIGHTS UNDER THE MASSACHUSETTS WAGE ACT. You acknowledge, agree and understand that employees have certain rights under
the Massachusetts Wage Act, M.G.L. chapter 149 et seq. (the “MA Wage Act”) regarding when, how, and how much they must be paid, including but not limited to the right to be paid wages earned within timeframes provided in the MA Wage
Act; that wages include amounts payable to employee for hours worked, which may include salaries, determined and due commissions, overtime pay, tips, and earned vacation or holiday payments due to employees under oral or written agreements; and that
employees have the right to bring private lawsuits for violation of the MA Wage Act. You expressly agree that you are releasing the Company Releasees from any claim or claims you might have for back wages, salary, vacation pay, draws, incentive
pay, bonuses, commissions or any and all other form of compensation under the Massachusetts Wage Act, codified at M.G.L. ch. 149, sec. 148 et. al. 

  
 7 

 C. Release by SeaChange. 

i. Except as to potential claims by the Company against you for fraud, embezzlement, other conduct that constitutes a crime under state or
federal law, or misappropriation of Company property (including intellectual property), the Company hereby voluntarily, irrevocably, and unconditionally generally releases and discharges you and your heirs, assigns, executors, agents, attorneys, and
representatives (collectively, “Your Releasees”) from any and all suits, causes of action, complaints, obligations, demands, common law or statutory claims of any kind, whether in law or in equity, direct or indirect, known or
unknown, which Company ever had or now has against Your Releasees, or any of them arising out of or relating to your employment with Company occurring up to and including the date of this Agreement. 

ii. SeaChange represents and warrants that the Company is not currently aware of any factual basis to assert against you any claims,
including any claims for fraud, embezzlement, other conduct that constitutes a crime under state or federal law, or misappropriation of Company property (including intellectual property). 

9. OWBPA, Right to Counsel, and Right to Revoke. 

A. Because you are at least forty (40) years of age, you have specific rights under the ADEA and Older Workers Benefits Protection Act
(“OWBPA”). The release in this Agreement is intended to release any claim you may have against SeaChange alleging discrimination on the basis of age under the ADEA, OWBPA and other laws. Notwithstanding anything to the contrary in this
Agreement, the release in this Section 9 does not cover rights or claims under the ADEA that arise from acts or omissions that occur after the date you sign this Agreement. 

B. Pursuant to the OWBPA, SeaChange hereby advises you in writing to consult with legal counsel of your choice prior to signing this Agreement
for the purpose of reviewing and understanding the terms of this Agreement. 
 C. Consistent with the provisions of the OWBPA, the Company
is providing you with twenty-one (21) days to consider and accept the terms of this Agreement by electronically signing the execution copy that will be sent to you. You agree that any changes to this Agreement, whether material or immaterial,
will not restart the running of this twenty-one (21) day period. 
 D. In addition, you may rescind your assent to this Agreement if,
within seven (7) days after you sign this Agreement, you deliver a notice of rescission to Elaine Martel, 37 Bracken Drive, Marlborough, MA 01752 with a copy by electronic mail to elaine.martel@schange.com. To be effective, such rescission must
be received within the seven (7) day period. 
 10. Cooperation. You agree to cooperate fully with the Company in the defense or prosecution of
any claims or actions now in existence or which may be brought or threatened in the future against or on behalf of the Company or its successor(s), including any claim or action against its and their directors, officers and employees. Your
cooperation in connection with such claims or actions shall include, without limitation, your being reasonably available (in a manner that does not unreasonably interfere with any employment obligations you may have) to speak or meet with the
Company to prepare for any proceeding, provide truthful affidavits, assist with any audit, inspection, proceeding or other inquiry, and act as a witness in connection with any litigation or other legal proceeding affecting the Company. The Company
will reimburse you for any reasonable, out-of-pocket expenses that you may incur in providing such assistance, so long as you first obtain written pre-approval. Further, the Company shall compensate you for all time incurred meeting your obligations
hereunder (other than testifying as a fact witness in any proceeding) at a daily rate equivalent to your daily base rate from the Company as of the Separation Date. Further, the Company shall reimburse you for any reasonable attorneys’ fees
incurred by you in seeking personal representation in connection with your cooperation with the Company. 

