Document:

Exhibit
10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

 

This
Employment Agreement (this “Agreement”), dated as of November 17, 2021 and effective as of October 25, 2021 (the “Effective
Date”), is entered into by and between SAB BIOTHERAPEUTICS, INC., a Delaware corporation (the “Company”),
and Samuel J. Reich, an individual residing at 3437 Prairie Ave, Miami Beach, FL 33141 (“Executive”).

 

1.
POSITION AND RESPONSIBILITIES

 

1.1.
Position. During the Term of this Agreement, Executive shall be employed by the Company to render services to the Company in the
position of Executive Chairman, Board of Directors (the “Board”). In this capacity, Executive shall perform such duties
and carry out such responsibilities as the Board may lawfully and reasonably request, including, but not limited to, assisting in (a)
the development of corporate strategy for the Company’s near and long-term growth, (b) finance activities required to capitalize
the Company, (c) opportunities for value-creating strategic partnerships and (d) expansion and implementation of relationships with government
officials, and other stakeholders of critical importance to the Company, in each case working closely with the Company’s Chief
Executive Officer and its direct reports. Executive shall abide by the lawful rules, regulations and policies of the Company as adopted
or modified from time to time by the Company. Executive shall report to the Board.

 

1.2.
Devotion of Time to the Company’s Business. During the Term, Executive shall devote substantially all his full business time,
attention and skill to perform any assigned duties, services and responsibilities while employed by the Company, for the furtherance
of the Company’s business, in a diligent, loyal and conscientious manner. Notwithstanding the foregoing, the Company acknowledges
and agrees that Executive may (a) manage Executive’s personal investments and affairs, and (b) perform charitable, non-profit and
eleemosynary activities as long as such activities do not interfere with Executive’s duties and responsibilities hereunder or create
a conflict of interest with the Company.

 

1.3.
No Conflict. Executive represents and warrants that Executive’s execution of this Agreement, Executive’s employment with
the Company, and the performance of Executive’s proposed duties under this Agreement shall not violate any obligations Executive
may have to any other employer, person or entity, including any obligations with respect to proprietary or confidential information of
any other person or entity. Executive will not use or bring onto the premises of the Company any unpublished documents or any property
belonging to any former employer or any other person or entity to whom Executive has an obligation of confidentiality unless consented
to in writing by that former employer or person or entity.

 

1.4.
Location of Employment. Executive’s principal place of business shall be in Miami Beach, Florida. In addition, Executive acknowledges
and agrees that the performance by Executive of Executive’s duties shall require travel including, without limitation, travel to
the Company’s headquarters in Sioux Falls, South Dakota.

 

    	 

     

    

 

2.
COMPENSATION AND BENEFITS

 

2.1.
Base Salary. In consideration of the services to be rendered under this Agreement, the Company shall pay Executive a base salary
equivalent to Three Hundred Fifty Thousand Dollars ($350,000) per year (“Base Salary”), which shall be pro-rated for
partial years during the Term. The Base Salary shall be paid in accordance with the Company’s then-current payroll practices. Executive’s
Base Salary shall be reduced by withholding and deductions required by law. Executive’s Base Salary shall be reviewed annually
by the Compensation Committee of the Board (the “Compensation Committee”) for the purpose of determining increases, if any,
based on Executive’s performance, the performance of the Company, then prevailing salary scales for comparable positions, inflation
and other relevant factors. Any increase in Base Salary shall not limit or reduce any other obligation of the Company to Executive under
this Agreement.

 

2.2.
Annual Bonus. Executive shall be eligible to receive an annual discretionary cash incentive award during the Term (“Annual
Bonus”). All Annual Bonuses are subject to the terms and conditions of the then-current performance goals for a fiscal year,
which goals shall be determined by the Compensation Committee on an annual basis. The Annual Bonus shall be not less than fifty percent
(50%) of Executive’s Base Salary. The Annual Bonus will be paid in the calendar year following the calendar year to which the bonus
relates, and at the same time as the other senior executives of the Company. Except as provided in Sections 3.4 and 3.5, to be eligible
to receive an Annual Bonus, or any portion thereof, Executive must be actively employed by the Company at the time the Annual Bonus,
if any, is paid.

 

2.3.
Equity Awards. Executive shall receive a grant of equity-based compensation in the form of a nonqualified stock option grant (the
“Initial Equity Award”) under the SAB Biotherapeutics, Inc. 2021 Omnibus Equity Incentive Plan (the “Equity
Plan”). The terms and conditions of the Initial Equity Award shall be documented in a corresponding nonqualified stock option
equity award agreement between the Company and Executive. The Initial Equity Award will provide an option to purchase 350,000 shares
of the Company’s common stock. The Initial Equity Award will vest over three years with 1/3 of the Initial Equity Award vesting
on the one year anniversary of the grant date, and the remaining 2/3 of the Initial Equity Award vesting pro-rata on a monthly basis
in twenty-four equal installments, provided that, in the event Executive’s service to the Company is terminated without Cause (as
defined herein) or by the Executive for Good Reason (as defined herein), all then-unvested options shall accelerate in full upon Executive’s
execution of a release of claims in favor of the Company and its affiliates in a form acceptable to the Company (the “Release”),
as set forth in and pursuant to the Initial Equity Award Agreement. The exercise price of the Initial Equity Award shall be the closing
price of the Company’s common stock on the date of the Initial Equity Award. From time to time, Executive may receive additional
equity incentive awards under the Equity Plan (or under any other equity incentive plan adopted by the Company to supplement or succeed
the Equity Plan) subject to such terms and conditions as the Compensation Committee, in its sole discretion, may determine (with the
Initial Equity Award, the “Equity Awards”).

 

2.4.
Benefits. Executive shall be entitled to participate in the benefits made generally available by the Company to similarly situated
executives, subject to the eligibility requirements under the applicable provisions of such plan.

 

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2.5.
Vacations. During the Term, Executive shall be entitled to twenty (20) days paid vacation per year, or such greater amount as may
be earned under the Company’s standard vacation policy. Executive shall also be entitled to all paid holidays given by the Company
in accordance with the Company’s regular paid holiday policy, as it may exist and be amended from time to time.

 

2.6.
Expenses. During the Term, Executive is authorized to incur business expenses in carrying out Executive’s duties and responsibilities
under this Agreement and the Company agrees to promptly reimburse Executive for all such business expenses, subject to necessary documentation.
Without limiting the foregoing, during the Term, the Company shall reimburse Executive for Executive’s reasonable business travel
expenses and lodging expenses (which include business class travel). For the avoidance of doubt, Executive may undertake business travel
to such locations as Executive determines in Executive’s reasonable discretion are necessary to carry out Executive’s duties
and responsibilities under this Agreement, including, without limitation, travel to the Company’s offices, site locations, conferences,
and governmental meetings.

 

3.
TERM AND TERMINATION OF EMPLOYMENT

 

3.1.
Term. Executive shall be employed by the Company for an initial term commencing on the Effective Date and ending on December 31,
2022 unless sooner terminated by either party in accordance with this Agreement. This Agreement and the Term shall be automatically extended
for successive additional one (1)-year terms, unless either party provides written notice of non-renewal at least ninety (90) days before
the end of the then-current Term. The “Term” shall mean the period commencing on the Effective Date and continuing
until terminated in accordance with Section 3.3 hereof.

 

3.2.
Certain Definitions. The following terms, as used herein, have the following meanings:

 

(a)
“Cause” means one or more of the following: (i) Executive’s material failure to perform his duties hereunder
or the lawful directives of the Board or nominees thereof (other than as a result of illness or injury), (ii) the arrest or indictment
for a felony or other criminal charge involving moral turpitude, (iii) Executive’s commission of any acts of personal dishonesty
in connection with his responsibilities as an employee of the Company that could reasonably be expected to materially impair or damage
the property, goodwill, reputation, business or finances of the Company or its affiliates, (iv) Executive’s material violation
of the Company’s policies regarding ethics or conduct (including sexual harassment and other similar policies) that could reasonably
be expected to impair or damage the property, goodwill, reputation, business or finances of the Company or its affiliates, or (v) Executive’s
material breach of his obligations under the Confidentiality Agreement.

 

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(b)
“Change of Control” means the occurrence of any of the following events: (i) a change in the ownership of the
Company which occurs on the date that any one person or entity, or more than one person or entity acting as a group (collectively, a
“Person” for purposes of this definition), acquires ownership of the stock of the Company that, together with
the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; (ii)
during any period of 24 consecutive months, individuals who were members of the Board at the beginning of such period (the “Incumbent
Directors”) cease at any time during such period for any reason to constitute at least a majority of the Board, provided, however,
that any individual becoming a director subsequent to the beginning of such period whose appointment or election or nomination for election
by the Company’s stockholders was approved by a vote of at least a majority of the Incumbent Directors shall be considered as though
such individual were an Incumbent Director, but excluding, for purposes of this proviso, any such individual whose initial assumption
of office occurs as a result of an actual or threatened proxy contest with respect to an assumption of office occurs as a result of an
actual or threatened proxy contest; or (iii) change in the ownership of a substantial portion of the Company’s assets which occurs
on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition
by such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%)
of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided,
however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion
of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the
transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in
exchange for or with respect to the Company’s stock, or (2) an entity, fifty percent (50%) or more of the total value or voting
power of which is owned, directly or indirectly, by the Company. For purposes of this subsection (iii), gross fair market value means
the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated
with such assets. For purposes of this definition, Persons will be considered to be acting as a group if they are owners of a corporation
that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. Notwithstanding
the foregoing, a transaction will not be deemed a Change of Control unless the transaction qualifies as a change in control event within
the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations
and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. Further and for the
avoidance of doubt, a transaction will not constitute a Change of Control if: (i) its sole purpose is to change the state of the Company’s
incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the
persons who held the Company’s securities immediately before such transaction.

 

(c)
“Change of Control Period” means the twelve (12) month period following a Change of Control.

 

(d)
“Date of Termination” means the date specified in a written notice of termination delivered pursuant to Section
3.3, or Executive’s last date as an active employee of the Company before a termination of employment due to his death or Non-Renewal.

 

(e)
“Disability” means a mental or physical condition that renders Executive substantially incapable of performing
his duties and obligations under this Agreement, after taking into account provisions for reasonable accommodation, as determined by
a medical doctor (such doctor to be mutually determined in good faith by the parties) for four (4) or more consecutive months or for
a total of six (6) months during any twelve (12) consecutive months.

 

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(f)
“Good Reason” means, unless Executive has consented in writing thereto, the occurrence of any of the following:
(i) the diminution of Executive’s title or material responsibilities, (ii) any reduction in Base Salary, (iii) the relocation of
Executive’s primary work location to a location more than thirty (30) miles from Miami Beach, Florida, or (iv) a material breach
by the Company of this Agreement which remains uncured despite reasonable efforts to cure.

 

3.3.
Termination of Employment. Executive’s employment and the Term shall terminate on the first of the following to occur:

 

(a)
Death. Automatically upon the date of death of Executive.

 

(b)
Disability. Upon thirty (30) days’ prior written notice by the Company to Executive of a termination due to Disability.

 

(c)
Termination for Cause. Upon the occurrence of any act or omission that constitutes Cause, the Company may terminate Executive’s
employment upon delivery of written notice to Executive at least fifteen (15) days prior to his Date of Termination, unless Executive
cures, if curable, such acts or omissions constituting Cause to the satisfaction of the Company prior to the expiration of such period.

 

(d)
Termination without Cause. Upon thirty (30) days’ prior written notice by the Company to Executive of a termination of employment
without Cause (other than due to death or Disability).

 

(e)
Termination for Good Reason. Executive may terminate Executive’s employment for Good Reason by providing the Company twenty
(20) days’ prior written notice (“Good Reason Notice”) setting forth in reasonable specificity the event that
allegedly constitutes Good Reason (a “Qualifying Event”). To be effective, the Good Reason Notice must be provided
to the Company within ninety (90) days of the initial occurrence of the Qualifying Event. The Company shall have a cure right during
the twenty (20) day Good Reason Notice period, and, if not cured within such period, Executive shall terminate employment forty-five
(45) days following the expiration of such cure period; provided, however, that if Executive does not terminate employment within forty-five
(45) days following the expiration of such cure period, Executive shall not be permitted to terminate employment for Good Reason as a
result of such specific Qualifying Event.

 

(f)
Termination without Good Reason. Upon thirty (30) day’s prior written notice by Executive to the Company of Executive’s
termination of employment without Good Reason.

 

(g)
Non-Renewal. Unless otherwise agreed to by the parties, Executive’s employment shall terminate on the last day of the then-current
Term if either the Company or Executive provides the other party with a written notice of non-renewal of this Agreement in accordance
with Section 3.1 and the parties do not enter into a new employment agreement prior to the expiration of this Agreement (“Non-Renewal”).

 

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3.4.
Compensation and Benefits Payable Upon of Termination of Employment Unrelated to a Change of Control.

