Document:

lx-ex439_302.htm

Exhibit 4.39

 

Loan Agreement

 

This Loan Agreement (this “Agreement”) is executed on September 19, 2019 in Beihai, the People’s Republic of China (the “PRC”) by and between:

 

Party A:

Beihai Green Lemon Technology Co., Ltd. (the “Lender”)

Address: Room A02, 4/F, Building 1, No. 23, Jilin Road, Industrial Park, Beihai; and

Unified Social Credit Code: 91450500MA5N95341R

 

Party B:

YANG Tao (“Party B1”), a Chinese citizen whose ID number is ******************;

MA Ming (“Party B2”), a Chinese citizen whose ID number is ******************; 

YUAN Kai (“Party B3”, collectively the “Borrowers” with Party B1, Party B2), a Chinese citizen 

whose ID number is ******************;

 

The Lender and the Borrowers are hereinafter referred to as a “Party” individually and the “Parties” collectively.

 

WHEREAS:

 

The Borrowers hold in aggregate 100% equity interests (the “Borrower Interests”) in Beihai Super Egg E-Commerce Co., Ltd. (the “Borrower Company”), a limited liability company incorporated in Beihai, the PRC with a registered capital of RMB50,000,000.

 

The Lender intends to extend a loan to the Borrowers for the purposes set out in this Agreement. The Parties hereby agree as follows through friendly consultations:

 

	
1.
	
Loan

 

	
1.1
	
In accordance with the terms and conditions of this Agreement, the Lender agrees to extend a loan totaling RMB50,000,000 (the “Loan”) to the Borrowers according to the Appendix 1. The term of the Loan shall be ten (10) years as from the execution date of this Agreement. Unless otherwise agreed by the Parties in writing, the term of the Loan shall be renewed automatically upon each of its expirations for another ten (10) years.

 

	
1.2
	
During the original or renewed term of the Loan, the Borrowers must make prepayment immediately upon occurrence of any of the following circumstances:

 

	
 
	
1.2.1
	
where the 30-day period expires after the Borrowers receive the written notice demanding repayment from the Lender;

 

 

 

	
 
	
1.2.2
	
where the Borrower, in the case of an individual, dies, losses or becomes limited in terms of civil capacity;

 

	
 
	
1.2.3
	
where the Borrowers are no longer employed by the Lender, the Borrower Company or their affiliates for whatever reason;

 

	
 
	
1.2.4
	
where the Borrowers are engaged or involved in criminal activities;

 

	
 
	
1.2.5
	
where any third party make claims against the Borrowers with an amount of RMB100,000 or more; or

 

	
 
	
1.2.6
	
where in accordance with the applicable PRC laws, the Lender may directly hold the equity interests in the Borrower Company, the Borrower Company may lawfully continue with its business, and the Lender decides to exercise its exclusive purchase option under the Exclusive Option Agreement (the “Exclusive Option Agreement”) referred to herein.

 

	
1.3
	
Subject to satisfaction of all conditions precedent set out in Section 2, the Lender agrees to remit the Loan to the bank account designated by the Borrowers within twenty (20) days of the receipt of the written notice indicating the Borrowers’ demand for the Loan. The Borrowers shall issue an acknowledgement of receipt to the Lender on the same day when they receive such amount. The Loan extended by the Lender under this Agreement shall be utilized by the Borrowers only, and shall not be used by the successors or assignees of the Borrowers.

 

	
1.4
	
The Borrowers agree to accept the above Loan extended by the Lender, and hereby agree and undertake to use the Loan for funding business development of the Borrower Company. Without prior written consent of the Lender, the Borrowers shall not use such amount for any other purpose.

 

	
1.5
	
Both the Lender and the Borrowers agree and acknowledge that the Borrowers may make repayment only in following manner determined by the Lender: the Borrowers shall transfer all the Borrower Interests they hold to the Lender or the legal or natural person designated by the Lender upon the Lender’s exercise of its option to buy the Borrower Interests under the Exclusive Option Agreement.

 

	
1.6
	
Both the Lender and the Borrowers agree and acknowledge that, to the extent permitted, any proceeds obtained by the Borrowers from transfer of the Borrower Interests shall be used for repaying for the Loan in accordance with this Agreement in such manner as designated by the Lender.

 

	
1.7
	
Both the Lender and the Borrowers agree and acknowledge that, to the extent permitted by applicable laws, the Lender shall have the right but no obligation to buy, 

 

 

		
or designated other legal or natural persons to buy, in whole or in part the Borrower Interests at any time at the purchase price agreed under the Exclusive Option Agreement.