  
 8 

 11. Immunity under the Defend Trade Secrets Act of 2016. You shall not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and
(ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Disclosures to attorneys
made under seal or pursuant to court order are also protected in certain circumstances under said Act. 
 12. No Liability or Wrongdoing. Nothing in
this Agreement, or any of its terms and provisions, or any of the negotiations or proceedings connected with it, constitutes, will be construed to constitute, will be offered in evidence as, received in evidence as, and/or deemed to be evidence of,
an admission of liability or wrongdoing by either party, and any such liability or wrongdoing is hereby expressly denied by both parties. 
 13.
Section 409A. Notwithstanding anything in this Agreement to the contrary, in the event that any payment or right to payment provided under this Agreement is deemed to constitute non-qualified deferred compensation subject to
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), this Agreement will be interpreted in a manner consistent with Section 409A and, in the event that any provision that is necessary for compliance
with Section 409A is determined by the Company, in its sole discretion, to have been omitted, such omitted provision will be deemed included herein and is hereby incorporated as part of this Agreement. Notwithstanding anything to the contrary
herein, a termination of employment will not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or following a termination of employment unless such termination is also a
“separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each payment made under this Agreement will be designated as a “separate payment” within the meaning of
the Section 409A of the Code. 
  

	14.	 Miscellaneous. 

A. This Agreement supersedes any and all prior oral and/or written agreements relating to the subject matter addressed herein, except that the
NDA, the October 8, 2019 Indemnification Agreement, and the November 30, 2020 Confidential Settlement Agreement and Limited Voluntary Release, which shall remain in full force and effect as necessary to carry out the terms and intent of
those agreements. 
 B. Except as set forth below in Section 14.C., no variations or modifications hereof shall be deemed valid unless
reduced to writing and signed by the Company and you. Any waiver of any provision of this Agreement shall not constitute a waiver of any other provision of this Agreement unless expressly so indicated otherwise. 

  
 9 

 C. The provisions of this Agreement are severable, and if for any reason any part hereof
shall be found to be unenforceable, that part can be reformed or stricken by a court of competent jurisdiction and the remaining provisions shall be enforced in full. 

D. The language of all parts of this Agreement shall in all cases be construed according to its fair meaning and not strictly for or against
either of the parties. 
 E. The validity, interpretation and performance of this Agreement, and any and all other matters relating to your
employment and separation of employment from the Company, shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without giving effect to conflict of law principles. Both parties agree that any
action, demand, claim or counterclaim relating to (i) your employment and separation of your employment, and/or (ii) the terms and provisions of this Agreement or to its breach, shall be commenced in the Commonwealth of Massachusetts in a
court of competent jurisdiction and that venue for such actions shall lie exclusively in Massachusetts. You also agree that a court in Massachusetts will have personal jurisdiction over you, and you waive any right to raise a defense of lack of
personal jurisdiction by such a court. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT THE PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

F. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original agreement and both of which shall
constitute one and the same agreement. The counterparts of this Agreement may be executed and delivered by facsimile or other electronic signature (including portable document format) by either of the parties and the receiving party may rely on the
receipt of such document so executed and delivered electronically. 
 By signing the below, you hereby acknowledge that you have been
encouraged and given an opportunity to consult with legal counsel. By executing this Agreement, you are acknowledging that (a) you have been afforded sufficient time to understand the provisions and effects of this Agreement and to consult with
legal counsel; (b) your agreements and obligations under this Agreement are made voluntarily, knowingly and without duress; and (c) neither the Company nor its agents or representatives have made any representations inconsistent with the
provisions of this Agreement. 

  
 10 

 If the foregoing correctly sets forth our arrangement, please electronically sign the
execution copy of this document, which will be sent to you via DocuSign, within twenty-one (21) days after your Separation Date. 
  

	
	Very truly yours,
	
	SEACHANGE INTERNATIONAL, INC.
	
