Document:

Exhibit 10.1

 

Employment Agreement

 

THIS EMPLOYMENT AGREEMENT (this
 “Agreement”), made and entered into as of August 26, 2021 (the “Effective Date”), is by and between
Lordstown Motors Corp., a Delaware corporation (“Company”), and Daniel Ninivaggi (“Executive”).
Certain capitalized terms shall have the meaning given to them in Section 7 below.

 

WHEREAS, Company and Executive
desire to enter into an employment agreement on the terms and conditions set forth herein;

 

WHEREAS, Company considers Executive
a “key executive” and agrees to provide Executive the significant consideration described in this Agreement as and for Company’s
retention of Executive; and

 

WHEREAS, Company and Executive
desire to enter into this Agreement as of the Effective Date and this Agreement shall supersede all prior employment terms and conditions,
whether or not in writing.

 

NOW, THEREFORE, in consideration
of the premises and of the covenants and agreements hereinafter contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:

 

1.                 
Employment Period. Subject to the terms and conditions of this Agreement, Company hereby agrees to employ Executive as the
Chief Executive Officer (“CEO”) of Company during the Employment Period, and Executive hereby agrees to be employed
by Company and provide services for and on behalf of Company during the Employment Period subject to and in accordance with this Agreement.
The period from the date of this Agreement until the Termination Date shall be referred to as the “Employment Period.”
In addition, Executive shall be appointed as a member of the Board of Directors of the Company (the “Board of Directors”)
beginning on the Effective Date and the Company shall cause Executive to be nominated to serve on the Board throughout the Employment
Period.

 

2.                  Duties.
Executive agrees that, during the Employment Period, Executive will serve Company diligently and in good faith and will, subject to
the exceptions below, devote his full business time, energies and talents to serving as the CEO of Company, subject to and at the
direction of Company’s Board of Directors. Executive shall: (a) have such duties and responsibilities commensurate with his
position as CEO and as may be reasonably assigned to Executive from time to time by the Board of Directors; (b) perform all
lawful duties assigned to Executive in good faith, subject to the reasonable direction of the Board of Directors; and (c) act
in accordance with written Company policies as may be in effect from time to time. Notwithstanding the foregoing, during the
Employment Period Executive may devote reasonable time to activities other than those required under this Agreement, including
activities of a charitable, educational, religious or similar nature (including professional associations); provided such
activities do not inhibit, prohibit, interfere with or breach any of Executive’s duties under this Agreement or common law, or
otherwise conflict in any material way with the Company Business. Notwithstanding the foregoing, Executive shall be authorized to
perform services and engage in business activities related to his service : (i) as Chairman or member of the Board Directors of
Garrett Motion, Inc. and (ii) as Chairman or member of the Advisory Board of Metalsa.

 

     

     

    

 

3.             
Compensation and Benefits. Subject to the terms and conditions of this Agreement, Company shall pay Executive, and Executive
agrees to accept from Company, as compensation in full for his services to be performed hereunder and for the faithful performance and
observance of all of his obligations to Company hereunder, the following annual salary and other compensation during the Employment Period:

 

(a)              
Base Salary. Company shall pay to Executive a base salary in the amount of $750,000 per annum (the “Annual
Base Salary”), payable in equal periodic installments less all customary payroll deductions (with such annual salary for any
part of a month to be paid on a pro- rated basis), in accordance with customary policies and normal payroll practices of Company.

 

(b)              
Annual Bonus. Executive shall be eligible to receive an annual bonus during the Employment Period with an annual
target bonus equal to 125% of Annual Base Salary, based on Company and individual performance and subject to the discretion of the Board
of Directors or a committee thereof. For the fiscal year ending December 31, 2021, Executive will be entitled to receive an annual bonus
that is equal to no less than Executive’s annual target bonus, prorated based upon the number of days from the Effective Date through
December 31, 2021, which shall be paid 50% by November 15, 2021 and the remaining 50% on or before January 15, 2022 subject to Executive’s
continued employment through the payment dates.

 

(c)              
Benefits. During the Employment Period, Executive and Executive’s dependents, as the case may be, shall be
eligible to participate in all executive plans and programs as in effect from time to time thereof generally available to other executives
of Company and subject to the terms and conditions thereof, including a 401(k) Plan, medical and dental, and disability benefits. Notwithstanding
the foregoing, Company shall be permitted to amend, add to or eliminate the benefit plans at any time and at Company’s sole discretion.

 

(d)              
Vacation. Executive shall be entitled to vacation time consistent with Company’s established programs and policies
as may be in effect during the Employment Period; provided that Executive shall be entitled to four (4) weeks of vacation per year
(which, if not used in a fiscal year, will not be carried to the next fiscal year).

 

(e)              
Expense Reimbursement. Executive shall be reimbursed by Company, on terms and conditions that are substantially similar
to those that apply to other similarly situated executives of Company, for reasonable out-of-pocket expenses for entertainment, travel,
meals, lodging and similar items which are actually incurred by Executive in connection with the Company Business (including without limitation
travel expenses to the Company’s California and Ohio facilities, provided that Executive complies with the policies, practices and
procedures of Company for incurring expenses and submitting expense reports, receipts, or similar documentation of any such expenses.

 

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(f)                Equity
Award. In connection with the commencement of Executive’s employment with the Company, on the Effective Date, Executive
will be granted an award of (i) 700,000 stock options with an exercise price equal to the closing price on the business day
immediately preceding the Effective Date and (ii) 700,000 restricted stock units, in each case pursuant to the 2020 Incentive Plan,
subject to the terms and conditions set forth in award agreements between Company and Executive (such awards, the “Initial
Equity Awards”). The Initial Equity Awards will vest ratably on each of the first, second and third anniversary of the
grant date, subject to Executive’s continued employment with the Company through each such vesting date. Company intends to
make annual equity compensation awards and Executive will be eligible for annual equity awards based on Executive’s seniority.
It is expected that Executive will receive equity awards in each of 2022 and 2023 that are equivalent in value to the Initial Equity
Awards, subject to Executive’s and Company’s performance. All stock options granted by Company to Executive shall permit
Executive to exercise vested options for up to one year following termination of employment for any reason other than Cause (but in
no event later than the full option term).