 

	
1.8
	
Both the Lender and the Borrowers agree and acknowledge that the Borrowers agree to create a pledge over all the equity interests they hold in the Borrower Company in favor of the Lender to secure the debt repayment hereunder. For the avoidance of doubt, the Parties acknowledge that, in addition to the debt under this Agreement, the principal debt secured by the equity pledge under this section also includes all the debts owed by the Borrowers and the Borrower Company to the Lender under the Exclusive Business Cooperation Agreement, the Exclusive Option Agreement and the Power of Attorney Agreement(as defined below).

 

	
1.9
	
Each of the Borrowers has executed an irrevocable Power of Attorney Agreement (the “Power of Attorney Agreement”), under which they authorize the Lender or any legal or natural person designated by the Lender to exercise all their rights as the shareholders of the Borrower Company.

 

	
1.10
	
When the Borrowers transfer their Borrower Interests to the Lender or the person designated by the Lender, if the transfer price is equal to or lower than the principal of the Loan under this Agreement, the Loan under this Agreement shall be deemed to be interest free loan; if the transfer price is higher than the principal of the Loan under this Agreement, the portion of the transfer price in excess of the principal shall be deemed to be the interests on the principal of the Loan and shall be repaid by the Borrowers to the Lender.

 

	
2.
	
Conditions Precedent for Loan Extending

 

The Lender will not be obligated to extend the Loan to the Borrowers in accordance with Section 1.1 unless and until all the conditions below are satisfied or waived by the Lender in writing.

 

	
2.1
	
The Lender receives on time the drawdown notice duly signed by the Borrowers in accordance with Section 1.3. The Borrower Company and the Lender or the legal or natural person designated by the Lender has duly entered into a definite exclusive business cooperation agreement (the “Exclusive Business Cooperation Agreement”), under which the Lender or the person designated by the Lender will, to the extent permitted by the PRC laws, provide the Borrower Company with technical services and business consultancy services in the capacity of an exclusive service provider.

 

	
2.2
	
The Borrower, the Borrower Company and the Lender or the legal or natural person designated by the Lender have duly entered into a definite equity pledge agreement (the “Equity Pledge Agreement”), under which the Borrowers agree to create a 

 

 

		
pledge over all the Borrower Interests in favor of the Lender or the person designated by the Lender.

 

	
2.3
	
The Borrower, the Lender and the Borrower Company have duly entered into a definite Exclusive Option Agreement, under which the Borrowers will, to the extent permitted by the PRC laws, irrevocably grant the Lender an exclusive Purchase Option to buy all Borrower Interests.

 

	
2.4
	
The Borrowers and the Lender have entered into an irrevocable Power of Attorney Agreement, under which the Borrowers authorize the Lender or any legal or natural person designated by the Lender to exercise all their rights as the shareholders of the Borrower Company

 

	
2.5
	
The above Equity Pledge Agreement, Power of Attorney Agreement, Exclusive Option Agreement and Exclusive Business Cooperation Agreement are executed on or prior to the execution date of this Agreement, and entered into full legal force. There have been no event that breaches or prejudices any of such contracts or agreements, and all the relevant filings, approvals, authorizations, registrations and government procedures have been secured or completed in accordance with such contracts or agreements, if required.

 

	
2.6
	
The representations and warranties made by the Borrowers under Section 3.2 are truthful, complete and accurate, and contain no misleading content.

 

	
2.7
	
The Borrowers have not breached any of the undertakings they make under Section 4 of this Agreement, and there is no actual or threatened event that may affect the performance of their obligations under this Agreement.

 

	
3.
	
Representations and Warranties

 

	
3.1
	
From the execution date to the termination of this Agreement, the Lender represents and warrants to the Borrowers as follows:

 

	
 
	
3.1.1
	
The Lender is a company duly incorporated and existing under the PRC laws;

 

	
 
	
3.1.2
	
The Lender has the authority to execute and perform this Agreement. Its execution and performance of this Agreement are in line with its scope of business and the provisions in its articles of association and other constitutional documents. The Lender has obtained all necessary and appropriate approvals and authorizations required for the execution and performance of this Agreement; and

 

	
 
	
3.1.3
	
Upon execution, this Agreement shall constitute lawful, valid and enforceable obligations for the Lender.

 

 

 

	
3.2
	
From the execution date to the termination of this Agreement, the Borrowers represent and warrant as follows:

 

	
 
	
3.2.1
	
The Borrowers have the authority to execute and perform this Agreement, and have obtained all necessary and appropriate approvals and authorizations required for the execution and performance of this Agreement;

 

	
 
	
3.2.2
	
Upon execution, this Agreement shall constitute lawful, valid and enforceable obligations for the Borrowers; and

 

	
 
	
3.2.3
	
There is no actual or potential dispute, action, arbitration, administrative procedures or other legal proceedings involving the Borrowers.