	 /s/ Peter D. Aquino

	By: Peter D. Aquino
	Its: Chief Executive Officer and Chairman of the Board

  

	
	Accepted and Agreed To:
	
	 /s/ Michael Prinn

	Michael Prinn

 Dated: 8/24/2022 

  
 11 

 IF YOU DO NOT WISH TO USE THE 21-DAY PERIOD, 

PLEASE CAREFULLY REVIEW AND SIGN THIS DOCUMENT 

I, Michael Prinn, acknowledge that I was informed and understand that I have 21 days within which to consider the attached Separation
Agreement and Release, have been advised of my right to consult with an attorney regarding such Agreement and have considered carefully every provision of the Agreement, and that after having engaged in those actions, I prefer to and have requested
that I enter into the Agreement prior to the expiration of the 21-day period. 
  

			
	Dated: 8/24/2022	  	 /s/ Michael Prinn

		  	Michael Prinn

 EXHIBIT A 

General Release and Satisfaction Agreement 

 GENERAL RELEASE AND SATISFACTION AGREEMENT 

In consideration of the Severance Pay and other mutually agreed upon consideration, SeaChange International, Inc., including any and all of
its divisions, affiliates and subsidiaries and all related entities, (“SeaChange” or the “Company”) and Michael Prinn (“you,” “your” or the “Employee”) agree as
follows: 
 A. Release of Claims 
  

	 	i.	 In consideration of the Severance Pay, and other mutually agreed upon consideration, you voluntarily,
irrevocably, and unconditionally release and discharge Company and its former and present owners, parents, shareholders, predecessors, successors, assigns, agents, directors, officers, employees, officers, subsidiaries, and affiliates, and all
persons acting by, under, or in concert with any of them (collectively, “Company Releasees”) from any and all complaints, claims, demands, contracts, liabilities, actions, causes of action, promises, or rights of any nature whether
known or unknown and whether in law or in equity which you now own or hold or have at any time owned or held against Company Releasees arising out of or in any way connected with your employment relationship with or separation from employment and
any other transactions, occurrences, acts or omissions or any loss, damage or injury whatsoever, known or unknown, resulting from any act or omission by or on the part of Company Releasees committed or omitted on or prior to the date you sign this
Agreement. Without limiting the generality of the foregoing, this release includes all claims that are capable of release under any federal, state, or local law or regulation dealing with the employment relationship, including but not limited to
employment discrimination, harassment, and retaliation based on any protected category, whistleblower claims, and the payment of wages, salary, vacation, and bonuses, including but not limited to statutes such as federal and state discrimination
laws, wage and hour laws, whistleblower laws, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Lilly Ledbetter Fair Pay Act of 2009, the Equal Pay Act, the Americans with Disabilities Act, the Age Discrimination in
Employment Act (“ADEA”), the Family and Medical Leave Act, the Employee Retirement Income Security Act (excluding COBRA), the Vietnam Era Veterans Readjustment Assistance Act, the Fair Credit Reporting Act, the Occupational Safety
and Health Act, the Sarbanes-Oxley Act of 2002, state and federal False Claims Act, the Worker Adjustment and Retraining Act (WARN), the Massachusetts Fair Employment Practices Law, the Massachusetts Civil Rights Act, the Massachusetts Equal Rights
Act, the Minimum Fair Wage Act, the Massachusetts Plant Closing Law, the Massachusetts Wage Act, the Massachusetts Equal Pay Act, the Massachusetts Parental Leave Act, the Massachusetts Sexual Harassment Statute, all as amended; any and all claims
under Massachusetts law and/or the law of any other states and localities that apply to your employment with Company; as well as all claims for emotional distress or pain and suffering; and/or any other statutory or common law claims, now existing
or hereinafter recognized, known or unknown, including, but not limited to, breach of contract, whether oral or written, express or implied; promissory estoppel; any tort, including, without limitation, assault, battery, libel, slander, defamation,
misrepresentation, intentional interference with contract, fraud, wrongful discharge, or any claim for equity or other benefits; or any other statutory and/or common law claim. 

  
 1 

	 	ii.	 You specifically and expressly acknowledge that this Agreement is intended to include and extinguish all
claims, known and unknown, which exist up to and including the date you sign this Agreement and which arise from your employment with Company or separation from employment and that no possible claim against Company Releasees would materially affect
or change your complete and voluntary acceptance of this Agreement, even if such claim were unknown at the time of signing of this Agreement and discovered after that signing. 

