Document:

EXHIBIT 10.15

 

FORM OF

EMPLOYMENT AGREEMENT

B E T W E E N :

 

RUMBLE INC., a corporation incorporated
under the laws of the Province of Ontario

(the “Company”)

 

- and -

 

CHRISTOPHER PAVLOVSKI, an individual
resident in Toronto, Canada

 

(“Executive”)

 

WHEREAS:

 

		(a)	Executive is an employee and shareholder
                                            of the Company;

 

		(b)	The Company and CF Acquisition Corp. VI (to
                                            be renamed Rumble Inc.), a Delaware corporation (“Rumble Parent”), are
                                            each a party to a Business Combination Agreement (the “Business Combination Agreement”)
                                            which contemplates, inter alia, that, by means of an arrangement pursuant to the Business
                                            Corporations Act (Ontario), Executive will be permitted to exchange his shares of the
                                            Company;

 

		(c)	Executive will receive significant and valuable
                                            consideration pursuant to the terms of the Business Combination Agreement including, without
                                            limitation, the ability to exchange his shares of the Company;

 

		(d)	The Company and Executive want to formalize
                                            and document the terms of Executive’s employment; and

 

		(e)	In order to induce Rumble Parent to enter
                                            into and ultimately consummate the Business Combination Agreement, Executive has agreed to
                                            execute and deliver this Employment Agreement (this “Agreement”).

 

NOW THEREFORE, in consideration
of the terms of the Business Combination Agreement, the recognition of the past service of Executive and the mutual covenants and agreements
herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the Parties hereto
agree as follows:

 

Part
1 - Definitions

 

		1.1	Definitions: In this agreement, the following
                                            terms shall have the following meanings:

 

		(a)	“Accrued Obligations”
                                            shall mean (i) all accrued but unpaid Salary through the date of termination of Executive’s
                                            employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with Section 5.1
                                            hereof, (iii) any Benefits provided under the Company Group’s employee benefit
                                            plans or otherwise upon a termination of employment in accordance with the terms contained
                                            therein and (iv) all outstanding vacation pay until Executive's Last Day of Employment.

 

		(b)	“Board” means the Board
                                            of Directors of Rumble Parent;

 

     

     

    

 

		(c)	“Business” means (i) the
                                            development, operation or management of a platform for the sharing of video content through
                                            the internet or mobile applications (e.g. the Rumble Video social media platform) and (ii)
                                            the development, operation or management of a platform for creator crowdfunding through the
                                            internet or mobile applications (e.g. the Locals.com creator crowdfunding site).

 

		(d)	“Cause” means any just
                                            cause recognized at law which would entitle the Company to terminate the employment of Executive
                                            without notice or pay in lieu thereof and includes, without limitation:

 

		(i)	A material breach by Executive of this Agreement;

 

		(ii)	A material breach by Executive of a fiduciary
                                            or statutory duty owed to the Company Group;

 

		(iii)	Fraud, theft or material dishonesty by Executive
                                            involving the property, business or affairs of the Company Group or the carrying out of the
                                            Duties;

 

		(iv)	Breach or neglect of significant and material
                                            Duties by Executive, provided that the Company shall have first provided to Executive a description
                                            of the performance issues upon which it relies and Executive shall have been afforded a reasonable
                                            opportunity to rectify such performance issues;

 

		(v)	Conviction of Executive for an indictable criminal
                                            offence or a felony, or similar offence in a jurisdiction other than Canada; and/or

 

		(vi)	Wilful misconduct, disobedience, or wilful
                                            neglect of duty by Executive that is not trivial and has not been condoned by the Company
                                            Group.

 

		(e)	“Competitive Business”
                                            means any Person (other than Cosmic) that is engaged in the Business in competition with
                                            the Company Group.

 

		(f)	“Confidential Information”
                                            has the meaning given in Section 9.1 hereof;

 

		(g)	“Cosmic” means Cosmic
                                            Inc. (a Canadian corporation), Cosmic Development doo Beograd-Vozdovac (a Serbian limited
                                            liability company), and Kosmik Development Skopje doo (a Macedonian foreign-owned corporation);

 

		(h)	“Developments” has the
                                            meaning given in Section 7.2 hereof;

 

		(i)	“directly or indirectly”
                                            includes either individually or in partnership, or jointly or in conjunction with any other
                                            Person, as principal, agent, owner, partner, shareholder, director, officer, employee, consultant,
                                            independent contractor or agent, joint venturer, supplier of funding, or in any other manner
                                            or capacity whatsoever;

 

		(j)	“Disability” shall mean
                                            any physical or mental disability or infirmity of Executive that prevents the performance
                                            of Executive’s Duties (with accommodation to the extent required by applicable human
                                            rights legislation) for a period of (i) ninety (90) consecutive days or (ii) one
                                            hundred twenty (120) non-consecutive days during any twelve (12) month period. Any question
                                            as to the existence, extent, or potentiality of Executive’s Disability upon which Executive
                                            and the Company cannot agree shall be determined by a qualified, independent physician selected
                                            by the Company and approved by Executive (which approval shall not be unreasonably withheld).
                                            The determination of any such physician shall be final and conclusive for all purposes of
                                            this Agreement.

 

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		(k)	“ESA” means the
                                            Ontario Employment Standards Act, 2000, as amended from time to time or any applicable
                                            successor legislation in the event that the Employment Standards Act, 2000 is wholly
                                            repealed and replaced, together with the regulations made thereunder.

 

		(l)	“Good Reason” means any
                                            one or more of the following, without Executive’s direct or indirect consent and not
                                            as a result of Executive’s control or influence on the Company:

 

		(i)	the Company’s failure to pay amounts
                                            due to Executive, and comply with its other monetary obligations, under and in accordance
                                            with the terms of this Agreement;

 

		(ii)	a material reduction in Executive’s
                                            Salary;

 

		(iii)	the relocation of Executive’s principal
                                            place of employment more than twenty (20) kilometres from the municipal boundaries of
                                            the City of Toronto;

 

		(iv)	a material diminution of Executive’s
                                            Duties;

 

		(v)	a material breach by the Company (or other
                                            member of the Company Group) of this Agreement or any other material compensatory agreement
                                            between Executive and any member of the Company Group; and/or

 

		(vi)	any other circumstances which amount to constructive
                                            dismissal under the law of the Province of Ontario.

 

		(m)	“Intellectual Property Rights”
                                            means any and all legal protection for intellectual and industrial property recognized by
                                            the law (whether by statute, common law or otherwise, in Canada and all other countries worldwide)
                                            in respect of the Company’s business, the Developments and the Confidential Information,
                                            including trade secret and confidential information protection, patents, copyright, industrial
                                            design, trade dress, trade names and trade-marks, and all other rights analogous thereto;

 

		(n)	“Last Day of Employment”
                                            means the later of (x) Executive’s last day actually worked and (y) the end of the
                                            period of notice, if any, required by the ESA.

 

		(o)	“Party” means a party
                                            to this Agreement, and “Parties” has a similar extended meaning;

 

		(p)	“Person” means and includes
                                            any individual, corporation, partnership, firm, joint venture, syndicate, association, trust,
                                            unincorporated organization government, governmental authority, and any other form of entity
                                            or organization or any department or agency thereof; and

 

		(q)	“Release of Claims” means
                                            a general release of claims in favour of the Company Group and their directors, officers,
                                            employees, shareholders and agents, in the then-current form regularly used by the Company
                                            Group in connection with employee terminations.

 

		(r)	“Restricted Period” means
                                            during Executive’s employment and for twelve (12) months following the Last Day of
                                            Employment.

 

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Part
2- employment

 

		2.1	Executive’s Current Status: The
                                            Parties acknowledge that Executive is the founder of the Company and currently an employee
                                            of the Company. For the purposes of any subsequent calculation of Executive’s length
                                            or period of employment with the Company, the Company will recognize Executive’s prior
                                            service with the Company since September 13, 2013.

 

		2.2	Term: The Agreement is conditional upon,
                                            and will become effective immediately upon, Closing (as that term is defined in the Business
                                            Combination Agreement) and shall continue until terminated in accordance with Part 11 below
                                            (the “Term”). Subject to the provisions contained in Part 11, Executive’s
                                            employment by the Company shall be for an indefinite term.