 

	
4.
	
Undertakings of the Borrowers

 

	
4.1
	
The Borrowers irrevocably undertake in the capacity of the shareholders of the Borrower Company that they will, during the term of this Agreement, procure the Borrower Company:

 

	
 
	
4.1.1
	
to strictly comply with the provisions of the Exclusive Option Agreement and the Exclusive Business Cooperation Agreement, and not to engage in any action or omission that is sufficient to affect the validity and enforceability of the Exclusive Option Agreement and the Exclusive Business Cooperation Agreement;

 

	
 
	
4.1.2
	
to enter into contracts/agreements on business cooperation with the Lender or the person designated by the Lender or the person designated by the Lender at any time as requested by the Lender, and ensure the strict performance of such contracts/agreements;

 

	
 
	
4.1.3
	
to provide the Lender with all its operating and financial information at the request of the Lender;

 

	
 
	
4.1.4
	
to inform the Lender promptly of any existing or potential litigation, arbitration or administrative procedures in connection with its assets, business and revenue; and

 

	
 
	
4.1.5
	
to appoint any person designated by the Lender as director of the Borrower Company at the request of the Lender.

 

 

 

 

	
4.2
	
The Borrowers undertake that during the term of this Agreement:

 

	
 
	
4.2.1
	
they shall exert their best efforts to cause the Borrower Company to continue with its existing business;

 

	
 
	
4.2.2
	
they shall strictly comply with the provisions of this Agreement, the Power of Attorney Agreement, the Equity Pledge Agreement and the Exclusive Option Agreement, and shall not engage in any action or omission that is sufficient to affect the validity and enforceability of this Agreement, the Power of Attorney Agreement, the Equity Pledge Agreement and the Exclusive Option Agreement;

 

	
 
	
4.2.3
	
unless otherwise provided under the Equity Pledge Agreement, they shall not sell, transfer, charge or otherwise dispose of the legal or beneficial interests in the Borrower Interests, or permit any other security interests to be created over the same;

 

	
 
	
4.2.4
	
they shall procure the shareholders meeting and/or board of directors of the Borrower Company to disapprove any sale, transfer, charge or other disposal of the legal or beneficial interests in the Borrower Interests, or permission of any other security interests to be created over the same, in each case without prior written consent of the Lender, unless in favor of the Lender or the person designated by the Lender;

 

	
 
	
4.2.5
	
they shall procure the shareholders meeting and/or board of directors of the Borrower Company to disapprove the merger or consolidation of the Borrower Company with any person or acquisition of or investment in any person by the Borrower Company, in each case without prior written consent of the Lender;

 

	
 
	
4.2.6
	
they shall inform the Lender promptly of any actual or threatened litigation, arbitration or administrative procedures in connection with the Borrower Interests;

 

	
 
	
4.2.7
	
they shall execute all such documents, take all such actions, make all such allegations, or present such defense against all claims as are necessary and appropriate for maintaining their ownership over the Borrower Interests;

 

	
 
	
4.2.8
	
without prior written consent of the Lender, they shall not take any action or omission that may cause a material adverse effect on the assets, business and liabilities of the Borrower Company;

 

	
 
	
4.2.9
	
they shall, at the request of the Lender, appoint any person designated by the Lender as director of the Borrower Company;

 

 

 

	
 
	
4.2.10
	
to the extent permitted by the PRC laws, they shall, upon the request of the Lender from time to time, unconditionally transfer the Borrower Interests to the Lender or the person designated by the Lender, and cause other shareholders of the Borrower Company to waive their pre-emptive rights to the equity interests transfer under this paragraph;

 

	
 
	
4.2.11
	
to the extent permitted by the PRC laws, they shall, upon the request of the Lender from time to time, cause other shareholders of the Borrower Company to unconditionally transfer all the equity interests they hold in the Borrower Company to the Lender or the representative designated by the Lender, in which case, the Borrowers shall waive their pre-emptive rights to the equity interests transfer under this paragraph;

 

	
 
	
4.2.12
	
the Borrowers shall use the purchase price for repaying for the Loan first if the Lender purchases the Borrower Interests from them in accordance with the Exclusive Option Agreement; and

 

	
 
	
4.2.13
	
without prior written consent of the Lender, they shall not supplement, change or amend their articles of association in any manner, increase or decrease the registered capital, or change the capital structure in any form.

 

	
5.
	
Liabilities for Breach of Contract

 

	
5.1
	
Either Party that breaches this Agreement and thus causes it impossible to perform this Agreement in whole or in part shall bear the liability for breach of contract, and indemnify the other Party against the losses (including litigation fees and attorney fees) thus caused. Where both Parties are in breach of this Agreement, they shall bear their respective liabilities according to the actual circumstances.

