Document:

onvo-ex1034_351.htm

 

Exhibit 10.34

 

SETTLEMENT AND PATENT LICENSE AGREEMENT

This SETTLEMENT AND PATENT LICENSE AGREEMENT (the “Agreement”) is entered into as of the Effective Date between Organovo, Inc., a Delaware corporation (“Organovo” or “Licensor”), and BICO Group AB, a publicly listed stock company duly incorporated under the laws of Sweden (“BICO” or “Licensee”). Organovo and BICO may individually be referred to herein as a “Party” and collectively as the “Parties”.

A.WHEREAS, Organovo and BICO are engaged in a lawsuit filed on June 7, 2021 in the United States District Court for the District of Delaware (the “Court”) regarding U.S. Patent Nos. 9,149,952; 9,855,369; 8,931,880; 9,227,339; 7,051,654; 9,752,116; and 9,315,043 (the “Delaware Asserted Patents”), in Civil Action No. 21-832-MN (the “Delaware Civil Action”). Organovo and BICO further engaged in a lawsuit filed on July 27, 2021 in the United States District Court for the Western District of Texas regarding the alleged infringement of U.S. Patent Nos. 9,149,952; 9,855,369; 9,752,116; 8,852,932; and 9,315,043 (the “Texas Asserted Patents,” collectively with the Delaware Asserted Patents, the “Asserted Patents”) in Civil Action No. 6:21-cv-769-ADA, which was transferred to Delaware and became Civil Action No. 21-1724-MN (the two complaints shall be referred to collectively as the “Civil Action”);

B.WHEREAS, BICO denies that it has infringed any claim of the Asserted Patents and does not admit validity of the Asserted Patents, and Organovo has asserted various defenses and counterclaims, including, without limitation, defenses and counterclaims for infringement and validity, in the Civil Action;

C.WHEREAS, BICO is a petitioner in two inter partes review (“IPR”) proceedings pending before the Patent Trial and Appeal Board (“PTAB”) of the United States Patent and Trademark Office (“USPTO”) under case numbers IPR2021-01543 and IPR2021-01544 (collectively, the “IPR Proceedings”), in which BICO has challenged the patentability of various claims of two of the Asserted Patents;

D.WHEREAS, Organovo denies that any claim of the Asserted Patents is unpatentable and has opposed the bases for unpatentability proffered by BICO; and

E.WHEREAS, Organovo and BICO, in contemplation of the uncertainties associated with both the expense of pursuing, and the outcomes of, the Civil Action and the IPR Proceedings (collectively, the “Litigations”), desire to compromise, resolve, and settle all aspects of their disputes related to the Litigations without expending the further time, expense, and other resources that they anticipate otherwise would be required of each of them to fully pursue their respective claims, defenses, and other positions in the Litigations.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which, is hereby acknowledged, Organovo and BICO agree as follows:

1.DEFINITIONS. As used herein:

1.1“ Affiliate” with respect to a Party, means any Person that, directly or indirectly, or through one or more intermediaries, controls, is controlled by, or is under common control with the Party, including a Person that becomes an Affiliate after the Effective Date, provided that a Person is an Affiliate only during the time period that the foregoing control relationship exists.

 

 

1.2“Claims” means any and all claims, counterclaims, third-party claims, contribution claims, indemnity claims, demands, actions, causes of action, and all other claims of every kind and nature in law or equity, whether arising under state, federal, international or other law, that were asserted in or that arise from the same transactions, circumstances, or occurrences as those claims and/or counterclaims asserted by any Party in any of the Litigations, whether such claims are absolute or contingent, direct or indirect, known or unknown.

1.3“Effective Date” means the earliest date upon which all Parties have signed this Agreement or identical counterparts thereof.

1.4“Bioprinting Technology” means and includes any form or type of bioprinters and related instrumentation, components and parts based on the Licensed Patents, including but not limited to the Bio X, Bio X6, and Bio MDX bioprinters.

1.5“Bioinks” means bioink products sold with or without living cells by BICO, that are intended for use in a method that involve all steps of claim 1 or claim 4 of patent 9,855,369; including the bioink products LAMININK series, HEP-X series, GelMA- based, GelXG series, Coll1-based and ColMA series.

1.6“Licensed Patents” means (i) the patents listed in Exhibit A; (ii) any reissue, reexamination, inter partes review certificate, post-grant review certificate, registration, extension, continuation application (including continuations, divisionals, and continuations- in-part only for claims fully supported by the disclosures of the patents listed in exhibit A) of any of the foregoing patents or patent application; and (iii) any patent or patent application that claims priority to or through any of the foregoing patents or patent application or from which any of the foregoing patents or patent application claim priority and only for claims fully supported by the disclosures of the patents listed in exhibit A, including any and all foreign counterpart patents and applications related to any of the foregoing.

1.7“Licensed Products” means any product or method used, made, distributed, leased, imported, exported, licensed or offered to license, sold or offered for sale, or otherwise transferred by, for, or on behalf of Licensee or any Affiliate of Licensee, and any combination thereof that, after the Effective Date, would directly or indirectly infringe at least one Valid Claim of at least one Licensed Patent in the absence of a license thereto.

1.8“Settlement Payment” means the Upfront Payment and all Royalty Payments.

1.9“Person” means any individual or firm, association, organization, joint venture, trust, partnership, corporation, limited liability company, association, unincorporated organization, or other collective organization or entity.

1.10“Third Party” means a Person other than the Parties to this Agreement and Licensee’s Affiliates.

1.11“Valid Claim” means a claim (including a process, use, or composition of matter claim) of (a) an issued and unexpired Licensed Patent that has not (i) irretrievably lapsed or been revoked, dedicated to the public or disclaimed or (ii) been held invalid, unenforceable or not patentable by a court, governmental agency, national or regional patent office or other appropriate body that has competent jurisdiction, which holding, finding or decision is final and unappealable or unappealed within the time allowed for appeal, or (b) a pending application in the Licensed Patents, which claim was filed and is being prosecuted in good faith and has not been abandoned or finally disallowed without the possibility of appeal or re-filing of the application, provided, however, that if a particular claim has not issued within four (4) 

 

 

years of its filing date, it will not be considered a Valid Claim for purposes of this Agreement unless and until such claim is included in an issued or granted Patent, notwithstanding the foregoing definition.

1.12“Net Sales” means the net sales revenues received by Licensee or its Affiliates from independent Third Parties for the sale of Licensed Products, after deduction (if not already deducted in the amount invoiced) of the following items paid by Licensee or its Affiliates with respect to sales of Licensed Products, provided and to the extent that such items are incurred or allowed and do not exceed reasonable and customary amounts in the market in which such sales occurred: (i) trade, quantity and/or cash discounts, allowances or rebates actually taken and allowed, including promotional or similar discounts or rebates and discounts or rebates to governmental or managed care organizations and wholesalers; (ii) credits or allowances given or made or amounts repaid with respect to Licensed Products by reason of rejection, defects, recalls, returns, rebates, retroactive price reductions or uncollectible amounts; (iii) any Taxes (including any sales, value added, excise or similar tax or customs duties, tariffs and other government charge, but excluding any income tax) levied on the sale, transportation or delivery of Licensed Products and borne by the seller thereof without reimbursement from any Third Party; and (iv) any charges for freight, postage, shipping or transportation, or for insurance, in each case to the extent borne by the seller, in all cases as determined in accordance with generally accepted accounting principles in the United States GAAP.

1.13“Cumulative Net Sales” means the total, cumulative Net Sales from the Effective Date and continuing until the expiration of the last surviving Licensed Patents.

2.LICENSE. Subject to Licensee’s payment of the Settlement Payment in accordance with the terms of this Agreement, Licensor hereby grants Licensee and each Affiliate of Licensee a worldwide, non- exclusive, non-sub-licensable, non-transferable (except as permitted under Section 7.1), perpetual, irrevocable, license under the Licensed Patents to make, have made, use, design, produce, manufacture, lease, support offer to sell, sell and otherwise distribute, import and export Licensed Products in all fields of use under any BICO brand, OEM customer’s private label or in association.

3.LICENSING TERMS.

3.1Amount and Timing of Upfront Payment. In consideration of the license, and release granted by Licensor under this Agreement and full and final settlement of all Claims, Licensee shall pay to Licensor an upfront payment of one million and five hundred thousand United States dollars ($1,500,000.00 USD) (the “Upfront Payment”) in one installment within thirty (30) business days after the Effective Date.

3.2Amount and Timing of Royalty Payment. In further consideration of the license and release granted by Licensor under this Agreement and full and final settlement of all Claims, Licensee shall pay to Licensor ongoing royalties (the “Royalty Payment”) as follows:

			
	
Licensed Products
	
Royalty Rate
	
Cumulative Net Sales (USD) (Worldwide)

	
Bioprinting technology
	
8.0%
	
$0 - $22,000,000

	
6.0%
	
$22,000,001 - $100,000,000

	
5.0%
	
$100,000,001 and above

	
Bioinks
	
1.5%
	
All sales

 

 

 

 

Royalty Payment shall be due in arrears on a quarterly basis within forty five (45) days after the end of each calendar quarter.

3.3Method of Payment. All payments shall be made by wire transfer in United States dollars and in immediately available funds. The wire transfer payment shall be sent to the following bank:

Organovo, Inc.

Wire Routing Transit No. (RTN/ABA): 121000248

Wells Fargo Bank, N.A.

420 Montgomery Street 

San Francisco, CA 94104

Account No: 4123509788

SWIFT BIC: WFBIUS6S (International Transfers)

CHIPS Participants: UID ABA 0407

 

3.4Taxes. All taxes shall be the financial responsibility of the Party obligated to pay such taxes as determined by applicable law, and neither Party is or shall be liable at any time for any of the other Party’s taxes incurred in connection with or related to any amount paid under this Agreement, including without limitation the Settlement Payment.

3.5Reports. Along with each Royalty Payment, Licensee will provide a statement showing Cumulative Net Sales (broken down by product), the Net Sales during the preceding quarter (broken down by product), and a calculation of and Royalty Payment accrued during such quarter. Licensor will treat the statement as confidential information of Licensee, will protect it from unauthorized use, access or disclosure in the same manner as Licensor protects its own confidential or proprietary information of similar nature and with no less than reasonable care, and will disclose it only to the employees or agents of Licensor who have a need to know such information for purpose of this Agreement and who are under a duty of confidentiality no less restrictive than Licensor’s duties hereunder.

3.6Audit Rights. Licensee shall maintain the usual records showing its actions under this Agreement, and sufficient to determine Licensee’s compliance with its obligations under this Agreement. Licensor will have the right to request an audit of the books and records of Licensee directly relating to the royalty payments owed during the last twelve (12) months for the sole purpose of verifying the amounts due and payable under this Agreement, not more than once per calendar year upon providing at least four (4) weeks prior written notice to Licensee. Licensor further reserves the right to request additional inspections of Licensee’s books and records at Licensor’s expense upon providing at least four (4) weeks prior written notice to Licensee.

3.7All such audits will be conducted during reasonable business hours of Licensee, in a manner that does not unreasonably interfere with Licensee’s normal business activities and will be conducted by a certified public accountant or equivalent agreed upon by Licensor (the “Auditor”) and reasonably acceptable to Licensee. Except for the statement of royalty payments due, the Auditor will not disclose any information learned during the audit to Licensor, and all such information shall be considered the Confidential Information of Licensee and Licensee will protect it in accordance with the terms of Section 3.5. In the event the Auditor correctly determines that Licensee has underpaid Licensor, Licensee will pay Licensor the amount of such underpayment within sixty (60) days of the completion of the audit. In the event the Auditor correctly determines Licensee has overpaid Licensor, Licensor will, at Licensee’s option, either (i) credit the amount of such overpayment against future amounts owed by Licensee to Licensor, or (ii) promptly refund to Licensee such overpayment. The audit will be conducted at Licensor’s expense, except if the audit shows that amount of royalty payments due to Licensor is greater than five 

 

 

percent (5%) of the total royalty paid to Licensor for the immediately preceding calendar year then Licensee will pay for the reasonable costs and expenses of such audit.

4.RELEASES AND DISMISSAL.

4.1Licensor Releases to Licensee. Except with respect to the obligations created by or arising out of this Agreement, Licensor does hereby for itself, its Affiliates, and its legal successors, heirs and assigns, irrevocably and unconditionally release and absolutely discharge Licensee, Licensee’s Affiliates, and each of their respective current and former customers, suppliers, manufacturers, distributors, employees, representatives, agents, officers, directors, parents, subsidiaries, past and present, of and from any and all claims, demands, damages, debts, liabilities, accounts, reckonings, obligations, costs, expenses, liens, attorney fees, actions, and causes of action of every kind and nature whatsoever, (a) arising out of or in connection with the Litigations or Licensed Patents prior to the Effective Date, including without limitation all Claims, or (b) based in whole or in part on acts of Licensee or an Affiliate of Licensee prior to the Effective Date of this Agreement that would have been licensed under this Agreement if performed by Licensee or an Affiliate of Licensee after the Effective Date of this Agreement.

4.2Licensee Releases to Licensor. Except with respect to the obligations created by or arising out of this Agreement, Licensee does hereby for itself, its Affiliates, and its legal successors, heirs and assigns, irrevocably and unconditionally release and absolutely discharge Licensor, Licensor’s Affiliates, and each of their respective current and former employees, representatives, agents, officers, directors, parents, subsidiaries, past and present, of and from any and all claims, demands, damages, debts, liabilities, accounts, reckonings, obligations, costs, expenses, liens, attorney fees, actions, and causes of action of every kind and nature whatsoever, arising out of or in connection with the prosecution of the Litigations, including, without limitation, all Claims.

4.3Unknown Claims. Licensor and Licensee expressly acknowledge and agree that this Agreement fully and finally releases and forever resolves the Litigations, including those Claims involving the Licensed Products, that are unknown, unanticipated or unsuspected or that may hereafter arise as a result of the discovery of new and/or additional facts. The Parties acknowledge and understand the significance and potential consequences of its release of unknown claims. The Parties intend that the claims released under this Agreement be construed as broadly as possible and agree to waive and relinquish all rights and benefits each may have under Section 1542 of the Civil Code of the State of California, or any similar statute or law of any other jurisdiction. Section 1542 states as follows:

A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.

4.4Denial of Liability. The Parties acknowledge that (a) they are entering into this Agreement to resolve disputed claims, (b) nothing herein shall be construed to be an admission of liability by either Party, and (c) Licensor on the one hand, and Licensee on the other hand, expressly deny any liability to the other Party. Each Party shall bear its own costs and attorney fees incurred in the Litigations.

4.5Dismissal of the Litigations.

(a)The Civil Action. Within five (5) business days after the Licensee has sent a confirmation receipt of the wire transfer of the Upfront Payment, the Parties shall jointly file a mutually acceptable stipulation of dismissal requesting that the Court dismiss with prejudice all claims and 

 

 

counterclaims between the Parties in the Civil Action, each Party to bear its own costs. The Parties shall cooperate to draft and submit to the Court the aforementioned stipulation of dismissal, as well as appropriate motions, stipulations, and/or proposed orders for extensions of time for all upcoming due dates in the Civil Action, if any, so that neither Party is required to incur unnecessary expenses in the Civil Action between the Effective Date and the date on which the Civil Action is dismissed. The Parties shall promptly proceed with any and all additional procedures needed to effect the above dismissal. If for any reason (except for Licensee’s failure to make the Upfront Payment), Licensor or its counsel refuses to take any such actions needed to effect the above dismissal, Licensee shall have the right to demand that Licensor immediately refund in full the Upfront Payment to Licensee, in addition to any other rights and remedies available to Licensee or its Affiliates (including the right to demand specific performance of this Agreement).

(b)The IPR Proceedings.

(i)Within five (5) business days of the date on which the Parties jointly file a stipulation of dismissal as set forth in Section 4.5(a), BICO shall notify the PTAB by e-mail (1) that BICO and Organovo have resolved all matters relating to the Asserted Patents, and (2) of BICO’s and Organovo’s intention to jointly file, and mutual consent to filing, in each of the IPR Proceedings, a motion to terminate the IPR Proceedings on the basis that the Parties have reached a settlement (“Motion to Terminate”) and a request to treat their settlement agreement (i.e., this Agreement) as business confidential information (“BCI Request”). The notification e­mail shall expressly request that the PTAB grant permission for BICO and Organovo to jointly file a Motion to Terminate and a BCI Request in each of the IPR Proceedings.

(ii)Within five (5) business days of the date on which the PTAB approves the filing of a Motion to Terminate and a BCI Request in each of the IPR Proceedings, BICO and Organovo shall jointly file in each of the IPR Proceedings a mutually acceptable Motion to Terminate and a mutually acceptable BCI Request.

(iii)The Parties shall cooperate to draft and submit to the PTAB the aforementioned Motions to Terminate and BCI Requests, as well as appropriate motions, stipulations, and/or proposed orders for extensions of time for all upcoming due dates in the IPR Proceedings, if any, so that neither Party is required to incur unnecessary expenses in the IPR Proceedings between the Effective Date and the date on which the IPR Proceedings are dismissed.

4.6Compromise offers and negotiations. The Parties acknowledge and agree that this Agreement, the terms in this Agreement, and the discussions and negotiations leading up to this Agreement are subject to Rule 408 of the Federal Rules of Evidence and were made in an effort to amicably resolve the Litigations.