 

(a)
Payment of Accrued But Unpaid Compensation and Benefits. Upon Executive’s termination of employment for any reason outside
of the Change of Control Period, Executive (or his Beneficiary following Executive’s death) shall receive (i) a lump sum payment
on the Date of Termination in an amount equal to the sum of Executive’s earned but unpaid Base Salary through his Date of Termination
plus his accrued but unused vacation days at Executive’s Base Salary in effect as of his Date of Termination; plus (ii) any other
benefits or rights Executive has accrued or earned through his Date of Termination in accordance with the terms of the applicable fringe
or employee benefit plans and programs of the Company. Except as provided in Section 3.4(b), Section 3.4(c) below or as
expressly provided pursuant to the terms of any employee benefit plan, Executive will not be entitled to earn or accrue any additional
compensation or benefits for any period following his Date of Termination.

 

(b)
Termination of Employment Due to Death or Disability. In addition to the compensation and benefits payable under Section 3.4(a)
above, if Executive’s employment is terminated due to his death or Disability outside of the Change of Control Period, Executive
(or his Beneficiary following Executive’s death) shall receive:

 

	 	(i)	Executive’s
    accrued but unpaid Annual Bonus, if any, for the fiscal year ended prior to his Date of Termination payable at the same time annual
    bonuses for such fiscal year are paid to other key Executives of the Company;
	 	 	 
	 	(ii)	One
    hundred percent (100%) of Executive’s outstanding unvested Equity Awards as of the Date of Termination will be fully vested
    and exercisable; and
	 	 	 
	 	(iii)	reimbursement
    of the COBRA premiums, if any, paid by Executive’s spouse and dependents for continuation coverage for Executive’s spouse
    and dependents under the Company’s group health, dental and vision plans for a twelve (12) month period from the Date of Termination.

 

(c)
Termination of Employment by the Company Without Cause, by Executive for Good Reason or Upon Non-Renewal by the Company. In addition
to the compensation and benefits payable under Section 3.4(a) above, if Executive’s employment is terminated by the Company
without Cause, by Executive for Good Reason or upon Non-Renewal where it is the Company that provided written notice of non-renewal of
this Agreement in accordance with Section 3.3, and such termination occurs outside of the Change of Control Period, and Executive
returns an executed Release to the Company, which becomes final, binding and irrevocable within sixty (60) days following Executive’s
Date of Termination, Executive (or his Beneficiary following Executive’s death) shall receive:

 

	 	(i)	Executive’s
    accrued but unpaid Annual Bonus, if any, for the fiscal year ended prior to his Date of Termination, payable at the same time annual
    bonuses for such fiscal year are paid to other key Executives of the Company;
	 	 	 
	 	(ii)	One
    hundred percent (100%) of Executive’s outstanding unvested Equity Awards as of the Date of Termination will be fully vested
    and exercisable;
	 	 	 
	 	(iii)	a
    severance payment payable in a single lump sum within five (5) business days after Executive’s Release becomes final, binding
    and irrevocable, in an amount equal to twelve (12) months of Base Salary; and
	 	 	 
	 	(iv)	reimbursement
    of the COBRA premiums, if any, paid by Executive for continuation coverage for Executive, his spouse and dependents under the Company’s
    group health, dental and vision plans for a twelve (12) month period from the Date of Termination.

 

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3.5.
Termination of Employment by the Company Without Cause, by Executive for Good Reason or Upon Non-Renewal by the Company in Connection
with a Change of Control. In addition to the compensation and benefits payable under Section 3.4(a) above, if Executive’s
employment is terminated by the Company without Cause, by Executive for Good Reason or upon Non-Renewal where it is the Company that
provided written notice of non-renewal of this Agreement in accordance with Section 3.3, and such termination occurs during the
Change of Control Period, and Executive returns an executed Release to the Company, which becomes final, binding and irrevocable within
sixty (60) days following Executive’s Date of Termination, Executive (or his Beneficiary following Executive’s death) shall
receive:

 

(a)
a single lump sum within five (5) business days after Executive’s Release becomes final, binding and irrevocable, equal to Executive’s
accrued but unpaid Annual Bonus, if any, for the fiscal year ended prior to his Date of Termination;

 

(b)
a single lump sum within five (5) business days after Executive’s Release becomes final, binding and irrevocable, equal one hundred
percent (100%) of Executive’s target bonus as in effect for the fiscal year in which Executive’s termination of employment
occurs; provided that, for avoidance of doubt, the amount paid to Executive pursuant to this Section 3.5(b) will not be prorated
based on the actual amount of time Executive is employed by the Company during the fiscal year (or the relevant performance period if
something different than a fiscal year) during which the termination occurs;

 

(c)
one hundred percent (100%) of Executive’s outstanding unvested Equity Awards as of the Date of Termination will be fully vested
and exercisable;

 

(d)
a severance payment payable in a single lump sum within five (5) business days after Executive’s Release becomes final, binding
and irrevocable, in an amount equal to twenty-four (24) months of Base Salary; and

 

(e)
reimbursement of the COBRA premiums, if any, paid by Executive for continuation coverage for Executive, his spouse and dependents under
the Company’s group health, dental and vision plans for a twelve (12) month period from the Date of Termination.

 

3.6.
Terminations Within One Hundred and Eighty (180) Days Prior to a Change of Control. If (a) Executive incurred a termination prior
to a Change of Control that qualifies Executive for severance payments under Section 3.4(c) and (b) a Change of Control occurs
within one hundred and eighty (180) days following Executive’s termination of employment, then upon the Change of Control, Executive
shall be entitled to a lump-sum payment of the amount calculated under Section 3.5, less amounts already paid under Section
3.4(c).

 

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4.
TERMINATION OBLIGATIONS

 

4.1.
Return of Property. Executive agrees that all property (including without limitation all equipment, proprietary information, documents,
records, notes, contracts and computer-generated materials) furnished to or created or prepared by Executive or that Executive acquires
by virtue of Executive’s employment belongs to the Company and shall be immediately returned to the Company upon termination of
Executive’s employment, or immediately upon the Company’s request prior to Executive’s termination of employment.

 

4.2.
Cooperation. Following any termination of employment, Executive shall reasonably cooperate with the Company in the winding up of
pending work on behalf of the Company and the orderly transfer of work to other employees. Executive shall also reasonably cooperate
with Company (at the Company’s expense) in the defense of any action brought by any third party against the Company that relates
to Executive’s employment by the Company. If Executive has assigned one or more Inventions to the Company pursuant to this Agreement
or otherwise, Executive shall reasonably cooperate with the Company in the execution of necessary legal documents to effectuate and complete
such assignment.

 

5.
NONDISCLOSURE.

 

5.1.
Nondisclosure Obligations. Executive agrees that, during his employment by the Company and at all times thereafter, Executive will
hold in strict confidence and will not use, disclose, lecture upon or publish any of the Company’s Proprietary Information, (defined
in Section 5.2 below), Third Party Information (defined in Section 5.3 below), or Personal Information (defined in Section
5.4 below), except to the extent necessary to carry out his responsibilities as an employee of the Company or as specifically authorized
in writing by a duly authorized officer of the Company other than Executive, or as otherwise required by law, in which case Executive
shall promptly notify the Company of such requirement so that the Company is able to take appropriate measures to protect such Proprietary
Information, Third Party Information or Personal Information.

 

5.2.
Nondisclosure of Proprietary Information. “Proprietary Information” means all confidential and/or proprietary
knowledge, data or information pertaining in any manner to the business of the Company unless (i) the information is or becomes generally
known to the public through lawful means and through no fault of Executive; (ii) the information was part of Executive’s general
knowledge prior to the initial disclosure of the information by the Company or any personal under a duty of confidentiality; or (iii)
the information is disclosed to Executive without restriction by a third party who rightfully possesses the information under no duty
of confidentiality. Executive agrees that he has the burden of proving the applicability of any of the forgoing exceptions. The definition
of “Proprietary Information” includes but is not limited to any and all (a) technical, non-technical, scientific, biological
and other information, computer software (whether in source code or object code form), programs, tools, data, research, designs, drawings,
diagrams, plans, specifications, concepts, inventions, structure, improvements, products, prototypes, methods, techniques, know-how,
trade secrets, hardware, devices, schematics, works in process, systems, technologies or applications; (b) financial and other information
about costs, profits, markets, sales and pricing structures, customers, subscribers, donors, members, and bids; (c) plans, forecasts
and strategies for business, marketing, future development and new product concepts; and (d) employee personnel files and information
about employee compensation and benefits; in any form and whether or not labeled or identified as confidential or proprietary.

 

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5.3.
Non-Disclosure of Third Party Information. Executive understands that he will receive from third parties confidential, proprietary
or otherwise private information (“Third Party Information”) subject to a duty on the Company’s part to maintain
the confidentiality of such information and to use it only for certain limited purposes. During the term of Executive’s employment
and thereafter, Executive will hold Third Party Information in the strict confidence and will not disclose to anyone (other than Company
personnel who need to know such information in connection with their work for the Company) or use Third Party Information, except in
connection with Executive’s work for the Company, or unless expressly authorized by an officer of the Company in writing. Executive
acknowledges and agrees that any violation of this provision shall be grounds for Executive’s immediate termination of employment
for Cause under this Agreement and could subject Executive to substantial civil liabilities and criminal penalties. Executive further
specifically and expressly acknowledges that no officer or other employee or representative of the Company has requested or instructed
Executive to disclose or use any such third party proprietary information unless agreed to in writing to such use.

 

5.4.
Non-Disclosure of Personal Information. Executive understands that the Company has received, and in the future will receive, personally
identifiable information from employees, consultants or third parties including names, addresses, telephone or facsimile numbers, Social
Security Numbers, background information, credit card or banking information, health information, or other information entrusted to the
Company (“Personal Information”). During the term of Executive’s employment and thereafter, Executive will hold
Personal Information in the strict confidence and will not disclose to anyone (other than Company personnel who need to know such information
in connection with their work for the Company) or use Personal Information, except in connection with Executive’s work for the
Company, or unless expressly authorized by an unrelated officer of the Company in writing. Executive understands that there are laws
in the United States and other countries that protect Personal Information, and that Executive must not use Personal Information other
than for the purpose for which it was originally used or make any disclosures of Personal Information to any third party or from one
country to another without prior managerial approval.

 

5.5.
Safeguarding Proprietary Information, Third Party Information or Personal Information. Executive understands that avoiding loss or
theft of Proprietary Information, Third Party Information or Personal Information is an important part of Executive’s duties. Executive
will not allow any other person to use his office access card or computer passwords, without prior approval by the Company. Executive
will follow all lawful instructions from the Company, third parties with whom the Company does business about avoiding loss or theft
of Proprietary Information, Third Party Information or Personal Information, including but not limited to placing appropriate legends
upon documents signifying their sensitive nature. Executive will only use secure networks established by the Company when using Proprietary
Information, Third Party Information or Personal Information. Executive will immediately report to the Company any loss or suspected
loss of Proprietary Information, Third Party Information or Personal Information, and any suspicious activity such as external hacking
attempts, or unusual internal activity.

 

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5.6.
Disposal of Proprietary Information, Third Party Information or Personal Information. Given the sensitivity of Proprietary Information,
Third Party Information and Personal Information, Executive agrees that Executive shall only dispose of such information by secure methods
approved by the Company.

 

5.7.
Responsibility to Seek Prior Approval. Executive understands and agrees that the sensitivity of Proprietary Information, Third Party
Information or Personal Information requires Executive to exercise caution when handling such information. If Executive ever has any
doubt or hesitation about how to handle Proprietary Information, Third Party Information or Personal Information, he understands and
agrees that he must raise his concerns with the Board before acting.

 

5.8.
Exceptions. Nothing contained in this Agreement shall be construed to prevent the Executive from reporting any act or failure to
act to the SEC or other governmental body, or prevent the Executive from obtaining a fee as a “whistleblower” under Rule
21F-17(a) under the Securities and Exchange Act of 1934 or other rules or regulations implemented under the Dodd-Frank Wall Street Reform
Act and Consumer Protection Act.

 

6.
Assignment of Inventions

 

6.1.
Proprietary Rights. The term “Proprietary Rights” shall mean all trade secret, patent, copyright, mask work and
other intellectual property right or “moral rights” throughout the universe. “Moral Rights” refers to
any rights to claim authorship of an Invention or to object to or prevent the modification of any Invention, or to withdraw from circulation
or control the publication or distribution of any Invention, and any similar right, existing under judicial or statutory law of any country
in the world, or under any treaty, regardless of whether or not such right is denominated or generally referred to as a “moral
right.”