 

		2.3	Position and Duties: The Company will
                                            employ Executive in the position and with the title of Chief Executive Officer of the Company
                                            and Rumble Parent (the “Chief Executive Officer”) with duties and responsibilities
                                            as are customary of a chief executive officer of a publicly-traded company, including day-to-day
                                            control over the operations of Rumble Parent and each of its direct and indirect subsidiaries
                                            (the “Company Group”), and such other duties and responsibilities commensurate
                                            which such position as may be assigned by the Board from time to time (the “Duties”).
                                            As Chief Executive Officer, Executive will be the most senior executive officer of the Company
                                            Group and will report directly to the Board. It is understood and agreed that Executive will
                                            also have duties and responsibilities for all members of the Company Group (which may include
                                            duties as a director and/or officer of one or more of members of the Company Group as may
                                            be determined by the Board) and that Executive is not entitled to any additional compensation
                                            for such services.

 

		2.4	Primary Work Location: Executive’s
                                            primary work location will be the Company’s offices in Toronto, Ontario, Canada; provided,
                                            however, that the Duties may require frequent and extensive domestic and international travel
                                            by Executive. In the event that Executive agrees to relocate his primary work location to
                                            the United States or to spend a significant amount of his business time in the United States,
                                            the Company shall cause another member of the Company Group to enter into a new employment
                                            agreement with Executive containing substantially the same terms as contained in this Agreement,
                                            as appropriately modified on advice of counsel to comply with U.S. law.

 

		2.5	Good Faith: Executive will act with the
                                            utmost good faith towards the Company Group and will diligently and faithfully devote best
                                            efforts to advance the interests of Company Group.

 

		2.6	Fiduciary Capacity: Executive acknowledges
                                            that he is employed in a fiduciary capacity and that he will at all times act in the best
                                            interests of the Company Group, without any conflict of interest whatsoever, and consistently
                                            with his strict duty of loyalty to the Company Group.

 

		2.7	Compliance: Executive will adhere to,
                                            and act in compliance with, all applicable laws and all guidelines, policies, procedures
                                            and rules established by the Board and/or the Company Group. The Board and/or the Company
                                            Group may implement or amend guidelines, policies, procedures and rules from time to time,
                                            in its reasonable discretion and without advance notice.

 

		2.8	Other work: During Executive’s employment
                                            with the Company, Executive shall, except as set forth below with respect to the operation
                                            of Cosmic, devote substantially all of his business time and attention to the performance
                                            of the Duties, and shall not, without the prior written consent of the Board (with Executive
                                            recusing himself in all respects from such consent or influencing such consent), undertake
                                            any other business, occupation, work or employment, or become a director, officer or agent
                                            of any other company, firm or individual without first requesting and obtaining the Board’s
                                            written consent. Notwithstanding the foregoing, nothing herein shall preclude Executive from
                                            (i) serving, with the prior written consent of the Board (with Executive recusing himself
                                            in all respects from such consent or influencing such consent), as a member of the boards
                                            of directors or advisory boards (or their equivalents in the case of a non-corporate entity)
                                            of non-competing businesses and charitable organizations, (ii) engaging in charitable
                                            activities and community affairs, and (iii) managing Executive’s personal investments
                                            and affairs; provided, however, that the activities set out in clauses (i),
                                            (ii), and (iii) shall be limited by Executive so as not to materially interfere, individually
                                            or in the aggregate, with the performance of Executive’s Duties and responsibilities
                                            hereunder. Further, notwithstanding the foregoing, Executive may continue to own and operate
                                            Cosmic in a manner consistent with past practices.

 

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Part
3 - REMUNERATION

 

		3.1	Salary: The Company will pay Executive
                                            an annual salary of US$1,000,000, payable in accordance with the established payroll practices
                                            of the Company (the “Salary”). The Board may increase, but not decrease,
                                            the Salary at any time, in its sole discretion.

 

		3.2	Annual Bonus: Executive shall be eligible
                                            for an annual incentive bonus award determined by the Board (or a committee thereof) in respect
                                            of each fiscal year during the Term (the “Annual Bonus”).
                                            The target Annual Bonus for each fiscal year shall be 50% of the Salary and the maximum Annual
                                            Bonus for each fiscal year shall be 100% of the Salary, with the actual Annual Bonus payable
                                            being based upon the level of achievement of annual Company Group and individual performance
                                            objectives for such fiscal year, as determined by the Compensation Committee of the Board
                                            and communicated to Executive. The Annual Bonus shall be paid to Executive at the same time
                                            as annual bonuses are generally payable to other senior executives of the Company Group subject
                                            to Executive’s continuous employment through the payment date except as otherwise provided
                                            for in this Agreement. The amount of the Annual Bonus paid in one or more period(s) does
                                            not guarantee the amount of the Annual Bonus in any subsequent period(s).

 

		3.3	Closing Bonus: The Company shall pay Executive
                                            a one-time cash bonus in an amount equal to US$750,000 upon the occurrence of the Closing.

 

		3.4	Annual Equity Awards:

 

		(a)	Initial Equity Award. Promptly following
                                            the Closing, Rumble Parent shall grant Executive one million one hundred thousand (1.1 million)
                                            restricted shares of Rumble Parent’s Class A Common Stock pursuant to the Rumble, Inc.
                                            2022 Stock Incentive Plan (and a grant agreement thereunder), which restricted shares shall
                                            vest in three (3) substantially equal annual instalments on each of the first three (3) anniversaries
                                            of the Closing, subject to Executive’s continued employment through such dates.

 

		(b)	Annual Equity Award. Executive shall
                                            be eligible to receive awards pursuant to the Rumble, Inc. 2022 Stock Incentive Plan, as
                                            the same may be amended and/or restated and any successor equity plan (and grant agreements
                                            thereunder), as determined the Board (or a committee thereof) from time to time. The target
                                            award granted to Executive during each fiscal year of the Term (beginning with the Company’s
                                            2022 fiscal year) shall have a grant date fair value of up to US$4,000,000 (the “Maximum
                                            Value”), with the actual grant date value to be awarded to Executive being determined
                                            by the Board (or a committee thereof) in its discretion (taking into account the level of
                                            achievement of Company Group and individual performance objectives for the fiscal year completed
                                            immediately prior to the grant date), and shall be granted in a combination of stock options
                                            (with a 10-year term) and restricted stock units, each of which will be subject to such terms
                                            and conditions as reasonably determined by the Board (or a committee thereof) and customary
                                            for the chief executive officer of similar publicly-traded companies, and shall include performance
                                            vesting terms with respect to at least two-thirds of the award. Notwithstanding anything
                                            herein to the contrary, the annual equity award in respect of the Company’s 2022 fiscal
                                            year shall be granted to Executive promptly following the Closing; shall be made in respect
                                            of a pro-rated portion of the Maximum Value for the portion of the year following the Closing;
                                            shall vest ratable over the four (4) year period immediately following the Closing; and shall
                                            include performance vesting terms with respect to at least two-thirds of the award, measured
                                            based on the increase in the trading price of Rumble Parent’s Class A Common Stock
                                            over a relevant period as determined by the Board (or a committee thereof).

 

		3.5	Participation in Benefit Plans: Executive
                                            will be entitled to participate in the Company’s employee benefit plans on the same
                                            basis as generally applicable to other similarly-situated employees of the Company, subject
                                            to satisfying the insurability requirements and other terms established by the benefit provider(s)
                                            (the “Benefits”). Without limiting the foregoing, the Company shall either
                                            (x) provide Executive, his spouse and dependents with U.S. health and dental insurance
                                            coverage, or (y) pay for any medical or dental expenses incurred by Executive, his spouse
                                            and dependents with respect to any portion of the Term while they are in the United States.
                                            The Company shall also ensure that the Benefits include long-term disability insurance coverage
                                            for Executive (“LTD Insurance”) which pays Executive no less than 80%
                                            of his Salary in the event that Executive becomes Disabled as defined above at Section 1.1(j),
                                            or if such policy is not available within the existing Company group benefit plans, obtain
                                            such a policy specifically for Executive. The Benefits shall also include a two percent (2%)
                                            of Salary annual contribution by Company to Executive’s Registered Retirement Saving
                                            Plan (RRSP) or similar.

