Document:

nvstrr_ex43.htm

EXHIBIT 4.3
  
 NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES. 
  
 NOVUSTERRA INC.
  
 WARRANT
  
 	 Warrant No. [ ]  
	  
	  Original Issue Date: [ ], 2022

  
 Novusterra Inc., a Florida corporation (the “Company”), hereby certifies that, for value received, Maxim Group LLC or its registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of [ ] shares of Common Stock (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”), at any time and from time to time from and after the 181st day immediately following the date of effectiveness of that certain registration statement on Form S-1 (File No. [ ]) filed by the Company, in accordance with FINRA Rule 5110(g)(1), and through and including the fifty-four month anniversary anniversary of the date of effectiveness of that certain registration statement on Form S-1 (File No. 333-259924), which such date is [ ], 2027 (the “Expiration Date”), and subject to the following terms and conditions:
  
 1. Definitions. As used in this Warrant, the following terms shall have the respective definitions set forth in this Section 1. 
  
 “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 144.
  
 “Business Day” means any day except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
  
 	 
	
	

	 

  
 “Common Stock” means the common stock of the Company, no par value, and any securities into which such common stock may hereafter be reclassified or for which it may be exchanged as a class.
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Exercise Price” means $[ ], subject to adjustment in accordance with Section 9.
  
 “Fundamental Transaction” means any of the following: (1) the Company effects any merger or consolidation of the Company with or into another Person, (2) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (3) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (4) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property.
  
 “New York Courts” means the state and federal courts sitting in the City of New York, Borough of Manhattan.
  
 “Original Issue Date” means the Original Issue Date first set forth on the first page of this Warrant.
  
 “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
  
 “Rule 144” means Rule 144 promulgated by the Securities and Exchange Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission having substantially the same effect as such Rule.
  
 “Securities Act” means the Securities Act of 1933, as amended.
  
 “Subsidiary” means any “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X promulgated by the Securities and Exchange Commission under the Exchange Act.
  
 “Trading Day” means (i) a day on which the Common Stock is traded on a Trading Market, or (ii) if the Common Stock is not quoted on any Trading Market, a day on which the Common Stock is quoted in the over‐the‐counter market as reported by the OTC Markets Group, Inc. (or any similar organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set forth in (i) or (ii) hereof, then Trading Day shall mean a Business Day.
  
 “Trading Market” means whichever of the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market, OTC Bulletin Board, or the OTC Markets Group, Inc. OTCQX or OTCQB tier on which the Common Stock is listed or quoted for trading on the date in question.
  
 “Warrant Shares” means the shares of Common Stock issuable upon exercise of this Warrant.
  
 	 
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 2. Registration of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.
  
 3. Transfers. (a) The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially the form of this Warrant (any such new Warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations of a holder of a Warrant. 
  
 (b) This Warrant may not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness of that certain registration statement on Form S-1 (File No. 333-259924) filed by the Company, except as provided in FINRA Rule 5110(e)(1).
  
 4. Exercise and Duration of Warrants. This Warrant shall be exercisable by the registered Holder at any time and from time to time from and after the 181st day immediately following the date of effectiveness of that certain registration statement on Form S-1 (File No. 333-259924) filed by the Company, in accordance with FINRA Rule 5110(g)(1), and through and including the Expiration Date. At 5:30 p.m., New York City time on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value. The Company may not call or redeem any portion of this Warrant without the prior written consent of the affected Holder. 
  
 5. Delivery of Warrant Shares.
  
 (a) To effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless the aggregate Warrant Shares represented by this Warrant is being exercised. Upon delivery of the Exercise Notice (in the form attached hereto) to the Company (with the attached Warrant Shares Exercise Log) at its address for notice set forth herein and upon payment of the Exercise Price multiplied by the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly (but in no event later than three Trading Days after the Date of Exercise (as defined herein)) issue and deliver to the Holder, a certificate for the Warrant Shares issuable upon such exercise. The Company shall, upon request of the Holder and subsequent to the date on which a registration statement covering the resale of the Warrant Shares has been declared effective by the Securities and Exchange Commission, use its reasonable best efforts to deliver Warrant Shares hereunder electronically through the Depository Trust & Clearing Corporation or another established clearing corporation performing similar functions, if available, provided, that, the Company may, but will not be required to change its transfer agent if its current transfer agent cannot deliver Warrant Shares electronically through the Depository Trust Corporation. A “Date of Exercise” means the date on which the Holder shall have delivered to the Company: (i) the Exercise Notice (with the Warrant Exercise Log attached to it), appropriately completed and duly signed and (ii) payment of the Exercise Price for the number of Warrant Shares so indicated by the Holder to be purchased.
  
 	 
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 (b) If by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner required pursuant to Section 5(a), then the Holder will have the right to rescind such exercise.
  
 (c) If by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner required pursuant to Section 5(a), and if after such third Trading Day and prior to the receipt of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy‐In”), then the Company shall (1) pay in cash to the Holder the amount by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue by (B) the closing bid price of the Common Stock on the Date of Exercise and (2) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy‐In. 
  
 (d) The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing Warrant Shares upon exercise of the Warrant as required pursuant to the terms hereof.
  
 	 
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 6. Charges, Taxes and Expenses. Issuance and delivery of Warrant Shares upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.
  
 7. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity (which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.
  
 8. Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of Persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable.
  
 9. Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9.
  
 (a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.
  
 	 
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 (b) Fundamental Transactions. If, at any time while this Warrant is outstanding there is a Fundamental Transaction, then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the “Alternate Consideration”). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. At the Holder’s option and request, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant substantially in the form of this Warrant and consistent with the foregoing provisions and evidencing the Holder’s right to purchase the Alternate Consideration for the aggregate Exercise Price upon exercise thereof. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this paragraph (b) and ensuring that the Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. 
  
 (c) Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 9, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.
  
 (d) Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.
  
 (e) Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will promptly compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s Transfer Agent.
  
 	 
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 (f) Notice of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including without limitation any granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any Subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction (but only to the extent such disclosure would not result in the dissemination of material, non-public information to the Holder) at least 10 calendar days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in order to ensure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice.
  
 10. Payment of Exercise Price. The Holder may pay the Exercise Price in one of the following manners:
  
 (a) Cash Exercise. The Holder may deliver immediately available funds; or
  
 (b) Cashless Exercise. The Holder may notify the Company in an Exercise Notice of its election to utilize cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:
  
 X = Y [(A-B)/A]
  
 where:
  
 X = the number of Warrant Shares to be issued to the Holder.
  
 Y = the number of Warrant Shares with respect to which this Warrant is being exercised.
  
