Document:

EXHIBIT 10.8

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the
“Agreement”), effective as of the closing of the initial public offering (the “Effective Date”) of Forza X1, Inc.,
a Delaware corporation, with its principal place of business located at 3101 S. US-1, Ft. Pierce, Florida 34982 (the “Company”),
is entered into by and between Joseph Visconti, an individual residing in Florida (“Executive”), and the Company. Except as
otherwise defined herein, capitalized terms and phrases shall have the meaning described thereto in Section 13 of this Agreement.

 

WHEREAS, the Company and
Executive desire to set forth the terms and conditions under which Executive shall be employed, and upon which Executive shall be compensated
by the Company.

 

WHEREAS, the Company desires
to continue to employ Executive as its Chief Executive Officer for the period and upon the terms and conditions set forth in this Agreement.

 

WHEREAS, Executive desires
to serve in such capacity for such period and upon such terms.

 

NOW THEREFORE, in consideration
of the foregoing recitals, the mutual promises and agreements hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and Executive agree as follows:

 

1.        Term. The Company agrees
to employ Executive, and Executive accepts such employment with the Company, upon the terms and subject to the conditions set forth in
this Agreement. Executive’s employment shall commence as of the Effective Date and unless earlier terminated as provided herein,
the initial term of this Agreement will be for a period of five (5) years, commencing on the Effective Date (the “Initial Term”); provided that
thereafter this Agreement will be extended for additional one (1) year periods unless, no later than sixty (60) days prior to the expiration
of the Initial Term or any such one (1) year extension period, as the case may be, either the Company or Executive provides notice to
the other of its intent to terminate this Agreement upon the completion of the Initial Term or any such one (1) year extension period
(the period of Executive’s employment by the Company under this Agreement will be referred to as the “Term”).

 

2.        Title; Duties; Board; Principal
Place of Employment.

 

(a)      Title; Duties. During
the Term, Executive shall serve as the Chief Executive Officer of the Company, reporting directly to the Company’s Board of Directors
(the “Board”). Executive shall perform such specific duties as are commensurate with such positions and such other duties
as may be assigned to Executive from time to time by the Board.

 

(b)      Board. During the Term,
Executive will be nominated to serve as a member of the Board for each election of the Board; provided, however, that Executive’s
continued service as a member of the Board will be subject to any required stockholder approval. Upon any cessation of Executive’s
employment, unless otherwise requested by the Board, Executive agrees to resign from all director and officer positions with the Company
and its affiliates.

 

(c)     Principal Place of Employment.
Executive’s services shall be performed principally at the Company’s headquarters, which initially shall be in Ft. Pierce,
Florida. However, from time to time, Executive may also be required by his job responsibilities to travel on Company business, and Executive
agrees to do so. Executive shall not be required to relocate from the Ft. Pierce, Florida area unless the Company relocates its corporate
headquarters, in which event Executive may be required to relocate to such location.

 

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3.
       Outside Activities. Executive shall serve the Company faithfully and to the best of his ability, shall use his business judgment,
skill and best efforts to the advancement of the interests of the Company during the Term. Executive shall not engage, directly or indirectly,
in any other business, investment or activity that (a) interferes with the performance of Executive’s duties under this Agreement,
(b) is contrary to the interests of the Company or any of its affiliates or (c) requires any more than 70% of Executive’s business
time; provided, however, that, to the extent that the following does not impair Executive’s ability to perform Executive’s
duties pursuant to this Agreement, Executive, with the Board’s prior written approval (which approval may be withheld in the sole
discretion of the Board), may serve on the board or committee of any non-profit, educational, religious, charitable or other similar organization,
may have speaking engagements, and may serve as a member of the Board of Directors or equivalent of other organizations or companies (collectively,
“Outside Activities”), provided, however, that if, after it provides prior written approval for an Outside Activity, the Board
determines in good faith that such Outside Activity is inconsistent with applicable law or Company policy, or conflicts with Executive’s
obligations under this Agreement, Executive will cease any such Outside Activity upon written notice from the Board. Notwithstanding the
foregoing and for the avoidance of doubt, Executive’s service as Chairman of the Board, President and Chief Executive Officer of
Twin Vee Powercats Co. (“Twin Vee”) and its affiliates and any successor thereto shall not violate this Section 3.

 

4.        Cash Compensation.

 

(a)      Base Salary. During
the Term of this Agreement, Executive shall receive a base salary at a gross rate of Seventy-Five Thousand Dollars ($75,000) per annum
(the “Base Salary”), payable in substantially equal installments in accordance with the Company’s normal payroll practices
for payment of its employees, as in effect from time to time. Executive’s Base Salary shall be subject to upward adjustment from
time to time, as determined by the Board (or a committee thereof) in its sole discretion, but shall not be adjusted downward.

 

(b)      Bonuses - Other Compensation.
Executive shall be eligible to receive a target annual performance cash bonus of 100% of Executive’s then-Base Salary (“Annual
Target Bonus”). Executive’s Annual Target Bonus is not guaranteed and will be based on the Company’s performance and/or
Executive’s individual performance as determined by the Compensation Committee of the Board (the “Committee”) in its
discretion. The actual payout for this award will be calculated based solely on achievement against performance measures approved by the
Committee. Each year, specific targets will be approved by the Committee in the year’s first quarter and communicated to Executive
following such approval. Performance against these goals will be assessed after year end, with payout made no later than March 15 of the
year following the year in respect of which the bonus was earned, subject to Executive’s continued employment through the payment
date. In addition, during the Term of this Agreement, the Board, in its sole discretion, may award additional compensation to Executive
other than as specifically provided by this Agreement.

 

(c)       Health Insurance. During
the Term of this Agreement, the Company shall pay for the cost of medical insurance for coverage for Executive and his family; provided
that Executive shall not be eligible for health insurance under this Section 4(c) if he is eligible to receive health insurance from Twin
Vee or another entity.

 

5.        Equity Compensation.

 

(a)      Initial Stock Option Grants.
As soon as practicable following the closing of the Company’s initial public offering, Executive will be granted a stock option
to purchase Four Hundred Thousand (400,000) shares of Company common stock, pursuant to the Company’s option agreement under the
Company’s 2022 Stock Incentive Plan or a successor thereto (the “Plan”). The option shall vest and become exercisable
in 36 equal monthly installments commencing on the first day of the month following the issuance date, subject to Executive’s continued
employment through each such vesting date.

 

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(b)     Equity Grants. In its
sole discretion, the Board may grant to Executive from time to time stock options to purchase shares of Company common stock or such other
equity awards as it may determine.

 

6.        Executive Benefits.

 

(a)       Generally. During the
Term of this Agreement, Executive shall be eligible to participate in all benefit and fringe benefit plans made available to other executive
officers of the Company. Any such participation shall be subject to the terms and conditions of the applicable plan documents, applicable
law, generally applicable Company policies, and the discretion of the Company, all as provided for in or contemplated by such plans. Subject
to the terms of such plans and applicable law, the Company may alter, modify, add to or delete its employee benefit plans at any time,
in its sole discretion, without recourse by Executive.

 

(b)      Vacation. Executive
shall be entitled to four (4) weeks per year paid vacation time as provided in the Company’s vacation policies and procedures as
in effect from time to time. Executive may take accrued vacation at such time or times as are mutually agreed upon by Executive and the
Company. All matters relating to vacation time, including but not limited to accrual, carryover and forfeiture of vacation time, shall
be governed by, and Executive agrees to be bound by, the Company’s policies and procedures regarding vacation time as in effect
from time to time.