 

		3.6	Benefit Limitations: The Company’s
                                            sole obligation with respect to insured Benefits is to remit the required premium cost for
                                            Executive’s enrolment in the Benefits during Executive’s employment.

 

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		3.7	Benefit Modifications: The Company may,
                                            acting reasonably, modify the terms and conditions of any Benefit and the premium cost sharing
                                            with Executive (collectively the “Benefit Modifications”) from time to
                                            time. The Company will give Executive written notice of the Benefit Modifications and thereafter
                                            the Benefit Modifications will be binding on Executive as a term of the Agreement.

 

		3.8	Termination of Benefits: Upon termination
                                            of Executive’s employment, Executive’s entitlement to the Benefits will end on
                                            Executive’s Last Day of Employment, except that Executive shall be entitled to the
                                            Accrued Obligations in accordance with Part 11 below. The Company will not be liable
                                            for any claims of illness or Disability Executive suffers after the cessation of Benefits
                                            coverage. The termination of Benefits shall be without prejudice to the Employee’s
                                            entitlement to any proceeds of LTD Insurance, if then applicable.

 

		3.9	Other Compensation: In the sole discretion
                                            of the Board, Executive may be eligible for discretionary bonuses. Any such bonuses shall
                                            not be or become an integral component of Executive’s compensation package; and, in
                                            that regard, a bonus paid in one or more period(s) does not guarantee payment of a bonus
                                            in any subsequent period(s).

 

		3.10	Withholdings: All payments to Executive
                                            referred to in this Part 3, as well as any amounts payable to Executive under any other provision
                                            of this Agreement, shall be subject to and net of all applicable withholdings and deductions
                                            thereon or therefrom as required under applicable law or pursuant to the Company’s
                                            Benefit plans.

 

 

Part
4 - vacation

 

		4.1	Vacation: The Company will provide Executive
                                            with an annual vacation of twenty (20) days per year. If Executive’s employment ceases
                                            prior to the end of a given year, Executive’s vacation entitlement for that year will
                                            be pro-rated accordingly. Vacation pay shall be calculated in accordance with the ESA
                                            and paid to Executive in accordance with the Company’s established payroll practices.

 

		4.2	Vacation Schedule: The Company will schedule
                                            vacation in accordance with Executive’s reasonable requests whenever possible, however,
                                            the Company may schedule vacation at such time or times as the Company may determine having
                                            regard to the business and undertaking of the Company in its sole and absolute discretion.

 

		4.3	Vacation Carry-Over: Executive must use
                                            all of his vacation days earned within the year in which they are earned. There will be no
                                            carry-over of vacation to subsequent years without the written approval of the Company, except
                                            as expressly required by the ESA.

 

Part
5 - EXPENSES AND EMPLOYER PROPERTY

 

		5.1	Reimbursement of Expenses: The Company
                                            agrees that Executive shall be reimbursed by the Company for all reasonable expenses actually
                                            and properly incurred by Executive in accordance with the Company’s policies. Executive
                                            shall provide the Company with receipts and other supporting materials for all such expenses
                                            in a timely fashion.

 

		5.2	Ownership of Property: Executive agrees
                                            that, during and after his employment with the Company, any and all equipment, devices or
                                            other property (whether in electronic or hard copy form) provided to Executive, including
                                            but not limited to computers, peripherals, software, cellular phones and any other equipment,
                                            shall remain the property of the Company.

 

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Part
6 - Additional Consideration

 

		6.1	Additional Consideration: As additional
                                            consideration for the superior terms and benefits of employment offered by the Company, Executive
                                            agrees to the specific terms set out in Part 7, Part 8, Part 9, and Part 10 hereof. Executive
                                            acknowledges that, without his agreement to the terms contained in Part 7, Part 8, Part 9
                                            and Part 10, the Company would not have entered into this Agreement. Executive also acknowledges
                                            and agrees that the terms contained in Part 7, Part 8, Part 9, and Part 10, are reasonable
                                            in the circumstances, are necessary to protect the economic position of the Company, and
                                            that all defences to the strict enforcement of the terms of Part 7, Part 8, Part 9, and Part
                                            10 by the Company are waived by Executive.

 

		6.2	Reasonableness: Executive acknowledges
                                            and agrees that he has reviewed the terms of Part 7, Part 8, Part 9 and Part 10, and has
                                            turned his mind to their provisions including the geographic scope, the Restricted Period
                                            and the nature of the business and conduct prohibited and that Executive understands the
                                            implications of these terms, and agrees that the provisions are both necessary and reasonable
                                            for the protection of the legitimate business interests of the Company and that the provisions
                                            reflect the mutual desire and intent of Executive and the Company and should be upheld in
                                            their entirety and given full force and effect.

 

Part
7 - Business Opportunities

and Intellectual Property protection

 

		7.1	Business Opportunities: Executive agrees
                                            not to take or omit to take any action if the result would be to divert from the Company
                                            Group to Executive’s personal benefit, any opportunity which is within the scope of
                                            the Business.

 

		7.2	Developments: Executive agrees that the
                                            Company Group have sole, right title and interest in, as its exclusive property, all inventions,
                                            work, product, proprietary rights, patent rights, copyrights, trade secrets, Confidential
                                            Information and any other intellectual or industrial proprietary rights relating to the business
                                            and operations of the Company Group which:

 

		(a)	are or were developed or conceived (whether
                                            alone or with others) during Executive’s employment with the Company;

 

		(b)	arise from or are suggested by any work that
                                            Executive has done or may do for the Company Group; or

 

		(c)	are or were otherwise made through the use
                                            of any facilities, materials, services or other resources of the Company Group (the “Developments”).

 

		7.3	Disclosure: Executive will promptly and
                                            fully disclose in writing to the Company the existence of all Developments and will provide
                                            the Company with ready access to such Developments.

 

		7.4	Assignment: Executive hereby assigns to
                                            the Company (or its designee) all right, title and interest that he may have, and agrees
                                            to assign to the Company (or its designee) all right, title and interest that he may in the
                                            future have, in and to the Developments including any corresponding Intellectual Property
                                            Rights, throughout the world in perpetuity, subject only to any limits imposed by law and
                                            to the rights of any third party under any agreement between such third party and the Company
                                            Group.

 

		7.5	Moral Rights Waiver: Executive hereby
                                            waives (and confirms that he has waived) all moral rights that he has to the Developments,
                                            and agrees to waive all moral rights that he may in the future have to the Developments,
                                            and Executive agrees never to assert any and all moral and proprietary rights, and Executive
                                            agrees that the Company Group may use, alter, vary, adapt, translate, convert, and exploit
                                            the Developments as it sees fit. Executive hereby forsakes the right to institute, maintain
                                            or permit any legal action asserting that the exercise by the Company Group of any of the
                                            rights granted to it pursuant to this Part 7 constitutes an infringement of his moral rights.
                                            Executive acknowledges that the Company Group may license or assign some or all of the developments
                                            to third parties and agrees that the waivers in this section will extend to all such parties,
                                            their assignees and licensees.

 

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		7.6	Executive’s Cooperation: During
                                            Executive’s employment and following the termination thereof, regardless of the circumstances
                                            or reasons for such termination, Executive will, upon request and payment of reasonable out-of-pocket
                                            expenses, provide his reasonable co-operation to the Company Group to:

 

		(a)	Execute any applications, transfers, assignments
                                            or other documents the Company Group consider necessary or desirable for the purpose of obtaining,
                                            maintaining, protecting, vesting in and assigning to the Company Group all right, title and
                                            interest in and to the Developments including the Intellectual Property Rights therein;

 

		(b)	Assist the Company Group in every reasonable
                                            way (including obtaining and giving of evidence under oath) in any arbitration, court or
                                            governmental proceeding to obtain, maintain, protect, vest or assign to the Company Group
                                            the Developments and the Intellectual Property Rights, including proceedings pertaining to
                                            the prosecution of applications for grant, interference, conflict, opposition, re-examination,
                                            infringement or validity of the Intellectual Property Rights;

 

		(c)	Not knowingly, directly or indirectly, participate
                                            or assist in any proceeding or do any other act which will adversely affect the validity,
                                            enforceability or scope of the Intellectual Property Rights or the Company Group’s
                                            ownership of the Intellectual Property Rights; and

 

		(d)	Upon termination of employment, cooperatively
                                            participate in an interview with the Company to discuss Executive’s continuing obligations
                                            in respect of the Developments and the Intellectual Property Rights, post-employment restrictions
                                            as set out in this Agreement and Executive’s compliance with the Company’s policies
                                            as may be applicable at that time.