 

	 	iii.	 You have not initiated, and shall not initiate, against any of the Company Releasees any claim, action, or
proceeding pertaining in any manner to a released claim. 

  

	 	iv.	 You represent and agree that: (a) you have been paid all monies that are owed to you, other than as set
forth in this Agreement; (b) the payments and benefits set forth in this Agreement, together with payments and benefits previously provided to you, are complete payment, settlement, accord and satisfaction with respect to all obligations and
liabilities of Company Releasees to you, and with respect to all claims, causes of action and damages that could be asserted by you against Company Releasees regarding your employment with, change in employment status with, and/or termination from
employment, including, without limitation, all claims for wages, salary, commissions, draws, car allowances, incentive pay, bonuses, business expenses, paid time off, stock and stock options, severance pay, attorneys’ fees, compensatory
damages, exemplary damages, or other compensation, benefits, costs or sums; (c) you have no known workplace injuries or occupational diseases; (d) you either have been provided or you have not been denied any leave requested under the
Family and Medical Leave Act, the Americans with Disabilities Act, or other applicable leave of absence laws; and (e) you have not complained and you are not aware of any fraudulent activity or any act(s) which would form the basis of a claim
of fraudulent or illegal activity by the Company Releasees. 

  

	 	v.	 Notwithstanding anything to the contrary in this Section, this release does not include the release of any
rights: (a) that cannot by law be released by private agreement, including but not limited to rights that cannot be released under the Fair Labor Standards Act of 1938 or rights relating to workers’ compensation and unemployment benefits;
(b) of indemnification or defense pursuant to applicable law, any applicable indemnification agreement between you and Company, Company’s Bylaws, or any policy of insurance (including D&O insurance) applicable to you, and subject to
the terms and conditions of any such applicable agreements or policies; (c) any vested benefits or rights you may have under any employee benefit plan pursuant to the Employee Retirement Income Security Act; or (d) to enforce this
Agreement. 

  
 2 

	 	vi.	 Nothing in this Agreement prevents you from cooperating with, or participation in any proceeding
before, the Equal Employment Opportunity Commission or a state fair employment practices agency, except that you acknowledge and agree that you may not be able to recover any monetary benefits in connection with any such proceeding. Notwithstanding
the foregoing, nothing contained in this Agreement prevents, impedes or interferes with your ability to engage in any activities that cannot be released as a matter of law under the National Labor Relations Board, the Occupational Safety and Health
Administration, the Securities and Exchange Commission or any other governmental agency, commission or entity presiding over violations of federal law or regulation (“Government Agencies”), without notice to Company. This Agreement
does not prevent, impede or interfere with your right to receive an award for information provided to any Government Agencies as set forth above. Further, nothing in this release or Agreement shall be deemed to limit the Company’s right to seek
immediate dismissal of such charge or complaint on the basis that your signing of this Agreement constitutes a full release of any individual rights under federal or state discrimination laws, or the Company’s right to seek restitution or other
legal remedies to the extent permitted by law of the economic benefits provided to you under this Agreement in the event that you successfully challenge the validity of this release and prevail in any claim under federal or state discrimination
laws. The terms of this Agreement do not limit you from receiving an award for information provided under a whistleblower statute to any governmental agency. 

  

	 	B.	 WAIVER OF RIGHTS UNDER THE MASSACHUSETTS WAGE ACT. You acknowledge, agree and understand that
employees have certain rights under the Massachusetts Wage Act, M.G.L. chapter 149 et seq. (the “MA Wage Act”) regarding when, how, and how much they must be paid, including but not limited to the right to be paid wages earned
within timeframes provided in the MA Wage Act; that wages include amounts payable to employee for hours worked, which may include salaries, determined and due commissions, overtime pay, tips, and earned vacation or holiday payments due to employees
under oral or written agreements; and that employees have the right to bring private lawsuits for violation of the MA Wage Act. You expressly agree that you are releasing the Company Releasees from any claim or claims you might have for back
wages, salary, vacation pay, draws, incentive pay, bonuses, commissions or any and all other form of compensation under the Massachusetts Wage Act, codified at M.G.L. ch. 149, sec. 148 et. al. 

