Document:

Exhibit 10.6

 

Name: Steven Brown

Date: January 16, 2020

 

	 	RE:	Offer of Employment with Trinity Capital Inc.

 

Dear
Steven:

 

I
am very pleased to provide you with an offer of employment and know that you will be an extremely valuable contributor to Trinity
Capital Inc. (the “Company”). Please review and approve at your convenience. We look forward to having you join our
team!

 

Position and Responsibilities

 

You
agree to serve as CEO and Chairman of the Board for the Company. You agree to devote substantially all of your business time and
efforts to the performance of your duties to the Company. You will be responsible for leading the Company’s employees, maximizing
the value of the organization and responsible for the vision and implementation of the Company’s plan. You will also serve
on the Company’s investment committee. In this position, you will report directly to the Board of Directors.

 

Salary, Bonus, Benefits,
Business Expenses and Severance

 

		a.	Base
                                         Salary. Initially, you will be compensated for your services at an annual rate of
                                         six hundred and fifty thousand dollars ($650,000),
                                         which may be reviewed and increased but not decreased on an annual basis by the Board
                                         of Directors (the “Board”) in its sole discretion, and which shall be payable
                                         in accordance with the Company’s regular payroll schedule (the
                                         “Base Salary”). All payments made to you, including all payments of
                                         Base Salary and any bonuses or equity or equity-based compensation, shall be subject
                                         to all withholding required by law (such as income and payroll taxes) and any additional
                                         agreed upon withholding amounts. 

 

		b.	Annual Bonus Arrangement.
                                         In addition, you will be eligible to receive an annual bonus (the “Annual Bonus”),
                                         payable in amounts and at such times as determined in good faith by the Board, based
                                         on the achievement of Company and individual performance objectives, performance goals,
                                         and other metrics as set by the Board, and as may be changed from time to time. The Annual
                                         Bonus (if any) shall be payable no later than March 15 of the calendar year following
                                         the calendar year to which such Annual Bonus relates and may be paid periodically prior
                                         to such date. In order to be eligible to receive such Annual Bonus (or portion thereof),
                                         you must remain employed by the Company and in good standing through (i) the payment
                                         date if earlier than the end of the calendar year, or (ii) end of the applicable Annual
                                         Bonus calendar year. Notwithstanding the foregoing, in the event that you are terminated
                                         for “cause” at any point prior to the payment of any Annual Bonus, you will
                                         not be entitled to the payment of any Annual Bonus.

 

For
purposes of this letter agreement, “cause” shall mean (i) your act(s) of gross negligence or willful misconduct
in the course of your employment, (ii) your willful failure or refusal to perform in any material respect your duties or
responsibilities, (iii) misappropriation (or attempted misappropriation) by you of any assets or business opportunities of
the Company, (iv) embezzlement or fraud committed (or attempted) by you, or at your direction, (v) your conviction of,
indictment for, or pleading “guilty” or “no contest” to, (x) a felony or (y) any other criminal
charge that has, or could be reasonably expected to have, an adverse impact on the performance of your duties to the Company or
otherwise result in material injury to the reputation or business of the Company, (vi) any material violation by you of the
policies of the Company, including but not limited to those relating to sexual harassment or business conduct, and those otherwise
set forth in the manuals or statements of policy of the Company, or (vii) your material breach of Exhibit A of this letter
agreement.

 

     

     

    

 

		c.	Employee
                                         Benefits. In connection with your employment, you will be eligible to participate
                                         in the Company’s employee benefit plans (including life, health accident insurance
                                         and disability programs) provided by the Company to similarly situated employees. Such
                                         participation shall be subject to the terms of the applicable plan documents and policies
                                         generally applicable to Company employees, including, without limitation, plan terms
                                         or policies relating to employee contributions under any such plans. Additional information
                                         regarding these benefits will be provided to you under a separate cover. 

 

		d.	Vacation
                                         and Sick Leave. You will be entitled to four (4) weeks of paid time off per calendar
                                         year in the form of vacation and sick leave (without taking into account any qualified
                                         disability leave offered pursuant to the Company’s disability benefit programs
                                         in place from time to time), subject to the terms and conditions of the Company’s
                                         policies, procedures, and practices applicable to similarly situated employees and applicable
                                         law.

 

		e.	Sabbatical. You will be entitled
                                         to a six (6) week sabbatical every three years.

 

		f.	Working
                                         Remotely: You
                                         will have the option to work remotely. Some time spent in the Company’s offices
                                         in Arizona will be necessary and will be determined over time as needed by the Company
                                         to achieve the responsibilities for your role. 

 

		g.	Business Expenses. You will
                                         be reimbursed for all reasonable expenses (including, without limitation, travel and
                                         lodging, phone and car lease) incurred by you in connection with your employment, provided
                                         you provide documentation, expense statements, vouchers and/or such other supporting
                                         information to the Company as it may reasonably request and provided such expenses were
                                         incurred in compliance with Company policies, procedures and practices.