 

Part
8 - Non-Competition and Non-Solicitation

Covenants of Executive

 

		8.1	Non-Competition: During the Restricted
                                            Period, except with the prior written consent of the Company (with Executive recusing himself
                                            in all respects from such consent or influencing such consent), Executive shall not, either
                                            directly or indirectly, individually or on behalf of any Person, own, operate, be engaged
                                            in, be concerned with the operation of, or have any financial or other interest in any Competitive
                                            Business anywhere in Canada, the United States of America or any other jurisdiction in which
                                            the Company Group derives more than five percent (5%) of its revenues during the twelve month
                                            period immediately preceding such date (or the Last Day of Employment for any portion of
                                            the Restricted Period following the Last Day of Employment).

 

		8.2	Non-Competition with Specific Competitive
                                            Businesses: During the Restricted Period, except with the prior written consent of the
                                            Company (with Executive recusing himself in all respects from such consent or influencing
                                            such consent), Executive shall not, either directly or indirectly, individually or on behalf
                                            of any Person, own, operate, be engaged in, be concerned with the operation of, or have any
                                            financial or other interest in [insert list of companies]1
                                            in a role similar to which he held with the Company any Competitive Business
                                            anywhere in Canada, the United States of America or any other jurisdiction.

 

		8.3	No Solicitation of Customers/Clients:
                                            During the Restricted Period, except with the prior written consent of the Company (with
                                            Executive recusing himself in all respects from such consent or influencing such consent),
                                            Executive shall not, either directly or indirectly, individually or on behalf of any Person
                                            solicit or aid in the solicitation of any customer/client of the Company Group in connection
                                            with a Competitive Business for the purpose of providing said customer/client of the Company
                                            Group with products or services known by Executive to be provided by the Company Group, or
                                            encourage any of them to cease or end their relationship or contract with the Company Group.
                                            For the purposes of this Section 8.3, the reference to “customer/client of the Company
                                            Group” shall include any Person who was a customer/client of the Company Group at any
                                            time during the twelve (12) month period preceding Executive’s last day of active employment
                                            and whose account Executive directly worked on or directly supervised.

 

		8.4	No Solicitation of Employees, Business Partners
                                            or Contractors: During the Restricted Period, except with the prior written consent of
                                            the Company (with Executive recusing himself in all respects from such consent or influencing
                                            such consent), Executive shall not, either directly or indirectly, individually or on behalf
                                            of any Person solicit, hire, or retain any employee, client, business partner, consultant
                                            or independent contractor of the Company Group known to Executive, or encourage any of them
                                            to cease their employment or end their engagement or contract with the Company Group. For
                                            the purposes of this Section 8.4, the reference to “employee, client, business partner,
                                            consultant or independent contractor of the Company” shall include any Person who was
                                            in the employ of, or engaged by, the Company Group at any time during the twelve (12) month
                                            period preceding Executive’s last day of active employment.

 

 

		1	NTD:
                                            List to be provided at later date.

 

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		8.5	No Disparagement: Executive shall not,
                                            at any time during or after Executive’s employment with the Company, make any disparaging
                                            or defamatory comments regarding any member of the Company Group, or any of their respective
                                            current or former directors, officers, employees or shareholders in any respect or make any
                                            comments concerning any aspect of Executive’s relationship with any member of the Company
                                            Group or any conduct or events which precipitated any termination of Executive’s employment
                                            with the Company. Executive’s obligations under this Section 8.5 shall not apply to
                                            disclosures required by applicable law, regulation, or order of a court or governmental agency.
                                            Further, nothing in this Section 8.5 prohibits Executive from speaking with law enforcement,
                                            any governmental authority overseeing human rights or employment standards, or Executive’s
                                            legal counsel.

 

		8.6	Reasonableness and Acknowledgements: Executive
                                            agrees and acknowledges that:

 

		(a)	The time and geographic limitations set out
                                            in this Part 8 are reasonable and properly required for the adequate protection of the business
                                            interests of the Company Group, and in the event that any limits with respect to capacities,
                                            activities, time period or geographic areas are found to be unreasonable by a court of competent
                                            jurisdiction, then Executive agrees to be bound to such reduced limits with respect to capacities,
                                            activities, time periods or geographic area as such court deems to be reasonable; and

 

		(b)	Executive has prior experience and can carry
                                            on business and earn an income exclusive of the matters and activities prohibited by the
                                            provisions of this Part 8, and Executive further acknowledges and agrees that there will
                                            be no serious or irreparable harm to him, nor will his ability to work or earn a living be
                                            in any way affected by, the exercise and enforcement of such covenants.

 

Part
9 - cONFIDENTIAL INFORMATION PROTECTion

 

		9.1	Definition: For the purposes of this Agreement,
                                            “Confidential Information” means:

 

		(a)	Information relating to the Company Group
                                            and/or the business and methods of operation of the Company Group, whether or not conceived
                                            or developed by Executive, and regardless of whether it is in written or electronic form,
                                            which:

 

		(i)	is issued, or is developed to be used in connection
                                            with the business of the Company Group, or results from the research or development of the
                                            Company Group, customers or suppliers;

 

		(ii)	is private or confidential in that it is not
                                            generally known or available to the public;

 

		(iii)	gives the Company Group, customers or suppliers
                                            an opportunity to obtain an advantage over their respective competitors who do not know or
                                            use such information; and

 

		(iv)	includes all documents or records containing
                                            information furnished to or received by Executive, together with any and all analyses, compilations,
                                            studies or other documents prepared or obtained by Executive which contains or otherwise
                                            reflect such information.

 

		(b)	This information shall include, but not be
                                            limited to:

 

		(i)	existing and prospective business opportunities
                                            and prospects, including all ventures and initiatives planned or considered by the Company
                                            Group whether or not pursued;

 

		(ii)	customer/client information and lists and
                                            prospect lists, including customer/client/prospect names, addresses, contacts, details of
                                            pricing, budgeting, marketing, prospect and supply strategies, details of specific needs,
                                            and information acquired during the course of completing projects for or proposals to customers,
                                            clients and prospects including information regarding their competitors and marketplaces;

 

		(iii)	information relating to suppliers, licensors,
                                            subcontractors, consultants, leasing companies, resellers, distributors, and other similar
                                            parties, with whom the Company Group have business relationships, including names, addresses,
                                            contacts and details of contracts;

 

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		(iv)	information regarding or pertaining to products
                                            and services of the Company Group including, without limitation, programs, designs configurations,
                                            processes, specifications, drawings, source codes, documents, copyrights, inventions, improvements,
                                            enhancements, developments, refinements, modifications (including those made to suppliers
                                            products), operation parameters and product manuals relating thereto;

 

		(v)	information regarding or pertaining to the
                                            Developments and/or related Intellectual Property Rights;

 

		(vi)	matters of a business nature or of a technical
                                            nature including, but not limited to: corporate and other strategies and methods; marketing
                                            research; product research and development including research methodologies and other related
                                            ideas and processes; business systems, policies and procedures; strategic ideas; inventions
                                            (whether patentable or not); quality policies and procedures; personnel policies and manuals,
                                            and computer systems, software and databases and hardware, and concepts and other information
                                            relating to the development and maintenance thereof;

 

		(vii)	information regarding the employees and contractors
                                            of the Company Group including, without limitation, compensation provided to them; and

 

		(viii)	financial information, including the business
                                            plans, financial statements, and accounting records of the Company Group.

 

		(c)	Confidential Information does not include:

 

		(i)	knowledge or documents within the public domain
                                            at the time of its use or disclosure other than as a result of an act or omission by Executive;
                                            or

 

		(ii)	knowledge or documents required to be disclosed
                                            pursuant to an order from a court or regulatory or other lawful authority of competent jurisdiction.

