Document:

Exhibit 10.13

 

September 16, 2021

 

Adam Goldstein

[Address omitted]

 

		Re:	Employment Terms

 

Dear Adam:

 

On behalf of Archer Aviation Inc. (the “Company”
or “New Archer”), being the public company resulting from the business combination of Atlas Crest Investment Corp.,
Artemis Acquisition Sub Inc., and Archer Aviation Inc. (“Archer”) pursuant to the Amended and Restated Business Combination
Agreement by and among the parties thereto, dated July 29, 2021 (the “Business Combination Agreement”), I am pleased
to offer you employment at the Company on the terms set forth in this offer letter agreement (the “Agreement”). As
discussed, the terms of this Agreement govern with respect to your employment, which is anticipated to start on the Closing Date (as defined
in the Business Combination Agreement (such actual date of your commencement of employment referred to herein as the “Start Date”).

 

		1.	Employment by the Company.

 

(a)               
Position. You will serve as the Company’s Co-Chief Executive Officer (“Co-CEO”), reporting to the
Company’s Board of Directors (the “Board”). During the term of your employment with the Company, you will devote
your best efforts and substantially all of your business time and attention to the business of the Company, except for approved vacation
periods and reasonable periods of illness or other incapacities permitted by the Company’s general employment policies. It is anticipated
that such business of the Company will include your providing services to entities that are affiliated with the Company, without further
or additional compensation or benefits other than as set forth in this Agreement.

 

(b)              
Duties and Location. You will perform those duties and responsibilities as are customary for the position of Co-CEO and as
may be directed by the Board. You will work out of the Company’s offices in Palo Alto, California, or if the offices have not yet
reopened, you will initially work remotely until the Company’s offices re-open. Notwithstanding the foregoing, the Company reserves
the right to reasonably require you to perform your duties at places other than your primary office location from time to time, and to
require reasonable business travel. Subject to the Good Reason and other provisions contained herein, the Company may modify your job
title, work location and duties as it deems necessary and appropriate in light of the Company’s needs and interests from time to
time.

 

		2.	Base Salary and Employee Benefits.

 

(a)               
Salary. You will be paid a base salary at the rate of $600,000 per year, less applicable payroll deductions and withholdings.
Your base salary will be paid on the Company’s ordinary payroll cycle. As an exempt salaried employee, you will be required to work
the Company’s normal business hours, and such additional time as appropriate for your work assignments and position, and you will
not be entitled to overtime compensation.

 

(b)               Annual
Bonus. You will be eligible for an annual discretionary performance bonus with a target amount of fifty percent (50%) of your
base salary, less payroll deductions and withholdings. The amount of this bonus will be determined in the sole discretion of the
Company based upon achievement of target objectives as established by the Board or a committee of the Board (the
 “Compensation Committee”) in its sole discretion. The Company will pay you this bonus, if any, no later than
March 15th of the following calendar year. The bonus is not earned until paid, is subject to your continuous employment with the
Company through the payment date, and no pro-rated amount will be paid if your employment terminates for any reason prior to the
bonus payment date.

 

     

    Adam Goldstein
 September 16, 2021
 Page 2

    

 

(c)               
Employee Benefits. As a regular full-time employee, you will be eligible to participate in the Company’s standard employee
benefits offered to executive level employees, as in effect from time to time and subject to the terms and conditions of the benefit plans
and applicable Company policies. A full description of these benefits is available upon request. The Company may change your compensation
and benefits from time to time in its discretion.

 

3.            Expenses. The Company will reimburse you for reasonable travel, entertainment or other expenses incurred by you in furtherance
of or in connection with the performance of your duties hereunder, in accordance with the Company’s expense reimbursement policies
and practices as in effect from time to time.

 

4.            Equity Awards. Immediately prior to the closing of the transactions contemplated by the Business Combination Agreement (the
 “Closing”), you will be granted such number of restricted stock units (the “Founder Grants”) in
accordance with the Restricted Stock Unit Award Grant Notice (the “RSU Agreement”) under the Archer Amended and
Restated 2019 Stock Plan (as may be amended following the date hereof to permit the grant of the Founder Grants), that, taken together
with your existing equity ownership, would result in you owning 18% of the Total Outstanding Capitalization (as defined in the Business
Combination Agreement) on Closing. The Founder Grants will vest in accordance with the terms set forth in Exhibit E to the Business Combination
Agreement as memorialized in the RSU Agreement. For greater certainty, if the Closing does not occur, the Founder Grants shall be automatically
forfeited and you shall have no further rights or entitlements thereto.

 

5.            Compliance with Confidentiality Information Agreement and Company Policies. As a condition of employment, you agree to sign
and comply with the Company’s Employee Confidential Information and Inventions Assignment Agreement (the “Confidentiality
Agreement”), attached hereto as Exhibit A. In addition, you are required to abide by the Company’s policies
and procedures (including but not limited to the Company’s employee Handbook), as adopted or modified from time to time within the
Company’s discretion, and acknowledge in writing that you have read and will comply with such policies and procedures (and provide
additional such acknowledgements as such policies and procedures may be modified from time to time); provided, however, that in
the event the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices,
this Agreement shall control.

 

6.            Protection of Third Party Information. By signing this Agreement, you are representing that you have full authority to accept
this position and perform the duties of the position without conflict with any other obligations and that you are not involved in any
situation that might create, or appear to create, a conflict of interest with respect to your loyalty to or duties for the Company. You
specifically warrant that you are not subject to an employment agreement or restrictive covenant preventing full performance of your duties
to the Company. In addition, you agree not to bring to the Company or use in the performance of your responsibilities at the Company any
materials or documents of a former employer that are not generally available to the public, unless you have obtained express written authorization
from the former employer for their possession and use. You also agree to honor all obligations to former employers during your employment
with the Company.

 

7.             At-Will Employment Relationship. Your employment relationship with the Company is at will. Accordingly, you may terminate your
employment with the Company at any time and for any reason whatsoever simply by notifying the Company; and the Company may terminate your
employment at any time, with or without Cause (as defined herein) or advance notice.

 

     

    Adam Goldstein
 September 16, 2021
 Page 3

    

 

8.             Severance in the Event of Qualifying Termination Absent a Change of Control. If, at any time, the Company terminates your
employment without Cause (other than as a result of your death or disability) or you resign for Good Reason (either such termination referred
to as a “Qualifying Termination”), provided such termination or resignation constitutes a Separation from Service (as
defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation
from Service”), then in addition the Accrued Obligations (defined below), and subject to Sections 10 (“Clawback and Recovery”),
12 (“Conditions to Receipt of Severance Benefits and Accelerated Vesting”) and 13 (“Return of Company Property”)
below and your continued compliance with the terms of this Agreement (including without limitation the Confidentiality Agreement), the
Company will provide you with the following severance benefits (the “Severance Benefits”):

 

(a)               
Cash Severance. The Company will pay you, as cash severance, an amount equal to twenty-four (24) months of your base salary
in effect as of your Separation from Service date (ignoring any reductions that may give rise to Good Reason), less standard payroll deductions
and tax withholdings (the “Severance”). The Severance will be paid in installments in the form of continuation of your
base salary payments, paid on the Company’s ordinary payroll dates, commencing on the Company’s first regular payroll date
that is more than sixty (60) days following your Separation from Service date, and shall be for any accrued base salary for the sixty
(60)-day period plus the period from the sixtieth (60th) day until the regular payroll date, if applicable, and all salary
continuation payments thereafter, if any, shall be made on the Company’s regular payroll dates

 

(b)              
Bonus Severance. The Company will pay you an additional cash severance payment in an amount equal to two times (2x) the amount
of your target annual bonus pursuant to Section 2(b) of this Agreement for the calendar year in which your employment is terminated, less
applicable deductions and withholdings (the “Bonus Severance”). The Bonus Severance will be paid in a lump sum within
sixty (60) days following the Separation from Service date.