 

7.       Expenses. The Company
will reimburse Executive for reasonable travel, entertainment and other expenses incurred by Executive in the furtherance of the performance
of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time.
The Company and/or the Board may periodically audit or review such expenses to ensure they are for legitimate business expenses.

 

8.       Deduction and Withholding.
Notwithstanding any other provision of this Agreement, any payments or benefits hereunder shall be subject to the withholding of such
amounts, if any, relating to tax and other payroll deductions, as the Company reasonably determines it should withhold pursuant to any
applicable law or regulation.

 

9.        Termination of Agreement.

 

(a)      Termination Date. Executive’s
employment and this Agreement (except as otherwise provided hereunder) shall terminate upon the first to occur of any of the following,
at the time set forth therefore (the “Termination Date”):

 

(i)       Mutual Termination.
At any time by the mutual written agreement of Company and Executive;

 

(ii)      Death or Disability.
Immediately upon the death of Executive or, subject to applicable law, a determination by Company that Executive has a Disability;

 

(iii)    Voluntary Termination
By Executive. 90 days following Executive’s written notice to Company of termination of employment; provided, however, that
Company may waive all or a portion of such notice period and accelerate the effective date of such termination (termination pursuant to
this Subsection being referred to herein as “Voluntary” termination);

 

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(iv)     Termination For Cause
By Company. Immediately following notice of termination for “Cause” given by Company (as defined below) and failure by
Executive to Cure (as defined below), if applicable, with such notice specifying such Cause (termination pursuant to this Subsection being
referred to herein as termination for “Cause”);

 

(v)     Termination Without Cause
By Company. The Company may terminate without Cause Executive’s employment under this Agreement at any time (termination pursuant
to this Subsection being referred to herein as termination “Without Cause”); or

 

(vi)     Termination For Good
Reason by Executive. Subject to the notice and remedy provisions described in Section 14(d) below, at the election of Executive for
Good Reason so long as the Separation From Service (as such phrase is defined in Code Section 409A; Treasury Regulations Section 1.409A-1(h))
on account of any such condition occurs not later than sixty (60) days following the expiration of the thirty-day (30-day) remedy period
described in Section 14(d) below.

 

(b)      No Limitation on Remedies.
Termination pursuant to this Section 9 shall be in addition to and without prejudice to any other right or remedy to which Company may
be entitled at law, in equity, or under this Agreement.

 

10.      Basic Rights at Termination.
In the event Executive’s employment with the Company is terminated for any reason, Executive will be entitled to any (a) unpaid
Base Salary accrued up to the effective date of termination; (b) benefits or compensation as provided under the terms of any employee
benefit and compensation agreements or plans applicable to Executive; (c) unreimbursed business expenses required to be reimbursed to
Executive in accordance with and subject to Company’s policies applicable thereto; and (d) rights of indemnification to which Executive
may be entitled as of the Termination Date under the Company’s Certificate of Incorporation, Bylaws, this Agreement, or separate
indemnification agreement, as applicable. In addition, Executive will be entitled to the amounts and benefits specified in Section 11
of this Agreement, to the extent applicable.

 

11.      Termination Benefits.

 

(a)      Termination Without Cause
or Resignation for Good Reason other than In Connection with a Change of Control. If Executive’s employment is terminated by
the Company without Cause or if Executive resigns for Good Reason, and such termination is not In Connection with a Change of Control
(as defined in Section 13(f) below), then, subject to Section 11(f), Executive will receive: (i) payment of an aggregate amount equal
to Executive’s monthly Base Salary as is in effect on the Termination Date multiplied by 12 (less applicable tax withholdings),
such amounts to be paid out monthly in substantially equal installments over the six month period following such termination in accordance
with the Company’s normal payroll policies; (ii) payment of the annual bonus (pursuant to Section 4(b)) accrued for the year prior
to such termination (to the extent not already paid); (iii) payment of Executive’s annual bonus for the year of such termination,
to the extent Executive would have received such bonus had Executive remained employed through the applicable payment date of such bonus,
appropriately pro-rated based on the number of days that Executive was employed by the Company during the year of the termination, paid
when the Company’s other senior executive receive payment of their annual bonuses; (iv) full vesting with respect to Executive’s
then outstanding, unvested equity awards that were awarded under the Company’s 2022 Stock Incentive Plan; (v) extension of the exercise
period for all of Executive’s then outstanding vested stock options (including those that vested pursuant to clause (iii) herein)
to the first to occur of: the six (6) month anniversary of the date of termination, the expiration date of the stock options, or such
earlier time as provided under the applicable plan or grant agreement with respect to a Change of Control; and (vi) reimbursement for
any premiums paid for continued health benefits for Executive (and any eligible dependents) under the Company’s health plans until
the earlier of (x) twelve (12) months, payable when such premiums are due (provided Executive validly elects to continue coverage under
the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) or similar state law or (y) the date upon which Executive and
Executive’s eligible dependents become covered under similar plans.

 

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(b)     Termination Without Cause
or Resignation for Good Reason In Connection with a Change of Control. If Executive’s employment is terminated by the Company
without Cause or by Executive for Good Reason, and the termination is In Connection with a Change of Control, then, subject to Section
11(f), Executive will receive: (i) payment of an aggregate amount equal to Executive’s monthly Base Salary as is in effect on the
Termination Date multiplied by 18 (less applicable tax withholdings), such amounts to be paid out in substantially equal installments
over the twelve month period following such termination in accordance with the Company’s normal payroll policies; (ii) payment of
the annual bonus (pursuant to Section 4(b)) accrued for the year prior to such termination (to the extent not already paid); (iii) Executive’s
then-current Annual Target Bonus; (iv) a pro-rata portion of Executive’s Annual Target Bonus for the year of such termination paid
in lump sum; (v) full vesting with respect to Executive’s then outstanding, unvested equity awards that were granted under any of
the Company’s equity incentive plans; (vi) extension of the exercise period for all of Executive’s outstanding stock options
to the first to occur of: the six (6) month anniversary of the date of termination, the expiration date of the stock options, or such
earlier time as provided under the applicable plan or grant agreement with respect to a Change of Control; and (vii) reimbursement for
any premiums paid for continued health benefits for Executive (and any eligible dependents) under the Company’s health plans until
the earlier of (x) eighteen (18) months, payable when such premiums are due (provided Executive validly elects to continue coverage under
COBRA or similar state law), or (y) the date upon which Executive and Executive’s eligible dependents become covered under similar
plans.

 

(c)     Voluntary Termination Without
Good Reason or Termination for Cause. If Executive’s employment is terminated voluntarily by him without Good Reason or is terminated
for Cause by the Company, then, except as otherwise provided in the first sentence of Section 10 above or Section 11(e), (i) all further
vesting of Executive’s outstanding equity awards will terminate immediately; and (ii) all payments of compensation by the Company
to Executive hereunder will terminate immediately.

 

(d)      Termination Due to Death
or Disability. If Executive’s employment is terminated due to death or Disability, and (x) such termination is not In Connection
with a Change of Control, all outstanding, unvested equity awards that were awarded under the Company’s 2022 Stock Incentive Plan
will then vest, or (y) such termination is In Connection with a Change of Control, all outstanding, unvested equity awards granted under
any of the Company’s equity incentive plans will then vest. All outstanding vested stock options (including those that vested under
(x) or (y) herein, will remain exercisable until the first to occur of: the six (6) month anniversary of the date of termination, the
expiration date of the stock options, or such earlier time as provided under the applicable plan or grant agreement with respect to a
Change of Control. Except as otherwise provided in this Section 11(d), the first sentence of Section 10 above, or Section 11(e), all payments
of compensation by the Company to Executive hereunder will terminate immediately upon Executive’s termination.

