Document:

Exhibit 10.29

 

AMENDMENT AND ADDENDUM TO

TECHNOLOGY SUBLICENSE AGREEMENT

(Extending Longstop Date and Related
Payments)

 

THIS AMENDMENT AND
ADDENDUM TO TECHNOLOGY SUBLICENSE AGREEMENT (this “Amendment”) dated as of 27th May, 2020 (the “Effective
Date”) is entered into by and among IMPACT RECYCLING LIMITED, incorporated and registered in Scotland with company number
SC489143 whose registered office is at 16 Abbotsinch Road, Grangemouth, Stirlingshire, FK39UX (“Sublicensor”), IMPACT
LABORATORIES LIMITED, a limited company incorporated and registered in Scotland with company number SC230837 whose registered
office is at 16 Abbotsinch Road, Grangemouth, Stirlingshire, FK39UX (“Licensor”) and PURECYCLE TECHNOLOGIES,
LLC, a Delaware limited liability company having a principal place of business at 3452 Lake Lynda Drive Building 100, Suite 151,
Orlando, FL 32817 (“Sublicensee”).

 

RECITALS:

 

A. Reference is made to that certain
Technology Sublicense Agreement made as of 13th November, 2019 (the “Sublicense Agreement”) pursuant
to which the Sublicensor licensed certain patent rights to the Sublicensee, so that the Sublicensee was and is authorized to use
certain Sublicensed Technology to develop, manufacture, market, distribute, use and sell certain Licensed Products, subject to
terms and conditions agreed among the Sublicensor, the Sublicensee and the Licensor therein.

 

B. The Sublicense Agreement states
that Sublicensee shall pay the Sublicensor an Initial License Fee no later than the Longstop Date.

 

C. The Licensor, Sublicensor, and
Sublicensee (each a “Party” and collectively, the “Parties”) hereby desire to extend the
Longstop Date.

 

D. In consideration for the extension
of the Longstop Date, the Sublicensee agrees to the payment obligations set. forth in this Amendment.

 

E. Pursuant to the Section 15.5
of the Sublicense Agreement, the Sublicense Agreement may be amended only by a written instrument signed by the Licensor, the Sublicensor,
and the Sublicensee.

 

NOW THEREFORE, in consideration of the covenants
of the Parties, and other good and valuable consideration, the Parties hereby agree as follows:

 

1.            Defined
Terms. Capitalized terms used herein without definition and which are defined in the Sublicense Agreement shall have the meanings
set forth therein.

 

2.            Extension
of Longstop Date. The definition of “Longstop Date” set forth in Section 1.1 of the Sublicense Agreement
is hereby amended and restated to mean “December 31, 2020.”

 

3.            Payment
Obligations. The Sublicensee agrees to make the following payments to the Sublicensor as set forth below:

 

(a)            Twenty
Thousand Dollars ($20,000.00) to be paid within five (5) business days of the Effective Date (the “Initial Installment”),
which payment shall be credited against the Initial License Fee set forth in Section 3.1(a) of the Sublicense Agreement.

 

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(b)            Installment
payments to be paid monthly (each a “Monthly Installment”), beginning June 20, 2020, and payable on the
twentieth (20th) day of each month thereafter until and including December 20, 2020 (the “Installment Ferm”)
in a target amount (the “Target Installment Amount”) of Fifty Thousand Dollars ($50,000.00) (the “Base
Target Amount”) per Monthly Installment, each to be credited against the Initial License Fee, provided however
that.