 

(g)              
Indemnification; D&O coverage. At all times, during the Employment Period, (i) Executive shall be eligible for
indemnification (including the advancement of attorneys’ fees) pursuant to the Company’s bylaws to the fullest extent of the
law, and (ii) Executive shall be covered by Company’s directors’ and officers’ insurance policy (the “D&O
Insurance Policy”) with Side A and Side B limits not less than in effect on the Effective Date.

 

4.             
Term and Termination.

 

(a)              
Term. The term of Executive’s employment hereunder shall commence on the Effective Date and continue until
terminated. The effective date of any termination hereunder shall be referred to as the “Termination Date”.

 

(b)              
Termination. Executive’s employment hereunder may be terminated on the following terms and conditions:

 

(i)                
by Company for Cause, effective upon written notice from Company to Executive, following the expiration, without cure, of
any applicable cure period;

 

(ii)             
by Company for any reason other than for Cause, effective 30 days following written notice from Company to Executive, provided
that Company may place Executive on paid leave during any portion of such 30 day period;

 

(iii)           
by Executive for any reason, effective thirty (30) days following written notice from Executive to Company or any earlier
date as may be determined by Company in its sole discretion, provided that Company may place Executive on paid leave during any
portion of such period; or

 

(iv)            
by Change of Control as defined herein.

 

(c)               Death/Disability.
This Agreement and Executive’s employment hereunder shall terminate immediately and automatically by reason of
Executive’s death or Disability and Executive (or his estate) shall receive all vested equity awards and pro rata vesting of
unvested equity awards (based on the number of full or partial months served from the most recent vesting event to the date
Executive’s Termination Date). In the event Executive’s employment with Company terminates, for any reason whatsoever,
including death or Disability, Executive shall be entitled to the benefits described in Section 4(h).

 

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(d)              
Severance Payment.

 

(i)                
In the event of a Termination Upon Change of Control, or if Company terminates Executive’s employment other than for
Cause or Executive resigns for Good Reason, Executive shall be entitled to receive an amount equal to twelve (12) months of Executive’s
Annual Base Salary which shall be paid according to the following schedule (subject to Section 4(d)(iv)): (a) a lump sum payment
equal to one-half of such amount shall be payable within ten (10) days of following the Termination Date, and (b) one-fourth of the balance
of such amount shall be payable within ten (10) days of each of the three-month, six-month, nine-month and twelve month anniversaries
of the Termination Date (and in each case no interest shall accrue on such amount); provided, however, that if Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) would otherwise apply to such cash severance payment, it instead
shall be paid at such time as permitted by Section 409A of the Code. In addition to the foregoing severance payment, in the event of Executive’s
Termination for any reason other than (i) Cause or (ii) Executive’s resignation without Good Reason, Executive shall be entitled
to receive, within ten (10) days following the Termination, a lump sum payment equal to one hundred percent (100%) of (a) any actual bonus
amount earned with respect to a previous year to the extent that all the conditions for payment of such bonus have been satisfied (excluding
any requirement to be in employment with Company as of a given date which is after the Termination Date) and any such bonus was earned
but is unpaid on the Termination Date; and (b) the target bonus then in effect for Executive for the year in which such termination
occurs, such payment to be prorated to reflect the full number of months Executive remained in the employ of Company; provided, however,
that if Section 409A of the Code would otherwise apply to such cash payment, it instead shall be paid at such time as permitted by Section
409A of the Code. To illustrate, if Executive’s target bonus at 100% equals $120,000 for the calendar year and Executive is terminated
on October 15th, then the foregoing payment shall equal $100,000 (i.e., ten (10) months’ prorated bonus at one hundred percent (100%)
with October counting as a full month worked).

 

(ii)             
[RESERVED]

 

(iii)           
Notwithstanding anything in this Agreement to the contrary, payments to be made upon a termination of employment under this
Agreement will be made upon a “separation from service” within the meaning of Section 409A of the Code. Each payment under
this Agreement shall be treated as a separate payment for purposes of Section 409A of the Code. To the maximum extent permissible payments
under this Agreement shall be treated as exempt from Section 409A first pursuant to the exception for short-term deferrals, then pursuant
to the exception for payments related to separations from service, and then for de minimis amounts

 

(iv)             Executive
shall forfeit all rights to payment of severance pursuant to this Section 4(d) or otherwise unless he signs and delivers a
general release and separation agreement, in form and substance reasonably acceptable to Company within 60 days after
Executive’s termination of employment. Notwithstanding anything to the contrary contained herein, no severance payment will be
due and payable until Executive executes and delivers such general release and separation agreement and it is not subject to
revocation, if applicable.

 

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(e)              
Equity Compensation Acceleration. If Company terminates Executive’s employment other than for Cause or Executive
resigns for Good Reason, then subject to Section 4(d)(iv), the vesting and exercisability of all then outstanding stock options
(or any other equity award, including, without limitation, stock appreciation rights and restricted stock units) granted to Executive
under any equity incentive plan (the “Company Plans”) adopted by the Board of Directors shall be accelerated as to
100% of the shares subject to any such equity awards granted to Executive. Upon any vesting of restricted stock units, the Company shall
withhold from the shares delivered to Executive a sufficient number of shares to allow the Company to remit on Executive’s behalf
state and federal taxes calculated at the highest marginal tax rate.

 

(f)               
COBRA. If Executive timely elects coverage under the Consolidated Budget Reconciliation Act of 1985, as amended (“COBRA”),
subject to Section 4(d)(iv), Company shall continue to provide to Executive, at Company’s expense, Company’s health-related
executive insurance coverage for Executive only as in effect immediately prior to the Termination Upon Change of Control or Executive’s
termination of employment by Company other than for Cause or by Executive for Good Reason for a period of twelve (12) months following
such applicable termination. The date of the “qualifying event” for Executive and any dependents shall be the Termination
Date.