 

(e)      Separation Agreement and
Release of Claims. The receipt of any severance or other benefits pursuant to Sections 11(a) or 11(b) will be subject to and conditioned
on Executive first signing and not otherwise revoking a separation agreement and release of claims in substantially the form appended
hereto as Exhibit A (the “Release Agreement”), which Release Agreement shall contain Executive’s affirmation
of his obligation not to compete with the Company as described in Section 15 herein. For this purpose, the Release Agreement must be signed
by Executive and returned to the Company no later than thirty (30) days following the Termination Date in accordance with the terms of
the Release Agreement. Notwithstanding any other provision of this Agreement to the contrary, no severance or other benefits will be paid
or provided unless the Release Agreement becomes effective, and any severance amounts or benefits otherwise payable between the Termination
Date and the forty-fifth (45th) day following the Termination Date will be paid on such forty-fifth (45th) day.

 

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(f)       No Duty to Mitigate.
Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that Executive
may receive from any other source reduce any such payment.

 

12.      Section 280G; Parachute
Payments. If any payment or distribution by the Company to or for the benefit of Executive, whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program
or arrangement or the lapse or termination of any restriction on or the vesting or exercisability of any payment or benefit (each a “Payment”),
would be subject to the excise tax imposed by Code Section 4999 (or any successor provision thereto) or to any similar tax imposed by
state or local law (such tax or taxes are hereafter collectively referred to as the “Excise Tax”), then the aggregate amount
of Payments payable to Executive shall be reduced to the aggregate amount of Payments that may be made to Executive without incurring
an excise tax (the “Safe-Harbor Amount”) in accordance with the immediately following sentence; provided that such reduction
shall only be imposed if the aggregate after-tax value of the Payments retained by Executive (after giving effect to such reduction) is
equal to or greater than the aggregate after-tax value (after giving effect to the Excise Tax) of the Payments to Executive without any
such reduction. Any such reduction shall be made in the following order: (i) first, any future cash payments (if any) shall be reduced
(if necessary, to zero); (ii) second, any current cash payments shall be reduced (if necessary, to zero); (iii) third, all non-cash payments
(other than equity or equity derivative related payments) shall be reduced (if necessary, to zero); and (iv) fourth, all equity or equity
derivative payments shall be reduced.

 

13.      Definitions.

 

(a)      Cause. (A) Executive’s
conviction of or plea of nolo contendere to a felony; (B) Executive’s commission of fraud, misappropriation or embezzlement against
any person; (C) the theft or misappropriation by Executive of any property or money of the Company or an affiliate; (D) Executive’s
breach of the terms of this Agreement; or (E) the willful or gross neglect of Executive’s duties, the willful or gross misconduct
in performance of Executive’s duties or the willful violation by Executive of any material Company policy. Notwithstanding the foregoing,
Cause shall not exist with respect to subsection (D) or (E), until and unless Executive fails to cure such breach, neglect or misconduct
(if such breach, neglect or misconduct is capable of cure) within 10 days after written notice from the Board.

 

(b)      Code. shall mean the
Internal Revenue Code of 1986, as amended from time to time.

 

(c)      Change of Control. For
purposes of this Agreement, “Change of Control” will mean the occurrence of any of the following events:

 

(i)       The consummation by the Company
of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) more than 50% of the total voting power represented by the voting securities
of the Company or such surviving entity outstanding immediately after such merger or consolidation;

 

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(ii)      The approval by the stockholders
of the Company, or if stockholder approval is not required, approval by the Board, of either (1) a plan of complete liquidation of the
Company or (2) an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; or

 

(iii)     Any “person”
(as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becoming the “beneficial owner”
(as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total
voting power represented by the Company’s then outstanding voting securities.

 

Notwithstanding the foregoing,
a Change of Control will not be deemed to have occurred unless such event would also be a Change in Control under Code Section 409A or
would otherwise be a permitted distribution event under Code Section 409A.

 

(d)      Disability. For purposes
of this Agreement, “Disability” will mean Executive’s inability to substantially perform his duties under this Agreement
as a result of incapacity by reason of any medically determinable physical or mental impairment that can be expected to result in death
or to last for a period of twelve (12) months.

 

(e)       Good Reason. For purposes
of this Agreement, “Good Reason” means the occurrence of any of the following conditions, without Executive’s express
written consent; provided, however, that Executive’s employment is terminated no later than one hundred eighty (180) days following
the initial existence of one or more of the following conditions; provided further, that Executive must provide the Company notice of
Good Reason within ninety (90) days of the initial existence of one of the following conditions, upon which notice the Company shall then
have thirty (30) days in which to remedy the condition, under which circumstances the Company shall not be required to pay any amounts
specified in Section 11 of this Agreement:

 

(i)       A material diminution in
Executive’s authority, duties or responsibilities in effect immediately prior to such diminution;

 

(ii)      A material diminution in
Executive’s Base Salary that persists for longer than 12 months; or

 

(iii)     Any other action or inaction
that constitutes a material breach by the Company of this Agreement.

 

(f)      In Connection with a Change
of Control. For purposes of this Agreement, a termination by Company of Executive’s employment with the Company is “In
Connection with a Change of Control” if Executive’s employment is terminated by Company without Cause or by Executive for
Good Reason within twelve (12) months following a Change of Control.

 

14.      Return of Company Property
and Records. Upon any termination of employment for any reason or no reason, or upon the Company’s request at any time, Executive
shall immediately return to the Company all property of the Company in Executive’s possession (including computers, smart phones
and other portable electronic devices) and all documents and other materials in any medium including but not limited to electronic, which
relate in any way to the Company, including notebooks, correspondence, memos, drawings or diagrams, computer files and databases, graphics
and formulas, whether prepared by Executive or by others and whether required by Executive’s work or for his personal use, whether
copies or originals, unless Executive first obtains the Company’s written consent to keep such records.

 

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15.      Non-Competition. In
consideration of the rights and benefits hereunder, including but not limited to the payments and benefits referenced in Section 11(g),
Executive agrees that so long as he or she is an employee of the Company and for a period of twelve (12) months after the date of termination
of Executive’s employment for any reason (the “Restricted Period”), Executive shall not, without the prior written consent
of the Company, own any interest in, control, participate in, work for, become employed by, or provide services to (whether as an employee,
consultant, independent contractor or otherwise) any individual or entity that competes with the Company in the design, manufacture or
marketing of recreational and commercial electric power boats. This Section 15 shall survive the termination of this Agreement. Notwithstanding
the foregoing and for the avoidance of doubt, Executive’s service as Chairman of the Board, President and Chief Executive Officer
of Twin Vee and its affiliates and any successor thereto shall not violate this Section 15.