 

 (i)       In any month during the Installment Term, the Sublicensee shall be permitted to pay a Monthly Installment amount less than the Base Target Amount, so long as the Monthly Installment paid is no less than Twenty Thousand Dollars ($20,000.00) in a given month (the “Minimum Monthly Installment Amount”), and the Sublicensee provides the Sublicensor seven (7) days prior written notice of its intent to pay less than the Base Target Amount, which notice shall include the amount of the Monthly Installment to be paid (the “Reduced Installment Amount”):

 

 (ii)      The first time during the Installment Term that the Sublicensee pays a Reduced Installment Amount, the difference between the Target Installment Amount and the Reduced Installment Amount (the “Deferred Amount”) shall become rolled-over and due and payable in the following month along with the next Monthly Installment, plus a roll-over fee in an amount equal to ten percent (10%) of the Deferred Amount (the “Roll-Over Fee”);

 

 (iii)     For each month thereafter the Target Installment Amount shall comprise the Base Target Amount for that month plus the Deferred Amount and Roll- Over Fee coming forward from the prior month.

 

 (iv)    On the Longstop Date, all accrued and unpaid Monthly Installment amounts due under this Section 3(b) shall become finally due and payable along with the Initial License Fee, payable as follows: (X) all accrued and unpaid Monthly Installment amounts to date, plus (Y) an amount equal to the balance of the Initial License Fee, less the Initial Installment and all Monthly Installment amounts (not including Roll-Over Fees) paid to date.

 

 (v)     For the avoidance of doubt, the worked examples set out in this clause 3.b(v) shall be referred to in any interpretation of this agreement:

 

		1.	In June 2020, the Sublicensee does not send a notification by 13th June 2020 that it wishes to change
the Target Payment Amount and accordingly $50,000 becomes due and payable by 20th June 2020;

		2.	In July 2020, the Target Payment Amount equals the Base Target Amount. However, the Sublicensee would like to pay $30,000
and so on or before 13th July it sends a notification of its intention to pay a Reduced Installment Amount of $30,000.
On or before 20th July the Sublicensee pays the Sublicensor $30,000. The Deferred Amount is $20,000 and the Roll-Over
Fee is $2,000 being 10% of the Deferred Amount.

 

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		3.	In August 2020, the Target Payment Amount is $72,000 comprising the Base Target Amount of S50,000, the Deferred Amount
of S20,000 and the Roll-Over Feeof $2,000. However, the Sublicensee
would like to pay the Minimum Monthly Installment Amount. Therefore, on or before 13th August 2020, the Sublicensee
sends notification of its intent to pay a Reduced Installment Amount of $20,000. On or before 20th August 2020
the Sublicensee pays $20,000 to the Sublicensor. The Deferred Amount is $52,000 and the Roll-Over Fee is $5,200.

		4.	In September 2020, the Sublicensee wants to bring the payments up to date. The Monthly Installment shall be the Target
Payment Amount of $107,200 being the Base Target Amount of $50,000 plus the Deferred Amount of $52,000 and the Roll-Over Feeof
$5,200. In October. November and December 2020, the Sublicensee pays the Sublicensor the Base Target Amount by the due
date of 20th of each month.

		5.	On or before the Longstop Date, the Sublicensee pays the amount of $2,130,000, being the Initial License Fee of $2,500,000
less the total Base Target Amounts paid of $350,000 (seven months x $50,000) and the Initial Installment.

 

 (vi)    This Amendment sets forth the entirety of the payment obligations of the Sublicensee until the Longstop Date.

 

4.            Termination
Rights. Notwithstanding anything conflicting or to the contrary in the Sublicense Agreement or this Amendment, the Sublicensee
shall be permitted to terminate, upon thirty (30) days prior written notice to the Sublicensor, the Sublicense Agreement, this
Amendment, and all obligations set forth therein or herein, including all payment obligations, except for the Minimum Monthly Installment
Amounts becoming due no later than the effective date of termination under this Section 4.

 

5.            Miscellaneous.
Except as expressly amended and modified by Sections 2, 3 and 4 above, all other terms and conditions of the Sublicense Agreement
shall remain unmodified and continue in full force and effect. To the extent there is any conflict between the terms of the Sublicense
Agreement and this Amendment, the terms of this Amendment shall prevail. This Amendment shall be governed by and construed in accordance
with the laws of the State of Delaware. This Amendment may be executed in counterparts, each of which shall be an original, but
which counterparts shall together constitute one and the same instrument. In the event that any signature is delivered by facsimile
transmission or by the signature page being sent via e-mail, by the signor thereof or their agent, as a portable data format
(pdf) file or image file attachment, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the Parties hereto have
executed this Amendment and Addendum to Technology Sublicense Agreement as of the Effective Date.

