Document:

EXHIBIT
10.1

 

 

October
8, 2018

 

 

Dear
Timothy,

 

It
is my pleasure to extend Priority Technology Holdings, Inc. ("Company") conditional offer to employ you as Chief Operating
Officer.

 

If
you accept this offer, your start date will be October 22, 2018, or such other date as mutually agreed upon between yourself and
the Executive Chairman. You will report to Tom Priore, Executive Chairman. We are excited about working with you and believe you
have the ability to contribute to the success of this organization.

 

Your
annualized starting base salary for this position will be $295,000 (subject to appropriate tax withholdings and deductions, payable
in accordance with the Company 's normal payroll cycle) with an annual bonus potential of 25-60% of your annualized base salary
that may be adjusted in the sole discretion of the Executive Chairman with any such annual bonus based on numerous factors, including
the Company’s performance, as well as, your individual performance. You will be eligible to participate in the Company’s
incentive equity compensation plan, the terms of which have not been finalized and participation level to be provided at the discretion
of the Executive Chairman.

 

As
an exempt employee, you will not be entitled to overtime pay and your salary is intended to cover all hours worked including any
hours worked in excess of 40 in a workweek or overtime as otherwise mandated by applicable state law. The company processes payroll
on a bi-weekly basis, with paydays on every other Friday.

 

During
your employment, you will be eligible for our comprehensive benefits package and Paid Time Off (PTO) policies consistent with
the Company's practices and applicable law and in accordance with the terms of the applicable benefit plans and policies as they
currently exist and subject to any future modifications in the Company's discretion.

 

During
your employment, you will be subject to all of the policies, rules, and regulations applicable to employees of the Company, as
they currently exist and subject to any future modifications in the Company's discretion including, without limitation, maintain
as confidential proprietary information of the Company. The requirement that you maintain as confidential proprietary information
of the Company shall extend beyond termination of your employment.

 

Unless
otherwise set forth in the terms of your Employment Agreement with the Company, your employment will be "at-will” and
as such you will be free to leave your employment with the Company at any time. Similarly, the Company may terminate your employment
at any time for any or no reason, with or without cause or notice. At-will status only may be modified on an individual or collective
basis via the terms of your Employment Agreement or otherwise via a writing signed by the CEO or CFO of the Company.

 

By
signing below, you acknowledge, represent and warrant to the Company that you are not now under any obligation of a contractual
nature to any person, business or other entity which is inconsistent or in conflict with this letter or which would prevent you
from performing work for, or otherwise restrict your activities at, the Company. Please notify me if you are subject to any
such obligation that may prevent you from performing work for, or otherwise restrict your activities at, the Company. 

 

     

    

    

 

Employment
with the Company is contingent upon your successful completion of all of the Company’s lawful pre-employment checks, which
may include a background check. By signing below, you agree to execute any necessary consents to perform such checks. On your
first day of employment, and as a condition of employment with the Company, you will be required to satisfactorily complete an
I-9 form, which includes providing the Company with documentation establishing that you are authorized to work in the United States.

 

This letter
is merely a summary of the principal terms of our employment offer and is not a contract of employment for any definite period
of time. Further terms of your employment will be set forth in an Executive Employment Agreement to be negotiated and executed
between the parties prior to your start date. In the event of any conflict between the terms of this offer letter and the terms
of your Executive Employment Agreement, the terms of your Executive Employment Agreement will control.

 

We
look forward to you being an integral part of our team. Your skill set, talent and experience will prove to be among our most
valuable assets as we strive for continued success for the Company. If you have any questions regarding this offer, the terms
or the position, please contact me directly.

 

Sincerely,

 

/s/
La Nise Hagan

 

La
Nise Hagan 

Assistant
Vice President of Human Resources

 

By
signing below, you acknowledge your acceptance of the terms of employment as set forth in this letter and that you are not relying
on any representations other than those set forth in this letter.

 

Timothy
T. Schneible

 

/s/
Timothy T. Schneible 

Signature

 

October
8, 2018 

Date

 

This
signed letter must be returned to the Company by mail, email or faxCERTIFICATE OF DESIGNATION OF PREFERENCES,

RIGHTS
AND LIMITATIONS

OF
SERIES B PREFERRED STOCK, PAR VALUE $0.001 PER SHARE

OF

KINERJAPAY
CORP.