 

	 	C.	 Release by SeaChange. 

 

	 	i.	 Except as to potential claims by the Company against you for fraud, embezzlement, other conduct that
constitutes a crime under state or federal law, or misappropriation of Company property (including intellectual property), the Company hereby voluntarily, irrevocably, and unconditionally generally releases and discharges you and your heirs,
assigns, executors, agents, attorneys, and representatives (collectively, “Your Releasees”) from any and all suits, causes of action, complaints, obligations, demands, common law or statutory claims of any kind, whether in law or in
equity, direct or indirect, known or unknown, which Company ever had or now has against Your Releasees, or any of them arising out of or relating to your employment with Company occurring up to and including the date of this Agreement.

  
 3 

	 	ii.	 SeaChange represents and warrants that the Company is not currently aware of any factual basis to assert
against you any claims, including any claims for fraud, embezzlement, other conduct that constitutes a crime under state or federal law, or misappropriation of Company property (including intellectual property). 

 

	 	D.	 OWBPA, Right to Counsel, and Right to Revoke. Because you are at least forty (40) years of
age, you have specific rights under the ADEA and Older Workers Benefits Protection Act (“OWBPA”). The release in this Agreement is intended to release any claim you may have against SeaChange alleging discrimination on the basis of
age under the ADEA, OWBPA and other laws. Notwithstanding anything to the contrary in this Agreement, the release in this Section D does not cover rights or claims under the ADEA that arise from acts or omissions that occur after the date you sign
this Agreement. 

 Pursuant to the OWBPA, SeaChange hereby advises you in writing to consult with legal counsel of your
choice prior to signing this Agreement for the purpose of reviewing and understanding the terms of this Agreement. Consistent with the provisions of the OWBPA, the Company is providing you with twenty-one (21) days to consider and accept the
terms of this Agreement by electronically signing the execution copy that will be sent to you. You agree that any changes to this Agreement, whether material or immaterial, will not restart the running of this twenty-one (21) day period. Please
note that you may not execute the Agreement before the Separation Date. In addition, you may rescind your assent to this Agreement if, within seven (7) days after you sign this Agreement, you deliver a notice of rescission to Elaine Martel, 37
Bracken Drive, Marlborough, MA 01752 with a copy by electronic mail to elaine.martel@schange.com. To be effective, such rescission must be received within the seven (7) day period. 

 

	 	E.	 Confidentiality and Other Post-Employment Obligations. This Agreement is confidential, and except
as otherwise indicated in this Agreement, you will not disclose its terms to anyone other than your spouse, attorney, accountant, or tax advisor on an as-needed basis and if such individuals agree that they will not disclose to others the existence
or terms of this Agreement. You will comply with any post-separation obligations you have to the Company, including regarding confidential and trade secret information and any other post-termination obligations set forth in the NDA and Transition
Agreement and Release. 

  

	 	F.	 Notice of Immunity Under the Defend Trade Secrets Act of 2016. Notwithstanding any other
provision of this document: 

  

	 	i.	 You will not be held criminally or civilly liable under any federal or state trade secret law for any
disclosure of a trade secret that: 

  
 4 

	 	a.	 is made: (1) in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or 

  

	 	b.	 is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.

  

	 	ii.	 If you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may
disclose the Compay’s trade secrets to your attorney and use the trade secret information in the court proceeding if you: file any document containing the trade secret under seal; and do not disclose the trade secret, except pursuant to court
order. 

  

	 	G.	 Non-Compete. 

 

	 	i.	 In exchange for the consideration provided herein, to protect SeaChange’s legitimate business interest in
protecting its confidential information, trade secrets, and goodwill in its relationships with its customers, employees, contractors, vendors, and other third parties, you agree that you will, for the one (1) year period following the
Separation Date, refrain from acquiring an ownership interest in or providing services in any capacity to (1) any entity that is a material customer or supplier to the Company, (2) any entity that is formed or financed by a person or
entity for the purpose of circumventing this Paragraph insofar, and (3) any business, which develops, manufactures, markets, or sells any product or service that competes or is intended to compete with any product or service sold, offered, or
otherwise provided by the Company (or that, to your knowledge, is intended to be sold, offered, or otherwise provided by the Company in the future) that you worked on or supported during the final two (2) years of your employment, or about
which you obtained or received confidential information. 