 A = the average of the daily volume weighted average price for the five Trading Days immediately prior to (but not including) the Exercise Date.
  
 B = the Exercise Price.
  
 For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued.
  
 	 
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 11. Limitations on Exercise. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not exceed 4.99% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. This provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9 of this Warrant. This restriction may not be waived. Notwithstanding anything to the contrary contained in this Warrant, (a) no term of this Section may be waived by any party, nor amended such that the threshold percentage of ownership would be directly or indirectly increased, (b) this restriction runs with the Warrant and may not be modified or waived by any subsequent holder hereof and (c) any attempted waiver, modification or amendment of this Section will be void ab initio.
  
 12. No Fractional Shares. No fractional shares of Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the closing price of one Warrant Share as reported by the applicable Trading Market on the date of exercise.
  
 13. Notices. Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this Section prior to 5:30 p.m. (New York City time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The addresses for such communications shall be: (i) if to the Company, to 561 NE 79th Street, Suite 325, Miami, Florida 33138, Attn: Chief Executive Officer, or to Facsimile No.: [ ] (or such other address as the Company shall indicate in writing in accordance with this Section), or (ii) if to the Holder, to the address or facsimile number appearing on the Warrant Register or such other address or facsimile number as the Holder may provide to the Company in accordance with this Section.
  
 14. Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon 10 days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.
  
 	 
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 15. Miscellaneous.
  
 (a) This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder and their successors and assigns. The foregoing sentence shall be subject to the restrictions on waivers and amendments set forth in Section 11 of this Warrant.
  
 (b) All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Warrant and the transactions herein contemplated (“Proceedings”) (whether brought against a party hereto or its respective Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding has been commenced in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Warrant or the transactions contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of this Warrant, then the prevailing party in such Proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding.
  
 (c) The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof.
  
 (d) In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.
  
 (e) Prior to exercise of this Warrant, the Holder hereof shall not, by reason of being a Holder, be entitled to any rights of a stockholder with respect to the Warrant Shares.
  
 	 
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.
  
 	 	 NOVUSTERRA INC.
	
	 	 	 	 
		By:		
	  
	  
	Name:	 
	 	 	Title:	 

  
 	 
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 EXERCISE NOTICE
NOVUSTERRA INC.
WARRANT DATED [ ], 2022
  
 The undersigned Holder hereby irrevocably elects to purchase _____________ shares of Common Stock pursuant to the above referenced Warrant. Capitalized terms used herein and not otherwise defined have the respective meanings set forth in the Warrant.
  
 	 (1)
	 The undersigned Holder hereby exercises its right to purchase _________________ Warrant Shares pursuant to the Warrant.

	  
	  

	 (2)
	 The holder shall pay the sum of $____________ to the Company in accordance with the terms of the Warrant.

	  
	  

	 (3)
	 Pursuant to this Exercise Notice, the Company shall deliver to the holder _______________ Warrant Shares in accordance with the terms of the Warrant.

	  
	  

	 (4)
	 By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section 11 of this Warrant to which this notice relates.

   
 	 Dated: ____________, ____________
	 Name of Holder:
	  

	  
	  
	  
	  

	  
	 (Print) 
	  
	  

	  
	  
	  
	  

	  
	 By: 
	  
	  

	  
	 Name: 
	  
	  

	  
	 Title: 
	  
	  

	  
	  
	  
	  

	  
	 (Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	  

  
 	 
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 Warrant Shares Exercise Log
  
 	 Date
	 Number of Warrant Shares Available to be Exercised
	 Number of Warrant Shares Exercised
	 Number of Warrant Shares Remaining to be Exercised

	  
	  
	  
  
	  

  
 	 
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 NOVUSTERRA INC. 
WARRANT DATED [ ], 2022
WARRANT NO. [ ]
  
 FORM OF ASSIGNMENT
  
 [To be completed and signed only upon transfer of Warrant]
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto ________________________________ the right represented by the above-captioned Warrant to purchase ____________ shares of Common Stock to which such Warrant relates and appoints ________________ attorney to transfer said right on the books of the Company with full power of substitution in the premises.
  
 Dated: _______________, ____
  
 				
	  
	  
	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)	 
	 	 		 
	  
	  
	  
	  

	  
	  
	  
	  

	  
	  
	 Address of Transferee
	  

	 	 	 	 
	  
	  
	  
	  

	  
	  
	  
	  

	  
	  
	  
	  

	  
	  
	  
	  

  
 In the presence of:
  
 __________________________
  
 	 
	-13-Exhibit 10.1

 

EXECUTIVE SEPARATION AND GENERAL RELEASE AGREEMENT

 

This Executive Separation and General Release Agreement
(“Agreement”) is made and entered into as of January 10, 2022 by and between RE/MAX, LLC, having offices at 5075
S. Syracuse Street, Denver, Colorado 80237-2712 (“Company”), and Adam Michael Contos (“Executive”) and
shall be effective on the date it is signed by Executive (the “Effective Date”).

 

Company and Executive intend
by this Agreement to settle all legal rights and obligations arising out of or resulting from their employment relationship and its termination
and part amicably.

 

Now, therefore, Company and
Executive agree as follows:

 

1.            Separation
from Employment. Executive’s employment with Company will end no later than March 31, 2022 (the “Anticipated Separation
Date”). However, Executive’s employment may end before the Anticipated Separation Date if Executive resigns or if Company
terminates Executive’s employment. The actual date on which the employment relationship ends is the “Separation Date,”
and the Separation Date will be no later than the Anticipated Separation Date. The period between the Effective Date and the Separation
Date will be referred to as the “Transition Period.” On the Separation Date, the termination of Executive’s employment
relationship with Company shall also constitute, as applicable, an automatic resignation of Executive: (a) as an officer of Company
and each of its divisions, subsidiaries, parent companies (including, but not limited, to RMCO, LLC and RE/MAX Holdings, Inc. (“Holdings”))
(collectively with Company, the “Company Group”); (b) from the Board of Directors of Holdings (the “Board”);
and (c) from the board of directors or board of managers (or similar governing body) of any member of the Company Group and from
the board of directors or board of managers (or similar governing body) of any corporation, limited liability entity, unlimited liability
entity or other entity in which any member of the Company Group holds an equity interest and with respect to which board of directors
or board of managers (or similar governing body) Executive serves as such Company Group member’s designee or other representative.

 

2.            Duties
and Benefits During the Transition Period; Separation Benefits: Prior to the Effective Date, Executive was an “at-will”
employee and did not have the right to continued employment for any period of time including through the Anticipated Separation Date.

