Document:

Exhibit 10.16

 

 

Agreement for B Corporation Certification

 

 

 

Introduction

 

This agreement (the “Agreement”),
dated as of 22-Mar-21 (the “Effective Date”), is between Sezzle, Inc., (the “Company”) and B Lab Company, a Pennsylvania
nonprofit corporation exempt from federal income tax pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (“B
Lab”).

 

The purpose of this Agreement is to establish
(1) the terms by which B Lab will certify the Company as a Certified B CorporationTM, a certification of a company’s overall
social and environmental performance, public transparency, and legal accountability, (2) the terms under which that certification will
continue, (3) the obligations of the Company as a Certified B CorporationTM, and (4) the rights of the Company to use certain intellectual
property of B Lab.

 

Requirements for Certification

 

 

 

All submissions for B CorporationTM Certification
will be reviewed by B Lab (for an overview of the certification process, please see Appendix A). In order to be certified as a Certified
B CorporationTM, the Company must meet the following requirements:

 

		1.	Performance Standards.

 

		a.	Submit completed B Impact Assessment, including the Disclosure
Questionnaire, for review and earn a reviewed score of at least 80 points (out of 200).

 

		b.	Attach all required documentation to complete their B Impact
AssessmentTM submission.

 

		c.	Submit to a “Site Review” of the company’s
B Impact Assessment if selected, as provided for in Section 2 of Appendix A.

 

		d.	With respect to re-certification:

 

		i.	The Company agrees that it shall participate fully in the re-certification
process and if it fails to do so, B Lab may terminate this Agreement pursuant to Section 2 of “Term and Termination,” below.

 

		ii.	In the event that the Company’s performance fails to meet
the standards required for re- certification, the Company shall be provided with notice and a cure period during which the Company may
work towards improving the Company’s performance; provided, however, if the Company’s performance remains below the threshold
for re-certification, B Lab may terminate this Agreement pursuant to Section 2 of “Term and Termination,” below.

 

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		2.	Transparency Requirements.

 

		a.	Permit B Lab to make the Company’s B Impact Report and
basic Profile information available on www.bcorporation.net and B Analytics upon certification and re-certification. At any time, the
company can opt out of making the following information available in the B Analytics subscription platform and on www.bcorporation.net,
such as: revenue range, employee numbers, projected capital raises, and any other information that B Lab determines in its sole discretion
is inappropriate for public disclosure.

 

		b.	The Company is not required, but may elect, incremental transparency
of its full Assessment on www.bcorporation.net; provided, however, that if the Company is a:

 

		i.	subsidiary, the Company will disclose the identity of any majority
owner on its B Impact Report published on www.bcorporation.net; and

 

		ii.	wholly-owned subsidiary, a majority-owned subsidiary with a
parent company that earns more than $1,000,000,000 USD in annual revenue, or a public company with more than $100,000,000 USD market
capitalization, it will permit B Lab to disclose answers from its B Impact Assessment on www.bcorporation.net, other than answers deemed
to be Sensitive Information, per agreement between the Company and B Lab, as described in Appendix B.

 

		c.	The transparency requirements in this Agreement supersede any
Non-Disclosure Agreements with B Lab.

 

		3.	Legal Requirement.

 

		a.	Unless otherwise agreed to by the Parties, the Company
must meet the legal requirement as provided for in Appendix D and acknowledged by the Company on Appendix E.

 

		b.	If the Company does not meet the above requirements, B Lab may
revoke the Company's certification as provided for in this Agreement or decline to recertify the Company.

 

		c.	In the event of a change in legal form of the Company, the Company
hereby agrees that it will notify B Lab and adopt the B Corp Legal Framework or benefit corporation status, if available, and submit
a copy of the Company’s amended governing documents within 90 days of such change in legal form.

 

		4.	Declaration of Interdependence. The Company will sign
the B CorporationTM Declaration of Interdependence as a symbol of its commitment to our shared collective purpose, attached Appendix
F.

 

Intellectual Property

 

 

 

		a.	License to the Company. B Lab hereby grants to the Company
a revocable, non-exclusive license to utilize the B Lab intellectual property (the “B Lab IP”) “Certified B CorporationTM,”
“B CorporationTM”, “B CorpTM,” and the “Certified B CorporationTM” logo (the “B
Lab License”), only in a manner consistent with the “Brand Usage Guidelines” provided by B Lab, or as otherwise specified
by B Lab, the terms of which are expressly incorporated herein by reference, for the purposes of promoting the Company as a member of
the Certified B Corporation community; provided, however, in the event of termination of this Agreement pursuant to Subsection 2 of the
“Term and Termination” Section of this Agreement, such B Lab License shall terminate concurrently with this Agreement.

 

		b.	License to B Lab. The Company hereby grants to B Lab
a revocable, non-exclusive license to utilize the Company’s trademark and logo for the purposes of promoting the interests of the
community of B Corporations and for the purposes listed in the Introduction to this Agreement.