 

	
5.2
	
Where the Borrowers fail to perform their obligations to make repayment within the period set out in this Agreement, they shall pay the default interests at a rate of 0.1‰ of the overdue amount on a daily basis, until all the principal, default interests and other amount are paid up.

 

	
6.
	
Notice

 

	
6.1
	
All notices and other communications required or permitted to be given pursuant to this Agreement shall be delivered personally or sent by registered mail with postage prepaid, commercial courier service or facsimile transmission to the contact address of such Party. Each notice shall be followed by a confirmation copy sent by email. 

 

 

		
The dates on which notices shall be deemed to have been effectively given shall be determined as follows:

 

	
 
	
6.1.1
	
Notices given by personal delivery, courier service, registered mail with postage prepaid shall be deemed effectively given on the date of receipt or rejection at the address specified for notices; or

 

	
 
	
6.1.2
	
Notices given by facsimile transmission shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation of transmission).

 

	
6.2
	
Any Party may send a notice to the other Parties as provided in this Section to change its address used to receive notice at any time.

 

	
7.
	
Confidentiality

 

The Parties acknowledge that any oral or written information exchanged between the Parties in connection with the preparation and performance this Agreement constitute confidential information. Each Party shall maintain confidentiality of all such confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any third parties, except for the information that: (i) is or becomes available to the general public (other than through the receiving Party’s unauthorized disclosure); (ii) is required to be disclosed by applicable laws or regulations or rules or regulations of any stock exchange; or (iii) is necessary to be disclosed by any Party to its legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the employees of or agencies engaged by any Party shall be deemed disclosure by such Party itself and such Party shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for any reason.

 

	
8.
	
Governing Law and Dispute Resolution

 

	
8.1
	
The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the formally published and publicly available laws of the PRC. Matters not covered by formally published and publicly available laws of the PRC shall be governed by international legal principles and practices.

 

	
8.2
	
In the event of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement within 30 days after either Party requests to the other Parties for resolution of the dispute through negotiations, either 

 

 

		
Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration, in accordance with its then effective arbitration rules. The arbitration shall be conducted in Beijing, and the language shall be Chinese. The arbitration award shall be final and binding on all Parties.

 

	
8.3
	
Upon occurrence of any disputes arising from the construction and performance of this Agreement or pending arbitration of any dispute, except for the matters under dispute, the Parties shall continue to exercise their respective rights and perform their respective obligations hereunder.

 

	
9.
	
Miscellaneous

 

	
9.1
	
This Agreement shall take effect on the day when it is executed by the Parties and expire on the day when the Parties have completed the performance of their obligations under this Agreement.

 

	
9.2
	
This Agreement is made in Chinese in four counterparts of equal legal force with each of the Lender and the Borrower holding one.

 

	
9.3
	
The Parties may amend and supplement this Agreement by written agreement. The amendment agreement and/or supplementary agreement among the Parties in connection with this Agreement shall be integral part of and have the equal legal effect with this Agreement.

 

	
9.4
	
In the event that one or several provisions hereof are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any aspect. The Parties shall negotiate in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

 

	
9.5
	
The schedules (if any), to this Agreement shall be integral part of and have equal legal effect with this Agreement.

 

[Signature page follows]

 

 

 

 

 

 

(Signature Page to Loan Agreement)

 

 

	
Lender:

	
 

	
Beihai Green Lemon Technology Co., Ltd. (Seal)

	
 

	
Signature:
	
/s/YANG Tao

	
 
	
 

	
Name:
	
YANG Tao

	
 
	
 

	
Title:
	
Legal Representative

	
 

	
 

	
 

	
Borrowers:

	
 

	
Signature:
	
/s/YANG Tao

	
 
	
 

	
Name:
	
YANG Tao

	
 
	
 

	
Signature:
	
/s/MA Ming

	
 
	
 

	
Name:
	
MA Ming

	
 
	
 

	
Signature:
	
/s/YUAN Kai

	
 
	
 

	
Name:
	
YUAN Kai

 

 

 

 

 

Appendix 1

 

Loan Amount

 

	
Borrower
	
Loan Amount (RMB)

	
YANG Tao
	
25,000,000

	
MA Ming
	
12,500,000

	
YUAN Kai
	
12,500,000

	
Total
	
50,000,000Document

STATEMENT OF TERMS AND CONDITIONS OF EMPLOYMENT 

Today's Date:    28th October 2011
Employer:    ServiceSource Europe Limited
The Chase,
Carmanhall Road
Sandyford Industrial Estate
Dublin 18

Employee:    Mr. Mike Naughton

Pursuant to the Terms of Employment Information Act, 1994 this statement is given to you as a record of the main terms and conditions of your employment with ServiceSource Europe Limited (the "Company"). A copy of the Company's information handbook for employees will be given to you during your new employee orientation, and should be read carefully. The provisions of the company handbook form part of your terms and conditions. It sets out guidelines relating to your employment, which may be revised by the Company at its discretion.

