Exhibit 10.13


 


EMPLOYMENT AGREEMENT


 


THIS EMPLOYMENT AGREEMENT, dated as of March
19, 2021, is made by and between NUVVE HOLDING CORP., a Delaware corporation (together with its successors and assigns, the “Company”),
and DAVID ROBSON (the “Executive”).


 


WHEREAS, the Company is party to that certain
Merger Agreement, dated as of November 11, 2020 (as the same may be amended from time to time, the “Merger Agreement”),
by and among Newborn Acquisition Corp. (“Newborn”), the Company, Nuvve Merger Sub Inc. (“Merger Sub”),
Nuvve Corporation (“Nuvve”) and Ted Smith, as the representative of the stockholders of Nuvve; and


 


WHEREAS, pursuant to the Merger Agreement,
among other things, Newborn will merge with and into the Company, the security holders of Newborn becoming security holders of
the Company, and Merger Sub will merge with and into Nuvve, with Nuvve becoming a wholly owned subsidiary of the Company and the
security holders of Nuvve becoming security holders of the Company (the “Business Combination”), as a result
of which the Company will become a public reporting company with Nuvve as its operating subsidiary; and


 


WHEREAS, the Executive serves as the Chief
Financial Officer of Nuvve pursuant to an offer letter, dated December 6, 2021 (the “Offer Letter”); and


 


WHEREAS the Executive and the Company desire
to enter into this Employment Agreement (this “Agreement”), to take effect upon, and only upon, the consummation
of the Business Combination (the date thereof referred to herein as the “Effective Date”), to provide for the
employment of the Executive by the Company upon the terms and conditions set forth herein.


 


NOW, THEREFORE, in consideration of the
mutual covenants and conditions contained herein, the Company and the Executive hereby agree as follows:


 


1. Employment
and Term.


 


(a) Effective
on the Effective Date, the Company shall employ the Executive, and the Executive accepts employment by the Company, upon the terms
and conditions set forth herein.


 


(b) Subject
to the remainder of this Section and the provisions for termination hereinafter provided in Section 5, the term of the Executive’s
employment hereunder shall be from the Effective Date through and including the day immediately preceding the third anniversary
of the Effective Date (the “Initial Period”). On the third anniversary of the Effective Date and on each subsequent
anniversary of such date (each a “Renewal Date”), the term of this Agreement shall automatically be extended
by one additional year (the “Extension Period”), unless either party shall have provided written notice to the
other at least ninety (90) days prior to a Renewal Date that such party does not desire to extend the term of this Agreement, in
which case no further extension of the term of this Agreement shall occur pursuant hereto but all previous extensions of the term
shall continue to be given full force and effect. For purposes of this Agreement, the term “Employment Period”
means the period from the Effective Date until the end of the Initial Period and any Extension Periods, or until the date this
Agreement is earlier terminated pursuant to Section 5. For the avoidance of doubt, the Employment Period shall not include any
Severance Period (as hereinafter defined).


 




     


     


    

 


(c) Notwithstanding
any other provision in this Agreement to the contrary, this Agreement shall terminate in its entirety and be of no force or effect
if the Merger Agreement is terminated.


 


2. Duties.


 


(a) Throughout
the Employment Period, the Executive shall be the Chief Financial Officer of the Company reporting directly to the Chief Executive
Officer of the Company, and shall have all duties and authorities as customarily exercised by an individual serving in such position
in a company the nature and size of the Company. The Executive shall at all times comply with all written Company policies applicable
to him. The Executive’s primary office location shall be at the Company’s executive offices in the San Diego, California
metropolitan area, but the Executive shall undertake such travel as is reasonably required for his duties hereunder.


 


(b) Throughout
the Employment Period, the Executive shall use his best efforts to perform his duties under this Agreement fully, diligently and
faithfully, and shall use his best efforts to promote the interests of the Company and its subsidiaries and affiliates.


 


(c) Executive
shall devote substantially all of his business time to the affairs of the Company; provided, however, that anything
herein to the contrary notwithstanding, nothing shall preclude the Executive from (i) with the prior written consent of the Board
of Directors of the Company (the “Board”), which consent will not be unreasonably withheld or delayed, serving
on the boards of directors of other business entities, trade associations and/or charitable organizations, including, without limitation,
the entities where the Executive was serving as a director on the date of this Agreement, (ii) engaging in charitable activities
and community affairs, (iii) managing his personal and/or family investments and affairs, and (iv) engaging in any other activities
approved by the Board; provided that the activities described above do not interfere with the performance of the Executive’s
duties and responsibilities to the Company as provided hereunder.


 


3. Compensation.


 


As compensation for his services to be performed
hereunder and for his acceptance of the responsibilities described herein, the Company agrees to pay the Executive, and the Executive
agrees to accept, the following compensation and other benefits:


 


(a) Base
Salary. During the Employment Period, the Company shall pay the Executive a salary (the “Base Salary”) at
the rate of $400,000 per annum, in periodic installments in accordance with the Company’s customary payroll practices and
applicable wage payment laws. The Compensation Committee of the Board (the “Compensation Committee”) shall periodically
review such Base Salary and may increase or decrease such Base Salary from time to time (but not below the amount set forth herein),
in its sole discretion. After any increase or decrease, the term “Base Salary” shall mean such increased or decreased
amount.