 

16.     Non-Solicitation. In
consideration of the rights and benefits hereunder, Executive agrees that during the Restricted Period, he or she shall not, without the
prior written consent of the Company: (i) solicit or encourage any employee of the Company or its affiliates to leave the employment of
the Company or such affiliate; or (ii) solicit or encourage any client of the Company or any of its affiliates (including any investors
in funds managed by the Company or its affiliates) to cease to do business with the Company or its affiliates. The only exceptions to
the restrictions in this paragraph are: (i) clients (if any) with which Executive had a significant and provable business relationship
prior to his/her employment with the Company, and (ii) where Executive has the express, prior written consent of the Board to be released
in whole or part from this section of the Agreement. This Section 16 shall survive the termination of this Agreement.

 

17.      Confidentiality. Executive
agrees that during Executive’s employment with the Company, will have access to confidential information and/or proprietary information
about the Company and/or its clients, including, but not limited to, investment strategies, programs or ideas, trade secrets, methods,
models, passwords, access to computer files, financial information and records, forecasts, computer software programs, agreements and/or
contracts between the Company and its respective clients, client contracts, prospective contracts, creative policies and ideas, public
relations and public affairs campaigns, media materials, budgets, practices, concepts, strategies, methods of operation, technical and
scientific information, discoveries, developments, formulas, specifications, know-how, design inventions, marketing and business strategies
and financial or business projects, and information about or received from clients and other companies with which the Company does business.
The foregoing shall be collectively referred to as “Confidential Information.” Any information that is not readily available
to the public shall be considered to be Confidential Information, even if it is not specifically marked as such, unless the Company advises
Executive otherwise in writing. Such Confidential Information is not readily available to the public and accordingly, Executive agrees
that he or she will not at any time, whether during his employment with the Company or thereafter, disclose to anyone, (other than in
furtherance of the business of the Company) any Confidential Information, or utilize such Confidential Information for his own benefit,
or for the benefit of third parties. Executive also agrees to preserve and protect the confidentiality of any third party information
similar to the Confidential Information to the same extent, and on the same basis, as the Company’s Confidential Information. To
the extent that any Confidential Information shall become the subject of any search warrant, court order, lawful subpoena, governmental
investigation disclosure request or mandate, or the like (a “Disclosure Request”), Executive will notify the Company immediately,
provide the Company adequate opportunity to oppose such Disclosure Request and reasonably assist the Company, at no cost to Executive,
in opposing such Disclosure Request or seeking a protective order or such other limitation on disclosure as may be reasonably requested
by the Company. If, after providing the notice and assistance required by the immediately preceding sentence, Executive is still required
by lawful order to disclose any Confidential Information, Executive shall only disclose such information as is specifically required by
such lawful order. The confidentiality protections available in this Agreement are in addition to, and not exclusive of, any and all other
rights, including those provided under copyright, officer or director fiduciary duties and trade secret and confidential information laws.
This confidentiality covenant has no temporal, geographical or territorial restriction. This Section 17 shall survive the termination
of this Agreement.

 

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Notwithstanding anything herein to the contrary, nothing
in this Agreement shall (x) prohibit Executive from making reports of possible violations of federal law or regulation to any governmental
agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934,
as amended, or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of federal law or regulation,
or (y) require notification or prior approval by the Company of any such report; provided that, Executive is not authorized to disclose
communications with counsel that were made for the purpose of receiving legal advice or that contain legal advice or that are protected
by the attorney work product or similar privilege.

 

DEFEND TRADE SECRETS ACT NOTICE AND RELATED PROVISIONS:
The Defend Trade Secrets Act of 2016 provides as follows: (1) 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 in confidence to a federal, state or local government official
or to an attorney and such disclosure is made (a) solely for the purpose of reporting or investigating a suspected violation of law or
(b) in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal. (2) An individual may disclose
a trade secret to that individual’s attorney for the purpose of filing a lawsuit for retaliation by an employer for reporting a
suspected violation of law and use the trade secret information in the court proceeding provided the individual files any document containing
the trade secret under seal and the individual does not disclose the trade secret except pursuant to court order. The Defend Trade Secrets
Act also provides that a court enforcing that law may, if a trade secret is found to have been willfully and maliciously misappropriated,
award (a) “exemplary damages” in an amount of up to two times the amount of damages awarded for actual loss caused by the
misappropriation of a trade secret and damages for unjust enrichment caused by the misappropriation of the trade secret, or a reasonable
royalty for the misappropriation, and (b) reasonable attorneys’ fees against the misappropriating party.

 

18.      Intellectual Property Assignment.
For the purposes of this Agreement, the “business of the Company” is defined as the design, manufacture or marketing of recreational
and commercial electric power boats. In the course of Executive’s employment, Executive may develop, conceive, generate, or contribute
to, alone and/or jointly with others, tangible and intangible property including without limitation, inventions, improvements, business
systems, works of authorship, algorithms, software, hardware, knowhow, designs, techniques, methods, documentation and other material,
regardless of the form or media in or on which it is stored, some or all of which property may be protected by patents, copyrights, trade
secrets, trade-marks, industrial designs or mask works, that relates to the business of the Company or to the Company’s actual or
demonstrably anticipated research and development, or relates to or incorporates any Confidential Information, and whether or not made
on the Company’s time or premises or using the Company’s resources, equipment, supplies or facilities, (which tangible and
intangible property is collectively referred to in this Agreement as “Proprietary Property”).

 

All right, title and interest in and to Confidential
Information and Proprietary Property (including, without limitation, the Proprietary Property described below), belongs to the Company,
and Executive has no rights in any such Confidential Information and Proprietary Property. For greater certainty, all right, title and
interest (including without limitation any intellectual property rights) in and to all Confidential Information and Proprietary Property
that Executive may acquire or hold in the course of his employment is hereby assigned to the Company. Executive acknowledges that a Company
customer or other third party (referred to in this Agreement as “Customer”) may, under the terms of its agreement with the
Company, own the applicable right, title and interest (including without limitation any intellectual property rights) in certain Proprietary
Property (referred to in this Agreement as “Customer Proprietary Property”) and Executive agrees to abide by any and all terms
of said Customer agreements as they relate to Customer Proprietary Property and Customer confidential information.

 

    9 

     

    

 

Executive agrees that all of the work product that
Executive helps to develop while employed with the Company is the exclusive property and Confidential Information of the Company. Any
such work product will be considered to be a work made for hire. Executive agrees to make full disclosure to the Company of and to properly
document any development of Proprietary Property that Executive is involved in, and to provide written documentation describing such development
to the Company, promptly after its creation. At the request and expense of the Company, both during and after employment, Executive will
do all acts necessary and sign all documentation requested by the Company in order to assign all right, title and interest in and to the
Proprietary Property to the Company (or to the applicable Customer, in relation to Costumer Proprietary Property) and to enable the Company
(or the applicable Customer in relation to Customer Proprietary Property) to register (and to assist the Company to protect and defend
its rights in and under any) patents, copyrights, trademarks, trade secrets, mask works, industrial designs and such other protections
as the Company (or such Customer) deems advisable anywhere in the world. Executive hereby constitutes and appoints the Company and each
and every director of the Company as Executive’s true and lawful attorney with full power of substitution in Executive’s name
of and on Executive’s behalf with no restriction or limitation in that regard, to execute and deliver all such documentation as
may be necessary to permit any intellectual property application to be completed as provided in this Agreement; the foregoing power of
attorney shall be irrevocable (to the fullest extent permitted by law) and is a power coupled with an interest and shall bind Executive
and Executive’s heirs, executors and legal personal representatives.