 

	 	h.	Severance:
    In addition to any amounts owed to you under the
    Company’s employee benefit plans and under applicable law, you will also be eligible for severance upon certain terminations
    of employment as provided for in this letter agreement. Through the fifth anniversary of the date of this letter agreement,
    you will be eligible for severance upon your termination of employment as a result of your death, disability, by the Company
    without cause or your resignation for “good reason” as provided for in this paragraph. Upon such termination and
    your execution and nonrevocation of a general release of claims in a form satisfactory to the Company (the “Release
    of Claims”) and your continued compliance with the terms of Exhibit A, you will be paid the following amounts: (i) two
    times your Base Salary, (x) as averaged over the most recent three years or (y) if three years has not passed since the Company’s
    operation as a BDC, your most recent Base Salary; (ii) any earned but unpaid Annual Bonus amounts plus your pro rata Annual
    Bonus for the year of termination; (iii) two times (x) the average of your most recent three Annual Bonuses or (y) if three
    years has not passed since the Company’s operation as a BDC, your most recent Annual Bonus (if none has been paid as
    a result of the Company’s recent operation as a BDC, your most recent Annual Bonus earned for service to the predecessor
    of Company); (iv) the accelerated vesting of any equity awards granted by the Company; plus (v) subject to your electing COBRA
    coverage under the Company’s group health plan, an amount equal to the difference between the monthly COBRA premium
    cost and the monthly contribution paid by active employees for the same coverage, for a period of eighteen months (the “Severance
    Benefits”). The Severance Benefits shall be paid to you in a lump sum (or vested) as soon as reasonably practicable
    following your execution and nonrevocation of the Release of Claims.

 

     

     

    

 

For purposes of this letter
agreement, “disability” shall mean any physical or mental disability or infirmity of you that prevents the performance
of your duties (notwithstanding the provision of any reasonable accommodation) for a period of (i) ninety (90) consecutive
days or (ii) one hundred twenty (120) non-consecutive days during any twelve (12) month period, as determined by the Company.

 

For purposes of this letter
agreement, your resignation shall be for “good reason” if you resign from your employment as a result of any of the
following without your consent: (i) a material reduction in your position, responsibilities or status; (ii) a material downward
change in your reporting responsibility; (iii) a reduction your Base Salary; (iv)  the relocation of your principal work
location to a location outside a fifty (50) mile radius of your current principal work location; (v) the failure of the Company
to make any material, non-forfeited payments earned and due to you under this letter agreement; or (vi) the failure of the Company
to obtain the assumption in writing of its obligations under this letter agreement by any successor to all or substantially all
of the assets of the Company. In order to resign for good reason, you must notify the Company within ten (10) days of such event(s)
alleged to constitute good reason and the Company shall have a period of thirty (30) days to cure such event(s), to the extent
curable.

 

If your employment with the
Company is terminated at any time for any reason other than as described above, unless provided for separately (e.g. a separate
severance plan or agreement) the Company shall have no further obligation or liability to you relating to your employment or arising
out of this offer, other than (i) the payment of any Base Salary earned but unpaid through the date of termination of your
employment, (ii) any vested rights you may have under any of the Company’s employee benefit plans, (iii) payment for any
accrued but unused vacation days, in accordance with the Company’s vacation policy and applicable laws, and (iv) any other
payments required by applicable law.

 

Employment at Will;
Restrictive Covenants

 

Notwithstanding
anything to the contrary, your employment with the Company will be “at will”, which means that either you or the Company
may terminate your employment, at any time and for any reason, either with or without cause or advance notice. In the event you
desire to terminate your employment with the Company, the Company does request you provide two weeks’ notice as a courtesy.

 

As
a condition of your employment, you agree to be bound by all the terms and conditions in Exhibit A to this letter, and agree that
the terms and conditions of Exhibit A form part of the terms and conditions of your employment.

 

     

     

    

 

Additional Agreements;
Miscellaneous

 

This
offer letter, the employment relationship contemplated herein and any claim arising from such relationship, whether or not arising
under this letter, shall be governed by and construed in accordance with the laws of the State of Arizona without giving effect
to any choice or conflict of laws provision or rule thereof. If any portion or provision of this letter agreement shall to any
extent be declared illegal or unenforceable by a court of competent jurisdiction, then the application of such provision in such
circumstances shall be modified to permit its enforcement to the maximum extent permitted by law, and both the application of
such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable and the remainder
of this letter agreement shall not be affected thereby, and each portion and provision of this letter agreement shall be valid
and enforceable to the fullest extent permitted by law.

 

The
agreed upon start date for the commencement of your employment is the date upon which the Company becomes an operating “business
development company.” We expect this date to occur in the first quarter of 2020.

 

Sincerely,

 

Kyle
Brown

Director,
President and Chief Investment Officer

Trinity
Capital Inc.

 

Accepted
by:

 

	Name:   	/s/ Steven Brown	 	Date:	January 16, 2020

 

     

     

    

 

Exhibit
A

Restrictive
Covenants

 

You acknowledge that,
as a senior executive of the Company, you have specialized knowledge of the Company’s business, its customer relationships
and its confidential information and that the restrictive covenants included in this Exhibit A to this letter agreement are necessary
to protect the Company’s legitimate, protectable business interests. You also acknowledge that in connection with the execution
of this letter agreement that you have received sufficient consideration to agree to such restrictions.