 




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(b) Annual
Performance Bonus. For each fiscal year completed during the Employment Period, the Executive shall be eligible to receive
an annual performance bonus (the “Annual Performance Bonus”). As of the Effective Date, the Executive’s annual
target bonus opportunity shall be equal to 100% of Base Salary as in effect on December 31 of such fiscal year (the “Target
Amount”), based on the achievement of Company and Executive performance goals established by the Compensation Committee.
The Annual Performance Bonus is intended to satisfy the short-term deferral exemption under Treasury Regulations Section 1.409A-1(b)(4)
and shall be paid, in accordance with Company policy, and in any event, not later than the last day of the applicable two and one-half
(2 1/2) month “short-term deferral period” with respect to such annual bonus, within the meaning of Treasury Regulations
Section 1.409A-1(b)(4).


 


(c) Signing
Bonus. The Company shall pay the Executive a lump sum cash signing bonus of $50,000 (the “Signing Bonus”)
on the Company’s next regular payroll date following the Effective Date; provided that, the Executive shall repay
the gross amount of the Signing Bonus if, prior to the date that is six (6) months after the Effective Date, the Executive terminates
the Executive’s employment without Good Reason (as defined below) or the Company terminates the Executive’s employment for Cause
(as defined below).


 


(d) Equity
Awards.


 


(i) Subject
to the approval of the Compensation Committee, upon the Effective Date, the Company shall grant to Executive, under the Company’s
2021 Long-Term Incentive Plan (“2021 Plan”), a restricted stock award for $250,000 in shares of the Company’s
common stock, based on the last closing price of the Company’s common stock on the date of grant. The restricted stock award
shall vest and become non-forfeitable as to one-third (1/3) of the shares on the first, second and third anniversary of the grant
date.


 


(ii) Subject
to the approval of the Compensation Committee, upon the Effective Date, the Company shall grant to Executive, under the 2021 Plan,
a ten-year stock option to purchase 300,000 shares of the Company’s common stock, with an exercise price equal to the last
closing price of the Company’s common stock on the date of grant. The option shall vest as to one-quarter (1/4) of the shares
on the last day of the fiscal quarter in which the first anniversary of the grant date occurs and shall vest as to one-sixteenth
(1/16) of the shares on the last day of the next twelve (12) fiscal quarters.


 


(iii) The
Compensation Committee may, in its sole discretion, grant Employee additional equity awards from time to time under the Company’s
equity compensation plans.


 


(e) Benefit
Plans. During the Employment Period and as provided in Section 5, the Executive shall be entitled to participate in any
and all employee welfare and health benefit plans (including, but not limited to, life insurance, health and medical, dental and
disability plans) and other employee benefit plans, in effect from time to time, on a basis no less favorable than the basis on
which any other senior executive participates, to the extent consistent with applicable law and the terms of the applicable plan;
provided that nothing herein contained shall be construed as requiring the Company to establish or continue any particular benefit
plan in discharge of its obligations hereunder.


 




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(f) Vacation
and Other Benefits. During the Employment Period, the Executive shall be entitled to not less than four weeks of paid vacation
during each calendar year of his employment hereunder and to sick days and other paid time off for religious and personal reasons,
in each case in accordance with the Company’s vacation and paid time off policies and procedures (including with respect
to accrual), as in effect from time to time. The Company shall pay or reimburse all reasonable out-of-pocket business, entertainment
and travel expenses incurred by the Executive during the Employment Period in the performance of his duties and responsibilities,
in accordance with this paragraph and the Company’s expense reimbursement policies and procedures, as in effect from time to time.
The Executive shall submit to the Company periodic statements of all expenses so incurred. Subject to such audits as the Company
may deem necessary, the Company shall reimburse the Executive the full amount of any such expenses advanced by him promptly in
the ordinary course. During the Employment Period, the Executive shall be entitled to such other fringe benefits extended or provided
to any other senior executive.


 


(g) Phone.
During the Employment Period, the Company shall pay or reimburse Executive for mobile phone expenses.


 


(h) Relocation
Expenses. The Company shall pay, or reimburse the Executive for, all reasonable relocation expenses incurred by the Executive
relating to the Executive’s relocation at the direction of the Board in accordance with the terms of the Company’s relocation policy.
If the Executive terminates employment without Good Reason or is terminated by the Company for Cause before the date that is six
(6) months after the date the relocation is completed, the Executive shall be required to repay the Company the gross amount of
any relocation expenses paid or reimbursed under this Section 3(h) and the Company’s relocation policy.


 


(i) Clawback
Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any
other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company which
is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions
and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or
any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement).


 




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4. Executive
Covenants.