 

6.2.
Assignment of Inventions. Subject to Sections 6.3 and 6.5, Executive hereby assigns and agrees to assign in the future
(when any such Invention or Proprietary Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to the
Company all of Executive’s right, title and interest in and to any and all Inventions (and all Proprietary Right with respect thereto)
whether or not patentable or registerable under copyright or similar statues, made or conceived or reduced to practice or learned by
Executive, either alone or jointly with others, during Term. Inventions assigned to the Company, or to a third party as directed by the
Company pursuant to this Section 6, are hereinafter referred to as “Company Inventions”. The Company may (in
its sole discretion and without obligation to do so), pursuant to established policy of the Company or its affiliates, agree to provide
additional consideration for certain Inventions through a written agreement between the Company and Executive which specifically provides
for such consideration only after such Inventions contribute to financial benefit of the Company or its affiliates; in all other cases,
no consideration shall be paid. The Inventions shall be the sole property of the Company, whether or not copyrightable or patentable
or in a commercial stage of development. To the extent allowed by law, this assignment of Inventions includes Moral Rights. “Inventions”
collectively means any and all biological, scientific or other ideas, concepts, discoveries, developments, software, content, textual
or artistic works, graphic, know-how, structures, designs, methods, products, techniques, processes, systems and technologies in any
stage of development that are conceived, created, developed or reduced to practice by Executive or with others; any and all copyrights,
moral rights, trademarks and any other intellectual property right therein; and any and all improvements, modifications, derivative works
from, other rights in and claims related to any of the foregoing under the laws of any jurisdiction.

 

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6.3.
Unassigned Inventions. Executive recognizes that this Agreement will not be deemed to require assignment of any invention that is
developed entirely on Executive’s own time without using the Company’s equipment, supplies, facilities, Proprietary Information,
or Third Party Information, which is not related to Company’s actual or anticipated business, research and development, and which
does not result from work performed by Executive for the Company.

 

6.4.
Obligation to Keep Company Informed. During the Term, Executive will promptly disclose to the Company fully and in writing all Inventions
authored, conceived or reduced to practice by Executive, either alone or jointly with others.

 

6.5.
Government or Third Party. Executive also agrees to assign all his right, title and interest in and to any particular Company Invention
to a third party, including without limitation the United States, as directed by the Company.

 

6.6.
Assist with Registration and Protection. In the event any Invention shall be deemed by the Company to be copyrightable, patentable
or otherwise registrable or patentable Executive shall assist the Company (at its expense) in every way deemed necessary or desirable
by the Company to protect the Inventions throughout the world, including without limitation, performing acts necessary for obtaining,
maintaining and enforcing any applicable registrations and vesting the Company with full title. Should the Company be unable to secure
Executive’s signature on any document necessary to apply for, obtain, or enforce any trademark, copyright, patent or other right
or protection relation to any Invention, due to Executive’s incapacity or any other cause, Executive hereby irrevocably designates
and appoints the Company and each of its duly authorized officers and agents as his agent and attorney-in-fact to do all lawfully permitted
acts to further the prosecution, issuance, and enforcement of patents, copyrights, or other rights or protection with the same force
and effect as if executed and delivered by Executive.

 

6.7.
Injunctive Relief. Notwithstanding the provisions of Section 8 of this Agreement concerning the arbitration of disputes, Executive
acknowledges and agrees that a remedy at law for any breach or threatened breach of the provisions of this Section 6 would be
inadequate and, therefore, agrees that the Company shall be entitled to seek injunctive relief from a court in addition to any other
available rights and remedies in case of any such breach or threatened breach.

 

7.
LIMITED AGREEMENT NOT TO COMPETE OR SOLICIT

 

7.1.
Non-Competition. During the term of this Agreement, and for a period of one (1) year immediately after the termination of Executive’s
employment with the Company for any reason, including but not limited to voluntary termination by Executive or involuntary termination
by Executive, Executive shall not, directly or indirectly, paid or unpaid, provide services as an employee, consultant, agent, principal,
partner, manager, officer, or director for any person or entity who or which engages in the same or a substantially similar business
as the Company in any countries in which the Company conducts business. For purposes of this Agreement, the Company is engaged in the
business of researching, developing, producing and commercializing monoclonal and polyclonal antibodies and processes associated with
this production including but not limited to antigen development and production as well as plasma production from large animal species.

 

    	11

     

    

 

7.2.
Non-Solicitation. During the Term of this Agreement, and for the period of one (1) year immediately after the termination of Executive’s
employment with the Company for any or no reason, Executive shall not for any reason, either directly or indirectly; (a) solicit any
of the Company’s existing customers worldwide, wither for benefit of Executive or for any other person; or (b) hire, solicit, induce,
recruit or encourage any of the Company’s employees or contractors to leave the employ of the Company or cease providing services
to the Company on behalf of Executive or on behalf of any person or entity.

 

7.3.
Limitations; Remedies. Executive further agrees that the limitations set forth in Section 7 (including, without limitation,
any time or territorial limitations) are reasonable and properly required for the adequate protection of the business of the Company.
Notwithstanding the provisions of Section 8 concerning the arbitration of disputes, Executive acknowledges and agrees that a remedy
at law for any breach or threatened breach of the provisions of this Section 7 would be inadequate and, therefore, agrees that
the Company shall be entitled to injunctive relief from a court in addition to any other available rights and remedies in cases of any
such breach or threatened breach.

 

8.
ARBITRATION

 

8.1.
The Company and Executive mutually agree that any controversy or claim arising out of or relating to this Agreement or the breach
thereof, or any other dispute between the parties arising from or related to Executive’s employment with the Company, shall be
submitted to mediation before a mutually agreeable mediator and such proceedings shall be held in the State of South Dakota. In the event
mediation is unsuccessful in resolving the claim or controversy, such claim or controversy shall be resolved by arbitration and such
proceeding shall be held in the State of South Dakota. The claims covered by this Agreement (“Arbitrable Claims”)
include, but are not limited to, claims for wages or other compensation due; claims for breach of any contract (including this Agreement)
or covenant (express or implied); tort claims; claims for discrimination (including, but not limited to race, sex, religion, national
origin, age, marital status, medical condition, or disability); claims for benefits (except where an employee benefit or pension plan
specifies that its claims procedure shall culminate in an arbitration procedure different from this one); and claims for violation of
any federal, state, or other law, statute, regulation, or ordinance, except claims excluded in the following paragraph. The parties hereby
waive any rights they may have to a trial by jury in regard to Arbitrable Claims.

 

8.2.
Claims Executive may have for workers’ compensation or unemployment compensation benefits are not covered by this Agreement.
Also not covered is either party’s right to obtain provisional remedies or interim relief from a court of competent jurisdiction.

 

8.3.
Arbitration under this Agreement shall be the exclusive remedy for all Arbitrable Claims. Company and Executive agree that arbitration
shall be held in the State of South Dakota and shall be in accordance with the then current Employment Dispute Resolution Rules of the
American Arbitration Association, before a single arbitrator licensed to practice. The arbitrator shall have authority to award or grant
legal, equitable, and declaratory relief. Such arbitration shall be final and binding on the parties. This Agreement to mediate and arbitrate
survives termination of Executive’s employment.

 

    	12

     

    

 

9.
EXCESS PARACHUTE EXCISE TAX.

 

9.1.
Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment, award, benefit
or distribution (including any acceleration) by the Company or any entity which effectuates a transaction described in Section 280G(b)(2)(A)(i)
of the Internal Revenue Code (the “Code”) to or for the benefit of Executive (whether pursuant to the terms of this
Agreement or otherwise, but determined before application of any reductions required pursuant to this Section 9) (a “Payment”)
would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred with respect to such
excise tax by Executive (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as
the “Excise Tax”), the Company will automatically reduce such Payments to the extent, but only to the extent, necessary
so that no portion of the remaining Payments will be subject to the Excise Tax, unless the amount of such Payments that Executive would
retain after payment of the Excise Tax and all applicable Federal, state and local income taxes without such reduction would exceed the
amount of such Payments that Executive would retain after payment of all applicable Federal, state and local taxes after applying such
reduction. Unless otherwise elected by Executive, to the extent permitted under Section 409A of the Code, such reduction shall first
be applied to any severance payments payable to Executive under this Agreement, then to the accelerated vesting on any Equity Awards.

 

9.2.
All determinations required to be made under this Section 9, including the assumptions to be utilized in arriving at such
determination, shall be made by the Company’s independent auditors or such other certified public accounting firm of national standing
reasonably acceptable to Executive as may be designated by the Company (the “Accounting Firm”) which shall provide
detailed supporting calculations both to the Company and Executive within fifteen (15) business days of the receipt of notice from Executive
that there has been a Payment, or such earlier time as is requested by either the Company or Executive. All fees and expenses of the
Accounting Firm shall be borne solely by the Company. If the Accounting Firm determines that no Excise Tax is payable by Executive, it
shall furnish Executive with a written opinion to such effect. Any determination by the Accounting Firm shall be binding upon the Company
and Executive.

 

10.
SECTION 409A OF THE CODE

 

10.1.
The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Section 409A of the
Code and, accordingly, to the maximum extent permitted, this Agreement shall be construed and interpreted in accordance with such intent.
Executive’s termination of employment (or words to similar effect) shall not be deemed to have occurred for purposes of this Agreement
unless such termination of employment constitutes a “separation from service” within the meaning of Section 409A of the Code
and the regulations and other guidance promulgated thereunder.

 

    	13

     

    

 

10.2.
Notwithstanding any provision in this Agreement to the contrary, if Executive is deemed on the date of Executive’s separation
from service to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code and using
the identification methodology selected by the Company from time to time, or if none, the default methodology set forth in Section 409A
of the Code, then with regard to any payment or the providing of any benefit that constitutes “non-qualified deferred compensation”
pursuant to Section 409A of the Code and the regulations issued thereunder that is payable due to Executive’s separation from service,
to the extent required to be delayed in compliance with Section 409A(a)(2)(B) of the Code, such payment or benefit shall not be made
or provided to Executive prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of Executive’s
separation from service, and (ii) the date of Executive’s death (the “Delay Period”). On the first day of the
seventh (7th) month following the date of the Delay Period, all payments delayed pursuant to this Section 10 shall be paid or
reimbursed to Executive in a lump sum, and any remaining payments and benefits due to Executive under this Agreement shall be paid or
provided in accordance with the normal payment dates specified for them herein.

 

10.3.
To the extent any reimbursement of costs and expenses provided for under this Agreement constitutes taxable income to Executive for
Federal income tax purposes, such reimbursements shall be made as soon as practicable after Executive provides proper documentation supporting
reimbursement but in no event later than December 31 of the calendar year next following the calendar year in which the expenses to be
reimbursed are incurred. With regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except
as permitted by Section 409A of the Code, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange
for another benefit, and (ii) 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.

 

10.4.
If under this Agreement, any amount is to be paid in two (2) or more installments, each such installment shall be treated as a separate
payment for purposes of Section 409A.

 

11.
RECOUPMENT

 

11.1.
Policy. Any incentive-based compensation received by Executive including Annual Bonus and Equity Awards, whether pursuant to this
Agreement or otherwise, that is granted, earned or vested based in any part on attainment of a financial reporting measure, shall be
subject to the terms and conditions of the Company’s Claw Back Compensation Policy, if any (the “Recoupment Policy”),
and any other policy of recoupment of compensation as shall be adopted from time to time by the Board or any committee thereof as it
deems necessary or appropriate to comply with the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, Section 304 of the Sarbanes-Oxley Act of 2002, and any implementing rules and regulations of the U.S. Securities and Exchange Commission
and applicable listing standards of a national securities exchange adopted in accordance with any of the foregoing. The terms and conditions
of the Recoupment Policy, including any changes to the Recoupment Policy adopted from time to time by the Company, are hereby incorporated
by reference into this Agreement.

 

    	14

     

    

 

11.2.
Non-Indemnification and Advancement for Recoupment. The Company shall not be obligated to indemnify or advance funds to Executive
for any payment or reimbursement by Executive to the Company of any bonus or other incentive-based or equity-based compensation previously
received by Executive or payment of any profits realized by Executive from the sale of securities of the Company, as required in each
case under the Securities Exchange Act of 1934 or under the rules of the stock exchange on which the common stock of the Company is listed
(including any such payments or reimbursements under Section 304 and 306 of the Sarbanes-Oxley Act of 2002, or pursuant to Section 954
of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any implementing rules and regulations of the U.S. Securities and
Exchange Commission and applicable listing standards of a national securities exchange adopted in accordance with any of the foregoing).

 

12.
AMENDMENTS; WAIVERS; REMEDIES

 

This
Agreement may not be amended or waived except by writing signed by Executive and by a duly authorized representative of the Company.
Failure to exercise any right under this Agreement shall not constitute a waiver of such right. Any waiver of any breach of this Agreement
shall not operate as a waiver of any subsequent breaches. All right or remedies specified for a party herein shall be cumulative and
in addition to all other right and remedies of the party hereunder or under applicable law.

 

13.
ASSIGNMENT; BINDING EFFECT

 

13.1.
Assignment. The performance of Executive is personal hereunder, and Executive agrees that Executive shall have no right to assign
and shall not assign or purport to assign any rights or obligations under this Agreement. This Agreement may be assigned or transferred
by the Company; and nothing in this Agreement shall prevent the consolidation, merger or sale of the Company or a sale of any or all
or substantially all of its assets.

 

13.2.
Binding Effect. Subject to the foregoing restriction on assignment by Executive, this Agreement shall inure to the benefit of and
be binding upon each of the parties; the affiliates, officers, directors, agents, successors and assigns of the Company; and the heirs,
devisees, spouses, legal representatives and successors of Executive.