 

All notes, data, tapes, reference items, sketches,
drawings, memoranda, records, documentation and other material regardless of the form or media in or on which it is stored, that is in
or comes into Executive’s possession or control, and that is in any way obtained, developed, conceived, generated or contributed
to by Executive, alone and/or jointly with others, during or as a result of Executive’s employment, is and remains Proprietary Property
within the meaning of this Agreement.

 

The Company and Executive agree and understand that
the Company claims no right and agrees to release to Executive all rights in any tangible or intangible property, provided that (i) it
was developed by Executive entirely on Executive’s own time, without using the Company’s or any Customer’s resources,
equipment, supplies, facilities, or funds, (ii) it does not relate to the business of the Company or Customer or to the Company’s
or Customer’s actual or demonstrably anticipated research and development, (iii) it does not relate to or incorporate any Confidential
Information or result from any work performed by Executive for the Company or the Customer; and (iv) it was disclosed by Executive to
the Company promptly after its creation.

 

Without limiting the generality of the foregoing,
such property includes the excluded property listed on the attached Exhibit B. If disclosure would cause Executive to violate
any prior confidentiality agreement, Executive understands that Executive is not to list details of such items in Exhibit B but
instead to include a general/generic listing and to inform the Company that details have not been listed for that reason. If there is
no attached Exhibit B, there is no such excluded property.

 

19.      Cooperation. Following
the date of termination or expiration of this Agreement for any reason, upon the receipt of reasonable notice from the Company (including
outside counsel to the Company) or their affiliates, Executive hereby agrees that he or she will respond and provide information with
regard to matters in which he or she has knowledge as a result of his employment and association with the Company. Executive also agrees
that he or she will provide reasonable assistance to the Company and its affiliates and their respective representatives in the defense
of any claims that may be made against the Company or any of its affiliates, and will assist the Company and its affiliates in the prosecution
of any claims that may be made by the Company or any of its affiliates to the extent that such claims may relate to the Term. Executive
hereby agrees to promptly inform the Company (to the extent Executive is legally permitted to do so) if Executive is asked to assist in
any investigation of the Company or any of its affiliates or their actions, regardless of whether a lawsuit or other proceeding has then
been filed with respect to such investigation. This Section 19 shall survive the termination of this Agreement.

 

    10 

     

    

 

20.      Indemnification. Subject
to applicable law, Executive will be provided indemnification to the maximum extent permitted by the Company’s Articles of Incorporation,
Bylaws, this Agreement, or separate indemnification agreement, as applicable, including, if applicable, any directors and officers insurance
policies, with such indemnification to be on terms determined by the Board or any of its committees, but on terms no less favorable than
provided to any other Company executive officer or director and subject to the terms of any separate written indemnification agreement.

 

21.      Section 409A. The following
rules shall apply, to the extent necessary, with respect to distribution of the payments and benefits, if any, to be provided to Executive
under this Agreement. Subject to the provisions in this Section, the severance payments pursuant to this Agreement shall begin only upon
the date of Executive’s “separation from service” (determined as set forth below) which occurs on or after the date
of Executive’s termination of employment.

 

(a)       This Agreement is intended
to comply with or be exempt from Code Section 409A and the parties hereto agree to interpret, apply and administer this Agreement in the
least restrictive manner necessary to comply therewith or be exempt therefrom and without resulting in any increase in the amounts owed
hereunder by the Company.

 

(b)      It is intended that each installment
of the severance payments and benefits provided under this Agreement shall be treated as a separate “payment” for purposes
of Section 409A of the Code and the guidance issued thereunder (“Section 409A”). Neither Executive nor the Company shall have
the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required
by Section 409A.

 

(c)      If, as of the date of Executive’s
“separation from service” from the Company, Executive is a “specified employee” (within the meaning of Section
409A), then: each installment of the severance payments and benefits due under this Agreement that, in accordance with the dates and terms
set forth herein, will in all circumstances, regardless of when the separation from service occurs, be paid within the short-term deferral
period (as defined in Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4)
to the maximum extent permissible under Section 409A; and each installment of the severance payments and benefits due under this Agreement
that is not described in the preceding sentence and that would, absent this subsection, be paid within the six-month period following
Executive’s “separation from service” from the Company shall not be paid until the date that is six months and one day
after such separation from service (or, if earlier, Executive’s death), with any such installments that are required to be delayed
being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following Executive’s
separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided,
however, that the preceding provisions of this sentence shall not apply to any installment of severance payments and benefits if and to
the maximum extent that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation
by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from
service). Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later
than the last day of the second taxable year following the taxable year in which the separation from service occurs.

 

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(d)      The determination of whether
and when Executive’s separation from service from the Company has occurred shall be made in a manner consistent with, and based
on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Section, “Company”
shall include all persons with whom the Company would be considered a single employer as determined under Treasury Regulation Section
1.409A- 1(h)(3).

 

(e)     All reimbursements and in-kind
benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that
such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the requirements that (i) any reimbursement
is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the
amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other
calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the
year in which the expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any
other benefit.

 

(f)       Notwithstanding anything herein
to the contrary, the Company shall have no liability to Executive or to any other person if the payments and benefits provided in this
Agreement that are intended to be exempt from or compliant with Section 409A are not so exempt or compliant.

 

22.      Notices. Any notice
hereunder by either party to the other shall be given in writing by personal delivery or by registered mail, return receipt requested,
addressed, if to the Company, to the attention of the Company’s Chairman of the Board of Directors at the Company’s principal
offices or to such other address as the Company may designate in writing to Executive, and if to Executive, to his most recent home address
on file with the Company. Notice shall be deemed given, if by personal delivery, on the date of such delivery or, if by registered mail,
on the date shown on the applicable return receipt.

 

23.      Entire Agreement; Modification.
This Agreement constitutes the entire understanding and agreement between the parties hereto with regard to the subject matter hereof,
and supersedes all prior understandings and agreements, whether written or oral. This Agreement may not be amended, supplemented, revised
or otherwise modified except by a writing signed by the parties hereto.

 

24.      Assignment. This Agreement
may not be assigned, in whole or in part, by any party without the prior written consent of the other party, except that the Company may,
without the consent of Executive, assign its rights and obligations under this Agreement to any corporation, firm or other business entity
with or into which the Company may merge or consolidate, or to which the Company may sell or transfer all or substantially all of its
assets. After any such assignment by the Company, the Company shall be discharged from all further liability hereunder and such assignee
shall have all the rights and obligations of the Company under this Agreement.

 

25.     Captions, Sections and Headings.
Captions, sections and headings herein have been inserted solely for convenience of reference and in no way limit the scope or substance
of any provision of this Agreement.

 

26.      Severability. If any
of the provisions of this Agreement is held to be excessively broad by any agency, tribunal or court of competent jurisdiction, it shall
be reformed and construed by limiting and reducing it so as to be enforceable to the maximum extent permitted by law. If any portion or
provision of this Agreement shall to any extent be declared illegal or unenforceable by any agency, tribunal or court of competent jurisdiction,
even after the reformation and construction as described in the preceding sentence, then the remainder of this Agreement, or the application
of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected
thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

    12 

     

    

 

27.      Injunctive Relief. Executive
acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of this Agreement would be inadequate
and, in recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies
at law, the Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary
restraining orders, temporary or permanent injunctions or any other equitable remedy which may then be available.

 

28.      Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Florida applicable to contracts executed and
performed in such state without giving effect to conflicts of laws principles.