 

(c)               
COBRA Severance. The Company will pay to you a fully taxable cash payment equal to the amount of your COBRA premiums you would
have to pay to continue your health care coverage in effect at the at the time of your Separation from Service for a maximum of twenty-four
(24) months following the Separation from Service date (such amount, the “Special Cash Payment”). You may, but are
not obligated to, use such Special Cash Payment towards the cost of your own health insurance coverage.

 

(d)              
Accelerated Vesting. The Company shall accelerate vesting (the “Accelerated Vesting”) of the number of then-unvested
shares subject to any time-based equity awards previously granted to you by the Company (excluding for the avoidance of doubt the Founder
Grants) that would have vested had your employment continued for an additional twenty-four (24) months after the Separation from Service
date, such that those number of shares shall be deemed immediately vested and exercisable as of your Separation from Service date.

 

(e)               
Founder Grants. The Founder Grants will remain outstanding for 15 months from the date of such termination and will remain
eligible for vesting upon the achievement of the milestones set forth in such RSU Agreement.

 

9.            Severance
in the Event of Qualifying Termination in Connection with a Change of Control. In the event of a Qualifying Termination that
occurs within three (3) months prior to or within eighteen (18) months following the closing of a Change of Control (as defined
below), provided such Qualifying Termination constitutes a Separation from Service, then in addition the Accrued Obligations, and
subject to Sections 10 (“Clawback and Recovery”), 12 (“Conditions to Receipt of Severance Benefits and Accelerated
Vesting”) and 13 (“Return of Company Property”) below and your continued compliance with the terms of this
Agreement (including without limitation the Confidentiality Agreement), the Company shall provide you with the Severance Benefits
set forth in Section 8 above, provided, however, that (a) the Severance will be paid in a lump sum within sixty (60) days
following the Separation from Service Date rather than in installments, and (b) the Accelerated Vesting shall apply to any
then-unvested shares of any equity awards previously granted to you by the Company such that one hundred percent (100%) of the
time-based portion of any such equity awards (excluding, for the avoidance of doubt, the Founder Grants) shall be deemed satisfied
as of your Separation from Service date.

 

     

    Adam Goldstein
 September 16, 2021
 Page 4

    

 

10.          Clawback and Recovery. Any and all Severance Benefits and Accelerated Vesting provided under this Agreement will be subject
to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national
securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall
Street Reform and Consumer Protection Act or other applicable law.

 

11.          Resignation Without Good Reason; Termination for Cause; Death or Disability. If, at any time, you resign your employment without
Good Reason, or the Company terminates your employment for Cause, or if either party terminates your employment as a result of your death
or disability, you will receive (i) all accrued but unpaid base salary through the date of your employment termination, (ii) any unpaid
or unreimbursed expenses, and (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment
(excluding any employee benefit plan providing for severance or similar benefits), in accordance with the terms contained (collectively,
the “Accrued Obligations”). Under these circumstances, you will not be entitled to any other form of compensation from
the Company, including any Severance Benefits or Accelerated Vesting.

 

12.          Conditions to Receipt of Severance Benefits and Accelerated Vesting. Prior to and as a condition to your receipt of the Severance
Benefits or Accelerated Vesting, you shall execute and deliver to the Company an effective release of claims in favor of and in substantially
the form attached hereto as Exhibit B (the “Release”), subject to any changes to comply with changes
in the law, and allow the Release to become effective according to its terms (by not invoking any legal right to revoke it) within any
applicable time period set forth therein (such latest permitted effective date, the “Release Deadline”).

 

13.          Return
of Company Property. Upon the termination of your employment for any reason, as a precondition to your receipt of the Severance
Benefits or Accelerated Vesting (if applicable), within fifteen (15) days after your Separation from Service Date (or earlier if
requested by the Company), you must return to the Company all Company documents (and all copies thereof) and other Company property
in your possession, custody or control, including, but not limited to, Company files, notes, financial and operational information,
password and account information, customer lists and contact information, prospect information, product and services information,
research and development information, drawings, records, plans, forecasts, pipeline reports, sales reports or other reports, payroll
information, spreadsheets, studies, analyses, compilations of data, proposals, agreements, sales and marketing information,
personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment
(including, but not limited to, computers, facsimile machines, mobile telephones, tablets, handheld devices, and servers), credit
cards, entry cards, identification badges and keys, and any materials of any kind which contain or embody any proprietary or
confidential information of the Company, and all reproductions thereof in whole or in part and in any medium. You further agree that
you will make a diligent search to locate any such documents, property and information and return them to the Company within the
timeframe provided above. You also must provide the Company all passwords, log-ins, administrative access, and any other information
or access for and relating to any Company computer or other device that you have used to access or use the Company’s network,
as well as any Company database or Company accounts with third parties which you established, administered, or to which you had
access, and must terminate your access to such network and accounts and otherwise comply with any Company requests regarding all
such access and accounts. In addition, if you have used any personal computer, server, or email system to receive, store, review,
prepare or transmit any confidential or proprietary data, materials or information of the Company, then within five (5) days after
your Separation from Service date (or earlier if requested by the Company) you must provide the Company with a computer-useable copy
of such information and permanently delete and expunge such confidential or proprietary information from those systems without
retaining any reproductions (in whole or in part); and you agree to provide the Company access to your system, as requested, to
verify that the necessary copying and deletion is done. If requested, you shall deliver to the Company a signed statement certifying
compliance with this Section prior to the receipt of the Severance Benefits or Accelerated Vesting.

 

     

    Adam Goldstein
 September 16, 2021
 Page 5

    

 

14.          Outside Activities. Throughout your employment with the Company, you may engage in civic and not-for-profit activities so long
as such activities do not interfere with the performance of your duties hereunder or present a conflict of interest with the Company.
During your employment by the Company, except on behalf of the Company, you will not directly or indirectly serve as an officer, director,
stockholder, employee, partner, proprietor, investor, joint venturer, associate, representative or consultant of any other person, corporation,
firm, partnership or other entity whatsoever known by you to compete with the Company (or is planning or preparing to compete with the
Company), anywhere in the world, in any line of business engaged in (or planned to be engaged in) by the Company; provided, however, that
you may purchase or otherwise acquire up to (but not more than) one percent (1%) of any class of securities of any enterprise (but without
participating in the activities of such enterprise) if such securities are listed on any national or regional securities exchange. The
Company is aware that you are engaged in those outside activities listed in Exhibit C and consents to your continued participation
in such activities, so long as such activities do not interfere with the performance of your duties hereunder or present a conflict of
interest with the Company.

 

15.         Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)               
“Cause” for termination will exist if your employment is terminated for any of the following reasons: (i)
any material breach by you of any material written agreement between you and the Company and your failure to cure such condition (if curable)
within thirty (30) days after receiving written notice thereof; (ii) any failure by you to comply with the Company’s material written
policies or rules as they may be in effect from time to time; (iii) your willful failure to follow reasonable and lawful instructions
from the Board and your failure to cure such condition (if curable) within thirty (30) days after receiving written notice thereof; (iv)
your conviction of (including a plea of guilty or nolo contendere) to, any crime that results in, or is reasonably expected to result
in, material harm to the business or reputation of the Company; (v) your commission of or participation in an act of fraud; (vi) your
misconduct that results in material damage to the Company’s business, property or reputation; or (vii) your unauthorized use or
disclosure of any proprietary information or trade secrets of the Company or any other party to whom you owe an obligation of nondisclosure
as a result of his relationship with the Company. For purposes of clarity, a termination without “Cause” does not include
any termination that occurs as a result of your death or disability.