4.7Settlement Only. The Parties acknowledge and agree that (a) this Agreement and the Settlement Payment effect a litigation settlement in compromise of disputed claims and defenses, (b) this Agreement has not been negotiated under the “Hypothetical Negotiation” standard, (c) no representation is made by any Party or Party Affiliate that the Settlement Payment represents a reasonable royalty for infringement of any patent, including, without limitation, any one or more of the Licensed Patents, and (d) this Agreement, the Settlement Payment, and all other terms of this Agreement relate solely to settling the Litigations and do not relate in any way to, and, except with respect to a legal action or other legal proceeding related to the enforcement of any provision of this Agreement, shall not be used by either Party in, or in connection with, any other current or future dispute of any form or nature between the Parties. Licensee acknowledges that the Licensing Terms reflect a discount to Licensee for being an early licensee.

 

 

5.TERM AND TERMINATION OF LICENSE.

5.1Term. This Agreement is effective as of the Effective Date and continues until the expiration of the last surviving Licensed Patent, provided that following such expiration the licenses and releases granted herein shall survive in perpetuity.

5.2Termination. Each Party will have the right to terminate this Agreement upon written notice to the other Party if the other Party materially breaches its obligations under this Agreement and, after receiving written notice identifying such material breach in reasonable detail, fails to cure such material breach within thirty (30) days from the date of such notice. Such notice shall (a) expressly reference this Section 5.2, (b) reasonably describe the alleged breach which is the basis of such termination, and (c) clearly state the non-breaching Party’s intent to terminate this Agreement if the alleged breach is not cured within the applicable cure period. The Agreement shall terminate effective at the end of the notice period unless the breaching Party cures such breach during such notice period. If either Party disputes (i) whether such material breach has occurred, or (ii) whether the defaulting Party has cured such material breach, the Parties agree to promptly resolve the dispute. It is understood and acknowledged that, during the pendency of such a dispute, all of the terms and conditions of this Agreement shall remain in effect and the Parties shall continue to perform all of their respective obligations hereunder.

5.3Effects of Termination. If this Agreement is terminated pursuant to Section 5.2, all licenses granted to Licensee will terminate commencing on the termination date. Notwithstanding anything to the contrary herein, the Parties reserve all rights and remedies, including damages and equitable relief, for breach of this Agreement by the other Party and nothing herein releases any Party from its respective obligations under this Agreement or prevents any Party from enforcing the terms and conditions of this Agreement against the other.

6.CONTESTING NON-INFRINGEMENT OR VALIDITY.

6.1During the term of this Agreement, Licensee, for itself and all Affiliates of Licensee, agrees not to challenge, or assist others in challenging, the validity or enforceability of the Licensed Patents except that Licensee and all Affiliates of Licensee may respond to properly issued subpoenas or other discovery in any judicial actions or administrative proceedings. Licensee, for itself and all Affiliates of Licensee, agrees not to file or bring, directly or indirectly, or assist any third party to file or bring, any action alleging that any products or service of Licensee do not infringe any Licensed Patents or seeking a judgement that such products or services do not infringe any such Licensed Patents without first complying with Section 8.2.

6.2Liquidated Damages on Challenge. If Licensee (or any entity or person acting on its behalf) initiates any proceeding or otherwise asserts any claim or files any action or seeks any judgment, in any case prohibited by Section 6.1 (“Challenge”), Licensee shall pay the following:

(a)all royalties accruing or due during the Challenge, in the manner and at times provided for in this Agreement; and

(b)all costs and expenses incurred by Licensor in connection with defending the Challenge, including actual legal fees and disbursements (“Liquidated Damages”) during the course of the Challenge in recognition of damages to Licensor caused by the Challenge, including but not limited to lost commercial opportunity and goodwill, for which a sum certain will be difficult to determine; Licensor may bill Licensee quarterly concerning those costs and expenses, and Licensee shall make payment no later than thirty (30) days after receiving an invoice from Licensor.

 

 

Licensee acknowledges that this Section 6.2 reasonably reflects the value derived from the Agreement by Licensee in the event of a Challenge. Licensee acknowledges that any payments made under this Section 6.2 are non-refundable and non-recoverable for any reason whatsoever. Notwithstanding any of the preceding, under no circumstances will Licensee be subject to this Section 6.2 in the event that Licensee (or any entity or person acting on its behalf) Challenges any Licensed Patent as a result of an action brought by Licensor against Licensee.

7.ASSIGNMENT OF RIGHTS AND OBLIGATIONS.

7.1Licensee cannot assign this Agreement to a Third Party without Licensor’;s consent, except that Licensee may assign (i) to any of Licensee’s Affiliates; and (ii) to a Third Party in connection with a merger, change in control, acquisition, or sale of all or substantially all of the assets or business of Licensee pertaining to this Agreement to such Third Party. Licensor may assign this Agreement, in whole or in part, to any Third Party with Licensee’ consent.

8.GENERAL PROVISIONS.

8.1Confidentiality. Subject to Section 4.5, each Party will hold the terms of this Agreement in confidence and shall not publicize or disclose it in any manner whatsoever. Notwithstanding the foregoing, (a) the Parties may disclose this Agreement or its terms as required by applicable laws, regulations, or discovery requests, in confidence to a court (or otherwise as directed by law), to the Parties’ respective attorneys, accountants, auditors, tax preparers, financial advisors, and other agents who have a need to know the content of this Agreement and who are subject to confidentiality, and in connection with actual or potential financing or sale of its business and assets related to this Agreement pursuant to a nondisclosure agreement; (b) Licensee or any Affiliate of Licensee may disclose the scope of the licenses granted in Section 2 and the releases granted in Section 4.1 to a Third Party to the extent that Licensee or any Affiliate of Licensee reasonably believes necessary to respond to an inquiry from such Third Party as to whether products are licensed and/or released and therefore not subject to a claim of infringement; and (c) either Party may, at its option, disclose the dismissal of the Litigations and signing of this Agreement, but not its terms, in the form of a press release or other form of public notice.

8.2Protection of the Licensed Patents. Licensor has the sole discretion and right (but not the obligation), at its expense, to prepare, file, prosecute, maintain, defend and enforce the Licensed Patents. Licensee shall immediately inform the Licensor when made aware of any unlicensed activities that are carried out by any third party which could constitute an infringement of the Licensed Patents. At Licensor’s request, Licensee may, at its sole discretion, assist Licensor with finding third parties conducting unlicensed activities of the Licensed Patents. In those cases where Licensor has requested Licensee’s assistance and Licensee so materially assists the Licensor, the Licensee has a right to receive equally beneficial licensing terms, should such third party be similarly situated to Licensee and such third party’s terms as a whole be more favorable than the Licensing Terms in this Agreement (taking into account, without limitation, all financial and contractual terms, the nature and extent of infringement and the volumes of licensed products, and all other relevant factors). Should Licensor be sued by a potential third party infringer or sue a potential third party infringer without material assistance from Licensee, this clause shall not apply with respect to licensing terms agreed to by such potential third party infringer.

8.3Mediation. In the event that there shall be any dispute arising out of or in any way relating to this Agreement, the Parties agree to first use their reasonable good faith efforts to resolve such dispute among themselves. If the Parties are unable to resolve such dispute among themselves, before commencing any other legal proceeding such dispute shall be submitted to non-binding mediation by a mutually agreeable neutral. Either Party may cause a mediation proceeding to commence by giving the 

 

 

other Party notice in writing of such mediation. The Parties covenant and agree to act as expeditiously as practicable in order to resolve all disputes by mediation.

8.4Governing Law, Jurisdiction and Venue. This Agreement shall be governed by, interpreted, and construed in accordance with the laws of Delaware, without reference to conflicts of laws principles. Any legal action or other legal proceeding relating to this Agreement or the enforcement of any provision of this Agreement must be brought or otherwise commenced in the Court or a state court in Delaware. Each Party expressly and irrevocably consents and submits to the jurisdiction of such state and federal courts in connection with any such legal proceeding.

8.5Authority to Enter Into Agreement. Each Party and each person signing this Agreement on behalf of a Party represents and warrants to the other that it has the full right and power to enter into this Agreement, and the person executing this Agreement has the full right and authority to enter into this Agreement on behalf of such Party and the full right and authority to bind such Party to the terms and obligations of this Agreement. Each of the Parties represents and warrants that it has not assigned any rights or interests in any actions, causes of action, damages, judgments, executions, claims, demands, debts, rights, obligations, attorney's fees, costs or liabilities of any nature arising under, out of, and/or related to the Released Matters to any Third Party. Licensor represents and warrants that as of the Effective Date (a) Licensor is the sole owner of the entire right, title and interest in and to the Licensed Patents in the same families as U.S. Patent Nos. 8,931,880, 9,149,952, 9,227,339, 9,315,043, and 9,855,369, including any and all rights to enforce and sue for past damages; and (b) Licensor has the exclusive right and authority to grant the rights, licenses, covenants, and releases hereunder.

8.6Comprehension. Each Party acknowledges to the other Party that it has been represented by independent legal counsel of its own choice throughout all of the negotiations that preceded the execution of this Agreement and that it has executed this Agreement with the consent and on the advice of such independent legal counsel. Each Party further acknowledges that it and its counsel have had adequate opportunity to make whatever investigation or inquiry they may deem necessary or desirable in connection with the subject matter of this Agreement prior to the execution hereof. Each Party has authorized and directed its respective attorneys to execute and deliver such other and further documents as may be required to carry out the terms and conditions of this Agreement.

8.7Interpretation. The language of this Agreement has been approved by counsel for the Parties. The language of this Agreement shall be construed as a whole according to its fair meaning and none of the Parties (or the Parties’ respective attorneys) shall be deemed to be the draftsman of this Agreement in any action that may hereafter arise between the Parties.

8.8Entire Agreement. This is an enforceable Agreement. This Agreement, including the attached Exhibit(s) that are incorporated by reference herein, constitutes the entire agreement between the Parties and supersedes all previous communications, representations, agreements, or understandings, either oral or written, between the Parties with respect to the subject matter hereof. This Agreement may be amended, supplemented, or modified only by a written instrument duly executed by or on behalf of each Party hereto that specifically refers to this Agreement.

8.9Waiver. No waiver of any breach of any provision of this Agreement shall constitute a waiver of any prior, concurrent, or subsequent breach of the same or any provisions hereof, and no waiver shall be effective unless made in writing and signed by an authorized representative of the waiving Party

 

 

8.10Miscellaneous.

(a)This Agreement does not create a relationship of agency, partnership, or joint venture between the Parties.

(b)The parties shall negotiate a press release announcing the settlement.

(c)The parties acknowledge that Clemson University Research Foundation (CURF) is an intended third-party beneficiary of this agreement to the full extent of its rights in the U.S. Patent No. 7,051,654 and subject to the license agreement between Licensor and CURF, certain provisions of which are in Appendix I.

(d)Licensee acknowledges that Licensed Products are in commercial use.

(e)Each Party acknowledges and agrees that it shall comply with all reasonable requests of the other Party relative to patent markings required to comply with or obtain the benefit of statutory notice or other provisions.

8.11Notices. All notices required or permitted to be given in this Agreement shall be in writing and may be delivered by hand or sent prepaid overnight via a reputable courier utilizing a tracking capability, addressed as follows:

To Licensor:

 

Organovo, Inc.

Office of General Counsel 

Attn: Tom Jurgensen

11555 Sorrento Valley Road, Suite 100

San Diego, CA 92121, USA

Email: tjurgensen@organovo.com

 

With a copy to:

 

Paul Hastings LLP

Attn: Elizabeth L. Brann

4747 Executive Dr., 12th Floor

San Diego, CA 92121

 

 

E-mail: elizabethbrann@paulhastings.com

 

To Licensee:

 

BICO Group AB CRN 559050-5052

Attn:  Lotta Bus

Arvid Wallgrens Backe 20

413 46 Gothenburg, Sweden 

Email: LB@bico.com

 

With a copy to:

 

legal-notice@bico.com

 

Such notices shall be deemed to have been served when delivered in person or three (3) business days after delivered by courier or express delivery service. Courtesy copies of such notices may be sent to the pertinent e-mail addresses set forth above, but no notice required or permitted under this Section 8.9 shall be considered properly served by e-mail alone.

 

Either Party may give written notice of a change of address and, after notice of such change has been received by the addressee, any notice or request shall thereafter be given to the notifying Party as above provided at the notifying Party’s new address.

 

8.12Severability. If any provision of this Agreement shall be determined to be invalid, illegal or unenforceable under any controlling body of law, that provision shall be reformed, construed and enforced to the maximum extent permissible; and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

8.13Section Headings. The section headings used in this Agreement and the attached Exhibit(s) shall be intended for convenience only and shall not be deemed to supersede or modify any provisions.

8.14Counterparts. This Agreement and any amendments hereto may be signed in one or more counterparts, each of which, when signed and delivered, shall be deemed to be an original. All such 

 

 

counterparts together shall constitute one and the same valid and binding agreement, even if all of the Parties have not signed the same counterpart. Notwithstanding anything to the contrary in Section 8.9, signatures to this Agreement may be delivered by e-mail, as one or more attachments thereto in PDF format, in which case the PDF copy of an original signature shall be deemed to be an original signature.

8.15Duty to Effectuate. The Parties agree to perform any lawful additional acts, including the execution of additional agreements, as are reasonably necessary to effectuate the purpose of this Agreement.

8.16Incorporation of Recitals. For the avoidance of doubt, the recitals, defined terms, and other text set forth above in Section 1 of this Agreement is hereby incorporated into, and made a part of, this Agreement.

IN WITNESS WHEREOF, the Parties hereby execute this Agreement through their respective duly authorized officials as follows:

 

	
Organovo, Inc.
	
 
	
BICO Group, AB

	
 
	
 
	
 
	
 
	
 

	
By:
	
/s/ Keith Murphy
	
 
	
By:
	
/s/ Erik Gatenholm

	
 
	
 
	
 
	
 
	
 

	
Name:
	
Keith Murphy
	
 
	
Name:
	
Erik Gatenholm

	
 
	
 
	
 
	
 
	
 

	
Title:
	
President & Executive Chairman
	
 
	
Title:
	
CEO

	
 
	
 
	
 
	
 
	
 

	
Date:
	
2022-02-22
	
 
	
Date:
	
2022-02-22

 

 

 

 

 

 

EXHIBIT A: LICENSED PATENTS

		
	
NUMBER
	
TITLE

	
9,149,952
	
Devices, systems, and methods for the fabrication of tissue

	
9,855,369
	
Method of printing a three-dimensional structure

	
8,931,880
	
Devices, systems, and methods for the fabrication of tissue

	
9,227,339
	
Devices, systems, and methods for the fabrication of tissue

	
9,315,043
	
Automated devices, systems, and methods for the fabrication of tissue

	
7,051,654
	
Ink-jet printing of viable cells

	
9,752,116
	
Self-assembling cell aggregates and methods of making engineered tissue using the same

	
8,852,932
	
Self-assembling cell aggregates and methods of making engineered tissue using the same

 

 

 

 

 

APPENDIX I –

LICENSE AGREEMENT BETWEEN CLEMSON UNIVERSITY RESEARCH FOUNDATION (CURF) AND ORGANOVO, INC.

 

 

 

 

LICENSE AGREEMENT BETWEEN

CLEMSON UNIVERSITY 

RESEARCH FOUNDATION

AND

Organovo, Inc.

 

 

 

 

 

 

CURF #01-025

Patent# 7,051,654

Entitled "Ink-Jet Printing of Viable Cells"

 

 

 

 

 

 

 

 

 

 

 

 

ARTICLE 2 - GRANT

	
 
	
2.1
	
CURF hereby grants to LICENSEE, subject to the terms and conditions of this Agreement, the exclusive right and license for the FIELD OF USE in the TERRITORY to use TECHNOLOGY, to practice under PATENT RIGHTS, and to make, have made, use, lease, sell, provide and/or import LICENSED PRODUCTS until the end of the term for which PATENT RIGHTS are granted, all to the extent not prohibited by other patents, unless terminated earlier hereunder.

	
 
	
2.2
	
The grant in Section 2.1 shall be subject to, restricted by and non-exclusive with respect to:

	
 
	
(a)
	
The reserved rights of CURF, for itself and for UNIVERSITY, to practice the licensed PATENT RIGHTS and use TECHNOLOGY for any NON-COMMERCIAL RESEARCH PURPOSES, including sponsored research and collaborations, and the right to extend these reserved rights to INVENTOR(S), any non-profit academic or research institution or organization, and any successor(s) of CURF or UNIVERSITY. LICENSEE agrees that, notwithstanding any other provisions of this Agreement, it has no right to enforce the licensed PATENT RIGHTS against CURF, UNIVERSITY, or any institution or INVENTOR(S) that are granted rights m accordance with this Section 2.2.

	
 
	
(b)
	
Any non-exclusive license of TECHNOLOGY that CURF is required by law or regulation to grant to the GOVERNMENT or to a foreign country pursuant to an existing or future treaty with the United States of America.

	
 
	
(c)
	
Any rights of GOVERNMENT or any restrictions or obligations that may be imposed for any TECHNOLOGY or PATENT RIGHTS developed with the support of GOVERNMENT as provided in United States laws and regulations and in its contract(s) with CURF, UNIVERSITY and/or any of the INVENTOR(S).