 

		2.1.	During the Transition Period. Provided that Executive (i) has delivered to Company a fully
executed original of this Agreement no later than January 102, 2022 (“Delivery Date”), and (ii) remains at all times
in compliance with his promises and obligations under this Agreement:

 

		a)	During the Transition Period, Executive will continue to act as the Chief Executive Officer of Company
and of Holdings, and shall continue to perform the duties of such offices, including attending and speaking at the 2022 RE/MAX R4 convention
so long as Executive is still employed on that date.

 

     

     

    

 

		b)	Company will provide Executive the following payments and benefits (the “Transition Benefits”),
in consideration of and in exchange for Executive’s execution of this Agreement:

 

		i.	During the Transition Period, Executive will be paid Executive’s current full base salary at the
annual rate of Seven Hundred Fifty Thousand Dollars ($750,000.00), i.e., Thirty-one Thousand Two Hundred Fifty Dollars ($31,250.00) semi-monthly,
less applicable taxes and withholdings.

 

		ii.	During the Transition Period, Executive
shall continue to be eligible to participate in Company’s employee benefit programs in accordance with the terms of such programs,
and Executive’s coverage under any such program that provides for coverage through the last day of the calendar month in which termination
of employment occurs will continue through the last day of the calendar month during which the Separation Date occurs.

 

		iii.	If Company pays a bonus to officers in Q1 2022 for the 2021 fiscal year, and so long as Executive does
not resign and is not terminated for “Cause,” as defined below, before the Anticipated Separation Date and has complied with
all terms of this Agreement, Executive will be paid a bonus for such fiscal year, subject to all federal, state, and local withholding
requirements and deductions. The amount of the bonus will be calculated as follows:

 

		A.	The portion of Executive’s bonus based
upon Company financial metrics will be paid at the bonus level approved by the Compensation Committee of the Board (the “Compensation
Committee”), if any such bonus for 2021 is paid at all; and

 

		B.	The portion of Executive’s bonus based upon Executive’s strategic goals will be paid at the
stretch (200% of target) level.

 

One half of the resulting amount will
be paid in a cash lump sum, and one half of the resulting amount will be paid to Executive in shares of Class A Common Stock of Holdings
(with the number of such shares to be based on the fair market value of such a share as determined at the time and in the manner prescribed
by the Compensation Committee). Both the cash and stock amounts will be paid at the time that 2021 officer bonuses are paid by Company.

 

Executive acknowledges that, although
employed during the Transition Period at a time when Company would customarily issue new annual grants of restricted stock units to employees
and officers, Executive will not be eligible to receive and will not receive a new annual grant of restricted stock units or other equity
or incentive compensation for any portion of 2022. In addition, Executive acknowledges that, except as explicitly provided in paragraph
2.3.b) below, he will not be eligible for any annual bonus or other short-term incentive compensation for 2022.

 

    	 	Page 2 of 17	 

     

    

 

		2.2.	Announcement of Separation. Within four
(4) business days after the Delivery Date, Company will file the disclosure attached hereto as Exhibit A and the press release
attached hereto as Exhibit B with the Securities and Exchange Commission (the “SEC”) announcing Executive’s
entry into this Agreement, including Executive’s retention during the Transition Period and Executive’s subsequent separation
from employment. Company may file this Agreement with the SEC at an appropriate time, as determined by Company and as required by law.
Company will not file or make any other public written or verbal announcement concerning Executive’s separation of employment with
Company that is inconsistent with Exhibits A or B without the advance written consent of Executive. If Company requests consent by Executive
for statements concerning Executive’s separation from Company, Executive shall respond within three (3) business days and shall
not withhold such consent unreasonably. Executive will not make any public statements about his separation of employment with Company
that contain statements or information other than those contained in Exhibits A or B.

 

		2.3.	After the Separation Date. Provided that
Executive (i) delivered to Company a fully executed original of this Agreement by the Delivery Date; (ii) did not resign
and is not terminated for Cause before the Anticipated Separation Date; (iii) signs and does not revoke the Release Agreement attached
hereto as Exhibit C (the “Release Agreement”) on or after the Separation Date; and (iv) remains at all times in
compliance with his promises and obligations under this Agreement, Company will provide Executive with the benefits described in paragraphs
(a) - (h) below (the “Separation Benefits”).

 

		a)	Executive will be entitled to receive separation pay in the aggregate amount of One Million Five Hundred
Thousand Dollars ($1,500,000.00) (“Severance Pay”), less applicable tax and payroll withholding. Severance Pay shall be payable
as salary continuation in substantially equal installments (prorated for any partial payroll period) payable on the Company’s regular
payroll dates (each such payment, a “Separation Payment”) during the 24 months following the Separation Date (the “Severance
Period”); provided, however, that the first such Separation Payment shall be made on the first payroll date following the expiration
of the revocation period contained in the Release Agreement (such expiration date is referred to herein as the “Effective Release
Date,” and such first payroll date is referred to herein as the “First Payment Date”)), and such Separation Payment
shall include all other Separation Payments (or pro rata portion thereof), if any, that would have been paid on payroll dates occurring
during the period beginning on the Separation Date and ending on the First Payment Date had the Separation Payments been paid on Company’s
regularly scheduled payroll dates on or following the Separation Date.

 

    	 	Page 3 of 17	 

     

    

 

		b)	Company shall pay Executive an amount equal to $187,500 (which amount, Company and Executive agree is
equivalent to one-quarter of the amount Executive would have been eligible to receive as an annual bonus for 2022, at the target level),
less applicable tax and payroll withholding. One half of the resulting amount will be paid in a cash lump sum, and one half of the resulting
amount will be paid to Executive in shares of Class A Common Stock of Holdings (with the number of such shares to be based on the
fair market value of such a share as determined at the time and in the manner prescribed by the Compensation Committee). Both the cash
and stock amounts shall be paid on the First Payment Date.

