Document:

Exhibit 10.1

 

TAKUNG
ART CO., LTD

 

Executive Employment
Agreement

 

This EXECUTIVE EMPLOYMENT AGREEMENT
(the "Agreement"), entered into as of May 26, 2020, by and between Takung Art Co., Ltd., a Delaware corporation (the
 "Company") and Jing Wang (the "Executive"). The Company and Executive are collectively referred to herein
as the "Parties." This Agreement automatically shall supersede any agreement between the Company and Executive concerning
Executive's employment by the Company.

 

RECITALS

 

A. The Company desires to employ the Executive
as its Chief Financial Officer (CFO), and to assure itself of the services of the Executive for the Initial Period and Extended
Period (each as defined below).

 

B. The Executive desires to be employed
by the Company as its CFO for the Initial Period and Extended Period and upon the terms and conditions of this Agreement.

 

C. Executive agrees to use her best efforts,
and apply her skill and experience, to the proper performance of her duties hereunder and to the business and affairs of the Company.
Executive agrees to serve the Company faithfully, diligently and to the best of her ability.

  

AGREEMENT

 

ACCORDINGLY, the Parties agree as follows:

 

1. Term of Employment.  The
Company shall employ the Executive to render services to the Company in the position and with the duties and responsibilities described
in Section 2 for a period of three (3) months starting from June 1, 2020 (the “Initial Period”), which
period shall be automatically extended for an additional nine (9) months (the "Extended Period "), unless the
Company provides notice to the Executive of its election not to extend the period prior to the expiration of the Initial Period,
or unless the Initial Period or Extended Period, as applicable, is terminated sooner in accordance with Sections 4 or 5 below
or extended upon mutual agreement of the Parties.

 

2. Position, Duties, Responsibilities.

 

2.1 Position.  The Executive
shall render services to the Company in the positions of CFO and shall perform all services appropriate to such position. The Executive's
principal place of employment shall be at any location mutually acceptable to the board of directors of the Company and the Executive.  The
Executive shall devote her best efforts to the performance of her duties.  The Executive shall report to the board
of directors of the Company.

  

2.2 Execution of Other Employment
Agreements.  The Executive shall upon request of the Company execute an employment agreement with any direct or indirect
subsidiary of the Company (in each case, a "Subsidiary Employment Agreements") in accordance with Hong Kong
or China laws and regulations, in the form substantially identical to this Agreement except for adjustments or alterations required
to comply with the relevant laws and regulations of the Hong Kong or China as the case may be.

 

     

     

    

 

3. Compensation and Holiday.  In
consideration of the services to be rendered under this Agreement, the Executive shall be entitled to the following:

 

3.1 Base Salary.  The Company
shall pay the Executive a "Base Salary" of RMB 30,000 per month, subject to adjustment in accordance with Section
3.2 below.  The Base Salary shall be paid in accordance with the Company's regularly established payroll practices.

 

3.2 Salary Adjustment.  The
Executive's Base Salary will be reviewed from time to time in accordance with the established procedures of the Company for adjusting
salaries for similarly situated employees and may be adjusted in the sole discretion of the Company.

 

3.3 Benefits.  The Executive
shall be eligible to participate in the benefits made generally available by the Company to similarly-situated executives, in accordance
with the benefit plans established by the Company (including the Company’s Equity Incentive Plan), and as may be amended
from time to time in the Company's sole discretion. Nothing contained in this Article shall affect or in any way limit Executive's
rights as an executive employee of the Company to participate in any profit sharing plan, supplemental compensation arrangements
or any other fringe benefits offered by the Company to its employees as set forth in the Company's employee handbook, and compensation
received by Executive hereunder shall be in addition to the foregoing except that the severance benefits set forth in this Agreement
shall be exclusive.

  

3.4  Bonus.  The Executive
shall not be entitled to any bonus unless otherwise approved by the board of directors of the Company in its sole discretion.

 

3.5 Holidays.  The Executive
shall be entitled, in addition to applicable statutory public holidays, to take Twenty (20) working days as paid holidays
in each full calendar year.  If the Executive's employment commences or terminates part way through a calendar year,
her entitlement to holidays will be assessed on a pro-rata basis in accordance with the Company's holiday policy, as it may change
from time to time.

  

4. Termination By Company.

 

4.1 Termination for Cause.  For
purposes of this Agreement, "For Cause" shall mean the occurrence of any of the following, subject only to any
statutory requirement of any applicable law: (i) the failure of the Executive to properly carry out her duties after notice by
the Company of the failure to do so and a reasonable opportunity for the Executive to correct the same within a reasonable period
specified by the Company; (ii) any breach by the Executive of one or more provisions of any written agreement with, or written
policies of, the Company or her fiduciary duties to the Company likely to cause material harm to the Company and its affiliates,
at the Company's reasonable discretion, or (iii) any theft, fraud, dishonesty or serious misconduct by the Executive involving
her duties or the property, business, reputation or affairs of the Company and its affiliates.  The Company may terminate
the Executive's employment For Cause at any time, without any advance notice or payment in lieu of notice.  The Company
shall pay to the Executive all compensation prescribed under Section 3 hereof to which the Executive is entitled up through the
date of termination, subject to any other rights or remedies of the Company under law, and thereafter all obligations of the Company
under this Agreement shall cease.

  

4.2 By Disability.  In
the event Executive shall, by reason of illness or other incapacity, become unable to perform the services agreed upon herein ("Disability"
or "Disabled"), the Company shall continue to compensate Executive for six (6) months commencing from the date of such
Disability at her base monthly salary less any amounts actually received by Executive from the disability insurance policies carried
by the Company for the benefit of Executive pursuant to Section 3. "Disability" shall mean if, as a result of Executive's
incapacity due to physical or mental illness, Executive shall have been absent from the full-time performance of Executive's duties
with the Company for three (3) consecutive months, and within thirty (30) days after written notice of termination is given Executive
shall not have returned to the full-time performance of Executive's duties. The determination of Disability will be established
by the Company’s benefit provider. The determination of such benefit provider shall be made in writing to the Company and
Executive and shall be final and conclusive for purposes of this Agreement.