 

13.3.
Beneficiary. If the Executive dies prior to receiving all of the amounts payable to him in accordance with the terms of this Agreement
as of the time of his death, or provided for herein subsequent to his death, such amounts shall be paid to one or more beneficiaries
(each, a “Beneficiary”) designated by the Executive in writing to the Company during his lifetime, or if no
such Beneficiary is designated, to the Executive’s estate. Such payments shall be made in accordance with the terms of this Agreement.
The Executive, without the consent of any prior Beneficiary, may change his designation of Beneficiary or Beneficiaries at any time or
from time to time by a submitting to the Company a new designation in writing.

 

    	15

     

    

 

14.
NOTICES

 

Any
notice under this Agreement must be in writing and addressed to the Company or to Executive at the corresponding address below. Notices
under this Agreement shall be effective upon (a) hand delivery, when personally delivered; (b) written verification of receipt, when
delivered by overnight courier or certified or registered mail; or (c) acknowledgment of receipt of electronic transmission, when delivered
via electronic mail or facsimile. Executive shall be obligated to notify the Company in writing of any change in Executive’s address.
Notice of change of address shall be effective only when done in accordance with this paragraph.

 

Company’s
Notice Address:

SAB
Biotherapeutics, Inc.

2100
East 54th Street North

Sioux
Falls, SD 57104

 

Executive’s
Notice Address:

Samuel
J. Reich

3437
Prairie Ave

Miami
Beach, FL 33141

 

15.
SEVERABILITY

 

If
any provision of this Agreement shall be held by a court or arbitrator to be invalid, unenforceable, or void, such provision shall be
enforced to the fullest extent permitted by law, and the remainder of this Agreement shall remain in full force and effect. In the event
that the time period or scope of any provision is declared by a court or arbitrator of competent jurisdiction to exceed the maximum time
period or scope that such court or arbitrator deem enforceable, then such court or arbitrator shall reduce the time period or scope to
the maximum time period or scope permitted by law.

 

16.
TAXES

 

All
amounts paid under this Agreement shall be reduced by all applicable state and federal tax withholdings and any other withholdings required
by any applicable jurisdiction.

 

17.
GOVERNING LAW

 

The
validity, interpretation, enforceability, and performance of this Agreement shall be governed by and construed in accordance with the
laws of the State of South Dakota, without regard to South Dakota conflict of laws principles.

 

18.
INTERPRETATION

 

This
Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any party. Sections and section
headings contained in this Agreement are for reference purposes only, and shall not affect in any manner the meaning or interpretation
of this Agreement. Whenever the context requires, references to the singular shall include the plural and the plural the singular.

 

19.
OBLIGATIONS SURVIVE TERMINATION OF EMPLOYMENT

 

Executive
agrees that any and all of Executive’s obligations under this Agreement (other than those in Sections 1.1 and 1.2)
shall survive the termination of employment and the termination of this Agreement.

 

    	16

     

    

 

20.
COUNTERPARTS

 

This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original of this Agreement, but all of which
together shall constitute one and the same instrument.

 

21.
AUTHORITY

 

Each
party represents and warrants that such party has the right, power and authority to enter into and execute this Agreement and to perform
and discharge all of the obligations hereunder; and that this Agreement constitutes the valid and legally binding agreement and obligation
of such party and is enforceable in accordance with its terms.

 

22.
ENTIRE AGREEMENT

 

This
Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof and supersedes and
merges all prior or contemporaneous representations, discussions, proposals, negotiations, conditions, communications and agreements,
whether written or oral, between the parties relating to the subject matter hereof and all past courses of dealing or industry custom.

 

Executive
acknowledges Executive has had the opportunity to consult legal counsel concerning this agreement, that Executive has read and understands
the agreement, that Executive is fully aware of its legal effect, and that Executive has entered into it freely based on Executive’s
own judgment and not on any representations or promises other than those contained in this agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	17

     

    

 

In
Witness Whereof, the parties have duly executed this Agreement as of the date first written above

 

	SAB
    BIOTHERAPEUTICS, INC.	 	EXECUTIVE
	 	 	 	 	 
	By:	 /s/
    Christine Hamilton	 	 	/s/ Samuel
    J. Reich
	Name: 	Christine
    Hamilton	 	Name: 	Samuel
    J. Reich
	Title:
    	Chair,	 	 	 
	 	SAB
    Compensation Committee	 	 	 

 

    	18EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into on November 18, 2021, effective as of January 1, 2022
(the “Effective Date”), by and between MP Materials Corp., a Delaware corporation (the “Company” and, together with any of its direct or indirect subsidiaries, the “Company Group”), and James H.
Litinsky (“Executive”): 
 RECITALS 

The Company employed Executive as its Chief Executive Officer and appointed Executive as the Chairman of the board of directors of the Company
(the “Board”) pursuant to the terms and conditions of that certain employment agreement by and between MP Mine Operations LLC and Executive, dated as of August 7, 2020 (the “Current Agreement”). 

The Company wishes to continue to engage Executive as its Chief Executive Officer and, subject to his continued service on the Board, Chairman
of the Board, pursuant to the terms and conditions of this Agreement and Executive desires to be so engaged. The parties wish to replace and supersede the Current Agreement in all respects with the terms and conditions of this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth herein, the parties hereto agree as follows: 

ARTICLE 1. 
 EMPLOYMENT
AND TERM 
 Section 1.1 Employment. The Company agrees to continue to engage Executive in the
capacity as Chief Executive Officer of the Company and, subject to his continued service on the Board, Chairman of the Board, and Executive hereby accepts such engagement by the Company upon the terms and conditions specified below. Throughout the
Term (as hereinafter defined) the Company will recommend that Executive be elected as a member of the Board. 

Section 1.2 Term. The term of this Agreement shall commence as of the Effective Date and shall
continue until terminated as provided in Article 6 hereof (the “Term”). 
 ARTICLE 2. 

DUTIES OF EXECUTIVE 

Section 2.1 Duties. As Chief Executive Officer, Executive shall perform all the duties and obligations
generally associated with the position of Chief Executive Officer subject to the supervision of the Board, and such other executive duties consistent with the foregoing as may be reasonably and lawfully assigned to him from time to time by the
Board. The Executive shall report solely and directly to the Board. Executive shall perform the services contemplated herein in the best interests of the Company. Executive shall at all times perform such services in good faith compliance with any
and all laws, rules and regulations applicable to the Company of which Executive is aware. Executive shall, at all times during the Term, in all material respects endeavor to adhere to and obey any and all written internal rules and regulations
governing the conduct of the Company’s employees, as established or modified from time to time; provided, however, in the event of any conflict between the provisions of this Agreement and any such rules or regulations, the provisions of
this Agreement shall control. 

  
 -1- 

 Section 2.2 Location of Services. Executive’s
principal place of employment shall be at the Company’s headquarters in Las Vegas, Nevada (subject to any COVID-19 or other variants or other health and safety related restrictions or protocols), or at
such other location as Executive and the Board shall agree upon. 
 Section 2.3 Exclusive Service.
Executive shall devote Executive’s business time and efforts as Executive reasonably believes appropriate to the performance of Executive’s duties under this Agreement and shall not engage in any other business or occupation during the
Term that (x) conflicts with the interests of the Company or any other member of the Company Group, (y) interferes materially with the proper and efficient performance of Executive’s duties for the Company or for any other member of
the Company Group, or (z) interferes with Executive’s exercise of judgment in the Company’s best interests. Notwithstanding the foregoing, nothing herein shall preclude Executive from (i) serving as a member of the board of
directors or advisory board (or the equivalent in the case of a non-corporate entity) of any non-competing for-profit business
and/or any charitable organizations, (ii) engaging in charitable activities and community affairs, (iii) managing Executive’s personal investments and affairs, (iv) engaging in and providing services to other business
ventures and (v) being a partner, member, employee or consultant of JHL Capital Group LLC or any successor entities (“JHL”) and providing services to JHL and its affiliates; provided, however, that the activities set out in
clauses (i), (ii), (iii), (iv) and (v) shall be limited by Executive so as not to materially interfere, individually or in the aggregate, with the performance of Executive’s duties and responsibilities hereunder. 

ARTICLE 3. 
 COMPENSATION

 Section 3.1 Base Salary. In consideration for Executive’s services hereunder, the
Company shall pay Executive an annual base salary at the rate of Six Hundred Thousand Dollars ($600,000) per year during each year in the Term, subject to increase at the discretion of the Compensation Committee of the Board (the
“Committee”), payable in accordance with the Company’s regular payroll schedule from time to time (less any deductions required for Social Security, state, federal and local withholding taxes, and any other authorized or
mandated similar withholdings). Executive shall not receive any compensation for services as a member of the Board while Executive is also serving as Chief Executive Officer. 

Section 3.2 Annual and Other Bonuses. Executive shall be entitled to earn bonuses with respect to each
year of the Term during which Executive is employed under this Agreement up to not less than 200% of Executive’s base salary, with a target bonus of not less than 100% of Executive’s base salary (such target bonus, as may be increased from
time to time, the “Target Bonus”), determined under the Company’s short term cash incentive program (the “Bonus Plan”), provided that such percentages are subject to increase at the discretion of the
Committee. Any such bonus shall be based on performance criteria developed by the Committee in consultation with Executive. Any such bonus shall be subject to (i) except as provided herein, the Executive being employed by the Company on the
last day of the Company’s fiscal year or such later date as the Bonus Plan shall specify; and (ii) the Company’s Incentive Compensation Clawback Policy attached as Appendix A hereto (or any successor policy). Any such bonus earned by
Executive shall be paid no less than annually as soon as practicable (but in no event later than March 15th) after the conclusion of the Company’s fiscal year, except for any portion of the bonus which is paid in the Company’s discretion
in restricted stock units or other equity award. Bonuses relative to partial years shall be prorated. Executive may also receive special bonuses in addition to his annual bonus eligibility at the discretion of the Board or the Committee; it being
understood that there is no entitlement thereto hereunder. Any bonuses paid hereunder shall be paid, in the Company’s discretion, in cash, restricted stock units and/or other equity awards; provided, however, that Executive’s allocation of
cash, restricted stock units and other equity awards shall be the same as that of other senior executive officers for the year in question, except as may be provided under the Bonus Plan, and not less than 50% shall be paid to Executive in cash.

  
 -2- 

 Section 3.3 Equity Awards. The Company may provide
Equity Awards to Executive pursuant to, and subject to the terms and conditions of, the Company’s 2020 Stock Incentive Plan (the “2020 Plan”) (or the then current equity compensation plan of the Company, as applicable). The
Committee shall set the amount and terms of such Equity Awards. On November 18, 2021, the Committee shall grant Executive 800,000 restricted stock units, pursuant to the 2020 Plan, which shall vest in four equal annual installments
(i.e., 25% on each vesting date) beginning on the first anniversary of the date of grant. For the avoidance of doubt, all Equity Awards shall continue to vest if Executive provides services to the Company as a director or consultant and not as an
employee of the Company. For purposes of this Agreement, “Equity Awards” includes all awards of equity granted to Executive, including but not limited to, options, restricted stock units, restricted stock, performance shares, performance
share units, and stock appreciation rights.  
 ARTICLE 4. 

EXECUTIVE BENEFITS 

Section 4.1 Vacation. Executive shall be entitled to vacation in accordance with the general policies
of the Company applicable generally to other senior executives of the Company pursuant to the Company’s personnel policies from time to time, but not less than four (4) weeks of vacation each calendar year, without reduction in
compensation. 
 Section 4.2 Benefits. Executive shall receive all other such benefits as the
Company may offer to other senior executives of the Company generally under the Company personnel plans, practices, policies and programs in effect from time to time, such as health and disability insurance coverage, paid sick leave and fully
eligible participation in deferred compensation plans. The Company shall provide Executive coverage for those benefit items made generally available to its senior level executive employees on the same terms provided to its other senior level
executive employees. Nothing contained herein shall be construed to limit the Company’s ability to amend, suspend, or terminate any employee benefit plan or policy at any time, and the right to do so is expressly reserved so long as such
amendment, suspension or termination is not particularly targeted at Executive. 
 Section 4.3
Indemnification. Executive shall have the benefit of indemnification to the fullest extent permitted by applicable law, which indemnification shall continue after the termination of this Agreement for such period as may be necessary to
continue to indemnify Executive for his acts while an officer or director of the Company. In addition, the Company shall cause Executive to be covered by the Company’s policies of directors and officers liability insurance in effect from time
to time in accordance with their terms, to the maximum extent of the coverage available for any director or officer of the Company, which coverage shall continue after the termination of this Agreement for such period as may be necessary to continue
to cover Executive for his acts while an officer or director of the Company. 

  
 -3- 

 ARTICLE 5. 