 


(a) Confidentiality.
During the Employment Period and thereafter, Executive shall keep confidential and not divulge any Confidential Information, or
allow any Confidential Information to be disclosed, published, communicated, or made available, in whole or part, to any person
whatsoever. Except as required in the performance of the Executive’s authorized employment duties to the Company, Executive
shall not access or use any Confidential Information, or copy any documents, records, files, media, or other resources containing
any Confidential Information, or remove any such documents, records, files, media, or other resources from the premises or control
of the Company. Nothing herein shall prevent disclosure of Confidential Information (i) in the course of Executive performing Executive’s
duties hereunder or otherwise complying with this Agreement, (ii) with the Company’s prior written consent; (iii) to the
extent that any such information is in the public domain other than as a result of Executive’s breach of any of his obligations
hereunder; or (iv) where required to be disclosed by law, regulation, stock exchange rule, court order, subpoena or other government
process. If Executive shall be required to make disclosure pursuant to the provisions of clause (iv) of the preceding sentence,
Executive promptly, but in no event more than 48 hours after learning of such court order, subpoena or other government process,
shall notify the Company in writing (which may be by e-mail) and, at the Company’s expense, Executive shall: (x) take all
reasonably necessary and lawful steps required by the Company to defend against the enforcement of such court order, subpoena or
other government process and (y) permit the Company to intervene and participate with counsel of its choice in any proceeding relating
to the enforcement thereof. “Confidential Information” means all information concerning the Company not generally
known to the public, in spoken, printed, electronic or any other form or medium, including, without limitation, information relating
directly or indirectly to: business processes, practices, methods, research, techniques, terms of agreements, transactions and
potential transactions, know-how, trade secrets, computer programs, databases, data, technologies, manuals, supplier information,
customer information, financial information, employee lists, algorithms, product plans, designs, inventions, unpublished patent
applications, original works of authorship, discoveries, of the Company or its businesses or any existing or prospective customer,
supplier, investor or other associated third party, or of any other person or entity that has entrusted information to the Company
in confidence.


 


(b) Documents.
All papers, books and records of every kind and description relating to the business and affairs of the Company, its subsidiaries
or its affiliates, whether or not prepared by the Executive are the exclusive property of the Company, and the Executive shall
surrender them to the Company, at any time upon written request of the Board, during or after the Employment Period. Anything to
the contrary notwithstanding, the Executive shall be entitled to retain (i) papers and other materials (including electronic records)
of a personal nature, including, but not limited to, photographs, correspondence, personal diaries, calendars, contact lists and
personal files, (ii) information showing his compensation or relating to reimbursement of expenses, (iii) information that he reasonably
believes may be needed for tax purposes and (iv) copies of plans, programs and agreements relating to his employment, or if applicable,
his termination of employment, with the Company or any of its subsidiaries or affiliates.


 


(c) Non-Solicitation.
In consideration for the severance provisions in Section 5 and the other compensation and benefits provided hereunder, except
as set forth in Section 5(e), and provided that the Company is not in default to the Executive on any of its material obligations
under Section 5, the Executive agrees that, during (i) the Employment Period, and (ii) (A) any Severance Period in which the Executive
is eligible to receive severance pursuant to Section 5 or (B) for a period of twenty-four (24) months following (x) the voluntary
termination of employment by the Executive other than for Good Reason) or (y) the termination of Executive’s employment by
the Company for Cause, the Executive shall not, without the prior written consent of the Board, directly or indirectly hire, recruit,
attempt to hire, solicit or assist others in recruiting or hiring any person who is an executive, employee, contractor or consultant
of the Company or subsidiary or affiliate of the Company (each, a “Restricted Person”) or induce or attempt
to induce any such Restricted Person to terminate, cancel or withdraw his or her employment or business relationship with, or the
provision of his or her services to, the Company or subsidiary or affiliate of the Company or to take employment with, or utilize
the services of, another party other than the Company or a subsidiary or affiliate of the Company, except as is required in connection
with his duties and responsibilities to the Company.


 




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(d) Cooperation.
The Executive hereby agrees to provide reasonable cooperation to the Company, its subsidiaries and affiliates during the Employment
Period and, subject to his other personal and business commitments, any Severance Period, in any litigation, regulatory action
or similar proceeding between the Company, its subsidiaries or affiliates, and third parties.


 


(e) Specific
Performance. The parties agree that the Company shall, in addition to other remedies provided by law, have the right and remedy
to seek to have the provisions of this Section 4 specifically enforced by any court having equity jurisdiction, it being acknowledged
and agreed that any breach or threatened breach by the Executive of the provisions of this Section 4 will cause irreparable injury
to the Company and that money damages will not provide an adequate remedy to the Company. Nothing contained herein shall be construed
as prohibiting the Company from pursuing any other remedies available to it for such breach or threatened breach, including the
recovery of damages from the Executive.


 


(f) Non-Disparagement.
The Executive agrees and covenants that he will not at any time make, publish or communicate to any person or entity or in any
public forum any defamatory or disparaging remarks, comments or statements concerning the Company or its businesses, or any of
its employees, officers, and existing and prospective customers, suppliers, investors and other associated third parties. This
Section 4(f) does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such rights
cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent
jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation
or order. The Executive shall promptly provide written notice of any such order to the Board. The Company agrees and covenants
that it shall cause its executive officers and directors to refrain from making any defamatory or disparaging remarks, comments
or statements concerning the Executive to any third parties.