 

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License Fee

 

 

 

		1.	License Fee. The Company shall pay B Lab an annual
license fee (the “License Fee”) to be determined based upon the Company’s revenue, which shall be disclosed to
B Lab annually, and based upon the following tiered structure:

 

	Annual Sales	 	Annual License Fee
	$0-<$150,000	 	$1,000
	$150,000 - $499,999	 	$1,100
	$500,000 - $699,999	 	$1,200
	$700,000 - $999,999	 	$1,300
	$1 MM - <$1.4 MM	 	$1,400
	$1.5 MM - <$1.9 MM	 	$1,600
	$2 MM - <$2.9 MM	 	$1,800
	$3 MM - $4.9 MM	 	$2,000
	$5 MM - $7.4 MM	 	$2,500
	$7.5 MM - $9.9 MM	 	$3,750
	$10 MM - $14.9 MM	 	$6,000
	$15 MM - $19.9 MM	 	$8,500
	$20MM - <$29.9 MM	 	$12,000
	$30 MM - <$49.9 MM	 	$16,000
	$50 MM - $74.9 MM	 	$20,000
	$75 MM - $99.9 MM	 	$25,500
	$100 MM - <$174.9 MM	 	$30,000
	$175 MM - 249.9 MM	 	$35,000
	$250 MM - $499.9 MM	 	$40,000
	$500 MM - $749.9 MM	 	$45,000
	$750MM - $999.9 MM	 	$50,000
	$1B+	 	Based on size and complexity of your business**

 

The Company hereby acknowledges that B Lab reserves
the right to change such License Fee structure in its sole discretion and that such change will be reflected on the Company’s next
invoice from B Lab. Unless the License Fee has been previously paid by the Company, the Company will receive an invoice for the
initial License Fee (and any other fees due under this Agreement) from B Lab within thirty (30) days of the Effective Date of this Agreement.

 

		2.	Global Partner Invoicing. If the Company is located outside
of the United States or Canada in the territory of a B Lab Global Partner, the Company will receive an invoice directly from the Global
Partner for the License Fee, with such License Fee displayed in the local currency. Company hereby acknowledges that the Global Partner
reserves the right to change its fee structure in its sole discretion, which may be disclosed on the Global Partner’s website,
and that any change to the License Fee will be reflected on the Company’s next invoice from B Lab. The Global Partner websites
can be found at: https://bcorporation.net/about-b-lab/global-partners.

 

		3.	Additional Fees for Related Entities. For companies certifying
with related entities (subsidiaries, parent companies, franchisees, franchisors, or affiliated entities with the same name) or multiple
assessments, please see Appendix B.

 

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Term and Termination.

 

 

 

		1.	Term of Certification, Recertification. Upon meeting
the requirements described in “Requirements for Certification” above (other than the Legal Requirement), the Company will
be certified as a B CorporationTM for a three (3) year period, subject to the provisions regarding: (a) the provisions regarding a “Change
of Control” in section 3, below; (b) revocation of certification, as provided for in Appendix A.1; or (c) a related entity required
for certification has not been certified, as provided for in Appendix B.2. In order to maintain certification, the Company must be recertified
once every three (3) years. Company hereby acknowledges that it understands that it must meet the Performance Standards in Section 1
of “Certification Requirements” every three (3) years in order to maintain certification.

 

		2.	Termination. Acceptance into and continued participation
in the B Corp Community is at the sole discretion of B Lab, including without limitation, the discretion to revoke a certification, as
described further in part on Appendix B. B Lab reserves the right to terminate this Agreement at any time and for any reason,
including the failure to pay any fee owed under this Agreement.

 

		3.	Change of Control. Notwithstanding the above, in the
event of a change of control of the Company, or an initial public offering of its securities (an “IPO”):

 

		a.	The Company is required to: (1) commit to recertify within ninety
(90) days of the effective date of the change of control or IPO (the “Change of Control or IPO Effective Date”); and (2)
recertify within one (1) year of the Change of Control or IPO Effective Date.

 

		b.	If the Company is a subsidiary and there is a change in control
or IPO as to the parent of the Company (the “Parent”), the Company will work with the Parent to secure, within ninety (90)
days of the change of control or IPO (the “Parent Commitment Period”), such Parent’s commitment to proceeding with
certification within one (1) year of the Change of Control or IPO Effective Date.

 

		i.	If the Parent commits to certify within the Parent Commitment
Period but does not certify within one (1) year of the Change of Control or IPO Effective Date, the Company is required to recertify
within two (2) years of the Change of Control or IPO Effective Date.

 

		ii.	If the Parent does not commit to certify within the Parent Commitment
Period, the Company is required to commit to certify within ninety (90) days of the passage of the Parent Commitment Period and is required
to recertify within one (1) year of the Change of Control or IPO Effective Date.