 

     

     

    

 

4.3 Other Termination by Company.  In
addition to Sections 4.1 through 4.2, the Company may at any time terminate the employment of the Executive without cause: (i)
at any time during the Initial Period, in which case the Executive will not be eligible to receive any severance; or (ii) by giving
one (1) month written notice to the Executive during the Extended Period, in which case the Executive will be eligible to receive
an amount equal to one (1) month of the then-current Base Salary of the Executive payable in the form of salary continuation (the
 “Severance”). The Executive's eligibility for Severance is conditioned on the Executive having first signed a Termination
Certificate in the form attached as Exhibit A.  The Executive shall not be entitled to any Severance payments
if the Executive's employment is terminated For Cause, by death or by Disability (as provided above) or if the Executive's employment
is terminated by the Executive for any reason other than Good Reason, as defined below.

 

5. Termination
By Executive.

 

5.1 Termination by Executive other than
for Good Reason.  The Executive may terminate employment with the Company at any time for any reason or no reason
at all, upon three (3) months' advance written notice.  During such notice period the Executive shall continue to diligently
perform all of the Executive's duties hereunder.  The Company shall have the option, in its sole discretion, to make
the Executive's termination effective at any time prior to the end of such notice period as long as the Company pays the Executive
all compensation under Section 3 hereof to which the Executive is entitled up through the actual termination date.  Thereafter
all obligations of the Company shall cease.  Unless the Executive terminates her employment for Good Reason, as provided
in Section 5.2, no Severance or other separation benefits shall be paid to the Executive.

 

5.2 Termination
for Good Reason.  The Executive's termination shall be for Good Reason (as defined below)
if the Executive provides written notice to the Company of the Good Reason within ten (10) days of the event constituting Good
Reason and provides the Company with a period of ten (10) days to cure the Good Reason and the Company fails to cure the Good Reason
within that period.  For purposes of this Agreement, "Good Reason" shall mean, without the Executive’s
express written consent, the occurrence of any of the following circumstances: (a) The assignment to Executive of any duties inconsistent
with Executive’s status as an executive officer of the Company or a substantial adverse alteration in the nature or status
of Executive’s responsibilities from those in effect upon the date hereof; (b) A reduction by the Company by more than twenty
percent (20%) in Executive’s Base Salary as in effect on the date hereof; (c) The failure by the Company, without Executive’s
consent, to pay to Executive any portion of Executive’s compensation due hereunder more than twice in any 12 month period
except pursuant to an across-the-board compensation deferral similarly affecting all executives of the Company; (d) The failure
by the Company to continue to provide Executive with benefits or arrangements (including, without limitation, income tax services,
car allowances, and other fringe benefits) at least as favorable to those enjoyed by Executive upon the start of employment hereunder,
the taking of any action by the Company which would directly or indirectly materially reduce any of such benefits or deprive Executive
of any material fringe benefit enjoyed by Executive upon the start of employment hereunder. Executive’s continued employment
shall not constitute consent to, or a waiver of rights with respect to, any circumstance constituting Good Reason hereunder. Upon
occurrence of any of the foregoing events which Executive believes constitutes "Good Reason," Executive must notify the
Company in writing within ten (10) days and give the Company ten (10) days to cure or correct the alleged action or failure. After
the expiration of twenty (20) days, Executive may quit for "Good Reason" by giving written notice within an additional
fourteen (14) days.

 

6. Termination Obligations.

 

The Executive agrees that on or before termination
of employment, she will promptly return to the Company all documents and materials of any nature pertaining to her work with the
Company, including all originals and copies of all or any part of any Proprietary Information or Inventions (as defined below)
along with any and all equipment and other tangible and intangible property of the Company.  The Executive agrees not
to retain any documents or materials or copies thereof containing any Proprietary Information or Inventions.

 

     

     

    

 

The Executive further agrees that:  (i) all
representations, warranties, and obligations under Articles 6, 7, 8, 9, 10, 11, 12, 14.1, 14.2, 14.3 and 14.4 contained in this
Agreement shall survive the termination of the Initial Period and Extended Period, as applicable; (ii) the Executive's representations,
warranties and obligations under Articles 6, 7, 8, 9, 10, 11, 12, 14.1, 14.2, 14.3 and 14.4 shall also survive the expiration of
this Agreement; and (iii) following any termination of the Initial Period or Extended Period, as applicable, the Executive
shall fully cooperate with the Company in all matters relating to her continuing obligations under this Agreement, including but
not limited to the winding up of pending work on behalf of the Company, the orderly transfer of work to the other employees of
the Company, and the defense of any action brought by any third party against the Company that relates in any way to the Executive's
acts or omissions while employed by the Company.  The Executive also agrees to sign and deliver the Termination Certificate
attached hereto as Exhibit A prior to her termination of employment with the Company.

 

7. Post-Termination Activity.

 

7.1 No Use of Proprietary Information.  The
Executive acknowledges that the pursuit of the activities forbidden by this subsection would necessarily involve the use or disclosure
of Proprietary Information in breach of this Agreement, but that proof of such a breach would be extremely difficult.  To
forestall such disclosure, use, and breach, and in consideration of the employment under this Agreement, the Executive also agrees
that while employed by the Company, and for a period of six (6) months after termination of the Executive's employment, the Executive
shall not, directly or indirectly:

 

(i) divert or attempt to divert from the
Company or any Affiliate ("Affiliate" shall mean any person or entity that directly, or indirectly through one
or more intermediaries, controls, or is controlled by, or is under common control with such entity).  For the purposes
of this definition "control" means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a person, whether through the ownership of voting securities, by contract or otherwise,
and includes (a) ownership directly or indirectly of 50% or more of the shares in issue or other equity interests of such person,
(b) possession directly or indirectly of 50% or more of the voting power of such person or (c) the power directly or indirectly
to appoint a majority of the members of the board of directors or similar governing body of such person, and the terms "controlling"
and "controlled" have meanings correlative to the foregoing) any business of any kind in which it is engaged,
including, without limitation, soliciting business from or performing services for, any persons, company or other entity which
at any time during the Executive's employment by the Company is a client, supplier, or customer of the Company or prospective client,
supplier, or customer of the Company if such business or services are of the same general character as those engaged in or performed
by the Company; 

 

(ii) solicit or otherwise induce any person
to terminate her employment or consulting relationship with the Company or any Affiliate; or

 

(iii) engage, invest or assist in any business
activity that directly or indirectly competes with any business plan of the Company or any Affiliate.

