Document:

Exhibit 10.22

CARLOTZ, INC.

 

Employment Agreement

 

This Employment Agreement
(this “Agreement”), dated as of December 14, 2020, is made by and between CarLotz, Inc., a Delaware
corporation (together with any successor thereto, the “Company”), and Rebecca Polak (“Executive”)
(collectively referred to as the “Parties” or individually referred to as a “Party”).

 

WHEREAS, pursuant
to that certain Offer Letter, dated October 24, 2020 (the “Prior Agreement”), by and between the Company
and Executive, Executive is currently employed as the General Counsel and Chief Commercial Officer of the Company;

 

WHEREAS, the
Company has entered into an Agreement and Plan of Merger, dated October 21, 2020, with Acamar Partners Acquisition Corp. and
Acamar Partners Sub, Inc. (the “Merger Agreement”);

 

WHEREAS, it
is the desire of the Company to continue the employment of Executive and to assure itself of the services of Executive following
the closing of the transactions contemplated by the Merger Agreement (the “Closing”) and thereafter on the terms
herein provided by entering into this Agreement, which will supersede the Prior Agreement; and

 

WHEREAS, it
is the desire of Executive to continue to provide services to the Company following the Closing and thereafter on the terms herein
provided.

 

NOW, THEREFORE,
in consideration of the foregoing, and for other good and valuable consideration, including the respective covenants and agreements
set forth below, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

 

1.            Employment.

 

(a)            General.
Effective on the Closing Date (as defined in the Merger Agreement) as of immediately prior to the Closing (the “Effective
Date”), the Company shall employ Executive and Executive shall remain in the employ of the Company, for the period and
in the positions set forth in this Section 1, and subject to the other terms and conditions herein.

 

(b)            Employment
Term. The term of employment under this Agreement (the “Term”) shall commence on the Effective Date and
end on the third anniversary of the Effective Date, subject to earlier termination as provided in Section 3 below. The Term
shall automatically renew for additional twelve (12) month periods unless no later than ninety (90) days prior to the end of the
applicable Term either Party gives written notice of non-renewal (“Notice of Non-Renewal”) to the other, in
which case Executive’s employment will terminate at the end of the then-applicable Term, subject to earlier termination as
provided in Section 3 below.

 

(c)            Positions.
Executive shall serve as the General Counsel and Chief Commercial Officer of the Company with such responsibilities, duties and
authority normally associated with such position and as may from time to time be reasonably assigned to Executive by the Board,
as defined below, or by the Chief Executive Officer of the Company. Executive shall report to the Chief Executive Officer of the
Company. At the Company’s request, Executive shall serve the Company and/or its subsidiaries and affiliates in such other
capacities in addition to the foregoing as the Company shall designate, provided that such additional capacities are consistent
with Executive’s position. In the event that Executive serves in any one or more of such additional capacities, Executive’s
compensation shall not automatically be increased on account of such additional service.

 

     

     

    

 

(d)            Duties.
Executive shall devote substantially all of Executive’s working time, attention and efforts to the business and affairs of
the Company (which shall include service to its affiliates), except during any paid vacation or other excused absence periods or
during periods of illness. Executive shall not engage in outside business activities (including serving on outside boards or committees)
without the prior written consent of the Chief Executive Officer; provided that Executive shall be permitted to (i) manage
Executive’s personal, financial and legal affairs, which may include certain personal outside business activities, (ii) participate
in trade associations and charitable and community affairs, and (iii) continue to serve on the board of directors or advisory
boards of the companies/organizations set forth on Exhibit A attached hereto, if any, in each case, subject to compliance
with this Agreement and provided that such activities do not materially interfere with Executive’s performance of Executive’s
duties and responsibilities hereunder or violate the terms of that certain Loyalty Agreement entered into by and between Executive
and the Company as of the date hereof, attached as Exhibit B hereto (the “Loyalty Agreement”). Executive
agrees to observe and comply with the rules and policies of the Company as adopted by the Company from time to time, in each
case as amended from time to time, as set forth in writing and as delivered to Executive (each, a “Policy”).

 

2.            Compensation
and Related Matters.

 

(a)            Annual
Base Salary. During the Term, Executive shall receive a base salary at a rate of $400,000.00 per annum, which shall be paid
in accordance with the customary payroll practices of the Company, no less frequently than monthly, and shall be pro-rated for
partial years of employment. Such annual base salary shall be reviewed from time to time by the Company (such annual base salary,
as it may be adjusted from time to time pursuant to this Section 2(a), the “Annual Base Salary”). The Annual
Base Salary may not be decreased during the Term other than in connection with an across-the-board decrease for all executives.

 

(b)            Annual
Bonus. During the Term, beginning with calendar year 2021, Executive will be eligible to participate in an annual incentive
program established by the Board. Executive’s annual incentive compensation under such incentive program (the “Annual
Bonus”) shall be targeted at 75% of Executive’s Annual Base Salary (the “Target Bonus”). To
the extent the targeted performance levels are exceeded, the annual incentive plan will provide a means by which the Annual Bonus
may be higher than the Target Bonus, and to the extent the target performance levels are not achieved, the annual incentive plan
will provide a means by which the Annual Bonus may be lower than the Target Bonus. The Annual Bonus payable under the incentive
program shall be based on the achievement of performance goals to be determined by the Board. Notwithstanding the foregoing, except
as set forth in Section 4(b), no bonus shall be payable with respect to any calendar year unless Executive remains continuously
employed with the Company during the period beginning on the Effective Date and ending on December 31 of such calendar year.
The payment of any Annual Bonus pursuant to the incentive program will be made on or before March 15th of the year
following the year to which such Annual Bonus relates.

 

(c)            Signing
Bonus. Executive has been paid a signing bonus of $120,000 (the “Signing Bonus”). In the event that Executive
resigns for any reason or Executive’s employment is terminated by the Company for Cause on or prior to the 12-month anniversary
of the Effective Date (the “Anniversary Date”), then Executive shall repay a prorated portion of the Signing
Bonus to the Company within 30 days after the date of Executive’s termination of employment, with such portion determined
by multiplying the Signing Bonus by a fraction, the numerator of which is the number of days in the period between the date of
termination of Executive’s employment and the Anniversary Date and the denominator of which is 365. Executive hereby authorizes
the Company to offset against and reduce any amounts otherwise due to Executive for any amounts in respect of Executive’s
obligation to repay the Signing Bonus, except to the extent that any such offset would result in penalties under Section 409A
of the Code.

 

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(d)            Equity-Based
Compensation. The Company shall grant to Executive stock options (“Options”) to purchase shares of the Company’s
common stock, par value $.01 per share (the “Company Common Stock”) and restricted stock units with respect
to Company Common Stock (“Restricted Stock Units”) as set forth in this Section 2(d). The Options shall
have an exercise price per share (the “Option Exercise Price”) equal to the closing price per share of common
stock of Acamar Partners Acquisition Corp. on NASDAQ on the day immediately prior to the Effective Date. The Company shall grant
to Executive a number of Restricted Stock Units equal to: (i) 86,175 plus (ii) (a) 344,700 times the excess, if
any, of (x) the Option Exercise Price over (y) $10.00, divided by (b) the Option Exercise Price. The Company shall
grant to Executive Options to purchase a number of shares of Company Common Stock equal to 344,700 minus the number of Restricted
Stock Units set forth in clause (ii) of the immediately preceding sentence. Such Options and Restricted Stock Units shall
(i) be subject to time-based vesting in equal annual installments over a four (4)-year period based on Executive’s continued
employment with the Company (with vesting commencing as of October 26, 2020), (ii) vest and, if applicable, become exercisable
upon a Change in Control (as defined in the CarLotz, Inc. 2020 Incentive Award Plan (the “Plan”)) in the
event that the successor in connection with the Change in Control does not assume or substitute for any such outstanding Options
or Restricted Stock Units, and (iii) be subject to the terms and conditions set forth in the Plan and the related Award Agreements
(as defined in the Plan), and subject to shareholder approval of the Plan. In addition, Executive shall be granted an additional
86,175 Restricted Stock Units that will vest on the same terms and conditions as are applicable to the earnout-based employee equity
awards described in the Merger Agreement and Executive’s continued employment with the Company through the applicable vesting
date, and will be subject to the terms and conditions set forth in the Plan and the related Award Agreements, and subject to shareholder
approval of the Plan. The Options shall be granted on the Effective Date. The grant of the Restricted Stock Units shall not be
effective until, and the exercisability of the Stock Options shall be contingent on, the filing of a Form S-8 registration
statement by New CarLotz, Inc. with respect to the Plan, no later than sixty-five (65) calendar days after the Effective Date.
In order to satisfy the exercise price or any tax withholding obligations of the Company pertaining to Executive’s Options
or the Restricted Stock Units, Executive will be permitted to instruct a broker, in compliance with applicable laws and regulations,
to sell the necessary amount of Executive’s shares subject to such awards, such that the cash proceeds of such sale can be
used to satisfy such exercise price or tax withholding obligations, and to adopt a Rule 10b5-1 plan, in compliance with applicable
laws, to permit Executive to sell shares of Company Common Stock during blackout periods, when Executive has exposure to material
non-public information and/or Executive otherwise is subject to insider trading restrictions. Additionally, during the Term, Executive
shall have the right to receive stock options, restricted stock, restricted stock units, stock appreciation rights and/or other
equity awards under the Company’s applicable equity plans as the Company may determine on a basis not less favorable than
that provided to the class of employees that includes Executive and taking into account Executive’s position with the Company
and customary award grants of similar publicly-traded companies.

 

(e)            Benefits.
During the Term, Executive shall be eligible to participate in employee benefit plans, programs and arrangements as the Company
may from time to time offer to provide to its executives, consistent with the terms thereof and as such plans, programs and arrangements
may be amended from time to time. Notwithstanding the foregoing, nothing herein is intended, or shall be construed, to require
the Company to institute or continue any, or any particular, plan or benefit. In no event shall Executive be eligible to participate
in any severance plan or program of the Company, except as set forth in Section 4 below.

 

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(f)            Vacation;
Holidays. During the Term, Executive shall be entitled to four (4) weeks of paid vacation per calendar year (pro-rated
for partial years) in accordance with the Policies. Any vacation shall be taken at the reasonable and mutual convenience of the
Company and Executive. Unused vacation will not carry over from calendar year to calendar year. Upon termination of employment,
the Executive will be entitled to payment for accumulated unused vacation for the year of termination. In addition, the Company
will offer to Executive employee time off for standard Company holidays in accordance with the Policies.

 

(g)            Business
Expenses. During the Term, the Company shall reimburse Executive for all reasonable travel and other business expenses incurred
by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement
Policy.

 

(h)            Indemnification.
The Company hereby agrees to indemnify Executive and hold Executive harmless to the fullest extent permitted under the organizational
documents of the Company and applicable law against and in respect of any and all actions, suits, proceedings, claims, demands,
judgments, costs, expenses (including reasonable attorney’s fees), losses, and damages (including advancement of fees and
expenses) resulting from Executive’s performance of Executive’s duties and obligations with the Company hereunder.
The Company shall cover Executive under directors’ and officers’ liability insurance both during and, while potential
liability exists, after the Term in the same amount and to the same extent as the Company covers its other officers and directors.
The foregoing obligations shall survive the termination of Executive’s employment with the Company.

 

3.            Termination.

 

(a)            Circumstances.
Executive’s employment hereunder may be terminated by the Company or Executive, as applicable, without any breach of this
Agreement under the following circumstances:

 

(i)            Death.
Executive’s employment hereunder shall terminate automatically upon Executive’s death.

 

(ii)            Disability.
If Executive has incurred a Disability, as defined below, the Company may terminate Executive’s employment.

 

(iii)            Termination
for Cause. The Company may terminate Executive’s employment for Cause, as defined below.

 

(iv)            Termination
without Cause. The Company may terminate Executive’s employment without Cause, which shall include Executive’s
termination as a result of the Company delivering a Notice of Non-Renewal.

 

(v)            Resignation
from the Company with Good Reason. Executive may resign Executive’s employment with the Company with Good Reason, as
defined below.

 

(vi)            Resignation
from the Company without Good Reason. Executive may resign Executive’s employment with the Company for any reason other
than Good Reason or for no reason, which shall include Executive’s termination as a result of Executive delivering a Notice
of Non-Renewal.

 

(b)            Notice
of Termination. During the Term, any termination of Executive’s employment by the Company or by Executive under this
Section 3 (other than termination pursuant to Sections 3(a)(i)) shall be communicated by a written notice (a “Notice
of Termination”) to the other Party hereto (i) indicating the specific termination provision in this Agreement relied
upon, (ii) except with respect to a termination pursuant to Section 3(a)(iv) or 3(a)(vi), setting forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision
so indicated, and (iii) specifying a Date of Termination (as defined below). The failure by either party to set forth in the
Notice of Termination any fact or circumstance shall not waive any right of the party hereunder or preclude the party from asserting
such fact or circumstance in enforcing the party’s rights hereunder.

 

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(c)            Termination
Date. For purposes of this Agreement, “Date of Termination” shall mean the date of the termination of Executive’s
employment with the Company, which, if Executive’s employment is terminated as a result of Executive’s death, will
be the date of Executive’s death, and otherwise shall be the date specified in a Notice of Termination. Except in the case
of a termination pursuant to Sections 3(a)(i) and (ii) above, the Date of Termination shall be at least fifteen (15)
days following the date of the Notice of Termination or such later date as may be required pursuant to this Agreement. Notwithstanding
the foregoing, (i) the Company may deliver its Notice of Termination to Executive that specifies any Date of Termination that
occurs on or after the date of its Notice of Termination; (ii) in the event that Executive delivers a Notice of Termination
to the Company, the Company may, in its sole discretion, change the Date of Termination to any date that occurs on or following
the date of the Notice of Termination and is prior to the Date of Termination specified in the Notice of Termination; and (iii) if
the Executive’s employment is to terminate at the end of a Term, the Date of Termination shall be the last day of such Term.

 

(d)            Deemed
Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from
all offices and directorships, if any, then held with the Company or any of its subsidiaries.

 

4.            Obligations
upon a Termination of Employment.

 

(a)            Company
Obligations upon Termination. Upon termination of Executive’s employment pursuant to any of the circumstances listed
in Section 3(a) above, Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the
portion of Executive’s Annual Base Salary earned through the Date of Termination, but not yet paid to Executive, which shall
be paid as described in Section 2(a) above; (ii) except in the event of a termination for Cause pursuant to Section 3(a)(iii),
any unpaid Annual Bonus earned by Executive for the year prior to the year in which the Date of Termination occurs, as determined
by the Board in its good faith discretion based upon actual performance achieved, which Annual Bonus, if any, shall be paid to
Executive when bonuses for such year are paid to actively employed senior executives of the Company but in no event later than
March 15 of the year in which the Date of Termination occurs; (iii) any expenses owed to Executive pursuant to Section 2(g) above,
which shall be paid within thirty (30) days after the Date of Termination; (iv) any accumulated unused vacation, which shall
be paid in a lump sum within thirty (30) days after the Date of Termination; and (v) any amount accrued and arising from Executive’s
participation in, or benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable
in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (collectively, the “Company
Arrangements”). Except as otherwise expressly required by law or as specifically provided in a Company Arrangement or
herein, all of Executive’s rights to salary, severance, benefits, bonuses and other compensatory amounts hereunder (if any)
shall cease upon the termination of Executive’s employment hereunder.

 

(b)            Executive’s
Obligations upon Termination.

 

(i)            Cooperation.
Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from
any action or proceeding) which relates to events occurring during Executive’s employment hereunder; provided the
Company shall indemnify and hold harmless Executive with respect to any such cooperation and reimburse Executive for Executive’s
reasonable costs and expenses (including legal counsel selected by Executive and reasonably acceptable to the Company), within
thirty (30) days after the incurrence by Executive of such costs and expenses, and such cooperation shall not unreasonably burden
Executive or unreasonably interfere with any subsequent employment or other activities that Executive may undertake.

 

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(ii)            Return
of Company Property. Executive hereby acknowledges and agrees that all Personal Property (as defined below) and equipment furnished
to, or prepared by, Executive in the course of, or incident to, Executive’s employment, belongs to the Company and shall
be promptly returned to the Company upon termination of Executive’s employment (and will not be kept in Executive’s
possession or delivered to anyone else). For purposes of this Agreement, “Personal Property” includes, without
limitation, all books, manuals, records, reports, notes, contracts, lists, blueprints, and other documents, or materials, or copies
thereof (including computer files), keys, building card keys, company credit cards, telephone calling cards, computer hardware
and software, laptop computers, docking stations, cellular and portable telephone equipment, personal digital assistant (PDA) devices
and all other proprietary information relating to the business of the Company or its subsidiaries or affiliates. Following termination,
Executive shall not retain any written or other tangible material containing any proprietary information of the Company or its
subsidiaries or affiliates.