 

(b)              
“Good Reason” will exist if any of the following actions are taken by the Company without your prior written
consent: (i) a material reduction in your base salary (unless pursuant to a salary reduction program applicable generally to your similarly
situated employees not to exceed ten percent (10%)); (ii) a material reduction in your title or duties (including responsibilities and/or
authorities); or (iii) relocation of your principal place of employment by more than thirty-five (35) miles, provided, however, that any
change from remote work to working from the Company’s Palo Alto offices will not be deemed a relocation that could give rise to
Good Reason under this provision. In order to resign for Good Reason, you must provide written notice to the Company’s Board within
thirty (30) days after the first occurrence of the event giving rise to Good Reason setting forth the basis for your resignation, allow
the Company at least thirty (30) days from receipt of such written notice to cure such event, and if such event is not reasonably cured
within such period, you must resign from all positions you then hold with the Company not later than thirty (30) days after the expiration
of the cure period.

 

(c)               
“Change of Control” shall mean a Change of Control Transaction as defined in the Business Combination Agreement.

 

     

    Adam Goldstein
 September 16, 2021
 Page 6

    

 

16.         Compliance with Section 409A. It is intended that the payments and benefits set forth in this Agreement satisfy, to the greatest
extent possible, the exemptions from the application of Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”)
(Section 409A, together with any state law of similar effect and the treasury regulations and guidance promulgated thereunder, collectively,
 “Section 409A”), including under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). For purposes
of Section 409A (including, without limitation, for purposes of Treasury Regulations 1.409A-2(b)(2)(iii)), your right to receive any installment
payments under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series
of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment.
Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within
the specified period shall be within the sole discretion of the Company. Notwithstanding any provision to the contrary in this Agreement,
if the Company (or, if applicable, the successor entity thereto) determines that the Severance or Accelerated Vesting constitute “deferred
compensation” under Section 409A and you are, on the date of your Separation from Service, a “specified employee” of
the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code (a “Specified Employee”),
then, solely to the extent necessary to avoid the incurrence of adverse personal tax consequences under Section 409A, the timing of the
Severance Benefits and Accelerated Vesting shall be delayed until the earliest of: (i) the date that is six (6) months and one (1) day
after your Separation from Service date, (ii) the date of your death, or (iii) such earlier date as permitted under Section 409A without
the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i)
period, all payments or benefits deferred pursuant to this Section shall be paid in a lump sum or provided in full by the Company (or
the successor entity thereto, as applicable), and any remaining payments due shall be paid as otherwise provided herein. No interest shall
be due on any amounts so deferred. If the Severance Benefits and Accelerated Vesting benefits are not covered by one or more exemptions
from the application of Section 409A and the Release could become effective in the calendar year following the calendar year in which
you have a Separation from Service, the Release will not be deemed effective any earlier than the Release Deadline. The payments and benefits
provided hereunder are intended to qualify for an exemption from application of Section 409A or comply with its requirements to the extent
necessary to avoid adverse personal tax consequences under Section 409A, and any ambiguities herein shall be interpreted accordingly.
Notwithstanding anything to the contrary herein, to the extent required to comply with Section 409A, a termination of employment shall
not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or
following a termination of employment unless such termination is also a “separation from service” within the meaning of Section
409A. Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes
 “nonqualified deferred compensation” for purposes of Section 409A be subject to offset by any other amount unless otherwise
permitted by Section 409A. With respect to reimbursements or in-kind benefits provided to you hereunder (or otherwise) that are not exempt
from Section 409A, the following rules shall apply: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided,
during any one of your taxable years shall not affect the expenses eligible for reimbursement, or in-kind benefit to be provided in any
other taxable year, (ii) in the case of any reimbursements of eligible expenses, reimbursement shall be made on or before the last day
of your taxable year following the taxable year in which the expense was incurred, (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit. To the extent that any provision hereof is modified in order to comply
with Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original
intent and economic benefit to you and the Company of the applicable provision without violating the provisions of Section 409A. In no
event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on you by Section 409A or
damages for failing to comply with Section 409A.

 

     

    Adam Goldstein
 September 16, 2021
 Page 7

    

 

		17.	Section 280G; Parachute Payments.

 

(a)                If
any payment or benefit you will or may receive from the Company or otherwise (a “280G Payment”) would (i) constitute a
 “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the
excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment provided pursuant
to this Agreement (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount”
shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being
subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the
amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an
after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the
Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant
to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that
results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the
items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).

 

(b)              
Notwithstanding any provision of subsection (a) above to the contrary, if the Reduction Method or the Pro Rata Reduction Method
would result in any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes
pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as
to avoid the imposition of taxes pursuant to Section 409A as follows: (A) as a first priority, the modification shall preserve to the
greatest extent possible, the greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments
that are contingent on future events (e.g., being terminated without Cause), shall be reduced (or eliminated) before Payments that are
not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning
of Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A.

 

(c)               
Unless you and the Company agree on an alternative accounting firm or law firm, the accounting firm engaged by the Company
for general tax compliance purposes as of the day prior to the effective date of the of in Control transaction shall perform the foregoing
calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group
effecting the change in control transaction, the Company shall appoint a nationally recognized accounting or law firm to make the determinations
required by this Section 17 (“Section 280G; Parachute Payments”). The Company shall bear all expenses with respect to the
determinations by such accounting or law firm required to be made hereunder. The Company shall use commercially reasonable efforts to
cause the accounting or law firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting
documentation, to you and the Company within fifteen (15) calendar days after the date on which your right to a 280G Payment becomes reasonably
likely to occur (if requested at that time by you or the Company) or such other time as requested by you or the Company.

 

(d)              
If you receive a Payment for which the Reduced Amount was determined pursuant to clause (x) of Section 17(a) and the Internal
Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you agree to promptly return to the
Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of Section 17(a)) so that no portion of the remaining
Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) of Section
17(a), you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.

 

     

    Adam Goldstein
 September 16, 2021
 Page 8

    

 

18.          Dispute
Resolution. To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with the
Company, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited
to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement, your employment
with the Company, or the termination of your employment, shall be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. § 1-16,
to the fullest extent permitted by law, by final, binding and confidential arbitration conducted by JAMS, Inc. or its successor (“JAMS”),
under JAMS’ then applicable rules and procedures for employment disputes before a single arbitrator (available upon request and
also currently available at http://www.jamsadr.com/rules-employment-arbitration/). You acknowledge that by agreeing to this
arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative
proceeding. In addition, all claims, disputes, or causes of action under this section, whether by you or the Company, must be brought
in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative
proceeding, nor joined or consolidated with the claims of any other person or entity. The arbitrator may not consolidate the claims of
more than one person or entity, and may not preside over any form of representative or class proceeding. To the extent that the preceding
sentences regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s)
alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration. This paragraph shall not apply to
any action or claim that cannot be subject to mandatory arbitration as a matter of law, including, without limitation, claims brought
pursuant to the California Private Attorneys General Act of 2004, as amended, the California Fair Employment and Housing Act, as amended,
and the California Labor Code, as amended, to the extent such claims are not permitted by applicable law to be submitted to mandatory
arbitration and such applicable law(s) are not preempted by the Federal Arbitration Act or otherwise invalid (collectively, the “Excluded
Claims”). In the event you intend to bring multiple claims, including one of the Excluded Claims listed above, the Excluded
Claims may be publicly filed with a court, while any other claims will remain subject to mandatory arbitration. You will have the right
to be represented by legal counsel at any arbitration proceeding. Questions of whether a claim is subject to arbitration under this agreement
shall be decided by the arbitrator. Likewise, procedural questions which grow out of the dispute and bear on the final disposition are
also matters for the arbitrator. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the
dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written statement signed by the arbitrator regarding
the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s
essential findings and conclusions on which the award is based. The arbitrator shall be authorized to award all relief that you or the
Company would be entitled to seek in a court of law. The Company shall pay all JAMS arbitration fees in excess of the administrative
fees that you would be required to pay if the dispute were decided in a court of law. Nothing in this letter agreement is intended to
prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any
such arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts
of any competent jurisdiction.