 

	SUBLICENSOR	 
	 	 	 	 
	IMPACT RECLING LIMITED	 
	 	 	 	 
	By:	/s/ A G Bailey	 
	 	Name:	A G Bailey	 
	 	Title:	Director	 
	 	 	 	 
	LICENSOR	 	 
	 	 	 	 
	IMPACT LABORATORIES LIMITED	 
	 	 	 	 
	By:	/s/ S. Buras	 
	 	Name:	S. Buras	 
	 	Title:	Director	 
	 	 	 	 
	SUBLICENSEE	 
	 	 	 	 
	PURECYCLE TECHNOLOGIES LLC	 
	 	 	 	 
	By:	/s/ Richard Brenner	 
	 	Name:	Richard Brenner	 
	 	Title:	Board MemberExhibit 10.30

 

SECOND AMENDMENT AND ADDENDUM TO

TECHNOLOGY SUBLICENSE AGREEMENT

(Amending Longstop Date, Partial Payment,
Stopping Accrued Interest, and

Effect of Failure to Pay Initial Installment)

 

THIS SECOND AMENDMENT AND ADDENDUM TO TECHNOLOGY
SUBLICENSE AGREEMENT (this “Amendment”) dated as of December 15 , 2020 (the “Effective
Date”) is entered into by and among IMPACT RECYCLING LIMITED, incorporated and registered in Scotland with company number
SC489143 whose registered office is at 16 Abbotsinch Road, Grangemouth, Stirlingshire, FK39UX (“Sublicensor”), IMPACT
LABORATORIES LIMITED, a limited company incorporated and registered in Scotland with company number SC230837 whose registered office
is at 16 Abbotsinch Road, Grangemouth, Stirlingshire, FK39UX (“Licensor”) and PURECYCLE TECHNOLOGIES, LLC, a
Delaware limited liability company having a principal place of business at 5950 Hazeltine National Drive, Suite 650, Orlando,
FL 32822 (“Sublicensee”).

 

RECITALS:

 

A. Reference is made to that certain
Technology Sublicense Agreement made as of November 13, 2019 (the “Sublicense Agreement”) pursuant to which
the Sublicensor licensed certain patent rights to the Sublicensee, so that the Sublicensee was and is authorized to use certain
Sublicensed Technology to develop, manufacture, market, distribute, use and sell certain Licensed Products, subject to terms and
conditions agreed among the Sublicensor, the Sublicensee and the Licensor therein.

 

B. The Sublicense Agreement states
that Sublicensee shall pay the Sublicensor an Initial License Fee no later than the Longstop Date.

 

C. The Licensor, Sublicensor, and
Sublicensee (each a “Party” and collectively, the “Parties”) executed that certain Amendment
and Addendum to Technology Sublicense Agreement dated May 27, 2020 (the “First Amendment”) which extended
the Longstop Date from May 31, 2020 to December 31, 2020 and provided for Monthly Installment (as defined in the First
Amendment) payment obligations by Sublicensee.

 

D. The Parties now desire to (i) amend
the Longstop Date pursuant to the terms and conditions set forth herein, (ii) provide that Sublicensee shall pay Sublicensor
$750,000 towards the Initial License Fee no later than December 28, 2020, (iii) provide that all Roll-Over Fees (as defined
in the First Amendment) and other interest accruing on the Monthly Installments pursuant to the terms of the Sublicense Agreement
and the First Amendment shall stop accruing on December 20, 2020, and (iv) agree to terminate all rights and obligations
of the Parties in the event that Sublicensee fails to pay the amounts due by the revised Longstop Date set forth herein.