	
 
	
2.3
	
The provisions of this Agreement shall not be construed in such a manner as to restrict the ability of CURF or that of its licensees or assigns to use TECHNOLOGY or to practice under PATENT RIGHTS outside of the FIELD OF USE or in the FIELD OF USE outside TERRITORY for any commercial or non-commercial purposes.

	
 
	
2.4
	
LICENSEE agrees that the right of publication of TECHNOLOGY shall reside with UNIVERSITY. CURF shall use its best efforts to provide a copy of each proposed publication to LICENSEE for pre-publication review at least thirty (30) days before submission to a publisher. If LICENSEE identifies potentially patentable subject matter in any such publication, and so notifies CURF, then CURF shall notify INVENTOR(S) and shall use its best efforts to delay submission and publication for up to a combined maximum of ninety (90) days or until a patent application has been filed for such subject matter, whichever occurs first. Such review will in no way be construed as a right to restrict such publication.

	
 
	
2.5
	
This Agreement, unless terminated earlier pursuant to Article 13, shall terminate on the expiration of the last to expire patent under PATENT RIGHTS, whereupon the exclusive licenses granted hereunder shall be fully paid and LICENSEE and SUBLICENSEES shall be free to develop, make, have made, use, sell, have sold, practice or provide LICENSED PRODUCTS without further duties or responsibilities to CURF. 

	
 
	
2.6
	
LICENSEE shall have the right to enter into sublicensing agreements for the rights, privileges and license granted hereunder with respect to the use of TECHNOLOGY and the practice of 

 

 

	
 
		
PATENT RIGHTS within TERRITORY and in the FIELD OF USE provided that LICENSEE is not in default of its obligations hereunder. Upon any termination of this Agreement, SUBLICENSEE's rights shall also terminate, subject to Section 13.8 hereof. No sublicense shall relieve LICENSEE of any of its obligations under this Agreement. LICENSEE has no obligation to enter into any such sublicensing agreement.

	
 
	
2.7
	
LICENSEE agrees that any and all sublicenses granted by it shall be subject to this Agreement in all respects and each such sublicense shall:

	
 
	
(a)
	
Include a requirement that the SUBLICENSEE use its best efforts to bring the subject matter of the sublicense into commercial use as quickly as is reasonably possible;

	
 
	
(b)
	
Include copies of Articles 2, 5, 7, 8, 9, 10, 11, 12, 13 and 15 of this Agreement and shall provide that the obligations of LICENSEE to CURF contained in such Articles shall be binding upon the SUBLICENSEE as if it were a party to this Agreement;

	
 
	
(c)
	
Prohibit further sublicensing by the SUBLICENSEE; and

	
 
	
(d)
	
Contain a provision stating that CURF shall be an intended third-party beneficiary of such sublicense agreement.

	
 
	
2.8
	
LICENSEE agrees to forward to CURF a copy of any and all sublicenses (including, without limitation, all amendments and addenda) granted hereunder within thirty (30) days of execution by the parties thereto.

	
 
	
2.9
	
LICENSEE shall not receive from SUBLICENSEES anything of value in lieu of cash payments as consideration for any sublicense under this Agreement without the express prior written permission of CURF, such permission shall not be unreasonably withheld.

	
 
	
2.10
	
LICENSEE's failure to perform in accordance with any and all of these Sections relating to sublicenses with regard to a particular sublicense shall render such attempted sublicense void, shall constitute a material breach of this Agreement and shall be grounds for CURF to terminate this Agreement pursuant to Section 13.5 herein.

	
 
	
2.11
	
CURF shall have no obligation to provide LICENSEE with technical information concerning TECHNOLOGY or PATENT RIGHTS or to provide technical assistance in the development or commercialization of TECHNOLOGY or PATENT RIGHTS. In the event that LICENSEE requires technical assistance with respect to the activities conducted by LICENSEE pursuant to this Agreement , obtaining such technical assistance (whether from the INVENTOR(S) or otherwise) shall be the responsibility of LICENSEE and at the expense of LICENSEE.

	
 
	
2.12
	
The license granted hereunder shall not be construed to confer any rights upon LICENSEE by implication, estoppel or otherwise as to any technology not specifically set forth in Appendix A.

ARTICLE 5 - REPORTS AND RECORDS

	
 
	
5.1
	
LICENSEE shall submit a Licensee Information Form attached hereto as Appendix B within ten (10) days of the Effective Date of this Agreement and shall verify and update the information annually within 30 days of notice from CURF.

 

 

	
 
	
5.2
	
No later than sixty (60) days after December 31 of each calendar year, LICENSEE shall provide to CURF a written annual progress report describing progress by LICENSEE and any SUBLICENSEES on research and development, regulatory approvals, manufacturing, sublicensing, marketing, and sales during the preceding twelve (12) month period ending December 31 and plans for the forthcoming year. If multiple technologies are covered by the license granted hereunder, the progress report shall provide the information set forth above for each technology. LICENSEE also shall provide any additional data CURF reasonably requires to evaluate LICENSEE's performance and compliance with the terms of this Agreement.

	
 
	
5.3
	
LICENSEE, within sixty (60) days after June 30 and December 31 of each year, shall submit to CURF a Royalty Report attached hereto as Appendix C. The first such Royalty Report shall be due within sixty (60) days after December 31st, 2011 and shall include all information since the Effective Date of this Agreement. With each Royalty Report submitted, LICENSEE shall pay to CURF the royalties due and payable under this Agreement. If no royalties shall be due, LICENSEE shall so report.

	
 
	
5.4
	
LICENSEE, within ninety (90) days following the close of its fiscal year, shall provide to CURF LICENSEE’s financial statements for the preceding fiscal year including, at a minimum, a balance sheet and income statement.

	
 
	
5.5
	
LICENSEE shall keep full, true and accurate books of account containing all particulars that may be necessary for the purpose of showing the amount payable to CURF hereunder. The books of account shall be kept at LICENSEE' s principal place of business or the principal place of business of the appropriate division of LICENSEE to which this Agreement relates. The books and the supporting data shall be open at all reasonable times for five (5) years following the end of the calendar year to which they pertain to the inspection of CURF or its agents for the purpose of verifying LICENSEE's royalty statement or compliance in other respects with this Agreement. Should such inspection lead to the discovery of a shortage equal to or greater than five percent (5%) of the total amount due in the period under audit, LICENSEE shall promptly reimburse CURF for the full cost of such inspection, the shortage and an interest of five percent (5%) on any shortage due.

ARTICLE 7 - INFRINGEMENT

	
 
	
7.1
	
Each PARTY shall inform the other PARTY promptly in writing of any alleged infringement of PATENT RIGHTS by a third party and any available evidence thereof.

	
 
	
7.2
	
During the term of this Agreement, LICENSEE shall have the first right, but shall not be obligated to prosecute at its own expense, all infringements or misappropriations of TECHNOLOGY. LICENSEE may, for such purposes, include CURF as party plaintiff, if necessary, without expense to CURF. No settlement, consent judgment or other voluntary final disposition of the suit may be entered into without the consent of CU RF, which consent shall not unreasonably be withheld. The total cost of any such infringement or misappropriation action commenced or defended solely by LICENSEE shall be borne by LICENSEE, and LICENSEE shall keep any recovery or damages for past infringement or misappropriation derived therefrom subject to the payment of a percentage on any recoveries net of costs and expenses as an "other payment" in accordance with Section 4.l (e). LICENSEE shall indemnify CURF against any order for costs that may be made against CURF in such proceedings.

	
 
	
7.3
	
If within three (3) months after having been notified of any alleged infringement, LICENSEE is unsuccessful in persuading the alleged infringer to desist and has not brought or is not 

 

 

	
 
		
diligently pursuing an infringement action or if LICENSEE notifies CURF at any time prior thereto of its intention not to bring suit against any alleged infringer, then, and in those events only, CURF shall have the right, but shall not be obligated, to prosecute at its own expense all infringements or misappropnat10ns of TECHNOLOGY and CURF may, for such purposes, include LICENSEE as a party plaintiff in any such suit, without expense to LICENSEE. The total cost of such infringement action commenced or defended solely by CURF shall be borne by CURF and CURF shall keep any recovery or damages for past infringement derived therefrom.

	
 
	
7.4
	
In the event that LICENSEE shall undertake the enforcement and/or defense of the TECHNOLOGY by litigation, LICENSEE may withhold up to fifty percent (50%) of the payments otherwise due CURF under Article 4 hereunder and apply the same toward payment of up to half of LICENSEE's expenses, including reasonable attorney ' s fees, in connection therewith. LICENSEE shall modify the Royalty Report form to reflect any withholdings. Any recovery of damages by LICENSEE for each such suit shall be applied first in satisfaction of any unreimbursed expenses and legal fees of LICENSEE relating to such suit, and next toward reimbursement of CURF for any payments under Article 4 past due or withheld and applied pursuant to this Section 7.4. LICENSEE shall keep the balance remaining from any such recovery subject to the payment of a percentage as an "other payment" in accordance with Section 4.l (e).

	
 
	
7.5
	
In any infringement or misappropriation suit that either PARTY may institute to enforce the PATENT RIGHTS pursuant to this Agreement, the other PARTY hereto shall, at the request and expense of the PARTY initiating such suit, cooperate in all respects and, to the extent possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens and the like.

	
 
	
7.6
	
LICENSEE, during the exclusive period of this Agreement, shall have the sole right in accordance with the terms and conditions herein to sublicense any alleged infringer for the FIELD OF USE for future use of the PATENT RIGHTS. Any upfront fees as pai1 of such a sublicense shall be treated pursuant to Article 4.
	
 

ARTICLE 8 - LIABILITY AND INDEMNIFICATION

	
 
	
8.1
	
LICENSEE shall at all times during the term of this Agreement and thereafter , indemnify, defend and hold INVENTOR(S) and CURF, UNIVERSITY, and their trustees , directors, officers , employees and affiliates harmless against all claims, proceedings, demands and liabilities of any kind whatsoever , including legal expenses and reasonable attorney's fees related to third party claims, arising out of injury , including death, to any person or persons or out of any damage to property, resulting from the production, manufacture , sale , use, lease, consumption, provision or advertisement of the LICENSED PRODUCTS or arising from any obligation of LICENSEE hereunder , excepting only claims that PATENT RIGHTS infringe third party intellectual property.

	
 
	
8.2
	
LICENSEE shall obtain and carry in full force and effect commercial, general liability insurance that shall protect LICENSEE, CURF, INVENTOR(S) and UNIVERSITY with respect to events covered in Section 8.1. Such insurance shall be written by a reputable insurance company authorized to do business in the state of South Carolina, shall list CURF, INVENTOR(S) and UNIVERSITY as additional named insureds thereunder, shall be endorsed to include product liability coverage and shall require thirty (30) days written notice to be given 

 

 

	
 
		
to CURF prior to any cancellation or material change thereof. The limits of such insurance shall not be less than one million U.S. dollars ($1,000,000.00) per occurrence with an aggregate of two million U.S. dollars ($2,000,000.00) for personal injury or death and not be less than one million U.S. dollars ($1,000,000.00) per occurrence with an aggregate of two million U.S. dollars ($2,000,000.00) for property damage. LICENSEE shall provide CURF with Certificates of Insurance evidencing the same within thirty (30) days of the EFFECTIVE DATE of this Agreement.

	
 
	
8.3
	
Except as otherwise expressly set forth in this Agreement, INVENTOR(S) and CURF, UNIVERSITY, and their trustees, directors, officers, employees and affiliates make no representations and extend no warranties of any kind, either express or implied, including but not limited to warranties of merchantability, fitness for a particular purpose, validity of PATENT RIGHTS claims, issued or pending, and the absence of latent or other defects, whether or not discoverable. Nothing in this Agreement shall be construed as a representation made or warranty given by CURF that the practice by LICENSEE of the license granted hereunder shall not infringe the patent, copyright, trademark or other intellectual property rights of any third party. In no event shall INVENTOR(S) and CURF, UNIVERS ITY, and their trustees,directors, officers, employees, and affiliates be liable for incidental or consequential damage of any kind, including economic damage or injury to property and lost profits, regardless of whether INVENTOR(S), CURF or UNIVERSITY shall be advised, shall have other reason to know or in fact shall know of the possibility.

	
 
	
8.4
	
In no event shall LICENSEE, its directors, officers, employees, or affiliates be liable for incidental or consequential damages arising out of any of the te1ms or conditions of this Agreement, or with respect to their performance or lack thereof.

	
 
	
8.5
	
CURF shall have no liability to LICENSEE for any use of TECHNOLOGY or PATENT RIGHTS by a third party (including but not limited to UNIVERSITY and its employees) that is not specifically authorized in writing by CURF, and such use shall not constitute a breach of this Agreement.

ARTICLE 9 - EXPORT CONTROLS

	
9.1
	
It is understood that CURF is subject to United States laws and regulations controlling the export of technical data , computer software, laboratory prototypes and other commodities (including the Arms Export Control Act, as amended and the Export Administration Act of 1979), and that its obligations hereunder are contingent on compliance with applicable United States export laws and regulations. The transfer of certain technical data and commodities may require a license from the cognizant agency of GOVERNMENT and/or written assurances by LIC ENSEE that LICENSEE shall not export data or commodities to certain foreign countries without prior approval of such agency. CURF neither represents that a license shall not be required nor that, if required, it shall be issued.

ARTICLE 10 - CONFIDENTIALITY AND NON-USE OF NAMES

	
 
	
10.1
	
LICENSEE and its employees, agents and contractors shall maintain in confidence all CONFIDENTIAL INFORMATION furnished to LICENSEE or its employees, agents or contractors by any of the INVENTOR(S), CURF or UNIVERSITY or by persons, offices or facilities of CURF or UNIVERSITY in connection with this Agreement. Neither LICENSEE nor any of its respective employees, agents or contractors shall use CONFIDENTIAL 

 

 

	
 
		
INFORMATION for any purpose except in connection with the exercise of the license granted hereunder. Only those employees, agents and contractors of LICENSEE who are subject t0 a preexisting, written obligation of confidentiality shall be assigned to perform duties that involve the use of or require access to such CONFIDENTIAL INFORMATION. LICENSEE shall inform (and shall require its SUBLICENSEES to inform) all of its employees, agents and contractors who are assigned to perform duties involving the use or exploitation of any CONFIDENTIAL INFORMATION of the confidentiality obligations created by this Agreement and shall assure their agreement to be bound by such confidentiality obligations prior to disclosing to such employees, agents and contractors any CONFIDENTIAL INFORMATION.

	
 
	
10.2
	
Notwithstanding any provision contained in this Agreement, LICENSEE shall not be required to maintain in confidence any of the following information:

	
 
	
(a)
	
Information which, at the time of disclosure to LICENSEE, 1s m the public knowledge;

	
 
	
(b)
	
Information which, after disclosure to LICENSEE, becomes part of the public knowledge by publication or otherwise , except by breach of this Agreement;

	
 
	
(c)
	
Information which was lawfully in LICENSEE's possession (as reflected in its written records) at the time of disclosure by the disclosing party, and which was not acquired, directly or indirectly , from INVENTOR(S), CURF or the UNIVERSITY;

	
 
	
(d)
	
Information which the LICENSEE can demonstrate by written documents is the result of its own research and development independent of disclosures hereunder;

	
 
	
(e)
	
Information which the LICENSEE receives from third parties, provided such information was not obtained by such third parties from INVENTOR(S), CURF or the UNIVERSITY on a confidential basis and that LICENSEE has no notice of that such information is confidential; and

	
 
	
(f)
	
Information, which LICENSEE is required to disclose by law or pursuant to the order of a court or other tribunal of competent jurisdiction, provided LICENSEE gives CURF written notice of such order prior to the disclosure thereof and gives CURF an opportunity to seek a protective order from such court or tribunal.

	
 
	
10.3
	
LICENSEE shall not use the names, trademarks, or service marks of CURF or the UNIVERSITY, nor any adaptation thereof, nor the names of any of their employees or any INVENTOR(S), in any advertising, promotional or sales literature without prior written consent obtained from CURF except that LICENSEE may state that it is licensed by CURF under one or more of the patents and/or applications comprising the PATENT RIGHTS. Any use of the names of CURF, UNIVERSITY, their employees or any INVENTOR(S) shall be limited to statements of fact and shall not imply endorsement of LICENSEE's products or services.

	
 
	
10.4
	
CURF shall not use the names, trademarks, or service marks of LICENSEE, nor any adaptation thereof, nor the names of any of its employees, in any advertising, promotional or sales literature without prior written consent obtained from LICENSEE. Any use of the names of LICENSEE or its employees shall be limited to statements of fact.

	
 
	
10.5
	
CURF shall maintain confidentially of information contained in reports received by the LICENSEE, which is clearly marked as confidential, to the extent permitted by state and federal law.

 

 

	
 
		

ARTICLE 11 - ASSIGNMENT

11.1 Neither this Agreement nor any obligation or right hereunder is assignable by LICENSEE except with written approval by CURF; provided however that LICENSEE, upon written notice to CURF, may assign this Agreement to a successor in ownership of all or substantially all of its business assets, provided such successor expressly agrees to assume LICENSEE'S obligations under this Agreement.