 

In addition, because the Executive acknowledges
the difficulty of establishing when any intellectual property, invention, or proprietary information is first conceived or developed
by the Executive, or whether it results from access to Proprietary Information or the Company equipment, supplies, facilities,
or data, the Executive agrees that any intellectual property, invention, or proprietary information shall be reported to the Company
and, unless proven otherwise to the reasonable satisfaction of the Company, shall be presumed to be an Invention (as defined below)
for the purpose of this Agreement and shall be subject to all terms and conditions hereof, if reduced to practice by the Executive
or with the aid of the Executive within six (6) months after termination of the Initial Period or Extended Period, as applicable.

 

7.2 No Competition.  Notwithstanding
Section 7.1 above, while employed by the Company and for a period of six (6) months after the termination of the Executive's employment
with the Company for any reason whatsoever, the Executive shall not, directly or indirectly, as an executive, employer, employee,
consultant, agent, principal, partner, manager, stockholder, officer, director, or in any other individual or representative capacity,
engage, aid, counsel or participate in any business within Hong Kong and the People’s Republic of China that is competitive
with the business of the Company or any Affiliate.  Notwithstanding the foregoing, the Executive may own less than one
percent (1%) of any class of stock or security of any corporation listed on an internationally recognized securities exchange which
competes with the Company.

 

     

     

    

 

7.3 Enforceability.  The
covenants of this Article 7 are several and separate, and the unenforceability of any specific covenant shall not affect the provisions
of any other covenant.  If any provision of this Article 7 relating to the time period or geographic area of the
restrictive covenants shall be declared by a court of competent jurisdiction to exceed the maximum time period or geographic area,
as applicable, that such court deems reasonable and enforceable, then this Agreement shall automatically be considered to have
been amended and revised to reflect the maximum time period or geographic area that such court deems enforceable.

 

7.4 Independent Covenants.  All
of the covenants in this Article 7 shall be construed as an agreement independent of any other provision in this Agreement,
and the existence of any claim or cause of action of the Executive against the Company or any of its Affiliates, whether predicated
on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of such covenants.

 

8. Proprietary Information.

 

The Executive agrees during her employment
with the Company and within three (3) years thereafter, to hold in strictest confidence and trust, and not to use or disclose to
any person, firm or corporation any Proprietary Information without the prior written consent of the Company, except as necessary
in carrying out her duties as an employee of the Company for the benefit of the Company.  "Proprietary Information"
means any information of a proprietary, confidential or secret nature that may be disclosed to the Executive that relates to the
business of the Company or of any parent, subsidiary, Affiliate, customer or supplier of the Company or any other party with whom
the Company agrees to hold information of such party in confidence ("Relevant Parties").  Such Proprietary
Information includes, but is not limited to, Inventions (as defined below), research, product plans, products, services, business
strategies, personnel information, customer lists, customers, markets, technical information, forecasts, marketing, finances or
other business information of the Company and its Affiliates.  This information shall remain confidential whether it
was disclosed to the Executive either directly or indirectly in writing, orally or by drawings or observation.  The Executive
understands that Proprietary Information does not include any of the foregoing items which has become publicly known and made generally
available through no wrongful act of the Executive or others who were under confidentiality obligations as to the items involved.

 

9. Former Employer Information.

 

The Executive agrees that she will not,
during her employment with the Company, improperly use or disclose any proprietary information or trade secrets, or bring onto
the premises of the Company any unpublished document or proprietary information belonging to any former or concurrent employer
or other person or entity (excluding any direct or indirect subsidiary of the Company).

  

10. Third Party Information.

 

The Executive recognizes that the Company
has received and in the future will receive confidential or proprietary information from third parties.  The Executive
agrees to hold all such confidential or proprietary information in the strictest confidence and trust, and not to disclose it to
any person, firm or corporation or to use it except as necessary in carrying out her work for the Company consistent with the Company's
agreement with such third party.

 

11. No Conflict.

 

The Executive represents and warrants that
the Executive's execution of this Agreement, her employment with the Company, and the performance of her proposed duties under
this Agreement shall not violate any obligations she may have to any former employer or other party, including any obligations
with respect to proprietary or confidential information or intellectual property rights of such party or require the consent or
approval of any third party.

 

     

     

    

 

12. Inventions.

 

12.1 Inventions Retained and Licensed.  The
Executive has attached, as Exhibit B, a list describing all inventions, original works of authorship, developments,
improvements, and trade secrets which were made by the Executive prior to the Executive's employment with the Company ("Prior
Inventions"), which belong to the Executive, and which relate to the Company's actual and/or proposed business, products
or research and development.  If, in the course of her employment with the Company, the Executive incorporates into a
Company product, process or machine a Prior Invention owned by the Executive or in which the Executive has an interest, the Company
is hereby granted and shall have a non-exclusive, royalty-free, irrevocable, perpetual, worldwide license to make, have made, modify,
use and sell such Prior Invention as part of or in connection with such product, process or machine.

 

12.2 Assignment of Inventions.  The
Executive agrees that she will promptly make full written disclosure to the Company, will hold in trust for the sole right and
benefit of the Company, and hereby irrevocably assigns to the Company, or its designee, all the Executive's right, title, and interest
in and to any and all inventions, original works of authorship, developments, concepts, improvements, designs, drawings, discoveries,
ideas, formulas, processes, compositions of matter, software, databases, mask works, computer programs (including all source codes)
and related documentation, algorithms, engineering and reverse engineering, technology, hardware configuration information, logos,
trade names, trademarks, patents, patent applications, copyrights, trade secrets or know-how, which the Executive may solely or
jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice ("Inventions"),
while the Executive is employed by the Company.  The Executive further acknowledges that all original works of authorship
which are made by the Executive (solely or jointly with others) within the scope of and during her employment with the Company
and which are protectable by copyright are "works made for hire," as that term is defined in the United States
Copyright Act and that the Company will be considered the author and owner of such works.  The Executive understands
and agrees that the decision whether or not to commercialize or market any Invention developed by the Executive solely or jointly
with others is within the Company's sole discretion and for the Company's sole benefit and that no royalty will be due to the Executive
as a result of the Company's efforts to commercialize or market any such Invention.