 

	1.	Intellectual Property. All inventions,
                                         technology, processes, innovations, ideas, improvements, developments, methods, designs,
                                         analyses, trademarks, service marks, and other indicia of origin, writings, audiovisual
                                         works, concepts, drawings, reports and all similar, related, or derivative information
                                         or works (whether or not patentable or subject to copyright), including but not limited
                                         to all patents, copyrights, copyright registrations, trademarks, and trademark registrations
                                         in and to any of the foregoing, along with the right to practice, employ, exploit, use,
                                         develop, reproduce, copy, distribute copies, publish, license, or create works derivative
                                         of any of the foregoing, and the right to choose not to do or permit any of the aforementioned
                                         actions, which relate to the Company’s actual or anticipated business, research
                                         and development or existing or future products or services and which are conceived, developed
                                         or made by you while employed by the Company or any of their predecessors (collectively,
                                         the “Work Product”) belong to the Company. All Work Product created
                                         by you while employed by the Company or any of its predecessors will be considered “work
                                         made for hire,” and as such, the Company is the sole owner of all rights, title,
                                         and interests therein. All other rights to any new Work Product and all rights to any
                                         existing Work Product, including but not limited to all of your rights to any copyrights
                                         or copyright registrations related thereto, are conveyed, assigned and transferred to
                                         the Company pursuant to this letter agreement. You will promptly disclose and deliver
                                         such Work Product to the Company and, at the Company’s expense, perform all actions
                                         reasonably requested by the Company (whether during or after your employment with the
                                         Company) to establish, confirm and protect such ownership (including, without limitation,
                                         the execution of assignments, copyright registrations, consents, licenses, powers of
                                         attorney and other instruments).

 

	2.	Confidential Information, Trade
                                         Secrets and Protected Rights.

 

You
agree that, during your employment with the Company or its affiliates and at all times following termination of your employment,
except as required by applicable law, you will not, directly or indirectly, at any time, disclose to any third person or use in
any way any non-public information or Confidential Information.

 

		a.	For purposes of this letter agreement, “Confidential
                                         Information” shall mean any confidential or proprietary information, including
                                         but not limited to: (a) technical, operational and financial information, data, Trade
                                         Secrets, formulae, processes, techniques, formats, specifications, manufacturing methods,
                                         treatment methods, designs, sketches, photographs, plans, drawings, specifications, samples,
                                         reports, pricing information, studies, findings, marketing plans or proposals, inventions,
                                         ideas, customer and client lists, information related to business opportunities and business
                                         development, and confidential programs or procedures; (b) any intellectual property owned
                                         or licensed by the Company or its affiliates; (c) any information maintained by the Company
                                         or its affiliates as confidential or proprietary information, whether or not it is marked
                                         as confidential; and (d) information received by the Company or its affiliates from third
                                         parties under confidential conditions.

 

     

     

    

 

		b.	Notwithstanding the foregoing, Confidential Information shall
                                         not include information: (i) that at the date hereof is in the public domain; (ii) that
                                         has come within the public domain through no fault or action of you that has the obligation
                                         of confidentiality (provided, however, that the fact that general information may be
                                         in or become part of the public domain, in and of itself, does not exclude any specific
                                         information from the obligations of this letter agreement); (iii) that after the date
                                         hereof has been obtained lawfully from any third party which was entitled to disclose
                                         such information; and/or (iv) that you are compelled to disclose by any judicial or administrative
                                         order after having given prompt notice of such order to the Company.

 

		c.	You agree that, during your employment with the Company or its
                                         affiliates and thereafter, you will:

 

		(i)	hold the Confidential Information in strict confidence; and

 

		(ii)	not give, sell or disclose Confidential Information to any
                                         other third party, unless such party is an auditor or contractor hired by the Company
                                         and then only upon written approval of the Board.

 

For avoidance
of doubt, nothing in this letter agreement shall prevent you from sharing any Confidential Information or other information with
regulators or appropriate governmental agencies without notice to the Company, whether in response to subpoena or otherwise, under
the whistleblower provisions of federal law or regulation, and no prior authorization or notification is required prior to you
making any such reports or disclosures, provided, that no attorney client privilege shall be waived.

 

You acknowledge
that your obligations above are separate and distinct from your promise and obligation not to disclose or use the Company’s
or its affiliates’ “Trade Secrets,” as defined by the applicable federal and state laws. During and at all times
after your employment with the Company or its affiliates, Trade Secrets of the Company shall be subject to the maximum protections
available under applicable law and no less protection than that described above applicable to “Confidential Information.”

 

Nothing in
this letter agreement prohibits you from reporting to any governmental authority information concerning possible violations of
law or regulation. Provided you do so consistent with 18 U.S.C. § 1833, you may disclose Trade Secret information to a government
official or to an attorney for the purposes of obtaining legal advice or use it in certain court proceedings without fear of prosecution
or liability if the Trade Secret information is filed under seal.