 


(g) Acknowledgement.
The Executive agrees and acknowledges that (i) as a result of his current and prior employment with the Company, Executive has
obtained and will obtain Confidential Information; (ii) the Company will suffer substantial damage which will be difficult to compute
if, during the Employment Period or thereafter, Executive should divulge or use any Confidential Information; (iii) the scope and
period of solicitation restrictions set forth herein are fair and reasonable and are reasonably required for the protection of
the Company and its subsidiaries and affiliates, and (iv) the obligations and restrictions contained herein are an integral part
of the consideration motivating the Company to enter into this Agreement. It is the intent of the parties that the covenants contained
herein will be enforced to the fullest extent permissible under applicable law. If any particular covenant or portion of these
covenants is adjudicated to be invalid or unenforceable, these covenants will be deemed amended to revise that provision or portion
hereof to the minimum extent necessary to render it enforceable. Such amendment will apply only with respect to the operation of
these covenants in the particular jurisdiction in which such adjudication was made.


 




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5. Termination
of Employment Period.


 


(a) Termination
Upon Death. If the Executive dies during the Employment Period, the Employment Period and the Executive’s employment hereunder
shall automatically terminate. The Executive’s designated beneficiaries (or Executive’s estate in the absence of any
surviving designated beneficiary) shall be entitled to receive, and the Company shall have no obligation pursuant to this Agreement
or otherwise except for, (i) Base Salary through the date of termination in accordance with Section 3(a), (ii) any Annual Performance
Bonus earned but not yet paid in accordance with Section 3(b), (iii) reimbursement for business expenses properly incurred
by the Executive in accordance with Section 3(f), (iv) payment for accrued but unused vacation, and (v) Base Salary for the
period commencing on the date of termination and ending on the expiration of the Initial Period or the then-current Extension Period
(the “Remaining Contract Period”) in accordance with Section 3(a). In addition, the Executive’s designated
beneficiary or estate shall be entitled to any other rights, benefits or entitlements in accordance with any applicable plan, policy,
program, arrangement of, or other agreement with, the Company or any of its subsidiaries or affiliates, other than amounts in the
nature of severance or termination payments except as provided herein.


 


(b) Termination
Upon Disability. If the Executive is deemed to have a Disability (as defined below) during the Employment Period, the Employment
Period and the Executive’s employment hereunder may be terminated by the Company, immediately upon written notice to the Executive.
The Executive shall be entitled to receive, and the Company shall have no obligation pursuant to this Agreement or otherwise except
for, (i) Base Salary through the date of termination in accordance with Section 3(a), (ii) any Annual Performance Bonus earned
but not yet paid in accordance with Section 3(b), (iii) reimbursement for business expenses properly incurred by the Executive
in accordance with Section 3(f), and (iv) payment for accrued but unused vacation. The Company shall maintain, at its cost
and expense, a disability insurance policy providing for payment in lieu of compensation for services with coverage customary for
similarly situated executive officers. In addition, the Executive shall be entitled to any other rights, benefits or entitlements
in accordance with any applicable plan, policy, program, arrangement of, or other agreement with, the Company or any of its subsidiaries
or affiliates, other than amounts in the nature of severance or termination payments except as provided herein.


 


(c) Termination
by the Company for Cause or by the Executive without Good Reason. The Employment Period and the Executive’s employment hereunder
may be terminated by the Company for Cause (as defined below), immediately upon written notice to the Executive, or by the Executive
without Good Reason (as defined below), upon not less than thirty (30) days’ written notice to the Company. The Executive
shall be entitled to receive, and the Company shall have no obligation pursuant to this Agreement or otherwise except for, (i)
Base Salary through the date of termination in accordance with Section 3(a), (ii) reimbursement for business expenses properly
incurred by the Executive in accordance with Section 3(f), and (iii) payment for accrued but unused vacation required by law
to be paid.


 




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(d) Termination
by the Company without Cause or by Executive for Good Reason. The Employment Period and the Executive’s employment hereunder
may be terminated by the Company without Cause, upon not less than thirty (30) days’ written notice to the Executive, or
by the Executive with Good Reason, upon not less than thirty (30) days’ written notice to the Company. The Executive shall
be entitled to receive, and the Company shall have no obligation pursuant to this Agreement or otherwise except for, (i) Base Salary
through the date of termination in accordance with Section 3(a), (ii) any Annual Performance Bonus earned but not yet paid in accordance
with Section 3(b), (iii) reimbursement for business expenses properly incurred by the Executive in accordance with Section
3(f), (iv) payment for accrued but unused vacation, and (v) subject to (A) the Executive having executed a general release
and waiver in a form reasonably satisfactory to the Company and such general release and waiver having become effective, (B) the
Executive having resigned from the Board, and (C) the Executive complying with the covenants set forth in Section 4, Base
Salary for a severance period commencing upon the date of termination and ending twelve (12) months thereafter (such period, the
“Severance Period”) in accordance with Section 3(a). In addition, the Executive shall be entitled to any other
rights, benefits or entitlements in accordance with any applicable plan, policy, program, arrangement of, or other agreement with,
the Company or any of its subsidiaries or affiliates, other than amounts in the nature of severance or termination payments except
as provided herein. If the Executive dies during any Severance Period during which he is entitled to benefits pursuant to this
Section, his designated beneficiaries (or his estate in the absence of any surviving designated beneficiary) shall continue to
receive the compensation and benefits that the Executive would have otherwise received during the remainder of the Severance Period.