 

		c.	If the Company has over $1,000,000,000 in revenue or has worked
with B Lab prior to the execution of this Agreement in a “Large Enterprise” approach, the Company is required to commit to
recertify within six (6) months of the effective date of the change of control or IPO; and (2) recertify upon the earlier of the second
anniversary of the Change of Control or IPO Effective Date or the third anniversary of the Effective Date of this Agreement.

 

For the purposes of this Agreement, a “change
of control” shall be deemed to have occurred if any person or entity that did not own a majority of the shares or control of the
Company at the time this Agreement was entered into does own such a majority, whether as a result of a merger or otherwise.

 

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Other Terms.

 

 

 

		1.	Appendix C. The Company hereby acknowledges and agrees
that the terms of Appendix C to this Agreement, including, but not limited to, indemnification, limitations on liabilities, warranties,
governing law, and jurisdiction are expressly incorporated herein and shall survive the termination of this Agreement.

 

		2.	Miscellaneous. This Agreement, including all Appendices,
constitutes a fully integrated agreement that supersedes any and all prior agreements between B Lab and the Company concerning certification.
The invalidity of any part of this Agreement shall not impair or affect the validity or enforceability of the rest of this Agreement,
which shall remain in full force and effect. Any provision found to be invalid shall be more narrowly construed so that it becomes legal
and enforceable. The headings used in this document are for ease of reference only and shall not in any way be construed to limit or
alter the meaning of any provision. Any rule that ambiguities are construed or interpreted against the drafter of a document, or against
the party for whose benefit the document is made, shall not apply. As used in this Agreement, the plural shall include the singular and
the singular shall include the plural whenever appropriate. B Lab reserves the right to assign and/or delegate any of its rights and/or
obligations in its sole discretion, including, and without limitation, the right to subcontract the performance of any services associated
with certification. Company may not assign and/or delegate any of the rights and/or obligations under this Agreement.

 

Commitment

 

 

 

	By signing below, I agree to
    the above terms.	 	 
	 	 	 
		 	
	Director/Officer	 	Director/Officer
	 	 	 
	Sezzle,
    Inc.	 	 
	Company	 	B Lab Company
	 	 	 
	22-Mar-21	 	22-Mar-21
	Date	 	Date

 

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Appendix A

 

Footnotes to Agreement for B Corporation Certification

 

		1.	Complaints Procedure, Disclosure Questionnaire, and Background
Check

 

Maintaining the credibility and rigor of the B
Corp Certification is paramount to B Lab. This effort includes verifying assessment responses through our documentation process, conducting
Site Reviews for 10% of the recertifying/renewing B Corp Community every year, requiring completion of the Disclosure Questionnaire, completing
a background check on the Company and senior management, and investigating specific, credible, material complaints of wrongdoing from
the public.

 

B Lab has sole discretion over initial certification,
continuing certification and recertification, and B Lab takes complaints from the community very seriously. There are typically two types
of complaints that B Lab reviews:

 

		●	Complaints
alleging intentional misrepresentation of a social or environmental practice as reported in the B Impact Assessment.

 

		●	Material,
credible, and specific allegations that indicates a breach of our community's principles of transparency and accountability or the core
values as expressed in the B Corporation Declaration of Interdependence.

 

In addition, B Lab may also review, at its sole
discretion, any issue reported on the Disclosure Questionnaire or uncovered as part of the background check, received as a complaint or
otherwise. If such issue is deemed material by B Lab, an investigation of the issue is conducted by B Lab Staff, and the results of the
investigation are presented to B Lab's Standards Advisory Council (the "SAC"). The SAC is an independent governing body that
oversees the performance standards of the B Corp certification. Material complaints and issues are typically resolved in the following
four ways:

 

		●	Certification
upheld

 

		●	Certification
is upheld, with disclosure made transparent on the B Corp public profile

 

		●	Probation
with required, specific remedies

 

		●	Certification
revoked

 

The resolution of the complaint may be appealed
by the Company directly to B Lab's Board of Directors. The resolution of such appeal by the Board of Directors is binding, and in its
sole discretion. By executing this agreement, the Company agrees not to bring or make any claim or legal proceeding against any member
of the Board of Directors in connection with any such appeal. The foregoing procedures may be changed by B lab at any time. Whether or
not the foregoing procedures are followed, decisions with respect to granting certification or recertification, or decertification, are
solely at the discretion of B Lab and as stated in Section 2 of “Term and Termination,” of this Agreement, B Lab reserves
the right to terminate this Agreement at any time.

 

		2.	Site Review Process

 

To maintain the credibility of B Corporation certification,
in addition to the documentation and phone reviews required for 100% of the companies seeking certification, 10% of all recertifying B
Corporations reviewed annually undergo a more in-depth review of their assessment responses and certification, as well as a possible visit
onsite by B Lab, every year. This means that in every three-year certification term, Certified B Corporations have a one in five chance
of being chosen to participate in this process. In the case of wholly-owned subsidiaries, publicly traded companies, companies with revenue
in excess of $1 billion, and companies whose majority ownership is held by publicly traded companies with a market cap of $100,000,000
USDor whose parent company has revenue in excess of $1 billion USD or a market cap of $100,000,000 USD, the expense of a Site Review is
the obligation of the Company due upon presentation of an itemized invoice.