 

29.     Opportunity to Obtain Counsel;
Acknowledgments. In connection with the preparation of this Agreement, Executive acknowledges and agrees that: (a) Executive has been
advised that his interests may be opposed to the interests of Company and, accordingly, Company counsel’s representation in the
negotiation of this Agreement may not be in the best interests of Executive; and (b) Executive has been advised to and has so retained
separate legal counsel. Executive warrants and agrees that he has read and fully understands the terms and conditions of this Agreement.
By signing this Agreement, Executive is affirming that he has freely and of Executive’s own volition acknowledged and agreed to
all terms and conditions contained in this Agreement. Executive acknowledges that he had at least ten (10) business days to consider the
terms of this Agreement prior to it becoming effective in accordance with its terms.

 

30.     Construction and Interpretation.
Should any provision of this Agreement require judicial interpretation, the parties hereto agree that the court interpreting or construing
the same shall not apply a presumption that the terms hereof shall be more strictly construed against one party by reason of the rule
of construction that a document is to be more strictly construed against the party that itself, or through its agent, prepared the same,
and it is expressly agreed and acknowledged that Company and Executive and each of his and its representatives, legal and otherwise, have
participated in the preparation hereof.

 

31.      No Third Party Beneficiary.
The terms and provisions of this Agreement are intended solely for the benefit of each party hereto and Company’s successors or
assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon any other person.

 

32.      Waiver. No waiver of
any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require
the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not
prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

33.      Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one
and the same instrument, and in pleading or proving any provision of this Agreement it shall not be necessary to produce more than one
such counterpart. No counterpart shall be effective until each party has executed at least one counterpart. For the convenience of the
parties, facsimile and pdf signatures shall be accepted as originals.

 

[Signature Page Follows]

 

    13 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have duly executed this Agreement as a binding contract as of the date first above written.

 

	FORZA X1, INC.	 	EXECUTIVE
	 	 	 	 
	By:	 	 	By:	 
	Name:	Jim Leffew	 	Name:	Joseph Visconti
	Title:	President	 	 

 

    14 

     

    

 

EXHIBIT A

 

FORM OF GENERAL RELEASE OF ALL CLAIMS

 

This General Release of All Claims
is made as of ______________, 202_ (“General Release”), by and between FORZA X1, INC. (the “Company”),
and____________ (the “Executive”).

 

WHEREAS, the Company and
Executive are parties to an Employment Agreement dated as of________, 2022 (the “Employment Agreement”);

 

WHEREAS, the Company wishes
to terminate Executive’s employment with the Company without Cause or the Executive wishes to resign with Good Reason;

 

WHEREAS, defined terms not
defined in this General Release have the meanings given to them in the Employment Agreement;

 

WHEREAS, the execution of
this General Release is a condition precedent to the payment of certain payments or benefits following the Executive’s termination,
as set forth in Section 11 of the Employment Agreement;

 

WHEREAS, in consideration
for Executive’s signing of this General Release, as well as Executive’s continued compliance with the Employment Agreement,
including without limitation the non-competition and other restrictive covenants contained in Sections 15 through 17 of the Employment
Agreement, the Company will provide such payments or benefits to which the Executive may be entitled pursuant to Section 11 of the Employment
Agreement; and

 

WHEREAS, Executive and the
Company intend that this General Release shall be in full satisfaction of the obligations described in Section 11(f) of the Employment
Agreement owed by Executive to the Company.

 

NOW, THEREFORE, in consideration
of the promises and the mutual covenants and agreements herein contained, the Company and Executive agree as follows:

 

1.        Executive, for himself or herself,
Executive’s spouse, heirs, administrators, children, representatives, executors, successors, assigns, and all other persons claiming
through Executive, if any (collectively, “Releasers”), does hereby release, waive, and forever discharge the Company and each
of its respective agents, subsidiaries, parents, affiliates, related organizations, members, partners, shareholders, employees, officers,
directors, attorneys, successors, and assigns (collectively, the “Releasees”) from, and does fully waive any obligations of
Releasees to Releasers for, any and all liability, actions, charges, causes of action, demands, damages, or claims for relief, remuneration,
sums of money, accounts or expenses (including attorneys’ fees and costs) of any kind whatsoever, whether known or unknown or contingent
or absolute, which heretofore has been or which hereafter may be suffered or sustained, directly or indirectly, by Releasers in consequence
of, arising out of, or in any way relating to: (a) Executive’s employment with the Company or any of its subsidiaries or affiliates;
(b) the termination of Executive’s employment with the Company and any of its subsidiaries or affiliates; (c) the Employment Agreement;
or (d) any events occurring on or prior to the date of this General Release. The foregoing release and discharge, waiver and covenant
not to sue includes, but is not limited to, all claims and any obligations or causes of action arising from such claims, under common
law including wrongful or retaliatory discharge, breach of contract (including but not limited to any claims under the Employment Agreement
and any claims under any equity incentive arrangements between Executive, on the one hand, and the Company or any of its subsidiaries
or affiliates, on the other hand) and any action arising in tort including libel, slander, defamation or intentional

 

    15 

     

    

 

infliction of emotional distress, and claims under
any federal, state or local statute including the Age Discrimination in Employment Act (“ADEA”), Title VII of the Civil Rights
Act of 1964 (“Title VII”), the Civil Rights Act of 1866 and 1871 (42 U.S.C. § 1981), the National Labor Relations Act,
the Fair Labor Standards Act, the Executive Retirement Income Security Act, the Americans with Disabilities Act of 1990 (“ADA”),
the Rehabilitation Act of 1973, the discrimination or employment laws of any state or municipality, and/or any claims under any express
or implied contract which Releasers may claim existed with Releasees. This also includes a release of any claims for wrongful discharge
and all claims for alleged physical or personal injury, emotional distress relating to or arising out of Executive’s employment
with the Company or any of its subsidiaries or affiliates or the termination of that employment; and any claims under the Worker Adjustment
and Retraining Notification Act or any similar law, which requires, among other things, that advance notice be given of certain work force
reductions. This release and waiver does not apply to: (i) any right to indemnification now existing under the Company’s governing
documents; (ii) any rights to the receipt of Executive benefits under any Executive benefit plan which vested on or prior to the date
of this General Release; (iii) the right to receive certain payments or benefits under Section 11 of the Employment Agreement; and (iv)
the right to continuation health coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act.

 

2.        Excluded from this General Release
and waiver are any claims which cannot be waived by law, including but not limited to the right to participate in an investigation conducted
by certain government agencies. Executive does, however, waive Executive’s right to any monetary recovery should any agency (such
as the Equal Employment Opportunity Commission) pursue any claims on Executive’s behalf. Executive represents and warrants that
Executive has not filed any complaint, charge, or lawsuit against the Releasees with any government agency or any court.

 

3.        Executive agrees never to seek
personal recovery from Releasees in any forum for any claim covered by the above waiver and release language. If Executive violates this
General Release by suing Releasees, Executive shall be liable to the Releasees for their reasonable attorneys’ fees and other litigation
costs incurred in defending against such a suit and Executive shall reimburse the Releasees for their costs and expenses. Nothing in this
General Release is intended to reflect any party’s belief that Executive’s waiver of claims under ADEA is invalid or unenforceable,
it being the intent of the parties that such claims are waived.