ARTICLE 12 - DISPUTE RESOLUTION

	
 
	
12.1
	
All disputes arising out of or related to this Agreement or the performance, enforcement, breach or termination hereof, and any remedies relating thereto, shall be construed, governed , interpreted and applied in accordance with the laws of the United States of America and of the State of South Carolina. The South Carolina State Courts of Pickens County, South Carolina (or, if there is exclusive federal jurisdiction, the United States District Court for South Carolina) shall have exclusive jurisdiction and venue over any dispute arising out of this Agreement, and LICENSEE consents to the jurisdiction of such courts, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent shall have been granted.

	
 
	
12.2
	
Notwithstanding the foregoing, nothing in this Article 12 shall be construed to waive rights or timely performance of any obligations existing under this Agreement.

ARTICLE 13 -TERMINATION

	
 
	
13.1
	
Upon any termination of this Agreement, excluding termination due to expiration of patents pursuant to Section 2.5, all rights, privileges and license granted hereunder shall terminate and all rights to TECHNOLOGY and PATENT RIGHTS shall revert to CURF and/or UNIVERSITY.

	
 
	
13.2
	
If LICENSEE shall cease to carry on its business, this Agreement shall terminate upon notice by CURF.

	
 
	
13.3
	
Should LICENSEE fail to make any payment whatsoever due and payable to CURF hereunder, CURF shall have the right to terminate this Agreement by providing notice of intent to terminate to LICENSEE. The Agreement shall terminate forty-five (45) days from notice unless LICENSEE shall make all such payments to CURF within the forty• five (45) day period or CURF shall provide LICENSEE with a written extension thereto. Upon the expiration of the forty-five (45) day period or granted extension, if LICENSEE shall not have made all such payments to CURF, this Agreement shall automatically terminate.

	
 
	
13.4
	
If LICENSEE shall at any time become insolvent or make a general assignment for the benefit of creditors or if a petition of bankruptcy or any reorganization shall be commenced by, against or in respect of LICENSEE and shall remain un-dismissed for more than ninety (90) days, this Agreement shall automatically terminate.

	
 
	
13.5
	
Upon any material breach or default of this Agreement by LICENSEE, other than those occurrences set out in Sections 13.2, 13.3, and 13.4 herein above, which shall always take precedence in that 

 

 

	
 
		
order over any material breach or default referred to in this Section 13.5, CURF shall have the right to terminate this Agreement effective on forty-five (45) days from receipt of notice to LICENSEE or CURF shall provide LICENSEE with a written extension thereto. Such termination shall be automatically effective unless LICENSEE shall have cured any such material breach or default prior to the expiration of the forty-five (45) day period.

	
 
	
13.6
	
LICENSEE shall have the right to terminate this Agreement at any time on six (6) months’ notice to CURF and upon payment of a termination fee equal to the amount of the next Annual Minimum Royalty and all amounts due CURF through the effective date of termination.

	
 
	
13.7
	
Upon termination of this Agreement for any reason, nothing herein shall be construed to release either PARTY from any obligation that matured prior to the effective date of such termination; and Articles 1, 8, 9, 10, 13.7, 13.8, and 15, excluding 15.1, shall survive any such termination. Notwithstanding the foregoing, the license rights granted to CURF and UNIVERSITY pursuant to section 15.1, shall survive termination if such improvements or modifications are being used as part of an active research project at time of termination. Such license rights will continue through the end of the project. LICENSEE and any SUBLICENSEES thereof, may, however, after the effective date of such termination, complete and sell all LICENSED PRODUCTS in the process of manufacture at the time of such termination, provided that LICENSEE shall make the payments to CURF as required by Article 4 of this Agreement and shall submit the reports required by Article 5 hereof.

	
 
	
13.8
	
Upon termination of this Agreement for any reason, any SUBLICENSEE not then in default shall have the right to seek a license from CURF. CURF agrees to negotiate such licenses in good faith under reasonable, and substantially similar terms and conditions.

ARTICLE 15 - MISCELLANEOUS PROVISIONS

	
15.1
	
During the term of this Agreement, LICENSEE shall fully disclose to CURF all improvements and modifications to TECHNOLOGY and LICENSED PRODUCTS which are developed wholly or partly by LICENSEE or its SUBLICENSEES and their employees, contractors, agents and subsidiaries. The UNIVERSITY and CURF shall have   a non-exclusive non -transferable royal ty-free license to utilize such improvements and modifications for NON-COMMERCIAL RESEARCH PURPOSES. LICENSEE hereby acknowledges that the provisions of this paragraph shall not in any way inhibit or detract from the rights of ownership CURF or UNIVERSITY may enjoy in any improvements or modifications to the TECHNOLOGY and LICENSED PRODUCTS developed in whole or in part by INVENTOR(S) or other employees of CURF or the UNIVERSITY.

	
15.2
	
Each PARTY expressly acknowledges that the relationship between the PARTIES to this Agreement is that of independent contractors, and not agents, employees or representatives of the other. This Agreement shall not be deemed to create a partnership, joint venture or principal-and-agent relationship between CURF and LICENSEE or UNIVERSITY and LICENSEE. Except as expressly permitted in this Agreement, neither PARTY shall have the authority to bind the other to any agreement or obligation whatsoever, nor shall either PARTY represent that it has any such right or authority to any third party.

	
15.3
	
This Agreement constitutes the entire and only agreement between the PARTIES as to the subject matter hereof and all other prior negotiations, representations, agreements and warranties are superseded in totality by this Agreement. No agreements altering or 

 

 

		
supplementing the terms hereof shall be made except by a written document signed by both PARTIES. To become effective, this Agreement must be signed by LICENSEE within twenty (20) calendar days of signature by CURF.

	
15.4
	
If any part of this Agreement is for any reason found to be invalid or unenforceable, all other parts nevertheless remain enforceable.

	
15.5
	
LICENSEE and its SUBLICENSEES shall mark all products covered by PATENT RIGHTS with patent numbers in accordance with the statutory requirements in the country(ies) of manufacture, use and sale, and pending the issue of any patents, LICENSEE and its SUBLICENSEES shall mark the products, "Patent Pending," or the foreign equivalent as appropriate.

	
15.6
	
The failure of either PARTY to assert a right hereunder or to insist upon compliance with any term or condition of this Agreement shall not constitute a waiver of that right or excuse a subsequent and/or similar failure to perform any such term or condition by the other PARTY.

	
15.7
	
Upon the request of the other PARTY, each PARTY shall execute and deliver such additional documents and perform such other acts as the other PARTY may reasonably request and as may be necessary to affect the purposes and intent of this Agreement.

	
15.8
	
All titles and article headings contained in this Agreement are inserted only as a matter of convenience and reference and do not define, limit, extend or describe the scope of this Agreement or the intent of any of its provisions.Exhibit 10.18

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This Amended and Restated
Employment Agreement (this “Agreement”) is made and entered into by and between Rubicon Global Holdings, LLC,
a Delaware limited liability company (the “Company”), and Nathaniel R. Morris, an individual (“Executive”)
(Company and Executive collectively referred to as “Parties”, and each individually as a “Party”),
effective as of February 9th, 2021 (the “Effective Date”).

 

Whereas, Executive co-founded
the Company and has served as the Chief Executive Officer of the Company for several years and, in that capacity, has been responsible
for, among many other things, raising investment capital without incurring the usual and customary fees related to the use of investment
banks, developing the Company’s vision as a technology Company, developing and implementing brand strategy and public relations
strategies, and recruiting high-profile Board members, investors, executives, and other key talent, thereby significantly increasing the
Company’s value;

 

Whereas, the Parties entered
into an Employment Agreement dated August 15, 2018 (the “Prior Agreement”);

 

Whereas, the Parties wish
to amend and restate the Prior Agreement to better reflect Executive’s value to the Company and to resolve a scrivener’s error
in the Prior Agreement;

 

Whereas, the Parties desire
to enter into this Agreement in order to provide for the rights and obligations of the Parties with respect to Executive’s employment
with the Company following the Effective Date; and

 

Whereas, the Parties desire
to enter into this Agreement in order to ensure that Executive is fairly compensated for Executive’s past, current and future contributions
and receives fair market value.

 

In consideration of the promises
and mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties agree as follows:

 

1. Employment
and Duties. Pursuant to the terms and provisions of this Agreement, the Company hereby agrees to continue to employ Executive as its
Chief Executive Officer and Executive hereby agrees to continue to be employed by the Company in such capacity. Executive shall report
to and serve at the discretion of the Company’s Board. The Executive shall have such duties, authority, and responsibility as shall
be determined from time to time by the Company’s Board, which duties, authority, and responsibility are consistent with the Executive’s
position.

 

2. Term.
The term of Executive’s employment under this Agreement (the “Term”) shall be deemed to have commenced as of the Effective
Date and shall continue unless terminated in accordance with Section 7 of this Agreement.

 

     

     

    

 

3. Compensation.

 

(a) Base
Salary. For all services to be rendered during the Term, the Company shall pay Executive an annual base salary (“Annual
Base Salary”) in the amount of $614,692.52 per year, less applicable withholdings, payable in substantially equal monthly
or more frequent installments as is customary under the Company’s normal payroll practices from time to time for its senior management
employees. Executive’s Annual Base Salary for any partial year will be pro-rated based upon the actual number of days Executive
was employed and provided services in the partial year. The Company’s Compensation Committee shall review Executive’s Annual
Base Salary no less frequently than annually, and may adjust upward Executive’s Annual Base Salary from time to time during the
Term, in its sole discretion, after taking into account such factors as they deem relevant including, without limitation, changes in the
cost of living, Executive’s performance and the performance of the Company. Notwithstanding the foregoing, Executive’s Annual
Base Salary shall be increased annually, as August 15, 2021 and each anniversary thereof, by a minimum of fifteen percent (15%) over
the prior year’s Annual Base Salary.

 

(b) Annual
Performance Bonus. In addition to discretionary bonuses that the Company’s Board may award to Executive from time to time, Executive
shall be eligible to receive an annual performance bonus “Annual Performance Bonus”. Executive’s Annual
Performance Bonus target shall be equal to sixty five percent (65%) of Executive’s Annual Base Salary, less required withholdings,
and in no event shall the payout of the Annual Performance Bonus paid to Executive be less than thirty percent (30%) of Executive’s
Annual Base Salary, less required withholdings, based on achievement of the performance standards as set forth below. The Annual Performance
Bonus shall be determined according to the Company’s “Fiscal Year” (currently January 1st
to December 31) and shall be paid to Executive in a lump sum payment within three (3) months following the end of the Company’s
Fiscal Year (i.e., no later than March 31st) and shall be subject to applicable withholdings. Executive shall be entitled
to receive a prorated portion of the Annual Performance Bonus, for which he is otherwise eligible, if Executive is not employed during
the entire Fiscal Year on which the Annual Performance Bonus is based, regardless of the reason for Executive’s termination. Executive
does not have to be employed by the Company on the date that the Annual Performance Bonus shall be paid in order to be eligible to receive
the Annual Performance Bonus. Seventy five percent (75%) of the Annual Performance Bonus shall be determined and awarded based on achievement
of Key Performance Indicators (“KPI’s”), as determined by the executive team Compensation Committee for the Fiscal Year.
Twenty five percent (25%) of the Annual Performance Bonus shall be awarded according to factors determined in advance by the Compensation
Committee in consultation with Executive, which may include, for example: Executive’s leadership and adherence to the Company’s
mission and values; capital fundraising; recruiting talent; managing the Company’s Business; and Company achievement of net revenue
goals established by the Compensation Committee.

 

(c) Special Performance
Bonus. Immediately upon the completion of a Sale Event or an IPO that is consummated no later than the second anniversary of the
Effective Date, the Company shall pay Executive a cash bonus (the “Special Performance Bonus”), less required
deductions, determined as follows: (i) two percent (2%) of the Transaction Value if the Transaction Value is at least $1,200,000,000
but is less than $1,500,000,000; (ii) four percent (4%) of the Transaction Value if the Transaction Value is at least $1,500,000,000
but is less than $1,850,000,000; or (iii) six percent (6%) of the Transaction Value if the Transaction Value is $1,850,000,000 or more.
The Special Performance Bonus shall be paid by the Company to Executive in a lump sum cash payment on the closing date of the Sale Event
or the IPO, as applicable. Executive shall be entitled to receive the Special Performance Bonus regardless of whether he is employed
by the Company through completion of the Sale Event or an IPO, unless Executive is terminated for Cause as defined in Section 12(a)(v)(B)
or (C) of this Agreement or unless Executive resigns without Good Reason prior to the closing date of the Sale Event or the IPO. If a
Sale Event or an IPO does not occur on or before the second anniversary of the Effective Date, Executive and the Company shall negotiate
in good faith a replacement arrangement for this Section 3(c).

 

    2

     

    

 

4. Benefits
and Expenses.

 

(a) Fringe
Benefits and Perquisites. During the Employment Period, the Executive shall be entitled to fringe benefits and perquisites consistent
with the practices of the Company, and to the extent the Company provides similar benefits or perquisites (or both) to similarly situated
executives of the Company.

 

(b) Health,
Life, and Disability Insurance. During the Employment Period, Executive shall be entitled to participate in all employee benefit plans,
practices, and programs maintained by the Company for its senior management (including but not limited to medical, disability, and life
insurance), to the extent consistent with applicable law and pursuant to the terms of the plans and programs. To the extent not already
provided in the foregoing, the Company also shall provide Executive, at Company expense, throughout the Employment Period: (i) term life
insurance in the amount of two (2) million dollars (with the beneficiary to be named by Executive) with a reputable carrier; and (ii)
short-term and long-term “own occupation” disability insurance (the latter providing no less than 60% earned income replacement
through age 65) with a reputable carrier.

 

(c) Vacation.
During the Employment Period, Executive shall be entitled to four (4) weeks of paid vacation during each calendar year and to paid holidays
and other paid leave as set forth in the Company’s policies in effect from time to time. The Parties acknowledge Executive’s
intensive work and travel schedule and agree that any vacation not used during a calendar year may be carried over to subsequent calendar
years, shall not be forfeited, and shall be paid upon termination of employment regardless of the reason for Executive’s termination.
The number of paid vacation days in any partial year will be pro-rated based upon the actual number of days Executive was employed in
the partial year, shall not be forfeited and shall be paid to Executive upon termination of employment regardless of the reason for Executive’s
termination.

 

(d) Liability
Insurance, Indemnification, and Defense. The Company agrees to maintain at least $20,000,000 of (“Director and Officer
‘D&O’ Liability Insurance”) with a reputable carrier at all times during Executive’s employment to
cover Executive in his capacity as an officer and director of the Company and any of the Rubicon Affiliates. In addition, the Company
agrees to indemnify Executive and hold Executive harmless to the maximum extent allowable for any claim against the Company or Affiliate
or against Executive relating to Executive’s employment with the Company, service on the Board, or service for any parent, subsidiary,
or Affiliate of the Company or any such entity’s governing or advisory board. Further, in the event of any such claim against Executive,
and to the extent not otherwise provided under any applicable insurance policy, the Company shall provide and pay for separate counsel
of Executive’s choosing to advise and represent Executive with regard to such claim to the extent separate counsel is deemed appropriate
in Executive’s sole discretion.

 

    3

     

    

 

(e) Expense
Reimbursement. The Company will reimburse Executive for all Reasonable Out-of-Pocket Business Expenses, as defined in Section 12(a)
of this Agreement, incurred by Executive during the Employment Period in the course of performing Executive’s duties and responsibilities
under this Agreement. Executive shall be eligible to travel first class and entitled to reimbursement by the Company for a first class
airline ticket for all business-related air travel of four (4) hours or more of scheduled flight time. For reimbursement, Executive must
file expense reports with respect to such expenses and such expenses (and expense reports therefor) shall comply with the Company’s
written policies in effect at the time such expenses are incurred. However, in the event of a discrepancy between such policies and this
Agreement regarding reimbursable expenses, this Agreement shall control. Any such reimbursements shall be paid to Executive no later than
December 31 of the year following the year in which the expense was incurred; the amount of expenses reimbursed in one year shall
not affect the amount eligible for reimbursement in any subsequent year; and Executive’s right to reimbursement under this Agreement
will not be subject to liquidation or exchange for another benefit. Further, to the extent any reimbursements are deemed taxable to Executive,
the Company shall make a gross-up payment to Executive for any applicable taxes with respect to such reimbursements no later than the
end of the tax year following the year in which the taxes are remitted.

 

5. Retention Bonus.
The Company has determined that Executive will be necessary to support a planned or unplanned Sale Event. Accordingly, and subject to
the terms and conditions below, due to a planned or unplanned Sale Event, or significant corporate reorganization (the “Event”),
Executive will be eligible to receive a “Retention Bonus” equal to 100% of his Base Salary, in addition to any other benefits
set forth in this Agreement. The Company shall notify Executive in writing of the planned Event and specific Retention Bonus given the
Executive’s then-applicable Base Salary, along with expected contributions of the Executive for the transaction (the “Event
Notification”). Except as otherwise provided in subsections 5.1 and 5.2, the Retention Bonus will be earned upon issuance
of the Event Notification and provided the Executive (a) is in continuous employment during the Event unless Company terminates him for
Cause as defined in Section 12(a)(v)(B) or (C), and (b) meets its specific objectives relative to the Event as established in the
Event Notification. The Retention Bonus shall be paid within thirty (30) days of the Event’s consummation, subject to standard
deductions and withholdings.1

 

5.1 If
Executive incurs a termination of employment due to death after receipt of an Event Notification but prior to payment of the Retention
Bonus, the Executive’s Beneficiary shall be paid a pro rata percentage of the Retention Bonus that would become due and owing upon
the closing/consummation of the Event based on the date of Executive’s death in relation to the period of time between the date
on the Event Notification and the consummation of the Event.