Any benefits described in the handbook are provided at the Company's discretion and may be revised or withdrawn by the Company at any time. If there is any inconsistency between the provisions of the information handbook and this statement, the provisions of this statement shall prevail.

1.COMMENCEMENT
The commencement date of your employment with the Company is TBC (to be confirmed).
2.FUNCTIONS AND DUTIES
2.1    You will be employed in a full time and permanent position as Senior Director, Client Delivery reporting to Mr. Olivier Sabella, Vice President, Client Delivery EMEA. In that capacity you will be expected to perform all acts, duties and obligations and comply with such orders as may be designated from time to time by the Company and be reasonably consistent with the above-mentioned capacity.
2.2    You will be required to comply with the Company's rules, regulations and policies currently in force and as they are updated from time to time.
2.3    You should understand that during the course of your employment (as the character of the Company changes) it might be necessary to expand your duties, within the general scope of your position, or change your function. You are expected to be flexible in your position. The Company therefore reserves the right to assign other duties to you at any time, it being understood that you will not be assigned duties, which the Company deems cannot reasonably be performed, based on your skills and qualifications.
3.0    PROBATIONARY PERIOD
Employment with the Company is subject to a Probationary Period of 6 months. During this period you will be given advice and guidance to enable you to meet the job requirements and your performance will be assessed to decide your suitability for employment going forward. If you fail to meet the required standards of work or conduct within the Probationary Period your employment will be terminated by one months notice at any time during or upon the expiration of the Probationary Period. During your Probationary Period the following special terms and conditions apply:
(a)Your employment with the Company may be terminated by either party giving one months written notice and the Company reserves the right to make payment in lieu of notice.
(b)The terms and conditions relating to the disciplinary procedure do not apply to your employment during your Probationary Period.
(c)The Company may at its discretion extend the Probationary Period for up to a further period of six months, as it deems appropriate.
4.0    HOURS OF WORK
4.1    Your normal workings hours will be 09.00 to 18.00 Monday to Friday. Rest arrangements will be agreed within your department and granted in line with the provisions of the Organisation of Working Time Act, 1997.
4.2     The Company reserves the right to change your working hours. From time to time to meet business demands you may be required to work overtime. You will
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not receive additional compensation for working outside normal working hours, as your salary takes account of all hours you may reasonably be expected to work.
5.PLACE OF WORK
5.1    Your place of work will be the located initially at The Chase, Carmanhall Road,
Sandyford Industrial Estate, Dublin 18. The Company reserves the right to relocate and / or establish further operations in Ireland and you may be required to work from these locations. You may also be required to travel within Ireland and abroad to the extent reasonably required in carrying out your duties.
5.2    From time to time the Company may require you to undertake overseas training.
Before any such assignments, the Company will consult with you and consider any reasonable input which you may have with regard to the proposed assignments.
6.REMUNERATION
6.1    Your salary will be €150,000 per annum gross or such higher sum as the
Company may subsequently determine and notify to you following a review in accordance with the Company's review policy. There is no guarantee of any increase in salary in a salary review.
Remuneration is payable monthly in arrears by credit transfer to a bank of your choice on the 25th of the month, and such payment arrangements shall remain in force until otherwise mutually agreed. In the event of an overpayment the Company reserves the right to debit transfer the amount owed. The Company reserves the right to make changes in this policy from time to time in accordance with changing conditions and operational needs.
6.2    You are entitled to participate in the Company's discretionary variable
compensation scheme subject to the rules of the scheme from time to time. The on target annual bonus amount will be €50,000 gross, which shall be subject to applicable taxes or deductions.
6.3    You will be reimbursed for any properly vouched and authorised expenses
incurred by you while performing your duties on behalf of the Company, subject to your conforming to the published policy and procedure.
6.4    The Company reserves the right to deduct from your remuneration any sums which you may owe to it including without limitation in respect of any overpayments or loans made to you by the Company. The Company also reserves the right to deduct from your remuneration compensation in respect of any losses suffered by the Company as a result of your negligence or misconduct. By your execution of this letter agreement you consent to the deduction of such sums.
7.PAID TIME OFF (PTO) AND HOLIDAYS
7.1    Paid time off (PTO) entitlements are accrued based on hours worked. You will be
entitled to four working weeks of PTO per annum. Your entitlement to Public Holidays shall be in accordance with the Organisation of Working Time Act 1997.
3