 

B Lab also conducts mandatory Site
Reviews during each certification term for: wholly owned subsidiaries, publicly traded companies, companies with revenue in excess of
$1 billion, and companies whose majority ownership is held by publicly traded companies or whose parent company has revenue in excess
of $1 billion, during each certification term at B Lab’s discretion, and at the Company’s expense (typically $2,500-$5,000,
plus out-of-pocket expenses). B Lab’s goal for the Site Review Process is to review the accuracy of the Company's responses on the
B Impact Assessment, and will generally involve additional documentation, interviews with senior management and employees, and a brief
facilities tour.

 

The Site Review process typically results in a
score adjustment. If the adjusted score falls below the minimum 80 required for certification, B Lab provides a 90-day cure period along
with score improvement recommendations. If this process reveals that a company has materially misrepresented aspects of their business,
the company’s B Corporation certification will be revoked. B Lab reserves the right to change any aspect of this process from time
to time.

 

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Appendix B

 

Guidelines for Companies with Related Entities

 

1. Verification
fee. For companies <$1B in revenue whose certifications warrant more than one assessment for review, the Company will pay B Lab
a verification fee for each additional assessment at initial certification and recertification based on the following fee structure:

 

Annual Sales of additional Assessment (USD) Verification
fee (USD)

 

<$50 MM $500

 

<$100 MM $1,000

 

<$500 MM $2,500

 

>$500 MM $5,000

 

Verification fees for companies >$1B in revenue
whose certifications warrant more than one assessment for review will be determined by B Lab. B Lab reserves the right to change the verification
fee in its sole discretion.

 

2. Material
Progress Terms. In order for subsidiaries with the same name as the parent to recertify, the parent company must make “material
progress” towards Certification, including:

 

		●	Publicly declaring its intent to certify and being transparent
on the parent company’s website regarding its progress within four years of the initial Certification date of the first subsidiary
with the same name.

 

		●	Making material progress towards Certification of the parent
company every two years following the initial certification date of the first subsidiary with the same name, including, but not limited
to:

 

		○	Completing the scoping process with B Lab to determine the path
to Certification

 

		○	Meeting the legal requirement for the parent company

 

		○	Completing the Disclosure Questionnaire/Background Check process
with B Lab

 

		○	Completing the B Impact Assessment(s) for the whole company

 

		○	Improving the company’s score by 10% or more

 

		○	Certifying a material subsidiary

 

		○	Other pre-approved material progress

 

		○	Participation in a B Lab Program promoting the benefits of certification,
including the B Movement Builders program.

 

If the parent company does not meet the above
requirements in said timeframe, B Lab may revoke certification for the parent company’s subsidiary/ies with the same name.

 

In the event of a change of control (see definition
in Section 3 of “Term and Termination”), companies subject to the Material Progress rule must make a commitment to comply
with Material Progress Terms within six months of the change of control, and have made progress or meet the above terms within two years.

 

3. Related
entities with the same name. All subsidiaries with the same name as their parent where their parent is not yet a Certified B Corporation
and related entities with the same name without a common parent that are in the same distinct geographic region defined by B Lab must
achieve a reviewed score of 80 or above for the company seeking certification in the region to certify and recertify.

 

Sensitive Information

 

Questions whose answers might reveal sensitive
information (e.g. those questions that would benefit competitors, prejudice litigation, or create a substantial reporting burden for a
publicly-traded company) must be mutually agreed upon by the Company and B Lab.

 

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Appendix C

 

Additional Terms

 

1. Indemnification.
Company agrees to indemnify and hold harmless B Lab and its officers, directors, employees, agents, representatives, affiliates, subcontractors,
subsidiaries and independent contractors (B Lab and such persons, “Indemnitees”) from and against all direct and third-party
claims, actions, suits, losses, costs, liabilities, judgments, damages and expenses, including reasonable attorneys’ fees, court
costs, litigation expenses and related expenses (collectively, “ Claims”) arising out of or relating to (i) Company’s
breach of any of the representations, warranties or obligations set forth herein, (ii) any incompleteness or inaccuracy of the information
provided by Company to B Lab, (iii) Company’s use of the B Lab IP other than as set forth in the Terms, or (iv) Company’s
use of, and/or reliance upon, certification under this Agreement, except to the extent such Claim was directly caused by the gross negligence
or willful misconduct of B Lab. To the extent Company is required to indemnify any of the Indemnitees, Indemnitees shall not enter into
any settlement without obtaining Company’s prior written consent, not to be unreasonably withheld.

