Exhibit 10.23

    

  

   

  

   

  

   

  

  
    EMPLOYMENT AGREEMENT

    

    

    THIS EMPLOYMENT AGREEMENT (the “Agreement”), is made as of July 8, 2021 by and between Cue Health Inc. (the “Company”), and Chris Achar (the
      “Executive”) (together, the “Parties”).

    

    

    RECITALS

    

    

    WHEREAS, the Company desires to employ the Executive as its Chief Strategy Officer; and

    

    

    WHEREAS, the Executive has agreed to accept such employment on the terms and conditions set forth in this Agreement.

    

    

    NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements of the Parties herein contained, the Parties hereto agree as follows:

    

    

    1. Term of Employment. The Executive’s employment shall commence on July 8, 2021 and shall continue until terminated in
      accordance with this Agreement (such period, the “Term of Employment”).  During the Term of Employment, the Executive shall be an at-will employee of the Company and the Executive’s employment shall be freely terminable by either the Executive or the
      Company, for any reason, at any time, with or without Cause (as defined below) or notice, subject to the provisions set forth in Section 8 below.

    

    

    2. Position.  During the Term of Employment, the Executive shall serve as the Chief Strategy Officer.  As the Chief Strategy Officer, the Executive will be required to travel
      to the Company’s headquarters in San Diego from time to time, as well as engage in other business travel, as required by the Executive’s job duties, although the Company recognizes that the Executive will continue to live in the greater Los Angeles,
      CA area.  For the avoidance of doubt, unless otherwise agreed by each of the Parties hereto, Executive’s principal place of providing services to the Company will be Los Angeles, CA.

    

    

    3. Scope of Employment.

    

    

    (a)          During the Term of Employment, the Executive shall be responsible for the performance of those duties consistent with the Executive’s position as Chief Strategy
      Officer, in addition to such other duties as may from time to time be assigned to the Executive by the Company.  The Executive shall report to the Chief Executive Officer of the Company and shall perform and discharge faithfully, diligently, and to
      the best of the Executive’s ability, the Executive’s duties and responsibilities hereunder.

    

    

    (b)          The Executive agrees to devote the Executive’s full business time, best efforts, skill, knowledge, attention and energies to the advancement of the business and
      interests of the Company and to the performance of the Executive’s duties and responsibilities as an employee of the Company; provided that the Executive may (i) engage in charitable, educational, religious, civic and similar types of activities and
      (ii) serve on the board of directors of for-profit business enterprises, provided that in each case such service is approved by the Company’s Board of Directors (the “Board”) prior to commencement thereof in the Board’s sole discretion and only to
      the extent that such activities are not competitive with the business of the Company and do not individually or in the aggregate inhibit, interfere with, or prohibit the timely performance of the Executive’s duties hereunder, and do not create a
      potential business or fiduciary conflict.  The Executive agrees to abide by the rules, regulations, instructions, personnel practices, and policies of the Company, as well as any applicable codes of ethics or business conduct, and any changes therein
      that may be adopted from time to time by the Company.

    

    

    
      
        


    

    
    (c)          The Executive represents and warrants to the Company that the Executive is under no obligations or commitments, whether contractual or otherwise, that are
      inconsistent with the Executive’s obligations under this Agreement.  In connection with the Executive’s employment hereunder, the Executive shall not use or disclose any trade secrets or other proprietary information or intellectual property in which
      the Executive or any other person or entity has any right, title or interest, and Executive’s employment with the Company will not infringe or violate the rights of any other person or entity.  The Executive represents and warrants to the Company
      that the Executive has returned all property and confidential information belonging to any prior employer.

    

    

    4. Compensation. As full compensation for all services rendered by the Executive to the Company during the Term of Employment, the Company will provide to the Executive the
      following:

    

    

    (a) Base Salary. The Executive shall receive a base salary at the annualized rate of $400,000 (the “Base Salary”).  The Executive’s Base Salary shall be paid
      in equal installments in accordance with the Company’s regularly established payroll procedures. The Executive’s Base Salary will be reviewed from time to time by the Board and/or the Compensation Committee in accordance with normal business practice
      and is subject to change in the discretion of the Board and/or the Compensation Committee.