 

(c)            Severance
Payments upon a Termination without Cause or Resignation with Good Reason.

 

(i)            If,
during the Term and not in a Change in Control Period, Executive’s employment terminates pursuant to Section 3(a)(iv) above
due to the Company’s termination without Cause or pursuant to Section 3(a)(v) above due to Executive’s resignation
with Good Reason, then, subject to Executive’s delivery to the Company of an executed waiver and release of claims in a form
approved by the Company (the “Release”) that becomes effective and irrevocable in accordance with Section 9(n) below,
and Executive’s continued compliance with Section 5 below, Executive shall receive, in addition to the payments and
benefits set forth in Section 4(a) above, the following:

 

(A)            an
amount in cash equal to twelve (12) months of Executive’s then-existing Annual Base Salary, payable, less applicable withholdings
and deductions, in the form of salary continuation in regular installments over the 12-month period following the date of Executive’s
Separation from Service in accordance with the Company’s normal payroll practices, no less frequently than monthly, with
the first of such installments to commence on the first regular payroll date following the date the Release becomes effective and
irrevocable or as otherwise provided in Section 9(n) below; and

 

(B)            during
the period commencing on the Date of Termination and ending on the twelve (12) month anniversary thereof or, if earlier, the date
on which Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in
any case, the “COBRA Period”), subject to Executive’s valid election to continue healthcare coverage under
Section 4980B of the Code and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue
to provide to Executive and Executive’s dependents, at the Company’s sole expense, or (B) reimburse Executive
and Executive’s dependents for coverage under its group health plan (if any), at the same levels and costs in effect on the
Date of Termination (excluding, for purposes of calculating cost, an employee’s ability to pay premiums with pre-tax dollars);
provided, however, that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the
expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury Regulation
Section 1.409A-1(a)(5), (2) the Company is otherwise unable to continue to cover Executive or Executive’s dependents
under its group health plans or (3) the Company cannot provide the benefit without violating applicable law (including, without
limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining Company
subsidy shall thereafter be paid to Executive in substantially equal monthly installments over the COBRA Period (or remaining portion
thereof).

 

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(ii)            If,
during the Term and during a Change in Control Period, Executive’s employment terminates pursuant to Section 3(a)(iv) above
due to the Company’s termination without Cause or pursuant to Section 3(a)(v) above due to Executive’s resignation
with Good Reason, then, subject to Executive’s delivery to the Company of a Release that becomes effective and irrevocable
in accordance with Section 9(n) below, and Executive’s continued compliance with Section 5 below, Executive
shall receive, in addition to the payments and benefits set forth in Section 4(a) above, the following:

 

(A)            an
amount in cash equal to twelve (12) months of Executive’s then-existing Annual Base Salary, less applicable withholdings
and deductions, payable in the form of salary continuation in regular installments over the twelve (12)-month period following
the date of Executive’s Separation from Service in accordance with the Company’s normal payroll practices, no less
frequently than monthly, with the first of such installments to commence on the first regular payroll date following the date the
Release becomes effective and irrevocable or as otherwise provided in Section 9(n) below; provided, however that if the
Change in Control constitutes a change in control event within the meaning of Section 409A of the Code, such amount will be
paid in the form of a single lump sum in accordance with the Company’s normal payroll practices on the first regular payroll
date following the date the Release becomes effective and irrevocable or as otherwise set forth in Section 9(n) below;

 

(B)            a
pro-rated portion (based on the number of days Executive was employed by the Company during the calendar year in which the Date
of Termination occurs) of the Annual Bonus that Executive would have earned had Executive remained employed through the end of
the calendar year in which Executive’s Date of Termination occurs, as determined by the Board in good faith. If and to the
extent earned, such pro-rated Annual Bonus shall be paid out at the same time annual bonuses are paid generally to other executives
of the Company for the relevant year, less applicable withholdings and deductions, but in no event later than March 15th
of the year immediately following that in which the Date of Termination occurs;

 

(C)            the
vesting and, if applicable, exercisability shall be accelerated (and, if applicable, all restrictions and rights of repurchase
on such awards shall lapse) effective as of immediately prior to the Date of Termination with respect to 100% of the shares subject
to Executive’s then outstanding equity awards (including any such awards that vest in whole or in part based on the attainment
of performance-vesting conditions, which shall vest based on actual performance as of the Date of Termination and otherwise be
governed by the terms of the applicable award agreement); and

 

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(D)            during
the COBRA Period, subject to Executive’s valid election to continue healthcare coverage under Section 4980B of the Code
and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to Executive and
Executive’s dependents, at the Company’s sole expense, or (B) reimburse Executive and Executive’s dependents
for coverage under its group health plan (if any), at the same levels and costs in effect on the Date of Termination (excluding,
for purposes of calculating cost, an employee’s ability to pay premiums with pre-tax dollars); provided, however,
that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the continuation
coverage period to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5),
(2) the Company is otherwise unable to continue to cover Executive or Executive’s dependents under its group health
plans or (3) the Company cannot provide the benefit without violating applicable law (including, without limitation, Section 2716
of the Public Health Service Act), then, in any such case, an amount equal to each remaining Company subsidy shall thereafter be
paid to Executive in substantially equal monthly installments over the COBRA Period (or remaining portion thereof).

 

(d)            No
Requirement to Mitigate; Survival. Executive shall not be required to mitigate the amount of any payment provided for under
this Agreement by seeking other employment or in any other manner. Notwithstanding anything to the contrary in this Agreement,
the termination of Executive’s employment shall not impair the rights or obligations of any Party.

 

(e)            No
Other Severance. Executive shall not be entitled to any severance benefits, pay in lieu of notice, or other similar benefits
from the Company in connection with Executive’s termination other than as set forth herein.

 

(f)            Survival.
Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 5 through 9 of this Agreement will survive
the termination of Executive’s employment and the termination of the Term.

 

5.            Restrictive
Covenants and Confidentiality.

 

As a condition to the
effectiveness of this Agreement, Executive will execute and deliver to the Company contemporaneously herewith Exhibit B, the
Loyalty Agreement. Executive agrees to abide by the terms of the Loyalty Agreement, which are hereby incorporated by reference
into this Agreement. Executive acknowledges that the provisions of the Loyalty Agreement will survive the termination of Executive’s
employment and the termination of the Term for the periods set forth in the Loyalty Agreement. Notwithstanding any other provision
of this Agreement, no payment shall be made or benefit provided pursuant to Section 4(c) following the date Executive
first violates any of the restrictive covenants set forth in the Loyalty Agreement, and as of the first date on which Executive
violates any such restrictive covenants, Executive shall pay the Company an amount equal to the sum of all payments theretofore
paid to Executive pursuant to Section 4(c).

 

6.            Assignment
and Successors.

 

The Company may assign
its rights and obligations under this Agreement to any successor to all or substantially all of the business or the assets of the
Company (by merger or otherwise). This Agreement shall be binding upon and inure to the benefit of the Company, Executive and their
respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees,
and legatees, as applicable. None of Executive’s rights or obligations may be assigned or transferred by Executive, other
than Executive’s rights to payments hereunder, which may be transferred only by will or the laws of descent and distribution
or operation of law. Notwithstanding the foregoing, Executive shall be entitled, to the extent permitted under applicable law and
Company Arrangements, to select and change a beneficiary or beneficiaries to receive compensation hereunder following Executive’s
death by giving written notice thereof to the Company.

 

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7.            Certain
Definitions.

 

(a)            Board.
The “Board” shall mean the Board of Directors of the Company or an authorized committee of the Board.

 

(b)            Cause.
 “Cause” shall mean any of the following:

 

(i)            Executive’s
commission of any act or omission that results in, or may reasonably be expected to result in, a conviction of (or plea of no contest
or nolo contendere to) any felony (other than in connection with a traffic violation that does not result in imprisonment)
under any state, federal or foreign law or any crime involving moral turpitude or dishonesty or that would reasonably be expected
to cause material reputational or other material harm or damage to the Company;

 

(ii)            Executive’s
commission of an act of fraud, embezzlement, misappropriation of funds, material malfeasance, breach of fiduciary duty or other
willful and material act of misconduct, in each case, against the Company;

 

(iii)            any
willful, material damage to any material property of the Company by Executive;

 

(iv)            Executive’s
willful, intentional and repeated failure to substantially perform Executive’s material job functions hereunder (other than
any such failure resulting from Executive’s Disability or during periods of illness) or (B) carry out or comply with
a lawful and reasonable directive of the Board or the Chief Executive Officer, in each case, which failure has not been cured (or
cannot be cured) within thirty (30) days after the Company gives written notice to Executive regarding such failure;

 

(v)            Executive’s
breach of any Policy causing material reputational or other material harm or damage to the Company, which breach has not been cured
(or cannot be cured) within thirty (30) days after the Company gives written notice to Executive regarding such breach;

 

(vi)            Executive’s
unlawful use (including being under the influence) of illegal drugs or continued excessive use of alcohol, in each case that materially
impairs Executive’s ability to perform Executive’s duties contemplated hereunder;

 

(vii)            Any
grossly negligent or reckless act by Executive resulting in or causing material reputational or other material harm or damage to
the Company; and

 

(viii)            Executive’s
material breach of this Agreement, the Loyalty Agreement or any other written agreement between Executive and the Company and failure
to cure such breach (if capable of cure) within thirty (30) days after the Company gives written notice to Executive regarding
such breach.

 

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For purposes of this definition, an action
or inaction is only “willful” if it is done or omitted by Executive without a good faith and reasonable belief that
such action or inaction is in the best interests of the Company or any of its affiliates. The failure by the Company to set forth
in the Notice of Termination any fact or circumstance that contributes to a showing of Cause shall not waive any right of the Company
hereunder or preclude the Company from asserting such fact or circumstance in enforcing the Company’s rights hereunder. Notwithstanding
the foregoing, a termination for Cause shall be deemed to occur if following Executive's termination of employment for any reason
the Company determines that circumstances existing prior to such termination would have entitled the Company to terminate Executive's
employment for Cause.

 

(c)            Change
in Control. “Change in Control” shall have the meaning set forth in the version of the Company’s 2020
Incentive Award Plan in effect on the Effective Date.

 

(d)            Change
in Control Period. “Change in Control Period” shall mean the period beginning upon the consummation of a
Change in Control and ending twelve (12) months following the consummation of such Change in Control.

 

(e)            Code.
 “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated
thereunder.

 

(f)            Disability.
 “Disability” shall mean a disability within the meaning of Section 22(e)(3) of the Code, as it may
be amended from time to time. Any determination of the Executive’s Disability made in good faith by the Board shall be conclusive
and binding on the Executive, unless within ten (10) days after written notice to the Executive of such determination, the
Executive elects by written notice to the Company to challenge such determination, in which case determination of Disability shall
be made by arbitration pursuant to Section 9(i) below.

 

(g)            Good
Reason. For the sole purpose of determining Executive’s right to severance payments and benefits as described above,
 “Good Reason” shall mean any one of the following, that occurs without Executive’s written consent:

 

(i)            a
material reduction in Executive’s Annual Base Salary (except pursuant to the last sentence of Section 2(a)) or Target
Bonus;

 

(ii)            a
material diminution in Executive’s duties, authority or responsibilities, other than any change made solely in connection
with the adoption by the Board, following the Effective Date, of customary delegation of authority guidelines setting forth the
roles of Executive and other employees of the Company covering levels of approvals required for the taking of certain actions based
on thresholds that are customary for a company of the size and market capitalization of the Company;

 

(iii)            a
relocation of Executive’s primary place of work to Richmond, Virginia; and

 

(iv)            a
material breach by the Company of this Agreement or any other written agreement with Executive.

 

Notwithstanding the foregoing, no Good
Reason will have occurred unless and until: (A) Executive has provided the Company, within sixty (60) days of becoming aware
of the initial occurrence of the Good Reason event, written-notice stating with specificity the applicable facts and circumstances
underlying such finding of Good Reason; and (B) the Company or the successor company fails to cure such condition within forty-five
(45) days after receiving such written notice (the “Cure Period”) and (C) Executive’s resignation
based on such Good Reason is effective within thirty (30) days after expiration of the Cure Period with the Company or the successor
company having failed to cure same.

 

    10

     

    

 

8.            Parachute
Payments.

 

(a)            Notwithstanding
any other provisions of this Agreement or any Company Arrangement, in the event that any payment or benefit by the Company or otherwise
to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise (all such payments and benefits, including the payments and benefits under Section 4 above, being hereinafter
referred to as the “Total Payments”), would be subject (in whole or in part) to the excise tax imposed by Section 4999
of the Code (the “Excise Tax”), then the Total Payments shall be reduced (in the order provided in Section 8(b) below)
to the minimum extent necessary to avoid the imposition of the Excise Tax on the Total Payments, but only if (i) the net amount
of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income and employment taxes
on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable
to such reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction
(but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments and the amount
of the Excise Tax to which Executive would be subject in respect of such unreduced Total Payments and after taking into account
the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).

 

(b)            The
Total Payments shall be reduced in the following order: (i) reduction on a pro-rata basis of any cash severance payments that
are exempt from Section 409A of the Code (“Section 409A”), (ii) reduction on a pro-rata basis
of any non-cash severance payments or benefits that are exempt from Section 409A, (iii) reduction on a pro-rata basis
of any other payments or benefits that are exempt from Section 409A, and (iv) reduction of any payments or benefits otherwise
payable to Executive on a pro-rata basis or such other manner that complies with Section 409A; provided, in case of
subclauses (ii), (iii) and (iv), that reduction of any payments attributable to the acceleration of vesting of Company equity
awards shall be first applied to Company equity awards that would otherwise vest last in time.

 

(c)            The
Company will select an adviser with experience in performing calculations regarding the applicability of Section 280G of the
Code and the Excise Tax, provided that the adviser’s determination shall be made based upon “substantial authority”
within the meaning of Section 6662 of the Code, (the “Independent Advisors”) to make determinations regarding
the application of this Section 8. The Independent Adviser shall provide its determination, together with detailed supporting
calculations and documentation, to Executive and the Company within fifteen (15) business days following the date on which Executive’s
right to the Total Payments is triggered, if applicable, or such other time as requested by Executive (provided that Executive
reasonably believes that any of the Total Payments may be subject to the Excise Tax) or the Company. The costs of obtaining such
determination and all related fees and expenses (including related fees and expenses incurred in any later audit) shall be borne
by the Company. Any good faith determinations of the Independent Adviser made hereunder shall be final, binding and conclusive
upon the Company and Executive.

 

(d)            In
the event it is later determined that to implement the objective and intent of this Section 8, (i) a greater reduction
in the Total Payments should have been made, the excess amount shall be returned promptly by Executive to the Company or (ii) a
lesser reduction in the Total Payments should have been made, the excess amount shall be paid or provided promptly by the Company
to Executive, except to the extent the Company reasonably determines would result in imposition of an excise tax under Section 409A.

 

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9.            Miscellaneous
Provisions.

 

(a)            Governing
Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise
in accordance with the substantive laws of the Commonwealth of Virginia without reference to the principles of conflicts of law
of the Commonwealth of Virginia or any other jurisdiction that would result in application of the laws of a jurisdiction other
than the Commonwealth of Virginia, and where applicable, the laws of the United States.

 

(b)            Validity.
The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.

 

(c)            Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by email or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or
email address for a party as shall be specified in a notice given in accordance with this Section 9(c)):

 

(i)            If
to the Company:

 

CarLotz, Inc.

611 Bainbridge Street, Suite 100

Richmond, VA 23224

Attn: Board of Directors

Email

 

With a copy to:

Freshfields Bruckhaus Deringer
LLP

601 Lexington Ave,

New York, NY 10022

Attn: Valerie Jacob and Lori Goodman

Valerie.Jacob@freshfields.com

Lori.Goodman@freshfields.com

 

(ii)            If
to Executive, to the last address that the Company has in its personnel records for Executive, or

 

(iii)            At
any other address as any Party shall have specified by notice in writing to the other Party.

 

(d)            Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same Agreement. Signatures delivered by facsimile or PDF shall be deemed effective for all purposes.