 

19.          Miscellaneous.
This offer is contingent upon a satisfactory reference check and satisfactory proof of your right to work in the United States. If
the Company informs you that you are required to complete a background check or drug test, this offer is contingent upon
satisfactory clearance of such background check and/or drug test. You agree to assist as needed and to complete any documentation at
the Company’s request to meet these conditions. This Agreement, together with your Confidentiality Agreement, forms the
complete and exclusive statement of your employment agreement with the Company. It supersedes any other agreements or promises made
to you by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the
Company’s or the Board’s discretion in this Agreement, require a written modification approved by the Company and signed
by a duly authorized officer of the Company (other than you). This Agreement will bind the heirs, personal representatives,
successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors
and assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this
determination shall not affect any other provision of this Agreement and the provision in question shall be modified so as to be
rendered enforceable in a manner consistent with the intent of the parties insofar as possible under applicable law. This Agreement
shall be construed and enforced in accordance with the laws of the State of California without regard to conflicts of law
principles. Any ambiguity in this Agreement shall not be construed against either party as the drafter. Any waiver of a breach of
this Agreement, or rights hereunder, shall be in writing and shall not be deemed to be a waiver of any successive breach or rights
hereunder. This Agreement may be delivered and executed via facsimile, electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other
transmission method and shall be deemed to have been duly and validly delivered and executed and be valid and effective for all
purposes.

 

     

    Adam Goldstein
 September 16, 2021
 Page 9

    

 

Please sign and date this Agreement and the enclosed
Confidentiality Agreement and return them to me on or before September 16, 2021 if you wish to accept employment at the Company under
the terms described above. The offer of employment herein will expire if I do not receive this signed letter by that date. I would be
happy to discuss any questions that you may have about these terms.

 

We are delighted to be making this offer and the
Company looks forward to your favorable reply and to a productive and enjoyable work relationship.

 

Sincerely,

 

	/s/ Brett Adcock	 
	Brett Adcock, Director	 

 

Reviewed, Understood, and Accepted:

 

	/s/ Adam Goldstein	 	September 16, 2021	 
	Adam Goldstein	 	Date	 

 

Exhibit A: Confidentiality Agreement

Exhibit B: Release

Exhibit C: Outside Activities

 

     

     

    

 

Exhibit
A

 

CONFIDENTIALITY AGREEMENT

  

Omitted.

 

    A-1

     

    

 

Exhibit
B

 

RELEASE

 

In exchange for the severance
benefits to be provided to me by Archer Aviation Inc. (the “Company”) pursuant to my Employment Terms offer letter
between me and the Company, dated September 16, 2021 (the “Employment Agreement”), I hereby provide the following release.

 

I hereby generally and completely
release the Company and its parents, subsidiaries, successors, predecessors, and affiliates, and each of their respective current and
former directors, officers, employees, stockholders, shareholders, agents, attorneys, insurers, and assigns, from any and all claims,
liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions
occurring at any time prior to and including the date I sign this release. This general release includes, but is not limited to: (a) all
claims arising out of or in any way related to my employment or the termination of that employment; (b) all claims related to my compensation
or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock
options, or any other ownership interests; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant
of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation
of public policy; and (e) all federal, state, provincial and local statutory claims, including claims for discrimination, harassment,
retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans
with Disabilities Act of 1990 (as amended), the federal Age Discrimination in Employment Act (as amended) (“ADEA”),
the federal Employee Retirement Income Security Act of 1974 (as amended), and the California Fair Employment and Housing Act (as amended).
Notwithstanding the foregoing, I understand that the following claims are not included in my release: (a) any rights or claims for indemnification
I may have pursuant to any written indemnification agreement; the charter, bylaws, or operating agreements of the Company; or under applicable
law; (b) any rights which cannot be waived as a matter of law; or (c) any rights to vested benefits or compensation.

 

In addition, I understand
that nothing in this release limits my ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Department
of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission
or any other federal, state or local governmental agency or commission (“Government Agencies”). I further understand
this release does not limit my ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding
that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While
this Agreement does not limit my right to receive an award for information provided to the Securities and Exchange Commission, I understand
and agree that, to maximum extent permitted by law, I am otherwise waiving any and all rights I may have to individual relief based on
any claims that I have released and any rights I have waived by signing this release.

 

I acknowledge that I am knowingly
and voluntarily waiving and releasing any rights I may have under the ADEA (“ADEA Waiver”), and that the consideration
for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further
acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any rights
or claims that may arise after the date I sign this release; (b) I should consult with an attorney prior to signing this release (although
I may choose voluntarily not do so); (c) I have [21][45] days to consider this release (although
I may choose voluntarily to sign this release earlier); (d) I have seven days following the date I sign this release to revoke it by providing
written notice to the Board of Directors; and (e) this release will not be effective until the date upon which the revocation period has
expired, which will be the eighth day after I sign this release.

 

    B-2

     

    

 

I acknowledge that I have
read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims
which the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that,
if known by him or her, would have materially affected his or her settlement with the debtor or released party.” I hereby expressly
waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release
of any claims hereunder.

 

I hereby represent that I
have been paid all compensation owed and for all hours worked; I have received all the leave and leave benefits and protections for which
I am eligible pursuant to the Family and Medical Leave Act, the California Family Rights Act, or otherwise; and I have not suffered any
on-the-job injury for which I have not already filed a workers’ compensation claim. I further acknowledge that, other than the severance
benefits that will be provided to me pursuant to the Employment Agreement upon the effectiveness of this release, among other required
conditions, I have not earned and will not receive from the Company any additional compensation, severance, or benefits, with the exception
of any vested right I may have under the express terms of a written ERISA-qualified benefit plan (e.g., 401(k) account). By way of example,
I acknowledge that I have not earned and am not owed any bonus, vacation, incentive compensation, severance, commissions or equity.

 

I further acknowledge my continuing
obligations under my Employee Confidential Information and Inventions Assignment Agreement.

 

I hereby agree not to disparage
the Company or any of its officers, directors, employees, shareholders, and agents, in any manner likely to be harmful to its or their
business, business reputations or personal reputations; provided that I may respond accurately and fully to any question, inquiry or request
for information when required by the legal process or in connection with a government investigation. In addition, nothing in this release
is intended to prohibit or restrain me in any manner from making disclosures that are protected under the whistleblower provisions of
federal law or regulation or under other applicable law or regulation.

 

I acknowledge that to become
effective, I must sign and return this Release to the Company so that it is received not later than [21][45]
days following the date it is provided to me.

 

	 	Adam Goldstein
	 	 
	 	 
	 	(Signature)

 

	 	Date:	 

 

	Archer Aviation Inc.	 
	 	 
	 	 
	Brett Adcock, Director	 
	 	 
	Date:	         	 

 

    B-3

     

    

 

Exhibit
C

 

OUTSIDE ACTIVITIES

 

None.

 

    C-1Exhibit 10.26

 

  

 

Indemnity
Agreement

 

This Indemnity Agreement, dated as
of _____________, 202_ is made by and between Archer Aviation Inc., a Delaware corporation (the “Company”),
and _____________________, a director, officer or key employee of the Company or one of the Company’s Subsidiaries or Affiliates
(as those terms are defined below) or other service provider who satisfies the definition of Indemnifiable Person set forth below (“Indemnitee”).