 

(g)              
Indemnification. In connection with Executive’s termination from Company, regardless of the reason,, (a) Company
shall continue to indemnify Executive against all claims related to actions arising prior to the termination of Executive’s employment
to the fullest extent permitted by law (including without limitation advancement of attorneys’ fees), and (b) Company or its successor
shall continue to provide coverage under a D&O Insurance Policy for not less than 36 months following such termination on substantially
the same terms of the D&O Insurance Policy in effect immediately prior to such termination.

 

(h)              
Termination from all Positions; Rights and Payments Upon Termination. In connection with Executive’s termination
from Company, regardless of the reason, (1) Executive agrees that, effective as of the Termination Date, Executive shall resign and be
terminated from all positions Executive holds as a director, officer or employee of Company or any Subsidiary or Affiliate thereof and
shall execute any necessary documentation to properly effectuate such termination and (2) Executive shall be entitled to the Minimum Payments,
in addition to any payments or benefits to which Executive may be entitled under the express terms of any executive benefit plan or as
required by law. Any payments to be made to Executive pursuant to this Section 4 shall be made in accordance with Company’s
customary policies and normal payroll practices.

 

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5.            
Restrictive Covenants.

 

(a)               Confidential
Information. Executive recognizes and acknowledges that he may receive certain confidential and proprietary information and
trade secrets of Company, its Affiliates and Subsidiaries, including (i) internal business information (including, information
relating to strategic plans and practices, business, accounting, financial or marketing plans, practices or programs, training
practices and programs, salaries, bonuses, incentive plans and other compensation and benefits information and accounting and
business methods); (ii) identities of, individual requirements of, specific contractual arrangements with, and information
about, Company, its Affiliates and Subsidiaries and their respective confidential information; (iii) industry research compiled
by, or on behalf of Company and its Affiliates and Subsidiaries, including, without limitation, identities of potential target
companies, management teams, and transaction sources identified by, or on behalf of, Company and its Affiliates and
Subsidiaries; (iv) compilations of data and analyses, processes, methods, track and performance records, data and data bases
relating thereto; and (v) computer software documentation, data and data bases and updates of any of the foregoing;
(collectively, “Confidential Information”). Executive will not, during or after the term of this Agreement, whether
through an Affiliate or otherwise, take commercial or proprietary advantage of or profit from any Confidential Information or
disclose Confidential Information to any Person for any reason or purpose whatsoever, except (i) to authorized representatives and
employees of Company or its Affiliates and Subsidiaries and as otherwise may be proper in the course of performing Executive’s
obligations under this Agreement or (ii) as is required to be disclosed by order of a court of competent jurisdiction,
administrative body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation; provided
that, unless otherwise prohibited by law, rule or regulation, Executive shall provide to the Board of Directors prompt notice of any
such disclosure. For purposes of this Section 5(a), Confidential Information does not include any information that is or
becomes generally known to the other participants in the industry in which Company and its Subsidiaries operate other than as a
result of any breach of nondisclosure by any Person. The limitations in this Section 5(a) are in addition to, and not in lieu
of, any other restrictions that Executive may be bound by (whether by contract or otherwise), including Company’s Proprietary
Information and Inventions Agreement.

 

Notwithstanding anything to the
contrary in this Agreement or otherwise, nothing shall limit Executive’s rights under applicable law to provide truthful information
to any governmental entity or to file a charge with or participate in an investigation conducted by any governmental entity. Notwithstanding
the foregoing, Executive agrees to waive Executive’s right to recover monetary damages in connection with any charge, complaint
or lawsuit filed by Executive or anyone else on Executive’s behalf (whether involving a governmental entity or not); provided
that Executive is not agreeing to waive, and this Agreement shall not be read as requiring Executive to waive, any right Executive may
have to receive an award for information provided to any governmental entity. Executive is hereby notified that the immunity provisions
in Section 1833 of title 18 of the United States Code provide that an individual cannot be held criminally or civilly liable under any
federal or state trade secret law for any disclosure of a trade secret that is made (1) in confidence to federal, state or local government
officials, either directly or indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation
of the law, (2) under seal in a complaint or other document filed in a lawsuit or other proceeding, or (3) to Executive’s attorney
in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade secret may be used in the court
proceedings for such lawsuit) as long as any document containing the trade secret is filed under seal and the trade secret is not disclosed
except pursuant to court order.

 

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(b)               Documents
and Property. All records, files, documents and other materials or copies thereof relating to the Company Business, which
Executive shall prepare, receive, or use shall be and remain the sole property of Company, shall not be used by Executive in any
manner that would be adverse to Company’s interests, and, other than in connection with the performance by Executive of his
duties hereunder, shall not be removed from the premises of Company or any Subsidiary without Company’s prior written consent,
and shall be promptly returned to Company upon Executive’s termination of employment hereunder for any reason whatsoever,
together with all copies (including copies or recordings in electronic form), abstracts, notes or reproductions of any kind made
from or about the records, files, documents or other materials.

 

(c)              
Non-Competition/Non-Solicitation. During the Employment Period and for a two (2) year period thereafter (the “Restricted
Period”), Executive will not, directly or indirectly, individually or as a shareholder, director, manager, member, officer,
employee, agent, consultant or advisor of any Person: (i) acquire or hold any economic or financial interest in, act as a partner, member,
shareholder, consultant, employee or representative of, render services to, or otherwise operate, engage in or hold an interest in any
Person that engages in, or engages in the management or operation of any Person that engages in any business that competes with the Company
Business; (ii) solicit orders from or seek or propose to do business with any customer or supplier of the business relating to the
Company Business; or (iii) influence or attempt to influence any customer, supplier, employee, contractor, representative or advisor
of the Company Business to curtail, terminate or refrain from maintaining its, his or her relationship with Company or any of its Subsidiaries.
Notwithstanding the foregoing, Executive shall be authorized to perform services and engage in business activities related to his service
(i) as Chairman or member of the Board Directors of Garrett Motion, Inc. and (ii) as Chairman or member of on the Advisory Board of Metalsa;
and provided, however, that the ownership of less than 1% of the voting stock of any publicly held corporation shall not be a violation
of this Agreement.

 

(d)              
Non-Disparagement. During and after Executive’s employment with Company, neither Company nor Executive will
make any adverse or derogatory statements, remarks or comments, oral or written, directly or indirectly, to any individual or entity about
or with reference to or with respect to Executive or Company, or any of its executives, officers, managers, members, directors or agents.
The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or
administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).