REIMBURSEMENT FOR EXPENSES 

Section 5.1 Reimbursement for Expenses. Executive shall be reimbursed by the Company for all ordinary,
necessary and reasonable expenses incurred by Executive in the performance of his duties or otherwise in furtherance of the business of the Company in accordance with the policies of the Company in effect from time to time. Executive shall endeavor
to keep accurate and complete records of all such expenses, including but not limited to, proof of payment and purpose. Executive shall account fully for all such expenses to the Company. No reimbursement will be made later than the close of the
calendar year following the calendar year in which the expense was incurred. Expenses eligible for reimbursement in any one taxable year shall not affect the amount of expenses eligible for reimbursement in any other taxable year, and the right to
expense reimbursement shall not be subject to liquidation or exchange for any other benefit.  
 ARTICLE 6. 

TERMINATION 

Section 6.1 General. The Term, and Executive’s employment hereunder, shall terminate upon the
earliest to occur of (i) Executive’s death, (ii) a termination by reason of a Disability, (iii) a termination by the Company with or without Cause, and (iv) a termination by Executive with or without Good Reason. Except as
otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s rights to future employee benefits and other compensatory amounts hereunder (if any) shall cease upon the termination of Executive’s
employment hereunder. 
 Section 6.2 [reserved] 

Section 6.3 Termination for Cause. Without limiting the generality of Section 6.5, the Company
shall have the right to terminate Executive’s employment, without further obligation or liability to Executive, upon the occurrence of any one or more of the following events, which events shall be deemed termination for cause
(“Cause”). 
 6.3.1 Failure to Perform Duties. If Executive willfully fails to perform the material duties of his
employment under this Agreement, other than due to his physical or mental infirmity, after having received thirty (30) days written notice specifying such failure to perform and a reasonable opportunity to perform. 

6.3.2 Willful Breach. If Executive willfully commits a material breach of this Agreement and fails to cure such breach within thirty
(30) days of written notice thereof or commits a material willful breach of his fiduciary duty to the Company. 
 6.3.3 Wrongful
Acts. If Executive is convicted of a felony (other than vehicular- related or a vicarious crime not based directly on Executive’s actions) or commits fraud, material misrepresentation, embezzlement or other acts of willful material
misconduct against the Company (including violating any material rules or regulations of government authorities which would reasonably be expected to have a material adverse economic effect on the Company) that would make the continuance of his
employment by the Company materially detrimental to the Company. 
 For the avoidance of doubt, no action or inaction shall be treated as willful
unless done or not done in bad faith and without a reasonable belief such action or inaction was in the best interests of the Company Group. No action taken at the direction of the Board or based upon the advice of counsel to the Company shall be
treated as Cause. Executive shall not be terminated for Cause absent the right to be heard before the Board with Executive’s counsel present if Executive requests. 

  
 -4- 

 Section 6.4 Termination for Death or Disability.
Executive’s employment shall terminate automatically upon Executive’s death. The Company may terminate Executive’s employment immediately upon the occurrence of a disability (“Disability”), such termination to be
effective upon Executive’s receipt of written notice of such termination. Executive will be deemed to have a “Disability” when he is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a substantially continuous period of not less than 180 days, or begins receiving income replacement benefits for a period of not less
than six months under an accident and health plan of the Company or an affiliate by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not
less than 6 months. If there should be a dispute between the Company and Executive as to Executive’s physical or mental Disability for purposes of this Agreement, the question shall be settled by the opinion of an impartial reputable physician
or psychiatrist agreed upon by the parties or their representatives and the fees of which shall be paid by the Company. The certification of such a physician or psychiatrist as to the questioned dispute shall be final and binding upon the parties
hereto.  
 Section 6.5 Termination Without Cause. Notwithstanding anything to the contrary
herein, the Company shall have the right to terminate Executive’s employment under this Agreement at any time without Cause by giving thirty (30) days written notice of such termination to Executive. 

Section 6.6 Termination by Executive with Good Reason. Executive may terminate his employment under
this Agreement on thirty (30) days prior notice to the Company with good reason (“Good Reason”). For purposes of this Agreement and except as otherwise agreed to by the Executive in writing, “Good Reason” shall
mean and be limited to: (i) a material breach of this Agreement by the Company (including without limitation the assignment to Executive of duties materially inconsistent with his status as Chief Executive Officer of the Company or any material
reduction in the authority, duties or responsibilities of Executive); or (ii) any relocation of his or its principal place of business outside the greater Las Vegas metropolitan area or other area Executive has selected as his principal place
of business; or (iii) the requirement that Executive report to anyone other than the Board; or (iv) the failure of Executive to be nominated and recommended for election or re-election, as
appropriate, as a member of the Board or Executive’s removal from the Board or his position as Chairman of the Board; or (v) a reduction by the Company in Executive’s then base salary or Target Bonus, a material reduction in other
benefits (except as such benefits may be changed or reduced for other senior executives), or the failure by the Company to pay Executive any material portion of his current compensation when due; or (vi) following a Change in Control (as
defined in the Company’s 2020 Plan) or a reorganization or restructuring of the Company, (A) the failure of the Company, the failure of any acquiring or successor company, or, if the acquiring or successor company is a subsidiary of
another company, the failure of the highest-level parent of the acquiring or successor company, to enter into an agreement naming Executive as the Chief Executive Officer and Chairman with duties materially consistent with Executive’s duties as
Chief Executive Officer and Chairman of the Company, as the case may be; or (B) a requirement that Executive, as Chief Executive Officer of the Company, the acquiring or successor company or highest level parent of the acquiring or successor
company, must report to an executive or non-executive director whose authority limits Executive’s authority, duty or responsibility. For the avoidance of doubt, each of the conditions described in clauses
(i), (ii), (iii), (iv), (v) and (vi) of the preceding sentence is a separate and independent basis for termination by Executive for Good Reason. Notwithstanding the foregoing, except with respect to a termination by Executive, Executive’s
resignation shall not be treated as a resignation for Good Reason unless (a) Executive notifies the Company (including any acquiring and/or successor company) in writing of a condition constituting Good Reason within thirty (30) days
following Executive’s becoming aware of such condition; (b) the Company fails to remedy such condition within thirty (30) days following such written notice (the “Remedy Period”); and (c) Executive resigns within
thirty (30) days following the expiration of the Remedy Period. 

  
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 Section 6.7 Effect of Termination.  

6.7.1 Payment of Salary, Bonus and Expenses Upon Termination. Any termination under this Article 6 shall be effective upon receipt of
notice by Executive or the Company, as the case may be, of such termination or upon such other later date as may be provided herein or specified by the Company or Executive in the notice (the “Termination Date”), except as otherwise
provided in this Article 6. If Executive’s employment is terminated, all benefits provided to Executive by the Company hereunder shall thereupon cease, except as provided in this Section 6.7, and the Company shall pay or cause to be paid
to Executive all accrued but unpaid base salary, any unreimbursed expenses (payable pursuant to the Company’s expense reimbursement policies), any accrued vested benefits under the Company’s benefit plans including equity-based incentives
and vacation (payable or provided pursuant to the terms of such benefit plans), any compensation previously voluntarily deferred by Executive payable in accordance with the provisions of the applicable deferred compensation plan and in accordance
with Executive’s election under such plan, and, except in the case of Termination for Cause, as additional severance and notwithstanding the provisions of Section 3.2 hereof, a prorated bonus for the year of termination. Such prorated
bonus shall be determined and paid as follows: (a) First, the performance criteria shall be applied to the entire year of termination (with any subjective goals treated as satisfied at not less than target and no negative discretion otherwise
applied) to determine the bonus that Executive would have received for the entire year if his employment had not terminated, (b) Second, the amount determined under clause (a) of this sentence shall be multiplied by a fraction, the
numerator of which is the number of days in the year before the date of the termination of Executive’s employment and the denominator of which is three hundred sixty five (365), to determine the amount of the prorated bonus, and (c) Third,
the prorated bonus shall be paid at the times and in the form specified when the Committee determined the achievement of performance under the Company’s bonus program for the year (provided, that, any equity-based component of the bonus shall
be treated as fully vested), or, if no such time was then specified, as soon as practicable (but in no event later than March 15th) after the end of the year in which the termination of employment occurred. If at the Termination Date, Executive
shall have satisfied all the requirements to earn an annual bonus relative to the calendar year immediately preceding or ending on the Termination Date but such bonus has not yet been paid, then except in the case of a Termination for Cause, such
bonus shall be paid to Executive at the same time such bonus was otherwise scheduled to have been paid. In addition, promptly upon submission by Executive of his unpaid expenses incurred prior to the Termination Date and owing to Executive pursuant
to Article 5, reimbursement for such expenses shall be made. If Executive’s employment is terminated for “Cause,” or by the Executive without “Good Reason”, Executive shall not be entitled to receive any payments other than
as specified in this Section 6.7.1. Termination by the Company for Cause shall be in addition to and without prejudice to any other right or remedy that the Company may be entitled to at law, in equity, or under this Agreement. 

6.7.2 Termination Without Cause or Termination by Executive with Good Reason Other than in Connection with a Change in
Control. If the Company terminates Executive’s employment without Cause or Executive terminates his employment with Good Reason (other than in connection with a Change in Control as contemplated by Section 6.7.4), the following shall
apply: 
  

	 	(a)	 Executive shall be entitled to receive an amount equal to one hundred fifty percent (150%) times
(i) Executive’s annual base salary (such multiple of such annual base salary, the “Base Severance Benefit”) in effect on the date of termination; plus (ii) the total dollar value of the target bonus, the
“Bonus Amount”). The Base Severance Benefit and Bonus Amount shall be paid to Executive in a lump sum on the first payroll date following the release becoming effective and revocation rights thereon having lapsed, except as
otherwise provided in Section 6.10.4 or Section 6.10.5 below, as applicable. In addition, Executive shall be entitled to receive any amounts payable under Section 6.7.1 above. The payments contemplated herein shall not be subject to
any duty of mitigation by Executive nor to offset for any income earned by Executive following termination. 

  
 -6- 

	 	(b)	 Executive shall also be entitled to receive health benefits coverage for Executive and his dependents, and
disability insurance coverage for Executive, under the same plan(s) or arrangement(s) under which Executive and his dependents were covered immediately before his termination of employment or plan(s) established or arrangement(s) provided by the
Company or any of its Subsidiaries thereafter for the benefit of senior executives until the earliest of (i) eighteen (18) months; and (ii) the date Executive (and in the case of his dependents, the dependents) becomes covered or eligible
for coverage under any other group health plan or group disability plan (as the case may be) not maintained by the Company Group; provided, however, that if such other group health plan excludes any preexisting condition that Executive or
Executive’s dependents may have when coverage under this Section 6.7.2 shall continue (but not beyond the period described in clause (i) of this sentence) with respect to such pre-existing
condition until such exclusion under such other group health plan lapses or expires. The Company shall pay any applicable premiums on such insurance coverage; provided, however, that if at any time the Company determines that its payment of such
premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Internal Revenue Code of 1986, as amended (the “Code”) or any other Code section, law or regulation of similar effect (including
but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying such premiums, the Company will instead pay to Executive a fully taxable monthly
cash payment in an amount such that, after payment by Executive of all taxes on such payment, Executive retains an amount equal to the premiums the Company would have paid for such month, with such monthly payment being made on the last day of each
month for the remainder of the eighteen (18) month period. In the event Executive is required to make an election under Sections 601 through 607 of the Employee Retirement Income Security Act of 1974, as amended (commonly known as COBRA) to
qualify for the benefits described in this Section 6.7.2, the obligations of the Company and its Subsidiaries under this Section 6.7.2 shall be conditioned upon Executive’s timely making such an election. Nothing contained herein
shall prevent Executive or his dependents from securing continued coverage under COBRA at their own expense to the extent permitted by COBRA or otherwise applicable law. Any payment or reimbursement of benefits under this Section 6.7.2 that is
taxable to Executive or his dependents shall be made by December 31 of the calendar year following the calendar year in which Executive or his dependent incurred the expense. Expenses eligible for reimbursement in any one taxable year shall not
affect the amount of expenses eligible for reimbursement in any other taxable year, and the right to expense reimbursement shall not be subject to liquidation or exchange for any other benefit. The benefits described in this Section 6.7.2(b)
shall be referred to as the “Health and Disability Coverage Continuation”. 

  
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	 	(c)	 Notwithstanding anything contained in the 2020 Plan or any Equity Award agreement under the 2020 Plan to the
contrary, the following provisions shall apply to the Executive’s Equity Awards (the “Termination Equity Treatment”): 

  

	 	(i)	 With respect to any Equity Awards that are subject to vesting in the ordinary course based solely upon the
provision of continued service (“Time Vested Awards”), all such Time Vested Awards shall vest in full as of the date of such termination. 

  

	 	(ii)	 With respect to any Equity Awards that are subject to vesting in the ordinary course based upon the achievement
of performance conditions (and whether or not exists any service vesting condition) (“Performance Vested Awards”), such Performance Vested Awards will vest without proration as of the date of such termination based on
(A) actual achievement of performance conditions, with respect to any applicable performance period that has completed on or prior to the date of such termination, and (B) the greater of target or actual achievement of performance
conditions, with respect to any applicable performance period that has not been completed on or prior to the date of such termination. 