 

		9.2	Executive’s Acknowledgement: Executive
                                            acknowledges that by virtue of his employment with the Company, Executive has acquired, and
                                            will continue to have access to and acquire Confidential Information. Executive further acknowledges
                                            and agrees that:

 

		(a)	the Confidential Information has been and
                                            will continue to be obtained, developed and protected from disclosure at significant effort
                                            or cost to the Company Group and is commercially valuable;

 

		(b)	the Confidential Information is the exclusive
                                            property of the Company Group; and

 

		(c)	the Company Group have the right to maintain
                                            the confidentiality of the Confidential Information and that use or disclosure, either directly
                                            or indirectly, of the Confidential Information by or to anyone, but particularly to the public
                                            or competitors of the Company Group, could be highly detrimental to the interests of the
                                            Company Group.

 

		9.3	Covenant to Protect Confidential Information:
                                            Executive agrees, during and after his employment, to keep confidential and refrain from
                                            using or disclosing, directly or indirectly, any of the Confidential Information for any
                                            purpose other than carrying out his duties as an employee of the Company. Without limiting
                                            the generality of the foregoing, Executive shall not:

 

		(a)	use the Confidential Information for Executive’s
                                            own benefit or the benefit of any Person;

 

		(b)	use the Confidential Information in any way
                                            detrimental to the Company Group; or

 

		(c)	copy, disclose, divulge, publish, transcribe
                                            or transfer the Confidential Information in any manner whatsoever in whole or in part except
                                            as required to perform his duties as an employee of the Company.

 

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The foregoing covenants and restrictions
shall apply irrespective of whether Executive’s employment hereunder is terminated with or without Cause or as a result of his
resignation, and regardless of the manner of termination.

 

		9.4	Return of Information, etc.: At all times
                                            during and after his employment Executive shall take precautions to maintain the confidentiality
                                            of the Confidential Information and use Executive’s best efforts to prevent any Person
                                            from making unauthorized use of the Confidential Information.

 

		9.5	Obligations on Termination: Executive
                                            agrees that, immediately upon the termination of his employment with the Company, however
                                            caused and regardless of the reasons therefore:

 

		(a)	he shall return to the Company all Confidential
                                            Information in his possession or under his control, in whatever form, including any and all
                                            copies thereof and any analysis or derivative work relating to the Confidential Information;

 

		(b)	he shall not retain or make any copies of
                                            the Confidential Information, or any analysis or derivative work, or permit any other Person
                                            to do so on his behalf;

 

		(c)	he shall cooperatively participate in an
                                            interview with the Company to discuss his continuing obligations in respect of the Confidential
                                            Information and post-employment restrictions as set out in this Agreement.

 

Part
10- injunctive relief

 

		10.1	Injunctive Relief: Executive understands,
                                            acknowledges, covenants and agrees that compliance with the terms and conditions of this
                                            Agreement including, without limitation, Part 7, Part 8, and Part 9 hereof, is necessary
                                            to protect the Confidential Information and the economic and competitive position of the
                                            Company Group, and that in the event of a breach or a threatened breach by Executive of any
                                            of the provisions of this Agreement, the Company Group may suffer irreparable harm and injury.
                                            Accordingly, in addition to and not in limitation of any other rights, remedies or damages
                                            available to it at law or in equity, the Company Group shall be entitled to an injunction
                                            in order to prevent or to restrain any such breach or threatened breach by Executive, or
                                            by any of Executive’s agents, representatives, employees or advisors and any and all
                                            Persons directly or indirectly acting for or on behalf of Executive.

 

Part
11 - termination of EMPLOYMENT

 

		11.1	General. The Term shall terminate earlier
                                            than as provided in Section 2.2 hereof upon the earliest to occur of (i) Executive’s
                                            death, (ii) a termination by reason of a Disability, (iii) a termination by the
                                            Company with or without Cause, and (iv) a termination by Executive with or without Good
                                            Reason. Upon any termination of Executive’s employment for any reason, except as may
                                            otherwise be requested by the Company in writing and agreed upon in writing by Executive,
                                            Executive shall be deemed to have resigned from any and all directorships, committee memberships,
                                            and any other positions Executive holds with the Company or any other member of the Company
                                            Group and hereby agrees to execute any documents that the Company (or any member of the Company
                                            Group) determines necessary to effectuate such resignations.

 

		11.2	Termination Due to Death or Disability.
                                            Executive’s employment shall terminate automatically upon Executive’s death.
                                            The Company may terminate Executive’s employment immediately upon the occurrence of
                                            a Disability, such termination to be effective upon Executive’s receipt of written
                                            notice of such termination. Upon Executive’s death or in the event that Executive’s
                                            employment is terminated due to Executive’s Disability, Executive or Executive’s
                                            estate or Executive’s beneficiaries, as the case may be, shall be entitled to

 

		(a)	The Accrued Obligations; and

		(b)	Any unpaid Annual Bonus in respect of any
                                            completed performance period that has ended prior to the date of such termination or any
                                            pro rata portion thereof, which amount shall be paid at such time annual bonuses are paid
                                            to other senior executives of the Company.

 

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In the event of termination
due to Executive’s Disability, Executive shall also receive: (i) payment of Executive’s regular wages in lieu of the minimum
amount of working notice prescribed by the ESA, (ii) statutory severance pay, if any, prescribed by the ESA, and (iii) any
other minimum statutory entitlement that may be owing to Executive under the ESA, without duplication.

 

Following Executive’s
death or a termination of Executive’s employment by reason of a Disability, except as set forth in this Section 11.2, Executive
shall have no further rights to any compensation or any other benefits on account of Executive’s employment by the Company Group
or the termination of Executive’s employment by the Company Group.

 

		11.3	Termination by the Company with Cause.
                                            The Company may terminate Executive's employment at any time with Cause upon Executive’s
                                            receipt of written notice of such termination. In the event that that Company terminates
                                            Executive’s employment with Cause, and such Cause does not meet the statutory threshold
                                            set forth under the ESA (currently wilful misconduct, disobedience or wilful neglect
                                            of duty that is not trivial and has not been condoned by the Company), Executive shall be
                                            provided with only: (i) the minimum amount of working notice of termination or payment of
                                            Executive's regular wages in lieu of working notice (or a combination at the Company's discretion)
                                            prescribed by the ESA, (ii) statutory severance pay, if any, prescribed by the
                                            ESA, (iii) the Accrued Obligations, and (vi) any other minimum statutory entitlement
                                            that may be owing to Executive under the ESA, without duplication. In the event that that
                                            Company terminates Executive’s employment with Cause, and such Cause meets the statutory
                                            threshold set forth under the ESA (currently wilful misconduct, disobedience or wilful
                                            neglect of duty that is not trivial and has not been condoned by the Company), Executive
                                            shall only be entitled to the Accrued Obligations. Following such termination of Executive’s
                                            employment under this Section 11.3, except as set forth in this Section 11.3, Executive
                                            shall have no further rights to any compensation or any other benefits on account of Executive’s
                                            employment by the Company Group or the termination of Executive’s employment by the
                                            Company Group.

 

		11.4	Termination by the Company without Cause.
                                            The Company may terminate Executive’s employment at any time without Cause, effective
                                            upon Executive’s receipt of written notice of such termination. In the event that Executive’s
                                            employment is terminated by the Company without Cause (other than due to death or Disability),
                                            Executive shall be entitled to:

 

		(a)	The Accrued Obligations;

 

		(b)	Any unpaid Annual Bonus in respect of any
                                            completed performance period that has ended prior to the date of such termination or pro
                                            rata portion thereof, which amount shall be paid at such time annual bonuses are paid to
                                            other senior executives of the Company; and

 

		(c)	(i) Payment of Executive’s regular
                                            wages in lieu of the minimum amount of working notice of termination prescribed by the ESA,
                                            (ii) statutory severance pay, if any, prescribed by the ESA, and (iii) any other
                                            minimum statutory entitlement that may be owing to Executive under the ESA, without
                                            duplication.