 

	3.	Non-Competition and Non-Interference.

 

		a.	Non-Competition. During the period of your employment
                                         with the Company and the period commencing on the date of the termination your employment
                                         for any reason and ending on the 12-month anniversary of such date of termination (the
                                         “Restricted Period”), you agree that you will not, directly or indirectly,
                                         individually or on behalf of any Person, or as a sole proprietor, partner, stockholder,
                                         director, officer, principal, agent, or executive, or in any other capacity or relationship,
                                         engage in any Competitive Activities within the United States of America or any other
                                         jurisdiction in which any member of the Company engages in business.

 

     

     

    

 

		b.	Non-Interference. During the Restricted Period, you agree
                                         that you will not, directly or indirectly for his or her own account or for the account
                                         of any other individual or entity, engage in Interfering Activities.

 

		c.	Definitions. For purposes of this letter agreement:

 

		(i)	“Business Relation” shall mean any current
                                         or prospective client, customer, borrower, referral source, licensee, supplier, or other
                                         business relation of the Company or its affiliates, or any such relation that was a client,
                                         customer, borrower, referral source, licensee or other business relation within the prior
                                         six (6) month period.

 

		(ii)	“Competitive Activities” shall mean business
                                         activities related to venture lending or leasing, equipment leasing or any other business
                                         activity that is materially competitive with the current or actively planned business
                                         activities of the Company or its affiliates.

 

		(iii)	“Interfering Activities” shall mean (A)
                                         encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit,
                                         or induce, any Person employed by, or providing consulting services to, the Company or
                                         its affiliates to terminate such Person’s employment or services (or in the case
                                         of a consultant, materially reducing such services) with the Company or its affiliates;
                                         (B) hiring any individual who was employed by or served as a consultant to the Company
                                         or its affiliates within the six (6) month period prior to the date of such hiring; or
                                         (C) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit,
                                         or induce, any Business Relation to cease doing business with or reduce the amount of
                                         business conducted with the Company or its affiliates, or in any way interfering with
                                         the relationship between any such Business Relation and the Company or its affiliates.

 

		(iv)	“Person” shall mean any individual, corporation,
                                         partnership, limited liability company, joint venture, association, joint-stock company,
                                         trust (charitable or non-charitable), unincorporated organization, or other form of business
                                         entity.

 

	4.	Reasonableness of Restrictions.

 

You acknowledge
and recognize the highly competitive nature of the Company’s business, that access to Confidential Information renders you
special and unique within the Company’s industry, and that you will have the opportunity to develop substantial relationships
with existing and prospective clients, accounts, customers, consultants, contractors, investors, and strategic partners of the
Company and its affiliates during the course of and as a result of your employment with the Company. In light of the foregoing,
you recognize and acknowledge that the restrictions and limitations set forth in this letter agreement are reasonable and valid
in geographical and temporal scope and in all other respects and are essential to protect the value of the business and assets
of the Company. You further acknowledges that the restrictions and limitations set forth in this letter agreement will not materially
interfere with your ability to earn a living following the termination of your employment with the Company and that your ability
to earn a livelihood without violating such restrictions is a material condition to your employment with the Company.

 

     

     

    

 

Each of
the rights enumerated in this letter agreement shall be independent of the others and shall be in addition to and not in lieu
of any other rights and remedies available to the Company at law or in equity. If any of the provisions of this letter
agreement or any part of any of them is hereafter construed or adjudicated to be invalid or unenforceable, the same shall not
affect the remainder of this letter agreement, which shall be given full effect without regard to the invalid portions. If
any of the covenants contained herein are held to be invalid or unenforceable because of the duration of such provisions or
the area or scope covered thereby, you agree that the court making such determination shall have the power to reduce the
duration, scope, and/or area of such provision to the maximum and/or broadest duration, scope, and/or area permissible by
law, and in its reduced form said provision shall then be enforceable.

 

You expressly
acknowledges that any breach or threatened breach of any of the terms and/or conditions set forth in this letter agreement may
result in substantial, continuing, and irreparable injury to the Company. Therefore, you hereby agree that, in addition to any
other remedy that may be available to the Company, any of its affiliates shall be entitled to seek injunctive relief, specific
performance, or other equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach
of the terms of this letter agreement without the necessity of proving irreparable harm or injury as a result of such breach or
threatened breach. Notwithstanding any other provision to the contrary, you acknowledge and agree that the Restricted Period shall
be tolled during any period of violation of any of the covenants hereof and during any other period required for litigation during
which the Company or any its affiliate seeks to enforce such covenants against you if it is ultimately determined that you were
in breach of such covenants.

 

	5.	Non-Disparagement. You and the
                                         Company each agrees that during your employment with the Company or its affiliates and
                                         thereafter, neither party will disparage the other, including any products, services
                                         or practices, any affiliates, directors, officers, agents, representatives, stockholders
                                         or affiliates of the Company, either orally or in writing at any time. For the avoidance
                                         of doubt, nothing in this letter agreement shall prohibit the either the Company or you
                                         from making truthful statements (a) in the course of sworn testimony in administrative,
                                         judicial or arbitral proceedings (including, without limitation, depositions in connection
                                         with such proceedings), or (b) to regulators or appropriate government agencies in fulfillment
                                         of their statutory or regulatory obligations.
	 	 