 

The
undersigned, the Board of Directors of KinerjaPay Corp., a Delaware corporation (the “Corporation”), does hereby certify,
that, pursuant to authority conferred upon the Board of Directors and pursuant to the Delaware General Corporation Law (“DGCL”),
the following resolutions creating a Series of Series B Preferred Stock was duly adopted by the Corporation’s Board of Directors
on September 30, 2018:

 

WHEREAS,
the Certificate of Incorporation of the Corporation, as amended, authorizes the Board of Directors of the Corporation to issue
up to ten million (10,000,000) shares of preferred stock, par value $0.0001 per share, issuable from time to time in one or more
series or classes, of which four hundred thousand (400,000) shares of Series A Preferred Stock is presently issued and outstanding
(the “Series A Preferred Stock”); and

 

WHEREAS,
the Board of Directors is authorized to fix the rights, terms and preferences and the number of shares constituting any new series
and the designation thereof, of any of them; and

 

WHEREAS,
for good and valuable consideration, receipt of which is hereby acknowledged by the Corporation, including, without limitation,
the agreement by the issuee of the shares of the newly authorized series of preferred stock as set forth below (the “Series
B Voting Preferred Stock” or “Series B Preferred Stock”) to: (i) enter into a new employment agreement with
the Corporation in the form attached to the resolutions of the Board of Directors of the Corporation dated September 30, 2018
(the “September 2018 BOD Resolutions”); and (ii) defer repayment of certain indebtedness by the Corporation to the
issuee, according to the terms of note as set forth in and attached to the September 2018 BOD Resolutions, the Board of Directors
authorizes the adoption of this Certificate of Designation and the issuance of shares of Series B Preferred Stock, as set forth
below.

 

NOW,
THEREFORE, BE IT RESOLVED, that the Board of Directors does hereby provide for the issuance of five hundred thousand (500,000)
shares of a newly authorized Series B Preferred Stock and does hereby fix and determine the rights, preferences, restrictions
and other matters relating to such Series B Preferred Stock as follows:

 

1.
Amount; Designation; Sub-Series. The designation of this series, the authorized amount of which consists of five hundred thousand
(500,000) shares of Series B Preferred Voting Stock with a par value of $0.0001 per share (the “Series B Preferred Stock”).

 

2.
Rank. The Series B Preferred Stock shall rank senior to the Corporation’s common stock, par value $0.0001 (the “Common
Stock”) but junior to any class or series of the Corporation’s preferred stock hereafter created or its presently
authorized and issued shares of Series A Convertible Preferred Stock.

 

3.
Voting Rights. Except as otherwise provided herein or by law and in addition to any right to vote as a separate class as provided
by law, the holder of the Series B Preferred Stock shall have full voting rights and powers on all matters subject to a vote by
the holders of the Corporation’s Common Stock and shall be entitled to notice of any shareholders meeting in accordance
with the Bylaws of the Corporation, and shall be entitled to vote, with respect to any question upon which holders of Common Stock
having the right to vote, including, without limitation, the right to vote for the election of directors, voting together with
the holders of Common Stock as one class. For so long as Series B Preferred Stock is issued and outstanding, the holders of Series
B Preferred Stock shall vote together as a single class with the holders of the Corporation’s Common Stock and the holders
of any other class or series of shares entitled to vote with the Common Stock, with the holders of Series B Preferred Stock being
entitled to fifty-one percent (51%) of the total votes on all such matters regardless of the actual number of shares of Series
B Preferred Stock then outstanding, and the holders of Common Stock and any other shares entitled to vote being entitled to their
proportional share of the remaining 49% of the total votes based on their respective voting power.

 

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4.
Dividends. Unless otherwise declared from time to time by the Board of Directors, out of funds legally available thereof, the
holders of shares of the outstanding shares of Series B Preferred Stock shall not be entitled to receive dividends.

 

5.
No Preemptive or Conversion Rights. Holders of Series B Preferred Stock shall not be entitled, as a matter of right, to subscribe
for, purchase or receive any part of any stock of the Corporation of any class whatsoever, or of securities convertible into or
exchangeable for any stock of any class whatsoever, whether now or hereafter authorized and whether issued for cash or other consideration
or by way of dividend by virtue of the Series B Preferred Stock nor shall the shares of Series B Preferred Stock be convertible
into shares of the Corporation’s Common Stock.