 

Notwithstanding the
foregoing, the payments and benefits described in clause (b) above shall immediately terminate, and the Company shall have no further
obligations to Executive with respect thereto, in the event that Executive materially breaches his obligations set forth in Parts 8 and
9 hereof. Following such termination of Executive’s employment by the Company without Cause, except as set forth in this Section
11.4, Executive shall have no further rights to any compensation or any other benefits on account of Executive’s employment by
the Company Group or the termination of Executive’s employment by the Company Group.

 

		11.5	Termination by Executive with Good Reason.
                                            Executive may terminate Executive’s employment with Good Reason by providing the Company
                                            thirty (30) days’ written notice setting forth in reasonable specificity the event
                                            that constitutes Good Reason, which written notice, to be effective, must be provided to
                                            the Company within sixty (60) days of the occurrence of such event. During such thirty (30)
                                            day notice period, the Company shall have a cure right (if curable), and if not cured within
                                            such period, Executive’s termination will be effective upon the expiration of such
                                            cure period, and Executive shall be entitled to the same payments and benefits as provided
                                            in Section 11.4 hereof for a termination by the Company without Cause, subject to the
                                            same conditions on payment and benefits as described in Section 11.4 hereof. Following
                                            such termination of Executive’s employment by Executive with Good Reason, except as
                                            set forth in this Section 11.5, Executive shall have no further rights to any compensation
                                            or any other benefits on account of Executive’s employment by the Company Group or
                                            the termination of Executive’s employment by the Company Group.

 

    12

     

    

 

		11.6	Termination by Executive without Good Reason.
                                            Executive may terminate Executive’s employment without Good Reason by providing the
                                            Company thirty (30) days’ written notice of such termination. In the event of a termination
                                            of employment by Executive under this 11.6, Executive shall be entitled only to the Accrued
                                            Obligations. The Company may, in its sole and absolute discretion, waive such notice in whole
                                            or in part and assign transitional duties or require Executive to work at home or another
                                            location (acting reasonably) by paying Executive’s regular wages and vacation pay and
                                            continuing Executive’s group benefits coverage to the effective date of resignation.
                                            Following such termination of Executive’s employment by Executive without Good Reason,
                                            except as set forth in this Section 11.6, Executive shall have no further rights to
                                            any compensation or any other benefits on account of Executive’s employment by the
                                            Company Group or the termination of Executive’s employment by the Company Group.

 

		11.7	Release. Notwithstanding any provision
                                            herein to the contrary, the payment of any amount or provision of any benefit pursuant to
                                            Sections 11.2, 11.4 or 11.5 (other than the Accrued Obligations and any minimum entitlements
                                            under the ESA) (collectively, the “Severance Benefits”)
                                            shall be conditioned upon Executive’s execution and delivery of the Release of Claims
                                            to the Company within fifteen (15) days following the date of Executive’s termination
                                            of employment hereunder. If Executive fails to execute the Release of Claims without reasonable
                                            justification, Executive shall not be entitled to any of the Severance Benefits and shall
                                            instead be provided with only the Accrued Obligations and such minimum entitlements as may
                                            be required by the ESA. For the avoidance of doubt, in the event of a termination
                                            due to Executive’s death or Disability, Executive’s obligations herein to execute
                                            a Release of Claims may be satisfied on Executive’s behalf by Executive’s estate
                                            or a person having legal power of attorney over Executive’s affairs.

 

Part
12 miscellaneous

 

		12.1	Entire Agreement: This Agreement constitutes
                                            the entire agreement between the Parties relating to the employment of Executive by the Company.
                                            Any and all prior agreements, written or verbal, express or implied, between the Parties,
                                            relating to or in any way connected with the employment of Executive by the Company Group
                                            are hereby rendered null and void and are superseded by the terms of this Agreement. Executive
                                            hereby releases and agrees to indemnify and hold each member of the Company Group harmless
                                            from any and all claims, suits, demands or liabilities arising out of any former agreements
                                            or the termination thereof.

 

		12.2	Key-Man Insurance: At any time during
                                            Executive’s employment, each member of the Company Group shall have the right to insure
                                            the life of Executive for the sole benefit of the Company Group, in such amounts, and with
                                            such terms, as it may determine. All premiums payable thereon shall be the obligation of
                                            the Company Group. Executive shall have no interest in any such policy, but agrees to cooperate
                                            with the Company Group in procuring such insurance by submitting to physical examinations,
                                            supplying all information required by the insurance company, and executing all necessary
                                            documents, provided that no financial obligation is imposed on Executive by any such documents.

 

		12.3	Publicity: Executive hereby consents
                                            to any and all uses and displays by the Company Group of his name, voice, likeness, image,
                                            appearance and biographical information in or in connection with any printed, electronic
                                            or digital materials, including, without limitation, any pictures, audio or video recordings,
                                            digital images, websites, television programs, advertising, sales or marketing brochures,
                                            printed materials and computer media, throughout the world and at any time during or after
                                            Executive’s employment with the Company for all legitimate business purposes of the
                                            Company Group (the “Permitted Use”). Executive hereby forever release
                                            the Company Group and each of their respective current or former directors, officers, employees,
                                            shareholders, representatives and agents from any and all claims, actions, damages, losses,
                                            costs, expenses and liability of any kind arising under any legal or equitable theory whatsoever
                                            at any time during or after Executive’s employment with the Company in connection with
                                            any Permitted Use.

 

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		12.4	Advisor Fees: Promptly following the
                                            Closing, the Company shall reimburse Executive for (or directly pay) any legal and advisory
                                            fees or expenses incurred by Executive in negotiating this Agreement, including, without
                                            limitation, any legal, tax and accounting fees and expenses.

 

		12.5	Severability: If a court of competent
                                            jurisdiction determines that any section, part, provision, covenant or condition of this
                                            Agreement or the application thereof to any Person or circumstance is deemed invalid or to
                                            any extent unenforceable, that wording insofar as it relates to that Party or circumstance
                                            shall be deemed not to be included in this Agreement and the balance of this Agreement shall
                                            remain in full force and effect and continue to be binding.

 

		12.6	Waivers: No waiver by or on behalf of
                                            the Company of any breach by Executive of any of the provisions of this Agreement shall take
                                            effect or be binding upon the Company unless the same is expressed in writing, and signed
                                            by a duly authorized representative of the Company and, in any event, any waiver so expressed
                                            shall not limit or affect the Company’s rights with respect to any other or future
                                            breach by Executive of the provisions of this Agreement.

 

		12.7	Governing Law: This Agreement will be
                                            construed and interpreted in accordance with the laws of the Province of Ontario. The parties
                                            hereby irrevocably attorn to the exclusive jurisdiction of the Ontario Superior Court of
                                            Justice at Toronto except insofar as the parties seek to enforce their rights under Part
                                            7, Part 8, Part 9, or Part 10 hereof in which event the Parties attorn to the non-exclusive
                                            jurisdiction of the Ontario Superior Court of Justice.

 

		12.8	Further Assurance: Each of the Parties
                                            shall from time to time and at all times do such further acts and execute and deliver all
                                            such further deeds and documents as shall be reasonably required in order to fully perform
                                            the terms of this Agreement.

 

		12.9	Enurement, etc.: The rights and obligations
                                            of the Company under this Agreement shall enure to the benefit of and shall be binding upon
                                            the successors and assigns of the Company. Neither this Agreement nor any of the payments
                                            or benefits hereunder may be assigned, transferred or pledged by Executive, in whole or in
                                            part, in any manner whatsoever, This Agreement shall enure to the benefit of and be binding
                                            upon Executive and his heirs, executors and administrators.

 

		12.10	Remedies Cumulative: The Company may
                                            exercise any remedies herein agreed to at such times and in such order as it may choose and
                                            such remedies shall be cumulative and may be exercised independently or jointly as decided
                                            by the Company.

 

		12.11	Disclosure: The Company Group may disclose
                                            Executive’s terms and conditions of employment where such disclosure is required to
                                            comply with applicable laws.

 

		12.12	Independent Legal Advice: This Agreement
                                            was prepared by the Company’s lawyers. Executive has read this Agreement carefully
                                            and understands it. Executive agrees that any rule of construction to the effect that any
                                            ambiguity is to be resolved against the drafting party is not applicable in any interpretation
                                            of this Agreement. Executive was asked to obtain independent legal advice before signing
                                            this Agreement, and represents by signing this Agreement that Executive had an opportunity
                                            to obtain such advice. Executive accepts this Agreement and agrees to the terms and conditions
                                            of employment contained therein, which Executive finds to be fair and reasonable.