 

RECITALS

 

A.            The
Company is aware that competent and experienced persons are increasingly reluctant to serve as representatives of corporations unless
they are protected by comprehensive liability insurance and indemnification, due to increased exposure to litigation costs and risks resulting
from their service to such corporations, and due to the fact that the exposure frequently bears no relationship to the compensation of
such representatives;

 

B.            The
members of the Board of Directors of the Company (the “Board”) have concluded that to retain and attract talented
and experienced individuals to serve as representatives of the Company and its Subsidiaries and Affiliates and to encourage such individuals
to take the business risks necessary for the success of the Company and its Subsidiaries and Affiliates, it is necessary for the Company
to contractually indemnify certain of its representatives and the representatives of its Subsidiaries and Affiliates, and to assume for
itself maximum liability for Expenses and Other Liabilities (as those terms are defined below) in connection with claims against such
representatives in connection with their service to the Company and its Subsidiaries and Affiliates;

 

C.           Section 145
of the Delaware General Corporation Law (“Section 145”), empowers the Company to indemnify by agreement
its officers, directors, employees and agents, and persons who serve, at the request of the Company, as directors, officers, employees
or agents of other corporations, partnerships, joint ventures, trusts or other enterprises. The Bylaws of the Company (the “Bylaws”)
require indemnification of the directors and officers of the Company subject to specific terms and conditions. Indemnitee may also be
entitled to indemnification pursuant to Section 145. The Bylaws and Section 145 expressly provide that the indemnification pursuant
thereto is not exclusive and contemplate that contracts may be entered into between the Company and members of the Board, officers, and
other persons with respect to indemnification.

 

D.            This
Agreement is a supplement to and in furtherance of the Bylaws and any resolutions adopted pursuant thereto, as well as any rights of Indemnitees
under the Delaware General Corporation Law (the “DGCL”) or any directors and officers liability insurance policy
or other applicable insurance policies, and this Agreement shall not be deemed a substitute therefor, nor to diminish or abrogate any
rights of Indemnitee thereunder; and

 

E.           The
Company desires and has requested Indemnitee to serve or continue to serve as a representative of the Company and/or the Subsidiaries
or Affiliates of the Company free from undue concern about inappropriate claims for damages arising out of or related to such services
to the Company and/or the Subsidiaries or Affiliates of the Company.

 

    	 	1	 

     

    

 

AGREEMENT

 

NOW, THEREFORE,
the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.            Definitions.

 

(a)          Affiliate.
For purposes of this Agreement, “Affiliate” of the Company means any corporation, partnership, limited liability company,
joint venture, trust or other enterprise or non-profit entity in respect of which Indemnitee is or was or will be serving as a director,
officer, trustee, manager, member, partner, employee, agent, attorney, consultant, member of the entity’s governing body (whether
constituted as a board of directors, board of managers, general partner or otherwise), fiduciary, or in any other similar capacity at
the request, election or direction of the Company, and including, but not limited to, any employee benefit plan of the Company or a Subsidiary
or Affiliate of the Company.

 

(b)            Change
in Control. For purposes of this Agreement, “Change in Control” means any event or circumstance where (i) any
 “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”)), other than a Subsidiary or a trustee or other fiduciary holding securities under an employee
benefit plan of the Company or Subsidiary, is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s
then outstanding capital stock, (ii) during any period of two consecutive years (not including any period prior to the execution
of this Agreement), individuals who at the beginning of such period constitute the Board and any new director (other than a director designated
by a person who has entered into an agreement with the Company to effect a transaction described in Sections 1(b)(i), 1(b)(iii) or
1(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved, cease for any reason to constitute a majority of the Board, (iii) the stockholders of the
Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation that would result
in the outstanding capital stock of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into capital stock of the surviving entity) at least 50% of the total voting power represented by the capital stock
of the Company or such surviving entity outstanding immediately after such merger or consolidation, or (iv) the stockholders of the
Company approve a plan of liquidation of the Company or an agreement for the sale or disposition by the Company (in one transaction or
a series of transactions) of all or substantially all of the Company’s assets.

 

(c)            Expenses.
For purposes of this Agreement, “Expenses” means all reasonable and reasonably documented direct and indirect
costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements, and other
out-of-pocket costs) actually paid or incurred by Indemnitee in connection with the investigation, defense or appeal of, or being a witness
or otherwise involved in (i) a Proceeding (as defined below), or establishing or enforcing a right to indemnification under this
Agreement, Section 145 or otherwise; provided, however, that Expenses shall not include any judgments, fines, taxes (including ERISA
or other benefit plan related excise taxes or penalties) or amounts paid in settlement of a Proceeding; (ii) any appeal resulting
from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond,
or other appeal bond or its equivalent; or (iii) recovery under any directors and officers liability insurance policies or other
applicable insurance policies maintained by the Company, regardless of whether Indemnitee is ultimately determined to be entitled to such
indemnification, advancement of Expenses or insurance recovery, as the case may be.

 

    	 	2	 

     

    

 

(d)        Indemnifiable
Event.  For purposes of this Agreement, “Indemnifiable Event” means any
event or occurrence related to Indemnitee’s service for the Company or any Subsidiary or Affiliate as an Indemnifiable Person (as
defined below), or by reason of anything done or not done, or any act or omission, by Indemnitee in any such capacity.

 

(e)            Indemnifiable
Person. For the purposes of this Agreement, “Indemnifiable Person” means any person who is or was a director,
officer, trustee, manager, member, partner, employee, attorney, consultant, member of an entity’s governing body (whether constituted
as a board of directors, board of managers, general partner or otherwise) or other agent or fiduciary of the Company or a Subsidiary or
Affiliate of the Company.

 

(f)            Independent
Counsel. For purposes of this Agreement, “Independent Counsel” means legal counsel (i) who has not
performed services for the Company or Indemnitee in the five years preceding the time in question and who would not, under applicable
standards of professional conduct, have a conflict of interest in representing either the Company or Indemnitee, and (ii) is selected
by Indemnitee and approved by the Board, which approval may not be unreasonably withheld, delayed or conditioned.

 

(g)            Independent
Director. For purposes of this Agreement, “Independent Director” means a member of the Board who is not
a party to the Proceeding for which a claim for advancement or indemnification is made under this Agreement.

 

(h)          Other
Liabilities. For purposes of this Agreement, “Other Liabilities” means any and all liabilities of any type
whatsoever, including, but not limited to, judgments, fines, penalties, taxes (including excise taxes or penalties related to ERISA or
other benefit plans), and amounts paid in settlement, and all interest, taxes, assessments and other charges paid or payable in connection
with or in respect of any such judgments, fines, or penalties or amounts paid in settlement.

 

(i)              Proceeding.
For the purposes of this Agreement, “Proceeding” means any threatened, pending, or completed action, suit, claim
or other proceeding, whether civil, criminal, administrative, investigative, legislative or any other type whatsoever, preliminary, informal
or formal, including any arbitration or other alternative dispute resolution and including any appeal of any of the foregoing.

 

(j)            Subsidiary.
For purposes of this Agreement, “Subsidiary” means any entity of which more than 50% of the outstanding voting
securities is owned directly or indirectly by the Company.

 

2.          Agreement
to Serve. The Indemnitee agrees to serve and/or continue to serve as an Indemnifiable Person in the capacity or capacities in which
Indemnitee currently serves the Company as an Indemnifiable Person, and any additional capacity or capacities in which Indemnitee may
agree to serve, until such time as Indemnitee’s service in a particular capacity shall end according to the terms of an agreement,
the Company’s Certificate of Incorporation (the “Certificate of Incorporation”) or Bylaws, governing law,
or otherwise. Nothing contained in this Agreement is intended to create any right to continued employment or other form of service for
the Company or a Subsidiary or Affiliate of the Company by Indemnitee.