 

		c)	During the portion, if any, of the eighteen (18)-month period following the Separation Date (the “Reimbursement
Period”) that Executive elects to continue coverage for Executive and Executive’s spouse and eligible dependents, if any,
under Company’s group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
Company shall promptly reimburse Executive on a monthly basis for the difference between the amount Executive pays to effect and continue
such coverage and the employee contribution amount that similarly situated employees of Company pay for the same or similar coverage under
such group health plans (the “COBRA Benefit”). Each payment of the COBRA Benefit shall be paid to Executive on Company’s
first regularly scheduled pay date in the calendar month immediately following the calendar month in which Executive submits to Company
documentation of the applicable premium payment having been paid by Executive, which documentation shall be submitted by Executive to
Company within thirty (30) days following the date on which the applicable premium payment is due to be paid. Executive shall be eligible
to receive such reimbursement payments until the earliest of: (x) the last day of the Reimbursement Period; (y) the date Executive
is no longer eligible to receive COBRA continuation coverage; and (z) the date on which Executive becomes eligible to receive coverage
under a group health plan sponsored by another employer (and any such eligibility shall be promptly reported to Company by Executive);
provided, however, that the election of COBRA continuation coverage and the payment of any premiums due with respect to such COBRA continuation
coverage shall remain Executive’s sole responsibility, and Company shall not assume any obligation for payment of any such premiums
relating to such COBRA continuation coverage. In addition, if Executive is still receiving the continuation coverage described in this
paragraph on the date that is eighteen (18) months after the Separation Date (the “COBRA Payment Trigger Date”), then, within
thirty (30) days after the COBRA Payment Trigger Date, Company shall pay to Executive a lump-sum cash payment equal to the lesser of (A) the
applicable dollar amount under Section 402(g)(1)(B) of the Internal Revenue Code for the year in which the Separation Date occurs
or (B) six (6) times the reimbursement amount Company paid to Executive for such coverage for the last month of the eighteen
(18)-month period during which Executive received the continuation coverage described in this paragraph. Notwithstanding the foregoing,
if the provision of the benefits described in this paragraph cannot be provided in the manner described above without penalty, tax or
other adverse impact on Company or any other member of the Company Group, then Company and Executive shall negotiate in good faith to
determine an alternative manner in which Company may provide substantially equivalent benefits to Executive without such adverse impact
on Company or such other member of the Company Group.

 

    	 	Page 4 of 17	 

     

    

 

		d)	Effective on the Effective Release Date, Executive and Company will enter into the Assignment Agreement
in the form attached hereto as Exhibit D.

 

		e)	Effective on the Effective Release Date, Executive and Company will enter into the Sponsorship Agreement
in the form attached hereto as Exhibit E.

 

		f)	Effective on the Effective Release Date and provided that Executive and his spouse have executed and delivered
to Company on or before such date the Real Estate Independent Contractor Agreement attached hereto as Exhibit F, then Company will
execute and deliver to Executive and his Spouse such Real Estate Independent Contractor Agreement.

 

		g)	With respect to Award Number 2020-125
of performance-based restricted stock units granted to Executive as of March 1, 2020 (the “2020 pRSU Award”) under Holdings’
2013 Omnibus Incentive Plan, as amended (the “Plan”), all such restricted stock units shall be forfeited to Holdings on the
Separation Date without any consideration to Executive; provided, however, that 12,607 of such restricted stock units that relate to a
revenue performance metric shall be deemed vested as of the Separation Date and shall be settled (in accordance with the terms of the
2020 pRSU Award except as modified by this sentence) within 60 days after the Effective Release Date. With respect to Award Number 2021-REV-T1-001,
2021-REV-T2-001, 2021-REV-T3-001 of  performance-based restricted stock units granted to Executive as of March 1, 2021
(the “2021 pRSU Award”) under the Plan, all such restricted stock units shall be forfeited to Holdings on the Separation Date
without any consideration to Executive; provided, however, that 18,286 of such restricted stock units that relate to the First Performance
Period (as defined in the 2021 pRSU Award, i.e., 2021-REV-T1-001 for calendar year 2021) shall be deemed vested as of the Separation Date
and shall be settled (in accordance with the terms of the 2021 pRSU Award except as modified by this sentence) within 60 days after the
Effective Release Date.

 

		h)	During the Severance Period, Company will provide Executive complementary registration for him to attend
the annual RE/MAX R4 convention and annual RE/MAX BOC, and shall provide Executive complementary hotel accommodations consistent with
that provided to then-current executive officers (other than the then-current chief executive officer of Company and Holdings) and Company’s
Expense and Business Travel Reimbursement Policy and the Executive Addendum thereto.

 

    	 	Page 5 of 17	 

     

    

 

Executive specifically acknowledges
and agrees that all 16,810 restricted stock units granted to Executive as of March 1, 2020 under the Plan that are not subject to
a specific performance goal and all 20,135 restricted stock units granted to Executive as of March 1, 2021 under the Plan that are
not subject to a specific performance goal shall be forfeited to Holdings on the Separation Date without any consideration to Executive.

 

For
purposes of this Agreement, the term “Cause” shall have a meaning similar to that provided in the 2020 and 2021 pRSU Awards,
which shall be as follows: in the determination of the Compensation Committee, Executive’s: (i) performance of any act
or failure to perform any act in bad faith and to the detriment of any member of the Company Group; (ii) dishonesty, intentional
misconduct or material breach of any agreement with any member of the Company Group; or (iii) commission of a crime involving dishonesty,
breach of trust, or physical or emotional harm to any person.

 

Executive’s eligibility for the
Separation Benefits is part of the consideration for his execution of this Agreement and such Separation Benefits are not something Executive
was otherwise eligible to receive.

 

		2.4.	Payment of Severance Pay upon Executive’s Death. If Executive dies after becoming eligible
for Severance Pay and executing the Release Agreement but before receipt of all of the Severance Pay, any unpaid amount of Severance Pay
will be paid to Executive’s estate in one lump sum. All payments will be net of amounts withheld with respect to taxes, offsets,
or other obligations.

 

		2.5.	Offset. Company reserves the right and Executive hereby authorizes Company to reduce any amount
of Severance Pay that is due and payable on or before March 15, 2023 by monies Executive owes to any member of the Company Group,
in accordance with applicable law, including, without limitation, recovery of any overpayments by Company to Executive.

 

		2.6.	Representations. Executive represents and warrants by signing the Release Agreement that Executive
was permitted by all Company Group Members to take all leave to which Executive was entitled; Executive has been properly paid for all
time worked while employed by any Company Group Member, including without limitation, any overtime and bonuses; and Executive has received
all benefits to which Executive was or is entitled, including without limitation, the vesting of any restricted stock units to which he
is entitled as of the Separation Date.

 

		2.7.	Lockup Period. Executive hereby agrees that, without the prior written consent of Company’s
Lead Independent Director, he will not, during the Transition Period and for a period of 90 days following the Separation Date, (1) offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right
or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of common stock in Holdings beneficially
owned (as such term is used in Rule 13d-3 of the Securities Exchange Act of 1934, as amended), by Executive or any other securities
so owned convertible into or exercisable or exchangeable for common stock in Holdings or (2) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of the common stock in Holdings, whether
any such transaction described in clause (1) or (2) above is to be settled by delivery of common stock in Holdings or such other
securities, in cash or otherwise.