 

E. Pursuant to the Section 15.5
of the Sublicense Agreement, the Sublicense Agreement may be amended only by a written instrument signed by the Licensor, the Sublicensor,
and the Sublicensee.

 

NOW THEREFORE, in consideration of the covenants
of the Parties, and other good and valuable consideration, the Parties hereby agree as follows:

 

1.            Defined
Terms. Capitalized terms used herein without definition and which are defined in the Sublicense Agreement shall have the meanings
set forth therein.

 

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2.            Amendment
of Longstop Date. The definition of “Longstop Date” set forth in Section 1.1 of the Sublicense
Agreement is hereby amended and restated to mean “the earlier of (i) the date occurring ten (10) days after
the closing and consummation of the transactions contemplated by that certain Agreement and Plan of Merger dated
November 16, 2020 by and among Roth CH Acquisition I Co., a Delaware corporation, Roth CH Acquisition I Co. Parent
Corp., a Delaware corporation, Roth CH Merger Sub Corp., a Delaware corporation, Roth CH Merger Sub LLC, a Delaware limited
liability company, and PureCycle Technologies LLC, a Delaware limited liability company, as may be amended, and
(ii) May 31, 2021.”

 

3.          Partial
Payment. Sublicensee shall pay to Sublicensor the amount of Seven Hundred and Fifty Thousand Dollars ($750,000) no later
than December 28, 2020, which amount shall be credited towards the principal amount of the Initial License Fee.

 

4.            Amounts
Accruing on Monthly Installments. All Roll-Over Fees (as defined in the First Amendment) and all other interest and fees accruing
on the Monthly Installments (as defined in the First Amendment) pursuant to the terms of the Sublicense Agreement and the First
Amendment shall stop accruing as of December 20, 2020. For purposes of clarity, the remaining balance of the unpaid principal
amount of the Initial License Fee, and all unpaid Roll-Over Fees and other interest and fees accruing on the Monthly Installments
prior to December 20, 2020, shall become due and payable on the Longstop Date.

 

5.            Termination
of Sublicense Agreement. In the event Sublicensee fails to pay the remaining balance due on the Longstop Date, the
Sublicense Agreement, as amended, shall be terminated in its entirety, and all rights and obligations of the Parties shall be
terminated, cancelled, and of no further effect.

 

6.        Miscellaneous.
Except as expressly amended and modified by Sections 2-5 above, all other terms and conditions of the Sublicense Agreement,
as modified by the First Amendment, shall remain unmodified and continue in full force and effect. To the extent there is any
conflict between the terms of the Sublicense Agreement, the First Amendment, and/or this Amendment, the terms of this
Amendment shall prevail. This Amendment shall be governed by and construed in accordance with the laws of the State of
Delaware. This Amendment may be executed in counterparts, each of which shall be an original, but which counterparts shall
together constitute one and the same instrument. In the event that any signature is delivered by facsimile transmission or by
the signature page being sent via e-mail, by the signor thereof or their agent, as a portable data format (pdf) file or
image file attachment, such signature shall create a valid and binding obligation of the party executing (or on whose behalf
such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the Parties hereto have
executed this Second Amendment to Technology Sublicense Agreement as of the Effective Date.

 

	SUBLICENSOR	 
	 	 	 	 
	IMPACT RECYCLING LIMITED	 
	 	 
	By:	/s/ David Walsh	   
	 	Name:	David Walsh	 
	 	Title:	CEO	 
	 	 	 	 
	LICENSOR	 	 
	 	 	 	 
	IMPACT LABORATORIES LIMITED	 
	 	 
	By:	/s/ Steven Burns	   
	 	Name:	Steven Burns	 
	 	Title:	Director	 
	 	 	 	 
	SUBLICENSEE	 
	 	 	 	 
	PURECYCLE TECHNOLOGIES LLC	 
	 	 
	By:	/s/ Rick Brenner	   
	 	Name:	Rick Brenner	 
	 	Title:	Board Member

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