 

2. DISCLAIMER
OF WARRANTIES. B LAB MAKES NO (AND HEREBY DISCLAIMS, TO THE GREATEST EXTENT ALLOWED BY LAW, ANY AND ALL) WARRANTIES, REPRESENTATIONS,
AND CONDITIONS, WHETHER WRITTEN, ORAL, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTIES OF ACCURACY, COMPLETENESS, TITLE, AGAINST
INFRINGEMENT, WITH RESPECT TO THE B IMPACT ASSESSMENT, THE CERTIFICATION REVIEW PROCESS, AND ANY SERVICES PROVIDED BY OR ON BEHALF OF
ANY INDEMNITEE.

 

3. Additional
terms of certification. All determinations related to certification are in the sole discretion of B Lab, and in no event shall any
Indemnitee have any liability as a result of any decision to grant or not certification for any reason. Company acknowledges that a grant
of certification does not mean that B Lab endorses, verifies or certifies the accuracy of any information that has been provided to B
lab in connection with the certification process. Company hereby certifies that all of the information provided to B Lab in connection
with its certification are accurate and complete.

 

4. Limitation
of liability. Except as otherwise required by law, in no event shall any of the Indemnitees be liable to Company or its agents or
any third party for any special, indirect, incidental, punitive, or consequential damages, including damages or costs due to loss of profits,
tax credits, economic benefits, data, loss of goodwill, or personal or other property damage regarding this Agreement or resulting from
or in connection with the performance of this Agreement by any Indemnitee or in connection with certification, regardless of the cause
of action or the theory of liability, whether in tort, contract, or otherwise, except in the case of gross negligence or willful misconduct
by B Lab. Regardless of the foregoing, and without limiting any other provision herein, Company’s sole remedy shall be limited to
a return of fees paid by Company under this Agreement and in no event shall Indemnitees, in the aggregate be liable for damages in excess
of the total amount of fees paid by Company under this Agreement.

 

5. Governing
law. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with,
the laws of the Commonwealth of Pennsylvania, without regard to its conflict of laws rules. Company and B Lab hereby irrevocably and unconditionally
(i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the courts in the
Commonwealth of Pennsylvania, and not in any other state or federal court in the United States of America or any court in any other country,
(ii) consent to submit to the exclusive jurisdiction of such courts for purposes of any action or proceeding arising out of or in connection
with this Agreement, (iii) in the case of the Company, consent to service of process at the address set forth its profile information,
with the same legal force and validity as if served upon such party personally within the Commonwealth of Pennsylvania, (iv) waive any
objection to the laying of venue of any such action or proceeding in such courts and (v) waive, and agree not to plead or to make, any
claim that any such action or proceeding brought in the such courts has been brought in an improper or inconvenient forum.

 

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6. Third
parties and assignment of rights. Nothing in this Agreement shall be deemed to confer any benefit or rights on or to any person or
entity other than Company and B Lab; provided however, that the Indemnitees (other than B Lab) shall be intended third-party beneficiaries
to this Agreement. B Lab reserves the right to assign and/or delegate any of its rights and/or obligations in its sole discretion, including,
and without limitation, the right to subcontract the performance of any services associated with certification. Company may not assign
and/or delegate any of the rights and/or obligations under this Agreement.

 

7. Entire
agreement; interpretation. This Agreement constitutes a fully integrated agreement that supersedes any and all prior agreements between
B Lab and the Company concerning certification. The invalidity of any part of this Agreement shall not impair or affect the validity or
enforceability of the rest of this Agreement, which shall remain in full force and effect. Any provision found to be invalid shall be
more narrowly construed so that it becomes legal and enforceable. The headings used in this document are for ease of reference only and
shall not in any way be construed to limit or alter the meaning of any provision. Any rule that ambiguities are construed or interpreted
against the drafter of a document, or against the party for whose benefit the document is made, shall not apply. As used in this Agreement,
the plural shall include the singular and the singular shall include the plural whenever appropriate.

 

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Appendix D

 

Legal Requirement

 

1. Legal
Requirement. Meet the following legal standards:

 

a. To
maintain certification, the Company must either, 1) become a benefit corporation, or 2) become a social purpose corporation or equivalent
and adopt the B Corp legal amendment 1 language, within two years after the Company’s initial certification date.

 

b. In
the event benefit corporation or SPC or equivalent legislation is passed during the Company’s certification term, the Company will
have two years from the effective date of legislation to elect benefit corporation or SPC or equivalent status.

 

c. If
the Company does not meet the above requirements, B Lab may revoke the Company's certification or decline to recertify the Company.

 

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Appendix E

 

Company Acknowledgments

 

1. CEO
Acknowledgement of Legal Standard of Certification.

 

I, the undersigned Chief Executive Officer (or
equivalent) of the Company acknowledge that I:

 

		●	understand the legal standard required for certification;

 

		●	have reviewed Section 3 “Legal Requirement” under
the “Requirements for Certification” Section of the Agreement, and I understand that if the Company does not meet the above
requirements, B Lab may revoke the Company's certification or decline to recertify the Company; and

 

		●	have determined that satisfying the legal standard is in the
best interests of the Company.