 

    	 	Page 6 of 17	 

     

    

 

		2.8.	Indemnity Obligations. The Indemnification Agreement dated January 15, 2016 between Holdings
and Executive (the “Indemnification Agreement”) is hereby incorporated by reference into this Agreement, shall remain in full
force and legal effect and all of its provisions shall survive the terms of this Agreement and any releases or other language in contradiction
to the terms of the Indemnification Agreement.

 

3.            Consideration:
Executive acknowledges that the payments and/or benefits received under this Agreement and as a result of signing and not revoking the
Release Agreement include payments and/or benefits which are in addition to those Executive normally would have received under any of
Company’s programs, plans or policies but for the execution of this Agreement and signing and not revoking the Release Agreement.
Executive also acknowledges that nothing in this Agreement or in the Release Agreement will require any member of the Company Group to
continue any benefit or compensation program, plan or policy which it currently maintains for its employees, and each member of the Company
Group may at any time modify, amend or discontinue any such program, plan or policy.

 

PLEASE READ CAREFULLY. THESE SECTIONS INCLUDE
A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

4.            Definition
of Claims. For purposes of this Agreement, the term “Claim(s)” will include, but is not limited to, the following:

 

		4.1.	any and all actions, causes of action, proceedings, demands, suits, grievances, debts, complaints, claims,
liabilities, obligations, promises, agreements, controversies, losses, damages and expenses (including attorneys’ fees and other
costs actually incurred), of any nature whatsoever.

 

		4.2.	any action or claim under federal, state or local law, regulation or executive order, including, but not
limited to, actions or claims under Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1866, as amended; the
Equal Pay Act, as amended; the Fair Labor Standards Act, as amended; the Americans With Disabilities Act, as amended; the Worker Adjustment
Retraining and Notification Act, as amended; the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); the
Family and Medical Leave Act, as amended; the National Labor Relations Act, as amended; the Genetic Information Nondiscrimination Act
of 2008, as amended, and the Occupational Safety and Health Act of 1970, as amended, all corresponding state anti-discrimination statutes,
codes, laws or ordinances.

 

    	 	Page 7 of 17	 

     

    

 

		4.3.	any action or claim for compensation, benefits, backpay, frontpay, defamation, reinstatement, wrongful
discharge or demotion, failure to hire, promote or transfer, promissory estoppel, breach of contract or of an implied covenant of good
faith and fair dealing, emotional distress, compensatory damages, punitive damages, attorneys’ fees, and/or loss of seniority; and
any action or claim based on or related to a service letter.

 

5.            Release.
To the fullest extent permitted by law, Executive, on his own behalf and on behalf of his heirs, assigns and successors, irrevocably and
unconditionally releases Company and its divisions, subsidiaries, parent companies (including but not limited to RMCO, LLC, Holdings,
and RIHI, Inc.), successors and affiliates and each of their former or current agents, stockholders, directors, officers, members,
employees, members of the board of directors or managers or other governing body, customers, franchisees, regional owners of franchises,
attorneys, third party investigators, third party accounting firms and all other persons acting by, through, under or in concert with
any of them (the “Released Parties”) from any and all Claims, whether known or unknown, including, but not limited to, Claims
made, to be made, or which might have been made from the beginning of time until the date on which Executive signed this Agreement.

 

To the maximum extent allowed
by law, Executive waives the right to sue or initiate or participate in any action against the Released Parties individually or as a member
of a class, under any contract (express or implied), or any federal, state, or local law, statute or regulation pertaining in any manner
to the Claims. Executive also agrees that he will not seek or accept any further compensation from any Released Party for any other claimed
damages, injury, costs or attorneys’ fees. However, Executive understands that nothing contained in this Agreement limits his ability
to file a charge or complaint with the Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board
(“NLRB”), the Occupational Safety and Health Administration, the SEC or any other federal, state or local government agency
or commission (“Government Agencies”). Executive further understands that this Agreement does not limit his ability to communicate
with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agencies.
This Agreement does not limit Executive’s rights to receive an award for information provided to any Government Agencies from that
agency, although it does prevent Executive from recovering any additional monies from the Released Parties.

 

This is intended to be a
general release of all claims, so, to the extent Executive still possesses any viable claims or causes of action against the Released
Parties, to the maximum extent allowed by law, Executive hereby assigns to Company all such claims.

 

    	 	Page 8 of 17	 

     

    

 

		5.1.	Executive warrants and represents that he has not filed and hereby agrees that he will not file any charge,
claim, or complaint of any kind against the Released Parties. Executive shall not file against the Released Parties any charge, claim
or complaint arising from or related to any acts or omissions by the Released Parties occurring prior to the date on which Executive executes
this Agreement and seeking personal recovery or relief (“Personal Claim”). Executive shall defend and indemnify the Released
Parties and hold the Released Parties harmless from and against any Personal Claim Executive files (including attorneys’ fees and
costs). Nothing in this Agreement shall prohibit or is intended to prevent: (1) the parties to this Agreement from bringing an action
to enforce the terms of this Agreement; (2) Executive from filing any claim for unemployment compensation or workers’ compensation;
(3) Executive from filing a claim for benefits under a Company sponsored benefit plan covered by ERISA or a claim for indemnification
under a Company or Holdings D&O liability insurance policy or Company’s or Holdings’ Bylaws; (4) Executive from filing
a charge with the EEOC or the NLRB or other federal or state governmental agency, but Executive acknowledges that Executive has waived
and released, and will not recover, any damages or monetary relief, including back pay, for Executive in connection with any administrative
or judicial proceeding whether filed by Executive or on Executive’s behalf or for Executive’s benefit by any government agency,
individual, or other party; or (5) Executive from participating in or cooperating with a governmental administrative investigation
or proceeding. Notwithstanding the foregoing, this Agreement does not limit Executive’s right to receive a whistleblower reward
or bounty for providing information to the SEC.

 

		5.2.	Executive warrants and represents that he has not transferred or assigned any of the Claims being released
herein.

 

		5.3.	Executive further acknowledges and agrees that: (i) the payments and/or benefits provided to Executive
pursuant to this Agreement represent full and complete satisfaction of any and all monetary and non-monetary Claims Executive has or might
have against the Released Parties; and (ii) the provisions of this Agreement that refer to the Released Parties are for the benefit
of each Released Party and may be enforced by each Released Party.