 

    	 	3	 

     

    

 

3.            Mandatory
Indemnification.

 

(a)            Agreement
to Indemnify. In the event Indemnitee is a person who was or is a party to or witness in or is threatened to be made a party to or
witness in any Proceeding by reason of an Indemnifiable Event, the Company shall indemnify Indemnitee from and against any and all Expenses
and Other Liabilities incurred by Indemnitee in connection with (including in preparation for) such Proceeding to the fullest extent permitted
by the DGCL, as the same may be amended from time to time (but only to the extent that such amendment permits the Company to provide broader
indemnification rights than the DGCL permitted prior to the adoption of such amendment), provided that such indemnification is subject
to the exclusions set forth in Section 9 below. The parties hereto intend that this Agreement shall provide to the fullest extent
permitted by law for indemnification in excess of that expressly permitted by statute, including, without limitation, any indemnification
provided by the Certificate of Incorporation, the Bylaws, vote of the Company’s stockholders or disinterested directors or applicable
law.

 

(b)            Company
Obligations Primary. The Company hereby acknowledges that Indemnitee may have rights to advancement and/or indemnification for Expenses
and Other Liabilities provided by a venture capital firm or other sponsoring organization (“Other Indemnitor”).
The Company agrees with Indemnitee that the Company is the indemnitor of first resort of Indemnitee with respect to matters for which
advancement and/or indemnification is provided under this Agreement and that the Company will be obligated to make all payments due to
or for the benefit of Indemnitee under this Agreement without regard to any rights that Indemnitee may have against the Other Indemnitor.
To the extent not in contravention of any insurance policy purchased by the Company, Subsidiary or Affiliate, the Company hereby waives
any equitable rights to contribution or indemnification from the Other Indemnitor in respect of any amounts paid to Indemnitee hereunder.
The Company further agrees that no reimbursement of Other Liabilities or payment of Expenses by the Other Indemnitor to or for the benefit
of Indemnitee shall affect the obligations of the Company hereunder, and that the Company shall be obligated to repay the Other Indemnitor
for all amounts so paid or reimbursed to the extent that the Company has an obligation to pay Indemnitee for such Expenses or Other Liabilities
hereunder.

 

4.          Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of any Expenses or Other Liabilities but not entitled, however, to indemnification for the total amount of such Expenses or Other Liabilities,
the Company shall nevertheless indemnify Indemnitee for such total amount except as to the portion thereof for which indemnification is
prohibited by this Agreement or the DGCL. In any review, process and/or Proceeding to determine the extent of indemnification to which
Indemnitee is entitled, the Company shall bear the burden to establish, by clear and convincing evidence, the lack of a successful resolution
of a particular claim, issue or matter and which amounts sought in indemnity are allocable to claims, issues or matters that were not
successfully resolved.

 

5.        Liability
Insurance. So long as Indemnitee shall continue to serve the Company or a Subsidiary or Affiliate of the Company as an Indemnifiable
Person and thereafter so long as Indemnitee shall be subject to any possible claim or threatened, pending or completed Proceeding as a
result of an Indemnifiable Event, the Company shall use reasonable efforts to maintain in full force and effect for the benefit of Indemnitee
as an insured (i) directors and officers liability insurance issued by one or more reputable insurers and having the policy amount
and deductible deemed appropriate by the Board and providing in all respects coverage at least comparable to and in the same amount as
that provided to the Chairman of the Board or the Chief Executive Officer of the Company, and (ii) any renewal, replacement or substitute
directors and officers liability insurance policies issued by one or more reputable insurers providing in all respects coverage at least
comparable to and in the same amount as that being provided to the Chairman of the Board or the Chief Executive Officer of the Company.
The purchase, establishment and maintenance of any such insurance or other arrangements shall not in any way limit or affect the rights
and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery
of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the
other party or parties thereto under any such insurance or other arrangement. In the event of a Change in Control subsequent to the date
of this Agreement, or the Company’s becoming insolvent (including but not limited to being placed into receivership, an assignment
for the benefit of creditors, or entering the federal bankruptcy process), the Company shall use reasonable efforts to maintain in force
any and all insurance policies then maintained by the Company for the purpose of providing coverage to the Company’s officers or
directors (including but not limited to directors and officers liability, fiduciary and employment practices insurance) for a fixed period
of no less than six years thereafter. Such coverage shall be non-cancelable and shall be placed and serviced by the Company’s
incumbent insurance broker or a broker selected by a majority of the non-management members of the Board.

 

    	 	4	 

     

    

 

6.            Mandatory
Advancement of Expenses. If requested by Indemnitee, the Company shall advance, to the fullest extent permitted by law, prior to the
final disposition of the Proceeding, all Expenses incurred by Indemnitee in connection with (including in preparation for) a Proceeding
not initiated by Indemnitee (and any Proceeding initiated by Indemnitee to the extent such Proceeding is initiated by Indemnitee in accordance
with clauses (i)-(iii) of Section 9(a) of this Agreement) related to an Indemnifiable Event within (30) days after the
receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior
to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee.
The right to advances under this Section shall in all events continue until final disposition of any Proceeding, including any appeal
therefrom and/or a final adjudication not subject to further appeal. Indemnitee hereby undertakes to repay such amounts advanced if, and
only if and to the extent that, it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Company and
no additional form of undertaking with respect to such obligation to repay shall be required. Indemnitee’s undertaking to repay
any Expenses advanced to Indemnitee hereunder shall be unsecured and shall not be subject to the accrual or payment of any interest thereon.
This Section 6 shall not apply to any request for advancement of Expenses made by Indemnitee for which such advancement of Expenses
is excluded pursuant to Section 9 of this Agreement.

 

7.            Notice
and Other Indemnification Procedures.

 

(a)          Notification.
Promptly after receipt by Indemnitee of notice of the commencement of or the threat of commencement of any Proceeding, unless the Company
is a named co-defendant with Indemnitee (or the Company is the recipient of such threat), Indemnitee shall, if Indemnitee believes
the advancement of Expenses or the indemnification of Other Liabilities with respect thereto may be sought from the Company under this
Agreement, notify the Company in writing of the commencement or threat of commencement thereof. The written notification to the Company
shall include, in reasonable detail, a description of the nature of and facts related to the Proceeding. However, a failure by Indemnitee
to notify the Company promptly following Indemnitee’s receipt of such notice shall not relieve the Company from any liability that
it may have to Indemnitee except to the extent that the Company is materially prejudiced in its defense of such Proceeding as a result
of such failure, provided, however, that the Company shall have the burden to prove the existence of such material prejudice by clear
and convincing evidence.

 

(b)            Insurance
Notice and Other Matters. If, at the time of the receipt of a notice of the commencement of a Proceeding pursuant to Section 7(a) above,
the Company has director and officer liability insurance and/or any other type of insurance that might provide coverage to Indemnitee
in effect, the Company shall give prompt notice of the commencement of such Proceeding on behalf of Indemnitee to the insurers in accordance
with the procedures set forth in the respective policies. The Company shall thereafter take all commercially reasonable action to cause
such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such
insurance policies. In addition, the Company will instruct the insurers and the Company’s insurance broker that they may communicate
directly with Indemnitee regarding such Proceeding.