7.2    During the year, the Company may designate certain office shutdowns (for example, Christmas) when you will be expected to take holidays from your accumulated entitlement. Your remaining holidays may be taken at times agreed between you and your Manager.
7.3    Holidays from the previous year may not be carried over to the following year save with the Company's consent. It is company policy that all annual leave is taken within the applicable leave year. Upon termination of your employment you will be entitled to salary in lieu of any outstanding holiday entitlement or be required to repay to the Company any salary received in respect of holiday taken in excess of your proportionate holiday entitlement.
8.SICKNESS AND NOTIFICATION OF ABSENCE
If you are absent from work due to illness or accident you will notify your direct manager as soon as possible and in any event no later than 10.00 am. If this incapacity continues for three or more consecutive days you will submit a doctor's certificate in a form satisfactory to the Company confirming your inability to work and on a weekly basis thereafter while you are absent from work.
In the event of your absence from work, or inability to perform the duties of your position, due to illness or accident, the Company reserves the right to refer you for medical examination to a medical practitioner nominated and paid for by the Company. The Company shall be entitled to receive full details of any such medical examinations.
In the event that you are incapable of performing your duties by reason of injuries sustained wholly or partly as a result of actionable negligence, nuisance or breach of any statutory duty on the part of any third party, all payments made to you by the Company under any company or group sick pay scheme will be repaid when and to the extent that you recover compensation for loss of earnings from that third party by action or otherwise.
Payment in respect of sick leave is entirely at the discretion of the Company.
9.BENEFITS
You will be entitled to benefits extended to the Company's employees generally, in accordance with any benefit plan adopted by the Company from time to time during the Employment. Your rights and those of your dependants under any such benefit policy or plan shall be governed solely by the terms of such policy or plan. The Company reserves to itself or its designated administrators exclusive authority and discretion to determine all issues of eligibility, interpretation and administration of each such benefit plan or policy and to amend or terminate such policy or plan or provide substitute arrangements.
10.CONFIDENTIAL INFORMATION
10.1     Much of the Company's business is highly confidential. As such, you will be required to sign the Company's Employment and Confidential Information Agreement (attached hereto) as a condition of your employment with the Company.
4

10.2     It is a condition of your employment that you will not bring to or use in the course of your employment with the Company any trade secrets or confidential information belonging to your previous employers or to any other third party without those employers' or third parties' prior written authorisation.
11.DISCIPLINARY RULES AND PROCEDURES
11.1     The Company expects reasonable standards of conduct and performance from its employees. You will be subject to the disciplinary policy contained in the Company's Employment Handbook. Whilst it is the policy of the Company to observe these disciplinary procedures, strict observance of these procedures is not appropriate in all cases. Circumstances may warrant that the procedure is abridged or varied and the Company reserves the right to do so at any time.
11.2     The Company reserves the right for sufficient reason to demote, redeploy or suspend you without pay or dismiss you from employment. If you are suspended without pay, the period of suspension will vary in length at the Company's discretion according to the gravity of the misconduct.
Except in circumstances justifying immediate termination of your employment by the Company in accordance with Clause 14 you will be entitled to receive the appropriate period of notice as setout in Clause 13.
12.PROBLEM-SOLVING PROCEDURE
If you are unhappy about any aspect of your employment with the Company you should first discuss the matter with your manager. If you are still unhappy you should pursue the matter through the problem solving procedure, details of which are set out in the Employee Handbook.
13.TERMINATION OF EMPLOYMENT WITH NOTICE
In order to terminate the employment under this contract, after the successful completion of the Probationary Period, you are required to give the Company, and the Company is required to give you three (3) months written notice.
13.2     The Company reserves the right to pay you in lieu of notice the amount of your entitlement to base salary in respect of such notice period.
13.3     On the termination of your employment for whatever reasons you will be required to return to the Company without delay all items or property in your possession which are the property of the Company including, but not limited to all correspondence, records, specifications, models, notes, formulations, list, papers, reports, data stored on diskette 
5

and other property belonging to the Company or relating to its business affairs or dealings which are in your control.
13.4     In the event that you owe money to the Company at the time of your termination, e.g. as a result of hire bonus, tax equalization, loans etc, such monies must be repaid by you in full and the Company to the extent permitted by law reserves the right to deduct such monies from your pay/bonuses/stock programs and/or your pension contributions. By your acceptance of this statement you consent to the deduction of such monies.