 

(e)            Entire
Agreement. The terms of this Agreement, the Loyalty Agreement, any indemnification agreement between the Company and Executive
and any equity award agreement between the Company and Executive are intended by the Parties to be the final expression of their
agreement with respect to the subject matter hereof and supersede all prior understandings and agreements, whether written or oral,
including without limitation any prior employment agreement, offer letter between Executive and the Company (including the Prior
Agreement). The Parties further intend that this Agreement shall constitute the complete and exclusive statement of their terms
and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary
the terms of this Agreement.

 

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(f)            Amendments;
Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by Executive
and a duly authorized representative of Company. By an instrument in writing similarly executed, Executive or a duly authorized
representative of the Company may waive compliance by the other Party with any specifically identified provision of this Agreement
that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not
operate as a waiver of, or estoppel with respect to, any other or subsequent failure. No failure to exercise and no delay in exercising
any right, remedy, or power hereunder preclude any other or further exercise of any other right, remedy, or power provided herein
or by law or in equity.

 

(g)            No
Inconsistent Actions. The Parties hereto shall not voluntarily undertake or fail to undertake any action or course of action
inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the Parties hereto to
act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this Agreement.

 

(h)            Construction.
This Agreement shall be deemed drafted equally by both the Parties. Its language shall be construed as a whole and according to
its fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings
in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs,
subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary.
Also, unless the context clearly indicates to the contrary, (i) the plural includes the singular and the singular includes
the plural; (ii) “and” and “or” are each used both conjunctively and disjunctively; (iii) “any,”
 “all,” “each,” or “every” means “any and all,” and “each and every”;
(iv) “includes” and “including” are each “without limitation”; (v) “herein,”
 “hereof,” “hereunder” and other similar compounds of the word “here” refer to the entire Agreement
and not to any particular paragraph, subparagraph, section or subsection; and (vi) all pronouns and any variations thereof
shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the entities or persons referred
to may require.

 

(i)            Arbitration.
Any controversy, claim or dispute arising out of or relating to this Agreement, shall be settled solely and exclusively by a binding
arbitration process administered by JAMS/Endispute in the State of Virginia. Such arbitration shall be conducted in accordance
with the then-existing JAMS/Endispute Rules of Practice and Procedure. The arbitrator shall: (i) provide adequate discovery
for the resolution of the dispute; and (ii) issue a written arbitration decision, to include the arbitrator’s essential
findings and conclusions and a statement of the award. The arbitrator shall award the prevailing Party attorneys’ fees and
expert fees, if any. The Parties agree to abide by all decisions and awards rendered in such proceedings. Such decisions and awards
rendered by the arbitrator shall be final and conclusive. All such controversies, claims or disputes shall be settled in this manner
in lieu of any action at law or equity; provided, however, that nothing in this subsection shall be construed as
precluding the bringing of an action for injunctive relief or specific performance as provided in this Agreement or the Confidentiality
Agreement. This dispute resolution process and any arbitration hereunder shall be confidential and neither any Party nor the neutral
arbitrator shall disclose the existence, contents or results of such process without the prior written consent of all Parties,
except where necessary or compelled in a court to enforce this arbitration provision or an award from such arbitration or otherwise
in a legal proceeding. If JAMS/Endispute no longer exists or is otherwise unavailable, the Parties agree that the American Arbitration
Association (“AAA”) shall administer the arbitration in accordance with its then-existing rules as modified
by this subsection. In such event, all references herein to JAMS/Endispute shall mean AAA. Executive and the Company understand
that by agreement to arbitrate any claim pursuant to this Section 9(i), they will not have the right to have any claim decided
by a jury or a court, but shall instead have any claim decided through arbitration. Executive and the Company waive any constitutional
or other right to bring claims covered by this Agreement other than in their individual capacities. Except as may be prohibited
by applicable law, the foregoing waiver includes the ability to assert claims as a plaintiff or class member in any purported class
or representative proceeding. Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue
or dispute over intellectual property rights by court action instead of arbitration.

 

    13

     

    

 

(j)            Enforcement.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during
the Term, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain
in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from
this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically as
part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and
be legal, valid and enforceable.

 

(k)            Withholding.
The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding
or other taxes or charges that the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel
if any questions as to the amount or requirement of withholding shall arise.

 

(l)            Whistleblower
Protections and Trade Secrets. Notwithstanding anything to the contrary contained herein, nothing in this Agreement prohibits
Executive from reporting possible violations of federal law or regulation to any United States governmental agency or entity in
accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806
of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including
the right to receive an award for information provided to any such government agencies). Furthermore, in accordance with 18 U.S.C.
 § 1833, notwithstanding anything to the contrary in this Agreement: (i) Executive shall not be in breach of this Agreement,
and shall not be held criminally or civilly liable under any federal or state trade secret law (A) for the disclosure of a
trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose
of reporting or investigating a suspected violation of law, or (B) for the disclosure of a trade secret that is made in a
complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if Executive
files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret
to Executive’s attorney, and may use the trade secret information in the court proceeding, if Executive files any document
containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.

 

(m)            Section 409A.

 

(i)            General.
The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A
and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. Except as
otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration or
deferral would not result in additional tax or interest pursuant to Section 409A. All amounts
payable to the Executive pursuant to Section 4(b) shall, to the maximum extent permitted by Section 409A, be made
in reliance on Section 1.409A-1(b)(9) (Separation Pay Plans) or Section 1.409A-1(b)(4) (Short-Term Deferrals)
of the Department of Treasury regulations.

 

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(ii)            Separation
from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement
that is considered nonqualified deferred compensation under Section 409A and is designated under this Agreement as payable
upon Executive’s termination of employment shall be payable only upon Executive’s “separation from service”
with the Company within the meaning of Section 409A (a “Separation from Service”).

 

(iii)            Specified
Employee. Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the Company at the time of
Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent
delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to
avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive
prior to the earlier of (A) the expiration of the six (6)-month period measured from the date of Executive’s Separation
from Service with the Company or (B) the date of Executive’s death. Upon the first business day following the expiration
of the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum
to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this Agreement shall
be paid as otherwise provided herein.

 

(iv)            Expense
Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements
payable to Executive shall be paid to Executive no later than December 31st of the year following the year in which
the expense was incurred; provided that Executive submits Executive’s reimbursement request promptly following the
date the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement
in any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and Executive’s
right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

 

(v)            Installments.
Executive’s right to receive any installment payments under this Agreement, including without limitation any continuation
salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments
and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under
Section 409A.

 

(n)            Release.
Notwithstanding anything to the contrary in this Agreement, to the extent that any payments due under this Agreement as a result
of Executive’s termination of employment are subject to Executive’s execution and delivery of a Release, (i) the
Company shall deliver the Release to Executive within ten (10) business days following Executive’s Date of Termination,
and the Company’s failure to deliver a Release prior to the expiration of such ten (10) business day period shall constitute
a waiver of any requirement to execute a Release, (ii) if Executive fails to execute the Release on or prior to the Release
Expiration Date (as defined below) or timely revokes Executive’s acceptance of the Release thereafter, Executive shall not
be entitled to any payments or benefits otherwise conditioned on the Release, and (iii) in any case where Executive’s
Date of Termination and the last day of the applicable revocation period fall in two separate taxable years, any payments required
to be made to Executive that are conditioned on the Release and are treated as nonqualified deferred compensation for purposes
of Section 409A shall be made in the later taxable year. For purposes hereof, “Release Expiration Date”
shall mean the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to Executive,
or, in the event that Executive’s termination of employment is “in connection with an exit incentive or other employment
termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five
(45) days following such delivery date. To the extent that any payments of nonqualified deferred compensation (within the meaning
of Section 409A) due under this Agreement as a result of Executive’s termination of employment are delayed pursuant
to this Section 9(n), such amounts shall be paid in a lump sum on the first payroll date following the date that Executive
executes and does not revoke the Release (and the applicable revocation period has expired) or, in the case of any payments subject
to Section 9(n)(iii), on the first payroll period to occur in the subsequent taxable year, if later.

 

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10.            Executive
Acknowledgement.

 

Executive acknowledges
that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any
representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement
freely based on Executive’s own judgment.

 

[Signature Page Follows]

 

    16

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement on the date and year first above written.

 

	 	CARLOTZ, INC.
	 	 
	 	By:	/s/
Michael W. Bor
	 	Name:
    Michael W. Bor
	 	Title:
    President and Chief Executive Officer
	 	 
	 	EXECUTIVE
	 	 
	 	/s/
Rebecca Polak
	 	Rebecca
    Polak

 

     

     

    

 

EXHIBIT A

 

CURRENT SERVICE

 

     

     

    

 

 

EXHIBIT B

 

LOYALTY AGREEMENT

 

CARLOTZ, INC.

 

LOYALTY AGREEMENT

 

THIS AMENDED AND RESTATED
LOYALTY AGREEMENT (this “Agreement”) is made as of December 14, 2020 (the “Effective Date”),
by and between CarLotz, Inc., a Delaware corporation (the “CarLotz”), and Rebecca Polak (“I”
or “me”). This Agreement is referenced as Exhibit B to the employment agreement between the Company
and Executive dated December 14, 2020 (the “Employment Agreement”).

 

NOW, THEREFORE, in
exchange and consideration for (a) my being employed as an employee, officer, director, or independent contractor of (i) CarLotz,
(ii) any affiliate of CarLotz, and/or (iii) any entity with respect to which more than 30% of the outstanding shares
or other equity interests thereof are owned, directly or indirectly, by CarLotz (each of (i), (ii) or (iii) for whom
I am so employed at any time after the date hereof or for any of whose customers I provide services or products within the Restricted
Business (as defined below) on behalf of any of (i), (ii) or (iii) at any time after the date hereof, jointly and severally
and together with any successors and assignees under Section 14(d) below, the “Company”), and all
wages, salary, bonuses, compensation, and benefits associated with my employment as an employee (whether full-time, part-time,
or casual), officer, manager, director, or independent contractor of the Company and (b) for other good and valuable consideration,
the receipt and sufficiency of which I hereby acknowledge, do hereby agree as follows:

 

1.            Not
an Employment Agreement. I agree, understand and acknowledge that this Agreement is not an employment agreement.

 

2.            Confidential
Information.

 

(a)            Company
Information. I agree at all times during the term of my employment and thereafter, to hold in strictest confidence, and not
to use (except for the benefit of the Company to fulfill my obligations to it) or to disclose to any person, firm or corporation
without written authorization of the Board of Directors of the Company (the “Board”), any Confidential Information
of the Company. I agree that “Confidential Information” means any Company proprietary information, technical
data, trade secrets or know-how, including, but not limited to, any non-public research, product or service plans, products, services,
customer lists, investor lists, and customers and investors (including, but not limited to, customers of the Company on whom I
called, to whom I rendered services or provided products or with whom I became acquainted during the term of my employment), pricing,
costs, markets, summaries, investment strategies, marketing strategies and other strategies, software, developments, inventions,
processes, formulas, technology, designs, drawings, engineering, hardware configuration, marketing, financial information or other
business information obtained by me or disclosed to me by the Company or any other person or entity during the term of and in connection
with my employment with the Company either directly or indirectly in writing, orally by drawings, by observation of services, products,
systems or other aspects of the Company’s business or otherwise.

 

(b)            Former
Employer Information. I agree that I will not, during my employment with the Company, improperly use or disclose any proprietary
information or trade secrets of any former or concurrent employer or other person or entity and that I will not bring onto the
premises of the Company any unpublished or published document containing confidential or proprietary information belonging to any
such employer, person or entity unless consented to in writing by such employer, person or entity.

 

     

     

    

 

(c)            Inventions.

 

(i)            Inventions
Contributed, Retained and Licensed. I hereby contribute, transfer and assign to the Company all of my right, title and interest in and to any and all patents, patents pending,
discoveries, copyrights, trademarks, service marks, original works of authorship, developments, inventions, trade secrets, improvements,
enhancements, extensions, innovations, designs, intellectual properties or rights of whatsoever kind or nature, both tangible and
intangible, including without limitation all goodwill associated with the foregoing, whether or not patentable or copyrightable,
which are related to any items, ideas or activities described on Exhibit C (collectively, “Prior Inventions”),
except for those Prior Inventions listed on Exhibit  D hereto, ownership of which I hereby retain (“Retained
Inventions”). I represent that Exhibit D is a complete list of my Retained Inventions that I desire to have
specifically excluded from my obligations under this Section. If no items are listed on Exhibit D, I hereby represent
that there are no such Retained Inventions. If in the course of my employment with the Company, I incorporate into a Company
product, process or service a Retained Invention owned by me or in which I have an interest, the Company is hereby granted and
shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide, unlimited license to make, have made, modify, use and
sell such Retained Invention as part of or in connection with such products, process or service.

 

(ii)            Assignment
of Future Inventions.

 

(a)            I
agree that I will promptly make full written disclosure to the Company, will hold in trust for the sole right and benefit of the
Company, and shall contribute, transfer and assign to the Company, or its designee, all my right, title, and interest in and to
any and all patents, patents pending, copyrights, trademarks, service marks, discoveries, original works of authorship, developments,
inventions, trade secrets, improvements, enhancements, extensions, innovations, designs, intellectual properties or rights of whatsoever
kind or nature, both tangible and intangible, including without limitation all goodwill associated with the foregoing, whether
or not patentable or copyrightable, under copyright or similar laws, including without limitation all goodwill associated with
the foregoing, which I may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or
reduced to practice during the period of time I am in the employ of the Company (collectively referred to as “Inventions”),
but excluding Excluded Inventions (as defined in Section 2(c)(ii)(b) below). I further acknowledge that all original
works of authorship which are made by me (solely or jointly with others) within the scope of and during the period of my employment
with the Company and which are protected by copyright are “works made for hire,” as that term is defined in the United
States Copyright Act. I shall not knowingly incorporate any invention, original work of authorship, development, improvement, or
trade secret owned, in whole or in part, by any third party, into any Invention without the Company’s prior written permission.

 

    2

     

    

 

(b)            Inventions
covered by Section 2(c)(ii)(a) above do not include any invention that I develop entirely on my own time and to which
all of the following apply: (x) its development did not involve the use of any equipment, supplies, facilities or trade secret
or proprietary information of the Company; (y) it is not related to or useful to a Restricted Business; and (z) it does
not result from any work performed by me for the Company. In addition, the Inventions covered by Section 2(c)(ii)(a) above
do not include any Retained Inventions. The inventions described in this Section 2(c)(ii)(b) are collectively referred
to as “Excluded Inventions.”

  

(iii)            Maintenance
of Records. I agree to keep and maintain adequate and current written records of all Inventions made by me (solely or jointly
with others) during the term of and in connection with my employment with the Company. The records will be in the form of notes,
sketches, drawings, and any other format that may be specified by the Company. The records will be available to and remain the
sole property of the Company at all times.

 

(iv)            Registrations.
I agree to assist the Company, or its designee, at the Company’s expense, in every proper way to secure the Company’s
rights in the Inventions and any copyrights, patents, trademarks, service marks, or other intellectual property rights relating
thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with respect thereto,
the execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary
in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns, and nominees
the sole and exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, trademarks, service marks
or other intellectual property rights relating thereto. I further agree that my obligation to execute or cause to be executed,
when it is in my power to do so, any such instrument or papers shall continue after the termination of this Agreement. If the Company
is unable because of my mental or physical incapacity or for any other reason to secure my signature to apply for or to pursue
any application for any United States or foreign patents, copyright, trademarks, service marks, or other intellectual property
registrations covering Inventions or original works of authorship assigned to the Company as above, then I hereby irrevocably designate
and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, to act for and in my behalf
and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and
issuance of letters patent, copyright, trademark, service mark, or other intellectual property registrations contemplated by this
Section 2(c)(iv) with the same legal force and effect as if executed by me. THIS POWER OF ATTORNEY IS COUPLED WITH AN
INTEREST AND IS IRREVOCABLE.

 

(d)            Third
Party Information. I recognize that the Company has received and in the future will receive from third parties their confidential
or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and
to use it only for certain limited purposes. I agree to hold all such confidential or proprietary information in the strictest
confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out my work for
the Company consistent with the Company’s agreement with such third party.

 

3.            Conflicting
Employment. Without limiting the application of Section 10 below, I agree that, during the term of my employment
with the Company, I will not engage in any other employment, occupation, consulting or other business activity directly related
to the Restricted Business without the advance written approval of the Board of the Company. Nor will I engage in any other activities
that conflict with the business of the Company. Furthermore, I agree to devote such time as may be necessary to fulfill my
obligations to the Company.