 


(e) Termination
Upon a Change in Control. If within twelve (12) months after a Change in Control, the Employment Period and the Executive’s
employment hereunder are terminated by the Company without Cause or by the Executive for Good Reason pursuant to Section 5(d),
in lieu of the amounts due under clause (v) of Section 5(d), subject to (A) the Executive having executed a general release and
waiver in a form reasonably satisfactory to the Company and such general release and waiver having become effective, (B) the Executive
having resigned from the Board, and (C) the Executive complying with the covenants set forth in Section 4, the Company shall pay
the Executive in cash an amount equal to three (3) times the then-current annual Base Salary of the Executive, in a lump sum to
be paid as soon as practicable following the effective date of such general release and waiver (but in no event later than thirty
(30) days following such date).


 


(f) Disability.
For purposes of this Agreement, “Disability” shall mean mental or physical impairment or incapacity rendering
the Executive substantially unable to perform his duties under this Agreement for more than 180 days out of any 365-day period
during the Employment Period. A determination of Disability shall be made by the Compensation Committee in its reasonable discretion.
Any question as to the existence of the Executive’s Disability as to which the Executive and the Company cannot agree shall be
determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the Executive
and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians
shall select a third who shall make such determination in writing.


 




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(g) Cause.
For purposes of this Agreement, “Cause” shall occur upon:


 


(i) the
Executive having willfully failed to perform his duties under this Agreement (other than any such failure reasonably related to
Executive’s physical or mental illness);


 


(ii) the
Executive having willfully failed to comply with any valid and legal directive of the Board or the Chief Executive Officer;


 


(iii) the
Executive’s having materially breached or violated any obligation under this Agreement (where “material” shall include,
but not be limited to, a breach of the Executive’s covenants set forth in Section 4), or any other written agreement between
the Executive and the Company, or any of the Company’s written policies or codes of conduct;


 


(iv) the
Executive having willfully exposed the Company to criminal liability substantially caused by the Executive which results in a material
adverse effect on the business, financial condition or results of operations of the Company;


 


(v) the
Executive’s engagement in conduct that brings or is reasonably likely to bring the Company negative publicity or into public disgrace,
embarrassment, or disrepute;


 


(vi) the
Executive having engaged in dishonesty, illegal conduct, misconduct or gross negligence related to the Executive’s employment
with the Company (where “dishonest” shall include, but not be limited to, Executive’s knowingly or recklessly
making a material misstatement or omission for Executive’s personal benefit);


 


(vii) the
Executive having engaged in embezzlement, misappropriation, or fraud, whether or not related to the Executive’s employment
with the Company; or


 


(viii) the
Executive having been convicted of or entered a plea of nolo contendere with respect to a criminal offense constituting a felony
(or state law equivalent).


 


For purposes of the foregoing, no act or failure
to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the
Executive with the reasonable belief that the Executive’s action or omission was not in the best interests of the Company.
Any act or failure to act that is expressly authorized by the Board pursuant to a resolution duly adopted by the Board, or pursuant
to the written advice of counsel for the Company, shall be conclusively presumed to be done, or omitted to be done, by the Executive
in the best interests of the Company. Termination of the Executive’s employment shall not be deemed to be for Cause unless
and until the Company delivers to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a
majority of the Board, finding that an event described in any of clauses (i)-(viii) above has occurred. Except for such an event
which, by its nature, cannot reasonably be expected to be cured, the Executive shall have twenty (20) business days from the delivery
of such resolution by the Company within which to cure any events constituting Cause. The Company may place the Executive on paid
leave for up to sixty (60) days while it is determining whether there is a basis to terminate the Executive’s employment for Cause.
Any such action by the Company will not constitute Good Reason.


 




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(h) Good
Reason. For purposes of this Agreement, “Good Reason” shall occur upon:


 


(i) a
material diminution of the Executive’s duties and responsibilities provided in Section 2 (other than temporarily while the Executive
is physically or mentally incapacitated or as required by applicable law), including, without limitation, the removal of the Executive
as the Chief Financial Officer of the Company;


 


(ii) a
material increase of Executive’s duties and responsibilities provided in Section 2, of permanent, significant and/or indefinite
duration or anticipated to be of permanent, significant and/or indefinite duration, without a mutually agreed upon material increase
in compensation detailed in Section 3;


 


(iii) a
material reduction of Base Salary (other than a general reduction in Base Salary that affects all similarly situated executives
in substantially the same proportions);


 


(iv) a
material breach of this Agreement by the Company;


 


(v) relocation
of the Executive’s primary office location by more than 50 miles from the San Diego, California metropolitan area;


 


(vi) a
material change in the Executive’s reporting relationship from direct reporting to the Chief Executive Officer; or


 


(vii) the
failure of a successor to all or substantially all of the Company’s business and/or assets to promptly assume and continue the
Company’s obligations under this Agreement, whether contractually or as a matter of law, within fifteen (15) days of such transaction;


 


provided, however, Good Reason
shall only be deemed to occur if the Executive gives the Company notice that an event described in any of clauses (i)-(vi) above
has occurred, and the Company does not cure the event constituting Good Reason within twenty (20) days following such notice.