 

(e)               Remedies
for Breach of Covenants. Executive acknowledges and expressly agrees that the covenants contained in this Section 5 are
reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that, in light of his
position with Company and access to Confidential Information during the Employment Period, the restrictions contained in this Section
5 are reasonable and necessary for the protection of the legitimate business interests of Company, that they create no undue
hardships, that any violation of these restrictions would cause substantial injury to Company and such interests, and that such
restrictions were a material inducement to Company to enter into this Agreement. In the event of any violation or threatened
violation of these restrictions, Company, in addition to and not in limitation of, any other rights, remedies or damages available
to Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief,
to prevent or restrain any such violation by Executive and any and all Persons directly or indirectly acting for or with him, as the
case may be.

 

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6.               
Inventions and Innovations. Executive acknowledges and agrees that he is separately bound by the Proprietary Information
and Invention Agreement with Company. In addition, and notwithstanding anything to the contrary in the Proprietary Information and Invention
Agreement, Executive acknowledges and agrees that all right, title and interest in and to any past, present and future inventions, business
applications, know-how, customer lists, trade secrets, innovations, methods, designs, ideas, improvements, copyrights, patents, domain
names, trademarks, trade dress and other intellectual property which Executive personally develops or creates in whole or in part at any
time and at any place during his employment with Company, and which is, directly or indirectly, related to or usable in connection with,
the business activities of Company (all items set forth above are hereafter collectively referred to as the “Inventions and Innovations”),
shall be and remain forever the sole and exclusive property of Company, and Executive thus automatically assigns and agrees to assign
any such right, title and interest in his possession, or that he acquires, to Company. In this regard, Executive acknowledges and agrees
that any Inventions and Innovations embodying copyrightable subject matter are “works made for hire,” and Executive automatically
assigns and agrees to assign all right, title and interest to Company in the same if such Inventions and Innovations are not “works
made for hire.” Executive agrees to promptly reveal all information relating to the Inventions and Innovations to Company and cooperate
with Company to execute such documents as may be necessary to establish ownership and protection in Company’s name for the Inventions
and Innovations. Notwithstanding the foregoing, Inventions and Innovations shall not include any publicly available information or any
information that was developed by Executive on his own time with his own tools and/or materials and without the resources of Company or
any Subsidiary thereof.

 

7.              
Definitions. As used throughout this Agreement, all of the terms defined in this Section 7 shall have the meanings
given below.

 

“2020 Incentive Plan”
shall mean the Company’s 2020 Equity Incentive Plan.

 

“Affiliate”
shall mean each individual, company, corporation, partnership, limited liability company, joint venture or other business entity, which
is, directly or indirectly, controlled by, controls, or is under common control with, Company, where “control” means (i) the
ownership of a majority of the voting securities or other voting interests or other equity interests of any company, corporation, partnership,
limited liability company, joint venture or other business entity, or (ii) the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of such company, corporation, partnership, limited liability company, joint venture
or other business entity.

 

“Agreement”
shall have the meaning set forth in the preamble.

 

“Annual Base Salary”
shall have the meaning set forth in Section 3(a).

 

“Board of Directors”
shall have the meaning set forth in Section 1.

 

“Cause” shall
mean the Board of Directors’ determination in good faith that Executive has:

 

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(i)       disregarded
or refused to substantially perform his duties and obligations to Company as required by this Agreement and the Board of Directors (other
than any such failure resulting from his Disability or Executive’s termination of his employment with Company for any reason);

 

(ii)       breached
a fiduciary responsibility to Company in any material respect;

 

(iii)       commission
of an act of fraud, embezzlement or other misappropriation of funds;

 

(iv)       breached
any confidentiality or proprietary information agreement in any material respect between Executive and Company;

 

(v)       acted
with gross negligence or willful misconduct when undertaking Executive’s duties;

 

(vi)       breached
this Agreement;

 

(vii)       Executive’s
excessive and unreasonable absences from Executive’s duties for any reason (other than authorized leave or leave required by law
or as a result of Executive’s Disability); or

 

(viii)       Executive’s
indictment for, conviction of, or plea of guilty or nolo contendere to, (A) a felony, (B) a misdemeanor (other than traffic
or motor vehicle violations), or (C) any other act, omission or event that, in any such case, has caused or is likely to cause
economic harm to Company or any of its Subsidiaries or the image, reputation and/or goodwill of Company or its Subsidiaries or that Company
in good faith believes is reasonably likely to cause material harm to the image, reputation and/or goodwill of Company or its Subsidiaries,
their respective products, services and/or trade/service marks;

 

Notwithstanding the foregoing,
prior to Company’s termination of Executive for Cause above, Company shall give Executive written notice specifying in reasonable
detail the existence of any condition and Executive shall have 30 days from the date of Executive’s receipt of such notice in which
to cure the condition giving rise to Cause (if curable).

 

“CEO” shall
have the meaning set forth in Section 1.

 

“Change of Control”
means:

 

(i)       one
Person (or more than one Person acting as a group) acquires ownership of stock of Company that, together with the stock held by such person
or group, constitutes more than 35% of the total fair market value or total voting power of the stock of Company; provided, that,
a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total fair market
value or total voting power of Company’s stock and acquires additional stock;

 

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(ii)       a
majority of the members of the Board of Directors are replaced during any 12-month period by directors whose appointment or election is
not endorsed by a majority of the Board of Directors before the date of appointment or election;

 

(iii)       one
Person (or more than one person acting as a group), acquires (or has acquired during the 12-month period ending on the date of the most
recent acquisition) assets from Company that have a total gross fair market value equal to or more than 50% of the total gross fair market
value of all of the assets of Company immediately before such acquisition(s); or

 

(iv)       the
Company ceases to primarily manufacture its vehicles for its own account or primarily manufactures vehicles for another vehicle manufacturer.

 

A transaction shall not constitute
a Change in Control if: (a) its sole purpose is to change the state of Company’s incorporation; or (b) its sole purpose is
to create a holding company that will be owned in substantially the same proportions by the persons who held Company’s securities
immediately before such transaction.