 

2. Material
Progress Terms.

 

I, the undersigned Chief Executive Officer (or
equivalent) of the Company acknowledge that I understand the following:

 

		●	Parent/HQ entity must publicly declaring its intent to certify
within four years of the initial Certification date of the first subsidiary/affiliated entity with the same name. Parent/HQ entity must
be transparent on its website regarding its progress.

 

		●	Parent/HQ entity must make material progress towards Certification
every two years following the initial certification date of the first subsidiary/affiliated entity with the same name, including, but
not limited to

 

		○	Completing the scoping process with B Lab to determine the path
to Certification

 

		○	Meeting the legal requirement for the parent company

 

		○	Completing the Disclosure Questionnaire/Background Check process
with B Lab

 

		○	Completing the B Impact Assessment(s) for the whole company

 

		○	Improving the company’s score by 10% or more

 

		○	Certifying a material subsidiary

 

		○	Other pre-approved material progress

 

		●	If the Parent/HQ entity does not meet the above requirements
in said timeframe, B Lab may revoke certification for the parent company’s subsidiary/ies with the same name.

  

		 	22-Mar-21
	Chief Executive Officer/Director	 	Date

  

    11

     

    

 

Declaration of Interdependence.

 

We envision a global economy that uses business
as a force for good.

 

This economy is comprised of a new type of
corporation — the Certified B Corporation — which is purpose-driven and creates benefit for all stakeholders, not just
shareholders.

 

As B Corporations and leaders of this emerging
economy, we believe:

 

That we must be the change we seek in the world.

 

That all business ought to be conducted as if
people and place mattered.

 

That, through their products, practices, and profits,
businesses should aspire to do no harm and benefit all.

 

To do so requires that we act with the understanding
that we are dependent upon another and thus responsible for each other and future generations.

 

	 	 
	Director/Officer	 

 

	22-Mar-21	 	Sezzle, Inc.
	Date	 	Company

 

	 	 
	Director/Officer, B Lab Global	 

 

	22-Mar-21	 	 
	Date	 	Certification Expiration DateExhibit
10.17

 

 

 

 

 

20
June 2019

 

Charles
Youakim,

 

2201
Humboldt Avenue South

Minneapolis,
MN, 55405

 

Dear
Charles:

 

Sezzle
Inc., a Delaware corporation (the “Company”), is pleased to offer you the revised terms of employment described below,
which shall become effective upon 21 June 2019 (the “Effective Date”).

 

1. Position. You
will serve in a full-time position as Chief Executive Officer. Your primary duties will be providing vision, leadership,
strategy, and executing on the Company’s mission. You shall have the normal duties, responsibilities, and authority of an
employee serving in your position, subject to any modifications by the Company, and shall perform those duties and responsibilities
to the best of your abilities in a diligent, trustworthy, businesslike and efficient manner. While in this position, you shall
report directly to the Board of Directors of the Company. By signing this letter, you confirm with the Company that you are under no
contractual or other legal obligations that would prohibit you from performing your duties with the Company.

 

2. Compensation
and Employee Benefits. You will be paid a salary at the rate of US$225,000 per year, payable on the Company’s
regular payroll dates. You also will be eligible for other Company-provided benefits pursuant to Company policy, which may be
changed at the Company’s discretion. The benefits currently available in association with your employment with the Company are
set out in the attached Appendix A and any other applicable policies, plan documents, or related materials.

 

		3.	Employee
                                            Stock Option Plan.

 

		A.	Eligibility.
                                            You are entitled to participate in the Company’s Employee Stock Option Plan, under
                                            the terms and conditions set forth therein.

 

		B.	Effect
                                            of Termination on Employee Stock Option Plan. The Company agrees that, if a Change of
                                            Control occurs and your employment is terminated by the Company any successor or other new
                                            owner either (a) in connection therewith or (b) within 36 months following the Change of
                                            Control, all options issued to you under the Company’s Employee Stock Option Plan will
                                            immediately vest and become exercisable in accordance with their terms. For the purpose of
                                            this paragraph 3 and its subparts, “Change of Control” has the meaning given
                                            to that term in the Company’s Employee Stock Option Plan from time to time.

 

    Sezzle Inc. | sezzle.com | (651) 504-5294 | 251 1st Ave N, Ste 200, Minneapolis, MN 55401

     

    

 

 

 

 

 

4. Proprietary
Information, Inventions, Non-Competition and Non-Solicitation. If you previously have entered into a Proprietary
Information, Inventions, Non-Competition and Non-Solicitation Agreement with the Company (“Fair Competition Agreement”),
that Fair Competition Agreement shall remain in full force and effect, and shall not be altered or superseded by this letter, except
with respect to a matter where this letter and the Fair Competition Agreement directly conflict (such as with respect to your term
of employment), in which case this letter shall control. If you have not entered into any Fair Competition Agreement with the
Company, you will be required to do so as a condition of your employment with the Company, and as consideration for the promises and
obligations provided by the Company in this letter.