 

    	 	5	 

     

    

 

(c)          Assumption
of Defense. In the event the Company shall be obligated to advance Expenses for any Proceeding against Indemnitee, the Company, if
deemed appropriate by the Company, shall be entitled to assume the defense of such Proceeding as provided herein. Such defense by the
Company may include the representation of two or more parties by one attorney or law firm as permitted under the ethical rules and
legal requirements related to joint representations. Following delivery of written notice to Indemnitee of the Company’s election
to assume the defense of such Proceeding, the approval by Indemnitee (which approval shall not be unreasonably withheld, delayed or conditioned)
of counsel designated by the Company, and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under
this Agreement for any fees and expenses of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. If (i) the
employment of separate counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have notified the
Board in writing that Indemnitee or separate counsel for Indemnitee has reasonably concluded that there may be a conflict of interest
between the Company and Indemnitee in the conduct of any such defense, (iii) the Company fails to employ counsel to assume the defense
of such Proceeding, or (iv) after a Change in Control, the employment of counsel by Indemnitee has been approved by Independent Counsel,
the Expenses related to work conducted by Indemnitee’s counsel shall be subject to indemnification and/or advancement pursuant to
the terms of this Agreement. Indemnitee agrees that any such separate counsel retained by Indemnitee will be a member of any approved
list of panel counsel under the Company’s applicable insurance policies, should the applicable policies provide for a panel of approved
counsel. Nothing herein shall prevent Indemnitee from employing counsel for any Proceeding at Indemnitee’s own expense.

 

(d)            Settlement.
The Company shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts paid in settlement of any Proceeding
effected without the Company’s written consent; provided, however, that if a Change in Control has occurred subsequent to the date
of this Agreement, the Company shall be liable for indemnification of Indemnitee for amounts paid in settlement if Independent Counsel
has approved the settlement. Neither the Company nor any Subsidiary or Affiliate shall enter into a settlement of any Proceeding that
might result in the imposition of any Expense, Other Liability, penalty, limitation or detriment on Indemnitee, whether indemnifiable
under this Agreement or otherwise, without Indemnitee’s written consent. Neither the Company nor Indemnitee shall unreasonably withhold,
delay or condition consent from any settlement of any Proceeding. The Company shall promptly notify Indemnitee upon the Company’s
receipt of an offer to settle, or if the Company makes an offer to settle, any Proceeding, and provide Indemnitee with a reasonable amount
of time to consider such settlement, in the case of any such settlement for which the consent of Indemnitee would be required hereunder.
The Company shall not settle any part of any Proceeding to which Indemnitee is a party with respect to other parties (including the Company)
without the written consent of Indemnitee if any portion of the settlement is to be funded from insurance proceeds paid from an insurance
policy or policies providing coverage to Indemnitee unless approved by a majority of the Independent Directors, provided that this sentence
shall cease to be of any force and effect if it has been determined in accordance with this Agreement that Indemnitee is not entitled
to indemnification hereunder with respect to such Proceeding or if the Company’s obligations hereunder to Indemnitee with respect
to such Proceeding have been fully discharged.

 

8.            Determination
of Right to Indemnification.

 

(a)            Success
on the Merits or Otherwise. To the extent that Indemnitee has been successful on the merits or otherwise in the defense of any Proceeding
referred to in Section 3(a) above or in the defense of any claim, issue or matter described therein, the Company shall indemnify
Indemnitee against Expenses incurred in connection therewith.

 

    	 	6	 

     

    

 

(b)          Indemnification
in Other Situations. In the event that Section 8(a) is inapplicable, the Company shall also indemnify Indemnitee if Indemnitee
has met the applicable standard of conduct for indemnification to the fullest extent permitted by law.

 

(c)          Determination
of Entitlement to Indemnification. Indemnitee shall be entitled to select the manner in which the determination of whether or not
Indemnitee has met the applicable standard of conduct shall be decided, and such election will be made from among the following:

 

i.            A
majority of the Independent Directors even though less than a quorum;

 

ii.           A
committee of Independent Directors designated by a majority vote of Independent Directors, even though less than a quorum; or

 

iii.            Independent
Counsel, who shall make such determination in a written opinion.

 

iv.            If
Indemnitee is an officer or a director of the Company at the time that Indemnitee is selecting the manner in which the determination of
whether Indemnitee has met the applicable standard of conduct shall be decided, then Indemnitee shall not select Independent Counsel as
the manner for the determination to be made unless (i) there are no Independent Directors, or (ii) a majority of the Independent
Directors (even though less than a quorum) approve of the selection of Independent Counsel, which approval may not be unreasonably withheld,
delayed or conditioned.

 

The party or parties selected
in accordance with this Section 8(c) shall be referred to herein as the “Reviewing Party.” Notwithstanding
the foregoing, following any Change in Control subsequent to the date of this Agreement, the Reviewing Party shall be Independent Counsel.

 

(d)          Decision
Timing. As soon as practicable, and in no event later than thirty (30) days after receipt by the Company of written notice of Indemnitee’s
choice of the Reviewing Party pursuant to Section 8(c) above, the Company and Indemnitee shall each submit to the Reviewing
Party such information as they believe is appropriate for the Reviewing Party to consider. The Reviewing Party shall arrive at its decision
within a reasonable period of time following the receipt of all such information from the Company and Indemnitee, but in no event later
than thirty (30) days following the receipt of all such information, provided that the time by which the Reviewing Party must reach a
decision may be extended by mutual agreement of the Company and Indemnitee. All Expenses associated with the process set forth in this
Section 8(d), including but not limited to the Expenses of the Reviewing Party, shall be paid by the Company.

 

(e)          Delaware
Court of Chancery. Notwithstanding a final determination by any Reviewing Party that Indemnitee is not entitled to indemnification
with respect to a specific Proceeding, Indemnitee shall have the right to apply to the Delaware Court of Chancery, for the purpose
of enforcing Indemnitee’s right to indemnification pursuant to this Agreement.

 

(f)            Expenses.
The Company shall indemnify Indemnitee against all Expenses incurred by Indemnitee in connection with any process, hearing or Proceeding
under this Section 8 involving Indemnitee and against all Expenses incurred by Indemnitee in connection with any other Proceeding
between the Company and Indemnitee involving the interpretation or enforcement of the rights of Indemnitee under this Agreement unless
a court of competent jurisdiction finds that each of the material claims of Indemnitee in any such Proceeding was frivolous or made in
bad faith.

 

    	 	7	 

     

    

 

(g)            Determination
of “Good Faith”. For purposes of any determination of whether Indemnitee acted in “good faith” or acted in
 “bad faith,” Indemnitee shall be deemed to have acted in good faith or not acted in bad faith if, in taking or failing to
take the action in question, Indemnitee relied on the records or books of account of the Company or a Subsidiary or Affiliate, including
financial statements, or on information, opinions, reports or statements provided to Indemnitee by the officers or other employees of
the Company or a Subsidiary or Affiliate in the course of their duties, or on the advice of legal counsel for the Company or a Subsidiary
or Affiliate, or on information or records given or reports made to the Company or a Subsidiary or Affiliate by an independent certified
public accountant or by an appraiser or other expert selected by the Company or a Subsidiary or Affiliate, or by any other person (including
legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other person’s professional
or expert competence and who has or have been selected with reasonable care by or on behalf of the Company or a Subsidiary or Affiliate.
In connection with any determination as to whether Indemnitee is entitled to be indemnified hereunder, the Reviewing Party or court shall
presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the burden of proof shall
be on the Company to establish, by clear and convincing evidence, that Indemnitee is not so entitled. The provisions of this Section 8(g) shall
not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable
standard of conduct set forth in this Agreement. In addition, the knowledge and/or actions, or failures to act, of any other person serving
the Company or a Subsidiary or Affiliate as an Indemnifiable Person shall not be imputed to Indemnitee for purposes of determining the
right to indemnification hereunder.

 

9.          Exceptions.
Any other provision herein to the contrary notwithstanding, Indemnitee’s rights to indemnification and/or advancement are subject
to the following exceptions.