 

“Code” shall
have the meaning set forth in Section 4(d).

 

“Company” shall
have the meaning set forth in the preamble.

 

“Company Business”
shall mean the business of developing, designing and manufacturing battery-electric vehicles under 10,001 GVW.

 

“Confidential Information”
shall have the meaning set forth in Section 5(a).

 

“Disability”
shall mean that Executive is unable to effectively perform the essential functions of his job by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for not less than 90 consecutive days
or 125 non-consecutive days, in either case during any 12-month period (unless a longer period is required under applicable law, then
during such longer period), and in any case as determined in good faith by an independent doctor selected in good faith by the Board of
Directors and mutually acceptable to Executive.

 

“Effective Date”
shall have the meaning set forth in the preamble.

 

“Executive”
shall have the meaning set forth in the preamble.

 

“Employment Period”
shall have the meaning set forth in Section 1.

 

“Good
Reason” is defined as the occurrence of any of the following: (i) a breach of this Agreement by Company (including without
limitation any of the indemnification provisions); (ii) a material reduction in Executive’s Base Salary or Annual Bonus,
(iii) a material change in the geographic location where Executive must perform services; or (iv) Executive has a material reduction
in position, status, duties or responsibilities, or is assigned duties materially inconsistent with his position (including without
limitation if the Company appoints an executive chair of the Board of Directors unless approved by Executive or Executive ceases to
be the CEO of a public company which is the ultimate parent of the Company). If Executive wishes to terminate his employment for
Good Reason, he shall first give Company thirty (30) days prior written notice of the circumstances constituting Good Reason and an
opportunity to cure, and such notice must be given to Company within 30 days of Executive becoming aware of such circumstances.

 

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“Initial Equity Awards”
shall have the meaning set forth in Section 3(f).

 

“Inventions and Innovations”
shall have the meaning set forth in Section 6.

 

“Minimum Payments”
shall mean, as applicable, the following amounts:

 

(i)       Executive’s
earned but unpaid Annual Base Salary for the period ending on the Termination Date, with such payments to be made in accordance with Section
3(a);

 

(ii)       Executive’s
accrued but unpaid vacation days for the period ending on the Termination Date; and

 

(iii)       Executive’s
unreimbursed business expenses and all other items earned and owed to Executive through and including, the Termination Date.

 

“Person” shall
mean any individual, sole proprietorship, partnership, joint venture, trust, unincorporated association, corporation, limited liability
company, entity or governmental entity (whether federal, state, county, city or otherwise and including any instrumentality, division,
agency or department thereof).

 

“Restricted Period”
shall have the meaning set forth in Section 5(c).

 

“Subsidiary”
shall mean, with respect to any Person, any corporation, partnership, limited liability company, association or business entity of which:
(i) if a corporation, a majority of the total voting power of shares of stock entitled (irrespective of whether, at the time, stock of
any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person
or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a partnership, limited liability company,
association or other business entity, either (A) a majority of partnership or other similar ownership interests thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof or (B)
that Person is a general partner, managing member, manager or managing director of such partnership, limited liability company, or other
business entity. For purposes hereof and unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of Company.

 

“Termination Date”
shall mean the date of termination of Executive’s employment as determined in accordance with Section 3.

 

“Termination Upon Change
of Control” means:

 

    11

     

    

 

(i)       any
termination of the employment of Executive by Company without Cause during the period commencing on or after the date that Company enters
into a definitive agreement that results in a Change of Control (even though still subject to approval by Company’s stockholders
and other conditions and contingencies, but provided that the Change of Control actually occurs) and ending on the date which is twelve
(12) months following the Change of Control; or

 

(ii)       any
resignation by Executive for Good Reason where (i) such Good Reason occurs during the period commencing on or after the date that Company
enters into a definitive agreement that results in a Change of Control (even though still subject to approval by Company’s stockholders
and other conditions and contingencies, but provided that the Change of Control actually occurs) and ending on the date which is twelve
(12) months following the Change of Control, and (ii) such resignation occurs at or after such Change of Control and in any event within
six (6) months following the occurrence of such Good Reason.

 

(iii)       Notwithstanding
the foregoing, the term “Termination Upon Change of Control” shall not include any termination of the employment of Executive:
(1) by Company for Cause; (2) by Company as a result of the Disability of Executive; (3) as a result of the death of Executive;
or (4) as a result of the voluntary termination of employment by Executive for any reason other than Good Reason.

 

8.              
Notices. Notices and all other communications under this Agreement shall be in writing and shall be deemed given if (i)
delivered personally, (ii) delivered by a recognized overnight courier service, or (iii) mailed by United States registered or certified
mail, return receipt requested, postage prepaid, addressed as follows:

 

If to Company to:

 

Lordstown Motors Corp.

2300 Hallock Young Road, S.W.

Lordstown, OH 44481

Attention: General Counsel

 

If to Executive, to:

 

The address on file with the Company’s Human
Resources department or to such other address as either party may furnish to the other in writing, except that notices of changes of address
shall be effective only upon receipt.

 

9.               
Applicable Law. All questions concerning the construction, validity and interpretation of this Agreement and the performance
of the obligations imposed by this Agreement shall be governed by the internal laws of the State of Ohio applicable to agreements made
and wholly to be performed in such state without regard to conflicts of law provisions of any jurisdiction.

 

10.              FORUM
SELECTION. ALL ACTIONS OR PROCEEDINGS IN ANY WAY, MANNER OR RESPECT, ARISING OUT OF OR FROM OR RELATED TO THIS AGREEMENT SHALL
BE LITIGATED IN COURTS HAVING SITUS WITHIN TRUMBULL COUNTY, OHIO EXECUTIVE HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF THE
STATE AND FEDERAL COURTS LOCATED WITHIN TRUMBULL COUNTY, OHIO. EXECUTIVE HEREBY WAIVES ANY RIGHT IT MAY HAVE TO TRANSFER OR CHANGE
THE VENUE OF ANY LITIGATION BROUGHT AGAINST EXECUTIVE BY COMPANY IN ACCORDANCE WITH THIS SECTION.