 

    3

     

    

 

4.            Returning
Company Property. I agree that, at the time of leaving the employ of the Company, I will deliver to the Company (and will
not keep in my possession, recreate or deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists,
correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions
of any aforementioned items developed by me or others pursuant to or during my employment with the Company or otherwise belonging
to the Company, its successors or assigns (“Company Property”). In the event of the termination of my employment, I
agree to certify in writing that I have returned all Company Property to the Company.

 

5.            Notification
of New Employer. In the event that I leave the employ of the Company, I hereby grant consent to notification by the Company
to my new employer (whether I am employed as an employee, consultant, independent contractor, director, partner, officer, advisor,
executive or manager) about my obligations under this Agreement and delivery by the Company of a copy of this Agreement to any
such new employer. For purposes of this Agreement, so long as I am employed by any entity that is a “Company” as defined
herein, my employment by the Company shall not be deemed to have terminated or expired.

 

6.            Non-Solicitation.
I agree that while I am employed by the Company and for a period of one year immediately following any such termination of my employment
with the Company, (i) intentionally solicit, induce, recruit or encourage any employee of the Company or independent contractor
of the Company who provides services to or on behalf of the Company to leave his, her or its employment or engagement with the
Company, or attempt to solicit, recruit, or take away any such employees or independent contractors (or induce or encourage any
such employee or independent contractor to terminate its employment or engagement with the Company); provided that after termination
or expiration of my employment, this provision shall only apply to those employees or independent contractors of the Company who
(A) are current employees or independent contracts of the Company and (B) were such at any time within 12 months prior
to the date of such termination or expiration, (ii) intentionally interfere in any manner with the contractual or employment
relationship between the Company and any employee, independent contractor, Customer (as defined below) or supplier of the Company
or cause any such employee, independent contractor, Customer or supplier to cease employment with, cease doing business with or
reduce the amount of business it does with the Company; provided that after termination or expiration of my employment, this provision
shall apply only to the employees, independent contractors, Customers or suppliers of the Company who (A) are current employees,
independent contractors, Customers or suppliers of the Company and (B) were such at any time within 12 months prior to such
termination or expiration, (iii) after termination or expiration of my employment, hire or otherwise employ any employee of
the Company or independent contractor of the Company who provides services to or on behalf of the Company or who has provided services
to or on behalf of the Company at any time during the prior three month period, or (iv) whether as a direct solicitor or provider
of such services or products, or in a management or supervisory capacity over others who solicit or provide such services or products,
intentionally solicit or provide services or products that fall within the definition of Restricted Business to any Customer of
the Company; provided that after the expiration or termination of my employment, this provision shall only apply to those customers
of the Company who are current Customers and were Customers at any time within 12 months prior to the termination or expiration
of my employment with the Company. “Customer” shall mean those persons or affiliates to which the Company has
rendered services or provided products within the last three months that fall within the definition of Restricted Business (including,
for the avoidance of doubt, commercial clients of the Company that provide vehicles to the Company in connection with the services
provided by the Company). The terms “Cause” and “Good Reason” shall have the respective meanings
signed to each such term in the Employment Agreement.

 

    4

     

    

 

7.            Covenants
not to Compete. For purposes of this Agreement, the term “Non- Compete Period” shall mean a period from
the date hereof until one (1) year immediately following the termination or expiration of my employment with the Company.
During the Non-Compete Period, I covenant and agree that I will not, directly or indirectly, (i) own or hold, directly
or beneficially, as a shareholder (other than as a shareholder with less than 3% of the outstanding common stock of a publicly
traded corporation), option holder, warrant holder, partner, member or other equity or security owner or holder of any company
or business that derives revenue from the Restricted Business (as defined below) within the Restricted Area (as defined below),
or any company or business controlling, controlled by or under common control with any company or business directly engaged in
such Restricted Business within the Restricted Area (any of the foregoing, a “Restricted Company”) or (ii) engage
or participate as an employee, director, officer, manager, executive, partner, independent contractor, consultant or technical
or business advisor (or any foreign equivalents of the foregoing) in the Restricted Activities within the Restricted Area. Nothing
in this Section 7 shall preclude me from accepting employment with a multi-division company so long as (x) my employment
is not within a division of my new employer that engages in the Restricted Business within the Restricted Area, (y) during
the course of such employment, I do not communicate related to Restricted Activities with any division of my new employer
engaged in the Restricted Business within the Restricted Area and (z) I do not engage in the Restricted Activities within
the Restricted Area.

 

(a)            For
purposes of this Agreement, the terms “Restricted Activities” and “Restricted Business” shall
have the meanings given to them in Exhibit E hereto, and the term “Restricted Area” shall have the
following meaning: (i) City of Richmond, Virginia, (ii) any municipality wherein the Company operates the Restricted
Business if the Company operated such Restricted Business in such location at any time during the 12 months immediately preceding
the termination or expiration of my employment, (iii) any municipality wherein the Company operates the Restricted Business
or plans to operate the Restricted Business if the Company planned to operate the Restricted Business in such location as of the
termination or expiration of my employment, (iv) any municipality wherein an office of the Company is located, in which office
I was physically present while rendering services or providing products in behalf of the Company at any time during the 12 months
immediately preceding the termination or expiration of my employment, (v) the area within 50 miles of the municipal limits
of each of the foregoing and (vi) any other area in the United States of America.

 

(b)            In
the event that I intend to associate (whether as an employee, consultant, independent contractor, officer, manager, advisor, partner,
executive or director) with any Restricted Company during the Non-Compete Period, I must provide information in writing to
the Board relating to the activities proposed to be engaged in by me for such Restricted Company. In the event that the Board consents
in writing to my engagement in such activity, the engaging in such activity by me shall be conclusively deemed not to be a violation
of Section 7 hereof and the Company may not seek its remedies under Section 8 below with respect to my engaging in such
activity.

 

(c)            Notwithstanding
anything in this Agreement to the contrary, nothing in this Agreement shall be construed to prohibit any activity which cannot
reasonably be construed to further in any meaningful way any competition against the Company.

 

    5

     

    

 

8.            Specific
Enforcement; Remedies Cumulative; Attorney Fees. I acknowledge that the Company will be irreparably injured if the provisions
of Sections 2, 4, 6 and 7 hereof are not specifically enforced and I agree that the terms of such provisions (including without
limitation the periods set forth in Sections 6 and 7) are reasonable and appropriate. If I commit or, in the reasonable belief
of the Company, threaten to commit a breach of any of the provisions of Sections 2, 4, 6 and 7 hereof, the Company shall have
the right and remedy, in addition to and not in limitation of any other remedy that may be available at law or in equity, to have
the provisions of Sections 2, 4, 6 and 7 hereof specifically enforced by any court having jurisdiction through immediate injunctive
and other equitable relief, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable
injury to the Company and that money damages will not provide an adequate remedy therefor. Such injunction shall be available without
the posting of any bond or other security. Each party agrees to pay to the other party the other party’s reasonable attorney’s
fees and court costs in obtaining, or defending against, the enforcement of, or determining the validity of, this Agreement or
any provision hereof, whether in an action, suit, motion or matter brought by me or the Company (or any other person or entity),
provided the other party is the prevailing party in such action, suit, motion or matter.

 

9.            Re-Set
of Period for Non-Competition and Non-Solicitation. In the event that a legal or equitable action is commenced with respect
to any of the provisions of Section 6 or Section 7 hereof and I have not strictly observed the provisions in such sections
with respect to which such action has been commenced then the one-year or two-year periods, as applicable, described in such sections
not strictly observed by me shall begin to run anew from the date of any Final Judicial Determination of such legal action. “Final
Judicial Determination” shall mean the expiration of time to file any possible appeal from a final judgment in such legal
action or, if an appeal is taken, the final determination of the final appellate proceeding and that any failure to do so shall
constitute a breach of the provisions hereof.

 

10.          Conflict
of Interest Guidelines. I agree to diligently adhere to the Company’s policies, including any policy pertaining to conflicts
of interest. I agree that if I do not adhere to any of the provisions of such guidelines, I will be in breach of the provisions
hereof.

 

11.          Representations.
I agree to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. I represent
that my performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information
acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into, and I agree I will not
enter into, any oral or written agreement in conflict herewith and my employment by the Company and my services to the Company
will not violate the terms of any oral or written agreement to which I am a party.

 

12.          Company
Opportunity. During the term of my employment, I shall submit to the Board all business, commercial and investment opportunities
or offers presented to me or of which I become aware which relate to the business of the Company at any time during such term (“Company
Opportunities”). Unless approved in advance in writing by the Board, I shall not accept or pursue, directly or indirectly,
any Company Opportunities on my own behalf.

 

13.          Cooperation.
During the term of my employment and thereafter, I shall cooperate with the Company in any internal investigation, any administrative,
regulatory or judicial investigation or proceeding or any dispute with a third party as reasonably requested by the Company (including,
without limitation, my being available to the Company upon reasonable notice for interviews and factual investigations, appearing
at the Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to
the Company all pertinent information and turning over to the Company all relevant documents which are or may come into my possession,
all at times and on schedules that are reasonably consistent with my other permitted activities and commitments). In the event
the Company requires my cooperation in accordance with this Section, the Company shall reimburse me solely for reasonable travel
expenses (including lodging and meals) upon submission of receipts.

 

    6

     

    

 

14.          General
Provisions.

 

(a)            Governing
Law; Interpretation; Venue; Waiver of Jury Trial. This Agreement will be governed by the internal substantive laws, but not
the choice of law rules, of the Commonwealth of Virginia. Nothing in this Agreement shall be construed to prohibit activity could
not be in any way competition with the Company or could not help in any way another company or me to compete with the Company.

 

(i)              THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO THE EXCLUSIVE JURISDICTION OF THE FOLLOWING COURTS IN MATTERS RELATED
TO THIS AGREEMENT OR MY EMPLOYMENT WITH THE COMPANY AND AGREE NOT TO COMMENCE ANY SUIT, ACTION OR PROCEEDING RELATING THERETO EXCEPT
IN ANY OF SUCH COURTS: THE ST ATE COURTS OF THE COMMONWEALTH OF VIRGINIA OR THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT
OF VIRGINIA.

 

(ii)             I
AGREE TO WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THIS AGREEMENT. THIS WAIVER
IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY ME, AND I ACKNOWLEDGE THAT, EXCEPT FOR THE COMPANY’S AGREEMENT
TO LIKEWISE WAIVE ITS RIGHTS TO A TRIAL BY JURY (WHICH THE COMPANY HEREBY MAKES), COMPANY HAS NOT MADE ANY REPRESENTATIONS OF FACTS
TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. I FURTHER ACKNOWLEDGE THAT I HAVE BEEN REPRESENTED
(OR HAVE HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT
LEGAL COUNSEL, SELECTED OF MY OWN FREE WILL, AND THAT I HAVE HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. I FURTHER
ACKNOWLEDGE THAT I HAVE READ AND UNDERSTAND THE MEANING AND RAMIFICATIONS OF THIS WAIVER AND AS EVIDENCE OF THIS FACT SIGN THIS
AGREEMENT BELOW.

 

(b)            Entire
Agreement. This Agreement (including the recitals hereto, which are hereby made a binding part of this Agreement, and the Exhibits
hereto) sets forth the entire agreement and understanding between the Company and me relating to the subject matter herein and
therein and, effective as of the date hereof, merges and supersedes all prior discussions and agreements between the Company and
me relating thereto. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will
be effective unless in writing signed by the party to be charged.

 

(c)            Severability.
If one or more of the provisions in this Agreement are deemed void by law, then the remaining provisions will continue in full
force and effect.

 

    7

     

    

 

(d)            Successors
and Assigns. This Agreement will be binding after my death upon my heirs, executors, administrators and other legal representatives,
but shall otherwise not be assignable by me. This Agreement shall be binding upon and inure to the benefit of the Company and its
successors and assigns. The Company may assign this Agreement to any successor to the Company (whether by merger or otherwise)
and any corporation or other entity to which the Company may, directly or indirectly, be sold or transfer all or substantially
all of its assets and business, in which case the term “Company,” as used herein, shall mean such corporation
or other successor entity.

  

(e)            Reformation.
If the provisions of this Agreement should ever be adjudicated to exceed the time, geographic, service, product or other limitations
permitted by applicable law in any jurisdiction, I agree that such provisions shall be deemed reformed in such jurisdiction
so as to continue to apply to the maximum time, geographic, service, product or other limitations permitted by law in such jurisdiction.

 

(f)            Survival.
Notwithstanding the expiration of my employment with the Company, either as an employee, officer, director, or independent contractor,
my obligations under Sections 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and 14 hereof shall survive and remain in full force and effect
and the Company shall be entitled to equitable relief against me pursuant to the provisions of Section 8.

 

(g)            Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by email or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or
email address for a party as shall be specified in a notice given in accordance with this Section 14(g)):

 

(i)             If
to the Company:

 

CarLotz, Inc.

611 Bainbridge Street, Suite 100

Richmond, VA 23224

Attn: Board of Directors

Email

 

With a copy to:

 

Freshfields Bruckhaus Deringer LLP

601 Lexington Ave,

New York, NY 10022

Attn: Valerie Jacob and Lori Goodman

Valerie.Jacob@freshfields.com

Lori.Goodman@freshfields.com

 

(ii)            If
to Executive, to the last address that the Company has in its personnel records for Executive, or

 

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(iii)            At
any other address as any Party shall have specified by notice in writing to the other Party.

  

(h)            Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same Agreement. Signatures delivered by facsimile or PDF shall be deemed effective for all purposes.

 

15.          Counsel.
This Agreement has been prepared in part by counsel to the Company, after full disclosure of its representation of the Company
and with the consent and direction of all parties. I have reviewed the contents of this Agreement and fully understand its terms.
I acknowledge that I am fully aware of my right to seek independent advice and the risks in not seeking such independent advice,
and that I fully understand the potentially adverse interests of the parties with respect to this Agreement. I further acknowledge
that neither the Company nor its Counsel has made representations or given any advice to me with respect to the consequences of
this Agreement or any matters contemplated by this Agreement and that I have been advised of the importance of seeking independent
counsel with respect to such consequences. By executing this Agreement, I represent that I have, after being advised of the
potential conflicts between me and the Company with respect to the future consequences of this Agreement, either consulted independent
legal counsel or elected, notwithstanding the advisability of seeking such independent legal counsel, not to consult with such
independent legal counsel. I hereby agree at in interpretation or construction of this Agreement, the Agreement shall not be construed
against either party on the basis that such party was the drafter of this Agreement or on any other basis.

 

16.          Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof
and supersedes all prior and contemporaneous agreements and understandings of the parties, and there are no warranties, representations
or other agreements between the parties in connection with the subject matter hereof except as specifically set forth in this Agreement.
No supplement, modification, waiver or termination of this Agreement shall be binding unless executed in writing by both the Company
and Executive. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver or continuing
waiver of any other provision hereof. Notwithstanding this paragraph 16, this Agreement shall be considered an exhibit to the Employment
Agreement and therefore neither the Employment Agreement nor this Agreement shall supersede one another. To the extent a conflict
arises between the Employment Agreement and this Agreement, the terms of this Agreement shall control for all matters relating
to the non-competition, non-solicitation, and confidentiality.

 

[Signature Page Follows]

 

    9

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement on the date and year first above written.

 

	 	CARLOTZ, INC.
	 	 
	 	By:	/s/
    Michael W. Bor
	 	Name: Michael W. Bor
	 	Title: President and Chief
    Executive Officer
	 	 
	 	EXECUTIVE
	 	 
	 	/s/
    Rebecca Polak
	 	 
	 	Rebecca Polak

 

     

     

    

 

EXHIBIT C

 

LIST OF PRIOR INVENTIONS

 

     

     

    

 

EXHIBIT D

 

LIST OF RETAINED INVENTIONS

 

     

     

    

 

EXHIBIT E

 

RESTRICTED ACTIVITIES

 

“Restricted Activities”
shall include providing sales, administrative, management and/or executive services of the type I provide or have provided (or
after the termination or expiration of my employment with the Company, of the type I provided at any time within the 12 months
prior to the date of such termination or expiration) to or on behalf of the Company, to any company with respect to any of the
following businesses: (i) vehicle retailing business, (ii) vehicle auction business, or (iii) vehicle rental, vehicle
finance or vehicle leasing business, in each case within this clause (iii) related to the remarketing of vehicles for the
secondary market (the “Restricted Business”).Exhibit 10.23

CARLOTZ, INC.