 

5. Term
of Employment. You shall be employed by the Company indefinitely, except that, subject to the remaining provisions of this
paragraph 5, the employment relationship may be terminated:

 

		(a)	at
                                            any time upon written agreement between yourself and the

 

Company;

 

	 	(b)	by the Company
immediately and without prior notice upon a Termination for Cause;

 

		(c)	immediately
                                            upon your death or a Permanent Disability (as defined

 

below);

 

	 	(d)	by the Company,
other than a Termination for Cause, with advance written notice of at least 12 months; or

 

		(e)	by
                                            yourself, with advance written notice of at least 12 months.

 

A.
Termination for Cause. Notwithstanding any other provision in this letter, your employment relationship will end immediately
upon a Termination for Cause. Termination for Cause will exist if the Company terminates the employment relationship due to: (i)
materially dishonest or disparaging statements or acts by you pertaining to your employment and causing the Company to incur
material damage, loss, or other harm; (ii) your failure or refusal to perform adequately your duties and responsibilities or comply
with any valid and legal directive; (iii) a material violation by you of any applicable policies or rules; (iv) your negligence or
willful misconduct in connection with your employment causing the Company to incur material damage, loss, or other harm; or (v) a
material breach by your of your obligations under this letter or any Fair Competition Agreement. In the event of a Termination for
Cause, you shall be entitled to your salary only through your final date of employment, and you shall not be entitled to
compensation for any portion of the Notice Period.

 

B.
Notice Period. In the event the Company provides you with written notice of termination as set forth above, except in the event
of a Termination for Cause, the Company may decide, in its sole discretion, to:

 

(a)
elect to make payment to you in lieu of notice instead of requiring or permitting you to work for part, or all, of the notice
period, in which case your employment ends at the time elected; or

 

    Sezzle Inc. | sezzle.com | (651) 504-5294 | 251 1st Ave N, Ste 200, Minneapolis, MN 55401

     

    

 

 

  

 

 

(b)
remove any or all of your job duties and authority during the Notice Period, with the understanding that you shall nevertheless
receive your regular compensation through the conclusion of the Notice Period (“Notice Period Compensation”).

 

C.
Release Agreement. In exchange for any Notice Period Compensation, the Company may require you to accept and enter into a
release agreement, in a form acceptable to the Company, that releases any claims or causes of action you may have against the
Company and certain affiliated individuals and entities.

 

D.
Permanent Disability. A “Permanent Disability” will exist if you, because of accident, disability, or physical or
mental illness, become incapable either on an indefinite basis or for a period amounting in the aggregate to 90 days within any one
period of 365 days of performing your key duties to the Company or any Company-Related Party, as determined by a licensed physician
reasonably selected by the Company’s CEO. The physician’s determination that you have a Permanent Disability will be
final and binding for purposes of determining the rights and obligations of you and the Company under this Agreement.

 

6. Outside
Activities. While you render services to the Company, you agree that you will not engage in any other employment, consulting
or other business activity without the written consent of the Company, and you shall comply with the terms of any Fair Competition
Agreement.

 

7. Taxes,
Withholding and Required Deductions. All forms of compensation or benefits referred to in this letter are subject to all
applicable taxes, withholding and any other deductions required by applicable law.

 

		8.	Miscellaneous.

 

(a)       Company
Policies. In addition to the obligations set forth in this letter, you will be responsible for following all applicable Company
rules, policies, and procedures. The Company shall make such rules, policies, and procedures available to you in writing.

 

(b)       Governing
Law. The validity, interpretation, construction and performance of this letter, and all acts and transactions pursuant hereto
and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of state
of Minnesota, without giving effect to principles of conflicts of law.

 

(c)       Entire
Agreement. This letter sets forth the entire agreement and understanding of the parties relating to the subject matter herein
and, except as noted below, supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral or written,
between them relating to the subject matter hereof (including, but not limited to, by superseding the terms of any prior offer letter
between you and the Company). Notwithstanding the foregoing in this subparagraph, this letter shall not alter or supersede the terms
of any Indemnification Agreement between you and the Company or, as set forth further above, the terms of any Fair Competition Agreement
between you and the Company. The terms and conditions of this letter may not be changed other than by an express written agreement signed
by you and executed by the Company.

 

    Sezzle Inc. | sezzle.com | (651) 504-5294 | 251 1st Ave N, Ste 200, Minneapolis, MN 55401

     

    

 

 

 

 

 

(d)       Counterparts.
This letter may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original,
and all of which together shall constitute one and the same agreement. Execution of a facsimile copy will have the same force and effect
as execution of an original, and a facsimile signature will be deemed an original and valid signature.

 

(e)       Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents or notices related to this letter, securities
of the Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered to you by applicable
securities law or any other law or the Company’s Certificate of Incorporation or Bylaws by email or any other electronic means.
You hereby consent to (i) conduct business electronically (ii) receive such documents and notices by such electronic delivery and (iii)
sign documents electronically and agree to participate through an on-line or electronic system established and maintained by the Company
or a third party designated by the Company.