6.7.3 Termination for Death or Disability. If Executive dies or the Company terminates Executive’s employment due to Disability,
the following shall apply: 
  

	 	(a)	 Executive (or his estate) shall be entitled to receive any amounts payable under Section 6.7.1 above.

  

	 	(b)	 Executive (and/or his eligible dependents) shall also be entitled to receive the Health and Disability Coverage
Continuation. 

  

	 	(c)	 Executive (or his estate) shall be entitled to the Termination Equity Treatment. 

6.7.4 Termination Without Cause or Termination by Executive with Good Reason Prior to, On or Within Twenty-Four
(24) Months After a Change in Control. If the Company terminates Executive’s employment without Cause or Executive terminates his employment with Good Reason within ninety (90) days prior to, on or within twenty-four
(24) months after a Change in Control, the following shall apply: 
  

	 	(a)	 Executive shall be entitled to receive any amounts payable under Section 6.7.1 above.

  

	 	(b)	 The Company shall pay to Executive in lieu of the Base Severance Benefit and the Bonus Amount, in a lump sum on
the first payroll date following the release becoming effective (and revocation rights thereon having lapsed), except as otherwise provided in Section 6.10.4 or Section 6.10.5 below, as applicable, an amount equal to two hundred percent
(200%) of the sum of Executive’s annual base salary in effect on the date of termination and the Target Bonus for the year of termination. 

  

	 	(c)	 Executive shall be entitled to receive the Health and Disability Coverage Continuation. 

 

	 	(d)	 Executive shall be entitled to the Termination Equity Treatment. 

  
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 6.7.5 I.R.C. Section 409A. 

 

	 	(a)	 The compensation arrangements under this Agreement are intended to comply with, or be exempt from,
Section 409A of the Code, and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”), and will be interpreted in a manner intended to comply with, or be exempt from, Code
Section 409A. If any payment of money or other benefits due to the Executive hereunder could cause the application of an accelerated or additional tax under Code Section 409A (a “409A Tax”), the Company and Executive shall
cooperate in good faith to modify this Agreement to the extent possible, in a manner, that does not cause such 409A Tax while endeavoring to maintain the economic benefits hereunder; provided, however, neither the Company, nor its respective
officers, employees and/or representatives, shall have any liability to the Executive with respect to any such determination, or any such taxes, interest or penalties, or liability for any other alleged damages related thereto.

  

	 	(b)	 In the event that any compensation with respect to Executive’s separation from service is “deferred
compensation” within the meaning of Code Section 409A, the stock of the Company or any affiliate is publicly traded on an established securities market or otherwise, and Executive is determined to be a “specified employee,” as
defined in Section 409A(a)(2)(B)(i) of the Code, payment of such compensation shall be delayed as required by Code Section 409A. Such delay shall last six months from the date of Executive’s separation from service, except in the
event of Executive’s death. Within thirty (30) days following the end of such six-month period, or, if earlier, Executive’s death, the Company will make a
catch-up payment to Executive equal to the total amount of such payments that would have been made during the six-month period but for this Section 6.7.5. Whenever
payments under this Agreement are to be made in installments, each such installment shall be deemed to be a separate payment for purposes of Section 409A. Payments of compensation or benefits on Executive’s termination of employment (other
than accrued salary and other accrued amounts that must be paid under applicable law, and “welfare benefits” specified in Treasury Regulations Section 1.409A-1(a)(5)) shall be paid only if and
when the termination of employment constitutes a “separation from service” under Treasury Regulation Section 1.409A-1(h). 

6.7.6 Suspension. In lieu of terminating Executive’s employment hereunder for Cause under Section 6.3, the Company shall have
the right, at its sole election, to suspend the performance of duties by Executive under this Agreement during the continuance of events or circumstances under Section 6.3 for an aggregate of not more than thirty (30) days during the Term
(the “Default Period”) by giving Executive written notice of the Company’s election to do so at any time during the Default Period. The Company’s exercise of its right to suspend the operation of this Agreement shall not
preclude the Company from subsequently terminating Executive’s employment hereunder; provided nothing herein shall eliminate the Company’s obligation to provide required written notice, or prevent Executive from having the opportunity to
cure any defect raised in such notice, to the extent applicable under the relevant subsection of Section 6.3. Executive shall not render services to any other person, firm or corporation in the mining business during any period of suspension.
Executive shall be entitled to continued compensation and benefits pursuant to the provisions of this Agreement during the Default Period. 

Section 6.8 No-Exclusivity of Rights. Nothing in this
Agreement shall prevent or limit Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or its subsidiaries and for which the Executive may qualify, nor shall anything herein limit or
otherwise affect such rights as Executive may have under any other contract or agreement with the 

  
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Company or its subsidiaries at or subsequent to the Termination Date (“Other Benefits”), which such Other Benefits shall be payable in accordance with such plan, policy, practice
or program or contract or agreement, except as explicitly modified by this Agreement. Notwithstanding the foregoing, if Executive receives payments and benefits pursuant to Article 6 of this Agreement, Executive shall not be entitled to any
severance pay or benefits under any severance plan, program or policy of the Company and its subsidiaries, unless otherwise specifically provided therein in a specific reference in or to this Agreement. 

Section 6.9 Full Settlement. Except as expressly provided for herein, in no event shall Executive be
obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not Executive obtains other
employment. 
 Section 6.10 Release. Notwithstanding anything contained herein to the contrary, it
shall be a condition for Executive’s right to receive any severance benefits hereunder that he execute a general release in favor of the Company and its affiliates in the form as may be reasonably requested by the Company and agreed to by the
Executive (provided, that, the Executive shall not be obligated to agree to additional matters beyond the release itself), which release shall not encompass the payments contemplated hereby or other individual compensatory agreements with the
Company, rights as a stockholder of the Company, or rights to indemnification or coverage under directors’ and officers’ liability insurance or for unpaid compensation); provided, however that the requirement that Executive (or
Executive’s estate) execute such a general release shall not apply in the event of a termination due to death under Section 6.4 (Termination for Death or Disability) hereof. The timing of payments under this Agreement upon the execution of
the general release shall be governed by the following provisions: 
 6.10.1 The Company must deliver the release to Executive for
execution no later than fourteen (14) days after Executive’s termination of employment. If the Company fails to deliver the release to Executive within such fourteen (14) day period, Executive will be deemed to have satisfied the
release requirement and will receive payments conditioned on execution of the release as though Executive had executed the release and all revocation rights had lapsed at the end of such 14 day period. 

6.10.2 Executive must execute the release within forty-five (45) days from its delivery to him. 

6.10.3 If Executive has revocation rights, Executive shall exercise such rights, if at all, not later than seven (7) days after executing
the release. 
 6.10.4 In any case in which the release (and the expiration of any revocation rights) could only become effective in a
particular tax year of Executive, payments that are subject to Code Section 409A and are conditioned on execution of the release shall begin within twenty (20) days after the release becomes effective and revocation rights have lapsed.

 6.10.5 In any case in which the release (and the expiration of any revocation rights) could become effective in one of two taxable years
of Executive depending on when Executive executes the release, payments that are subject to Code Section 409A and are conditioned on execution of the release shall not begin before the first business day of the later of such tax years. 

  
 -10- 

 Section 6.11 Excise Tax
Limitation. 
 6.11.1 Notwithstanding anything contained in this Agreement to the contrary, (i) in the event that any
payment or benefit (within the meaning of Section 280G(b)(2) of the Code) to be paid or made payable to Executive or for Executive’s benefit pursuant to the terms of this Agreement or otherwise in connection with, or arising out of,
Executive’s employment with the Company or any of its Subsidiaries on a “change of control” within the meaning of Section 280G of the Code (a “Payment” or “Payments”) would be subject to the
excise tax imposed by Section 4999 of the Code (the “Excise Tax”), and (ii) (A) the net amount of the Payments Executive would retain after payment of the Excise Tax and federal, state and local income taxes on the
Payments would be less than (B) the net amount of the Payments Executive would retain, after payment of the Excise Tax and federal, state and local income taxes on the Payments, if the Payments were reduced to the extent necessary that no
portion of the Payments would be subject to the Excise Tax (the “Section 4999 Limit”), then the Payments shall be reduced (but not below zero) to the Section 4999 Limit. If a reduction in the Payments is
necessary so that the Payments do not exceed the Section 4999 Limit and none of the Payments constitute non-qualified deferred compensation (within the meaning of Section 409A of the Code), then the
reduction shall occur in the manner Executive elects in writing prior to the date of payment. Any notice given by Executive pursuant to the preceding sentence shall take precedence over the provisions of any other agreement, plan or arrangement
governing Executive’s rights and entitlements to any benefits or compensation. If any Payment constitutes non-qualified deferred compensation or if Executive fails to elect an order, then the Payments to
be reduced will be determined in a manner which has the least economic cost to Executive and, to the extent the economic cost is equivalent, will be reduced in the inverse order of when payment would have been made to Executive, until the reduction
is achieved. For purposes of the calculations described above, it shall be assumed that Executive’s tax rate will be the maximum marginal federal and applicable state income tax rate on earned income (taking into account the deductibility of
any state taxes for purposes of calculating any federal taxes). 
 6.11.2 All determinations required to be made under this
Section 6.11 (each, a “Determination”) shall be made, at the Company’s expense, by the accounting firm which is the Company’s accounting firm prior to a “change of control” (within the meaning of
Section 280G of the Code); provided, that, if selected by Executive, another nationally recognized accounting firm designated by the Executive shall be used for such Determinations, subject to the approval of the Board (or a committee thereof)
which approval shall not be unreasonably withheld (the “Accounting Firm”). The Accounting Firm shall provide its calculations, together with detailed supporting documentation, both to the Company and to Executive before the
applicable change of control (if requested at that time by the Company or Executive) or such other time as requested by the Company or Executive (in either case provided that the Company or Executive believes in good faith that any of the Payments
may be subject to the Excise Tax). Within ten (10) calendar days of the delivery of the Determination to Executive, Executive shall have the right to dispute the Determination (the “Dispute”). The existence of any Dispute shall
not in any way affect Executive’s right to receive the Payments in accordance with the Determination. If there is no Dispute, the Determination by the Accounting Firm shall be final, binding and conclusive upon the Company and Executive,
subject to the application of Section 6.11.3. To the extent requested by Executive, the Company shall cooperate with the Executive in good faith in valuing, and the Accounting Firm shall take into account the value of, services to be provided
by Executive (including Executive agreeing to refrain from performing services pursuant to a covenant not to compete) before, on or after the date of the transaction which causes the application of Section 280G of the Code such that payments in
respect of such services may be considered to be “reasonable compensation” within the meaning of Q&A-9 and Q&A-40 to
Q&A-44 of the final regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment” within the meaning of
Q&A-2(a) of such final regulations in accordance with Q&A-5(a) of such final regulations. 

6.11.3 As a result of the uncertainty in the application of Sections 4999 and 280G of the Code, it is possible that the Payments either will
have been made or will not have been made by the Company, in either case in a manner inconsistent with the limitations provided in Section 6.11.1 (an “Excess Payment” or “Underpayment”, respectively). If it is
established pursuant to (a) a final determination of a court for which all appeals have been taken and finally resolved or the time for all 

  
 -11- 

 
appeals has expired, or (b) an Internal Revenue Service (the “IRS”) proceeding which has been finally and conclusively resolved, that an Excess Payment has been made, such
Excess Payment shall be deemed for all purposes to be a loan to Executive made on the date Executive received the Excess Payment and Executive shall repay the Excess Payment to the Company on demand, together with interest on the Excess Payment at
one hundred twenty percent (120%) of the applicable federal rate (as defined in Section 1274(d) of the Code) compounded semi-annually from the date of Executive’s receipt of such Excess Payment until the date of such repayment. If it is
determined (i) by the Accounting Firm, the Company (which shall include the position taken by the Company, together with its consolidated group, on its federal income tax return) or the IRS, (ii) pursuant to a determination by a court, or
(iii) upon the resolution to Executive’s satisfaction of the Dispute, that an Underpayment has occurred, the Company shall pay an amount equal to the Underpayment to Executive within ten (10) calendar days of such determination or
resolution, together with interest on such amount at one hundred twenty percent (120%) of the applicable federal rate compounded semi-annually from the date such amount should have been paid to Executive pursuant to the terms of this Agreement or
otherwise, but for the operation of this Section 6.11.3, until the date of payment. 
 ARTICLE 7. 

RESTRICTIVE COVENANTS 

Section 7.1 General. Executive acknowledges and recognizes the highly competitive nature of the
business of the Company Group, that access to Confidential Information renders Executive special and unique within the industry of the Company Group, and that Executive will have the opportunity to develop substantial relationships with existing and
prospective clients, accounts, customers, consultants, contractors, investors, and strategic partners of the Company Group during the course of and as a result of Executive’s employment with the Company. In light of the foregoing, as a
condition of Executive’s employment by the Company, and in consideration of Executive’s employment hereunder and the compensation and benefits provided herein, Executive acknowledges and agrees to the covenants contained in this Article 7.
Executive further recognizes and acknowledges that the restrictions and limitations set forth in this Article 7 are reasonable and valid in geographical and temporal scope and in all other respects and are essential to protect the value of the
business and assets of the Company Group. 
 Section 7.2 Confidential Information. 