 

6.
Liquidation Rights. The holder or holders of the Series B Preferred Stock shall not be entitled to receive any distributions in
the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary.

 

7.
No Reissuance of Series B Preferred Stock. Any share or shares of Series B Preferred Stock acquired by the Corporation by reason
of redemption, purchase, conversion or otherwise shall be cancelled, shall return to the status of authorized but unissued preferred
stock of not designated series, and shall not be reissuable by the Corporation as a Series B Preferred Stock.

 

8.
Loss, Theft, Destruction of Certificates. Upon the Corporation’s receipt of evidence of the loss, theft, destruction or
mutilation of a certificate representing shares of Series B Preferred Stock (in form reasonable satisfactory to the Corporation)
and, in the case of any such loss, theft or destruction, upon receipt of indemnity or security reasonably satisfactory to the
Corporation, or, in the case of mutilation, upon surrender and cancellation of the mutilated certificate, the Corporation shall
make, issue and deliver, in lieu of such lost, stolen, destroyed or mutilated certificate representing shares of Series B Preferred
Stock, a new certificate representing shares of Series B Preferred Stock of like tenor.

 

9.
Who Deemed Absolute Owner. The Corporation may deem the holder, Edwin Ng and/or his assigns, in whose name shares of Series B
Preferred Stock is registered upon the Corporation’s books to be, and may treat it as, the absolute owner of such shares
of Series B Preferred Stock for all purposes, and the Corporation shall not be affected or bound by any notice to the contrary.

 

10.
Transfer Restrictions; Legend. The shares of Series B Preferred Stock are being issued to Edwin Ng or his assigns. In the event
Mr. Ng is no longer acting as Chairman of the Board of Directors and Chief Executive Officer of the Corporation, the shares of
Series B Preferred Stock shall automatically, without any action on the part of any party, or the Corporation, be deemed cancelled
in their entirety. Certificates representing all shares of Series B Preferred Stock, and all shares of the Corporation’s
common stock issued upon conversion thereof have not been registered under the Securities Act or any state or foreign securities
laws, and are and will continue to be restricted securities within the meaning of Rule 144 of the General Rules and Regulations
under the Securities Act and applicable state statutes, and consents to the placement of an appropriate restrictive legend or
legends on any certificates evidencing the securities and any certificates issued in replacement or exchange therefor and acknowledges
that the Corporation will cause its stock transfer records to note such restrictions.

 

11.
Stock-Transfer Register. The Corporation shall keep at its principal office an original or copy of a register in which it shall
provide for the registration of the Series B Preferred Stock. Upon any transfer of Series B Preferred Stock in accordance with
the provisions hereof, the Corporation shall register such transfer on its stock-transfer register.

 

12.
Amendments. The Corporation may amend this Certificate of Designation only with the approving vote of holders of a majority of
the then-outstanding shares of Series B Preferred Stock.

 

13.
Headings. The headings of the sections, subsections and paragraphs of this Certificate of Designation are inserted for the convenience
of the reader only and shall not affect the interpretation of the terms and provisions of this Certificate of Designation.

 

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14.
Severability. If any provision of this Certificate of Designation, or the application thereof to any person or any circumstance,
is invalid or unenforceable, (i) a suitable and equitable provision shall be substituted therefore in order to carry out, so far
as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision, and (ii) the remainder of
this Certificate of Designation and the application of such provision to other persons, entities or circumstances shall not be
affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability
of such provision, or the application thereof, in any other jurisdiction.

 

15.
Governing Law. The terms of this Certificate of Designation shall be governed by the laws of the State of Delaware, without regard
to its conflicts-of-law principles.

 

In
Witness Whereof, KinerjaPay Corp. has caused this Certificate of Designation to be duly executed in its corporate name on this
30th day of September 2018.

 

	 	KINERJAPAY
    CORP.
	 	 	 
	 	By:	 
	 	Name:	Edwin
    Witarsa Ng
	 	Title:	CEO
    and Sole Director

 

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