 

[Signature
Page Follows]

  

    Sezzle Inc. | sezzle.com | (651) 504-5294 | 251 1st Ave N, Ste 200, Minneapolis, MN 55401

     

    

 

 

 

 

 

If
you wish to accept this revised letter, please sign and date both the enclosed duplicate original of this letter and return them to me.
This offer, if not accepted, will expire at the close of business on 21 June 2019.

 

	 	SEZZLE
    INC.
	 	 
	 	By:	/s/
    Paul Paradis
	 	Paul
    Paradis
	 	Title:
    Chief Revenue Officer

 

	ACCEPTED
    AND AGREED TO BY:	 
	 	 
	/s/
    Charlie Youakim 	 
	Charlie
    Youakim	 
	 	 
	06
    / 21 / 2019	 
	Date	 

 

    Sezzle Inc. | sezzle.com | (651) 504-5294 | 251 1st Ave N, Ste 200, Minneapolis, MN 55401

     

    

 

 

 

 

 

Appendix
A

Employment
Benefits (clause 2)

  

The
following are the benefits currently available in association with your employment with Sezzle Inc., a Delaware corporation (the “Company”).
Please note that these are subject to change at the Company’s discretion, and are governed by any other applicable policies, plan
documents, or related materials.

 

		1	Vacation
                                            Benefit.

 

The
Company has a 2 week vacation policy for all new hires. At your 1-year anniversary your vacation benefit will increase to 3 weeks per
year. At your 4-year anniversary your vacation benefit will increase to 4 weeks per year. The maximum accumulated vacation balance is
4 weeks. All vacation requests must be approved by your manager and there is no guarantee a request will be approved. If an event comes
up that requires additional time off please talk with your manager.

 

		2	Sick/Emergency
                                            Leave Benefit.

 

The
Company has a 1 week sick policy. If you are sick, let your supervisor know as soon as you can and please stay home. In the case of an
emergency leave request, please let your supervisor know as far in advance as possible.

 

		3	Paternity/Maternity
                                            Leave.

 

We
love additions to the Sezzle family, and so should you. Fathers are allowed 4 weeks of paid paternity leave and mothers are allowed 12
weeks of paid maternity leave. You also will be entitled to any leave that is available by law (including, but not limited to, the Family
and Medical Leave Act), which shall run concurrently with this paid maternity or paternity leave.

 

		4	Health
                                            Insurance.

 

The
Company provides employees with insurance through Health Partners. Please see the attached for details on that plan. The applicable plan
documents will govern the terms of the insurance coverage.

 

		5	Vision/Dental
                                            Coverage.

 

The
Company also offers a vision and dental package. Please see the attached for details on these plans. The applicable plan documents will
govern the terms of the insurance coverage.

 

    Sezzle Inc. | sezzle.com | (651) 504-5294 | 510 1st Ave N, Ste 305, Minneapolis, MN 5540

     

    

 

 

  

 

 

		6	401k.

 

The
Company offers employees of the company the option of enrolling in both a Roth and traditional 401k. Please see the SEZZLE 401(K) PLAN
SUMMARY PLAN DESCRIPTION.

 

		7	Sezzle
                                            Employee Stock Option Plan.

 

The
Company has an employee stock option plan that allows the company to reward employees with ownership in the company. Awards are granted
based on your performance in the Company. The applicable plan documents will govern the terms of the employee stock option plan and awards
granted thereunder.

 

    Sezzle Inc. | sezzle.com | (651) 504-5294 | 510 1st Ave N, Ste 305, Minneapolis, MN 5540

     

    

  

	 	Audit
Trail

    

 

 

	TITLE	Charlie's
    employment agreement
	 	 
	FILE
    NAME	Charlie
    Youakim O...20.06.19) v1.DOCX
	 	 
	DOCUMENT
    ID	46e100997669bfd45ecc65664c4bd3d617efc755
	 	 
	STATUS	● Completed

   

 

 

Document
History 

 

	 	06/20/2019	Sent for signature to Charlie Youakim
	11:42:33 UTC-6	(charlie.youakim@sezzle.com) and Paul Paradis
	 	(paul.paradis@sezzle.com) from don.mcconnell@sezzle.com IP: 65.126.92.250
	 	 	 
	 	06/20/2019	Viewed by Charlie Youakim (charlie.youakim@sezzle.com)
	14:49:47 UTC-6	IP: 172.56.12.69
	 	 	 
	 	06/20/2019	Signed by Charlie Youakim (charlie.youakim@sezzle.com)
	14:49:57 UTC-6	IP: 172.56.12.69
	 	 	 
	 	06/20/2019	Viewed by Paul Paradis (paul.paradis@sezzle.com)
	18:41:26 UTC-6	IP: 61.238.159.38
	 	 	 
	 	06/20/2019	Signed by Paul Paradis (paul.paradis@sezzle.com)
	18:41:48 UTC-6	IP: 61.238.159.38
	 	 	 
	 	06/20/2019	The document has been completed.
	18:41:48 UTC-6

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