14.TERMINATION OF EMPLOYMENT WITHOUT NOTICE
Your employment may be terminated summarily by the Company without notice
or payment in lieu of notice if you have been dismissed by reason of gross misconduct as provided for in the company disciplinary procedure.
15.STANDARD POLICIES AND PROCEDURES
During your employment with the Company you will be required to comply with the Company's published policies and procedures as updated from time to time. A copy of the Employee Handbook is enclosed.
16.EMPLOYMENT RELATED DATA
You should be aware that all data relative to your employment with the Company, and all other personal data supplied to the Company may be stored in a HR database kept at the Company's parent company, ServiceSource International, LLC, in the United States. Human resources and selected management for both the Company and the Company's parent company will have access to this database, subject to the limits of the Data Protection Acts 1988 - 2003. The Company is asking all employees for their consent in writing to the processing of this personal data and, the transfer of data outside the European Economic Area where necessary. This is to enable the Company to comply with the legislation on data processing. By signing these terms and conditions you agree to the Company holding and processing, both electronically and manually, personal data about you (including sensitive personal data as defined in the Data Protection Acts 1988-2003) for the operations, management, security and administration of the Company and complying with applicable laws, regulations and procedures, including transfer of personal data outside the European Economic Area, if appropriate. Furthermore, you agree to assist the Company in keeping personal data relevant and up to date by informing the Company of any changes to any personal data it holds about you as soon as possible. You are entitled to access, review and request an update to such information as appropriate. Procedures for access to your personal data can be obtained from HR.
17.DOUBLE EMPLOYMENT
It is a condition of this contract that you will not directly or indirectly work for another employer or conduct outside business that interferes with the proper performance of your job at the Company, or that in any way conflicts with the Company's interests. It is the Company's expectation that the Company is your primary employer, and that you are available for work for the hours listed in this contract as well as for additional overtime. You are requested to inform your Manager if you are engaged in other work outside the Company. If you are engaged in work outside the Company you must ensure 
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that your aggregated hours do not exceed the limits outlined in the Organisation of Working Time Act 1997.
18.PROPRIETARY RIGHTS
You acknowledge that any intellectual property rights which arise out of your work for the Company will vest absolutely in the Company (or its nominee) and you undertake to execute any required documents and do whatever else may be necessary to vest these rights in the Company even after termination of your employment.
19.    RESTRICTIVE COVENANTS
(a)    Considering that you have obtained and are likely to obtain in the course of your employment knowledge of trade secrets, know-how, business information or other confidential information relating the Company and its Associated Companies (as defined below) and also to their customers, you agree that you will be bound by the following restrictions in order to safeguard such trade secrets, know-how, business information or other confidential information and the goodwill of the Company:
(i)you will not, either in contemplation of the termination of your employment or during the period of 12 (twelve) months following your termination date, canvass or solicit or endeavour to canvass or solicit away from the Company or any Associate Company, the custom or business of any person, firm or company which is or was at any time during the 12 (twelve) months prior to your termination date a client or customer of the Company or of any Associated Company with whom or which you had significant business dealings during the course of your employment in that twelve-month period or in relation to whose requirements you had knowledge of a material kind;
(ii)you will not either in contemplation of the termination of your employment or during the period of 12 (twelve) months following your termination date entice, solicit or endeavour to entice or solicit away any person who is employed or engaged by the Company or any Associate Company either as a director or in a managerial or executive capacity or who is in possession of confidential information belonging to the Company and/or any Associate Company and with whom you had significant business dealings or over whom you exercised control during the course of your employment in the twelve-month period prior to your termination date;
(iii)you will not either in contemplation of the termination of your employment hereunder or during the period of 12 (twelve) months following your termination date, interfere or seek to interfere with the supply to the Company or any Associated Company of any goods or services by any supplier who, during the twelve months preceding your termination date, supplied goods or services to the Company or such Associate Company, being a supplier of goods or services with whom during the twelve-month period immediately prior to your termination date you had dealings of a material kind in your capacity as an employee 
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or director of the Company, nor will you interfere or seek to interfere with the continuance of such supply or the terms on which such supply has during such period as stated above been made;
provided, however, that the 12 (twelve) month period referred to in sub-Clauses 20(a)(i), (ii) and (Hi) above will be reduced by the duration of any Garden Leave Period.
For the purposes of this Clause 20 of this letter agreement "Associated Company" shall mean any associated company of the Company as defined in Section 432 of the Taxes Consolidation Act 1997.