 

4.        To the extent, if any, that
Executive has rights in any invention, improvement, discovery, process, program, product or system developed by Executive during his employment
with the Company, Executive hereby irrevocably transfers, assigns and conveys such rights to the Company and agrees that the Company shall
be and remain the sole and exclusive owner of all right, title and interest in and to any such invention, improvement, discovery, process,
program, product or system, including, but not limited to, all patent, copyright, trade secret and other proprietary rights therein that
may be secured in any place under laws now or hereinafter in effect.

 

5.       Executive agrees that neither
this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be
an admission by the Company, any Releasees or Executive of any improper or unlawful conduct.

 

    16 

     

    

 

6.        Executive acknowledges and recites
that:

 

(a)      Executive has executed this
General Release knowingly and voluntarily;

 

(b)      Executive has read and understands
this General Release in its entirety;

 

(c)     
Executive has been advised and directed orally and in writing (and this subparagraph (c))

 

(d)      constitutes
such written direction) to seek legal counsel and any other advice Executive wishes with respect to the terms of this General Release
before executing it;

 

(e)     By execution of this General
Release, Executive expressly waives any and all claims relating to age discrimination and disability or handicap discrimination and releases
any rights he may have under Title VII, ADEA, the ADA, and/or any State or local laws;

 

(f)       Executive hereby acknowledges
that the waiver of his rights and/or claims existing under Title VII, ADEA and ADA and/or any State or local laws is in consideration
for payments or benefits to which the Executive is entitled under Section 11of the Employment Agreement;

 

(g)      Executive’s execution
of this General Release has not been forced by any Executive or agent of the Company, and Executive has had an opportunity to negotiate
about the terms of this General Release; and

 

(h)      Executive has been offered
twenty-one (21) calendar days after receipt of this General Release to consider its terms before executing it.

 

7.        This General Release shall be
governed by the internal laws (and not the choice of laws) of the State of Florida, except for the application of pre-emptive Federal
law.

 

8.        Executive shall have seven (7)
days from the date Executive executes this General Release to revoke Executive’s waiver of any ADEA claims by providing written
notice of the revocation to the Company. In the event that Executive revokes this General Release, the Company shall have no obligation
to make any payments or benefits under Section 11 of the Employment Agreement that were expressly conditioned on the execution of this
release.

 

9.        Nothing in this General Release
shall relieve Executive of his obligations under Sections 15 (Non-Competition), 16 (Non-Solicitation), or 17 (Confidentiality) of the
Employment Agreement and Executive hereby agrees to comply with his obligations as set forth in Sections 15, 16, and 17 of the Employment
Agreement.

 

10.      If this General Release is
found to be invalid or unenforceable in any way, the Executive shall execute and deliver to the Company a revised release which will effectuate
Executive’s intention to release the Releasees, as set forth herein, to the maximum extent permitted by law.

 

PLEASE READ THIS AGREEMENT CAREFULLY.
IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

	Date:	 	 	 
	 	 	Executive	 

 

    17 

     

    

 

EXHIBIT B

 

EXCLUDED PROPERTY FROM INTELLECTUAL PROPERTY ASSIGNMENT

 

18Exhibit 10.9

 

TRANSITION SERVICES Agreement

 

THIS TRANSITION SERVICES AGREEMENT
(the “Agreement”) is dated , 2022, with an effective date of , 2022 by and between Forza X1, Inc. (“Forza”)
and Twin Vee PowerCats Co. (“Twin Vee” and, together with Forza, the “Parties” and, each of them
individually, the “Party”).

 

RECITAL

 

WHEREAS,
Twin Vee has the resources and capacity to provide certain services, including office space, personnel and corporate services, such as
cash management, internal audit, information technology, facilities management, promotional sales and marketing, legal, payroll, benefits
administration and other administrative services and insurance services (collectively, the “Services”);

 

WHEREAS,
Twin Vee is willing to provide or arrange for the provision of the Services to Forza, all upon the terms and conditions set forth herein;

 

WHEREAS,
in the absence of obtaining such services from Twin Vee, Forza would require additional staff and would need to enhance its existing administrative
infrastructure; and

 

WHEREAS,
each of the Parties hereto acknowledges that greater efficiencies and reduced costs are expected to be achieved from the economies of
scale associated with the provision of such Services by Twin Vee to Forza in the manner provided herein during the term hereof.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

		1.	Terms for Services

 

		(a)	Term. The term of this Agreement (the “Term”) shall commence on the date
hereof and shall continue for an initial term of one (1) month (the “Initial Term”) subject to the early termination
right of Forza for a particular Service category upon not less than ten (10) days prior written notice to Twin Vee. The initial term may
be extended upon mutual and written consent of the Parties on a month-to-month basis. Notwithstanding the foregoing this Agreement can
be terminated prior to the Initial Term or any extension of this Agreement:

 

		(i)	by the Parties at any time by mutual consent;

 

		(ii)	by Forza for convenience upon 30 days’ prior written notice effective after the Initial Term;

 

		(iii)	by either Party if the other Party becomes insolvent or generally unable to pay its debts as they become
due; or

 

		(iv)	by the non-breaching Party in the event of a material breach by the other Party and such breach remains
uncured for five (5) days after written notice thereof was provided by the non-breaching Party.

 

    1 

     

    

 

		(b)	Services and Fees. Twin Vee shall provide, or cause an affiliate to
provide, the Services from time to time throughout the Term subject to Section 1(a) to facilitate the operations of the business of Forza
in a manner consistent with its operations prior to closing of the initial public offering of Forza. In consideration for the provision
of the Services, Forza shall pay to Twin Vee an amount equal to the effectively cost incurred by Twin Vee to provide the Services (the
“Service Fees”) with any additional services requested by Forza to be based on level of Twin Vee support required and
a mutually agreed upon fee. In the event of termination pursuant to Section 1(a) the Service Fee will be pro rated up to the effective
date of termination. Twin Vee shall deliver to Forza monthly invoices in arrears for any Service Fees setting forth in reasonable detail,
the Services provided and the calculation of the Service Fees due with respect to such Services. All invoices shall be payable by Forza
within 30 days of receipt. Overdue amounts shall bear interest at an annual rate of 2%. The Services shall be provided to Forza with a
standard of care consistent with the past practice and custom immediately prior to the date hereof. 

 

		(c)	Additional Services. Notwithstanding the contents of Exhibit
A, Twin Vee agrees to respond in good faith to any request by Forza for access to any additional services that are necessary for the operation
of Forza and which are not currently contemplated in Exhibit A. Any such additional services so provided by Twin Vee shall constitute
Services under this Agreement and be subject in all respect to the provisions of this Agreement as if fully set forth in Exhibit A of
this Agreement.

 

		(d)	Access. Forza shall, without charge, provide Twin Vee
(or any affiliate of Twin Vee) with such access to Forza’s premises (if any), systems and personnel, and such other assistance as
may be reasonably required, to allow the Services to be provided to Forza and for Twin Vee (or any of its affiliates or third party provider)
to the extent necessary to perform its obligations under this Agreement. Twin Vee shall provide such reasonable prior notice of the need
for such access to Forza where practicable.

 

		(e)	Status. In performing the Services hereunder, Twin Vee
and any of its affiliates performing the Services shall operate as and have the status of an independent contractor. Neither Party or
employees or the employees of their respective affiliates shall be considered employees or agents of the other Party, nor shall the employees
of any Party or its affiliates be eligible or entitled to any benefits, perquisites or privileges given or extended to any of the other
Party’s employees. Nothing contained in this Agreement shall be deemed or construed to create a joint venture or partnership between
the Parties. No Party shall have any power or authority to bind or commit any other Party.