7.2.1 Executive acknowledges that, during the Term, Executive will have access to information about the Company Group and that
Executive’s employment with the Company shall bring Executive into close contact with confidential and proprietary information of the Company Group. In recognition of the foregoing, Executive agrees, at all times during the Term and thereafter,
to hold in confidence, and not to use, except for the benefit of the Company Group, or to disclose to any Person without written authorization of the Company, any Confidential Information; provided, that nothing in this Section 7.2 shall
prevent Executive from disclosing Confidential Information as may be required by applicable law, rule or court order or governmental or regulatory investigation, or as otherwise reasonably appropriate pursuant to any legal process between Executive
and any member of the Company Group. 
 For purposes of this Agreement: 

“Confidential Information” means confidential, proprietary or trade secret information that the Company Group has or will
develop, acquire, create, compile, discover, or own, that has value in or to the business of the Company Group that is not generally known and that the Company wishes to maintain as confidential. Confidential Information includes, but is not limited
to, any and all non-public 

  
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information that relates to the actual or anticipated business and/or products, research, or development of the Company Group, or to the Company Group’s technical data, trade secrets, or know-how, including, but not limited to, research, plans, or other information regarding the Company Group’s products or services and markets, customer lists, and customers (including, but not limited to,
customers of the Company on whom Executive called or with whom Executive may become acquainted during the Term), software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information,
marketing, finances, and other business information disclosed by the Company either directly or indirectly in writing, orally, or by drawings or inspection of premises, parts, equipment, or other Company Group property. Notwithstanding the
foregoing, Confidential Information shall not include any of the foregoing items (i) that have become publicly and widely known or are otherwise known within the industry of the Company Group through no unauthorized disclosure by Executive or
others who were under confidentiality obligations as to the item or items involved, (ii) that have been independently developed without the use of or reference to Confidential Information or (iii) if such item has been provided by a third
party to Executive and is not known by Executive to be subject to any confidentiality restrictions. 
 7.2.2 Nothing in this Agreement shall
prohibit or impede Executive from communicating, cooperating or filing a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect
to possible violations of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation, provided
that in each case such communications and disclosures are consistent with applicable law. Executive understands and acknowledges that 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 is made (i) in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or
other document filed in a lawsuit or other proceeding, if such filing is made under seal. Executive understands and acknowledges further that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law
may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade secret, except
pursuant to court order. Moreover, Executive is not required to give prior notice to (or get prior authorization from) the Company regarding any such communication or disclosure. Notwithstanding the foregoing, under no circumstance will Executive be
authorized to disclose any information covered by attorney-client privilege or attorney work product of any member of the Company Group without prior written consent of Company’s General Counsel or other officer designated by the Company.
Participant does not need the prior authorization of (or to give notice to) any member of the Company Group regarding any communication, disclosure, or activity permitted by this paragraph. 

Section 7.3 Assignment of Intellectual Property Rights. (a) Executive agrees that he will,
without additional compensation, promptly make full written disclosure to the Company, and will hold in trust for the sole right and benefit of the Company all developments, original works of authorship, inventions, concepts, know-how, improvements, trade secrets, and similar proprietary rights, whether or not patentable or registrable under copyright or similar laws, which Executive may (or have previously) solely or jointly conceive or
develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the Term, whether or not during regular working hours, provided they arise out of Executive’s employment with the Company or are developed
through the use of equipment, supplies, or facilities of any member of the Company Group, or any Confidential Information (collectively referred to as “Developments”). Executive further acknowledges that all Developments made by
Executive (solely or jointly with others) within the scope of and during the Term are “works made for hire” (to the greatest extent permitted by applicable law) for which Executive is compensated by the Company, unless regulated otherwise
by law, but that, in the event any such Development is deemed not to be a work made for hire, Executive hereby assigns to the Company, or its designee, all Executive’s right, title, and interest throughout the world in and to any such
Development. 

  
 -13- 

 (b) Executive agrees to reasonably assist the Company, or its designee, at the Company’s expense, in
every reasonable way to secure the rights of the Company Group in the Developments and any copyrights, patents, trademarks, service marks, database rights, domain names, mask work rights, moral rights, and other intellectual property rights relating
thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments, recordations, and all other instruments that
the Company shall deem necessary in order to apply for, obtain, maintain, and transfer such rights and in order to assign and convey to the Company Group the sole and exclusive right, title, and interest in and to such Developments, and any
intellectual property and other proprietary rights relating thereto. Executive further agrees that Executive’s obligation to execute or cause to be executed, when it is in Executive’s power to do so, any such instrument or papers shall
continue after the termination of the Term until the expiration of the last such intellectual property right to expire in any country of the world; provided, however, that the Company shall reimburse Executive for Executive’s reasonable
expenses incurred in connection with carrying out the foregoing obligation. If the Company is unable because of Executive’s mental or physical incapacity or unavailability for any other reason to secure Executive’s signature to apply for
or to pursue any application for any United States or foreign patents or copyright registrations covering Developments or original works of authorship assigned to the Company as above, then Executive hereby irrevocably designates and appoints the
Company and its duly authorized officers and agents as Executive’s agent and attorney in fact to act for and in Executive’s behalf and stead to execute and file any such applications or records and to do all other lawfully permitted acts
to further the application for, prosecution, issuance, maintenance, and transfer of letters patent or registrations thereon with the same legal force and effect as if originally executed by me. Executive hereby waives and irrevocably quitclaims to
the Company any and all claims, of any nature whatsoever, that Executive now or hereafter have for past, present, or future infringement of any and all proprietary rights assigned to the Company. For the avoidance of doubt, nothing in this
Section 7.3 applies to Executive’s personal, family office and/or other business pursuits. 

Section 7.4 Non-Competition. During the Term and the
Post-Termination Restricted Period, Executive shall not, anywhere within the Territory or for the benefit of a Competing Business’s operations or sales within the Territory, directly or indirectly, acting individually or as an owner,
shareholder, partner, employee, contractor, agent or otherwise (other than on behalf of the Company): (a) provide services that are the same as or similar in function or purpose to the services Executive provided to the Company during the last
twelve (12) months of employment or such shorter period of time as Executive has been employed (the “Look Back Period”); or (b) provide services that are otherwise likely or probable to result in the use or disclosure of
Confidential Information, in each case of (a) or (b) to a Competing Business. Notwithstanding the foregoing, Executive may at any time own, for investment purposes only, up to ten percent (10%) of the equity of (i) any publicly-held
company whose equity is either listed on a national stock exchange or on the NASDAQ National Market System or (ii) any non-publicly-held company in a passive investment. Executive shall be permitted to
provide services to a unit, division, or subsidiary of entity engaging in a Competing Business if such unit, division or subsidiary is not engaging in the Competing Business and Executive is not providing services to any unit, division or subsidiary
engaging in the Competing Business. The Post-Termination Restriction Period shall not apply under this Section 7.4 if Executive’s employment is terminated by the Company without Cause or by Executive with Good Reason. 

  
 -14- 

 For purposes of this Agreement: 

“Competing Business” shall mean any person, firm, corporation, partnership or business that engages in any business, directly
or indirectly (through a subsidiary or otherwise) which competes with the Company Group’s business activities related to rare earth mining and processing 

“Post-Termination Restricted Period” shall mean the period commencing on the date of the termination of the Term for any
reason and ending on the twelve (12) month anniversary of such date of termination. 
 “Territory” shall mean within a
180-mile radius of Mountain Pass, California or within 180-mile radius of any jurisdiction in which any member of the Company Group engages in material business, derives
a material portion of its revenues or has demonstrable plans to commence material business activities in. 

Section 7.5 Non-Interference. During the Term and the
Post-Termination Restricted Period, Executive shall not, directly or indirectly for Executive’s own account or for the account of any other Person, engage in Interfering Activities. For purposes of this Agreement: 

“Business Relation” shall mean any current or prospective (based upon material demonstrable activities) client, customer,
licensee, supplier, or other business relation of the Company Group, or any such relation that was a client, customer, licensee or other business relation within the prior six (6) month period, in each case, with whom Executive transacted
business or whose identity became known to Executive in connection with Executive’s employment hereunder. 
 “Interfering
Activities” shall mean (A) recruiting, encouraging, soliciting, or inducing, or in any manner attempting to recruit, encourage, solicit, or induce, any Person employed by, or providing consulting services to, any member of the Company
Group to terminate such Person’s employment or services (or in the case of a consultant, materially reducing such services) with the Company Group in order to engage in a Competing Business, (B) hiring any individual who was employed by
the Company Group within the 90 day period prior to the date of such hiring (but not including anyone whose employment was terminated (or constructively terminated) by the Company Group), or (C) encouraging, soliciting, or inducing, or
in any manner attempting to encourage, solicit, or induce, any Business Relation to cease doing business with or reduce the amount of business conducted with the Company Group, or in any way interfering with the relationship between any such
Business Relation and the Company Group; provided, that engaging in a general solicitation not specifically targeted at the foregoing individuals or providing a personal reference shall not be Interfering Activities. 

Section 7.6 Return of Documents. In the event of Executive’s termination of employment hereunder
for any reason, Executive shall deliver to the Company (and will not keep in Executive’s possession, recreate, or deliver to anyone else) or destroy, at Executive’s sole option, any and all Confidential Information and all other documents,
materials, information, and property otherwise belonging to the Company Group; provided, that Executive shall be entitled to retain his personal contacts, calendars, digital or physical rolodex, personal correspondence, information reasonably needed
for Executive’s personal tax return preparation and/or any other personal property he may keep in his office. Executive may retain his mobile phone and number and any electronic equipment used by him at his residences. 

Section 7.7 Independence; Severability; Blue Pencil. Each of the rights enumerated in this Article 7
shall be independent of the others and shall be in addition to and not in lieu of any other rights and remedies available to the Company Group at law or in equity. If any of the provisions of this Article 7 or any part of any of them is hereafter
construed or adjudicated to be invalid or unenforceable, the same shall not affect the remainder of this Article 7, which shall be given full effect without regard to 

  
 -15- 

 
the invalid portions. If any of the covenants contained herein are held to be invalid or unenforceable because of the duration of such provisions or the area or scope covered thereby, each of the
Company and Executive agree that the court making such determination shall have the power to reduce the duration, scope, and/or area of such provision to the maximum and/or broadest duration, scope, and/or area permissible by law, and in its reduced
form said provision shall then be enforceable. 
 Section 7.8 Injunctive Relief. Executive expressly
acknowledges that any breach or threatened breach of any of the terms and/or conditions set forth in this Article 7 may result in substantial, continuing, and irreparable injury to the members of the Company Group. Therefore, Executive hereby
agrees that, in addition to any other remedy that may be available to the Company, any member of the Company Group shall be entitled to seek injunctive relief, specific performance, or other equitable relief by a court of appropriate jurisdiction in
the event of any breach or threatened breach of the terms of this Article 7. Notwithstanding any other provision to the contrary, Executive acknowledges and agrees that the Post-Termination Restricted Period shall be tolled during any period of
violation of any of the covenants in this Article 7 (so long as the Company Group takes steps to attempt to cause Executive to cease such violation once aware of it) and during any other period required for litigation during which the Company or any
other member of the Company Group seeks to enforce such covenants against Executive if it is ultimately determined that Executive was in breach of such covenants. 

Section 7.9 Disclosure of Covenants. As long as it remains in effect, Executive will disclose the
existence of the covenants contained in this Article 7 to any prospective employer, partner, co-venturer, investor, or lender prior to entering into an employment, partnership, or other business relationship with such Person or entity.

 Section 7.10 Other Covenants. Notwithstanding anything contained in this Agreement to the
contrary, in the event that Executive is subject to similar restrictive covenants pursuant to any other agreement with the Company or any other member of the Company Group (“Other Covenants”), the covenants contained in this
Agreement shall be in addition to, and not in lieu of, any such Other Covenants, and enforcement by the Company of the covenants contained in this Agreement shall not preclude the Company or any other applicable member of the Company Group from
enforcing such Other Covenants in accordance with their terms; provided, that, all Other Covenants in effect as of the date hereof shall be superseded by the covenants contained in this Agreement and be of no further force or effect. 

ARTICLE 8. 
 ARBITRATION

 Section 8.1 General. Except for a claim for injunctive relief under Section 7.8, any
controversy, dispute, or claim between the parties to this Agreement, including any claim arising out of, in connection with, or in relation to the formation, interpretation, performance or breach of this Agreement shall be settled exclusively by
arbitration, before a single arbitrator who is a retired judge, in accordance with this Article 8 and the then most applicable rules of JAMS. Judgment upon any award rendered by the arbitrator may be entered by any state or federal court having
jurisdiction thereof. Such arbitration shall be administered by JAMS and the costs thereof borne by the Company. Arbitration shall be the exclusive remedy for determining any such dispute, regardless of its nature. Notwithstanding the foregoing,
either party may in an appropriate matter apply to a court for provisional relief, including a temporary restraining order or a preliminary injunction, on the ground that the award to which the applicant may be entitled in arbitration may be
rendered ineffectual without provisional relief. Unless mutually agreed by the parties otherwise, any arbitration shall take place in Las Vegas, Nevada. 