 

12.3 Waiver of Moral Rights.  To
the utmost extent legally permitted, the Executive also hereby forever waives and agrees never to assert any and all Moral Rights
(as defined below) he may have in or with respect to any Invention, even after termination of her work on behalf of the Company.  "Moral
Rights" mean any rights to claim authorship of an Invention to object to or prevent the modification of any Invention,
or to withdraw from circulation or control the publication or distribution of any Invention, and any similar right, existing under
judicial or statutory law of any country in the world, or under any treaty, regardless of whether or not such right is denominated
or generally referred to as a "moral right."

 

12.4 Maintenance of Records.  The
Executive agrees to keep and maintain adequate and current written records of all Inventions made by the Executive (solely or jointly
with others) during the Executive's employment with the Company.  The records will be in the form of notes, sketches,
drawings, and any other format that may be specified by the Company.  The records will be provided to, and remain the
sole property of, the Company at all times.

 

12.5 Patent and Copyright Registrations.  The
Executive agrees to assist the Company, or its designee, at the Company's expense, in every proper way, to secure the Company's
rights in the Inventions and any copyrights, patents, mask work rights, trade secret rights or other intellectual property rights
relating thereto in any and all countries.  The Executive will disclose to the Company all pertinent information and
data which the Company deems necessary for the execution of all applications, specifications, oaths, assignments and execute all
instruments necessary to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns,
and nominees, the sole and exclusive right, title and interest in and to such Inventions, and any copyrights, patents, mask work
rights, or other intellectual property rights relating thereto.  The Executive further agrees that the Executive's obligation
to execute or cause to be executed, when it is in the Executive’s power to do so, any such instrument or papers shall continue
after the termination of this Agreement.  If the Company is unable, because of the Executive's mental or physical incapacity
or for any other reason, to secure her signature to apply for or to pursue any application for any patents or copyright registrations
covering the Inventions assigned to the Company as above, then the Executive hereby irrevocably designates and appoints the Company
and its duly authorized officers and agents as her agent and attorney in fact, to act for and in the Executive's behalf and stead
to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of
letters, patent or copyright registrations thereon with the same legal force and effect as if executed by the Executive.

 

     

     

    

 

13. Alternative Dispute Resolution.

 

Except with respect to any proceeding brought under Section
7 hereof, the Company and Executive mutually agree that any controversy or claim arising out of or relating to this Agreement or
the breach thereof, or any other dispute between the parties, shall be submitted to mediation before a mutually agreeable mediator,
which cost is to be borne equally by the parties hereto. In the event the Parties fail to agree on a mediator, or mediation is
unsuccessful in resolving the claim or controversy within one (1) month after the commencement of mediation, such claim or controversy
shall be resolved by arbitration in Hong Kong. Any dispute, controversy, difference or claim arising out of or relating to this
Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding
non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered
by the Hong Kong International Arbitration Centre (HKIAC) under the UNCITRAL Arbitration Rules in force when the Notice of Arbitration
is submitted , as modified by the HKIAC Procedures for the Administration of International Arbitration. The law of this arbitration
clause shall be Hong Kong law. The seat of arbitration shall be in Hong Kong. The number of arbitrators shall be one. The arbitration
proceedings shall be conducted in English.

 

14. Miscellaneous.

 

14.1 Continuing Obligations.  The
obligations in this Agreement will continue in the event that the Executive is hired, renders services to or for the benefit of
or is otherwise retained at any time by any present or future Affiliates of the Company.  Any reference to the Company
in this Agreement will include such Affiliates.  Upon the expiration or termination for any reason whatsoever of
this Agreement, the Executive shall forthwith resign from any employment of office with an Affiliate of the Company unless the
board of directors of the Company requests otherwise.

 

14.2 Notification.  The
Executive hereby authorizes the Company to notify her actual or future employers of the terms of this Agreement and her responsibilities
hereunder.

 

14.3 Name and Likeness Rights.  The
Executive hereby authorizes the Company to use, reuse, and to grant others the right to use and reuse, her name, photograph, likeness
(including caricature), voice, and biographical information, and any reproduction or simulation thereof, in any media now known
or hereafter developed (including but not limited to film, video and digital or other electronic media), both during and after
her employment, for whatever purposes the Company deems necessary.

 

14.4 Injunctive Relief. The
Executive understands that in the event of a breach or threatened breach of this Agreement by her, the Company may suffer irreparable
harm and will therefore be entitled to injunctive relief to enforce this Agreement.

 

14.5 Entire Agreement.  This
Agreement, including the exhibits attached hereto, is intended to be the final, complete, and exclusive statement regarding their
subject matter, except for other agreements specifically referenced herein.  Unless otherwise specifically provided for
herein, this Agreement supersedes all other prior and contemporaneous agreements and statements pertaining to this subject matter,
and may not be contradicted by evidence of any prior or contemporaneous statements or agreements.  To the extent that
the practices, policies, or procedures of the Company, now or in the future, apply to the Executive and are inconsistent with the
terms of this Agreement, the provisions of this Agreement shall control.

 

     

     

    

 

14.7 Amendments, Renewals and Waivers.  This
Agreement may not be modified, amended, renewed or terminated except by an instrument in writing, signed by the Executive and by
a duly authorized representative of the Company other than the Executive.  No failure to exercise and no delay in exercising
any right, remedy, or power under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, remedy, or power under this Agreement preclude any other or further exercise thereof, or the exercise of any other right,
remedy, or power provided herein or by law or in equity.