 

(a)            Claims
Initiated by Indemnitee. The Company shall not be obligated pursuant to the terms of this Agreement to indemnify or advance Expenses
to Indemnitee with respect to Proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense, except (i) with
respect to Proceedings brought to establish or enforce a right to indemnification under this Agreement, any other statute or law, as permitted
under Section 145, or otherwise, (ii) where the Board has consented to the initiation of such Proceeding, or (iii) with
respect to Proceedings brought to discharge Indemnitee’s fiduciary responsibilities, whether under ERISA or otherwise, but such
indemnification or advancement of Expenses may be provided by the Company in specific cases if the Board finds it to be appropriate.

 

(b)            Actions
Based on Federal Statutes Regarding Profit Recovery and Return of Bonus Payments. The Company shall not be obligated pursuant to the
terms of this Agreement to indemnify Indemnitee on account of (i) any suit in which judgment is rendered against Indemnitee by a
court of competent jurisdiction in a final adjudication not subject to further appeal for an accounting of profits made from the purchase
or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Exchange Act and amendments
thereto or similar provisions of any federal, state or local statutory law, (ii) any reimbursement paid to the Company by the Indemnitee
of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities
of the Company, as required in each case under the Exchange Act, including but not limited to any such reimbursements that arise from
an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation
of Section 306 of the Sarbanes-Oxley Act; or (iii) any reimbursement of the Company by Indemnitee of any compensation pursuant
to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not limited
to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act.

 

    	 	8	 

     

    

 

(c)            Unlawful
Indemnification. The Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee for Other Liabilities
if such indemnification is prohibited by law as determined by a court of competent jurisdiction in a final adjudication not subject to
further appeal.

 

(d)            Exception
for Amounts Covered by Insurance and Other Sources. The Company shall not be obligated to advance or indemnify Indemnitee for Expenses
or Other Liabilities of any type whatsoever, including, but not limited to judgments, fines, penalties, taxes (including excise taxes
or penalties related to ERISA or other benefit plans) and amounts paid in settlement, to the extent such have been paid directly to Indemnitee
(or paid directly to a third party on Indemnitee’s behalf) by any directors and officers liability insurance or other type of insurance
maintained by the Company; provided, however, that payment made to Indemnitee pursuant to an insurance policy purchased and maintained
by Indemnitee at his or her own expense of any amounts otherwise indemnifiable or obligated to be made pursuant to this Agreement shall
not reduce the Company’s obligations to Indemnitee pursuant to this Agreement.

 

10.          Non-exclusivity.
The provisions for advancement of Expenses and indemnification of Other Liabilities set forth in this Agreement shall not be deemed exclusive
of any other rights that Indemnitee may have under any provision of law, the Certificate of Incorporation or the Bylaws, the vote of the
Company’s stockholders or disinterested directors, other agreements, or otherwise, both as to acts or omissions in his or her official
capacity and to acts or omissions in another capacity while serving the Company or a Subsidiary or Affiliate as an Indemnifiable Person.

 

11.          Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (i) the
validity, legality and enforceability of the remaining provisions of the Agreement (including, without limitation, all portions of any
paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid,
illegal or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or unenforceable.

 

12.          Entire
Agreement; Supersession, Modification and Waiver. This Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes any prior indemnification agreement between the Indemnitee and the Company, its Subsidiaries
or its Affiliates, provided, however, that this Agreement is a supplement to and in furtherance of Section 145, the Certificate of
Incorporation, the Bylaws, any directors and officers liability insurance or other insurance policy providing coverage to Indemnitee maintained
by the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee
thereunder. If the Company and Indemnitee have previously entered into an indemnification agreement providing for the indemnification
of Indemnitee by the Company, the entry into this Agreement by both parties hereto shall be deemed to amend and restate such prior agreement
to read in its entirety as, and be superseded by, this Agreement. No supplement, modification or amendment of this Agreement shall be
binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provision hereof (whether or not similar) and except as expressly provided herein, no such waiver shall
constitute a continuing waiver.

 

    	 	9	 

     

    

 

1.            Successors
and Assigns; Survival of Rights. The terms of this Agreement shall bind, and shall inure to the benefit of, and be enforceable by
the parties hereto and, as applicable, their respective successors (including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs, executors, administrators
and personal and legal representatives (collectively, “Successors”). Indemnitee’s rights hereunder shall
continue after Indemnitee has ceased serving the Company or a Subsidiary or Affiliate as an Indemnifiable Person and shall inure to the
benefit of Indemnitee’s Successors. In addition, the Company shall require and cause any successor (whether direct or indirect by
purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company,
by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement and indemnify
Indemnitee to the fullest extent permitted by law.

 

13.            Notice.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if
delivered by hand and a receipt is provided by the party to whom such communication is delivered, (ii) if mailed by certified or
registered mail with postage prepaid, return receipt requested, on the signing by the recipient of an acknowledgement of receipt form
accompanying delivery through the U.S. mail, (iii) by personal service by a process server, (iv) by delivery to the recipient’s
address by overnight delivery (e.g., FedEx, UPS or DHL) or other commercial delivery service, or (v) if via electronic mail,
upon confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient,
or if not sent during normal business hours of the recipient, then on the recipient’s next business day. The address for notice
to the Indemnitee shall be the Indemnitee’s most recent address on file with the Company. Delivery of communications to the Company
with respect to this Agreement shall be sent to the attention of the Company’s Chief Legal Officer.

 

14.            No
Presumptions. For purposes of this Agreement, the termination of any Proceeding, by judgment, order, settlement (whether with or without
court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee
did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not
permitted by applicable law or otherwise. In addition, neither the failure of the Company or a Reviewing Party to have made a determination
as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Company
or a Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of Proceedings
by Indemnitee to secure a judicial determination by exercising Indemnitee’s rights under Section 8(e) of this Agreement
shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has failed to meet any particular standard of conduct
or did not have any particular belief or is not entitled to indemnification under applicable law or otherwise. Additionally, any admission
of liability by the Company in connection with any settlement by the Company with a regulatory agency shall not, of itself, create a presumption
that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification
is not permitted by applicable law or otherwise.

 

15.          Subrogation
and Contribution.

 

(a)            Except
as otherwise expressly provided in this Agreement, in the event of payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do all acts
that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights.

 

(b)            To
the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by or on behalf of
Indemnitee, whether for Expenses or Other Liabilities, in connection with any Proceeding relating to an Indemnifiable Event under this
Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect
(i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving
cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee
in connection with such event(s) and/or transaction(s).

 

    	 	10	 

     

    

 

16.            Specific
Performance, Etc. The parties recognize that if any provision of this Agreement is violated by the Company, Indemnitee may be
without an adequate remedy at law. Accordingly, in the event of any such violation, Indemnitee shall be entitled, if Indemnitee so
elects, to institute Proceedings, either in law or at equity, to obtain damages, to enforce specific performance, to enjoin such violation,
or to obtain any relief or any combination of the foregoing as Indemnitee may elect to pursue.

 

17.            Counterparts.
This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but all of which together
shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought needs
to be produced to evidence the existence of this Agreement. Execution of a PDF copy shall have the same force and effect as execution
of an original, and a copy of a signature will be admissible in any legal proceeding as if an original.

 

18.            Headings.
The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction or interpretation thereof.

 

19.           Governing
Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware, as applied to contracts
between Delaware residents entered into and to be performed entirely with Delaware.

 

20.            Consent
to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of Delaware
for all purposes in connection with any Proceeding which arises out of or relates to this Agreement.

 

[Signature Page Follows]

 

    	 	11	 

     

    

 

The parties hereto have entered
into this Indemnity Agreement effective as of the date first above written.

 

	 	ARCHER AVIATION INC.

 

	 	By:	 	 
	 	 	 	 
	 	Its:	 	 

 

	 	INDEMNITEE

	 	 	 	 

	 	[INDEMNITEE’S NAME]	 

 

    	 	12

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