    

    

    (b) Annual Discretionary Bonus. Following the end of each calendar year beginning with the 2021 calendar year, the Executive will be eligible to receive an
      annual performance bonus of up to 40% of the Executive’s Base Salary (the “Target Bonus”), based upon the Compensation Committee’s and/or the Board’s assessment, as the case may be and in its sole discretion, of the Executive’s and the Company’s
      attainment of targeted goals (both as set by the Compensation Committee and/or the Board) for the preceding calendar year.  The Board or the Compensation Committee may determine to provide the bonus in the form of cash, equity award(s), or a
      combination of cash and equity.  No annual bonus or minimum amount thereof is guaranteed, and the Executive must be an employee in good standing on the date that annual bonuses are paid out in order to be eligible for and to earn any annual bonus, as
      it also serves as an incentive to remain employed by the Company.  The Executive’s bonus eligibility will be reviewed from time to time by the Board and/or the Compensation Committee in accordance with normal business practice and is subject to
      change in the discretion of the Board and/or the Compensation Committee, as the case may be.  Any bonus for the 2021 calendar year will not be prorated based on the Executive’s start date.

    

    

    
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    (c) Equity Award.  Subject to the approval of the Board and/or the Compensation Committee, as applicable, the Company shall grant the Executive 1,388,246
      restricted stock units (before any stock split or reverse stock split that may occur in connection with the IPO) (the “RSU Award”).  The RSU Award shall vest with respect to one-fourth (1/4) of the shares of the Company’s common stock (the “Common
      Stock”) subject thereto on each of the first four (4) anniversaries of effective date of grant (the “Grant Date”) of the award, subject to the Executive continuing to provide services to the Company through the relevant vesting dates.  The RSU Award
      will be subject to the terms, definitions and provisions of the Company’s 2021 Stock Incentive Plan (the “Equity Plan”) and the restricted stock unit agreement by and between Executive and the Company (the “RSU Agreement”).  Executive will be
      eligible for future awards under the Equity Plan, as determined in the sole discretion of the Board and/or the Compensation Committee, as applicable.

    

    

    (d) Paid Time Off. The Executive shall be eligible for a maximum of four weeks of paid time off (“PTO”) per calendar year, which shall accrue at the rate of
      1.67 days per month that the Executive is employed during the calendar year.  PTO accrual will be capped at 25 days.  When the Executive’s accrued PTO reaches the cap, the Executive will not accrue additional PTO until some of the previously accrued
      PTO is used and the accrued amount falls below the cap.  PTO must be used in accordance with the Company’s paid time off policies as in effect from time to time.

    

    

    (e) Benefits. The Executive may participate in any and all benefit programs that the Company establishes and makes available to its employees or executives
      from time to time, provided the Executive is eligible under (and subject to all provisions of) the plan documents governing those programs.  The benefit programs made available by the Company, and the rules, terms and conditions for participation in
      such benefit programs, may be changed by the Company at any time without advance notice (other than as required by such programs or under law).

    

    

    (f) Withholdings. All compensation payable to the Executive shall be subject to applicable taxes and withholdings.

    

    

    5. Expenses. The Executive will be reimbursed for the Executive’s actual, necessary and reasonable business expenses pursuant to Company policy, subject to the provisions of
      Section 3 of Exhibit A attached hereto.

    

    

    6. Confidentiality Agreement. As a condition of the Executive’s employment, the Executive agrees to execute the Proprietary Rights, Non-Disclosure and Developments Agreement
      attached hereto as Exhibit B (the “Confidentiality Agreement”).

    

    

    
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    7. Employment Termination. This Agreement and the employment of the Executive shall terminate upon the occurrence of any of the following:

    

    

    (a) Upon the death or “Disability” of the Executive. As used in this Agreement, the term “Disability” shall mean a physical or mental illness or disability that prevents the Executive from performing
      the duties of the Executive’s position for a period of more than any three (3) consecutive months or for periods aggregating more than twenty (20) weeks. The Company shall determine in good faith and in its sole discretion whether the Executive is
      unable to perform the services provided for herein.