 

    12

     

    

 

11.             
WAIVER OF JURY TRIAL. EXECUTIVE AND COMPANY HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY OF ANY CLAIM OR
CAUSE OF ACTION IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS OR EVENTS CONTEMPLATED HEREBY
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THE PARTIES HERETO
EACH AGREE THAT ANY AND ALL SUCH CLAIMS AND CAUSES OF ACTION TRIED BY A COURT SHALL BE TRIED WITHOUT A JURY. EACH OF THE PARTIES HERETO
FURTHER WAIVES ANY RIGHT TO SEEK TO CONSOLIDATE ANY SUCH LEGAL PROCEEDING IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER LEGAL PROCEEDING
IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED.

 

12.             
Entire Agreement; Severability. This Agreement, together with the Proprietary Information and Inventions Agreement
and the Company Plans, constitute the entire agreement between Executive and Company concerning the subject matter hereof, and supersedes
all prior negotiations, undertakings, agreements and arrangements with respect thereto, whether written or oral. If a court of competent
jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that
provision shall not affect the validity or enforceability of any other provision of this Agreement and all other provisions shall remain
in full force and effect. The various covenants and provisions of this Agreement are intended to be severable and to constitute independent
and distinct binding obligations. Without limiting the generality of the foregoing, if the scope of any covenant contained in this Agreement
is too broad to permit enforcement to its full extent, such covenant shall be enforced to the maximum extent permitted by law, and Executive
hereby agrees that such scope may be judicially modified accordingly.

 

13.             
Withholding of Taxes. Company may withhold from any amounts or other benefits payable under this Agreement all federal,
state, city or other taxes as may be required pursuant to any law, governmental regulation or ruling.

 

14.             
No Assignment. Executive’s rights to receive payments or benefits under this Agreement shall not be assignable or
transferable whether by pledge, creation of a security interest or otherwise, other than a transfer by will, by the laws of descent or
distribution or to a revocable living trust of Executive. In the event of any attempted assignment or transfer contrary to this Section
14, Company shall have no liability to pay any amount so attempted to be assigned or transferred. This Agreement shall inure to the
benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees and legatees.

 

    13

     

    

 

15.             
 Successors. This Agreement shall be binding upon and inure to the benefit of Company, its successors and assigns (including
any company into or with which Company may merge or consolidate).

 

16.             
Survival. The provisions of Sections 4, 5, 6, 7, 9, 10, 11, 12,
13, and 14 shall survive the termination of this Agreement.

 

17.             
Amendment; Waivers. This Agreement may not be amended or modified except by written agreement signed by Executive and
Company. No waiver of any provision or condition of this Agreement by any party shall be valid unless set forth in a writing signed by
such party. No such waiver shall be deemed to be a waiver of any other or similar provision or condition, or of any future event, act,
breach or default, and no course of dealing shall be implied or arise from any waiver or series of waivers (written or otherwise) of any
right or remedy hereunder.

 

18.             
Joint Participation. The parties hereto participated jointly in the negotiation and preparation of this Agreement, and each
party has had the opportunity to obtain the advice of legal counsel and to review and comment upon the Agreement. Accordingly, it is agreed
that no rule of construction shall apply against any party or in favor of any party. This Agreement shall be construed as if the parties
jointly prepared this Agreement, and any uncertainty or ambiguity shall not be interpreted against one party and in favor of the other.

 

19.             
No Conflicting Agreement. Executive hereby represents and warrants to Company that he is not subject to any existing non-
competition or other restrictive agreements, clauses or arrangements, written or oral, that in any way prohibit or constrain in any material
respect his acceptance of and/or performance of duties pursuant to this Agreement, or that in any manner circumscribe the scope of activities
or other business that he is entitled to pursue and consummate on behalf of Company.

 

20.             
Construction; Miscellaneous. Whenever used in this Agreement, the singular shall include the plural and vice versa
(where applicable), the use of the masculine, feminine or neuter gender shall be deemed to include the other genders (unless the context
otherwise requires), the words “hereof,” “herein,” “hereto,” “hereby,” “hereunder,”
and other words of similar import refer to this Agreement as a whole (including exhibits), the words “include,” “includes”
and “including” means “include, without limitation,” “includes, without limitation” and “including,
without limitation,” respectively. The headings used in this Agreement are for convenience only, shall not be deemed to constitute
a part hereof, and shall not be deemed to limit, characterize or in any way affect the construction or enforcement of the provisions of
this Agreement. This Agreement may be executed in any number of identical counterparts, any of which may contain the signatures of less
than all parties, and all of which together shall constitute a single agreement. All remedies of any party hereunder are cumulative and
not alternative, and are in addition to any other remedies available at law, in equity or otherwise.

 

[Signature page follows.]

 

    14

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	LORDSTOWN MOTORS CORP.
	 	 
	 	By:	/s/ Thomas V. Canepa
	 	Name: 	Thomas V. Canepa
	 	Its:	General Counsel and Secretary
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Daniel Ninivaggi
	 	Daniel Ninivaggighmp_ex101.htm

EXHIBIT 10.1
  
 SECURITIES PURCHASE AGREEMENT 
  
 This SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of August 13, 2021, by and between GOOD HEMP, INC., a Nevada corporation, with its address at 202311 Chartwell Ctr. Dr. Ste. 1469, Cornelius, NC 28031 (the “Company”), and GENEVA ROTH REMARK HOLDINGS, INC., a New York corporation, with its address at 111 Great Neck Road, Suite 216, Great Neck, NY 11021 (the “Buyer”). 
  
 WHEREAS: 
  
 A. The Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “1933 Act”); and 
  
 B. Buyer desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement a convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of $250,375.00 (together with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”), convertible into shares of common stock, no par value per share, of the Company (the “Common Stock”) upon default, upon the terms and subject to the limitations and conditions set forth in such Note; and a Warrant to purchase Common Stock of the Company in favor of Buyer exercisable into 52,265 shares of Common Stock (the “Warrant”); and 
  
 NOW THEREFORE, the Company and the Buyer severally (and not jointly) hereby agree as follows: 
  
 1. Purchase and Sale of Note. 
  
 a. Purchase of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature pages hereto. 
  
 b. Form of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be issued and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available funds to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the principal amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages hereto (and the Warrant), and (ii) the Company shall deliver such duly executed Note on behalf of the Company (and the Warrant), to the Buyer, against delivery of such Purchase Price. 
  
 c. Closing Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 6 and Section 7 below, the date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be 12:00 noon, Eastern Standard Time on or about August 13, 2021, or such other mutually agreed upon time. The closing of the transactions contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to by the parties. 
  