 

14.8 Assignment; Successors and Assigns.  The
Executive agrees that she will not assign, sell, transfer, delegate or otherwise dispose of, whether voluntarily or involuntarily,
or by operation of law, any rights or obligations under this Agreement, nor shall the Executive's rights be subject to encumbrance
or the claims of creditors.  Any purported assignment, transfer, or delegation shall be null and void.  Nothing
in this Agreement shall prevent the consolidation of the Company with, or its merger into, any other corporation, or the sale by
the Company of all or substantially all of its properties or assets, or the assignment by the Company of this Agreement and the
performance of its obligations hereunder to any successor in interest.  In the event of a change in ownership or control
of the Company, the terms of this Agreement will remain in effect and shall be binding upon any successor in interest.  Notwithstanding
and subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective
heirs, legal representatives, successors, and permitted assigns, and shall not benefit any person or entity other than those enumerated
above.

 

14.9
Indemnification. The Company shall indemnify the Executive, to the maximum extent permitted by applicable law, against
all costs, charges and expenses incurred or sustained by the Executive in connection with any action, suit or proceeding to which
she may be made a party by reason of being an officer, director or employee of the Company or of any subsidiary or affiliate of
the Company or any other corporation for which the Executive serves in good faith as an officer, director, or employee.  The
Company will cover Executive under its directors and officers liability insurance in the same amount and to the same extent as
the Company covers its other officers and directors.

 

14.10 Notices.  All notices
and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made
as of the date delivered or mailed if delivered personally or by nationally recognized courier or mailed by registered mail (postage
prepaid, return receipt requested) or by telecopy to the parties at the following addresses (or at such other address for a party
as shall be specified by like notice, except that notices of changes of address shall be effective upon receipt):

  

	To:	Company
	Contact Address:	Takung Art Co., Ltd
	 	Room 1105 Wing On Plaza, 62 Mody Road, Tsim Sha Tsui, Kowloon, Hong Kong
	Attention:	Fang Mu, Chief Executive Officer
	 	 
	To:	Executive
	Contact Address:	No. 351, Zone 1 ,Qian Jin Nong Ken Zone B,Tong Jiang City ,Hei Long Jiang ,PRC
	 	 
	Attention:	Jing Wang

 

14.11 Waiver of Immunity.  To
the extent that any Party (including its assignees of any such rights or obligations hereunder) may be entitled, in any jurisdiction,
to claim for itself (or himself or herself) or its revenues or assets or properties, immunity from service of process, suit, the
jurisdiction of any court, an interlocutory order or injunction or the enforcement of the same against its property in such court,
attachment prior to judgment, attachment in aid of execution of an arbitral award or judgment (interlocutory or final) or any other
legal process, and to the extent that, in any such jurisdiction there may be attributed such immunity (whether claimed or not),
such Party hereby irrevocably waives such immunity.

 

     

     

    

 

14.12 Severability; Enforcement.  If
any provision of this Agreement, or its application to any person, place, or circumstance, is held by an arbitrator or a court
of competent jurisdiction to be invalid, unenforceable, or void, such provision shall be enforced (by blue-penciling or otherwise)
to the maximum extent permissible under applicable law, and the remainder of this Agreement and such provision as applied to other
persons, places, and circumstances shall remain in full force and effect.

 

14.13 Governing Law.  This
Agreement shall in all respects be construed and enforced in accordance with and governed by the laws of Hong Kong, without regard
to principles of conflict of laws.

 

14.14 Interpretation.  This
Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any party.  Sections
and section headings contained in this Agreement are for reference purposes only, and shall not affect in any manner the meaning
or interpretation of this Agreement.  Whenever the context requires, references to the singular shall include the plural
and the plural the singular.  References to one gender include both genders.

  

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

 

     

     

    

  

EXECUTIVE ACKNOWLEDGEMENT.  The
Executive acknowledges (i) that she has consulted with or has had the opportunity to consult with independent counsel of her own
choice concerning this Agreement and has been advised to do so by the Company, and (ii) that she has read and understands the Agreement,
is fully aware of its legal effect, and has entered into it freely based on her own judgment.  The Executive hereby agrees
that her obligations set forth in Sections 7, 8, and 9 hereof and the definitions of Proprietary Information and Inventions contained
therein shall be equally applicable to Proprietary Information and Inventions relating to any work performed by the Executive for
the Company prior to the execution of this Agreement.

 

The parties have duly executed this Agreement
as of the date first written above.

 

	 	EXECUTIVE:
	 	 	 	 
	 	 	 	 
	 	 /s/ Jing Wang	 
	 	Name: Jing Wang
	 	 	 	 
	 	 	 	 
	 	COMPANY:
	 	 	 	 
	 	Takung Art Co., Ltd
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Fang Mu	 
	 	Name: Fang Mu
	 	Title:   Chief Executive Officer 

  

     

     

    

  

EXHIBIT A

 

TERMINATION CERTIFICATE

 

This is to certify that I have returned all property of Takung
Art Co., Ltd. (the "Company") and the Relevant Parties, including, without limitation, all books, manuals, records,
models, drawings, reports, notes, contracts, lists, blueprints, and other documents and materials, electronic data recorded or
retrieved by any means, Proprietary Information, and equipment furnished to or prepared by me in the course of or incident to my
employment with the Company, and that I did not make or distribute any copies of the foregoing.

 

I further certify that I have reviewed the Executive Employment
Agreement (the "Agreement") signed by me and that I have complied with and will continue to comply with all of
its terms, including, without limitation, (i) the reporting of any Inventions or any improvement, rights, or claims related
to the foregoing, conceived or developed by me and covered by the Agreement; (ii) the preservation as confidential of all
Proprietary Information pertaining to the Company and the Relevant Parties; (iii) not participating in any business competitive
with the business of the Company; (iv) not acting as the legal representative or an executive officer of any other company
within and outside Hong Kong, and (v) the reporting of any remuneration paid to me due to any employment or self-employment during
the severance period, if any.  This certificate in no way limits my responsibilities or liabilities to the Company or
the Company's rights under the Agreement.