 






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(i) Change
in Control. For purposes of this Agreement, a “Change in Control” shall occur if or upon the occurrence
of:


 


(i) any
“person” (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (the “Exchange
Act”) and as used in Section 13(d)(3) and 14(d)(2) of the Exchange Act), is or becomes, after the Effective Date, a “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities representing 50% or more
of the combined voting power of the Company’s outstanding securities eligible to vote for election of directors of the Company;


 


(ii) the individuals who, as of the Effective Date of this
Agreement, are members of the Board (the “Incumbent Board”), cease for any reason to constitute at least two-thirds
of the Incumbent Board; provided, however, that if either the election of any new director or the nomination for
election of any new director was approved by a vote of more than two-thirds of the Incumbent Board, such new director shall be
considered as a member of the Incumbent Board; provided further, however, that no individual shall be considered
a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “Election
Contest” (as described in Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”), including by reason
of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or


 


(iii) consummation
of a reorganization, merger or consolidation, sale, disposition of all or substantially all of the assets or stock or any other
similar corporate event of the Company (a “Business Combination”), in each case, unless following such Business
Combination, (a) all or substantially all of the individuals or entities who were the beneficial owners, respectively, of the Company
voting stock entitled to vote generally in the election of directors immediately prior to such Business Combination beneficially
own, directly or indirectly, more than 50% of, respectively, the then outstanding voting securities entitled to vote generally
in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Company’s stock or all or substantially all of its
assets either directly or through one or more subsidiaries) (the “Surviving Corporation”) and (b) the individuals
who were members of the Incumbent Board immediately prior to the execution of the agreement providing for the Business Combination
constitute at least a majority of the members of the Board of Directors of the relevant Surviving Corporation.


 




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(j) Timing
of Payments and Section 409A of the Code. This Agreement is intended to comply with Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code’) or an exemption thereto, and, to the extent necessary in order to avoid the imposition
of an additional tax on the Executive under Section 409A of the Code, payments may only be made under this Agreement upon an event
and in a manner permitted by Section 409A of the Code. As such, notwithstanding anything to the contrary in this Agreement or elsewhere,
if the Executive is a “specified employee” as determined pursuant to Section 409A (“Section 409A”)
of the Code as of the date of his “separation from service” (within the meaning of Final Treasury Regulation 1.409A-1(h))
and if any payment or benefit provided for in this Agreement or otherwise both (x) constitutes a “deferral of compensation”
within the meaning of Section 409A and (y) cannot be paid or provided in the manner otherwise provided without subjecting the Executive
to “additional tax”, interest or penalties under Section 409A, then any such payment or benefit that is payable during
the first six months following his “separation from service” shall be paid or provided to the Executive in a cash lump-sum,
with interest at LIBOR, on the first business day of the seventh calendar month following the month in which his “separation
from service” occurs. If the Executive dies during the 6-month period prior to the
payment of benefits, the amounts the payment of which is deferred on account of Section 409A of the Code shall be paid to the personal
representative of the Executive’s estate within 60 calendar days after the date of the death. In addition, any payment
or benefit due upon a termination of his employment that represents a “deferral of compensation” within the meaning
of Section 409A, to the extent necessary in order to avoid the imposition of any additional tax on the Executive under Section
409A of the Code, shall only be paid or provided to the Executive upon a “separation from service”. Notwithstanding
anything to the contrary in this Agreement or elsewhere, any payment or benefit under this Agreement that is exempt from Section
409A pursuant to Final Treasury Regulation 1.409A-1(b)(9)(v)(A) or (C) shall be paid or provided to the Executive only to the extent
that the expenses are not incurred, or the benefits are not provided, beyond the last day of his second taxable year following
his taxable year in which the “separation from service” occurs. Finally, for the purposes of this Agreement, amounts
payable under this Agreement shall be deemed not to be a “deferral of compensation” subject to Section 409A to the
extent provided in the exceptions in Treasury Regulation Sections 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9)
(“separation pay plans”), including the exception under subparagraph (iii)) and other applicable provisions of Treasury
Regulation Section 1.409A-1 through A-6. Each payment under this Agreement shall be treated as a separate identified payment for
purposes of Section 409A. With respect to any reimbursement of expenses of, or any provision of in-kind benefits to, the Executive,
as specified under this Agreement, that constitute “deferral of compensation” subject to Section 409A, such reimbursement
of expenses or provision of in-kind benefits shall be subject to the following conditions: (a) the expenses eligible for reimbursement
or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the
amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the
reimbursement of expenses referred to in Section 105(b) of the Code; (b) the reimbursement of an eligible expense shall be made
no later than the end of the year after the year in which such expense was incurred; and (c) the right to reimbursement or in-kind
benefits shall not be subject to liquidation or exchange for another benefit. The Executive and the Company agree to work together
in good faith to consider amendments to this Agreement and to take such reasonable actions as are necessary, appropriate or desirable
to avoid imposition of any additional tax or income recognition prior to actual payment to the Executive under Section 409A of
the Code. In no event will the Company reimburse the Executive for any taxes that may be imposed as result of Section 409A of the
Code.