 

 

		1	It
                                            is recognized that not every Event closes or is completed as expected. For the avoidance
                                            of doubt, the Company’s obligation to pay the Retention Bonus is established by virtue
                                            of issuing the Event Notification, even if the Event does not conclude as expected (i.e.,
                                            a prospective buyer fails to close as established in a definitive purchase agreement or an
                                            IPO is pulled due to changes in market or business conditions).

 

    4

     

    

 

5.2 If
Executive incurs a termination of employment due to Disability after receipt of an Event Notification but prior to payment of the Retention
Bonus, the Executive shall be paid a pro rata percentage of the Retention Bonus that would become due and owing upon the closing/consummation
of the Event based on the date of Executive’s termination of employment in relation to the period of time between the date on the
Event Notification and the consummation of the Event. Notwithstanding the foregoing, if Executive recovers from his Disability and returns
to active employment with the Company prior to the first anniversary of his Disability, any Retention Bonus that was unpaid that occurred
during the period of the Disability shall be paid on the first payroll date following the date on which the Executive returns to active
employment provided that the Event has completed. In addition, for purposes of this subsection 5.2, the Executive will be treated
as having been continuously employed by the Company during the period of his Disability.

 

6. INTENTIONALLY
OMITTED.

 

7. Termination
of Employment.

 

(a) Termination
by Either Party: General Provisions. Executive’s employment by the Company shall terminate (i) immediately upon Executive’s
death or Disability, (ii) on a date of termination set forth in a written notice of termination delivered to Executive by the Company’s
Board for any reason (whether for Cause or without Cause), or (iii) on a date of termination set forth in a written notice of Executive’s
resignation delivered to the Company by Executive for any reason (whether for Good Reason or otherwise), which date shall be no less than
30 days after the Company’s receipt of such written notice, unless waived by the Company in writing (the date the Employment Period
terminates or expires for any reason is the “Termination Date”). The Company shall pay Executive the following:

 

(i) Executive’s
earned but unpaid Annual Base Salary through the Termination Date, to be paid to Executive on the next regular payroll cycle following
the Termination Date, which the Parties agree is due and owing to Executive (and in any event by March 15 of the year following the
Fiscal Year in which the termination occurred);

 

(ii) All
Reasonable Out-of-Pocket Business Expenses incurred on or prior to the Termination Date, to be paid to Executive within thirty (30) days
from the date the expenses are submitted to the Company (and in any event by March 15 of the year following the Fiscal Year in which
the termination occurred);

 

(iii) All
accrued but unused vacation through the Termination Date, to be paid to Executive on the next regular payroll cycle following the Termination
Date (and in any event by March 15 of the year following the Fiscal Year in which the termination occurred); and

 

(iv) Executive’s
Annual Performance Bonus (prorated to the extent Executive was not employed during the entire Fiscal Year on which the Annual Performance
Bonus is based), to be paid in a cash lump sum as provided in Section 3(b) above.

 

    5

     

    

 

(b) Termination
for Cause or Resignation without Good Reason.

 

(i) Termination
of the Executives employment shall not be deemed to be for Cause unless and until the Company delivers to the Executive a copy of a resolution
duly adopted by the affirmative vote of not less than a majority of the Board (after reasonable written notice is provided to the Executive
and the Executive is given an opportunity, together with counsel, to be heard before the Board), finding that the Executive has engaged
in the conduct described in Section 12(a). Except for a failure, breach, or refusal which, by its nature, cannot reasonably be expected
to be cured, the Executive shall have ten (10) business days from the delivery of written notice by the Company within which to cure any
acts constituting Cause; provided however, that, if the Company reasonably expects irreparable injury from a delay of ten (10) business
days, the Company may give the Executive notice of such shorter period within which to cure as is reasonable under the circumstances,
which may include the termination of the Executive’s employment without notice and with immediate effect.

 

(ii) If
the Company terminates Executive’s employment for Cause, or if Executive terminates his employment with the Company for any reason
other than Good Reason, the payments due to Executive shall be limited to the amounts described in Section 7(a) and the amounts
described in Section 7(c)(v) to the extent Executive has been terminated for Cause for actions other than as described in Sections 12(a)(v)(C)
or (D).

 

(c) Termination
Without Cause or Resignation for Good Reason.

 

The Executive cannot terminate
his employment for Good Reason, as defined in Section 12(a), unless he has provided written notice to the Company of the existence
of the circumstances providing grounds for termination for Good Reason within ninety (90) business days of the initial existence of such
grounds and the Company has had at least 10 business days from the date on which such notice is provided to cure such circumstances.

 

(i) If
the Company terminates Executive’s employment without Cause, or if Executive resigns for Good Reason, and subject in all events
to the provisions of Section 7(d), the Company shall pay Executive the following “Special Separation Payments”
on the 60th day following termination (the “Special Separation Payment Date”):

 

(ii) In
addition to but without duplication of those amounts set forth in Section 7(a), an amount equal to eighteen (18) months of
Executive’s Annual Base Salary as of the Termination Date, less required deductions, which amount shall be payable by the Company
in a lump sum no later than the Special Separation Payment Date, with no reduction, mitigation, or duty to mitigate;

 

(iii) Executive’s
Annual Performance Bonus, less required deductions, in an amount equal to 65% of Executive’s Annual Base Salary as of the Termination;
and

 

    6

     

    

 

(iv) If
the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”), the Company shall reimburse the Executive for the difference between the monthly COBRA premium paid by the Executive
for himself and his dependents and the monthly premium amount paid by similarly situated active executives. Such reimbursement shall be
paid to the Executive on the last day of the month immediately following the month in which the Executive timely remits the premium payment.
The Executive shall be eligible to receive such reimbursement until the earliest of: (i) the eighteen-month anniversary of the Termination
Date; (ii) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive
receives/becomes eligible to receive substantially similar coverage from another employer or other source. Notwithstanding the foregoing,
if the Company’s making payments under this Section 7(c) would violate the nondiscrimination rules applicable to non-grandfathered
plans under the Affordable Care Act (the “ACA”), or result in the imposition of penalties under the ACA and the related regulations
and guidance promulgated thereunder, the Parties agree to reform this Section 7(c) in a manner as is necessary to comply with the
ACA.

 

(v) Executive
shall be entitled to receive the Special Performance Bonus described in Section 3(c) above upon the completion of the Sale Event
or IPO, less required deductions, to the extent otherwise payable regardless of whether Executive continues employment through completion
of such event, unless Executive is terminated for Cause as defined in Section 12(a)(v)(C) or (D) of this Agreement or unless Executive
resigns without Good Reason.

 

(d) Release.
Notwithstanding the foregoing, (A) Executive shall not be entitled to receive any payments or benefits pursuant to Section 5
or Section 7(e) (other than the Special Performance Bonus, if applicable) unless Executive has executed and delivered to the
Company a release agreement in form and substance as attached hereto as Exhibit A or otherwise agreed to by the Company
and the Executive (the “Release”), and such Release remains in full force and effect, has not been revoked and
is no longer subject to revocation, as of the Special Separation Payment Date (sixty (60) days after the Termination Date), and (B) Executive
shall be entitled to receive such payments only so long as Executive has not breached any of the provisions of the Release or this Agreement.

 

(e) Termination
on Disability or Death. If at any time during the Employment Period, the Executive has a Disability, as defined in section 12(a),
or dies, the Employment Period shall terminate with payments as provided in Section 7(a) and the Company shall continue payment
of Executive’s Annual Base Salary during the remainder of the calendar month during which Executive’s death occurs. In the
event of termination due to a Disability, Executive shall be entitled to the payments as set forth in Section 7(c), provided
that Executive satisfied the definition of Disability and expected to remained disabled during the twelve (12) month period following
the Termination Date and executes a Release as provided in Section 7(d) without revocation.

 

(f) No
Other Benefits. Except as otherwise expressly provided in this Agreement or as provided in Company’s employee retirement or
other benefit plans with regard to vested benefits as applicable, Executive shall not be entitled to any other salary, bonuses, employee
benefits or compensation from the Company after the Termination Date.

 

(g) Offset.
The Company may offset any bona fide amounts that Executive owes the Company against any amounts it owes Executive hereunder.

 

    7

     

    

 

8. Restrictive
Covenants.

 

(a) Non-Competition/Non-Solicitation.
Executive acknowledges that, in the course of the Executive’s service with the Company for the Company’s Business, Executive’s
services will be of special, unique and extraordinary value to the Company and its Affiliates. Executive further acknowledges that it
is of vital importance for the Company to protect its various trade secrets and confidential information, relationships, good will, and
investments in training and other resources, among other assets. Therefore, in further consideration of the Company entering into this
Agreement, Executive covenants and agrees that, without limiting any other obligation pursuant to this Agreement, during the Employment
Period and for a period of twenty-four (24) months following the Termination Date (the “Restrictive Period”),
Executive will not:

 

(i) provide
services, products, or activities similar to those provided by Executive for the Company, in furtherance of any business competitive with
the Business of the Company, including, without limitation, to: SLM Waste and Recycling, Discovery Refuse Management, Inc. (d/b/a DRM
Waste Management); Quest Recycling Services LLC; Resource Management Group, Inc.; International Environmental Alliance (TEA); Environmental
Waste Solutions, LLC (EWS); Ecova, Inc.; New Market Waste Solutions; Waste Harmonics, LLC; Waste Management, Inc.; Republic Services,
Inc.; Advanced Disposal, LLC; Clean, HarborsStericycle, Inc.; Progressive Waste Solutions Ltd.; Waste Connections, Inc.; Recology, Inc.;
Rumpke Consolidated Companies, Inc.; Casella Waste Systems, Inc.; Waste Industries USA, Inc.; Waste Pro USA, Inc.; WestRock Company; or
any affiliate of or successor to any such entity;

 

(ii) perform
any activities or services similar to those provided by Executive for the Company that are competitive with the Business of the Company
anywhere within the Territory (other than in the performance of services for the Company);

 

(iii) engage
in ownership or financing of any Person in furtherance of any business that is competitive with the Business of the Company anywhere within
the Territory (other than as a passive investor with less than a 1% ownership interest in any such business and otherwise complying with
this Section 7(a));

 

(iv) solicit,
attempt to solicit, or hire, directly or by assisting others, any Person who performed services for the Company during the twelve (12)
month period prior to the Termination Date to terminate his/her engagement with the Company; or

 

(v) solicit,
or attempt to solicit, directly or by assisting others, any of the Company’s customers with whom Executive had Material Contact
during the twelve (12) month period prior to the Termination Date for purposes of providing products or services that are competitive
with the Business of the Company.

 

    8

     

    

 

(b) Confidential
Information or Trade Secrets. Executive will have access to and may become familiar with Confidential Information and/or Trade Secrets,
and Executive acknowledges that the continued success of the Company depends upon the use and protection of Confidential Information and/or
Trade Secrets. Executive agrees that at all times during Executive’s service with the Company and thereafter, Confidential Information
and Trade Secrets (a) will be kept confidential by Executive, (b) will be used by Executive solely in the course of, and consistent with,
Executive’s performance services for the Company, and (c) without limiting the foregoing, will not be disclosed by Executive to
any person other than Executive’s legal counsel, except with the specific prior written consent of the Company in its discretion,
and except to the extent disclosure is required by a valid court order or other valid judicial, administrative or regulatory process,
or as otherwise required by law. Executive shall take all reasonable and appropriate steps to safeguard Confidential Information and/or
Trade Secrets and to protect it against disclosure, misuse, espionage, loss and theft. Executive agrees to deliver to the Company at the
end of Executive’s service with the Company, or at any other time the Company may request, all copies and embodiments, in whatever
form or media, of memoranda, notes, plans, records, reports and other documents (and all copies thereof), relating to the Business or
affairs of the Company (including, without limitation, all Confidential Information and/or Trade Secrets) that Executive may then possess
or have under his control.

 

(c) Board
of Managers/Board of Advisors. Executive acknowledges that he may have access to, and that there may be disclosed to such Executive,
information of a confidential, nonpublic, proprietary and/or trade secret nature that has great value to the individual members of the
Company’s Board because such information is not generally known to business competitors or to the general public (the “Board
Confidential Information”). Board Confidential Information does not include information that is in, or has entered, the
public domain through no fault of the Executive. During Executive’s service with the Company, and thereafter in perpetuity, and
without in any way limiting the provisions of Section 7(b) above, Executive will hold Board Confidential Information in confidence
and will not use or disclose Board Confidential Information to anyone other than Executive’s legal counsel or as may be necessary
in the performance of Executive’s duties pursuant to this Agreement and as may be consistent with the purpose for which such Board
Confidential Information was disclosed to Executive, except to the extent disclosure is required by a valid court order or other valid
judicial, administrative or regulatory process, or as otherwise required by law.

 

(d) Property.
All files, records, memoranda, notes, or other documents reasonably relating to the Business of the Company, whether prepared by Executive
or otherwise coming into his possession, and whether constituting Confidential Information, Board Confidential Information, or otherwise,
in any and all forms and media, including, without limitation, all letters, memoranda, reports, notes, notebooks, books of account, data,
drawings, prints, plans, specifications, and all other documents or writings, including those documents or writings on electronic data
storage devices, and all copies thereof containing or relating to such information, shall be immediately delivered to the Company and
not retained by Executive upon the termination of Executive’s service with the Company, or upon the Company’s request, and
shall at all times be and remain the sole and exclusive property of the Company.

 

(e) Intellectual
Property. With respect to Intellectual Property made or conceived by Executive reasonably relating to the Business of the Company,
whether or not during the hours of his service with the Company or with the use or assistance of Company Facilities, Materials, or Personnel,
either solely or jointly with others during the Employment Period:

 

(i) During
the Employment Period, Executive shall inform the Company promptly and fully of all such Intellectual Property by written reports, setting
forth in detail the procedures employed and the results achieved. Executive shall submit a report promptly after completion of any studies
or research projects, whether or not in Executive’s opinion a given project has resulted in any Invention;

 

    9

     

    

 

(ii) Executive
hereby assigns and agrees to assign to the Company all of his right to and title and interest in all Intellectual Property, including
Inventions, and to applications for United States and foreign letters patent and United States and foreign letters patent granted upon
such Inventions and to all copyrightable material reasonably related thereto, without royalty or other additional consideration beyond
that set forth in this Agreement;

 

(iii) Executive
agrees for himself and his heirs, personal representatives, successors, and assigns, upon request of the Company, at all times to do such
acts, such as giving testimony in support of the Executive’s inventorship, and to execute and deliver promptly to the Company such
papers, instruments, and documents, without expense to him, as from time to time may be necessary or useful in the Company’s opinion
to apply for, secure, maintain, reissue, extend, or defend the Company’s worldwide rights in the Intellectual Property or in any
or all U.S. letters patent and in any and all letters patent in any country foreign to the United States, so as to secure to the Company
the full benefits of the Inventions or discoveries and otherwise to carry into full force and effect the text and the intent of the assignment
set out in Section 8(e)(ii) above, without royalty or other additional consideration beyond that set forth in this Agreement;

 

(iv) The
Executive hereby appoints the Company as his attorney-in-fact to execute on his behalf any assignments or other documents deemed necessary
by the Company to protect or perfect its rights to any Intellectual Property; and

 

(v) Executive
warrants and represents to the Company that he is not subject to any agreement or policy inconsistent with the Agreement regarding Intellectual
Property set forth herein. Executive agrees not to conduct any research or other work subject to this Agreement other than at the Company’s
facilities.

 

(f) Shop
Right. Notwithstanding any provision of this Agreement creating greater rights, the Company shall have the royalty-free right to use
in its Business, and to make, have made, use, sell, and import products, processes, and services derived from any inventions, discoveries,
concepts, and ideas, whether or not patentable, including but not limited to processes, methods, formulae, techniques, as well as improvements
thereof and know-how related thereto, as well as trade secrets, trademarks, trade dress and copyrights that are not Intellectual Property
as defined herein, but that are made or conceived by Executive during his service with the Company or with the use or assistance of the
Company’s Facilities, Materials, or Personnel. Notwithstanding the foregoing or any other provision in this Agreement, and for purposes
of clarity and not limitation, Executive shall not be limited or restricted with respect to his use of information about Executive’s
childhood, background, upbringing, life experiences, education, personal, religious, or political opinions or views, his mentors or mentees,
his involvement with non-profit organizations, global organizations, thought leaders, educational institutions or forums, environmental
organizations, and his personal story about his investment, involvement, vision, growth, development and expansion of the Company or observations
or insights about business, leadership, success, or other general topics (“Executive’s Insights”).