 

***

 

[Signatures to appear on
the following page.]

 

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IN WITNESS WHEREOF
the Parties hereto have duly executed this Agreement.

 

	SIGNED AND DELIVERED in the presence of:	 	 
	 	 	 
		 	 
	(Signature)	 	CHRISTOPHER PAVLOVSKI
	 	 	(Executive Signature)
		 	
	(Print Name)	 	 
	 	 	 
	 	 	RUMBLE INC.
	 	 	Per:
	 	 	 
	 	 	 
	 	 	Authorized Signing Officer

 

[Signature page to C. Pavlovski Employment
Agreement]Document

EXHIBIT 10.1

FIRST AMENDMENT TO AMENDED AND RESTATED VOTING AGREEMENT
This First Amendment to Amended and Restated Voting Agreement (this “Amendment”) is entered into on August 1, 2022 (“Effective Date”), by and among Earthstone Energy, Inc., a Delaware corporation (“Earthstone”), Warburg Pincus Private Equity (E&P) XI-A, L.P., a Delaware limited partnership, Warburg Pincus XI (E&P) Partners-A, L.P., a Delaware limited partnership, WP IRH Holdings, L.P., a Delaware limited partnership, Warburg Pincus XI (E&P) Partners-B IRH, LLC, a Delaware limited liability company, Warburg Pincus Energy (E&P)-A, L.P., a Delaware limited partnership, Warburg Pincus Energy (E&P) Partners-A, L.P., a Delaware limited partnership, Warburg Pincus Energy (E&P) Partners-B IRH, LLC, a Delaware limited liability company, WP Energy Partners IRH Holdings, L.P., a Delaware limited partnership, WP Energy IRH Holdings, L.P., a Delaware limited partnership, WP Energy Chisholm Holdings, L.P., a Delaware limited partnership, WP Energy Partners Chisholm Holdings, L.P., a Delaware limited partnership, Warburg Pincus Energy (E&P) Partners-B Chisholm, LLC, a Delaware limited liability company, Warburg Pincus Private Equity (E&P) XII (A), L.P., a Delaware limited partnership, WP XII Chisholm Holdings, L.P., a Delaware limited partnership, Warburg Pincus XII (E&P) Partners-2 Chisholm, LLC, a Delaware limited liability company, Warburg Pincus Private Equity (E&P) XII-D (A), L.P., a Delaware limited partnership, Warburg Pincus Private Equity (E&P) XII-E (A), L.P., a Delaware limited partnership, Warburg Pincus XII (E&P) Partners-1, L.P., a Delaware limited partnership, and WP XII (E&P) Partners (A), L.P., a Delaware limited partnership (collectively, the “Warburg Parties”), and EnCap Investments L.P., a Delaware limited partnership (“EnCap” and, collectively with the Warburg Parties, the “Stockholders”). Earthstone, the Warburg Parties and EnCap are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”
RECITALS:
WHEREAS, Earthstone, the Warburg Parties and EnCap entered into that certain Amended and Restated Voting Agreement, dated as of February 15, 2022 (as amended from time to time, the “Voting Agreement”) (capitalized terms used herein but not defined in this Amendment shall have the meanings ascribed to them in the Voting Agreement); and
WHEREAS, the Parties desire to amend the Voting Agreement as set forth herein, as of the Effective Date;
NOW, THEREFORE, for and in consideration of the promises contained in this Amendment and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties, intending to be legally bound, agree as follows:
1.    Board Designation Rights. Section 3 of the Voting Agreement is hereby deleted in its entirety and replaced with “Reserved”.
2.    Additional Covenants of Stockholders. Section 4(a)(i) of the Voting Agreement is hereby deleted in its entirety and replaced with the following: 
“(i) each of the Parties (other than Earthstone) agrees that, provided that Earthstone is not in breach of its obligations under this Agreement, at any meeting of the stockholders of Earthstone (the “Public Stockholders”), however called, or at any adjournment or postponement thereof, or in connection with any written consent of the Public Stockholders or in any other circumstances upon which a vote, consent or other approval of all or some of the Public Stockholders is sought solely with respect to the matters described in this Section 4, such Party shall vote (or cause to be voted) or execute (or cause to be executed) consents with respect to, as applicable, all of the Common Stock (or other equity securities of Earthstone) owned (beneficially or of record) by such Party (or its Affiliates) as of the applicable record date in favor of (FOR) the election of the persons named in Earthstone’s proxy statement as the Board’s nominees for election as Directors, and against any other nominees;”

3.    Certain Covenants. Section 5(a) of the Voting Agreement is hereby deleted in its entirety and replaced with the following:
“(a) On January 6, 2021, the Board duly approved resolutions (the “Board Resolution”) (i) renouncing any interest or expectancy of Earthstone in, or in being offered an opportunity to participate in, any business opportunities that are presented to a nominee designated by the Warburg Parties to be nominated as a director on the Board in accordance with this Agreement (a “Designated Director”) or to any of the Warburg Parties or any of their respective Affiliates (the “Warburg Entities”), (ii) waiving any obligation on the part of any Designated Director to present any such business opportunity to Earthstone, in each case pursuant to Section 122(17) of the Delaware General Corporation Law and (iii) approving an amendment to the Code of Business Conduct and Ethics of Earthstone to include the Warburg Parties and their respective Affiliates as “Investor Parties” thereunder. For the avoidance of doubt, the Warburg Entities and any Designated Director shall be entitled to and may have business interests and engage in business activities in addition to those relating to Earthstone and its subsidiaries, including business interests and activities in direct competition with Earthstone and its subsidiaries. Neither Earthstone nor any of its subsidiaries shall have any rights by virtue of this Agreement in any business ventures of any Warburg Entity or any Designated Director. For so long as this Agreement is in effect, Earthstone shall not, and shall not permit the Board to, rescind or retract the Board Resolution, or take any other action that would reduce or eliminate the renunciation.”
4.    Termination. Section 8 is hereby amended by adding the following to the end of Section 8:  
“The term “Permitted Transferee” means an Affiliate of any of the Warburg Parties so long as such transferee executes a joinder agreement in the form of Exhibit A hereto (a “Joinder”).”
5.    Assignment. Section 10(a) of the Voting Agreement is hereby deleted in its entirety and replaced with the following:
“(a)  Assignment. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the Parties without the prior written consent of the other Parties. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and assigns.”
6.    Director Resignation.  Section 10(o) of the Voting Agreement is hereby deleted in its entirety and replaced with “Reserved”.
7.    Continuation of Voting Agreement.  From and after the date of this Amendment, all references to the Voting Agreement set forth herein or in any other agreement or instrument shall, unless otherwise specifically provided, be references to the Voting Agreement as amended by this Amendment and as may be further amended, modified, restated or supplemented from time to time by the Parties.  This Amendment is limited as specified and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Voting Agreement except as expressly set forth herein.  As amended hereby, all of the terms and provisions of the Voting Agreement are and shall remain in full force and effect and are hereby ratified and confirmed.
8.    Incorporation.  The Parties acknowledge and agree that this Amendment shall be governed by the terms of Section 10, as modified herein, and such provisions shall be incorporated herein, mutatis mutandis.