 2. Buyer’s Representations and Warranties. The Buyer represents and warrants to the Company that: 
  
 	 
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 a. Investment Purpose. As of the date hereof, the Buyer is purchasing the Note, the Warrant and the shares of Common Stock issuable upon conversion of or otherwise pursuant to the Note and/or Warrant (such shares of Common Stock being collectively referred to herein as the “Conversion Shares” and, collectively with the Note and the Warrant, the “Securities”) for its own account and not with a present view towards the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the 1933 Act. 
  
 b. Accredited Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D (an “Accredited Investor”). 
  
 c. Reliance on Exemptions. The Buyer understands that the Securities are being offered and sold to it in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of the Buyer to acquire the Securities. 
  
 d. Information. The Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer. 
  
 e. Legends. The Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act; or may be sold pursuant to an applicable exemption from registration, the Conversion Shares may bear a restrictive legend in substantially the following form: 
  
 "THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (2) THE ISSUER OF SUCH SECURITIES RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY ACCEPTABLE TO THE ISSUER’S TRANSFER AGENT, THAT SUCH SECURITIES MAY BE PLEDGED, SOLD, ASSIGNED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS." 
  
 The legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any Security upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is registered for sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to an exemption from registration without any restriction as to the number of securities as of a particular date that can then be immediately sold, or (b) such holder provides the Company with an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Security may be made without registration under the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is effected. The Buyer agrees to sell all Securities, including those represented by a certificate(s) from which the legend has been removed, in compliance with applicable prospectus delivery requirements, if any. In the event that the Company does not accept the opinion of counsel provided by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144, at the Deadline, it will be considered an Event of Default pursuant to Section 3.2 of the Note. 
  
 	 
	2
	

	 

  
 f. Authorization; Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms. 
  
 3. Representations and Warranties of the Company. The Company represents and warrants to the Buyer that: 
  
 a. Organization and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated and conducted. “Subsidiaries” means any corporation or other organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly, any equity or other ownership interest. 
  
 b. Authorization; Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the Note, the Warrant and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the transactions contemplated hereby and thereby (including without limitation, the issuance of the Note, the Warrant and the issuance and reservation for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required, (iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized representative is the true and official representative with authority to sign this Agreement and the other documents executed in connection herewith and bind the Company accordingly, and (iv) this Agreement constitutes, and upon execution and delivery by the Company of the Note, each of such instruments will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms. 
  
 c. Capitalization. As of the date hereof, the authorized common stock of the Company consists of 150,000,000 authorized shares of Common Stock, no par value per share, of which 22,542,634 shares are issued and outstanding. All of such outstanding shares of capital stock are, or upon issuance will be, duly authorized, validly issued, fully paid and non‐assessable. . 
  
 d. Issuance of Shares. The Conversion Shares are duly authorized and reserved for issuance and, upon conversion of the Note and the Warrant in accordance with their respective terms, will be validly issued, fully paid and non‐assessable, and free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Company and will not impose personal liability upon the holder thereof. 
  
 	 
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 e. No Conflicts. The execution, delivery and performance of this Agreement, the Note, the Warrant by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation for issuance of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the Certificate of Incorporation or By‐laws, or (ii) violate or conflict with, or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and regulations of any selfregulatory organizations to which the Company or its securities are subject) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected (except for such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect). The businesses of the Company and its Subsidiaries, if any, are not being conducted, and shall not be conducted so long as the Buyer owns any of the Securities, in violation of any law, ordinance or regulation of any governmental entity. “Material Adverse Effect” means any material adverse effect on the business, operations, assets, financial condition or prospects of the Company or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the agreements or instruments to be entered into in connection herewith. 
  
 f. SEC Documents; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being hereinafter referred to herein as the “SEC Documents”). Upon written request the Company will deliver to the Buyer true and complete copies of the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates or if amended, as of the dates of the amendments, the SEC Documents complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. None of the statements made in any such SEC Documents is, or has been, required to be amended or updated under applicable law (except for such statements as have been amended or updated in subsequent filings prior the date hereof). As of their respective dates or if amended, as of the dates of the amendments, the financial statements of the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance with United States generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year‐end audit adjustments). The Company is subject to the reporting requirements of the 1934 Act. 
  
 	 
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 g. Absence of Certain Changes. Since March 31, 2021, except as set forth in the SEC Documents, there has been no material adverse change and no material adverse development in the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act reporting status of the Company or any of its Subsidiaries. 
  
 h. Absence of Litigation. Except as set forth in the SEC Documents, there is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board, government agency, self‐regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries, threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such, that could have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances which might give rise to any of the foregoing. 
  
 i. No Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would require registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes of any shareholder approval provisions applicable to the Company or its securities. 
  
 j. No Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions, transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby. 
  
 k. No Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement will not be an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment Company”). The Company is not controlled by an Investment Company. 
  
 l. Breach of Representations and Warranties by the Company. If the Company breaches any of the representations or warranties set forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an Event of default under Section 3.4 of the Note. 
  
 4. COVENANTS. 
  
 a. Best Efforts. The Company shall use its best efforts to satisfy timely each of the conditions described in Section 7 of this Agreement. 
  
 b. Form D; Blue Sky Laws. The Company agrees to timely make any filings required by federal and state laws as a result of the closing of the transactions contemplated by this Agreement. 
  
 c. Use of Proceeds. The Company shall use the proceeds for general working capital purposes. 
  