 

    10

     

    

 

(g) Ownership;
Goodwill. Executive acknowledges and agrees that the Company’s Business and services are highly specialized; that its Confidential
Information and/or Trade Secrets are not generally known and are secret; that the Company has provided and will provide such Executive
with access to information about the Company’s counterparties, vendors, sales partners, clients, actual and potential developments,
business lines or acquisitions, which is Confidential Information and/or a Trade Secret; and that the value of this Confidential Information
and/or Trade Secrets cannot adequately be compensated by damages in an action at law; that the Company has earned goodwill with its counterparties,
vendors, sales partners and clients; that the Company has provided and will continue to provide Executive with the Company’s goodwill
for use in developing relationships for the Company; that Executive could not develop these relationships without using the Company’s
goodwill; that this goodwill is valuable; that the Company is the owner of the goodwill; and that the value of this goodwill cannot adequately
be compensated by damages in an action at law.

 

(h) Blue-Pencil;
Modification. If, at the time of enforcement of this Section 8, a court of competent jurisdiction shall hold that the
duration, scope or territory restrictions are unreasonable under circumstances then existing, then the Parties agree that the court may
modify such terms in conformity with applicable law to the extent necessary to render such restrictions reasonable and enforceable under
applicable law. The Parties intend that the provisions of this Agreement be enforced to the fullest extent permitted by applicable law
and modified only to the extent necessary for enforcement.

 

9. Enforcement;
Additional Acknowledgements. The Parties hereto agree that, in the event of a breach by the other Party of any of the provisions of
this Agreement, the non-breaching Party (and its Affiliates) would suffer irreparable harm and money damages would be an inadequate
remedy therefor, and in addition and supplementary to other rights and remedies, the non-breaching Party shall be entitled to seek specific
performance and/or injunctive or other equitable relief from a court of competent jurisdiction in order to enforce or prevent any violations
of the provisions hereof, as well as recovery of its costs and reasonable attorneys’ fees. Nothing herein shall be construed as
prohibiting the non-breaching Party from pursuing any other remedies available to it for such breach or threatened breach including the
recovery of damages from the breaching Party. Each Party waives any requirements that a Party seeking an injunction post a bond or any
other security.

 

10. Survival.
Certain provisions in this Agreement, in accordance with their terms, shall survive the termination of this Agreement and the Employment
Period.

 

11. Notices.
Any notice provided for in this Agreement must be in writing and may be sent electronically via email or personally delivered, mailed
by certified first class mail (postage prepaid and return receipt requested), or sent by overnight courier service (with a tracking number
and charges prepaid) to the recipient at the address below indicated:

 

If to the Company:

 

Rubicon Global Holdings, LLC

950 East Paces Ferry Road, Suite 1900

Atlanta, GA 30326

Attn: General Counsel, Personal & Confidential

 

    11

     

    

 

If to Executive:

 

Nathaniel R. Morris

5913 Marina View Court

Prospect, Kentucky 40059

 

or such other address or to the attention of such
other persons as the recipient Party shall have specified by prior written notice to the sending Party. Any notice under this Agreement
shall be deemed to have been given when so electronically sent or personally delivered, five (5) days after deposit in the U.S. mail,
or the next business day if sent for overnight delivery by an overnight courier service (such as UPS or FedEx).

 

12. General
Provisions.

 

(a) Definitions.
For the purposes of this Agreement, the following terms have the meanings set forth below:

 

(i) “Affiliate”
of any particular Person means any other Person controlling, controlled by or under common control with such particular Person, where
control means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the
ownership of voting securities, contract or otherwise.

 

(ii) “Board”
or “Board of Managers” means the Board or Board of Managers of the Company as constituted under the Operating
Agreement.

 

(iii) “Board
of Advisors” means the Board of Advisors of the Company as constituted under the Operating Agreement.

 

(iv) “Business”
means the municipal solid waste business.

 

(v) “Cause”
means any of the following after the Effective Date:

 

(A) the
Executive’s willful engagement in dishonesty, illegal conduct, or gross misconduct, which is, in each case, is materially injurious
to the Company or its affiliates; (B) the Executive’s embezzlement, misappropriation, or fraud, whether or not related to the Executive’s
employment with the Company; (C) the Executive’s conviction of or plea of guilty or nolo contendere to a crime that constitutes
a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving dishonesty which has a material effect on the Company
or its Affiliate; (D) the Executive’s willful unauthorized disclosure of Confidential Information (as defined below) which has a
material effect on the Company of its Affiliate; or (E) Executive’s violation of the confidentiality restrictions or any violation
of the Company’s non-solicit or non-compete restrictions applicable to Executive. “Cause” shall only be met provided
that any basis for “Cause” shall have occurred on or after the Effective Date and, further, that the Company notifies Executive
in writing of the particularities of such condition within ninety (90) days of the Company’s initial knowledge of its existence,
and such condition continues without cure at the conclusion of a period of thirty (30) days following the Company’s written notice
of the same to Executive.

    12

     

    

  

For purposes of this provision, no act
or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by
the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the
Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the advice
of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the
best interests of the Company.

 

(vi) “Company
Facilities, Materials, or Personnel” means facilities, materials, or personnel owned, leased, occupied, or controlled by
the Company, or any of its successors and assigns, and any of its present or future Affiliates, as well as the facilities, materials,
or personnel of third parties rented, leased, or otherwise hired by the Company for the conduct of aspects of the Business of the Company.

 

(vii) “Compensation
Committee” means the committee established pursuant to the Operating Agreement and compensation charter as approved by the
Board on February 15, 2018, as amended.

 

(viii) “Confidential
Information” means data and information as defined in O.C.G.A. §§13-8-51(3), in any form or media, including,
without limitation, all plans, products, and services, including, without limitation, relating to research, development, inventions, manufacturing,
purchasing, accounting, engineering, marketing, merchandising, selling, source codes, software programs, computer systems, logos, designs,
graphics, writings or other materials, algorithms, formulae, works of authorship, techniques, documentation, models and systems, products,
sales and pricing techniques, procedures, inventions, products, improvements, modifications, methodology, processes, concepts, records,
files, memoranda, reports, plans, proposals, price lists, services, client, customer and supplier lists, client, customer and supplier
information or financing, of the Company, or any of its successors and assigns, and any of its present or future Affiliates, disclosed
to or known by the Executive as a consequence of or through his engagement by the Company. Confidential Information does not include information
that is in, or has entered, the public domain through no fault of the Executive. Confidential Information also does not include Executive’s
Insights as defined elsewhere in this Agreement.

 

(ix) “Disability”
shall be deemed to have occurred if, as a result of incapacity due to physical or mental illness, Executive is considered disabled under
the Company’s long-term disability insurance plans or, in the absence of such plan, Executive has been unable, for a period of six
(6) months within any twelve (12) month period, to perform the essential duties of Executive’s position even with reasonable accommodations
of such disability or incapacity provided by the Company or if providing such accommodations would be unreasonable, all as determined
by a medical doctor selected by the Company. Executive shall cooperate reasonably and in all material respects with the Company if a question
arises as to whether Executive has a Disability (including, without limitation, submitting to an examination by such medical doctor or
such other health care specialists selected by the Company and authorizing such medical doctor or such other health care specialist to
discuss Executive’s condition with the Company).

 

    13

     

    

 

(x) “Good
Reason” means (A) reduction in Executive’s Annual Base Salary (other than a reduction in Base Salary applicable to
the Company’s executive officers generally), (B) a material reduction in the Executive’s Annual Performance Bonus;
(C) a relocation of the Executive’s principal place of employment by more than 50 miles of Metro Atlanta; (D) a material
breach by the Company of any of the other terms or provisions of this Agreement; provided that Executive notifies the Company in writing
of such condition within ninety (90) days of Executive’s initial knowledge of its existence, and such condition continues without
cure at the conclusion of a period of thirty (30) days following Executive’s written notice of the same to the Company; (v) the
Company’s failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption
occurs by operation of law; (E) the Company’s failure to nominate the Executive for election to the Board and to use its best efforts
to have him elected and reelected; (F) a material, adverse change in the Executive’s position, title, authority, duties, or reporting
responsibilities (other than in connection with a Sale Event or an IPO and other than temporarily while the Executive is physically or
mentally incapacitated or as required by applicable law); or (G) a material adverse change in the reporting structure applicable to the
Executive.

 

(xi) “Intellectual
Property” means Trade Secrets, trademarks, trade dress, copyrights, Inventions, discoveries, concepts, and ideas, whether
patentable or not, including but not limited to processes, methods, formulae, software, techniques, as well as improvements thereof or
know-how related thereto concerning any present or prospective activities of the Company, or any of its successors and assigns, and any
of its present or future subsidiaries, or organizations controlled by, controlling, or under common control with the Company, with which
the Executive becomes acquainted as a result of his engagement by the Company. Intellectual Property does not include Executive’s
Insights as defined elsewhere in this Agreement.

 

(xii) “Invention”
means inventions, discoveries, concepts, and ideas, whether patentable or not, including but not limited to processes, methods, formulae,
software, techniques, as well as improvements thereof or know-how related thereto concerning any present or prospective activities of
the Company, or any of its successors and assigns, and any of its present or future subsidiaries, or organizations controlled by, controlling,
or under common control with the Company, with which the Executive becomes acquainted as a result of his engagement by the Company. Invention
does not include Executive’s Insights as defined elsewhere in this Agreement.

 

(xiii) “IPO”
has the meaning specified in the Operating Agreement.

 

(xiv) “Material
Contact” exists between Executive and each customer or potential customer: (i) with whom Executive dealt; (ii) whose dealings
with the Company were coordinated or supervised by Executive; (iii) about whom Executive obtained Confidential Information in the ordinary
course of business as a result of Executive’s association with the Company; or (iv) who receives products or services authorized
by the Company, the sale or provision of which resulted in compensation, commissions or earnings within two years prior to the date of
Executive’s Termination Date.

 

    14

     

    

 

(xv) “Operating
Agreement” means that certain Seventh Amended and Restated Operating Agreement of Rubicon Global Holdings, LLC, dated April 27,
2018, as amended on July 2, 2019, as it may be further amended from time to time and at any time.

 

(xvi) “Person”
means an individual, a company, a corporation, an association, a partnership, a joint venture, a limited liability company or partnership,
an unincorporated trade or business enterprise, a trust, an estate, or a government (national, regional or local) or an agency, instrumentality
or official thereof.

 

(xvii) “Reasonable
Out-of-Pocket Business Expenses” means in addition to those business and travel expenses allowed and pursuant to the Company’s
Travel & Expense Reimbursement Policy, first class airline tickets for all air travel over four (4) hours of scheduled air travel;
and travel expenses incurred by Executive to/from his residence in Kentucky eight (8) times per year.

 

(xviii) “Sale
Event” means (i) the transfer of all or substantially all of the Company’s assets, (ii) a consolidation, merger, acquisition,
or other transaction (or series of related transactions) in which the holders of the voting power of the outstanding units of the Company
immediately prior to such transaction hold less than a majority in voting power of the outstanding equity securities of the Company or
the surviving or resulting Person, as the case may be, immediately following such transaction, or (iii) a grant of an exclusive license
to all or substantially all of the intellectual property that constitutes an effective disposition of such intellectual property. In addition,
a Sale Event includes a transaction pursuant to which a special purpose acquisition company or other similar vehicle merges with or otherwise
acquires an ownership interest in the Company or its operating subsidiaries, whether by merger, purchase or otherwise.

 

(xix) “Territory”
means North America.

 

(xx) “Trade
Secret” is defined in O.C.G.A. §10-1-761(4) and means any Confidential Information described above without regard to
form which: (i) is not commonly known by or available to the public; (ii) derives economic value, actual or potential, from not being
generally known to, and not being readily ascertainable by proper means by other persons who can obtain economic value from its disclosure
or use; and (iii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. The Defend Trade Secrets
Act of 2016 provides immunity from state and federal civil or criminal liability for Employee if Employee discloses a trade secret: (a)
in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, but in either case
only if the disclosure is solely for the purpose of reporting or investigating a suspected violation of law; or (b) in a complaint or
other document filed with a court in a lawsuit or other proceeding, if the filing of that document is made under seal, and any other disclosure
of the trade secret Employee makes is only as allowed by the court.

 

    15

     

    

 

(xxi) “Transaction
Value” means the total amount of the consideration paid by the buyer(s) or merger partner(s) (as applicable) in connection
with a Sale Event, or the value of the Company at the time of an IPO, in each case prior to any fees or expenses, as applicable.

 

(b) Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or
rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction
as if such invalid, illegal or unenforceable provision had never been contained herein. The Parties agree that a court of competent jurisdiction
making a determination of the invalidity or unenforceability of any term or provision of this Agreement shall have the power to reduce
the scope, duration or area of any such term or provision, to delete specific words or phrases from any such term or provision, or to
replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified.

 

(c) Complete
Agreement. This Agreement and those documents expressly referred to herein embody the complete agreement and understanding between
the Parties and supersedes and preempts any prior understandings or agreements by or between the Parties, written or oral (including the
Prior Agreement and those based on prior conduct), regarding the subject matter of this Agreement.

 

(d) Counterparts.
This Agreement may be executed in separate counterparts (including by means of facsimile and electronic transmission in portable document
format (pdf) or other electronic transmission), each of which is deemed to be an original and all of which taken together shall constitute
one and the same agreement.

 

(e) Affiliates,
Successors and Assigns. This Agreement shall inure to the benefit of and be enforceable by the Company and its Affiliates, successors
and assigns, including and may be assigned by the Company or its successors or assigns without the consent of Executive (without causing
a termination of Executive’s employment). The Company’s Board of Managers are third-party beneficiaries of and have the right
to enforce the terms and provisions of Section 8(c) of this Agreement. The Parties intend this Agreement to be enforceable
and to survive a Sale Event or an IPO.

 

(f) Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia without giving effect to
the choice of law provisions thereof The Trade Secrets and Confidential Information protected by this Agreement shall be subject to protection
and seal to the full extent contemplated by the laws of the State of Georgia.

 

(g) Waiver
of Jury Trial. As a specifically bargained for inducement for each of the Parties to enter into this Agreement (after having the opportunity
to consult with counsel), each Party expressly waives, to the maximum extent allowed by applicable law, the right to trial by jury in
any lawsuit or proceeding relating to or arising in any way from this Agreement or the matters contemplated hereby.

 

    16

     

    

 

(h) Arbitration.
Except for claims seeking injunctive or other provisional relief to avoid irreparable damage (which claims the Parties agree shall only
be brought in a court of competent jurisdiction in Fulton County, Georgia), any dispute, controversy or claim arising under or relating
to this Agreement or any breach or threatened breach hereof (an “Arbitrable Dispute”) shall be resolved exclusively
by final and binding arbitration in the State of Georgia pursuant to the American Arbitration Association’s Employment Arbitration
Rules before a JAMS arbitrator. The Parties agree that they will keep confidential the substance and result of any arbitration between
the Parties.

 

(i) Any
Party may demand that any Arbitrable Dispute be submitted to binding arbitration. The demand for arbitration shall be in writing, shall
be served on the other Party in the manner prescribed herein for the giving of notices, and shall set forth a short statement of the factual
basis for the claim, specifying the matter or matters to be arbitrated.

 

(ii) Except
as otherwise provided herein or under applicable law or rules, the Arbitrators shall award the prevailing Party in any Arbitrable Dispute
(i) reimbursement of such prevailing Party’s reasonable pre-award expenses of the arbitration, including reasonable travel expenses,
out-of-pocket expenses, witness fees, and reasonable attorney’s fees and expenses; and (ii) any fees and expenses of the Arbitrators
incurred by the prevailing Party

 

INITIALS TO THIS ARBITRATION PROVISION:

 

Initials of Executive:     NRM    

 

Initials of Company’s Representative:
    MH    

 

(i) Corporate
Opportunity. During the Employment Period, Executive shall submit to the Company all business, commercial and investment opportunities
or offers presented to Executive or of which Executive becomes aware which relate to the Business of the Company or its direct or indirect
subsidiaries at any time during the Employment Period (“Corporate Opportunities”). During the Employment Period,
unless approved by the Board, Executive shall not accept or pursue, directly or indirectly, any Corporate Opportunities. Corporate Opportunities
do not include personal opportunities relating to Executive’s Insights. The Parties agree that the Company, its Affiliates, successors,
assigns, Board, Board of Managers, or the Board of Advisors, do not have any rights, claims, or ownership interests whatsoever in Executive’s
Insights or personal opportunities that are not Corporate Opportunities.

 

(j) Construction.
The Parties agree that all Parties participated in the preparation and negotiation of this Agreement and that no provision in this Agreement
shall be construed against any Party as the drafter thereof.

 

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(k) Executive’s
Cooperation. During the Employment Period and thereafter, Executive shall reasonably cooperate with the Company, at the Company’s
sole expense, 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 or any Affiliate (including, without limitation, Executive being available during
normal business hours to the Company or its Affiliates 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, providing to the Company
all pertinent information and all relevant documents which are or may come into Executive’s possession, all at times and on schedules
that are reasonably consistent with Executive’s other permitted activities and commitments), provided that after the Employment
Period, such activities shall be subject to the payment by the Company of reasonable compensation for the time and services of the Executive
as well as reimbursement of reasonable travel and related expenses.

 

(l) Amendment
and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of the Parties, and no
course of conduct or course of dealing or failure or delay by any Party hereto in enforcing or exercising any of the provisions of this
Agreement, including, without limitation, the Company’s right to terminate the employment of Executive for Cause, shall affect the
validity, binding effect or enforceability of this Agreement or be deemed to be an implied waiver of any provision of this Agreement.