 

6.            Tax
Liability. Except as otherwise required by applicable law, Executive agrees that Executive will be exclusively liable for the payment
of any taxes, including without limitation, federal, state or local income taxes, social security taxes, or any other taxes, arising out
of or resulting from the consideration and/or other benefits paid to Executive hereunder, and Executive hereby represents that Executive
will pay any such taxes which may be due at the time and in the amount required. The members of the Company Group will have the right
to deduct from any compensation payable to Executive under this Agreement all federal, state and local income taxes, social security taxes
and such other mandatory deductions as may now be in effect or may be enacted or required after the Effective Date. Executive agrees to
indemnify, defend and hold the Company Group harmless from payment of any taxes (excluding federal and state unemployment taxes and the
Company Group’s share of social security taxes), which any government agency determines should have been deducted from any consideration
paid to Executive by the Company Group and which were not in fact withheld.

 

    	 	Page 9 of 17	 

     

    

 

 

7.            Executive
Cooperation. Executive agrees to cooperate with each member of the Company Group regarding any pending or subsequently filed litigation,
proceeding, claim or other disputed item involving any member of the Company Group that relates to matters within the knowledge or responsibility
of Executive during Executive’s employment. Without limiting the foregoing, Executive agrees (i) to meet with Company’s
designated representatives, its counsel or other designees at mutually convenient times and places with respect to any items within the
scope of this paragraph; (ii) to provide truthful testimony to any court, agency or other adjudicatory body; (iii) to notify
Company within three (3) business days if Executive is contacted by any adverse party or by any representative of an adverse party;
and (iv) not to assist any adverse party or any adverse party’s representatives, except as may be required by law. This provision
shall not prohibit Executive from participating in or cooperating with a governmental investigation. Company shall be responsible for
expenses reasonably incurred by Executive in compliance with Company’s Expense and Business Travel Reimbursement Policy and the
Executive Addendum thereto, in connection with the cooperation required in this paragraph.

 

8.            Restrictive
Covenants.

 

		8.1.	Confidentiality. In the course of Executive’s employment by Company, Executive has had access
to and will continue to have access to Confidential Information (as defined below) of the members of the Company Group and their respective
affiliates, subsidiaries, members, franchisees, agents, and sales associates. Executive agrees to maintain the strict confidentiality
of all Confidential Information. For purposes of this Agreement, “Confidential Information” shall mean all non-public information
and materials of or pertaining to any member of the Company Group in any form or medium including all notes, analyses, compilations, copies,
documents, recordings, summaries, reproductions, copies, translations, electronic copies or versions (in any medium including video, email,
audio, video, MP3, or voicemail) regardless of where the same may have been lodged including on any personal devices of Executive, including
information and materials: generated by Executive or third parties; received by a member of the Company Group from third parties; concerning
or pertaining to the Company Group or its business in any respect including information as to any Company Group member’s business
practices, operations, prospects, franchisees and franchisee agreements; or legal information and advice. Confidential Information shall
include, without limitation, information: protected by any and all non-disclosure agreements signed by Executive during employment; concerning
claims against or by any member of the Company Group, legal issues and advice, or other information or communications acquired by Executive
in Executive’s capacity as an employee of any member of the Company Group; regarding all education or training programs and materials
developed by the Company Group or acquired from a third party (including but not limited to Momentum); contained in a Company Group member’s
financial records; concerning regional, agent and franchise agreements, prospects, events, information technology techniques and arrangements,
processes and procedures for creating IT related resources, contemplated products and services and agreement terms; concerning past acquisitions
(closed or not closed) and acquisitions planned or considered as of the Separation Date, concerning data and issues related to public
filings, and concerning purchasing information and other business, marketing, sales, strategic and operational data of the Company Group
and its franchisees. Confidential Information includes all other information and materials which are of a propriety or confidential nature,
even if they are not marked as such. This provision shall survive indefinitely including in the event of any termination of this Agreement.

 

    Page 10 of 17

     

    

 

		8.2.	Notice Under the Defend Trade Secrets Act of 2016. Company provides Executive with notice that
18 U.S.C. § 1833(b)(1) states as follows:

 

“An individual shall not be held
criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that—(A) is made—(i) in
confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for
the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal.”

 

Accordingly, notwithstanding anything
to the contrary in this Agreement or in any confidentiality agreement Executive has signed with a member of the Company Group, Executive
understands that he has the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an
attorney, for the sole purpose of reporting or investigating a suspected violation of law. Executive further understands that he also
has the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal
and protected from public disclosure. Executive understands and acknowledges that nothing in this Agreement or in any confidentiality
agreement Executive signed with a member of the Company Group is intended to conflict with 18 U.S.C. § 1833(b) or create liability
for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b).

 

		8.3.	Intellectual Property. Except as provided in the Assignment Agreement attached as Exhibit D,
Executive recognizes and agrees that all copyrights, trademarks, patents, and other intellectual property rights to works or marks arising
in, from or in connection with Executive’s employment by any member of the Company Group, are the sole and exclusive property of
the applicable member of the Company Group. Executive agrees not to assert any such rights against the Company Group or any third party.
Executive agrees to assign, and hereby does assign, to Company all rights, if any, in or to such works or marks that may have accrued
to Executive during Executive’s employment by any member of the Company Group. Following the Effective Date, upon Company’s
reasonable request, and at Company’s sole cost and expense, Executive shall take such steps and actions, and provide such cooperation
and assistance to the Company Group and their successors, assigns, and legal representatives, including the execution and delivery of
any affidavits, declarations, oaths, exhibits, assignments, powers of attorney, or other documents, as may be reasonably necessary to
effect, evidence, or perfect such assignment.

 

    Page 11 of 17

     

    

 

		8.4.	Agreement Not to Compete. For the Severance Period, Executive shall not, either directly or
indirectly, accept employment or perform services on behalf of himself or for any individual or entity that in the United States or internationally:
(a) competes with the Company Group in the areas of franchising real estate brokerages, franchising mortgage brokerages, real estate
brokerages, mortgage lending, or mortgage brokerages; (b) has as a primary part of its business a website or mobile application designed
for the display of real estate listing data, or lead generation or business development for franchising real estate brokerages, franchising
mortgage brokerages, real estate brokerages, or mortgage brokerages; or (c) competes with the Company Group in that it offers services
or products offered by the Company Group as of the Separation Date (collectively, the “Company’s Business”). Notwithstanding
the foregoing, Executive may perform coaching and/or consulting services on behalf of himself or for any individual or entity concerning
general business advice and/or best practices but: (i) Executive shall not advise or consult in any way that is adverse to the Company
Group or on the terms of any contract or relationship between such individual or entity and the Company Group, and (ii) coaching,
advising or consulting for any individual or entity that in the United States or internationally engages in the Company Business is subject
to the prior written approval of the Company, which approval shall not be unreasonably withheld. In addition, during the Severance Period,
Executive may be employed by or consult with RE/MAX or Motto Mortgage franchisees, agents, loan originators, and/or team leaders or RE/MAX
master franchisees (collectively “Affiliates”) but shall not advise or consult with Affiliates, for the benefit of the Affiliates,
in any way that is adverse to the Company Group or on the terms of any contract or relationship between the Affiliates and the Company
Group.