 	 
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 d. Corporate Existence. So long as the Buyer beneficially owns any Note and/or the Warrant, the Company shall maintain its corporate existence and shall not sell all or substantially all of the Company’s assets, except with the prior written consent of the Buyer. 
  
 e. Breach of Covenants. If the Company breaches any of the covenants set forth in this Section 4, and in addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an event of default under Section 3.4 of the Note. 
  
 f. Failure to Comply with the 1934 Act. So long as the Buyer beneficially owns the Note and/or the Warrant, the Company shall comply with the reporting requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934 Act. 
  
 g. Trading Activities. Neither the Buyer nor its affiliates has an open short position in the common stock of the Company and the Buyer agrees that it shall not, and that it will cause its affiliates not to, engage in any short sales of or hedging transactions with respect to the common stock of the Company. 
  
 5. Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent to issue certificates, registered in the name of the Buyer or its nominee, for the Conversion Shares in such amounts as specified from time to time by the Buyer to the Company upon conversion of the Note (and the Warrant) in accordance with the terms thereof (the “Irrevocable Transfer Agent Instructions”). In the event that the Company proposes to replace its transfer agent, the Company shall provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to this Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount as such term is defined in the Note) signed by the successor transfer agent to Company and the Company. Prior to registration of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to an exemption from registration, all such certificates shall bear the restrictive legend specified in Section 2(e) of this Agreement. The Company warrants that: (i) no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section 5, will be given by the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books and records of the Company as and to the extent provided in this Agreement, the Warrant and the Note; (ii) it will not direct its transfer agent not to transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated form) any certificate for Conversion Shares to be issued to the Buyer upon conversion of or otherwise pursuant to the Note as and when required by the Note and this Agreement; and (iii) it will not fail to remove (or direct its transfer agent not to remove or impair, delay, and/or hinder its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any Conversion Shares issued to the Buyer upon conversion of or otherwise pursuant to the Note (and the Warrant) as and when required by the Note, the Warrant and/or this Agreement. If the Buyer provides the Company and the Company’s transfer agent, at the cost of the Buyer, with an opinion of counsel in form, substance and scope customary for opinions in comparable transactions, to the effect that a public sale or transfer of such Securities may be made without registration under the 1933 Act, the Company shall permit the transfer, and, in the case of the Conversion Shares, promptly instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such denominations as specified by the Buyer. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer, by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5 may be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section, that the Buyer shall be entitled, in addition to all other available remedies, to an injunction restraining any breach and requiring immediate transfer, without the necessity of showing economic loss and without any bond or other security being required. 
  
 	 
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 6. Conditions to the Company’s Obligation to Sell. The obligation of the Company hereunder to issue and sell the Note to the Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto, provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion: 
  
 a. The Buyer shall have executed this Agreement and delivered the same to the Company. 
  
 b. The Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above. 
  
 c. The representations and warranties of the Buyer shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date), and the Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing Date. 
  
 d. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self‐regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement. 
  
 7. Conditions to The Buyer’s Obligation to Purchase. The obligation of the Buyer hereunder to purchase the Note at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided that these conditions are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion: 
  
 a. The Company shall have executed this Agreement and delivered the same to the Buyer. 
  
 b. The Company shall have delivered to the Buyer the duly executed Note (in such denominations as the Buyer shall request) and the Warrant in accordance with Section 1(b) above. 
  
 c. The Irrevocable Transfer Agent Instructions, in form and substance satisfactory to the Buyer, shall have been delivered to and acknowledged in writing by the Company’s Transfer Agent. 
  
 	 
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 d. The representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date) and the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Buyer shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyer including, but not limited to certificates with respect to the Board of Directors’ resolutions relating to the transactions contemplated hereby. 
  
 e. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self‐regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement. 
  
 f. No event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act reporting obligations. 
  
 g. The Conversion Shares shall have been authorized for quotation on an exchange or electronic quotation system and trading in the Common Stock on such exchange or electronic quotation system shall not have been suspended by the SEC or an exchange or electronic quotation system. 
  
 h. The Buyer shall have received an officer’s certificate described in Section 3(d) above, dated as of the Closing Date. 
  
 8. Governing Law; Miscellaneous. 
  
 a. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state and county of Nassau. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Company and Buyer waive trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement, the Note or any related document or agreement 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. 
  
 	 
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 b. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. 
  
 c. Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the interpretation of, this Agreement. 
  
 d. Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision hereof. 
  
 e. Entire Agreement; Amendments. This Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer. 
  
 f. Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be as set forth in the heading of this Agreement with a copy by fax only to (which copy shall not constitute notice) to Naidich Wurman LLP, 111 Great Neck Road, Suite 214, Great Neck, NY 11021, Attn: Allison Naidich, facsimile: 516‐466‐3555, e‐mail: allison@nwlaw.com. Each party shall provide notice to the other party of any change in address. 
  
 g. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns. Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the other. Notwithstanding the foregoing, the Buyer may assign its rights hereunder to any person that purchases Securities in a private transaction from the Buyer or to any of its “affiliates,” as that term is defined under the 1934 Act, without the consent of the Company. 
  
 	 
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 h. Survival. The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive the closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company agrees to indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage arising as a result of or related to any breach or alleged breach by the Company of any of its representations, warranties and covenants set forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they are incurred. 
  
 i. Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 
  
 j. No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. 
  
 k. Remedies. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions of this Agreement, that the Buyer shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required. 
  
 	 
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 IN WITNESS WHEREOF, the undersigned Buyer and the Company have caused this Agreement to be duly executed as of the date first above written. 
  
 GOOD HEMP, INC. 
  
 By: /s/ William Alessi 
 William Alessi 
 Chief Executive Officer 
  
 GENEVA ROTH REMARK HOLDINGS, INC. 
  
 By: ____________________________________ 
 Curt Kramer 
 President 
  
 AGGREGATE SUBSCRIPTION AMOUNT: 
  
 	 Aggregate Principal Amount of Note:
	  
	$	250,375.00	  

	  
	  
	  
	  
	  

	 Original Issue Discount: 
	  
	$	22,875.00	  

	  
	  
	  
	  
	  

	 Warrants: 
	  
	 52,265 shares 
	  

	  
	  
	  
	  
	  

	 Purchase Price: 
	  
	$	227,500.00	  

  
 	 
	11

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