 

Employment Agreement

 

This Employment Agreement
(this “Agreement”), dated as of December 14, 2020, is made by and between CarLotz, Inc., a Delaware
corporation (together with any successor thereto, the “Company”), and Thomas Stoltz (“Executive”)
(collectively referred to as the “Parties” or individually referred to as a “Party”).

 

WHEREAS, pursuant
to that certain Offer Letter, dated November 1, 2020 (the “Prior Agreement”), by and between the Company
and Executive, Executive is currently employed as the Chief Financial Officer of the Company;

 

WHEREAS, the
Company has entered into an Agreement and Plan of Merger, dated October 21, 2020, with Acamar Partners Acquisition Corp. and
Acamar Partners Sub, Inc. (the “Merger Agreement”);

 

WHEREAS, it
is the desire of the Company to continue the employment of Executive and to assure itself of the services of Executive following
the closing of the transactions contemplated by the Merger Agreement (the “Closing”) and thereafter on the terms
herein provided by entering into this Agreement, which will supersede the Prior Agreement; and

 

WHEREAS, it
is the desire of Executive to continue to provide services to the Company following the Closing and thereafter on the terms herein
provided.

 

NOW, THEREFORE,
in consideration of the foregoing, and for other good and valuable consideration, including the respective covenants and agreements
set forth below, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

 

1.            Employment.

 

(a)            General.
Effective on the Closing Date (as defined in the Merger Agreement) as of immediately prior to the Closing (the “Effective
Date”), the Company shall employ Executive and Executive shall remain in the employ of the Company, for the period and
in the positions set forth in this Section 1, and subject to the other terms and conditions herein.

 

(b)            Employment
Term. The term of employment under this Agreement (the “Term”) shall commence on the Effective Date and
end on the third anniversary of the Effective Date, subject to earlier termination as provided in Section 3 below. The Term
shall automatically renew for additional twelve (12) month periods unless no later than ninety (90) days prior to the end of the
applicable Term either Party gives written notice of non-renewal (“Notice of Non-Renewal”) to the other, in
which case Executive’s employment will terminate at the end of the then-applicable Term, subject to earlier termination as
provided in Section 3 below.

 

(c)            Positions.
Executive shall serve as the Chief Financial Officer of the Company with such responsibilities, duties and authority normally associated
with such position and as may from time to time be reasonably assigned to Executive by the Board, as defined below, or by the Chief
Executive Officer of the Company. Executive shall report to the Chief Executive Officer of the Company. At the Company’s
request, Executive shall serve the Company and/or its subsidiaries and affiliates in such other capacities in addition to the foregoing
as the Company shall designate, provided that such additional capacities are consistent with Executive’s position. In the
event that Executive serves in any one or more of such additional capacities, Executive’s compensation shall not automatically
be increased on account of such additional service.

 

    

     

    

 

(d)            Duties.
Executive shall devote substantially all of Executive’s working time, attention and efforts to the business and affairs of
the Company (which shall include service to its affiliates), except during any paid vacation or other excused absence periods or
during periods of illness. Executive shall not engage in outside business activities (including serving on outside boards or committees)
without the prior written consent of the Chief Executive Officer; provided that Executive shall be permitted to (i) manage
Executive’s personal, financial and legal affairs, which may include certain personal outside business activities, (ii) participate
in trade associations and charitable and community affairs, and (iii) continue to serve on the board of directors or advisory
boards of the companies/organizations set forth on Exhibit A attached hereto, if any, in each case, subject to compliance
with this Agreement and provided that such activities do not materially interfere with Executive’s performance of Executive’s
duties and responsibilities hereunder or violate the terms of that certain Loyalty Agreement entered into by and between Executive
and the Company as of the date hereof, attached as Exhibit B hereto (the “Loyalty Agreement”). Executive
agrees to observe and comply with the rules and policies of the Company as adopted by the Company from time to time, in each
case as amended from time to time, as set forth in writing and as delivered to Executive (each, a “Policy”).
The principal place of Executive’s employment shall be the Company’s primary office located in Richmond, Virginia.

 

2.            Compensation
and Related Matters.

 

(a)            Annual
Base Salary. During the Term, Executive shall receive a base salary at a rate of $340,000.00 per annum, which shall be paid
in accordance with the customary payroll practices of the Company, no less frequently than monthly, and shall be pro-rated for
partial years of employment. Such annual base salary shall be reviewed from time to time by the Company (such annual base salary,
as it may be adjusted from time to time pursuant to this Section 2(a), the “Annual Base Salary”). The Annual
Base Salary may not be decreased during the Term other than in connection with an across-the-board decrease for all executives.

 

(b)            Annual
Bonus. During the Term, beginning with calendar year 2021, Executive will be eligible to participate in an annual incentive
program established by the Board. Executive’s annual incentive compensation under such incentive program (the “Annual
Bonus”) shall be targeted at 50% of Executive’s Annual Base Salary (the “Target Bonus”). To
the extent the targeted performance levels are exceeded, the annual incentive plan will provide a means by which the Annual Bonus
may be higher than the Target Bonus, and to the extent the target performance levels are not achieved, the annual incentive plan
will provide a means by which the Annual Bonus may be lower than the Target Bonus. The Annual Bonus payable under the incentive
program shall be based on the achievement of performance goals to be determined by the Board. Notwithstanding the foregoing, except
as set forth in Section 4(b), no bonus shall be payable with respect to any calendar year unless Executive remains continuously
employed with the Company during the period beginning on the Effective Date and ending on December 31 of such calendar year.
The payment of any Annual Bonus pursuant to the incentive program will be made on or before March 15th of the year
following the year to which such Annual Bonus relates.

 

(c)            Signing
Bonus. Executive will be paid a signing bonus of $150,000 (the “Signing Bonus”) within thirty (30) days
following the Closing. In the event that Executive resigns Executive’s employment is terminated by the Company for Cause
on or prior to the 12-month anniversary of the Effective Date (the “Anniversary Date”), then Executive shall
repay a prorated portion of the Signing Bonus to the Company within 30 days after the date of Executive’s termination of
employment, with such portion determined by multiplying the Signing Bonus by a fraction, the numerator of which is the number of
days in the period between the date of termination of Executive’s employment and the Anniversary Date and the denominator
of which is 365. Executive hereby authorizes the Company to offset against and reduce any amounts otherwise due to Executive for
any amounts in respect of Executive’s obligation to repay the Signing Bonus, except to the extent that any such offset would
result in penalties under Section 409A of the Code.

 

    2

     

    

 

(d)            Equity-Based
Compensation. The Company shall grant to Executive stock options (“Options”) to purchase shares of the Company’s
common stock, par value $.01 per share (the “Company Common Stock”) and restricted stock units with respect
to Company Common Stock (“Restricted Stock Units”) as set forth in this Section 2(d). The Options shall
have an exercise price per share (the “Option Exercise Price”) equal to the closing price per share of common
stock of Acamar Partners Acquisition Corp. on NASDAQ on the day immediately prior to the Effective Date. The Company shall grant
to Executive a number of Restricted Stock Units equal to: (i) 574,500 times the excess, if any, of (x) the Option Exercise
Price over (y) $10.00, divided by (ii) the Option Exercise Price. The Company shall grant to Executive Options to purchase
a number of shares of Company Common Stock equal to 574,500 minus the number of Restricted Stock Units set forth in the immediately
preceding sentence. Such Options and Restricted Stock Units shall (i) be subject to time-based vesting in equal annual installments
over a four (4)-year period based on Executive’s continued employment with the Company (with vesting commencing as of November 30,
2020), (ii) vest and, if applicable, become exercisable upon a Change in Control (as defined in the CarLotz, Inc. 2020
Incentive Award Plan (the “Plan”)) in the event that the successor in connection with the Change in Control
does not assume or substitute for any such outstanding Options or Restricted Stock Units, and (iii) be subject to the terms
and conditions set forth in the Plan and the related Award Agreements (as defined in the Plan), and subject to shareholder approval
of the Plan. The Options shall be granted on the Effective Date. The grant of the Restricted Stock Units shall not be effective
until, and the exercisability of the Stock Options shall be contingent on the filing of a Form S-8 registration statement
by New CarLotz, Inc. with respect to the Plan, no later than sixty-five (65) calendar days after the Effective Date. In order
to satisfy the exercise price or any tax withholding obligations of the Company pertaining to Executive’s Options or the
Restricted Stock Units, Executive will be permitted to instruct a broker, in compliance with applicable laws and regulations, to
sell the necessary amount of Executive’s shares subject to such awards, such that the cash proceeds of such sale can be used
to satisfy such exercise price or tax withholding obligations, and to adopt a Rule 10b5-1 plan, in compliance with applicable
laws, to permit Executive to sell shares of Company Common Stock during blackout periods, when Executive has exposure to material
non-public information and/or Executive otherwise is subject to insider trading restrictions. Additionally, during the Term, Executive
shall have the right to receive stock options, restricted stock, restricted stock units, stock appreciation rights and/or other
equity awards under the Company’s applicable equity plans as the Company may determine on a basis not less favorable than
that provided to the class of employees that includes Executive and taking into account Executive’s position with the Company
and customary award grants of similar publicly-traded companies.

 

(e)            Benefits.
During the Term, Executive shall be eligible to participate in employee benefit plans, programs and arrangements as the Company
may from time to time offer to provide to its executives, consistent with the terms thereof and as such plans, programs and arrangements
may be amended from time to time. Notwithstanding the foregoing, nothing herein is intended, or shall be construed, to require
the Company to institute or continue any, or any particular, plan or benefit. In no event shall Executive be eligible to participate
in any severance plan or program of the Company, except as set forth in Section 4 below.

 

(f)            Vacation;
Holidays. During the Term, Executive shall be entitled to four (4) weeks of paid vacation per calendar year (pro-rated
for partial years) in accordance with the Policies. Any vacation shall be taken at the reasonable and mutual convenience of the
Company and Executive. Unused vacation will not carry over from calendar year to calendar year. Upon termination of employment,
the Executive will be entitled to payment for accumulated unused vacation for the year of termination. In addition, the Company
will offer to Executive employee time off for standard Company holidays in accordance with the Policies.

 

    3

     

    

 

(g)            Business
Expenses. During the Term, the Company shall reimburse Executive for all reasonable travel and other business expenses incurred
by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement
Policy.

 

(h)            Indemnification.
The Company hereby agrees to indemnify Executive and hold Executive harmless to the fullest extent permitted under the organizational
documents of the Company and applicable law against and in respect of any and all actions, suits, proceedings, claims, demands,
judgments, costs, expenses (including reasonable attorney’s fees), losses, and damages (including advancement of fees and
expenses) resulting from Executive’s performance of Executive’s duties and obligations with the Company hereunder.
The Company shall cover Executive under directors’ and officers’ liability insurance both during and, while potential
liability exists, after the Term in the same amount and to the same extent as the Company covers its other officers and directors.
The foregoing obligations shall survive the termination of Executive’s employment with the Company.

 

3.            Termination.

 

(a)            Circumstances.
Executive’s employment hereunder may be terminated by the Company or Executive, as applicable, without any breach of this
Agreement under the following circumstances:

 

(i)            Death.
Executive’s employment hereunder shall terminate automatically upon Executive’s death.

 

(ii)           Disability.
If Executive has incurred a Disability, as defined below, the Company may terminate Executive’s employment.

 

(iii)          Termination
for Cause. The Company may terminate Executive’s employment for Cause, as defined below.

 

(iv)          Termination
without Cause. The Company may terminate Executive’s employment without Cause, which shall include Executive’s
termination as a result of the Company delivering a Notice of Non-Renewal.

 

(v)           Resignation
from the Company with Good Reason. Executive may resign Executive’s employment with the Company with Good Reason, as
defined below.

 

(vi)          Resignation
from the Company without Good Reason. Executive may resign Executive’s employment with the Company for any reason other
than Good Reason, which shall include Executive’s termination as a result of Executive delivering a Notice of Non-Renewal.

 

(b)            Notice
of Termination. During the Term, any termination of Executive’s employment by the Company or by Executive under this
Section 3 (other than termination pursuant to Sections 3(a)(i)) shall be communicated by a written notice (a “Notice
of Termination”) to the other Party hereto (i) indicating the specific termination provision in this Agreement relied
upon, (ii) except with respect to a termination pursuant to Section 3(a)(iv) or 3(a)(vi), setting forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision
so indicated, and (iii) specifying a Date of Termination (as defined below). The failure by either party to set forth in the
Notice of Termination any fact or circumstance shall not waive any right of the party hereunder or preclude the party from asserting
such fact or circumstance in enforcing the party’s rights hereunder.

 

    4

     

    

 

(c)            Termination
Date. For purposes of this Agreement, “Date of Termination” shall mean the date of the termination of Executive’s
employment with the Company, which, if Executive’s employment is terminated as a result of Executive’s death, will
be the date of Executive’s death, and otherwise shall be the date specified in a Notice of Termination. Except in the case
of a termination pursuant to Sections 3(a)(i) and (ii) above, the Date of Termination shall be at least fifteen (15)
days following the date of the Notice of Termination or such later date as may be required pursuant to this Agreement. Notwithstanding
the foregoing, (i) the Company may deliver its Notice of Termination to Executive that specifies any Date of Termination that
occurs on or after the date of its Notice of Termination; (ii) in the event that Executive delivers a Notice of Termination
to the Company, the Company may, in its sole discretion, change the Date of Termination to any date that occurs on or following
the date of the Notice of Termination and is prior to the Date of Termination specified in the Notice of Termination; and (iii) if
the Executive’s employment is to terminate at the end of a Term, the Date of Termination shall be the last day of such Term.

 

(d)            Deemed
Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from
all offices and directorships, if any, then held with the Company or any of its subsidiaries.

 

4.            Obligations
upon a Termination of Employment.

 

(a)            Company
Obligations upon Termination. Upon termination of Executive’s employment pursuant to any of the circumstances listed
in Section 3(a) above, Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the
portion of Executive’s Annual Base Salary earned through the Date of Termination, but not yet paid to Executive, which shall
be paid as described in Section 2(a) above; (ii) except in the event of a termination for Cause pursuant to Section 3(a)(iii),
any unpaid Annual Bonus earned by Executive for the year prior to the year in which the Date of Termination occurs, as determined
by the Board in its good faith discretion based upon actual performance achieved, which Annual Bonus, if any, shall be paid to
Executive when bonuses for such year are paid to actively employed senior executives of the Company but in no event later than
March 15 of the year in which the Date of Termination occurs; (iii) any expenses owed to Executive pursuant to Section 2(g) above,
which shall be paid within thirty (30) days after the Date of Termination; (iv) any accumulated unused vacation, which shall
be paid in a lump sum within thirty (30) days after the Date of Termination; and (v) any amount accrued and arising from Executive’s
participation in, or benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable
in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (collectively, the “Company
Arrangements”). Except as otherwise expressly required by law or as specifically provided in a Company Arrangement or
herein, all of Executive’s rights to salary, severance, benefits, bonuses and other compensatory amounts hereunder (if any)
shall cease upon the termination of Executive’s employment hereunder.

 

(b)            Executive’s
Obligations upon Termination.

 

(i)            Cooperation.
Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from
any action or proceeding) which relates to events occurring during Executive’s employment hereunder; provided the
Company shall indemnify and hold harmless Executive with respect to any such cooperation and reimburse Executive for Executive’s
reasonable costs and expenses (including legal counsel selected by Executive and reasonably acceptable to the Company), within
thirty (30) days after the incurrence by Executive of such costs and expenses, and such cooperation shall not unreasonably burden
Executive or unreasonably interfere with any subsequent employment or other activities that Executive may undertake.

 

    5

     

    

 

(ii)            Return
of Company Property. Executive hereby acknowledges and agrees that all Personal Property (as defined below) and equipment furnished
to, or prepared by, Executive in the course of, or incident to, Executive’s employment, belongs to the Company and shall
be promptly returned to the Company upon termination of Executive’s employment (and will not be kept in Executive’s
possession or delivered to anyone else). For purposes of this Agreement, “Personal Property” includes, without
limitation, all books, manuals, records, reports, notes, contracts, lists, blueprints, and other documents, or materials, or copies
thereof (including computer files), keys, building card keys, company credit cards, telephone calling cards, computer hardware
and software, laptop computers, docking stations, cellular and portable telephone equipment, personal digital assistant (PDA) devices
and all other proprietary information relating to the business of the Company or its subsidiaries or affiliates. Following termination,
Executive shall not retain any written or other tangible material containing any proprietary information of the Company or its
subsidiaries or affiliates.