 

		8.5.	Agreements Pertaining to Customers/Franchisees/Agents or Employees. For the Severance Period, Executive
shall not, either directly or indirectly, on Executive’s own behalf or in the service of or on behalf of others, solicit or recruit
(or attempt to solicit or recruit) any prospect active as of the Separation Date, franchisee, agent, or regional owner of a franchise
to end their franchise or contract with any member of the Company Group or to enter into any service to Executive or any other business,
organization, program or activity that competes with any of Company Group’s businesses. During the Severance Period, Executive shall
not, directly or indirectly, on Executive’s own behalf or in the service of or on behalf of others, solicit or recruit (or attempt
to solicit or recruit) any person employed by any member of the Company Group to end their employment with the Company Group or to provide
services to Executive or any other business, organization, program or activity that directly competes with any business of the Company
Group.

 

		8.6.	Non-Disparagement. Executive agrees not to defame or disparage any member of the Company Group,
their parent companies, subsidiaries, or affiliates, or any of their past, present or future partners, members, directors, accounting
firms, third party investigators, attorneys, shareholders, officers, employees, franchisees or sales associates, agents, or family members
of officers or directors. This provision shall not prohibit Executive from making any statements or taking any actions required by law,
reporting any actions or inactions to a governmental agency that Executive believes to be unlawful, or participating in or cooperating
with a governmental investigation. This provision shall not be interpreted to require or encourage Executive to make any misrepresentations.
In response to requests for references from prospective employers, Company will provide the dates of Executive’s employment and
positions held.

 

    Page 12 of 17

     

    

 

Company agrees that the members of the
Board and its executive officers (the “Covered Individuals”) will not defame or disparage Executive. This provision shall
not prohibit the Company and the Covered Individuals from making any statements or taking any actions required by law, reporting any actions
or inactions to a governmental agency that Company or the Covered Individuals believe to be unlawful, or participating in or cooperating
with a governmental investigation. This provision shall not be interpreted to require or encourage Company or the Covered Individuals
to make any misrepresentations.

 

		8.7.	Reasonableness of Restrictive Covenants. Executive acknowledges that the Restrictive Covenants
in this Section 8 are necessary to protect the Company Group’s trade secrets. Executive acknowledges that the Company Group
conducts their businesses throughout the United States and internationally, that the above restrictive covenants cannot be meaningfully
restricted geographically, and that the covenants only reasonably restrict Executive from competing in any market – domestic or
foreign – in which the Company Group conducts their business. Without altering the meaning of the foregoing covenants, both Company
and Executive acknowledge that the above restrictive covenants do not prevent Executive from becoming employed in a similar position in
a business that is not competitive with the Company Group’s businesses.

 

		8.8.	Injunctive/Tolling/Other Relief/Enforceability by the Company Group. Any violation of any provision
of this Section 8 shall constitute a material breach of this Agreement likely to cause irreparable harm to the Company Group. Therefore,
any such breach or threatened breach by Executive shall give the Company Group the right to: (i) obtain specific performance through
injunctive relief requiring Executive to comply with Executive’s obligations under this Agreement; (ii) suspend any Transition
Benefits or Separation Benefits (except as would result in a violation of Section 409A (as defined below)) during the pendency of
litigation brought to enforce this Agreement; (iii) recover any Separation Payments paid under this Agreement; and/or (iv) obtain
any other relief or damages allowed by law. Any recovery of Separation Payments shall not void Executive’s release of claims or
other obligations under this Agreement or the Release Agreement. If Executive is found to have breached the non-competition or non-solicitation
provisions in this Agreement, the restricted period of that provision shall be tolled and start again upon the finding by a court that
the provision was breached. Each member of the Company Group that is not a signatory to this Agreement shall be a third-party beneficiary
of Executive’s obligations under this Section 8 and all other provisions in this Agreement that refer to the Company Group
and shall be entitled to enforce such obligations and provisions as if a party hereto.

 

    Page 13 of 17

     

    

 

9.            Return
of the Company Group’s Property. No later than the Separation Date, Executive shall return (and shall not retain any copies
in any form) all Company Group documents, audio or video recordings, photographs, and information (including, without limitation, all
Confidential Information, as defined in Section 8.1 above (collectively, “Company Group Information”), and any other
information stored on personally owned or used computer hard drives, disks, thumb drives or other storage methods, such as cloud storage
services, audio files, or video files or in any other form, and any vehicles, badges, Company Group credit cards, pagers, cell phones,
laptops, iPads, computers, software, equipment or other property belonging to any member of the Company Group. On or before the Separation
Date, Executive shall provide all passwords or other codes used while working for the Company Group. By signing the Release Agreement,
Executive certifies that Executive has returned, by the date on which he signs the Release Agreement, to Company any and all Company Group
intellectual property, financial information, and any other Company Group Information in Executive’s possession, and that Executive
has returned and not retained any copies in any form of any Company Group intellectual property or financial information or other Company
Group Information on Executive’s home computer or iPad, in a cloud storage service, on a personal e-mail account (“Personal
Devices”), or in the possession of any person to whom Executive transmitted such information without a legitimate business purpose
for doing so, or in any other form. Executive hereby agrees to work and cooperate with Company in good faith to ensure that all information
of the Company Group is removed from the Personal Devices.

 

10.            Cessation
of Employment Status. Executive agrees that, following the Separation Date, Executive will no longer represent or otherwise hold himself
out to be a present employee of any member of the Company Group, either orally, in writing, or electronically, to any individual or entity,
publicly via the internet or social media, or otherwise in any forum of any kind. Executive shall not use any of the Company Group’s
trademarks in the promotion of his business endeavors. The Company Group will not provide office space to Executive after the Separation
Date, and Executive will not, after the Separation Date, represent or otherwise hold out his place of business to be any of the Company
Group’s office locations.

 

11.            Non-Admission.
Executive agrees that this Agreement shall not be construed as an admission by Company or by any of the Released Parties of any liability
or acts of wrongdoing or unlawful discrimination nor shall it be considered to be evidence of such liability, wrongdoing or unlawful discrimination.