	6.	Company Property. All information,
                                         materials, documents, supplies, equipment, and other property furnished to you by the
                                         Company in connection with performance of services under this letter agreement will be
                                         and remain the sole property of the Company. On the date of the termination of your employment
                                         under this letter agreement for any reason, or at any other time at the Company’s
                                         request, you must return to the Company all tangible and intellectual property in whatever
                                         form belonging to the Company (including, but not limited to, Confidential Information,
                                         Company vehicles, laptops, computers, cell phones, wireless electronic mail devices,
                                         code, and other equipment, information, documents, and property).
	 	 

	7.	Non-Disclosure.
                                         Except as otherwise required by law (including, without limitation, in all required
                                         filings with the Securities and Exchange Commission), you shall not disclose the financial
                                         terms of this letter agreement to any person or entity, except that the financial terms
                                         of this letter agreement may be disclosed to: (a) your attorneys, accountants, or financial
                                         or tax advisors, and (b) members of your immediate family; provided, in the case of each
                                         of (a) and (b), that such persons agree not to reveal the financial terms of this letter
                                         agreement any further.Exhibit 10.7

 

Name: Kyle Brown

Date:
January 16, 2020

 

	 	RE:	Offer
    of Employment with Trinity Capital Inc.

 

Dear
Kyle:

 

I
am very pleased to provide you with an offer of employment and know that you will be an extremely valuable contributor to Trinity
Capital Inc. (the “Company”). Please review and approve at your convenience. We look forward to having you join our
team!

 

Position
and Responsibilities

 

You
agree to serve as President and Chief Investment Officer for the Company. You agree to devote substantially all of your business
time and efforts to the performance of your duties to the Company. You will be responsible for managing and monitoring the Company’s
investment strategy and portfolio. Managing the teams necessary to achieve the Company’s deployment goals. You will also
serve on the Company’s investment committee in this position, you will report directly to the CEO and Board of Directors.

 

Salary,
Bonus, Benefits, Business Expenses and Severance

 

		a.	Base
                                         Salary. Initially, you will be compensated for your services at an annual rate of
                                         five hundred and fifty thousand dollars ($550,000), which may be reviewed and increased
                                         but not decreased on an annual basis by the Board of Directors (the “Board”)
                                         in its sole discretion, and which shall be payable in accordance with the Company’s
                                         regular payroll schedule (the “Base Salary”). All payments made to you, including
                                         all payments of Base Salary and any bonuses or equity or equity-based compensation, shall
                                         be subject to all withholding required by law (such as income and payroll taxes) and
                                         any additional agreed upon withholding amounts. 

 

		b.	Annual
                                         Bonus Arrangement. In addition, you will be eligible to receive an annual bonus (the
                                         “Annual Bonus”), payable in amounts and at such times as determined in good
                                         faith by the Board, based on the achievement of Company and individual performance objectives,
                                         performance goals, and other metrics as set by the Board, and as may be changed from
                                         time to time. The Annual Bonus (if any) shall be payable no later than March 15 of the
                                         calendar year following the calendar year to which such Annual Bonus relates and may
                                         be paid periodically prior to such date. In order to be eligible to receive such Annual
                                         Bonus (or portion thereof), you must remain employed by the Company and in good standing
                                         through (i) the payment date if earlier than the end of the calendar year, or (ii) the
                                         end of the applicable Annual Bonus calendar year. Notwithstanding the foregoing, in the
                                         event that you are terminated for “cause” at any point prior to the payment
                                         of any Annual Bonus, you will not be entitled to the payment of any Annual Bonus.

 

     

     

    

 

For
purposes of this letter agreement, “cause” shall mean (i) your act(s) of gross negligence or willful misconduct
in the course of your employment, (ii) your willful failure or refusal to perform in any material respect your duties or
responsibilities, (iii) misappropriation (or attempted misappropriation) by you of any assets or business opportunities of
the Company, (iv) embezzlement or fraud committed (or attempted) by you, or at your direction, (v) your conviction of,
indictment for, or pleading “guilty” or “no contest” to, (x) a felony or (y) any other criminal
charge that has, or could be reasonably expected to have, an adverse impact on the performance of your duties to the Company or
otherwise result in material injury to the reputation or business of the Company, (vi) any material violation by you of the
policies of the Company, including but not limited to those relating to sexual harassment or business conduct, and those otherwise
set forth in the manuals or statements of policy of the Company, or (vii) your material breach of Exhibit A of this letter
agreement.

 

		c.	Employee
                                         Benefits. In connection with your employment, you will be eligible to participate
                                         in the Company’s employee benefit plans (including life, health accident insurance
                                         and disability programs) provided by the Company to similarly situated employees. Such
                                         participation shall be subject to the terms of the applicable plan documents and policies
                                         generally applicable to Company employees, including, without limitation, plan terms
                                         or policies relating to employee contributions under any such plans. Additional information
                                         regarding these benefits will be provided to you under a separate cover. 

 

		d.	Vacation
                                         and Sick Leave. You will be entitled to four (4) weeks of paid time off per calendar
                                         year in the form of vacation and sick leave (without taking into account any qualified
                                         disability leave offered pursuant to the Company’s disability benefit programs
                                         in place from time to time), subject to the terms and conditions of the Company’s
                                         policies, procedures, and practices applicable to similarly situated employees and applicable
                                         law.