 

(c)            Severance
Payments upon a Termination without Cause or Resignation with Good Reason.

 

(i)            If,
during the Term and not in a Change in Control Period, Executive’s employment terminates pursuant to Section 3(a)(iv) above
due to the Company’s termination without Cause or pursuant to Section 3(a)(v) above due to Executive’s resignation
with Good Reason, then, subject to Executive’s delivery to the Company of an executed waiver and release of claims in a form
approved by the Company (the “Release”) that becomes effective and irrevocable in accordance with Section 9(n) below,
and Executive’s continued compliance with Section 5 below, Executive shall receive, in addition to the payments and
benefits set forth in Section 4(a) above, the following:

 

(A)            an
amount in cash equal to twelve (12) months of Executive’s then-existing Annual Base Salary, payable, less applicable withholdings
and deductions, in the form of salary continuation in regular installments over the 12-month period following the date of Executive’s
Separation from Service in accordance with the Company’s normal payroll practices, no less frequently than monthly, with
the first of such installments to commence on the first regular payroll date following the date the Release becomes effective and
irrevocable or as otherwise provided in Section 9(n) below; and

 

(B)            during
the period commencing on the Date of Termination and ending on the twelve (12) month anniversary thereof or, if earlier, the date
on which Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in
any case, the “COBRA Period”), subject to Executive’s valid election to continue healthcare coverage under
Section 4980B of the Code and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue
to provide to Executive and Executive’s dependents, at the Company’s sole expense, or (B) reimburse Executive
and Executive’s dependents for coverage under its group health plan (if any), at the same levels and costs in effect on the
Date of Termination (excluding, for purposes of calculating cost, an employee’s ability to pay premiums with pre-tax dollars);
provided, however, that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the
expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury Regulation
Section 1.409A-1(a)(5), (2) the Company is otherwise unable to continue to cover Executive or Executive’s dependents
under its group health plans or (3) the Company cannot provide the benefit without violating applicable law (including, without
limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining Company
subsidy shall thereafter be paid to Executive in substantially equal monthly installments over the COBRA Period (or remaining portion
thereof).

 

    6

     

    

 

(ii)            If,
during the Term and during a Change in Control Period, Executive’s employment terminates pursuant to Section 3(a)(iv) above
due to the Company’s termination without Cause or pursuant to Section 3(a)(v) above due to Executive’s resignation
with Good Reason, then, subject to Executive’s delivery to the Company of a Release that becomes effective and irrevocable
in accordance with Section 9(n) below, and Executive’s continued compliance with Section 5 below, Executive
shall receive, in addition to the payments and benefits set forth in Section 4(a) above, the following:

 

(A)            an
amount in cash equal to twelve (12) months of Executive’s then-existing Annual Base Salary, less applicable withholdings
and deductions, payable in the form of salary continuation in regular installments over the twelve (12)-month period following
the date of Executive’s Separation from Service in accordance with the Company’s normal payroll practices, no less
frequently than monthly, with the first of such installments to commence on the first regular payroll date following the date the
Release becomes effective and irrevocable or as otherwise provided in Section 9(n) below; provided, however that if the
Change in Control constitutes a change in control event within the meaning of Section 409A of the Code, such amount will be
paid in the form of a single lump sum in accordance with the Company’s normal payroll practices on the first regular payroll
date following the date the Release becomes effective and irrevocable or as otherwise set forth in Section 9(n) below;

 

(B)            a
pro-rated portion (based on the number of days Executive was employed by the Company during the calendar year in which the Date
of Termination occurs) of the Annual Bonus that Executive would have earned had Executive remained employed through the end of
the calendar year in which Executive’s Date of Termination occurs, as determined by the Board in good faith. If and to the
extent earned, such pro-rated Annual Bonus shall be paid out at the same time annual bonuses are paid generally to other executives
of the Company for the relevant year, less applicable withholdings and deductions, but in no event later than March 15th
of the year immediately following that in which the Date of Termination occurs;

 

(C)            the
vesting and, if applicable, exercisability shall be accelerated (and, if applicable, all restrictions and rights of repurchase
on such awards shall lapse) effective as of immediately prior to the Date of Termination with respect to 100% of the shares subject
to Executive’s then outstanding equity awards (including any such awards that vest in whole or in part based on the attainment
of performance-vesting conditions, which shall vest based on actual performance as of the Date of Termination and otherwise be
governed by the terms of the applicable award agreement); and

 

    7

     

    

 

(D)            during
the COBRA Period, subject to Executive’s valid election to continue healthcare coverage under Section 4980B of the Code
and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to Executive and
Executive’s dependents, at the Company’s sole expense, or (B) reimburse Executive and Executive’s dependents
for coverage under its group health plan (if any), at the same levels and costs in effect on the Date of Termination (excluding,
for purposes of calculating cost, an employee’s ability to pay premiums with pre-tax dollars); provided, however,
that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the continuation
coverage period to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5),
(2) the Company is otherwise unable to continue to cover Executive or Executive’s dependents under its group health
plans or (3) the Company cannot provide the benefit without violating applicable law (including, without limitation, Section 2716
of the Public Health Service Act), then, in any such case, an amount equal to each remaining Company subsidy shall thereafter be
paid to Executive in substantially equal monthly installments over the COBRA Period (or remaining portion thereof).

 

(d)            No
Requirement to Mitigate; Survival. Executive shall not be required to mitigate the amount of any payment provided for under
this Agreement by seeking other employment or in any other manner. Notwithstanding anything to the contrary in this Agreement,
the termination of Executive’s employment shall not impair the rights or obligations of any Party.

 

(e)            No
Other Severance. Executive shall not be entitled to any severance benefits, pay in lieu of notice, or other similar benefits
from the Company in connection with Executive’s termination other than as set forth herein.

 

(f)            Survival.
Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 5 through 9 of this Agreement will survive
the termination of Executive’s employment and the termination of the Term.

 

5.            Restrictive
Covenants and Confidentiality.

 

As a condition to the
effectiveness of this Agreement, Executive will execute and deliver to the Company contemporaneously herewith Exhibit B, the
Loyalty Agreement. Executive agrees to abide by the terms of the Loyalty Agreement, which are hereby incorporated by reference
into this Agreement. Executive acknowledges that the provisions of the Loyalty Agreement will survive the termination of Executive’s
employment and the termination of the Term for the periods set forth in the Loyalty Agreement. Notwithstanding any other provision
of this Agreement, no payment shall be made or benefit provided pursuant to Section 4(c) following the date Executive
first violates any of the restrictive covenants set forth in the Loyalty Agreement, and as of the first date on which Executive
violates any such restrictive covenants, Executive shall pay the Company an amount equal to the sum of all payments theretofore
paid to Executive pursuant to Section 4(c).

 

6.            Assignment
and Successors.

 

The Company may assign
its rights and obligations under this Agreement to any successor to all or substantially all of the business or the assets of
the Company (by merger or otherwise). This Agreement shall be binding upon and inure to the benefit of the Company, Executive
and their respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees,
devisees, and legatees, as applicable. None of Executive’s rights or obligations may be assigned or transferred by Executive,
other than Executive’s rights to payments hereunder, which may be transferred only by will or the laws of descent and distribution
or operation of law. Notwithstanding the foregoing, Executive shall be entitled, to the extent permitted under applicable law
and Company Arrangements, to select and change a beneficiary or beneficiaries to receive compensation hereunder following Executive’s
death by giving written notice thereof to the Company.

 

    8

     

    

 

7.            Certain
Definitions.

 

(a)            Board.
The “Board” shall mean the Board of Directors of the Company or an authorized committee of the Board.

 

(b)            Cause.
 “Cause” shall mean any of the following:

 

(i)            Executive’s
commission of any act or omission that results in, or may reasonably be expected to result in, a conviction of (or plea of no contest
or nolo contendere to) any felony (other than in connection with a traffic violation that does not result in imprisonment)
under any state, federal or foreign law or any crime involving moral turpitude or dishonesty or that would reasonably be expected
to cause material reputational or other material harm or damage to the Company;

 

(ii)           Executive’s
commission of an act of fraud, embezzlement, misappropriation of funds, material malfeasance, breach of fiduciary duty or other
willful and material act of misconduct, in each case, against the Company;

 

(iii)          any
willful, material damage to any material property of the Company by Executive;

 

(iv)          Executive’s
willful, intentional and repeated failure to substantially perform Executive’s material job functions hereunder (other than
any such failure resulting from Executive’s Disability or during periods of illness) or (B) carry out or comply with
a lawful and reasonable directive of the Board or the Chief Executive Officer, in each case, which failure has not been cured (or
cannot be cured) within thirty (30) days after the Company gives written notice to Executive regarding such failure;

 

(v)           Executive’s
breach of any Policy causing material reputational or other material harm or damage to the Company, which breach has not been cured
(or cannot be cured) within thirty (30) days after the Company gives written notice to Executive regarding such breach;

 

(vi)          Executive’s
unlawful use (including being under the influence) of illegal drugs or continued excessive use of alcohol, in each case that materially
impairs Executive’s ability to perform Executive’s duties contemplated hereunder;

 

(vii)         Any
grossly negligent or reckless act by Executive resulting in or causing material reputational or other material harm or damage to
the Company; and

 

(viii)        Executive’s
material breach of this Agreement, the Loyalty Agreement or any other written agreement between Executive and the Company and failure
to cure such breach (if capable of cure) within thirty (30) days after the Company gives written notice to Executive regarding
such breach.

 

For purposes of this definition, an action
or inaction is only “willful” if it is done or omitted by Executive without a good faith and reasonable belief that
such action or inaction is in the best interests of the Company or any of its affiliates. The failure by the Company to set forth
in the Notice of Termination any fact or circumstance that contributes to a showing of Cause shall not waive any right of the Company
hereunder or preclude the Company from asserting such fact or circumstance in enforcing the Company’s rights hereunder. Notwithstanding
the foregoing, a termination for Cause shall be deemed to occur if following Executive's termination of employment for any reason
the Company determines that circumstances existing prior to such termination would have entitled the Company to terminate Executive's
employment for Cause.

 

    9

     

    

 

(c)            Change
in Control. “Change in Control” shall have the meaning set forth in the version of the Company’s 2020
Incentive Award Plan in effect on the Effective Date.

 

(d)            Change
in Control Period. “Change in Control Period” shall mean the period beginning upon the consummation of a
Change in Control and ending twelve (12) months following the consummation of such Change in Control.

 

(e)            Code.
 “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated
thereunder.

 

(f)            Disability.
 “Disability” shall mean a disability within the meaning of Section 22(e)(3) of the Code, as it may
be amended from time to time. Any determination of the Executive’s Disability made in good faith by the Board shall be conclusive
and binding on the Executive, unless within ten (10) days after written notice to the Executive of such determination, the
Executive elects by written notice to the Company to challenge such determination, in which case determination of Disability shall
be made by arbitration pursuant to Section 9(i) below.

 

(g)            Good
Reason. For the sole purpose of determining Executive’s right to severance payments and benefits as described above,
 “Good Reason” shall mean any one of the following, that occurs without Executive’s written consent:

 

(i)            a
material reduction in Executive’s Annual Base Salary (except pursuant to the last sentence of Section 2(a)) or Target
Bonus; and

 

(ii)           a
material breach by the Company of this Agreement or any other written agreement with Executive.

 

Notwithstanding the foregoing, no Good
Reason will have occurred unless and until: (A) Executive has provided the Company, within sixty (60) days of becoming aware
of the initial occurrence of the Good Reason event, written-notice stating with specificity the applicable facts and circumstances
underlying such finding of Good Reason; and (B) the Company or the successor company fails to cure such condition within forty-five
(45) days after receiving such written notice (the “Cure Period”) and (C) Executive’s resignation
based on such Good Reason is effective within thirty (30) days after expiration of the Cure Period with the Company or the successor
company having failed to cure same.

 

8.            Parachute
Payments.

 

(a)            Notwithstanding
any other provisions of this Agreement or any Company Arrangement, in the event that any payment or benefit by the Company or otherwise
to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise (all such payments and benefits, including the payments and benefits under Section 4 above, being hereinafter
referred to as the “Total Payments”), would be subject (in whole or in part) to the excise tax imposed by Section 4999
of the Code (the “Excise Tax”), then the Total Payments shall be reduced (in the order provided in Section 8(b) below)
to the minimum extent necessary to avoid the imposition of the Excise Tax on the Total Payments, but only if (i) the net amount
of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income and employment taxes
on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable
to such reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction
(but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments and the amount
of the Excise Tax to which Executive would be subject in respect of such unreduced Total Payments and after taking into account
the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).

 

    10

     

    

 

(b)            The
Total Payments shall be reduced in the following order: (i) reduction on a pro-rata basis of any cash severance payments that
are exempt from Section 409A of the Code (“Section 409A”), (ii) reduction on a pro-rata basis
of any non-cash severance payments or benefits that are exempt from Section 409A, (iii) reduction on a pro-rata basis
of any other payments or benefits that are exempt from Section 409A, and (iv) reduction of any payments or benefits otherwise
payable to Executive on a pro-rata basis or such other manner that complies with Section 409A; provided, in case of
subclauses (ii), (iii) and (iv), that reduction of any payments attributable to the acceleration of vesting of Company equity
awards shall be first applied to Company equity awards that would otherwise vest last in time.

 

(c)            The
Company will select an adviser with experience in performing calculations regarding the applicability of Section 280G of the
Code and the Excise Tax, provided that the adviser’s determination shall be made based upon “substantial authority”
within the meaning of Section 6662 of the Code, (the “Independent Advisors”) to make determinations regarding
the application of this Section 8. The Independent Adviser shall provide its determination, together with detailed supporting
calculations and documentation, to Executive and the Company within fifteen (15) business days following the date on which Executive’s
right to the Total Payments is triggered, if applicable, or such other time as requested by Executive (provided that Executive
reasonably believes that any of the Total Payments may be subject to the Excise Tax) or the Company. The costs of obtaining such
determination and all related fees and expenses (including related fees and expenses incurred in any later audit) shall be borne
by the Company. Any good faith determinations of the Independent Adviser made hereunder shall be final, binding and conclusive
upon the Company and Executive.

 

(d)            In
the event it is later determined that to implement the objective and intent of this Section 8, (i) a greater reduction
in the Total Payments should have been made, the excess amount shall be returned promptly by Executive to the Company or (ii) a
lesser reduction in the Total Payments should have been made, the excess amount shall be paid or provided promptly by the Company
to Executive, except to the extent the Company reasonably determines would result in imposition of an excise tax under Section 409A.

 

9.            Miscellaneous
Provisions.

 

(a)            Governing
Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise
in accordance with the substantive laws of the Commonwealth of Virginia without reference to the principles of conflicts of law
of the Commonwealth of Virginia or any other jurisdiction that would result in application of the laws of a jurisdiction other
than the Commonwealth of Virginia, and where applicable, the laws of the United States.

 

(b)            Validity.
The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.

 

(c)            Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by email or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or
email address for a party as shall be specified in a notice given in accordance with this Section 9(c)):

 

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(i)            If
to the Company:

 

CarLotz, Inc.

611 Bainbridge Street, Suite 100

Richmond, VA 23224

Attn: Board of Directors

Email

 

With a copy to:

Freshfields Bruckhaus Deringer
LLP

601 Lexington Ave,

New York, NY 10022

Attn: Valerie Jacob and Lori Goodman

Valerie.Jacob@freshfields.com

Lori.Goodman@freshfields.com

 

(ii)           If
to Executive, to the last address that the Company has in its personnel records for Executive, or

 

(iii)          At
any other address as any Party shall have specified by notice in writing to the other Party.

 

(d)            Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same Agreement. Signatures delivered by facsimile or PDF shall be deemed effective for all purposes.

 

(e)            Entire
Agreement. The terms of this Agreement, the Loyalty Agreement, any indemnification agreement between the Company and Executive
and any equity award agreement between the Company and Executive are intended by the Parties to be the final expression of their
agreement with respect to the subject matter hereof and supersede all prior understandings and agreements, whether written or oral,
including without limitation any prior employment agreement, offer letter between Executive and the Company (including the Prior
Agreement). The Parties further intend that this Agreement shall constitute the complete and exclusive statement of their terms
and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary
the terms of this Agreement.