  

	 	ii.	 Nothing in this Pararaph is intended to prevent you from investing your funds in securities of a person engaged
in a business that is directly competitive with the Company if the securities of such a person are listed for trading on a registered securities exchange or actively traded in an over-the-counter market and your holdings represent less than one
percent (1%) of the total number of outstanding shares or principal amount of the securities of such a person. 

  

	 	iii.	 If you breach the obligations set forth in this Paragraph, the duration of the obligation will be extended by a
period of no less than the duration of the breaching conduct and Separation Pay shall cease and the Company shall be entitled to repayment of any Severance Pay already paid to you. 

 

	 	iv.	 You acknowledge and agree that this post-employment restriction is reasonable and no broader than necessary to
protect the Company’s legitimate business interests. 

  
 5 

	 	v.	 In the event of a breach or threatened breach by you of any of the provisions of this document, including the
non-compete, you agree that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent
jurisdiction, without the necessity of showing any actual damages or that monetary damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. This equitable relief shall be in addition to, not
instead of, legal remedies, monetary damages or other available forms of relief. 

  

	 	H.	 Payment of Final Wages. You acknowledge that on the Separation Date, you were paid for all wages
earned through the last day worked, as well as any other accrued amounts owed under applicable law or Company policy. Such payment was not conditioned on you signing this Agreement. 

 

	 	I.	 Governing Law; Jurisdiction; JURY WAIVER. This Agreement and any claims arising out of this
Agreement or your employment with the Company shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts and shall in all respects be interpreted, enforced and governed under the internal and domestic laws of
Massachusetts, without giving effect to the principles of conflicts of laws of such state. Any disputes relating to or arising under this Agreement or your employment with the Company shall be brought exclusively in the state or federal courts of
the Commonwealth of Massachusetts and the parties explicitly consent to the exclusive jurisdiction of those courts over such disputes. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT THE PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT. 

  

	 	J.	 Miscellaneous.  

 

	 	i.	 You may not assign any of your rights or delegate any of your duties under this Agreement. The Company may
assign this Agreement, without notice to you, and the Company’s rights and obligations shall inure to the benefit of its successors and assigns by merger, acquisition or other transaction. No waiver, amendment or modification of this Agreement
is effective unless in writing signed by both parties. 

  

	 	ii.	 If any provision of this Agreement as applied to any party or to any circumstance should be adjudged by a court
of competent jurisdiction to be void or unenforceable for any reason, it may be stricken or reformed and the invalidity of that provision shall in no way affect (to the maximum extent permissible by law) the application of such provision under
circumstances different from those adjudicated by the court, the application of any other provision of this Agreement, or the enforceability or invalidity of this Agreement as a whole. 

 

	 	K.	 Acknowledgment of Full Understanding. YOU FULLY ACKNOWLEDGE AND AGREE THAT YOU HAVE FULLY READ,
UNDERSTAND, AND VOLUNTARILY ENTER INTO THIS AGREEMENT. 

  
 6 

 [SIGNATURE PAGE FOLLOWS] 

 

	
	SEACHANGE INTERNATIONAL, INC.
	
	 XXXXXXXXXXXXXXXXX

	By: Peter D. Aquino
	Its: Chief Executive Officer and Chairman of the Board

 Accepted and Agreed To: 

XXXXXXXXXXXXXXXXX 
 Michael Prinn 

Dated: XXXXXXXXXXXXXXXXX 

  
 7 

 IF YOU DO NOT WISH TO USE THE 21-DAY PERIOD, 

PLEASE CAREFULLY REVIEW AND SIGN THIS DOCUMENT 

I, Michael Prinn, acknowledge that I was informed and understand that I have 21 days within which to consider the attached Separation
Agreement and Release, have been advised of my right to consult with an attorney regarding such Agreement and have considered carefully every provision of the Agreement, and that after having engaged in those actions, I prefer to and have requested
that I enter into the Agreement prior to the expiration of the 21-day period. 
  

			
	Dated: XXXXXXX	  	 XXXXXXXXXXXXXXXXXXXXX

		  	Michael Prinn

  
 8 

 EXHIBIT B 

NDA

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