    

    

    (b) At the election of the Company, with or without “Cause” (as defined below), immediately upon written notice by the Company to the Executive. As used in this Agreement, “Cause” shall mean any of
      (a) the Executive’s conviction of, or plea of guilty or nolo contendere to, any crime involving dishonesty or moral turpitude or any felony; or (b) a good faith finding by the Company that the Executive has
      (i) engaged in dishonesty, willful misconduct or gross negligence with respect to the Company, (ii) (A) committed an act that, (B) abused alcohol or other substances in a manner that, or (C) engaged in other conduct that, has materially injured or
      would reasonably be expected to materially injure the reputation, business or business relationships of the Company, (iii) materially breached the Confidentiality Agreement or any similar agreement with the Company, (iv) violated Company policies or
      procedures, and/or (v) failed to perform (other than by reason of physical or mental illness or disability for a period of less than three (3) consecutive months or in aggregate less than twenty (20) weeks) the Executive’s assigned duties to the
      Board’s satisfaction, following notice of such failure and, if reasonably curable, a period of thirty (30) days to cure in the Board’s reasonable satisfaction.

    

    

    (c) At the election of the Executive, with or without “Good Reason” (as defined below), immediately upon written notice by the Executive to the Company (subject, if it is with Good Reason, to the
      timing provisions set forth in the definition of Good Reason). As used in this Agreement, “Good Reason” shall mean the occurrence (without the Executive’s consent) of any of the following events:

    

    

    	

          	(i)	
            a material diminution of the Executive’s duties, authority and responsibilities;

          


    

    

    	

          	(ii)	
            the Company’s material and adverse breach of this Agreement;

          


    

    

    	

          	(iii)	
            a requirement that the Executive’s principal place of providing services to the Company change by more than fifty (50) miles, other than in a direction that reduces the Executive’s daily commuting distance; or

          


    

    

    	

          	(iv)	
            any material reduction in the Executive’s base compensation (other than in connection with, and in an amount substantially proportionate to, reductions made by the Company to the base compensation of other executives);

          


    

    

    
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    provided, however, that no such event shall constitute Good Reason unless (i) the Executive provides written notice of such event to the Company within thirty (30) days of the
      occurrence of such event, (ii) the Company fails to cure such event within thirty (30) days following receipt of the Executive’s written notice, and (iii) the Executive actually terminates employment with the Company within thirty (30) days following
      the expiration of the Company’s cure period.

    

    

    8. Effect of Termination.

    

    

    (a)  All Terminations Other Than by the Company Without Cause or by the Executive With Good Reason. If the Executive’s employment is terminated under any
      circumstances other than a termination by the Company without Cause or by the Executive with Good Reason (including a voluntary termination by the Executive without Good Reason pursuant to Section 7(c), a termination by the Company for Cause pursuant
      to Section 7(b), or due to the Executive’s death or Disability pursuant to Section 7(a)), the Company’s obligations under this Agreement shall immediately cease and the Executive shall only be entitled to receive (i) the Base Salary that has accrued
      and to which the Executive is entitled as of the effective date of such termination and any accrued but unused paid time off through and including the effective date of such termination, to be paid in accordance with the Company’s established payroll
      procedure and applicable law but no later than the next regularly scheduled pay period, and (ii) unreimbursed business expenses for which expenses the Executive has timely submitted appropriate documentation in accordance with Section 5 hereof (the
      payments described in this sentence, the “Accrued Obligations”).

    

    