 

(f)            Amendments;
Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by Executive
and a duly authorized representative of Company. By an instrument in writing similarly executed, Executive or a duly authorized
representative of the Company may waive compliance by the other Party with any specifically identified provision of this Agreement
that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not
operate as a waiver of, or estoppel with respect to, any other or subsequent failure. No failure to exercise and no delay in exercising
any right, remedy, or power hereunder preclude any other or further exercise of any other right, remedy, or power provided herein
or by law or in equity.

 

(g)            No
Inconsistent Actions. The Parties hereto shall not voluntarily undertake or fail to undertake any action or course of action
inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the Parties hereto to
act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this Agreement.

 

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(h)            Construction.
This Agreement shall be deemed drafted equally by both the Parties. Its language shall be construed as a whole and according to
its fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings
in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs,
subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary.
Also, unless the context clearly indicates to the contrary, (i) the plural includes the singular and the singular includes
the plural; (ii) “and” and “or” are each used both conjunctively and disjunctively; (iii) “any,”
 “all,” “each,” or “every” means “any and all,” and “each and every”;
(iv) “includes” and “including” are each “without limitation”; (v) “herein,”
 “hereof,” “hereunder” and other similar compounds of the word “here” refer to the entire Agreement
and not to any particular paragraph, subparagraph, section or subsection; and (vi) all pronouns and any variations thereof
shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the entities or persons referred
to may require.

 

(i)            Arbitration.
Any controversy, claim or dispute arising out of or relating to this Agreement, shall be settled solely and exclusively by a binding
arbitration process administered by JAMS/Endispute in the State of Virginia. Such arbitration shall be conducted in accordance
with the then-existing JAMS/Endispute Rules of Practice and Procedure. The arbitrator shall: (i) provide adequate discovery
for the resolution of the dispute; and (ii) issue a written arbitration decision, to include the arbitrator’s essential
findings and conclusions and a statement of the award. The arbitrator shall award the prevailing Party attorneys’ fees and
expert fees, if any. The Parties agree to abide by all decisions and awards rendered in such proceedings. Such decisions and awards
rendered by the arbitrator shall be final and conclusive. All such controversies, claims or disputes shall be settled in this manner
in lieu of any action at law or equity; provided, however, that nothing in this subsection shall be construed as
precluding the bringing of an action for injunctive relief or specific performance as provided in this Agreement or the Confidentiality
Agreement. This dispute resolution process and any arbitration hereunder shall be confidential and neither any Party nor the neutral
arbitrator shall disclose the existence, contents or results of such process without the prior written consent of all Parties,
except where necessary or compelled in a court to enforce this arbitration provision or an award from such arbitration or otherwise
in a legal proceeding. If JAMS/Endispute no longer exists or is otherwise unavailable, the Parties agree that the American Arbitration
Association (“AAA”) shall administer the arbitration in accordance with its then-existing rules as modified
by this subsection. In such event, all references herein to JAMS/Endispute shall mean AAA. Executive and the Company understand
that by agreement to arbitrate any claim pursuant to this Section 9(i), they will not have the right to have any claim decided
by a jury or a court, but shall instead have any claim decided through arbitration. Executive and the Company waive any constitutional
or other right to bring claims covered by this Agreement other than in their individual capacities. Except as may be prohibited
by applicable law, the foregoing waiver includes the ability to assert claims as a plaintiff or class member in any purported class
or representative proceeding. Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue
or dispute over intellectual property rights by court action instead of arbitration.

 

(j)            Enforcement.
If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during
the Term, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain
in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from
this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically as
part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and
be legal, valid and enforceable.

 

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(k)            Withholding.
The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding
or other taxes or charges that the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel
if any questions as to the amount or requirement of withholding shall arise.

 

(l)            Whistleblower
Protections and Trade Secrets. Notwithstanding anything to the contrary contained herein, nothing in this Agreement prohibits
Executive from reporting possible violations of federal law or regulation to any United States governmental agency or entity in
accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806
of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including
the right to receive an award for information provided to any such government agencies). Furthermore, in accordance with 18 U.S.C.
 § 1833, notwithstanding anything to the contrary in this Agreement: (i) Executive shall not be in breach of this Agreement,
and shall not be held criminally or civilly liable under any federal or state trade secret law (A) for the disclosure of a
trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose
of reporting or investigating a suspected violation of law, or (B) for the disclosure of a trade secret that is made in a
complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if Executive
files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret
to Executive’s attorney, and may use the trade secret information in the court proceeding, if Executive files any document
containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.

 

(m)            Section 409A.

 

(i)            General.
The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A
and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. Except as
otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration or
deferral would not result in additional tax or interest pursuant to Section 409A. All amounts
payable to the Executive pursuant to Section 4(b) shall, to the maximum extent permitted by Section 409A, be made
in reliance on Section 1.409A-1(b)(9) (Separation Pay Plans) or Section 1.409A-1(b)(4) (Short-Term Deferrals)
of the Department of Treasury regulations.

 

(ii)           Separation
from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement
that is considered nonqualified deferred compensation under Section 409A and is designated under this Agreement as payable
upon Executive’s termination of employment shall be payable only upon Executive’s “separation from service”
with the Company within the meaning of Section 409A (a “Separation from Service”).

 

(iii)          Specified
Employee. Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the Company at the time of
Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent
delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to
avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive
prior to the earlier of (A) the expiration of the six (6)-month period measured from the date of Executive’s Separation
from Service with the Company or (B) the date of Executive’s death. Upon the first business day following the expiration
of the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum
to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this Agreement shall
be paid as otherwise provided herein.

 

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(iv)          Expense
Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements
payable to Executive shall be paid to Executive no later than December 31st of the year following the year in which
the expense was incurred; provided that Executive submits Executive’s reimbursement request promptly following the
date the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement
in any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and Executive’s
right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

 

(v)           Installments.
Executive’s right to receive any installment payments under this Agreement, including without limitation any continuation
salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments
and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under
Section 409A.

 

(n)            Release.
Notwithstanding anything to the contrary in this Agreement, to the extent that any payments due under this Agreement as a result
of Executive’s termination of employment are subject to Executive’s execution and delivery of a Release, (i) the
Company shall deliver the Release to Executive within ten (10) business days following Executive’s Date of Termination,
and the Company’s failure to deliver a Release prior to the expiration of such ten (10) business day period shall constitute
a waiver of any requirement to execute a Release, (ii) if Executive fails to execute the Release on or prior to the Release
Expiration Date (as defined below) or timely revokes Executive’s acceptance of the Release thereafter, Executive shall not
be entitled to any payments or benefits otherwise conditioned on the Release, and (iii) in any case where Executive’s
Date of Termination and the last day of the applicable revocation period fall in two separate taxable years, any payments required
to be made to Executive that are conditioned on the Release and are treated as nonqualified deferred compensation for purposes
of Section 409A shall be made in the later taxable year. For purposes hereof, “Release Expiration Date”
shall mean the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to Executive,
or, in the event that Executive’s termination of employment is “in connection with an exit incentive or other employment
termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five
(45) days following such delivery date. To the extent that any payments of nonqualified deferred compensation (within the meaning
of Section 409A) due under this Agreement as a result of Executive’s termination of employment are delayed pursuant
to this Section 9(n), such amounts shall be paid in a lump sum on the first payroll date following the date that Executive
executes and does not revoke the Release (and the applicable revocation period has expired) or, in the case of any payments subject
to Section 9(n)(iii), on the first payroll period to occur in the subsequent taxable year, if later.

 

10.          Executive
Acknowledgement.

 

Executive acknowledges
that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any
representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement
freely based on Executive’s own judgment.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
the Parties have executed this Agreement on the date and year first above written.

 

	 	 	CARLOTZ, INC.
	 	 	 
	 	 	 
	 	 	By:	/s/ Michael W. Bor
	 	 	Name:  Michael W. Bor
	 	 	Title:  President and Chief Executive Officer
	 	 	 
	 	 	EXECUTIVE
	 	 	 
	 	 	 
	 		/s/ Thomas Stoltz
	 	 	Thomas Stoltz

 

    

     

    

 

EXHIBIT A

 

CURRENT SERVICE

 

 

    

     

    

 

EXHIBIT B

 

LOYALTY AGREEMENT

 

CARLOTZ, INC.

 

LOYALTY AGREEMENT

 

THIS AMENDED AND RESTATED
LOYALTY AGREEMENT (this “Agreement”) is made as of December 14, 2020 (the “Effective Date”),
by and between CarLotz, Inc., a Delaware corporation (the “CarLotz”), and Thomas Stoltz (“I”
or “me”). This Agreement is referenced as Exhibit B to the employment agreement between the Company
and Executive dated December 14, 2020 (the “Employment Agreement”).

 

NOW, THEREFORE, in
exchange and consideration for (a) my being employed as an employee, officer, director, or independent contractor of (i) CarLotz,
(ii) any affiliate of CarLotz, and/or (iii) any entity with respect to which more than 30% of the outstanding shares
or other equity interests thereof are owned, directly or indirectly, by CarLotz (each of (i), (ii) or (iii) for whom
I am so employed at any time after the date hereof or for any of whose customers I provide services or products within the Restricted
Business (as defined below) on behalf of any of (i), (ii) or (iii) at any time after the date hereof, jointly and severally
and together with any successors and assignees under Section 14(d) below, the “Company”), and all
wages, salary, bonuses, compensation, and benefits associated with my employment as an employee (whether full-time, part-time,
or casual), officer, manager, director, or independent contractor of the Company and (b) for other good and valuable consideration,
the receipt and sufficiency of which I hereby acknowledge, do hereby agree as follows:

 

1.           Not
an Employment Agreement. I agree, understand and acknowledge that this Agreement is not an employment agreement.

 

2.           Confidential
Information.

 

(a)           Company
Information. I agree at all times during the term of my employment and thereafter, to hold in strictest confidence, and not
to use (except for the benefit of the Company to fulfill my obligations to it) or to disclose to any person, firm or corporation
without written authorization of the Board of Directors of the Company (the “Board”), any Confidential Information
of the Company. I agree that “Confidential Information” means any Company proprietary information, technical
data, trade secrets or know-how, including, but not limited to, any non-public research, product or service plans, products, services,
customer lists, investor lists, and customers and investors (including, but not limited to, customers of the Company on whom I
called, to whom I rendered services or provided products or with whom I became acquainted during the term of my employment), pricing,
costs, markets, summaries, investment strategies, marketing strategies and other strategies, software, developments, inventions,
processes, formulas, technology, designs, drawings, engineering, hardware configuration, marketing, financial information or other
business information obtained by me or disclosed to me by the Company or any other person or entity during the term of and in connection
with my employment with the Company either directly or indirectly in writing, orally by drawings, by observation of services, products,
systems or other aspects of the Company’s business or otherwise.

 

    

     

    

 

(b)           Former
Employer Information. I agree that I will not, during my employment with the Company, improperly use or disclose any proprietary
information or trade secrets of any former or concurrent employer or other person or entity and that I will not bring onto the
premises of the Company any unpublished or published document containing confidential or proprietary information belonging to any
such employer, person or entity unless consented to in writing by such employer, person or entity.

 

(c)           Inventions.

 

(i)            Inventions
Contributed, Retained and Licensed. I hereby

contribute, transfer and assign to the Company all of my right, title and interest in and to any and all patents, patents pending,
discoveries, copyrights, trademarks, service marks, original works of authorship, developments, inventions, trade secrets, improvements,
enhancements, extensions, innovations, designs, intellectual properties or rights of whatsoever kind or nature, both tangible and
intangible, including without limitation all goodwill associated with the foregoing, whether or not patentable or copyrightable,
which are related to any items, ideas or activities described on Exhibit C (collectively, “Prior Inventions”),
except for those Prior Inventions listed on Exhibit  D hereto, ownership of which I hereby retain (“Retained
Inventions”). I represent that Exhibit D is a complete list of my Retained Inventions that I desire to have
specifically excluded from my obligations under this Section. If no items are listed on Exhibit D, I hereby represent
that there are no such Retained Inventions. If in the course of my employment with the Company, I incorporate into a Company
product, process or service a Retained Invention owned by me or in which I have an interest, the Company is hereby granted and
shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide, unlimited license to make, have made, modify, use and
sell such Retained Invention as part of or in connection with such products, process or service.

 

(ii)            Assignment
of Future Inventions.

 

(a)            I
agree that I will promptly make full written disclosure to the Company, will hold in trust for the sole right and benefit of the
Company, and shall contribute, transfer and assign to the Company, or its designee, all my right, title, and interest in and to
any and all patents, patents pending, copyrights, trademarks, service marks, discoveries, original works of authorship, developments,
inventions, trade secrets, improvements, enhancements, extensions, innovations, designs, intellectual properties or rights of whatsoever
kind or nature, both tangible and intangible, including without limitation all goodwill associated with the foregoing, whether
or not patentable or copyrightable, under copyright or similar laws, including without limitation all goodwill associated with
the foregoing, which I may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or
reduced to practice during the period of time I am in the employ of the Company (collectively referred to as “Inventions”),
but excluding Excluded Inventions (as defined in Section 2(c)(ii)(b) below). I further acknowledge that all original
works of authorship which are made by me (solely or jointly with others) within the scope of and during the period of my employment
with the Company and which are protected by copyright are “works made for hire,” as that term is defined in the United
States Copyright Act. I shall not knowingly incorporate any invention, original work of authorship, development, improvement, or
trade secret owned, in whole or in part, by any third party, into any Invention without the Company’s prior written permission.

 

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(b)            Inventions
covered by Section 2(c)(ii)(a) above do not include any invention that I develop entirely on my own time and to which
all of the following apply: (x) its development did not involve the use of any equipment, supplies, facilities or trade secret
or proprietary information of the Company; (y) it is not related to or useful to a Restricted Business; and (z) it does
not result from any work performed by me for the Company. In addition, the Inventions covered by Section 2(c)(ii)(a) above
do not include any Retained Inventions. The inventions described in this Section 2(c)(ii)(b) are collectively referred
to as “Excluded Inventions.”

 

(iii)            Maintenance
of Records. I agree to keep and maintain adequate and current written records of all Inventions made by me (solely or jointly
with others) during the term of and in connection with my employment with the Company. The records will be in the form of notes,
sketches, drawings, and any other format that may be specified by the Company. The records will be available to and remain the
sole property of the Company at all times.

 

(iv)            Registrations.
I agree to assist the Company, or its designee, at the Company’s expense, in every proper way to secure the Company’s
rights in the Inventions and any copyrights, patents, trademarks, service marks, or other intellectual property rights relating
thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with respect thereto,
the execution of all applications, specifications, oaths, assignments and all other instruments which the Company shall deem necessary
in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns, and nominees
the sole and exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, trademarks, service marks
or other intellectual property rights relating thereto. I further agree that my obligation to execute or cause to be executed,
when it is in my power to do so, any such instrument or papers shall continue after the termination of this Agreement. If the Company
is unable because of my mental or physical incapacity or for any other reason to secure my signature to apply for or to pursue
any application for any United States or foreign patents, copyright, trademarks, service marks, or other intellectual property
registrations covering Inventions or original works of authorship assigned to the Company as above, then I hereby irrevocably designate
and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, to act for and in my behalf
and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and
issuance of letters patent, copyright, trademark, service mark, or other intellectual property registrations contemplated by this
Section 2(c)(iv) with the same legal force and effect as if executed by me. THIS POWER OF ATTORNEY IS COUPLED WITH AN
INTEREST AND IS IRREVOCABLE.

 

(d)           Third
Party Information. I recognize that the Company has received and in the future will receive from third parties their confidential
or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and
to use it only for certain limited purposes. I agree to hold all such confidential or proprietary information in the strictest
confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out my work for
the Company consistent with the Company’s agreement with such third party.

 

3.            Conflicting
Employment. Without limiting the application of Section 10 below, I agree that, during the term of my employment
with the Company, I will not engage in any other employment, occupation, consulting or other business activity directly related
to the Restricted Business without the advance written approval of the Board of the Company. Nor will I engage in any other activities
that conflict with the business of the Company. Furthermore, I agree to devote such time as may be necessary to fulfill my
obligations to the Company.

 

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4.            Returning
Company Property. I agree that, at the time of leaving the employ of the Company, I will deliver to the Company (and will
not keep in my possession, recreate or deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists,
correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions
of any aforementioned items developed by me or others pursuant to or during my employment with the Company or otherwise belonging
to the Company, its successors or assigns (“Company Property”). In the event of the termination of my employment, I
agree to certify in writing that I have returned all Company Property to the Company.