  
 -16- 

 Section 8.2 Selection of Arbitrator. In the event
the parties are unable to agree upon an arbitrator, the parties shall select a single arbitrator from a list of nine arbitrators drawn by the parties at random from the “Independent” (or “Gold Card”) list of retired judges or, at
the option of Executive, from a list of nine persons (which shall be retired judges or corporate or litigation attorneys experienced in executive employment agreements) provided by the office of JAMS having jurisdiction over Las Vegas, Nevada. If
the parties are unable to agree upon an arbitrator from the list so drawn, then the parties shall each strike names alternately from the list, with the first to strike being determined by lot. After each party has used four strikes, the remaining
name on the list shall be the arbitrator. If such person is unable to serve for any reason, the parties shall repeat this process until an arbitrator is selected. 

Section 8.3 Applicability of Arbitration; Remedial Authority. This agreement to resolve any disputes
by binding arbitration shall extend to claims related to the employment relationship set forth herein against any parent, subsidiary or affiliate of each party, and, when acting within such capacity, any officer, director, stockholder, employee or
agent of each party, or of any of the above, and shall apply as well to claims arising out of state and federal statutes and local ordinances as well as to claims arising under the common law. In the event of a dispute subject to this paragraph the
parties shall be entitled to reasonable discovery subject to the discretion of the arbitrator. The remedial authority of the arbitrator (which shall include the right to grant injunctive or other equitable relief) shall be the same as, but no
greater than, would be the remedial power of a court having jurisdiction over the parties and their dispute. The arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if the party bringing the motion
establishes that he or it would be entitled to summary judgment if the matter had been pursued in court litigation. In the event of a conflict between the applicable rules of JAMS and these procedures, the provisions of these procedures shall
govern. 
 Section 8.4 Fees and Costs. Any filing or administrative fees shall be borne initially by
the party requesting arbitration. The Company shall be responsible for the costs and fees of the arbitration. Notwithstanding the foregoing, if Executive prevails on a material issue in any arbitration or in any enforcement or other court
proceedings, Executive shall be entitled to reimbursement from the Company for all of Executive’s costs (including but not limited to the arbitrator’s compensation), expenses, and attorneys’ fees. 

Section 8.5 Award Final and Binding. The arbitrator shall render an award and written opinion, and the
award shall be final and binding upon the parties. If any of the provisions of this paragraph, or of this Agreement, are determined to be unlawful or otherwise unenforceable, in whole or in part, such determination shall not affect the validity of
the remainder of this Agreement, and this Agreement shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and to insure that the resolution of all conflicts between the parties, including those arising
out of statutory claims, shall be resolved by neutral, binding arbitration. If a court should find that the arbitration provisions of this Agreement are not absolutely binding, then the parties intend any arbitration decision and award to be fully
admissible in evidence in any subsequent action, given great weight by any finder of fact, and treated as determinative to the maximum extent permitted by law. 

ARTICLE 9. 

MISCELLANEOUS 

Section 9.1 Amendments. The provisions of this Agreement may not be waived, altered, amended or
repealed in whole or in part except by the signed written consent of the parties sought to be bound by such waiver, alteration, amendment or repeal. 

  
 -17- 

 Section 9.2 Clawbacks. The payments to
Executive pursuant to this Agreement or otherwise are subject to forfeiture or recovery or other action by the Company pursuant to the Company’s Incentive Compensation Clawback Policy attached as Appendix A hereto (or any successor incentive
compensation clawback policy generally applicable to senior executive officers of the Company), or that it may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations
thereunder, or as otherwise required by law. 
 Section 9.3 Entire Agreement. This Agreement
constitutes the total and complete agreement of the parties and supersedes all prior and contemporaneous understandings and agreements heretofore made, including the Current Agreement which is hereby terminated, and there are no other
representations, understandings or agreements. 
 Section 9.4 Counterparts. This Agreement may be
executed in one of more counterparts, each of which shall be deemed and original, but all of which shall together constitute one and the same instrument. 

Section 9.5 Severability. Each term, covenant, condition or provision of this Agreement shall be
viewed as separate and distinct, and in the event that any such term, covenant, condition or provision shall be deemed by an arbitrator or a court of competent jurisdiction to be invalid or unenforceable, the court or arbitrator finding such
invalidity or unenforceability shall modify or reform this Agreement to give as much effect as possible to the terms and provisions of this Agreement. Any term or provision which cannot be so modified or reformed shall be deleted and the remaining
terms and provisions shall continue in full force and effect. 
 Section 9.6 Waiver or
Delay. The failure or delay on the part of the Company, or Executive to exercise any right or remedy, power or privilege hereunder shall not operate as a waiver thereof A waiver, to be effective, must be in writing and signed by the party
making the waiver. A written waiver of default shall not operate as a waiver of any other default or of the same type of default on a future occasion. 

Section 9.7 Successors and Assigns. This Agreement shall be binding on and shall inure to the benefit
of the parties to it and their respective heirs, legal representatives, successors and assigns, except as otherwise provided herein. Except as provided in this Section 9.7, without the prior written consent of Executive, this Agreement shall
not be assignable by the Company. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and
agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. “Company” means the Company as hereinbefore defined and any successor
to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law or otherwise. 

Section 9.8 No Assignment or Transfer by Executive. Neither this Agreement nor any of the rights,
benefits, obligations or duties hereunder may be assigned or transferred by Executive, other than to Executive’s estate or beneficiaries in the event amounts payable to Executive hereunder remain due after Executive’s death. Any purported
assignment or transfer by Executive shall be void. 
 Section 9.9 Necessary Acts. Each party to this
Agreement shall perform any further acts and execute and deliver any additional agreements, assignments or documents that may be reasonably necessary to carry out the provisions or to effectuate the purpose of this Agreement. 

  
 -18- 

 Section 9.10 Governing Law. This Agreement and all
subsequent agreements between the parties shall be governed by and interpreted, construed and enforced in accordance with the laws of the State of Nevada. 

Section 9.11 Notices. All notices, requests, demands and other communications to be given under this
Agreement shall be in writing and shall be deemed to have been duly given on the date of service, if personally served on the party to whom notice is to be given, or 48 hours after mailing, if mailed to the party to whom notice is to be given by
certified or registered mail, return receipt requested, postage prepaid, and properly addressed to the party at his address set forth as follows or any other address that any party may designate by written notice to the other parties: 

 

			
	 To Executive:
	  	 James H. Litinsky

At the address in the Company’s records

		
	 With a copy to:
	  	 Michael S. Katzke, Esq.

Katzke & Morgenbesser, LLP

1345 Avenue of the Americas, 11th Floor

NY, NY 10128

		
	 To the Company:
	  	 MP Materials, Corp.

6720 Via Austi Parkway Suite 450

Las Vegas, Nevada 89119

Attn: General Counsel

Telephone: 702 844-6111

 Section 9.12 Headings and Captions. The headings and captions used
herein are solely for the purpose of reference only and are not to be considered as construing or interpreting the provisions of this Agreement. 

Section 9.13 Construction. All terms and definitions contained herein shall be construed in such a
manner that shall give effect to the fullest extent possible to the express or implied intent of the parties hereby. 

Section 9.14 Counsel. Executive has been advised by the Company that he should consider seeking the
advice of counsel in connection with the execution of this Agreement and Executive has had an opportunity to do so. Executive has read and understands this Agreement, and has sought the advice of counsel to the extent he has determined appropriate.
The Company shall reimburse Executive for the reasonable fees and expenses of Executive’s counsel in connection with this Agreement. 

Section 9.15 Withholding of Compensation. Executive hereby agrees that the Company may deduct and
withhold from the compensation or other amounts payable to Executive hereunder or otherwise in connection with Executive’s employment any amounts required to be deducted and withheld by the Company under the provisions of any applicable
Federal, state and local statute, law, regulation, ordinance or order. 
 Section 9.16 References to
Sections of the Code. All references in this Agreement hereto to sections of the Code shall be to such sections and to any successor or substantially comparable sections of the Code or to any successor thereto. 

  
 -19- 

 Section 9.17 Effect of Delay. Executive’s or
the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right Executive or the Company may have hereunder, including without limitation the right of Executive to terminate
employment for Good Reason pursuant to Section 6.6, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.  

[Signatures to appear on the following page.] 

  
 -20- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first written above. 
  

							
	THE COMPANY	 		 	MP MATERIALS CORP.
				
		 		 	By:	 	 /s/ Elliot D. Hoops

		 		 		 	 Elliot D. Hoops
 General Counsel and
Secretary

		 		 		 	
	EXECUTIVE	 		 		 	
				
		 		 		 	 /s/ James H. Litinsky

		 		 		 	James H. Litinsky

 APPENDIX A 

MP MATERIALS CORP. 

INCENTIVE COMPENSATION CLAWBACK POLICY 

1. Overview. MP Materials Corp. (the “Company”) has adopted this Incentive Compensation Clawback Policy
(the “Policy”) in order to help ensure that incentive compensation is paid or awarded based on accurate financial results and the correct calculation of performance against incentive targets. 

2. Compensation Committee. The Compensation Committee (the “Committee”) of the Board of Directors of the
Company (the “Board”) shall have full authority to interpret and enforce the Policy in accordance with its business judgment. 

3. Covered Executives. The Policy applies to all current and former officers (as that term is defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) of the Company and any other current and former employee of the Company and its subsidiaries designated by the Board or the Committee from time to time
by notice to the employee (collectively, the “Covered Employees”). 
 4. Incentive Compensation. For
purposes of the Policy, “incentive compensation” means annual performance bonuses and long-term incentive awards (in each case, including cash, stock options, stock appreciation rights, restricted stock, restricted stock units, performance
share units or other equity-based awards) paid, granted, vested, settled, or accrued. 
 5. Restatement of Financial Results; Calculation
of Overpayment. 
 If the Committee determines, in its discretion, that incentive compensation of a Covered Employee was
overpaid, in whole or in part, as a result of a restatement of the reported financial results of the Company or any of its segments for any reason (other than a change in accounting rules or policy or applicable law), the Committee will review the
incentive compensation paid, granted, vested, settled or accrued based on the prior inaccurate results. 
 To the extent practicable, and as
permitted by and consistent with applicable law, after the Committee has considered the costs and benefits of doing so, the Committee will determine, in its discretion, whether to seek to recover or cancel the difference, on a pre-tax basis, between (i) any incentive compensation paid, granted, vested, settled or accrued based on the belief that the Company or the segment had met or exceeded performance targets that would not have
been met had the financial information been accurate, and (ii) the incentive compensation in which the Covered Employee would have been paid or awarded based on the accurate financial information or restated results, as applicable (an
“Overpayment”). The Committee may only seek to recover or cancel an Overpayment if the restatement of the reported financial results shall have occurred within 36 months after the publication of the audited financial
statements that have been restated. 
 In making the determination referred to in the preceding paragraph, the Committee shall take into
account such factors as it deems appropriate. 
 6. Forms of Recovery. If the Committee determines to seek recovery for the
Overpayment, the Company shall have the right to demand that the Covered Employee pay the Company for, or forfeit, any Overpayment paid or awarded as a result of a misstatement triggering a restatement of the reported financial results of the
Company or any of its segments. The Committee may also determine to reduce, cancel or cause the forfeiture of any incentive compensation otherwise due to recover the Overpayment, provided, that, any reduction, cancellation or forfeiture of any
incentive compensation shall be in done in compliance with Section 409A of the Internal Revenue Code of 1986, as amended. 

  
 Appendix A-1 

 To the extent the Covered Employee refuses to pay to the Company an amount equal to the
Overpayment, the Company shall have the right to sue for repayment and/or enforce the Covered Employee’s obligation to make payment through the reduction or cancellation of outstanding and future incentive compensation. Without limiting the
Company’s rights, to the extent any shares have been issued under vested awards or such shares have been sold by the Covered Employee, the Company shall have the right to cancel any other outstanding equity-based awards with a value equivalent
to the Overpayment, as determined by the Committee. 
 7. Committee Determination Final. Any determination by the Committee
with respect to the Policy shall be final, conclusive and binding on all interested parties. 
 8. Effectiveness. This Policy
shall apply to all incentive compensation paid or awarded on or after the adoption of this Policy. 
 9. Amendment. The Policy
may be amended by the Committee from time to time, and any provision thereof may be waived by the Committee. 
 10. Non-Exclusivity. Nothing in the Policy shall be viewed as limiting the right of the Company or the Committee to pursue recoupment under or as required by the Company’s plans, awards and employment
agreements or the applicable provisions of any law, rule or regulation (including, without limitation, Section 10D of Securities Exchange Act of 1934, as amended, or Section 304 of the Sarbanes-Oxley Act of 2002), or stock exchange listing
requirement (and any future policy adopted by the Company pursuant to any such law, rule, regulation or requirement). 

  
 Appendix A-2

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