    (b) Termination by the Company Without Cause or by the Executive With Good Reason. If the Executive’s employment is terminated by the Company without Cause
      pursuant to Section 7(b) or by the Executive with Good Reason pursuant to Section 7(c), the Executive shall be entitled to the Accrued Obligations. In addition, and subject to Exhibit A and the conditions of Section 8(c) below, the Company
      shall: (i) continue to pay to the Executive, in accordance with the Company’s regularly established payroll procedures, the Executive’s Base Salary rate for a period of nine (9) months, (ii) provided the Executive is eligible for and timely elects to
      continue receiving group medical insurance pursuant to the “COBRA” law, continue to pay, for up to nine (9) months following the Executive’s termination date, the share of the premium for such coverage that it pays for active and similarly-situated
      employees who receive the same type of coverage (single, family, or other), unless the Company’s provision of such COBRA payments would violate the nondiscrimination requirements of applicable law, in which case this benefit will not apply, (iii) pay
      to the Executive any annual discretionary bonus for the preceding calendar year that the Board has approved but has not yet been paid to the Executive, (iv) if the Executive’s employment terminates prior to the one (1)-year anniversary of the Grant
      Date of the RSU Award provided for under Section 4(c) hereof, accelerate the vesting of such number of RSUs subject to the RSU Award that would have vested between the Grant Date and the Executive’s termination date had the RSUs vested on a 1/48 per
      month basis following the Grant Date of such RSU Award, and (v) if the Executive’s employment terminates within the period beginning sixty (60) days prior to the closing date of a Change of Control and ending on the one (1)-year anniversary of such
      closing date, accelerate the vesting of one hundred percent (100%) of the Executive’s then-outstanding equity awards granted to the Executive by the Company which awards vest solely based on continued service (collectively, the “Severance Benefits”).

    

    

    
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    (c) Release. As a condition of the Executive’s receipt of the Severance Benefits, the Executive must execute and deliver to the Company a severance and
      general release of claims agreement in a form to be provided by the Company (which shall include a release of all releasable claims, confidentiality, cooperation, and non-disparagement obligations) (the “Severance Agreement”), which Severance
      Agreement must become irrevocable within 60 days following the date of the Executive’s termination of employment (or such shorter period as may be directed by the Company). The Severance Benefits will commence being paid in the first regular payroll
      beginning after the Severance Agreement becomes effective, provided that if the foregoing 60-day period would end in a calendar year subsequent to the year in which the Executive’s employment ends, the Severance Benefits will not begin to be paid
      before the first payroll of the subsequent calendar year. The Executive must continue to comply with the Confidentiality Agreement and any similar agreements with the Company in order to be eligible to continue receiving the Severance Benefits.

    

    

    (d) Definition of “Change of Control.”  For purposes of this Agreement, “Change of Control” means any of the following events provided that, in any case,
      such event or transaction constitutes a change in control event within the meaning of Treasury Regulation Section 1.409A-3(i)(5):

    

    

    (i) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial
      ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act) 50% or more of either (x) the then-outstanding
      shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of
      directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a
      Change in Control Event: (1) any acquisition directly from the Company (excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for common stock or voting securities
      of the Company, unless the Person exercising, converting or exchanging such security acquired such security directly from the Company or an underwriter or agent of the Company), (2) any acquisition by any employee benefit plan (or related trust)
      sponsored or maintained by the Company or any corporation controlled by the Company, or (3) any acquisition by any corporation pursuant to a Business Combination (as defined below) which complies with clauses (x) and (y) of subsection (iii) of this
      definition; or

    

    

    
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    (ii) a change in the composition of the Board that results in the Continuing Directors (as defined below) no longer constituting a majority of the Board (or, if applicable, the Board of Directors of
      a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (x) who was a member of the Board on the date of the initial adoption of the Plan by the Board or (y) who was nominated or elected
      subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were
      Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (y) any individual whose initial assumption of office occurred as a result of
      an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; or

    

    

    (iii) the consummation of a merger, consolidation, reorganization, recapitalization or share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of
      the Company (a “Business Combination”), unless, immediately following such Business Combination, each of the following two conditions is satisfied: (x) all or substantially all of the individuals and entities
      who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of
      common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without
      limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or through one or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) and (y) no Person (excluding any employee benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or indirectly,
      50% or more of the then-outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to the
      extent that such ownership existed prior to the Business Combination); or

    

    

    (iv)  the liquidation or dissolution of the Company to the extent determined by the Board;

    

    

    
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    Provided, however, that notwithstanding anything to the contrary in this Section 8, a transaction or series of transactions effected pursuant to an agreement or series of
      agreements entered into by the Company with a publicly traded blank check or special purpose acquisition company and/or one or more of its subsidiaries (“SPAC”), and for the purpose of effecting a merger, share exchange, asset acquisition, share
      purchase, reorganization or similar business combination with the SPAC shall not be deemed a Change of Control for purposes hereof.