 

		(f)	Standard of Service.

 

		(i)	Twin Vee represents, warrants and agrees that the Services shall be provided in good faith, in accordance
with applicable laws and, except as specifically provided herein, in a manner generally consistent with the same standard of care as historically
provided by Twin Vee and its affiliates with respect to Forza and its predecessor. Twin Vee agrees to assign sufficient resources, if
available, and qualified personnel as are reasonably required to perform the Services in accordance with the standards set forth in the
preceding sentence.

 

		(ii)	Except as expressly set forth in Section 1(f)(i) or in any contract entered into hereunder, Twin Vee makes
no representations and warranties of any kind, implied or expressed, with respect to the Services, including, without limitation, no warranties
of merchantability or fitness for a particular purpose all of which are specifically disclaimed.

 

    2 

     

    

 

		(g)	Twin Vee agrees that all of its affiliates and their respective employees and any third-party service
providers and subcontractors, when on the premises of Forza or when given access to any equipment, computer, software, network or files
owned or controlled Forza, shall conform to the policies and procedures of Forza concerning health, safety and security in connection
with such access which are made known to Twin Vee in advance in writing.

 

		(h)	Responsibility for Wages and Fees. 

 

For such time as any employees
of Twin Vee or any of its affiliates are providing the Services to Forza under this Agreement, (i) such employees will remain employees
of Twin Vee or such affiliate, as applicable, and shall not be deemed to be employees of Forza for any purpose, and (ii) Twin Vee or such
affiliate, as applicable, shall be solely responsible for the payment and provision of all wages, bonuses and commissions, employee benefits,
including severance and worker’s compensation, and the withholding and payment of applicable taxes relating to such employment.

 

		(i)	Terminated Services. Upon termination or expiration of any or all Services pursuant to this Agreement,
or upon the termination of this Agreement in its entirety, Twin Vee shall have no further obligation to provide the applicable terminated
Services and Forza will have no obligation to pay any future Service Fees relating to such Services (other than for or in respect of Services
already provided in accordance with the terms of this Agreement and received by Forza prior to such termination).

 

		(j)	Invoice Disputes. In the event of an invoice dispute, Forza shall deliver a written statement to
Twin Vee no later than ten (10) days prior to the date payment is due on the disputed invoice listing all disputed items and providing
a reasonably detailed description of each disputed item. Amounts not so disputed shall be deemed accepted and shall be paid, notwithstanding
disputes on other items, within the period set forth in Section 1(b). The Parties shall seek to resolve all such disputes expeditiously,
in a commercially reasonable manner, in good faith.

 

		2.	General

 

		(a)	Severability. If any provision of this Agreement is determined to be illegal, invalid or unenforceable
by an arbitrator or any court of competent jurisdiction from which no appeal exists or is taken, that provision will be severed from this
Agreement and the remaining provisions will remain in full force and effect.

 

		(b)	Governing Law. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without
regard to the principles of conflicts of law thereof. Each Party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or their respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the State of Delaware. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in the State of Delaware for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient
venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Agreement,
the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. Notwithstanding
the foregoing, nothing in this paragraph shall limit or restrict the federal district court in which the Investor may bring a claim under
the federal securities laws.

 

    3 

     

    

 

		(c)	Successors and Assigns. The provisions of this Agreement shall inure to the benefit of the Parties
and shall be binding upon their respective heirs, administrators, executors, legal representatives, successors and permitted assigns.

 

		(d)	Time is of the Essence. Time is of the essence in this Agreement. The mere lapse of time in the
performance of the terms of this Agreement by any Party will have the effect of putting such Party in default.

 

		(e)	Confidentiality. The Parties agree that all business, technical and financial data and information
(including, without limitation, the identity of and information relating to products, formula, research and development, manufacturing
processes, pricing, rebates, equipment, strategy, customers or employees) which either Party develops, generates, learns or obtains pursuant
to this Agreement or that is received by or for a Party in confidence, constitutes confidential and proprietary information (“Confidential
Information”). Confidential Information shall also include all notes, analyses, compilations, studies, interpretations and other
material which contain, reflect or are based upon, in whole or in part, on Confidential Information, either directly or indirectly, by
a Party as well as the content and substance of any discussions between the Parties relating to the Confidential Information. Each Party
will hold in confidence and not disclose or use any of the Confidential Information except on a “need to know” basis in connection
with their respective rights and obligations under this Agreement. The restrictions on use or disclosure of Confidential Information do
not extend to information which: (i) at the time of disclosure is already within the public domain; (ii) subsequent to disclosure becowes
part of the public domain through no fault or breach of this Agreement; (iii) which a Party can demonstrate by written evidence was in
its possession prior to disclosure by such Party; (iv) becomes known to a Party through a third party unless such Party knew or reasonably
should have known such party did not have a right to make such disclosure; or (v) which a Party can demonstrate by written evidence it
was discovered or developed by recipient independently of any disclosure by the other Party. If a Party is legally compelled by court
order or subpoena to disclose any Confidential Information, it will give the other Party immediate notice thereof so that such Party may
seek a protective order and will rpovide only the limited Confidential Information it is required to disclose. The Parties shall provide
reasonable assistance in such effort.

 

In the event of a breach
or threatened breach of any provision of this Section 2(e), the non-disclosing Party shall have the right to have such obligation specifically
enforced by a court of competent jurisdiction, including without limitation, the right to entry of restraining orders and injunctions
(whether preliminary, mandatory, temporary or permanent) against a violation, threatened or actual, and whether or not continuing, of
such obligation, without the necessity of showing any particular injury or damage. It is hereby acknowledged and agreed that any such
breach or threatened breach would cause irreparable injury to a Party and that money damages would not provide adequate remedy. Each Party
may pursue any such remedy available to it concurrently or consecutively in any order as to any such breach or violation and the pursuit
of one of such remedies at any time will not be deemed an election of remedies or waiver of the right to pursue any other of such remedies
as to such breach or violation or as to any other breach, violation or threatened breach or violation.

 

		(f)	Counterparts. This Agreement may be executed in any number of counterparts, each of which is deemed
to be an original, and such counterparts together constitute one and the same instrument. Transmission of an executed signature page by
facsimile, email or other electronic means is as effective as a manually executed counterpart of this Agreement.

 

[Signature page to follow.]

 

    4 

     

    

 

IN WITNESS WHEREOF the Parties
have executed this Agreement this [__] day of [____], 2022.

 

	 	Forza X1, Inc.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Twin Vee PowerCats Co.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    5 

     

    

 

EXHIBIT A

 

Services

 

During the Term
of the Agreement and upon the terms and conditions set forth therein, Twin Vee shall provide to Forza the following Services as reasonably
requested by Forza from time to time:

 

		(1)	administration and benefits services; 

 

		(2)	employee benefits, human resources and payroll services; 

 

		(3)	financial and operations services;

 

		(4)	internal auditing services; 

 

		(5)	legal related services;

 

		(6)	risk management services; 

 

		(7)	accounting services; 

 

		(8)	general tax services; 

 

		(9)	communications facilities and services, including e-mail; 

 

		(10)	network and data center facilities; 

 

		(11)	hardware and equipment; 

 

		(12)	facilities management services; 

 

		(13)	promotional, sales and marketing services; 

 

		(14)	procuring of insurance coverage; 

 

		(15)	office space; and

 

		(16)	such other miscellaneous services as the Parties may reasonably
agree.

 

6

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