 

13. Compliance
with Code Section 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as
amended (“the Code”) or an exemption thereunder and shall be construed and administered in accordance with Section 409A.
Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a
manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A
either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A
to the maximum extent possible.

 

(a) Specified
Employees. If Executive is a “specified employee,” as such term is defined within the meaning of Section 409A of
the Code, any payments or benefits payable or provided as a result of the Executive’s termination of employment (to the extent such
payments or benefits are subject to and not exempt from Section 409A of the Code) that would otherwise be paid or provided prior
to the first day of the seventh (7th) month following such termination (other than due to death) shall instead be paid or provided
on the earlier of (i) the date that is six (6) months and one (1) day following the Executive’s termination, (ii) the date of the
Executive’s death, or (iii) any date that otherwise complies with Section 409A of the Code. In the event that Executive is
entitled to receive payments during the suspension period provided under this Section, the Executive shall receive the accumulated benefits
that would have been paid or provided under this Agreement within the suspension period on the earliest day that would be permitted under
Section 409A of the Code. In the event of any delay in payment under this provision, the deferred amount shall bear interest at the
prime rate (as stated in the Wall Street Journal) in effect on his termination date until paid.

 

(b) Reimbursement
Payments. To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be
provided in accordance with the following:

 

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(i) the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(ii) any
reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the calendar
year in which the expense was incurred; and

 

(iii) any
right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

 

(c) Separation
from Service. For purposes of this Agreement, any reference to “termination” of the Executive’s employment shall
be interpreted consistent with the meaning of the term “separation from service” in Section 409A(a)(2)(A)(i) of the Code
and no portion of the Severance Payments shall be paid to the Executive prior to the date he incurs a “separation from service.”

 

(d) Installment
Payments. For purposes of Section 409A of the Code, each installment payment provided under this Agreement shall be treated as
a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation
from service” under Section 409A. All payments made under this Agreement (whether severance payments or otherwise) will be
treated as a right to receive a series of separate payments and, accordingly, each installment payment under this Agreement will at all
times be considered a separate and distinct payment. Notwithstanding the foregoing, the Company makes no representations that the payments
and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion
of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of non-compliance with Section 409A.

 

(e) General.
Notwithstanding anything to the contrary in this Agreement, it is intended that the severance benefits and other payments payable under
this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code, and this
Agreement will be construed to the greatest extent possible as consistent with those provisions. The commencement of payment or provision
of any payment or benefit under this Agreement shall be deferred or not be deferred (as the case may be) to the minimum extent necessary
to prevent the imposition of any excise taxes or penalties on the Company or Executive.

 

14. Tax
Gross-ups. Any tax gross-up payments provided under this Agreement shall be paid to the Executive on or before December 31 of
the calendar year immediately following the calendar year in which the Executive remits the related taxes.

 

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15. Code
Section 280G.

 

(a) If
any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or benefits received
in connection with a change in control or the Executive’s termination of employment, whether pursuant to the terms of this Agreement
or any other plan, arrangement, or agreement, or otherwise) (all such payments collectively referred to herein as the “280G Payments”)
constitute “parachute payments” within the meaning of Section 280G of the Code and will be subject to the excise tax
imposed under Section 4999 of the Code (the “Excise Tax”), the Company shall pay to the Executive, no later than the
time such Excise Tax is required to be paid by the Executive or withheld by the Company, an additional amount equal to the sum of the
Excise Tax payable by the Executive, plus the amount necessary to put the Executive in the same after-tax position (taking into account
any and all applicable federal, state, and local excise, income, or other taxes at the highest applicable rates on such 280G Payments
and on any payments under this section or otherwise) as if no Excise Tax had been imposed.

 

(b) All
calculations and determinations under this section shall be made by an independent accounting firm or independent tax counsel appointed
by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding on the Company and the Executive for
all purposes. For purposes of making the calculations and determinations required by this section, the Tax Counsel may rely on reasonable,
good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Company
and the Executive shall furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request in order
to make its determinations under this section. The Company shall bear all costs the Tax Counsel may reasonably incur in connection with
its services.

 

16. Entire
Agreement; Reasonable and Necessary; Severability; Enforceability; Non-Waiver. Except for those provisions in other agreements expressly
referenced in this Agreement, this Agreement constitutes the entire agreement between Executive and the Company regarding the terms of
Executive’s employment with the Company and the termination thereof and supersedes any other prior written or oral understandings.
The terms and provisions of this Agreement are severable and if any term or provision is held to be unenforceable, it shall be enforced
to the maximum extent allowable under the law and reformed or severed to the minimum extent necessary to render it or the Agreement enforceable.
Any such alteration shall not affect the validity and enforceability of any other term or provision. Executive acknowledges that the obligations
contained in this Agreement are not indivisible to any extent but are fully divisible and reformable or severable as legally necessary
whether through alteration of a word, clause or sentence. The Company’s failure to act upon any breach of this Agreement or waiver
of any such breach shall not constitute a waiver of any preceding or succeeding breach, or of any other right. Notwithstanding any other
clauses to the contrary in this Agreement, both Parties agree as of the Effective Date, the Company does not have Cause, and the Executive
does not have Good Reason, to terminate this Agreement, and both Parties agree to waive and release the other from any and all claims,
damages, demands, causes of action, both in law and in equity, known or unknown, that could have been brought or could in the future be
brought by one Party against the other in connection with Executive’s employment by Company for matters arising prior to the Effective
Date, with the exception of violations of Company’s Code of Conduct for fraud which, for clarity, are not waived or released. Nothing
in this clause is intended to waive Executive’s right to recover, or for Company to pay Executive, compensation due as of the Effective
Date (i.e., annual compensation, annual bonus, equity awards, etc.) or reimbursement of reasonable business expenses incurred prior to
the Effective Date.

 

[Signature page follows]

 

    20

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have executed this Agreement under seal on the date first written above.

 

	 	COMPANY:
	 	 	 
	 	Rubicon Global Holdings LLC
	 	 	 
	 	By: 	/s/ Michael Heller
	 	 	Michael Heller
	 	Title:	Chief
    Administrative & People Officer
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Nathaniel R. Morris
	 	Nathaniel R. Morris

 

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EXHIBIT A to Amended and Restated Employment
Agreement

 

Form of Release

 

(See Attached)

 

    22

     

    

 

RELEASE AGREEMENT

 

This Release Agreement (hereinafter
the “Agreement”) is made and entered into by and between Rubicon Global Holdings, LLC, a Delaware limited liability
company (the“Company”), and Nathaniel R. Morris (“Employee”), on the date fully executed
by the Company and Executive below. This Agreement is entered into pursuant that certain Amended and Restated Employment Agreement, dated
_________, 2021, between Company and Executive (the “Employment Agreement”).

 

W I T N E S S E T H:

 

WHEREAS, Employee’s
employment with the Company has ended as of the Separation Date (as defined below in Paragraph 1); and

 

WHEREAS, Employee and the
Company desire to resolve any and all matters arising from Employee’s employment and/or separation on mutually satisfactory terms
as set forth herein;

 

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

 

1. Separation
Date. Executive’s employment will end effective _______________ (the “Separation Date”).

 

2. Separation
Payment. In consideration of the covenants and agreements by Employee as described in this Agreement, including, without limitation,
the covenants set forth in Paragraphs 4, 5, 6, and 7 and the releases as set forth in Paragraph 3, the Company agrees to make payment
to the Employee as provided in the Employment Agreement. Employee acknowledges and agrees that Employee would not receive all such payment
except for Employee’s execution of this Agreement and the fulfillment of the promises contained herein. Employee further acknowledges
and agrees that, except for payments conditioned on his execution of this Agreement, Employee has received payment in full for all of
the compensation, wages, benefits and/or payments of any kind otherwise due and payable from the Company as of the Effective Date, including,
but not limited to compensation, bonuses, commissions, lost wages, expense reimbursements, payments to benefit plans, unused, accrued
vacation, leave, and personal time, severance, sick pay or any other payment or benefit under a Company plan, program, policy, practice
or promise. The payments described in this Paragraph are expressly contingent upon the Employee’s full compliance with the terms
of this Agreement and the Employment Agreement. Should Employee fail to fully comply with the terms of this Agreement or the Employment
Agreement, Employee shall forfeit rights to any of the payments described in this Paragraph, and Employee shall immediately return to
the Company any payments already made pursuant to this Paragraph.

 

3. Release
of Claims. In consideration of the promises and payments set forth herein, and as a material inducement for the parties to enter into
this Agreement, the parties state as follows:

 

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(a) Employee
hereby unconditionally releases, acquits, and forever discharges the Company and its subsidiaries, affiliates, estates, divisions, successors,
insurers and assigns, attorneys and all of their owners, stockholders, general or limited partners, agents, directors, managers, officers,
trustees, representatives, employees, the subrogees of all of the above, and all successors and assigns thereof (collectively, the “Releasees”),
from any and all claims, charges, complaints, demands, liabilities, obligations, promises, agreements, controversies, damages, actions,
causes of action, suits, rights, entitlements, costs, losses, debts, and expenses (including attorneys’ fees and legal expenses)
of any nature whatsoever, known or unknown, which Employee now has, had, or may hereafter claim to have had against the Releasees and/or
any of them by reason of any matter, act, omission, transaction, occurrence, or event that has occurred or is alleged to have occurred
up to and including the Effective Date of this Agreement; provided, however, that the foregoing Release is not intended to and shall not
release (i) any claims Employee may have to indemnification pursuant to the Company’s Certificate of Formation, Operating Agreement
or the Delaware Limited Liability Company Act (including any amendments), (ii) any rights Employee may have pursuant to any policies of
insurance maintained by the Company, (iii) any rights Employee may continue to have pursuant to any Incentive Unit Grant Agreement to
which Employee is a party, the Rubicon Global Holdings, LLC Profits Participation Plan or the Sixth Amended and Restated Operating Agreement
of the Company, as amended, to the extent Employee continues to be a member of the Company following the Separation Date, (iv) any rights
Employee has in respect of the Special Performance Bonus under Section 3(c) or Section 7 of the Employment Agreement, (v) any
benefit plans maintained by the Company, (vi) any right to enforce the provisions of this Agreement or the Employment Agreement, or (vii)
any claims or rights that are not releasable under applicable law.

 

(b) This
Release includes a knowing and voluntary waiver and release of any and all claims including, but not limited to, claims for nonpayment
of wages, overtime or bonuses or other claims pursuant to the Fair Labor Standards Act, breach of contract, fraud, loss of consortium,
emotional distress, personal injury, injury to reputation, injury to property, intentional torts, negligence, wrongful termination, constructive
discharge, retaliation, discrimination, harassment, non-payment of equity in the Company, and any and all claims for recovery of lost
wages or back pay, fringe benefits, pension benefits, liquidated damages, front pay, compensatory and/or punitive damages, attorneys’
fees, injunctive or equitable relief, or any other form of relief under any federal, state, or local constitution, statute, law, rule,
regulation, judicial doctrine, contract, or common law. Employee specifically agrees that, except for payments conditioned on his execution
of this Agreement, Employee has been paid all overtime, bonuses, wages or other monies due and payable to Employee as of the Effective
Date of this Agreement. Specifically included, without limitation, in this waiver and release is a knowing and voluntary waiver and release
of all claims of employment discrimination, including but not limited to disability discrimination, harassment, retaliation or any other
claims under the Americans With Disabilities Act; any claims under the Americans With Disabilities Act Amendments Act of 2008; any claims
under Title VII of the Civil Rights Act of 1964 and the Civil Rights Act of 1991; any claims under the Age Discrimination in Employment
Act; any claims under the National Labor Relations Act; any claims under the Fair Labor Standards Act; any claims under the Family and
Medical Leave Act; any claims under the Occupational Safety and Health Act; any claims under the Employee Retirement Income Security Act
of 1974; any claims under The Lilly Ledbetter Fair Pay Act of 2009; any and all federal or state laws pertaining to employment or employment
benefits, based on any federal, state, or local constitution, statute, law, rule, regulation, judicial doctrine, contract, or common law,
or other theory arising out of any matter, act, omission, transaction, occurrence, or event that has occurred or is alleged to have occurred
up to and including the Effective Date of this Agreement. Executive further agrees not to accept, recover, or receive any monetary damages
or any other form of relief which may arise out of or in connection with any administrative remedies which may be filed or pursued independently
by any governmental agency or agencies, whether federal, state or local or in connection with any legal action pursued by other individuals
against the Company and any and all claims for attorney’s fees and costs. However, nothing in this Agreement shall be construed
to prohibit Executive from filing a charge or complaint with the Equal Employment Opportunity Commission, or its state equivalent agency;
or participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission, or its state equivalent
agency.

 

    24

     

    

 

(c) Employee
expressly acknowledges that this Agreement may be pled as a complete defense and may bar any and all claims, known or unknown, against
any or all the Releasees based on any matter, act, omission, transaction, occurrence, or event that has occurred or is alleged to have
occurred up to and including the Effective Date of this Agreement.

 

(d) Employee
acknowledges that this general release extends also to claims that Employee does not know or suspect to exist in Employee’s favor
at the time of executing this Agreement which, if known by Employee, might have materially affected Employee’s decision to execute
this Agreement. Employee hereby knowingly and voluntarily waives and relinquishes all rights and benefits which Employee may have under
applicable law with respect to such general release provisions.

 

4. Release
of Claims under the Age Discrimination in Employment Act (“ADEA”) and Older Workers Benefit Protection Act (“OWBPA”).
EMPLOYEE UNDERSTANDS THAT HE MAY TAKE UP TO TWENTY ONE (21) DAYS TO CONSIDER WHETHER OR NOT HE DESIRES TO ENTER INTO THIS AGREEMENT. Employee
understands that the consideration he receives for this Agreement is in addition to that to which he was already entitled. Employee represents
and warrants that he was not coerced, threatened or otherwise forced to sign this Agreement, and that his signature appearing hereinafter
is genuine. Employee further represents and acknowledges that, in executing this Agreement, he does not rely and has not relied upon any
representation or statement made by any of the Company’s agents, representatives, or attorneys with regard to the subject matter,
basis, or effect of this Agreement, other than the written representations contained herein. Employee is advised to seek his own counsel
regarding executing this Agreement. Employee understands that he may revoke this Agreement by notifying counsel for the Company, ____________________
(“Company Counsel”), at the address of ______________________, in writing of such revocation within seven (7)
days of his execution and delivery of this Agreement to the Company by delivery to Company Counsel and that this Agreement is not enforceable
until the expiration of such seven (7) day period. Employee understands that upon the expiration of such seven (7) day period, this Agreement
will be binding upon him and his heirs, administrators, representatives, executors, successors and assigns and will be irrevocable. Employee
understands that by signing this Agreement, he is giving up rights that he may have under the ADEA and the OWBPA as of the Effective Date
of this Agreement as defined below and that he does not have to sign this Agreement.

 

5. Confidentiality
of Agreement. In consideration of the payment, promises, and other consideration described in this Agreement, and as a significant
material inducement for the Company to enter into this Agreement:

 

    25

     

    

 

(a) Employee
hereby represents and warrants as of the date Employee executes this Agreement that Employee has not discussed or disclosed the terms
or conditions of this Agreement with any person or entity, other than Employee’s attorneys.

 

(b) Employee
warrants, covenants, and agrees that, from the Separation Date and after, Employee will keep confidential and will not disclose to any
other persons or entities the terms or conditions of this Agreement, except as specifically provided herein. Employee will not provide
any information as to the terms or conditions of this Agreement to anyone, including but not limited to Employee’s former co-workers
at the Company or to anyone communicating with Employee’s former co-workers at the Company, except as set forth expressly herein.

 

(c) Employee
may disclose the terms of this Agreement only to: (i) Employee’s attorneys and spouse; (ii) licensed, professional accountants to
whom disclosure is reasonably necessary for the preparation of tax returns and/or the obtaining of tax advice; (iii) as ordered by a court
of competent jurisdiction or as otherwise required by law; or (iv) within proceedings before a court of competent jurisdiction in an action
brought in good faith to enforce the provisions of this Agreement; provided that Employee will exercise Employee’s commercially
reasonable best efforts to cause persons to whom such permitted disclosure is made to keep confidential and not disclose the terms of
this Agreement.

 

(d) Non-Disparagement
and Non-Interference. For and in consideration of the payments, promises, and other consideration described in this Agreement, and
as a significant material inducement for the Company and Employee to enter into this Agreement, Employee and Company each covenant and
agree not to make any negative statements or to take any action which disparages or criticizes the other (and, with regard to the Company,
its officers, management, employees, suppliers, products and services). Employee understands and agrees that this restriction prohibits
Employee from making disparaging or defamatory remarks toward or complaints about the Company, its officers, board, board of advisors,
management, employees, suppliers, or products in their capacities as such (1) to any member of the general public, including, but not
limited to, any customer or vendor of the Company; or (2) to any current or former officer, manager or employee of any of the Company;
or (3) to any member of the press or other media. If Employee receives a subpoena or other legal document concerning Employee’s
employment with the Company, Employee agrees to notify ______________________, within ten (10) business days of receipt of the legal document
requiring Employee to provide this information. Even if’ Employee is subject to a subpoena, Employee agrees to state that the terms
of this Agreement are confidential and further agrees not to discuss the contents of this Agreement unless ordered to do so by a court
of competent jurisdiction.