 


(k) Health
Continuation Coverage. If the Employment Period and Executive’s employment hereunder are terminated pursuant to Sections
5(a), 5(b) or 5(d) and the Executive (or the Executive’s designated beneficiaries or estate) properly and timely elects health
continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company
shall reimburse the Executive for the monthly COBRA premium paid by the Executive (or the Executive’s designated beneficiaries
or estate) for the Executive and/or the Executive’s dependents until the earlier of (i) the end of the Remaining Contract
Period (in the case of a termination pursuant to Sections 5(a) or 5(b)) or the Severance Period (in the case of termination pursuant
to Section 5(d)), (ii) the date Executive and/or Executive’s dependents are no longer eligible to receive COBRA continuation
coverage, and (iii) the date on which the Executive and/or Executive’s dependents become eligible to receive substantially
similar coverage from another employer. Any reimbursement for COBRA premiums shall be paid to the Executive (or the Executive’s
designated beneficiaries or estate) on the first (1st) business day of the month immediately following the month in which the Executive
(or the Executive’s designated beneficiaries or estate) timely remits the premium payment. Notwithstanding anything herein
to the contrary, if the Company’s reimbursement of COBRA premiums would violate the nondiscrimination rules applicable to non-grandfathered
plans under the Affordable Care Act (the “ACA”), or result in the imposition of penalties under the ACA and
the related regulations and guidance promulgated thereunder, the parties agree to reform such obligation in a manner as is necessary
to comply with the ACA.


 




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6. No
Mitigation of Damages; No Offset.


 


In the event the employment of the Executive
under this Agreement is terminated for any reason, the Executive shall not be required to seek other employment so as to minimize
any obligation of the Company to compensate him for any damages he may suffer by reason of such termination. In addition, except
as expressly set forth herein, the Company or any of its subsidiaries or affiliates shall not have a right of offset against any
payments due to the Executive under this Agreement on account of any remuneration the Executive receives from subsequent employment.


 


7. Insurance.


 


The Company agrees to maintain for the Executive
a directors’ and officers’ liability insurance policy not less favorable than any policy that the Company or any subsidiary
or affiliate thereof maintains for its directors and executive officers in general for a period of at least six years following
the termination of the Executive’s employment.


 


8. Section
280G of the Code.


 


If any payment or benefit under this Agreement
or otherwise (the “Payments”) constitutes an “excess parachute payment” within the meaning of Section
280G of the Code, which would be subject (in whole or part) to the excise tax imposed under Section 4999 of the Code, the Payments
shall be reduced so that no part of such Payments constitutes an excess parachute payment; provided, however, that
such reduction shall occur if and only if the net after-tax payment to the Executive after the reduction is greater than the net
after-tax payment without such reduction. For purposes of this Section 8, the Executive shall be deemed subject to the highest
rate with respect to any applicable taxes. In their determinations with respect to this Section 8, the Company and the Executive
may rely on the calculations and analysis by a recognized national accounting firm that the Executive shall have the right to appoint
from the three choices amongst such accounting firms provided by the Company. The Company shall name the three national accounting
firms for the Executive to select promptly and without delay. Any fees and expenses charged by such accounting firm with respect
to calculations and analysis hereunder shall be the obligation of and paid by the Company as they come due, promptly and without
delay. All other reasonable costs, fees and expenses with respect to the subject matter described in this Section 8, including
those incurred to retain legal counsel for the Executive shall be borne by the Company.


 




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9. No
Conflicting Agreements.


 


As of the date of this Agreement, the Executive
hereby represents and warrants to the Company that his entering into this Agreement, and the obligations and duties undertaken
by him hereunder, will not conflict with, constitute a breach of, or otherwise violate the terms of any other employment or other
written agreement to which he is a party. The Company represents and warrants that it is a corporation duly organized and existing
under the laws of the State of Delaware and that execution and delivery of this Agreement has been duly authorized by all necessary
corporate action.


 


10. Assignment.


 


(a) By
the Executive. This Agreement and any obligations hereunder shall not be assigned, pledged, alienated, sold, attached, encumbered
or transferred in any way by the Executive and any attempt to do so shall be void. Notwithstanding the foregoing, the Executive
may transfer his rights and entitlements to compensation and benefits under this Agreement or otherwise pursuant to will, operation
of law or in accordance with any applicable plan, policy, program, arrangement of, or other agreement with, the Company or any
of its subsidiaries or affiliates.


 


(b) By
the Company. Provided the substance of the Executive’s duties set forth in Section 2 shall not change, and provided that the
Executive’s compensation as set forth in Section 3 shall not be adversely affected, the Company may assign or transfer its rights
and obligations under this Agreement, provided that the assignee or transferee is the successor to all or substantially all of
the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained
in this Agreement, either contractually or as a matter of law.


 


(c) This
Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs (in the case of
the Executive) and assigns.