 

		e.	Sabbatical.
                                         You will be entitled to a six (6) week sabbatical every three years.

 

		f.	Working
                                         Remotely: You
                                         will have the option to work remotely. Some time spent in the Company’s offices
                                         in Arizona will be necessary and will be determined over time as needed by the Company
                                         to achieve the responsibilities for your role. 

 

		e.	Business
                                         Expenses. You will be reimbursed for all reasonable expenses (including, without
                                         limitation, travel and lodging, phone and car lease) incurred by you in connection with
                                         your employment, provided you provide documentation, expense statements, vouchers and/or
                                         such other supporting information to the Company as it may reasonably request and provided
                                         such expenses were incurred in compliance with Company policies, procedures and practices.

 

		g.	Severance: In
                                                                                                                                               addition to any amounts owed to you under the Company’s employee benefit plans and under applicable law, you will also
                                                                                                                                               be eligible for severance upon certain terminations of employment as provided for in this letter agreement. Through the fifth
                                                                                                                                               anniversary of the date of this letter agreement, you will be eligible for severance upon your termination of employment as a
                                                                                                                                               result of your death, disability, by the Company without cause or your resignation for “good reason” as provided
                                                                                                                                               for in this paragraph. Upon such termination and your execution and nonrevocation of a general release of claims in a form
                                                                                                                                               satisfactory to the Company (the “Release of Claims”) and your continued compliance with the terms of Exhibit A,
                                                                                                                                               you will be paid the following amounts: (i) two times your Base Salary, (x) as averaged over the most recent three years or
                                                                                                                                               (y) if three years has not passed since the Company’s operation as a BDC, your most recent Base Salary; (ii) any earned
                                                                                                                                               but unpaid Annual Bonus amounts plus your pro rata Annual Bonus for the year of termination; (iii) two times (x) the average
                                                                                                                                               of your most recent three Annual Bonuses or (y) if three years has not passed since the Company’s operation as a BDC,
                                                                                                                                               your most recent Annual Bonus (or, if none has been paid as a result of the Company’s recent operation as a BDC, your
                                                                                                                                               most recent Annual Bonus earned for service to the predecessor of the Company); (iv) the accelerated vesting of any equity
                                                                                                                                               awards granted by the Company; plus (v) subject to your electing COBRA coverage under the Company’s group health plan,
                                                                                                                                               an amount equal to the difference between the monthly COBRA premium cost and the monthly contribution paid by active
                                                                                                                                               employees for the same coverage, for a period of eighteen months (the “Severance Benefits”). The Severance
                                                                                                                                               Benefits shall be paid to you in a lump sum (or vested) as soon as reasonably practicable following your execution and
                                                                                                                                               nonrevocation of the Release of Claims.

 

     

     

    

 

For
purposes of this letter agreement, “disability” shall mean any physical or mental disability or infirmity of you that
prevents the performance of your duties (notwithstanding the provision of any reasonable accommodation) for a period of (i) ninety
(90) consecutive days or (ii) one hundred twenty (120) non-consecutive days during any twelve (12) month period, as determined
by the Company.

 

For
purposes of this letter agreement, your resignation shall be for “good reason” if you resign from your employment
as a result of any of the following without your consent: (i) a material reduction in your position, responsibilities or status;
(ii) a material downward change in your reporting responsibility; (iii) a reduction your Base Salary; (iv)  the relocation
of your principal work location to a location outside a fifty (50) mile radius of your current principal work location; (v) the
failure of the Company to make any material, non-forfeited payments earned and due to you under this letter agreement; or (vi)
the failure of the Company to obtain the assumption in writing of its obligations under this letter agreement by any successor
to all or substantially all of the assets of the Company. In order to resign for good reason, you must notify the Company within
ten (10) days of such event(s) alleged to constitute good reason and the Company shall have a period of thirty (30) days to cure
such event(s), to the extent curable.

 

If
your employment with the Company is terminated at any time for any reason other than as described above, unless provided for separately
(e.g. a separate severance plan or agreement) the Company shall have no further obligation or liability to you relating to your
employment or arising out of this offer, other than (i) the payment of any Base Salary earned but unpaid through the date
of termination of your employment, (ii) any vested rights you may have under any of the Company’s employee benefit plans,
(iii) payment for any accrued but unused vacation days, in accordance with the Company’s vacation policy and applicable
laws, and (iv) any other payments required by applicable law.

 

Employment
at Will; Restrictive Covenants

 

Notwithstanding
anything to the contrary, your employment with the Company will be “at will”, which means that either you or the Company
may terminate your employment, at any time and for any reason, either with or without cause or advance notice. In the event you
desire to terminate your employment with the Company, the Company does request you provide two weeks’ notice as a courtesy.

 

As
a condition of your employment, you agree to be bound by all the terms and conditions in Exhibit A to this letter, and agree that
the terms and conditions of Exhibit A form part of the terms and conditions of your employment.