 

On termination of my employment with the Company, I will be
employed by [name of new employer] in the [division name] division and I will be working in connection
with the following projects:

 

[generally describe the projects]

 

	 
	 
	 
	 

 

	Date:	 	 	 
	 	 	 	Print Executive's Name
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Executive's Signature

  

     

     

    

  

EXHIBIT B

 

LIST OF PRIOR INVENTIONS

AND ORIGINAL WORKS OF AUTHORSHIP

 

	Title	Date	 Identifying Number or Brief Description

 

 

 

 

______X_____                             No
inventions or improvements

____________                              Additional
Sheets Attached

 

Signature of Executive:   /s/                                         

Printed Name of Executive: Jing Wang

Date:    May , 2020EX-4.1

 Exhibit 4.1 

THIRTEENTH SUPPLEMENTAL INDENTURE 
 Dated as
of June 1, 2020 
 Between 

MICROSOFT CORPORATION, 
 as Issuer 

and 
 U.S. BANK NATIONAL ASSOCIATION,

 as Trustee 
 to 

INDENTURE 
 Dated as of May 18, 2009

 Between 
 MICROSOFT CORPORATION, as
Issuer 
 and 
 THE BANK OF NEW YORK
MELLON TRUST COMPANY, N.A., as trustee 
  

 
 2.525% Notes due 2050

 2.675% Notes due 2060 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE 1. DEFINITIONS
	  	 	2	 
			
	 Section 1.1.
	  	 Definition of Terms
	  	 	2	 
		
	 ARTICLE 2. TERMS AND CONDITIONS OF NOTES
	  	 	2	 
			
	 Section 2.1.
	  	 Designation and Principal Amount
	  	 	2	 
	 Section 2.2.
	  	 Maturity
	  	 	2	 
	 Section 2.3.
	  	 Further Issues
	  	 	3	 
	 Section 2.4.
	  	 Payment
	  	 	3	 
	 Section 2.5.
	  	 Global Securities
	  	 	3	 
	 Section 2.6.
	  	 Interest
	  	 	3	 
	 Section 2.7.
	  	 Authorized Denominations
	  	 	4	 
	 Section 2.8.
	  	 Redemption and Sinking Fund
	  	 	4	 
	 Section 2.9.
	  	 Ranking
	  	 	4	 
	 Section 2.10.
	  	 Appointments
	  	 	4	 
	 Section 2.11.
	  	 Defeasance
	  	 	4	 
		
	 ARTICLE 3. FORM OF NOTES
	  	 	4	 
			
	 Section 3.1.
	  	 Form of Notes
	  	 	4	 
		
	 ARTICLE 4. ORIGINAL ISSUE OF NOTES
	  	 	4	 
			
	 Section 4.1.
	  	 Original Issue of Notes
	  	 	4	 
		
	 ARTICLE 5. MISCELLANEOUS
	  	 	4	 
			
	 Section 5.1.
	  	 Ratification of Indenture
	  	 	4	 
	 Section 5.2.
	  	 Trustee Not Responsible for Recitals
	  	 	4	 
	 Section 5.3.
	  	 Governing Law
	  	 	5	 
	 Section 5.4.
	  	 Separability
	  	 	5	 
	 Section 5.5.
	  	 Counterparts
	  	 	5	 
		
	 EXHIBIT A – Form of 2050 Notes
	  	 	A-1	 
		
	 EXHIBIT B – Form of 2060 Notes
	  	 	B-1	 

  
 i 

 THIRTEENTH SUPPLEMENTAL INDENTURE, dated as of June 1, 2020 (this “Supplemental
Indenture”), between MICROSOFT CORPORATION, a corporation duly organized and existing under the laws of the State of Washington (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly
organized and existing under the laws of the United States, as Trustee (the “Trustee”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company executed and delivered to The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee, the
Indenture, dated as of May 18, 2009 (the “Indenture”), to provide for the issuance of the Company’s debt securities (the “Securities”), to be issued in one or more series, a First Supplemental Indenture,
dated as of May 18, 2009, a Second Supplemental Indenture, dated as of September 27, 2010, a Third Supplemental Indenture, dated as of February 9, 2011, a Fourth Supplemental Indenture, dated as of November 7, 2012, a Fifth
Supplemental Indenture, dated as of May 2, 2013, a Sixth Supplemental Indenture, dated as of May 2, 2013, a Seventh Supplemental Indenture, dated as of December 6, 2013, an Eighth Supplemental Indenture, dated as of December 6,
2013, a Ninth Supplemental Indenture, dated as of February 12, 2015, a Tenth Supplemental Indenture, dated as of November 3, 2015, an Eleventh Supplemental Indenture, dated as of August 8, 2016 and a Twelfth Supplemental Indenture,
dated as of February 6, 2017; 
 WHEREAS, pursuant to the terms of the Indenture, the Company desires to provide for the establishment of two new
series of its Securities under the Indenture to be known as its “2.525% Notes due 2050” (the “2050 Notes”) and “2.675% Notes due 2060” (the “2060 Notes” and, together with the 2050 Notes, the
“Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Supplemental Indenture; 

WHEREAS, the Board of Directors of the Company by duly adopted resolutions has authorized the proper officers of the Company to, among other things,
determine the terms of the Securities to be issued under the Indenture and execute any and all appropriate documents necessary or appropriate to effect each such issuance; 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 901 of the Indenture; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and 

WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to make the Notes,
when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 

 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the
Indenture, the forms and terms of the Notes, the Company covenants and agrees, with the Trustee, as follows: 
 ARTICLE 1. 

DEFINITIONS 

Section 1.1.    Definition of Terms. Unless the context otherwise requires: 

(a)    each term defined in the Indenture has the same meaning when used in this Supplemental Indenture; 

(b)    the singular includes the plural, and vice versa; 

(c)    headings are for convenience of reference only and do not affect interpretation. 

ARTICLE 2. 
 TERMS AND CONDITIONS OF NOTES

 Section 2.1.    Designation and Principal Amount. 

