Management Services Agreement Termination between Pareteum Corporation and Grootzande Management BV
Pareteum Corporation and Grootzande Management BV have agreed to terminate their Management Services Agreement effective immediately upon the signing of a new employment agreement. As part of the termination, Pareteum will issue a total of 471,400 restricted shares of common stock to Grootzande, with 21,400 shares vesting immediately and 450,000 shares vesting at a later date based on certain conditions. Grootzande and its principal agree to cover any tax or social security liabilities related to the share issuance. The agreement is governed by the laws of England & Wales.
Exhibit 10.1
MANAGEMENT SERVICES AGREEMENT TERMINATION
BETWEEN:
(1) Pareteum Corporation of 1185 Avenue of the Americas, New York, NY 10036 (“Pareteum”);
AND:
(2) Grootzande Management BV of Park Leeuwensteijn 4, 2272 AC Voorburg, The Netherlands, registered KvK 55703755 (“Grootzande"), represented by its principal, Bart Weijermars (Mr. Weijermars may be indvidually referred to herein as the “Principal”).
Individually referred to as a “Party” or jointly referred to as the "Parties"
WHEREAS:
| (A) | The Parties wish to terminate the Management Services Agreement dated May 8, 2020 (“Agreement”) which will be terminated as of the date herein and superseded by a separate employment agreement to be entered into also as at the date hereof. |
1. COMMENCEMENT, DURATION AND TERMINATION
1.1 The Agreement is terminated effective immediately upon the signing of the planned employment agreement.
1.2(a) Pareteum will issue to Grootzande 21,400 restricted shares of common stock which will vest immediately.
1.2(b) Pareteum will issue to Grootzande 450,000 restricted shares of common stock which will vest on the later of (i) September 15, 2020; or (ii) 45 days after the filing of Pareteum’s restated 2018/2019 financial statements.
(The shares issued pursuant to this section 1.2 will be referred to as the “Shares”.)
1.3 Grootzande and its Principal hereby indemnify Pareteum and/or its subsidiaries or affiliates against any tax or social security liabilities arising in connection with the issuance of the Shares to Grootzande.
16. GENERAL
16.1 This Agreement is subject to the laws of England & Wales and the courts in England & Wales shall have exclusive jurisdiction to settle any dispute arising hereunder without regard to any principles of conflicts of laws.
16.2 This Agreement is in the English language only, which language shall be controlling in all respects. All communications and notices to be made or given pursuant to this Agreement shall be in the English language as commonly used in the United States.
16.3 This Agreement may be executed by Parties signatures transmitted by facsimile or electronic format (including via PDF), and copies of this Agreement so executed and delivered shall have the same force and effect as originals.
Pareteum Corporation
EFFECTIVE this July 1, 2020
| Pareteum Corporation | Grootzande Management BV | |||
| By: | /s/ Alexander Korff | By: | /s/ Bart Weijermars | |
| Alexander Korff | Bart Weijermars (as Director) | |||
| Corporate Secretary | ||||
| By: | /s/ Bart Weijermars | |||
| Bart Weijermars (Individually) | ||||
Pareteum Corporation