 

     

     

    

 

Additional
Agreements; Miscellaneous

 

This
offer letter, the employment relationship contemplated herein and any claim arising from such relationship, whether or not arising
under this letter, shall be governed by and construed in accordance with the laws of the State of Arizona without giving effect
to any choice or conflict of laws provision or rule thereof. If any portion or provision of this letter agreement shall to any
extent be declared illegal or unenforceable by a court of competent jurisdiction, then the application of such provision in such
circumstances shall be modified to permit its enforcement to the maximum extent permitted by law, and both the application of
such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable and the remainder
of this letter agreement shall not be affected thereby, and each portion and provision of this letter agreement shall be valid
and enforceable to the fullest extent permitted by law.

 

The
agreed upon start date for the commencement of your employment is the date upon which the Company becomes an operating “business
development company.” We expect this date to occur in the first quarter of 2020.

 

Sincerely,

 

Steve
Brown

CEO
and Chairman of the Board

Trinity
Capital Inc.

 

Accepted
by:

 

	Name:   	Kyle
    Brown	 	Date:	January
    16, 2020

 

     

     

    

 

Exhibit
A

Restrictive
Covenants

 

You
acknowledge that, as a senior executive of the Company, you have specialized knowledge of the Company’s business, its customer
relationships and its confidential information and that the restrictive covenants included in this Exhibit A to this letter agreement
are necessary to protect the Company’s legitimate, protectable business interests. You also acknowledge that in connection
with the execution of this letter agreement that you have received sufficient consideration to agree to such restrictions.

 

	1.	Intellectual
                                         Property. All inventions, technology, processes, innovations, ideas, improvements,
                                         developments, methods, designs, analyses, trademarks, service marks, and other indicia
                                         of origin, writings, audiovisual works, concepts, drawings, reports and all similar,
                                         related, or derivative information or works (whether or not patentable or subject to
                                         copyright), including but not limited to all patents, copyrights, copyright registrations,
                                         trademarks, and trademark registrations in and to any of the foregoing, along with the
                                         right to practice, employ, exploit, use, develop, reproduce, copy, distribute copies,
                                         publish, license, or create works derivative of any of the foregoing, and the right to
                                         choose not to do or permit any of the aforementioned actions, which relate to the Company’s
                                         actual or anticipated business, research and development or existing or future products
                                         or services and which are conceived, developed or made by you while employed by the Company
                                         or any of their predecessors (collectively, the “Work Product”) belong
                                         to the Company. All Work Product created by you while employed by the Company or any
                                         of its predecessors will be considered “work made for hire,” and as such,
                                         the Company is the sole owner of all rights, title, and interests therein. All other
                                         rights to any new Work Product and all rights to any existing Work Product, including
                                         but not limited to all of your rights to any copyrights or copyright registrations related
                                         thereto, are conveyed, assigned and transferred to the Company pursuant to this letter
                                         agreement. You will promptly disclose and deliver such Work Product to the Company and,
                                         at the Company’s expense, perform all actions reasonably requested by the Company
                                         (whether during or after your employment with the Company) to establish, confirm and
                                         protect such ownership (including, without limitation, the execution of assignments,
                                         copyright registrations, consents, licenses, powers of attorney and other instruments).

 

	2.	Confidential Information, Trade Secrets and Protected Rights.

 

You
agree that, during your employment with the Company or its affiliates and at all times following termination of your employment,
except as required by applicable law, you will not, directly or indirectly, at any time, disclose to any third person or use in
any way any non-public information or Confidential Information.

 

		a.	For
                                         purposes of this letter agreement, “Confidential Information” shall
                                         mean any confidential or proprietary information, including but not limited to: (a) technical,
                                         operational and financial information, data, Trade Secrets, formulae, processes, techniques,
                                         formats, specifications, manufacturing methods, treatment methods, designs, sketches,
                                         photographs, plans, drawings, specifications, samples, reports, pricing information,
                                         studies, findings, marketing plans or proposals, inventions, ideas, customer and client
                                         lists, information related to business opportunities and business development, and confidential
                                         programs or procedures; (b) any intellectual property owned or licensed by the Company
                                         or its affiliates; (c) any information maintained by the Company or its affiliates as
                                         confidential or proprietary information, whether or not it is marked as confidential;
                                         and (d) information received by the Company or its affiliates from third parties under
                                         confidential conditions.

 

     

     

    

 

		b.	Notwithstanding
                                         the foregoing, Confidential Information shall not include information: (i) that at the
                                         date hereof is in the public domain; (ii) that has come within the public domain through
                                         no fault or action of you that has the obligation of confidentiality (provided, however,
                                         that the fact that general information may be in or become part of the public domain,
                                         in and of itself, does not exclude any specific information from the obligations of this
                                         letter agreement); (iii) that after the date hereof has been obtained lawfully from any
                                         third party which was entitled to disclose such information; and/or (iv) that you are
                                         compelled to disclose by any judicial or administrative order after having given prompt
                                         notice of such order to the Company.

 

		c.	You
                                         agree that, during your employment with the Company or its affiliates and thereafter,
                                         you will:

 

		(i)	hold
                                         the Confidential Information in strict confidence; and

 

		(ii)	not
                                         give, sell or disclose Confidential Information to any other third party, unless such
                                         party is an auditor or contractor hired by the Company and then only upon written approval
                                         of the Board.