(a)    There is hereby authorized and established a series of Securities under the Indenture, designated as the “2.525% Notes
due 2050,” which is initially limited in aggregate principal amount to $6,249,997,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other 2050 Notes pursuant to Section 304, 305, 306, 906 or 1107 of the
Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered). 

(b)    There is hereby authorized and established a series of Securities under the Indenture, designated as the “2.675% Notes
due 2060,” which is initially limited in aggregate principal amount to $3,750,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other 2060 Notes pursuant to Section 304, 305, 306, 906 or 1107 of the
Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered). 

Section 2.2.    Maturity. 

(a)    The Stated Maturity of principal of the 2050 Notes shall be June 1, 2050. 

(b)    The Stated Maturity of principal of the 2060 Notes shall be June 1, 2060. 

  
 2 

 Section 2.3.    Further Issues. The Company may at any time and from
time to time, without the consent of the Holders of any series of the Notes, issue additional notes of any series; provided that such additional notes are fungible for U.S. federal income tax purposes with the relevant series of Notes. Any
such additional notes shall have the same ranking, interest rate, maturity date and other terms as the relevant series of Notes. Any such additional notes of a series, together with the Notes of the relevant series herein provided for, shall
constitute a single series of Securities under the Indenture. 
 Section 2.4.    Payment. Principal of (and the
applicable redemption price, if any) and interest on the Notes shall be payable in U.S. dollars in immediately available funds at the office or agency of the Company maintained for such purpose in New York, New York, which shall initially be at an
office of the Trustee located at 100 Wall Street, New York, New York 10005, Attention: Corporate Trust Administration – Microsoft Corporation; provided, however, that, at the option of the Company, the Company may pay interest by
check mailed to the Holder entitled thereto at such Holder’s address as it appears on the Security Register at the close of business on the Regular Record Date for such Holder or by wire transfer to an account appropriately designated by the
Holder to the Company and the Trustee; and provided, further, that the Company will pay principal of and interest on, the Notes in global form registered in the name of or held by The Depository Trust Company (“DTC”)
or such other Depositary as any Officer of the Company may from time to time designate, or its respective nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the registered holder of such Notes
in global form. 
 Section 2.5.    Global Securities. Upon the original issuance, the Notes will be represented by
Global Securities registered in the name of Cede & Co., the nominee of DTC. The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the name of Cede & Co. 

Section 2.6.    Interest. 

(a)    The 2050 Notes will bear interest (computed on the basis of a 360-day year consisting
of twelve 30-day months) from June 1, 2020 at the rate of 2.525% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from June 1,
2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for. The Interest Payment Dates on which such interest shall be payable are June 1 and December 1, commencing on December 1, 2020;
and the Regular Record Date for the interest payable on any Interest Payment Date is the close of business on the May 15 or the November 15, as the case may be, next preceding the relevant Interest Payment Date. 

(b)    The 2060 Notes will bear interest (computed on the basis of a 360-day year consisting
of twelve 30-day months) from June 1, 2020 at the rate of 2.675% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from June 1,
2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for. The Interest Payment Dates on which such interest shall be payable are June 1 and December 1, commencing on December 1, 2020;
and the Regular Record Date for the interest payable on any Interest Payment Date is the close of business on the May 15 or the November 15, as the case may be, next preceding the relevant Interest Payment Date. 

  
 3 

 Section 2.7.    Authorized Denominations. The Notes shall be issuable
in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 Section 2.8.    Redemption and
Sinking Fund. The Notes shall not be redeemable at the option of the Company or at the option of the Holders except as set forth in the Notes. The Notes shall not be entitled to the benefit of any sinking fund. 

Section 2.9.    Ranking. The Notes shall be senior unsecured debt securities of the Company, ranking equally with the
Company’s other unsecured and unsubordinated debt. 
 Section 2.10.    Appointments. The Trustee will be
the Trustee, the initial Security Registrar and the initial Paying Agent for the Notes under the Indenture, as supplemented by this Supplemental Indenture. 

Section 2.11.    Defeasance. The Company may elect, at its option at any time, pursuant to Section 1301 of the
Indenture, to have Section 1302 or Section 1303 of the Indenture, or both, apply to the 2050 Notes or the 2060 Notes, or all, or any principal amount thereof. 

ARTICLE 3. 
 FORM OF NOTES 

Section 3.1.    Form of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are
to be substantially in the forms set forth in Exhibits A and B hereto. 
 ARTICLE 4. 

ORIGINAL ISSUE OF NOTES 

Section 4.1.    Original Issue of Notes. The Notes may, upon execution of this Supplemental Indenture, be executed by
the Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company Order, authenticate and deliver such Notes as in such Company Order provided. 

ARTICLE 5. 
 MISCELLANEOUS 

Section 5.1.    Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all
respects ratified, confirmed and binding upon the parties hereto, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided; provided, however, that the provisions
of this Supplemental Indenture shall apply solely with respect to the Notes. 
 Section 5.2.    Trustee Not Responsible
for Recitals. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture. 

  
 4 

 Section 5.3.    Governing Law. This Supplemental Indenture and each
Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 5.4.    Separability. In case any one or more of the provisions contained in the Indenture, this Supplemental
Indenture or the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of the Indenture, this Supplemental Indenture or the
Notes, but the Indenture, this Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 5.5.    Counterparts. This Supplemental Indenture may be executed in any number of counterparts each of which
shall be an original; but such counterparts shall together constitute but one and the same instrument. 
 [Signature page follows] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed,
all as of the day and year first above written. 
  