(b)Each of the restrictions set out in sub-Clauses 20 (a)(i), (ii) and (iii) above may be applied separately and independently and all such restrictions will (without prejudice to their generality) apply to any action taken by you, whether as agent, representative, principal, employee or consultant or as a director or other officer of any company or by any company controlled by you or any associate of yours.
(c)You hereby acknowledge and agree that all of the restrictions contained herein are reasonable and necessary in all the circumstances for the protection of the Company's legitimate interests and waive any and all defences to the strict enforcement thereof by the Company. In the event that any of the covenants herein contained is held to be unreasonable by reason of the area, duration or type or scope of service covered by such covenant, then effect will be given to such covenant in such reduced form as may be decided by any court of competent jurisdiction.
20.NEW HIRE VETTING
It is the Company's policy to confirm all information provided by new hires. Your employment is conditional upon verification of the information contained in your Personal Details form and/or curriculum vitae and upon the receipt of references satisfactory to the Company. Falsification of data in any documentation, including but not limited to your Personal Data Form and/or curriculum vitae may result in disciplinary action up to and including termination of employment.
21.SEVERANCE
In the event that any condition contained in this statement is held to be void in whole or in part for any reason, such unenforceability will not affect the enforceability of the remaining conditions contained in this letter agreement and such void conditions will be deemed to be severable.
22.GOVERNING LAW
This letter agreement shall in all respects be governed by the laws of Republic of Ireland and the parties submit to the non-exclusive jurisdiction of the Irish Courts.

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If you choose to accept the above terms and conditions with the Company please sign the attached declaration and return it to me. If you have any questions regarding this letter agreement, please feel free to contact me.

SERVICESOURCE EUROPE, LTD.  

Name     /s/ Philip Pender                
    Philip Pender, Human Resources Director

Date    28/10/2011                    

EMPLOYEE ACCEPTANCE:
I confirm that I have read carefully and understood the terms and conditions on which the position set out above is offered and I agree to be bound by those terms and conditions.
I will commence work with the Company on 3rd January 2012 (insert date).
Employee    Michael Naughton             Date    1/11/11                
Attached:
Employment and Confidential Information Agreement
9

EMPLOYMENT AND CONFIDENTIAL INFORMATION AGREEMENT
As a condition of my employment by ServiceSource Europe, Ltd. ("the Company"), and in consideration of my being employed by the Company and my receipt of the compensation now and hereafter paid to me by the Company, I agree to the following:
1. Confidential Information.
(a)Company information. I agree at all times during the term of my employment and thereafter, to hold in strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, firm or corporation without the prior written authorisation of the Company, any Confidential Information of the Company.    I understand that "Confidential Information" means any Company proprietary information, technical data, trade secrets or know-how, including, but not limited to, research, product plans, products, services, customer lists and customers (including, but not limited to, potential customers of the Company on whom I called or with whom I became acquainted during the term of my employment), markets, software, developments, processes, formulas, technology, designs, drawings, marketing, finances or other business information disclosed to me by the Company either directly or indirectly in writing, orally or by drawings or observation. I further understand that Confidential Information does not include any of the foregoing items which has become publicly known and made generally available through no wrongful act of mine or of others who were under confidentiality obligations as to the item or items involved.
(b)Former Employer Information. I agree that I will not, during my employment with the Company, improperly use or disclose any proprietary information or trade secrets of any former or concurrent employer or other person or entity and that I will not bring into the premises of the Company any unpublished document or proprietary information belonging to any such employer, person or entity unless consented to in writing by such employer, person or entity. I represent and warrant to the Company that I am not in breach of any agreement with any former employer by accepting employment with the Company.
(c)Third Party Information. I recognise that the Company may have received and in the future may continue to receive from third parties their confidential or proprietary information as they may so designate, subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. I agree to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out my work for the Company consistent with the Company's agreement with such third party.
2. Returning Company Documents. I agree that, at the time of leaving the employ of the Company, I will deliver to the Company (and will not keep in my possession, recreate or deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment or other documents or property, or reproduction of any aforementioned items developed by me pursuant to my employment with the Company or otherwise belonging to the Company, its successors or assigns.
3. Notification to New Employer. In the event that I leave the employ of the Company, I hereby grant consent to notification by the Company to my new employer about my rights and obligations under this Agreement.
4. Representations. I agree to execute any proper oath or verify any proper document required in order to carry out the terms of this Agreement. I represent that my performance of all the terms of this Agreement will not breach any agreement to
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keep in confidence proprietary information acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into, and I agree I will not enter into any oral or written agreement in conflict herewith.
5. General Provision.
(a)Governing Law: consent to Personal Jurisdiction. This Agreement shall in all respects be governed by the laws of the Republic of Ireland and the parties submit to the non-exclusive jurisdiction of the Irish Courts.
(b)Severability. If one or more of the provisions in this Agreement are deemed unenforceable by law, then the remaining provisions will continue in full force and effect.
(c)Successors and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives and will be for the benefit of the Company, its successors, and its assigns.
Date: 1/11/11        

/s/ Michael Naughton                        
Employee (signature)

Michael Naughton                    
Employee (type or print name)

/s/ Kerry Naughton                    
Witness (signature) 

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