 

5.            Notification
of New Employer. In the event that I leave the employ of the Company, I hereby grant consent to notification by the Company
to my new employer (whether I am employed as an employee, consultant, independent contractor, director, partner, officer, advisor,
executive or manager) about my obligations under this Agreement and delivery by the Company of a copy of this Agreement to any
such new employer. For purposes of this Agreement, so long as I am employed by any entity that is a “Company” as defined
herein, my employment by the Company shall not be deemed to have terminated or expired.

 

6.            Non-Solicitation.
I agree that while I am employed by the Company and (a) in the event I terminate my employment without Good Reason (as defined
below) or the Company terminates my employment for Cause (as defined below) (either event, a “Fault Event”),
for a period of two years immediately following any such termination of my employment with the Company, or (b) in the event
of a termination or expiration of my employment with the Company for any other reason, for a period of one year immediately following
the termination or expiration of my employment with the Company, I shall not directly or indirectly, either on behalf of myself
or any other person or entity, (i) intentionally solicit, induce, recruit or encourage any employee of the Company or independent
contractor of the Company who provides services to or on behalf of the Company to leave his, her or its employment or engagement
with the Company, or attempt to solicit, recruit, or take away any such employees or independent contractors (or induce or encourage
any such employee or independent contractor to terminate its employment or engagement with the Company); provided that after termination
or expiration of my employment, this provision shall only apply to those employees or independent contractors of the Company who
(A) are current employees or independent contracts of the Company and (B) were such at any time within 12 months prior
to the date of such termination or expiration, (ii) intentionally interfere in any manner with the contractual or employment
relationship between the Company and any employee, independent contractor, Customer (as defined below) or supplier of the Company
or cause any such employee, independent contractor, Customer or supplier to cease employment with, cease doing business with or
reduce the amount of business it does with the Company; provided that after termination or expiration of my employment, this provision
shall apply only to the employees, independent contractors, Customers or suppliers of the Company who (A) are current employees,
independent contractors, Customers or suppliers of the Company and (B) were such at any time within 12 months prior to such
termination or expiration, (iii) after termination or expiration of my employment, hire or otherwise employ any employee of
the Company or independent contractor of the Company who provides services to or on behalf of the Company or who has provided services
to or on behalf of the Company at any time during the prior three month period, or (iv) whether as a direct solicitor or provider
of such services or products, or in a management or supervisory capacity over others who solicit or provide such services or products,
intentionally solicit or provide services or products that fall within the definition of Restricted Business to any Customer of
the Company; provided that after the expiration or termination of my employment, this provision shall only apply to those customers
of the Company who are current Customers and were Customers at any time within 12 months prior to the termination or expiration
of my employment with the Company. “Customer” shall mean those persons or affiliates to which the Company has
rendered services or provided products within the last three months that fall within the definition of Restricted Business (including,
for the avoidance of doubt, commercial clients of the Company that provide vehicles to the Company in connection with the services
provided by the Company). The terms “Cause” and “Good Reason” shall have the respective meanings
signed to each such term in the Employment Agreement.

 

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7.            Covenants
not to Compete. For purposes of this Agreement, the term “Non- Compete Period” shall mean a period from
the date hereof until in the case of a Fault Event, two (2) years immediately following the date of termination or
expiration of my employment with the Company, or in the event of a termination or expiration for any other reason, one (1) year
immediately following the termination or expiration of my employment with the Company. During the Non-Compete Period, I covenant
and agree that I will not, directly or indirectly, (i) own or hold, directly or beneficially, as a shareholder (other than
as a shareholder with less than 3% of the outstanding common stock of a publicly traded corporation), option holder, warrant holder,
partner, member or other equity or security owner or holder of any company or business that derives revenue from the Restricted
Business (as defined below) within the Restricted Area (as defined below), or any company or business controlling, controlled by
or under common control with any company or business directly engaged in such Restricted Business within the Restricted Area (any
of the foregoing, a “Restricted Company”) or (ii) engage or participate as an employee, director, officer,
manager, executive, partner, independent contractor, consultant or technical or business advisor (or any foreign equivalents of
the foregoing) in the Restricted Activities within the Restricted Area. Nothing in this Section 7 shall preclude me from accepting
employment with a multi-division company so long as (x) my employment is not within a division of my new employer that engages
in the Restricted Business within the Restricted Area, (y) during the course of such employment, I do not communicate
related to Restricted Activities with any division of my new employer engaged in the Restricted Business within the Restricted
Area and (z) I do not engage in the Restricted Activities within the Restricted Area.

 

(a)            For
purposes of this Agreement, the terms “Restricted Activities” and “Restricted Business” shall
have the meanings given to them in Exhibit E hereto, and the term “Restricted Area” shall have the
following meaning: (i) City of Richmond, Virginia, (ii) any municipality wherein the Company operates the Restricted
Business if the Company operated such Restricted Business in such location at any time during the 12 months immediately preceding
the termination or expiration of my employment, (iii) any municipality wherein the Company operates the Restricted Business
or plans to operate the Restricted Business if the Company planned to operate the Restricted Business in such location as of the
termination or expiration of my employment, (iv) any municipality wherein an office of the Company is located, in which office
I was physically present while rendering services or providing products in behalf of the Company at any time during the 12 months
immediately preceding the termination or expiration of my employment, (v) the area within 50 miles of the municipal limits
of each of the foregoing and (vi) any other area in the United States of America.

 

(b)            In
the event that I intend to associate (whether as an employee, consultant, independent contractor, officer, manager, advisor, partner,
executive or director) with any Restricted Company during the Non-Compete Period, I must provide information in writing to
the Board relating to the activities proposed to be engaged in by me for such Restricted Company. In the event that the Board consents
in writing to my engagement in such activity, the engaging in such activity by me shall be conclusively deemed not to be a violation
of Section 7 hereof and the Company may not seek its remedies under Section 8 below with respect to my engaging in such
activity.

 

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(c)            Notwithstanding
anything in this Agreement to the contrary, nothing in this Agreement shall be construed to prohibit any activity which cannot
reasonably be construed to further in any meaningful way any competition against the Company.

 

8.            Specific
Enforcement; Remedies Cumulative; Attorney Fees. I acknowledge that the Company will be irreparably injured if the provisions
of Sections 2, 4, 6 and 7 hereof are not specifically enforced and I agree that the terms of such provisions (including without
limitation the periods set forth in Sections 6 and 7) are reasonable and appropriate. If I commit or, in the reasonable belief
of the Company, threaten to commit a breach of any of the provisions of Sections 2, 4, 6 and 7 hereof, the Company shall have
the right and remedy, in addition to and not in limitation of any other remedy that may be available at law or in equity, to have
the provisions of Sections 2, 4, 6 and 7 hereof specifically enforced by any court having jurisdiction through immediate injunctive
and other equitable relief, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable
injury to the Company and that money damages will not provide an adequate remedy therefor. Such injunction shall be available without
the posting of any bond or other security. Each party agrees to pay to the other party the other party’s reasonable attorney’s
fees and court costs in obtaining, or defending against, the enforcement of, or determining the validity of, this Agreement or
any provision hereof, whether in an action, suit, motion or matter brought by me or the Company (or any other person or entity),
provided the other party is the prevailing party in such action, suit, motion or matter.

 

9.            Re-Set
of Period for Non-Competition and Non-Solicitation. In the event that a legal or equitable action is commenced with respect
to any of the provisions of Section 6 or Section 7 hereof and I have not strictly observed the provisions in such sections
with respect to which such action has been commenced then the one-year or two-year periods, as applicable, described in such sections
not strictly observed by me shall begin to run anew from the date of any Final Judicial Determination of such legal action. “Final
Judicial Determination” shall mean the expiration of time to file any possible appeal from a final judgment in such legal
action or, if an appeal is taken, the final determination of the final appellate proceeding and that any failure to do so shall
constitute a breach of the provisions hereof.

 

10.          Conflict
of Interest Guidelines. I agree to diligently adhere to the Company’s policies, including any policy pertaining to conflicts
of interest. I agree that if I do not adhere to any of the provisions of such guidelines, I will be in breach of the provisions
hereof.

 

11.          Representations.
I agree to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. I represent
that my performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information
acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into, and I agree I will not
enter into, any oral or written agreement in conflict herewith and my employment by the Company and my services to the Company
will not violate the terms of any oral or written agreement to which I am a party.

 

12.          Company
Opportunity. During the term of my employment, I shall submit to the Board all business, commercial and investment opportunities
or offers presented to me or of which I become aware which relate to the business of the Company at any time during such term (“Company
Opportunities”). Unless approved in advance in writing by the Board, I shall not accept or pursue, directly or indirectly,
any Company Opportunities on my own behalf.

 

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13.          Cooperation.
During the term of my employment and thereafter, I shall cooperate with the Company in any internal investigation, any administrative,
regulatory or judicial investigation or proceeding or any dispute with a third party as reasonably requested by the Company (including,
without limitation, my being available to the Company upon reasonable notice for interviews and factual investigations, appearing
at the Company’s request to give testimony without requiring service of a subpoena or other legal process, volunteering to
the Company all pertinent information and turning over to the Company all relevant documents which are or may come into my possession,
all at times and on schedules that are reasonably consistent with my other permitted activities and commitments). In the event
the Company requires my cooperation in accordance with this Section, the Company shall reimburse me solely for reasonable travel
expenses (including lodging and meals) upon submission of receipts.

 

14.          General
Provisions.

 

(a)           Governing
Law; Interpretation; Venue; Waiver of Jury Trial. This Agreement will be governed by the internal substantive laws, but not
the choice of law rules, of the Commonwealth of Virginia. Nothing in this Agreement shall be construed to prohibit activity could
not be in any way competition with the Company or could not help in any way another company or me to compete with the Company.

 

(i)            THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO THE EXCLUSIVE JURISDICTION OF THE FOLLOWING COURTS IN MATTERS RELATED
TO THIS AGREEMENT OR MY EMPLOYMENT WITH THE COMPANY AND AGREE NOT TO COMMENCE ANY SUIT, ACTION OR PROCEEDING RELATING THERETO EXCEPT
IN ANY OF SUCH COURTS: THE ST ATE COURTS OF THE COMMONWEALTH OF VIRGINIA OR THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT
OF VIRGINIA.

 

(ii)            I
AGREE TO WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THIS AGREEMENT. THIS WAIVER
IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY ME, AND I ACKNOWLEDGE THAT, EXCEPT FOR THE COMPANY’S AGREEMENT
TO LIKEWISE WAIVE ITS RIGHTS TO A TRIAL BY JURY (WHICH THE COMPANY HEREBY MAKES), COMPANY HAS NOT MADE ANY REPRESENTATIONS OF FACTS
TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. I FURTHER ACKNOWLEDGE THAT I HAVE BEEN REPRESENTED
(OR HAVE HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT
LEGAL COUNSEL, SELECTED OF MY OWN FREE WILL, AND THAT I HAVE HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. I FURTHER
ACKNOWLEDGE THAT I HAVE READ AND UNDERSTAND THE MEANING AND RAMIFICATIONS OF THIS WAIVER AND AS EVIDENCE OF THIS FACT SIGN THIS
AGREEMENT BELOW.

 

(b)           Entire
Agreement. This Agreement (including the recitals hereto, which are hereby made a binding part of this Agreement, and the Exhibits
hereto) sets forth the entire agreement and understanding between the Company and me relating to the subject matter herein and
therein and, effective as of the date hereof, merges and supersedes all prior discussions and agreements between the Company and
me relating thereto. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will
be effective unless in writing signed by the party to be charged.

 

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(c)           Severability.
If one or more of the provisions in this Agreement are deemed void by law, then the remaining provisions will continue in full
force and effect.

 

(d)          Successors
and Assigns. This Agreement will be binding after my death upon my heirs, executors, administrators and other legal representatives,
but shall otherwise not be assignable by me. This Agreement shall be binding upon and inure to the benefit of the Company and its
successors and assigns. The Company may assign this Agreement to any successor to the Company (whether by merger or otherwise)
and any corporation or other entity to which the Company may, directly or indirectly, be sold or transfer all or substantially
all of its assets and business, in which case the term “Company,” as used herein, shall mean such corporation
or other successor entity.

 

(e)            Reformation.
If the provisions of this Agreement should ever be adjudicated to exceed the time, geographic, service, product or other limitations
permitted by applicable law in any jurisdiction, I agree that such provisions shall be deemed reformed in such jurisdiction
so as to continue to apply to the maximum time, geographic, service, product or other limitations permitted by law in such jurisdiction.

 

(f)            Survival.
Notwithstanding the expiration of my employment with the Company, either as an employee, officer, director, or independent contractor,
my obligations under Sections 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 and 14 hereof shall survive and remain in full force and effect
and the Company shall be entitled to equitable relief against me pursuant to the provisions of Section 8.

 

(g)           Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by email or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or
email address for a party as shall be specified in a notice given in accordance with this Section 14(g)):

 

(i)           If
to the Company:

 

CarLotz, Inc.

611 Bainbridge Street, Suite 100

Richmond, VA 23224

Attn: Board of Directors

Email

 

With a copy to:

 

Freshfields Bruckhaus Deringer LLP

601 Lexington Ave,

New York, NY 10022

Attn: Valerie Jacob and Lori
Goodman

Valerie.Jacob@freshfields.com

Lori.Goodman@freshfields.com

 

    8

     

    

 

(ii)           If
to Executive, to the last address that the Company has in its personnel records for Executive, or

 

(iii)          At
any other address as any Party shall have specified by notice in writing to the other Party.

 

(h)           Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same Agreement. Signatures delivered by facsimile or PDF shall be deemed effective for all purposes.

 

15.          Counsel.
This Agreement has been prepared in part by counsel to the Company, after full disclosure of its representation of the Company
and with the consent and direction of all parties. I have reviewed the contents of this Agreement and fully understand its terms.
I acknowledge that I am fully aware of my right to seek independent advice and the risks in not seeking such independent advice,
and that I fully understand the potentially adverse interests of the parties with respect to this Agreement. I further acknowledge
that neither the Company nor its Counsel has made representations or given any advice to me with respect to the consequences of
this Agreement or any matters contemplated by this Agreement and that I have been advised of the importance of seeking independent
counsel with respect to such consequences. By executing this Agreement, I represent that I have, after being advised of the
potential conflicts between me and the Company with respect to the future consequences of this Agreement, either consulted independent
legal counsel or elected, notwithstanding the advisability of seeking such independent legal counsel, not to consult with such
independent legal counsel. I hereby agree at in interpretation or construction of this Agreement, the Agreement shall not be construed
against either party on the basis that such party was the drafter of this Agreement or on any other basis.

 

16.          Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof
and supersedes all prior and contemporaneous agreements and understandings of the parties, and there are no warranties, representations
or other agreements between the parties in connection with the subject matter hereof except as specifically set forth in this Agreement.
No supplement, modification, waiver or termination of this Agreement shall be binding unless executed in writing by both the Company
and Executive. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver or continuing
waiver of any other provision hereof. Notwithstanding this paragraph 16, this Agreement shall be considered an exhibit to the Employment
Agreement and therefore neither the Employment Agreement nor this Agreement shall supersede one another. To the extent a conflict
arises between the Employment Agreement and this Agreement, the terms of this Agreement shall control for all matters relating
to the non-competition, non-solicitation, and confidentiality.

 

[Signature Page Follows]

 

    9

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement on the date and year first above written.

 

	 	 	CARLOTZ, INC.
	 	 	 
	 	 	 
	 	 	By:	/s/ Michael W. Bor
	 	 	Name:  Michael W. Bor
	 	 	Title:  President and Chief Executive Officer
	 	 	 
	 	 	EXECUTIVE
	 	 	 
	 	 	 
	 	 	/s/ Thomas Stoltz
	 	 	Thomas Stoltz

 

    

     

    

 

EXHIBIT C

 

LIST OF PRIOR INVENTIONS

 

 

    

     

    

 

EXHIBIT D

 

LIST OF RETAINED INVENTIONS

 

 

    

     

    

 

EXHIBIT E

 

RESTRICTED ACTIVITIES

 

“Restricted Activities”
shall include providing sales, administrative, management and/or executive services of the type I provide or have provided (or
after the termination or expiration of my employment with the Company, of the type I provided at any time within the 12 months
prior to the date of such termination or expiration) to or on behalf of the Company, to any company with respect to any of the
following businesses: (i) vehicle retailing business, (ii) vehicle auction business, or (iii) vehicle rental, vehicle
finance or vehicle leasing business, in each case within this clause (iii) related to the remarketing of vehicles for the
secondary market (the “Restricted Business”).

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