9.    Compliance with Voting Agreement.  The Parties acknowledge and agree that this Amendment complies with the requirements to amend or modify the Voting Agreement, as stated in Section 10(c) of the Voting Agreement.
10.    Counterparts.  This Amendment may be executed and delivered (including by email transmission) in one or more counterparts, each of which shall be deemed to be an original copy of this Amendment and all of which, when taken together, shall be deemed to constitute one and the same agreement.
[Signature pages follow]

IN WITNESS WHEREOF, the Parties have executed this Amendment effective as of the date set forth above.
EARTHSTONE:
EARTHSTONE ENERGY, INC.
By: /s/ Robert J. Anderson
Name: Robert J. Anderson
Title: President and Chief Executive Officer
Signature Page to
First Amendment to Amended and Restated Voting Agreement

WARBURG PARTIES:
						
	WARBURG PINCUS PRIVATE EQUITY (E&P) XI-A, L.P.
By:    Warburg Pincus (E&P) XI, L.P.,
its general partner
By:    Warburg Pincus (E&P) XI LLC,,
its general partner
By:    Warburg Pincus Partners (E&P) XI LLC,
its sole member
By:    Warburg Pincus Partners II (US), L.P.,
its managing member
By:    Warburg Pincus & Company US, LLC,
its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory
	WARBURG PINCUS ENERGY (E&P) 
PARTNERS-B IRH, LLC
By:    Warburg Pincus Energy (E&P) Partners-B, L.P.,
its managing member
By:    Warburg Pincus (E&P) Energy GP, L.P.,
its general partner
By:    Warburg Pincus (E&P) Energy LLC,
its general partner
By:    Warburg Pincus Partners II (US), L.P.,
its managing member
By:    Warburg Pincus & Company US, LLC,
its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory

		
	WARBURG PINCUS XI (E&P) PARTNERS-A, L.P.
By:    Warburg Pincus (E&P) XI, L.P.,
its general partner
By:    Warburg Pincus (E&P) XI LLC,
its general partner
By:    Warburg Pincus Partners (E&P) XI LLC,
its sole member
By:    Warburg Pincus Partners II (US), L.P.,
its managing member
By:    Warburg Pincus & Company US, LLC,
its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory
	WARBURG PINCUS XI (E&P) PARTNERS-B 
IRH, LLC
By:    Warburg Pincus XI (E&P) Partners-B, L.P.,
its managing member
By:    Warburg Pincus (E&P) XI, L.P.,
its general partner
By:    Warburg Pincus (E&P) XI LLC,
its general partner
By:    Warburg Pincus Partners (E&P) XI LLC,
its sole member
By:    Warburg Pincus Partners II (US), L.P.,
its managing member
By:    Warburg Pincus & Company US, LLC,
its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory

Signature Page to
First Amendment to Amended and Restated Voting Agreement

						
	WARBURG PINCUS ENERGY (E&P)-A, L.P.
By:    Warburg Pincus (E&P) Energy GP, L.P.,
its general partner
By:    Warburg Pincus (E&P) Energy LLC,
its general partner
By:    Warburg Pincus Partners II (US), L.P.,
its managing member
By:    Warburg Pincus & Company US, LLC,
its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory
	WARBURG PINCUS ENERGY (E&P) 
PARTNERS-A, L.P.
By:    Warburg Pincus (E&P) Energy GP, L.P.,
its general partner
By:    Warburg Pincus (E&P) Energy LLC,
its general partner
By:    Warburg Pincus Partners II (US), L.P.,
its managing member
By:    Warburg Pincus & Company US, LLC,
its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory

		
	WP ENERGY PARTNERS IRH HOLDINGS, L.P.
By:    Warburg Pincus (E&P) Energy GP, L.P.,
its general partner
By:    Warburg Pincus (E&P) Energy LLC,
its general partner
By:    Warburg Pincus Partners II (US), L.P.,
its managing member
By:    Warburg Pincus & Company US, LLC,
its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory
	WP ENERGY IRH HOLDINGS, L.P.
By:    Warburg Pincus (E&P) Energy GP, L.P.,
its general partner
By:    Warburg Pincus (E&P) Energy LLC,
its general partner
By:    Warburg Pincus Partners II (US), L.P.,
its managing member
By:    Warburg Pincus & Company US, LLC,
its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory

		

Signature Page to
First Amendment to Amended and Restated Voting Agreement

						
	WP IRH HOLDINGS, L.P.
By:    Warburg Pincus (E&P) XI, L.P.,
its general partner
By:    Warburg Pincus (E&P) XI LLC,
its general partner
By:    Warburg Pincus Partners (E&P) XI LLC,
its sole member
By:    Warburg Pincus Partners II (US), L.P.,
its managing member
By:    Warburg Pincus & Company US, LLC,
its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory
	WARBURG PINCUS ENERGY (E&P) PARTNERS-B CHISHOLM, LLC
By:      Warburg Pincus Energy (E&P) Partners-B, L.P., its managing member
By:      Warburg Pincus (E&P) Energy GP, L.P., its general partner
By:     Warburg Pincus (E&P) Energy LLC, its general partner
By:     Warburg Pincus Partners II (US), L.P., its managing member
By:     Warburg Pincus & Company US, LLC, its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory

	WP ENERGY CHISHOLM HOLDINGS, L.P.
By:      Warburg Pincus (E&P) Energy GP, L.P., its general partner
By:     Warburg Pincus (E&P) Energy LLC, its general partner
By:     Warburg Pincus Partners II (US), L.P., its managing member
By:     Warburg Pincus & Company US, LLC, its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory
	WP ENERGY PARTNERS CHISHOLM HOLDINGS, L.P.
By:      Warburg Pincus (E&P) Energy GP, L.P., its general partner
By:     Warburg Pincus (E&P) Energy LLC, its general partner
By:     Warburg Pincus Partners II (US), L.P., its managing member
By:     Warburg Pincus & Company US, LLC, its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory

Signature Page to
First Amendment to Amended and Restated Voting Agreement

						
	Warburg Pincus Private Equity (E&P) XII (A), L.P.
By:      Warburg Pincus (E&P) XII, L.P., its general partner
By:      Warburg Pincus (E&P) XII LLC, its general partner
By:      Warburg Pincus Partners II (US), L.P., its managing member
By:      Warburg Pincus & Company US, LLC, its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory
	WP XII Chisholm Holdings, L.P.
By:     Warburg Pincus (E&P) XII, L.P., its general partner
By:     Warburg Pincus (E&P) XII LLC, its general partner
By:     Warburg Pincus Partners II (US), L.P., its managing member
By:     Warburg Pincus & Company US, LLC, its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory

	Warburg Pincus XII (E&P) Partners-2 Chisholm, LLC
By:      Warburg Pincus XII (E&P) Partners-2, L.P., its managing member
By:      Warburg Pincus (E&P) XII, L.P., its general partner
By:      Warburg Pincus (E&P) XII LLC, its general partner
By:      Warburg Pincus Partners II (US), L.P., its managing member
By:      Warburg Pincus & Company US, LLC, its general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory
	Warburg Pincus Private Equity (E&P) XII-D (A), L.P.
By:      Warburg Pincus (E&P) XII, L.P., its general
partner
By:      Warburg Pincus (E&P) XII LLC, its general
partner
By:      Warburg Pincus Partners II (US), L.P., its
managing member
By:      Warburg Pincus & Company US, LLC, its
general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory

Signature Page to
First Amendment to Amended and Restated Voting Agreement

						
	Warburg Pincus Private Equity (E&P) XII-E (A), L.P.
By:      Warburg Pincus (E&P) XII, L.P., its general
partner
By:      Warburg Pincus (E&P) XII LLC, its general
partner
By:      Warburg Pincus Partners II (US), L.P., its
managing member
By:      Warburg Pincus & Company US, LLC, its
general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory
	WARBURG PINCUS XII (E&P) PARTNERS-1, L.P.
By:      Warburg Pincus (E&P) XII, L.P., its general
partner
By:      Warburg Pincus (E&P) XII LLC, its general
partner
By:      Warburg Pincus Partners II (US), L.P., its
managing member
By:      Warburg Pincus & Company US, LLC, its
general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory

	WP XII (E&P) Partners (A), L.P.
By:      Warburg Pincus (E&P) XII, L.P., its general
partner
By:      Warburg Pincus (E&P) XII LLC, its general
partner
By:      Warburg Pincus Partners II (US), L.P., its
managing member
By:      Warburg Pincus & Company US, LLC, its
general partner
By: /s/ Robert B. Knauss
Name: Robert B. Knauss
Title: Authorized Signatory
	

Signature Page to
First Amendment to Amended and Restated Voting Agreement

ENCAP:
ENCAP INVESTMENTS L.P.
By:    EnCap Investments GP, L.L.C.,
its general partner
By: /s/ Craig Friou
Name: Craig Friou
Title: Chief Financial Officer
Signature Page to 
First Amendment to Amended and Restated Voting Agreement

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