 

6. Return
to Company. Employee warrants, represents, covenants, and agrees that as of the Effective Date, Employee has returned to the Company
all Company documents, records, property, and information, in any form, including, but not limited to, Company tiles, electronic messages,
notes, drawings, records, business plans and forecasts, financial information, specifications, business planning or strategy information,
information about the Company’s employees, customer identity information, tangible property including, but not limited to, computers,
intellectual property, credit cards, key fobs, mobile telephones, entry cards, identification badges and keys; and any materials of any
kind which contain or embody trade secrets or other confidential information of the Company (and all embodiments, copies, or extracts
thereof), which Employee has acquired or possessed during Employee’s employment. Employee also warrants, represents, covenants,
and agrees that Employee has not made or retained and shall not make or retain any embodiment, copy, or extract thereof.

 

    26

     

    

 

7. Waiver
of Employment. For and in consideration of the payments, promises, and other consideration described in this Agreement, and as a further
material inducement for the parties to enter into this Agreement, Employee warrants, covenants, and agrees that Employee will not knowingly
apply for, seek, or accept employment or any contractual relationship with the Company at any time in the future. Employee acknowledges
that this Agreement will constitute a complete and final reason for any subsequent denial of employment or any contractual relationship,
and that this Agreement may be offered as a complete defense to any lawsuit, charge, claim, or cause of action for such denial.

 

8. Tax
Consequences. Employee shall be responsible for any tax consequences of any payment made pursuant to this Agreement. Employee shall
indemnify the Company and hold it harmless for any tax liability (including any penalties and/or attorneys’ fees) incurred as a
result of any payment described herein. Employee acknowledges and agrees that the Company is not undertaking to advise Employee with respect
to any tax consequences of this Agreement, and that Employee is solely responsible for determining those consequences and satisfying all
applicable tax obligations resulting from any payment described herein.

 

9. No
Assignment. Employee represents and warrants that Employee has not assigned to any other person, and that no other person is entitled
to assert on Employee’s behalf, any claim against any of the Releasees based on matters released in this Agreement. Employee shall
indemnify and hold the Company harmless from and against any liability, costs, or expenses (including any penalties and/or attorneys’
fees) incurred in the defense or as a result of any breach of the representation and warranty made by Employee in this Paragraph.

 

10. Waiver
of Breach. The failure of the Company at any time to require performance of any provision of this Agreement shall in no way affect
its right thereafter to enforce the same, nor shall the waiver by the Company of any breach of any provision of this Agreement be taken
or held to be a waiver of any succeeding breach of any provision, or as a waiver of the provision itself.

 

11. Binding
Agreement. This Agreement is a contract between Employee and the Company and not merely a recital. Should either party breach any
term of this Agreement, the party in breach will be liable to the other party for reasonable attorney’s fees and costs incurred
in attempting to enforce the terms of the Agreement.

 

12. Modification.
No change or modification to this Agreement shall be valid or binding unless the same is in writing and signed by the parties hereto.

 

13. Severability.
The terms, conditions, covenants, restrictions, and other provisions contained in this Agreement are separate, severable, and divisible.
If any term, provision, covenant, restriction, or condition of this Agreement or part thereof, or the application thereof to any person,
place, or circumstance, shall be held to be invalid, unenforceable, or void, the remainder of this Agreement and such term, provision,
covenant, or condition shall remain in full force and effect to the greatest extent permissible by law, and any such invalid, unenforceable,
or void term, provision, covenant, or condition shall be deemed, without further action on the part of the parties hereto, modified, amended,
limited, or deleted to the extent necessary to render the same and the remainder of this Agreement valid, enforceable, and lawful.

 

    27

     

    

 

14. Complete
Agreement. This Agreement supersedes all previous or contemporaneous agreements, whether oral or written, between and among
the parties hereto, if any, with respect to the subject matter referred to herein, except with regard to those provisions of the
Employment Agreement that expressly survive termination of that Agreement or as otherwise set forth herein. Employee affirms that
the only consideration for executing this Agreement is the payments, promises, and other consideration expressly contained or
described herein and in the Employment Agreement, which is incorporated herein by reference. Employee further represents and
acknowledges that, in executing this Agreement, Employee does not rely and has not relied upon any promise, inducement,
representation, or statement by the Company or any of the Releasees or their respective agents, representatives, or attorneys about
the subject matter, meaning, or effect of this Agreement that is not stated in this document or the Employment Agreement. For
avoidance of doubt, all provisions in the Employment Agreement which by their terms survive the termination of employment shall
survive as provided in the Employment Agreement.

 

15. Construction.
The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly
for or against any of the parties. The paragraph headings contained in this Agreement are for reference purposes only and shall not affect
the meaning or interpretation of this Agreement.

 

16. Governing
Law and Arbitration. This Agreement shall be governed, construed, and interpreted under and in accordance with the laws of the State
of Georgia, without regard to any conflict of laws principles that would direct the application of another jurisdiction’s laws.
Any issue, controversy or claim arising out of or relating to this Agreement or its alleged breach that cannot be resolved by mutual agreement
of the parties shall be resolved exclusively by final and binding arbitration pursuant to the employment rules of the American Arbitration
Association (“AAA”) before a JAMS arbitrator. Should either party employ an attorney or incur costs to enforce any of the
terms and conditions of this Agreement against the other party, the prevailing party at arbitration shall recover all such costs, including
reasonable attorney’s fees and the costs of arbitration. The parties agree that they will keep confidential the substance and result
of any arbitration between the parties.

 

17. Acknowledgments.
Employee acknowledges and represents that the waiver and release of claims in this Agreement are knowing and voluntary and are given only
in exchange for new consideration that is in addition to anything of value to which Employee already is entitled absent this Agreement.
Employee acknowledges that the language of this Agreement is understandable to Employee and is understood by Employee, and that Employee
has been given a reasonable period within which to consider the Agreement before executing it. Employee further acknowledges that Employee
has been and is hereby advised to consult, and has in fact consulted or had a reasonable opportunity to consult, an attorney of Employee’s
choosing before executing the Agreement, and that Employee has obtained all advice and counsel Employee needs to understand all terms
and conditions of this Agreement.

 

    28

     

    

 

18. Notices.
All notices, requests, demands and other communications required or permitted hereunder shall be in writing and be deemed to have been
duly given if delivered (email and electronic delivery is acceptable) or three days after mailing if mailed, first class, certified mail,
postage prepaid:

 

	To the Company:	Rubicon Global Holdings, LLC
	 	[address]
	 	Attn: _______________, its _____________________
	 	Executive Chairman
	 	 
	With a mandatory copy sent to:
	 	 
	 	[Name and address]
	 	 
	To the Employee:	Nathaniel R. Morris
	 	[address]

 

Any party may change the address
to which notices, requests, demands and other communications shall be delivered or mailed by giving notice thereof to the other party
in the same manner provided herein.

 

19. Effective
Date. This Agreement shall become effective and enforceable upon the earliest date (the “Effective Date”)
on which Employee has executed this Agreement and delivered the fully executed Agreement to Company Counsel (electronic delivery via scan
or PDF is expressly acceptable).

 

20. Execution.
This Agreement may be executed in one or more counterparts as originals, all of which constitute one original.

 

[Signatures on the following page.]

 

    29

     

    

 

THE UNDERSIGNED HAVE CAREFULLY READ THIS “RELEASE
AGREEMENT”; THEY KNOW AND UNDERSTAND ITS CONTENTS; THEY FREELY AND VOLUNTARILY AGREE TO ABIDE BY ITS TERMS; AND THEY HAVE NOT BEEN
COERCED INTO SIGNING THIS AGREEMENT.

 

	 	 	 
	
Date	 	 
NATHANIEL R MORRIS
	 	 	 
	  	 	Rubicon Global Holdings, LLC
 
	 	 	 
	Date	 	By:	 
	 	 	Its:	 

 

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SUBJECT
TO APPROVAL

HIGHLY CONFIDENTIAL

 

Amendment to Amended and Restated Employment
Agreement

 

This Amendment (this “Amendment”)
to the Amended and Restated Employment Agreement, dated as of February 9, 2021 (the “Existing Agreement”),
by and between Rubicon Technologies, LLC (f/k/a Rubicon Global Holdings, LLC), a Delaware limited liability company (the “Company”),
and Nathaniel R. Morris (the “Executive”) (the Company and the Executive collectively referred to herein as
the “Parties”), shall be effective as of April 26, 2022. All capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Existing Agreement.

 

WHEREAS, the Company, Founder SPAC (the “SPAC”)
and the other parties thereto, entered into the Agreement and Plan of Merger, dated as of December 15, 2021 (the “Merger
Agreement”), pursuant to which the Company will become a wholly-owned subsidiary of a publicly-traded company to be known
as Rubicon Technologies, Inc., the successor to the SPAC (“Rubicon”), following the transactions contemplated
by the Merger Agreement (the “Transaction”); and

 

WHEREAS, in connection with the Transaction, the
Parties desire to amend the Existing Agreement for the benefit of the Company, in order to promote the Executive’s retention and
service following the closing date of the Transaction (the “Closing Date”), to incentivize the Executive to
grow the Company and its market position and to better reflect the Executive’s value to the Company.

 

NOW THEREFORE, in consideration of the premises and
the mutual benefits to be derived herefrom and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

 

1. The following
is added to the end of Section 1 of the Existing Agreement:

 

“Notwithstanding the foregoing, (i) the Company authorizes
and permits the Executive to continue to take higher-education courses in furtherance of the Executive’s continuing education, and
that any reasonable time that the Executive takes in connection with such education (which will be generally consistent with the time
spent on such educational activities prior to the Amendment) will be expressly permitted and (ii) the Executive may serve on up to two
for profit boards; provided that, in each case, the Executive continues to devote substantially all of his business time and attention
to the business and affairs of the Company and the performance of the Executive’s duties hereunder, to render such services to the
best of his ability and to use his best efforts to promote the interests of the Company and such activities do not, individually or in
the aggregate, interfere with his duties to the Company or any of its Affiliates or violate any Restrictive Covenants under Section 8.”

 

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2. Section 3(a)
of the Existing Agreement shall be revised by deleting “$614,692.52” in the first sentence and replacing it with “$810,000”.
For purposes of clarity, such change shall be effective as of the Closing Date.

 

3. Section 3(b)
of the Existing Agreement shall be revised by deleting the second sentence and replacing it with “Executive’s Annual Performance
Bonus target shall be equal to one hundred percent (100%) of Executives’s Annual Base Salary, less required witholdings, based on
achievement of performance standards”. For purposes of clarity, (i) such change shall be effective as of the Closing Date and, following
the Closing Date, the revised annual bonus target shall be effective for the full 2022 fiscal year and (ii) performance criteria for periods
following the Closing Date shall be established by the Compensation Committee of Rubicon.

 

4. The following
sentence shall be added at the end of Section 3(c) of the Existing Agreement:

 

“Notwithstanding the foregoing, the Special Performance
Bonus shall be satisfied as follows: (i) the Executive shall receive his allocated portion of the Cash Transaction Bonus Amount as set
forth on the Transaction Consideration Schedule pursuant to Section 3.3(d) and Section 2.4(c)(ii) of the Merger Agreement (which
amount is expected to be $25 million, but in any case shall be the amount set forth on the Transaction Consideration Schedule), and (ii)
the Executive shall receive his allocated portion of the Management Rollover Consideration as set forth on the Transaction Consideration
Schedule pursuant to Section 3.3(d) of the Merger Agreement (which is expected to be 3,561,469 shares of restricted Surviving Pubco
Class A stock, but in any case shall be such number as set forth on the Transaction Consideration Schedule) granted as soon as permitted
following the Closing Date and Rubicon filing an effective registration statement on Form S-8 for the 2022 Plan (as defined in Section 5(e))
and shall become fully vested and non-forfeitable on the six (6) month anniversary of the Closing Date, subject to the Executive’s
continued employment with the Company (including for this purpose, Rubicon and its subsidiaries) or earlier upon a Qualifying Termination,
Qualifying CIC Event or upon the Executive’s death or Disability.”

 

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5. The following
is added to the end of Section 3 of the Existing Agreement:

 

“(e) Founder Time-Based Restricted Stock Unit Award.
As soon as practicable following the Closing Date and in no event later than sixty (60) days following the Closing Date (but with the
effectiveness, vesting and settlement of such grant being subject to Rubicon filing an effective registration statement on Form S-8 for
the 2022 Plan), Rubicon shall grant the Executive an award of time-based restricted stock units (“Time-Based RSUs”),
pursuant to Rubicon’s shareholder approved 2022 Stock Incentive Plan to be established in connection with the Transaction (the “2022
Plan”) and an award agreement to be entered into by and between Rubicon and the Executive, with a number of underlying shares
equal to three percent (3%) of the shares of Rubicon immediately following the Transaction. The Time-Based RSUs will vest ratably on each
of the first three (3) anniversaries of the Closing Date, subject to the Executive’s continued employment with the Company on each
such anniversary date. If, following the Closing Date and prior to the expiration of the 3-year vesting period, either (i) the Company
terminates the Executive’s employment without Cause or if the Executive resigns for Good Reason (a “Qualifying Termination”),
(ii) Rubicon experiences a Change in Control (as defined in the 2022 Plan), following which, if the transaction is in the form of a merger,
the Executive ceases to be the Chief Executive Officer of the combined entity formed by the Change in Control transaction or, if the transaction
is in the form of an acquisition, the Executive is not the Chief Executive Officer of the ultimate parent company (a “Qualifying
CIC Event”), or (iii) the Executive incurs a termination of employment due to death or Disability, then all outstanding
Time-Based RSUs will automatically vest (and will become non-forfeitable) as of such date. If the Executive incurs a Qualifying Termination,
a Qualifying CIC Event or a termination of employment due to death or Disability following the Closing Date and prior to the grant of
the Time-Based RSUs, Rubicon shall issue fully-vested shares to the Executive in an amount equal to the Time-Based RSUs as soon as practicable
following any such event.”

 

“(f) Founder Exceptional Performance-Based Restricted
Stock Unit Award. As soon as practicable following the Closing Date and in no event later than sixty (60) days following the Closing
Date (but with the effectiveness, vesting and settlement of such grant being subject to Rubicon filing an effective registration statement
on Form S-8 for the 2022 Plan), Rubicon shall grant the Executive an award of performance-based restricted stock units (“the “Performance-Based
RSUs”), pursuant to 2022 Plan and an award agreement to be entered into by and between Rubicon and the Executive, with a
number of underlying shares equal to one and one-half percent (1.5%) of the shares of Rubicon (immediately following the Transaction.
The Performance-Based RSUs will vest based upon performance criteria to be determined by the Compensation Committee of Rubicon following
the Closing Date and on or prior to the grant date. The Executive will remain eligible to vest in the Performance-Based RSUs provided
he remains employed during the performance period or, following the Closing Date and prior to the expiration of the applicable performance
period, in the event the Executive incurs a Qualifying Termination, a Qualifying CIC Event or a termination of employment due to death
or Disability, subject in each case to achievement of the performance goals. If the Executive incurs a Qualifying Termination, a Qualifying
CIC Event or a termination of employment due to death or Disability following the Closing Date and prior to the grant of the Performance-Based
RSUs, Rubicon shall issue fully-vested shares to the Executive in an amount equal to the Performance-Based RSUs as soon as practicable
following any such event.”

 

    33

     

    

 

6. The definition
of “Business” under Section 12(a)(iv) of the Existing Agreement shall be revised by deleting such definition in its entirety
and replacing it with the following:

 

“(iv) “Business of the
Company” means activities, products or services of the type conducted, offered or provided by the Company or its Affiliates
(including Rubicon and any other successors to the Company) in the waste industry.”

 

Notwithstanding anything in this Amendment to the
contrary, this Amendment will be null and void ab initio and of no further force or effect if the Merger Agreement is terminated
and the Closing Date does not occur (but, for purposes of clarity and the avoidance of doubt, this Amendment will have force and effect
from and after the date of this Amendment upon the occurrence of the Closing Date).

 

Except as set forth in this Amendment, all terms
and conditions of the Existing Agreement shall remain unchanged and in full force and effect in accordance with their terms. All references
to the “Agreement” in the Existing Agreement shall refer to the Existing Agreement as previously amended and as amended by
this Amendment.

 

This Amendment may be executed in counterparts, each
of which shall for all purposes be deemed to be an original and all of which shall constitute the same instrument. Delivery of an executed
counterpart of a signature page of this Amendment by electronic transmission shall be effective as delivery of a manually executed counterpart
of this Amendment.

 

[Signatures Page Follows]

 

    34

     

    

 

IN WITNESS WHEREOF, each of the parties hereto has
duly executed this Amendment as of the effective date first written above.

 

	 	Rubicon TECHNOLOGIES, LLC,
	 	 
	 	By	/s/ Michael Heller
	 	 	Name:	Michael Heller
	 	 	Title:	Chief Administrative Officer

 

	 	EXECUTIVE
	 	 
	 	By	/s/ Nate Morris
	 	 	Name:	Nathaniel R. Morris
	 	 	Title:	Executive

 

    35

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