			
	MICROSOFT CORPORATION
		
	By:	 	 /s/ George H. Zinn

		 	Name: George H. Zinn
		 	Title:    Corporate Vice President, Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION,
	    as Trustee
		
	By:	 	 /s/ Thomas Zrust

		 	Name: Thomas Zrust
		 	Title:    Vice President

 [Signature Page to Thirteenth Supplemental Indenture] 

 EXHIBIT A 

FORM OF 2.525% NOTE DUE 2050 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 MICROSOFT CORPORATION 

2.525% Notes due 2050 
 CUSIP No.: 594918 CC6 

ISIN: US594918CC64 
  

			
	 No.
A-[●]
	  	$[●]

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] ([●] DOLLARS) on June 1, 2050, and to pay interest thereon from June 1, 2020 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on June 1 and December 1 of each year, commencing on December 1, 2020, at the rate of 2.525% per annum, until the principal 

  
 A-1 

 
hereof is paid or made available for payment; provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of 2.525% per
annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which
shall be the May 15 or the November 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a “Special Record Date” for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: June 1, 2020 
  

			
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name: George H. Zinn
		 	Title: Corporate Vice President, Treasurer

  
 A-3 

 This Note is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
 Dated: June 1, 2020 
  

			
	U.S. BANK NATIONAL ASSOCIATION,
	    as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an Indenture, dated
as of May 18, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and a thirteenth supplemental indenture relating to such series dated as of June 1, 2020 (herein, collectively called the
“Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal amount to $6,249,997,000; provided that the Company
may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 
 The Notes of this series are not
redeemable at the option of the Holders. 
 At any time prior to December 1, 2049, the Notes shall be redeemable in whole or in part, at any time
or from time to time, at the Company’s option, on at least 10 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Make-Whole
Redemption Price”), calculated by the Company, equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and
interest on the Notes to be redeemed (assuming for such purposes that the Notes mature on December 1, 2049) (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points. 

At any time on or after December 1, 2049, the Notes shall be redeemable in whole or in part, at any time, at the Company’s option, on at least
10 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Final Redemption Price” and, together with the Make-Whole Redemption
Price, the “Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed. 
 The Redemption Price for any
Notes redeemed pursuant to the two preceding paragraphs shall include accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

For purposes of calculating the Make-Whole Redemption Price, the following terms shall have the following specified meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a
comparable maturity to the remaining term of the Notes (assuming for such purposes that the Notes mature on December 1, 2049). 

  
 A-5 

 “Comparable Treasury Price” means, with respect to any Redemption Date (A) the
arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Company obtains fewer than four such Reference Treasury
Dealer Quotations, the arithmetic average of all such quotations for such Redemption Date. 
 “Independent Investment Banker” means
one of the Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means BofA Securities, Inc. and
Deutsche Bank Securities Inc. or their respective affiliates, which are primary U.S. government securities dealers in the United States of America and their respective successors plus two other primary U.S. government securities dealers in the
United States of America designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for
such Redemption Date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes of each series to be affected under the Indenture at any time by the 

  
 A-6 

 
Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of Notes of this series shall be conclusive and binding upon such Holders and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of
like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like principal amount of Notes of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same. 

  
 A-7 

 No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this
Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Note is a Global Security and is subject to the
provisions of the Indenture relating to Global Securities, including the limitations in Section 305 thereof on transfers and exchanges of Global Securities. 

This Note and the Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-8 

 EXHIBIT B 

FORM OF 2.675% NOTE DUE 2060 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 MICROSOFT CORPORATION 

2.675% Notes due 2060 
 CUSIP No.: 594918 CD4 

ISIN: US594918CD48 
  

			
	No. A-[●]	  	$[●]

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] ([●] DOLLARS) on June 1, 2060, and to pay interest thereon from June 1, 2020 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on June 1 and December 1 of each year, commencing on December 1, 2020, at the rate of 2.675% per annum, until the principal hereof is paid or made available for payment;
provided that any principal and premium, and any 

  
 B-1 

 
such installment of interest, which is overdue shall bear interest at the rate of 2.675% per annum (to the extent permitted by applicable law), from the dates such amounts are due until they are
paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 or the November 15 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or
one or more Predecessor Securities) is registered at the close of business on a “Special Record Date” for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this
series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the Indenture. 
 Reference is hereby made to the further provisions of this Note
set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 B-2 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: June 1, 2020 
  

			
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name: George H. Zinn
		 	Title: Corporate Vice President, Treasurer

  
 B-3 

 This Note is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
 Dated: June 1, 2020 
  

			
	U.S. BANK NATIONAL ASSOCIATION,
	    as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 B-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an Indenture, dated
as of May 18, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and a thirteenth supplemental indenture relating to such series dated as of June 1, 2020 (herein, collectively called the
“Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal amount to $3,750,000,000; provided that the Company
may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 
 The Notes of this series are not
redeemable at the option of the Holders. 
 At any time prior to December 1, 2059, the Notes shall be redeemable in whole or in part, at any time
or from time to time, at the Company’s option, on at least 10 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Make-Whole
Redemption Price”), calculated by the Company, equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and
interest on the Notes to be redeemed (assuming for such purposes that the Notes mature on December 1, 2059) (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points. 

At any time on or after December 1, 2059, the Notes shall be redeemable in whole or in part, at any time, at the Company’s option, on at least
10 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Final Redemption Price” and, together with the Make-Whole Redemption
Price, the “Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed. 
 The Redemption Price for any
Notes redeemed pursuant to the two preceding paragraphs shall include accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

For purposes of calculating the Make-Whole Redemption Price, the following terms shall have the following specified meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a
comparable maturity to the remaining term of the Notes (assuming for such purposes that the Notes mature on December 1, 2059). 

  
 B-5 

 “Comparable Treasury Price” means, with respect to any Redemption Date (A) the
arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Company obtains fewer than four such Reference Treasury
Dealer Quotations, the arithmetic average of all such quotations for such Redemption Date. 
 “Independent Investment Banker” means
one of the Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means BofA Securities, Inc. and
Deutsche Bank Securities Inc. or their respective affiliates, which are primary U.S. government securities dealers in the United States of America and their respective successors plus two other primary U.S. government securities dealers in the
United States of America designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for
such Redemption Date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes of each series to be affected under the Indenture at any time by the 

  
 B-6 

 
Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holders of Notes of this series shall be conclusive and binding upon such Holders and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of
like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like principal amount of Notes of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same. 

  
 B-7 

 No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this
Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Note is a Global Security and is subject to the
provisions of the Indenture relating to Global Securities, including the limitations in Section 305 thereof on transfers and exchanges of Global Securities. 

This Note and the Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 B-8

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