    

    

    9. Absence of Restrictions. The Executive represents and warrants that the Executive is not bound by any employment contracts, restrictive covenants or other restrictions that
      prevent the Executive from entering into employment with, or carrying out the Executive’s responsibilities for, the Company, or which are in any way inconsistent with any of the terms of this Agreement.

    

    

    10. Notice. Any notice delivered under this Agreement shall be deemed duly delivered three (3) business days after it is sent by registered or certified mail, return receipt
      requested, postage prepaid, one (1) business day after it is sent for next-business day delivery via a reputable nationwide overnight courier service, or immediately upon hand delivery, in each case to the address of the recipient set forth below.

    

    

    To Executive:

    

    

    At the address set forth in the Executive’s personnel file

    

    

    To Company:

    

    

    Cue Health Inc.

    4980 Carroll Canyon Rd.

    Suite 100

    San Diego, CA 92121

    Attn: Ayub Khattak, CEO

    

    

    Either Party may change the address to which notices are to be delivered by giving notice of such change to the other Party in the manner set forth in this Section 10.

    

    

    11. Applicable Law and Forum. This Agreement shall be governed by and construed in accordance with the laws of the State of California (without reference to the conflict of
      laws provisions thereof). Any action, suit or other legal proceeding arising under or relating to any provision of this Agreement shall be commenced only in a court of the State of California (or, if appropriate, a federal court located within the
      State of California), and the Company and the Executive each consents to the jurisdiction of such a court.

    

    

    
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    12. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both Parties and their respective successors and assigns, including any corporation
      with which or into which the Company may be merged or which may succeed to its assets or business; provided, however, that the obligations of the Executive are personal and shall not be assigned by the Executive.

    

    

    14. Acknowledgment. The Executive states and represents that the Executive has had an opportunity to fully discuss and review the terms of this Agreement with an attorney and,
      if the Executive has not done so, has voluntarily declined to seek such counsel. The Executive further states and represents that the Executive has carefully read this Agreement, understands the contents herein, freely and voluntarily assents to all
      of the terms and conditions hereof, and signs the Executive’s name of the Executive’s own free act.

    

    

    15. No Oral Modification, Waiver, Cancellation or Discharge. This Agreement may be amended or modified only by a written instrument executed by both the Company and the
      Executive. No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance
      and shall not be construed as a bar to or waiver of any right on any other occasion.

    

    

    16. Captions and Pronouns. The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of
      any section of this Agreement. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice
      versa.

    

    

    17. Interpretation. The Parties agree that this Agreement will be construed without regard to any presumption or rule requiring construction or interpretation against the
      drafting Party. References in this Agreement to “include” or “including” should be read as though they said “without limitation” or equivalent forms.  References in this Agreement to the “Board” shall include any authorized committee thereof.

    

    

    18. Severability. Each provision of this Agreement must be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement
      is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.
      Moreover, if a court of competent jurisdiction determines any of the provisions contained in this Agreement to be unenforceable because the provision is excessively broad in scope, whether as to duration, activity, geographic application, subject or
      otherwise, it will be construed by limiting or reducing it to the extent legally permitted, so as to be enforceable to the extent compatible with then applicable law to achieve the intent of the Parties.

    

    

    
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    19. Entire Agreement. This Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements and understandings, whether written or oral,
      relating to the subject matter of this Agreement.

    

    

    

    

    [Signatures on Page Following]

    

    

    

    

    

    

    
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    IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year set forth above.

    

    

    

    

    

    

    
      	
              
                CUE HEALTH INC.

              

            	
               

            
	
               

            	
               

            	
               

            
	By:

            	
               /s/ Ayub Khattak

              

            	
               

            
	Name:

            	
               Ayub Khattak

              

            	
               

            
	Title:

            	
               CEO

            	
               

            


    

    

    

    

    

    

    
      	
               EXECUTIVE:

            	
               

            
	
               

            	
               

            
	
               

            	
               

            
	
               /s/ Chris Achar

              

            	
               

            
	
               Chris Achar

            	
               

            


    

  

   

    

   

    

   

    

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