 

12.            Entire
Agreement. Except with respect to the Indemnification Agreement and the other exhibits attached hereto, both parties agree that this
Agreement and its exhibits supersede any prior agreements, understandings, obligations or representations between the parties, oral or
otherwise, pertaining to the subject matter of this Agreement, and that all such prior agreements, understandings, obligations or representations
are null and void. Notwithstanding the foregoing, this Agreement will not in any way supersede nor terminate Executive’s agreements,
understandings, obligations or representations pursuant to any prior confidentiality and/or proprietary information agreements in effect
at the start of or during the employment relationship and all such agreements will remain in full force and effect. No representations,
obligations, understandings, or agreements, oral or otherwise, exist between the parties except as expressly stated in this Agreement
and its exhibits. This Agreement may be amended or terminated only by a written document signed by Executive and a duly authorized officer
on behalf of Company.

 

    Page 14 of 17

     

    

 

13.            Governing
Law; Venue; Waiver of Right to a Jury Trial and Class Action. This Agreement has been negotiated within the State of Colorado,
and this Agreement will be governed by and construed according to the internal laws of the State of Colorado. In the event of any dispute
between Executive and any Released Party, including any dispute concerning, arising out of, or otherwise in connection with this Agreement
or the exhibits attached hereto, the exclusive venue in which such dispute shall be resolved will be the appropriate state or federal
court located in the City and County of Denver, in the State of Colorado, to which all parties hereby consent to personal jurisdiction.
WITH RESPECT TO ANY SUCH DISPUTE, EACH PARTY TO THIS AGREEMENT HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY AGREES TO WAIVE ANY
RIGHT SUCH PARTY MAY HAVE TO A JURY TRIAL AND FURTHER AGREES THAT ALL SUCH DISPUTES WILL BE RESOLVED SOLELY BY A JUDGE. BY SIGNING
THIS AGREEMENT, EXECUTIVE AND COMPANY ARE EACH GIVING UP HIS/ITS RIGHT TO A JURY TRIAL. EXECUTIVE AND COMPANY AGREE THAT EACH MAY BRING
CLAIMS AGAINST THE OTHER ONLY IN HIS/ITS INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR
REPRESENTATIVE PROCEEDING.

 

14.            Consultation
with Attorney. Executive is advised to consult with an attorney of Executive’s choice prior to executing this Agreement.

 

15.            Notices.
Any notices or other written documents to be given to Company by Executive will be sent to Company (Attention: General Counsel) at the
address set forth in the first paragraph of this Agreement with copies by e-mail to ascoville@remax.com and legal@remax.com. Any notices
or other written documents to be given to Executive by Company will be sent to Executive at Executive’s address, and with a copy
by e-mail, both as specified in Exhibit G.

 

16.            Severability.
The provisions of this Agreement are severable. If any provision of this Agreement or its application is held invalid, illegal, or unenforceable,
the invalidity shall not affect other provisions or applications of this Agreement that can be given effect without the invalid provisions
or application. The parties acknowledge and agree that, if any court determines that any covenant or obligation of this Agreement is excessive
in duration or scope, unreasonable, or unenforceable, the court may modify or amend that covenant or obligation to render it
enforceable to the maximum extent permitted under the law.

 

    Page 15 of 17

     

    

 

17.            Section 409A.
This Agreement is intended to comply with Section 409A of the Internal Revenue Code and the rules thereunder (“Section 409A”)
or an exemption under Section 409A and shall be construed and interpreted in a manner that is consistent with the requirements for
avoiding additional taxes or penalties under Section 409A. For purposes of Section 409A, each installment payment and other
payment or benefit provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement
upon a termination of Executive’s employment shall only be made if such termination of employment constitutes a “separation
from service” under Section 409A. To the extent that the Compensation Committee determines that this Agreement or any Separation
Benefit or other payment or benefit provided under this Agreement may not be exempt from Section 409A, then, if Executive is deemed
to be a “specified employee” within the meaning of Section 409A, as determined by the Compensation Committee, at a time
when Executive becomes eligible for payment upon Executive’s “separation from service” within the meaning of Section 409A,
then to the extent necessary to prevent any accelerated or additional tax under Section 409A, such payment will be delayed until
the earlier of: (a) the date that is six months following Executive’s separation from service and (b) Executive’s
death. To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified
deferred compensation (within the meaning of Section 409A), (i) any such expense reimbursement shall be made by Company no later
than the last day of Executive’s taxable year following the taxable year in which such expense was incurred by Executive, (ii) the
right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the amount
of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for
reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated
with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Internal Revenue Code solely because
such expenses are subject to a limit related to the period in which the arrangement is in effect. Notwithstanding the foregoing, Company
makes no representations that the payments and benefits provided under this Agreement are exempt from or compliant with Section 409A
and in no event shall any member of the Company Group be liable for all or any portion of any taxes, penalties, interest or other expenses
that may be incurred by Executive on account of non-compliance with Section 409A.

 

18.            Section Headings.
The section headings used in this Agreement have been inserted for ease of reference only, and are not to be used in interpreting this
Agreement or in determining any of the rights or obligations of either Company or Executive.

 

EXECUTIVE ACKNOWLEDGES (1) THAT HE HAS CAREFULLY
READ THIS ENTIRE AGREEMENT AND THAT HE FULLY UNDERSTANDS ITS CONTENTS AND CONSEQUENCES, (2) THAT HE HAS HAD SUFFICIENT TIME TO REVIEW
THIS AGREEMENT, (3) THAT HE HAS BEEN GIVEN AN OPPORTUNITY TO CONSULT WITH ANY PERSON OF EXECUTIVE’S OWN CHOICE, (4) THAT
HE FULLY UNDERSTANDS THE MEANING AND CONSEQUENCES OF THIS AGREEMENT, AND (5) THAT HE SIGNS THIS AGREEMENT KNOWINGLY AND VOLUNTARILY,
WITHOUT ANY COERCION, AND WITH THE FULL INTENT OF RELEASING THE RELEASED PARTIES FROM ANY AND ALL PAST, PRESENT, AND FUTURE CLAIMS AND
THEIR EFFECTS.

 

[SIGNATURE PAGE FOLLOWS]

 

    Page 16 of 17

     

    

 

ACCEPTED AND AGREED TO BY EXECUTIVE:

 

Executed January 10, 2022

Date

 

	 	/s/ Adam Michael
    Contos
	 	Adam Michael Contos 

 

ACCEPTED AND AGREED TO BY COMPANY:

 

Executed January 10, 2022

Date

 

	 	RE/MAX, LLC
	 	 
	 	 
	 	By: 	/s/ Roger Dow
	 	 
	 	 
	 	Name: 	Roger Dow
	 	 
	 	 
	 	
    Title:
	Lead Independent Director, RE/MAX Holdings, Inc. as
        authorized by the Board of Directors

 

    Page 17 of 17

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