 


11. Arbitration.


 


Any controversy or claim arising out of
or relating to this Agreement, or the breach thereof, shall be settled by arbitration in San Diego, California before a panel of
three arbitrators in accordance with the Commercial Arbitration Rules of the American Arbitration Association then pertaining.
In any such arbitration, one arbitrator shall be selected by each of the parties, and the third arbitrator shall be selected by
the first two arbitrators. The arbitration award shall be final and binding upon the parties and judgment thereon may be entered
in any court having jurisdiction thereof. The arbitrators shall be deemed to possess the powers to issue mandatory orders and restraining
orders in connection with such arbitration; provided, however, that nothing in this Section 11 shall be construed
so as to deny the Company the right and power to seek injunctive relief in a court of equity for any breach or threatened breach
of the Executive of any of his covenants contained in Section 4.


 




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12. Notices.


 


All notices, requests, demands and other
communications hereunder must be in writing and shall be deemed to have been duly given (i) when delivered personally to the party
to receive the same, (ii) when mailed first class postage prepaid, by certified mail, return receipt requested, or (iii) when transmitted
by electronic mail, in each case addressed to the party to receive the same at his or its address set forth below, or such other
address as the party to receive the same shall have specified by written notice given in the manner provided for in this Section:


 


	 	If to the Company:	Nuvve Holding Corp.
	 	 	2468 Historic Decatur Rd., Suite 200
	 	 	San Diego, CA 92106, USA  
	 	 	Email: 	nvvebod@nuvve.com
	 	 	Attn: 	Board of Directors
	 	 	 
	 	If to the Executive:	To the most recent home address as indicated in the Company’s records
	 	 	 
	 	With a copy to:	Graubard Miller
	 	 	405 Lexington Avenue, 11th Floor  
	 	 	New York, NY 10174  
	 	 	Email: 	dmiller@graubard.co
	 	 	 	eschwartz@graubard.com
	 	 	Attn: 	David Alan Miller, Esq.
	 	 	 	Eric Schwartz, Esq.



 


13. Miscellaneous.


 


(a) If
any provision of this Agreement shall, for any reason, be adjudicated by any court of competent jurisdiction to be invalid or unenforceable,
such judgment shall not effect, impair or invalidate the remainder of this Agreement but shall be confined in its operation to
the jurisdiction in which made and to the provisions of this Agreement directly involved in the controversy in which such judgment
shall have been rendered.


 


(b) No
course of dealing and no delay on the part of any party hereto in exercising any right, power or remedy under or relating to this
Agreement shall operate as a waiver thereof or otherwise prejudice such party’s rights, power and remedies. No single or partial
exercise of any rights, powers or remedies under or relating to this Agreement shall preclude any other or further exercise thereof
or the exercise of any other right, power or remedy.


 


(c) This
Agreement may be executed by the parties hereto in counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument, and all signatures need not appear on any one counterpart.


 




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(d) All
payments required to be made to the Executive by the Company hereunder shall be subject to any applicable withholding under any
applicable Federal, state, or local tax laws. Any such withholding shall be based upon the most recent form W-4 filed by the Executive
with the Company, and the Executive may from time to time revise such filing.


 


(e) This
Agreement embodies the entire understanding, and supersedes all other oral or written agreements or understandings, between the
parties regarding the subject matter hereof, but excluding, to the extent not expressly modified by the provisions of this Agreement,
any outstanding equity award agreements, any nondisclosed agreement, any “work for hire” or intellectual property assignment
agreement and any indemnification agreement. No change, alteration or modification hereof may be made except in writing signed
by both parties hereto. Any waiver to be effective must be in writing, specifically referencing the provision of this Agreement
being waived and signed by the party against whom enforcement is being sought. Except as otherwise expressly provided herein, there
are no other restrictions or limitations on the Executive’s activities following termination of employment. The headings in this
Agreement are for convenience of reference only and shall not be considered part of this Agreement or limit or otherwise affect
the meaning hereof.


 


(f) This
Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws
of the state of California (disregarding any choice of law rules which might look to the laws of any other jurisdiction).


 


(g) Except
as otherwise expressly set forth in this Agreement, upon the termination or expiration of the Employment Period, the respective
rights and obligations of the parties shall survive such termination or expiration to the extent necessary to carry out the intentions
of the parties as embodied under this Agreement. This Agreement shall continue in effect until there are no further rights or obligations
of the parties outstanding hereunder and shall not be terminated by either party without the express prior written consent of the
both parties.


 


(h) The
Executive acknowledges and agrees that the Offer Letter is hereby terminated in full, without further liability or obligation of
either party thereunder, other than for salary and bonus accrued and unpaid as of immediately prior to such termination. Nuvve
shall be a third party beneficiary of this Section 13(h).


 


[Signature Page Follows]


 




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IN WITNESS WHEREOF, the parties hereto have
executed and delivered this Agreement as of the day and year first written above.


 


	 	NUVVE HOLDING CORP.
	 	 	 
	 	By:	/s/ Gregory Poilasne
	 	 	Name: 	Gregory Poilasne
	 	 	Title: 	Chief Executive Officer
	 	 	 
	 	/s/ David Robson
	 	DAVID ROBSON



 


[Signature Page to Employment Agreement]