 

For
avoidance of doubt, nothing in this letter agreement shall prevent you from sharing any Confidential Information or other information
with regulators or appropriate governmental agencies without notice to the Company, whether in response to subpoena or otherwise,
under the whistleblower provisions of federal law or regulation, and no prior authorization or notification is required prior
to you making any such reports or disclosures, provided, that no attorney client privilege shall be waived.

 

You
acknowledge that your obligations above are separate and distinct from your promise and obligation not to disclose or use the
Company’s or its affiliates’ “Trade Secrets,” as defined by the applicable federal and state laws. During
and at all times after your employment with the Company or its affiliates, Trade Secrets of the Company shall be subject to the
maximum protections available under applicable law and no less protection than that described above applicable to “Confidential
Information.”

 

Nothing
in this letter agreement prohibits you from reporting to any governmental authority information concerning possible violations
of law or regulation. Provided you do so consistent with 18 U.S.C. § 1833, you may disclose Trade Secret information to a
government official or to an attorney for the purposes of obtaining legal advice or use it in certain court proceedings without
fear of prosecution or liability if the Trade Secret information is filed under seal.

 

	3.	Non-Competition
                                         and Non-Interference.

 

		a.	Non-Competition.
                                         During the period of your employment with the Company and the period commencing on the
                                         date of the termination your employment for any reason and ending on the 12-month anniversary
                                         of such date of termination (the “Restricted Period”), you agree that
                                         you will not, directly or indirectly, individually or on behalf of any Person, or as
                                         a sole proprietor, partner, stockholder, director, officer, principal, agent, or executive,
                                         or in any other capacity or relationship, engage in any Competitive Activities within
                                         the United States of America or any other jurisdiction in which any member of the Company
                                         engages in business.

 

     

     

    

 

		b.	Non-Interference.
                                         During the Restricted Period, you agree that you will not, directly or indirectly for
                                         his or her own account or for the account of any other individual or entity, engage in
                                         Interfering Activities.

 

		c.	Definitions.
                                         For purposes of this letter agreement:

 

		(i)	“Business
                                         Relation” shall mean any current or prospective client, customer, borrower,
                                         referral source, licensee, supplier, or other business relation of the Company or its
                                         affiliates, or any such relation that was a client, customer, borrower, referral source,
                                         licensee or other business relation within the prior six (6) month period.

 

		(ii)	“Competitive
                                         Activities” shall mean business activities related to venture lending or leasing,
                                         equipment leasing or any other business activity that is materially competitive with
                                         the current or actively planned business activities of the Company or its affiliates.

 

		(iii)	“Interfering
                                         Activities” shall mean (A) encouraging, soliciting, or inducing, or in any
                                         manner attempting to encourage, solicit, or induce, any Person employed by, or providing
                                         consulting services to, the Company or its affiliates to terminate such Person’s
                                         employment or services (or in the case of a consultant, materially reducing such services)
                                         with the Company or its affiliates; (B) hiring any individual who was employed by or
                                         served as a consultant to the Company or its affiliates within the six (6) month period
                                         prior to the date of such hiring; or (C) encouraging, soliciting, or inducing, or in
                                         any manner attempting to encourage, solicit, or induce, any Business Relation to cease
                                         doing business with or reduce the amount of business conducted with the Company or its
                                         affiliates, or in any way interfering with the relationship between any such Business
                                         Relation and the Company or its affiliates.

 

		(iv)	“Person”
                                         shall mean any individual, corporation, partnership, limited liability company, joint
                                         venture, association, joint-stock company, trust (charitable or non-charitable),
                                         unincorporated organization, or other form of business entity.

 

	4.	Reasonableness
                                         of Restrictions.

 

You
acknowledge and recognize the highly competitive nature of the Company’s business, that access to Confidential Information
renders you special and unique within the Company’s industry, and that you will have the opportunity to develop substantial
relationships with existing and prospective clients, accounts, customers, consultants, contractors, investors, and strategic partners
of the Company and its affiliates during the course of and as a result of your employment with the Company. In light of the foregoing,
you recognize and acknowledge that the restrictions and limitations set forth in this letter agreement are reasonable and valid
in geographical and temporal scope and in all other respects and are essential to protect the value of the business and assets
of the Company. You further acknowledges that the restrictions and limitations set forth in this letter agreement will not materially
interfere with your ability to earn a living following the termination of your employment with the Company and that your ability
to earn a livelihood without violating such restrictions is a material condition to your employment with the Company.

 

Each
of the rights enumerated in this letter agreement shall be independent of the others and shall be in addition to and not in lieu
of any other rights and remedies available to the Company at law or in equity. If any of the provisions of this letter agreement
or any part of any of them is hereafter construed or adjudicated to be invalid or unenforceable, the same shall not affect the
remainder of this letter agreement, which shall be given full effect without regard to the invalid portions. If any of the covenants
contained herein are held to be invalid or unenforceable because of the duration of such provisions or the area or scope covered
thereby, you agree that the court making such determination shall have the power to reduce the duration, scope, and/or area of
such provision to the maximum and/or broadest duration, scope, and/or area permissible by law, and in its reduced form said provision
shall then be enforceable.

 

You
expressly acknowledges that any breach or threatened breach of any of the terms and/or conditions set forth in this letter agreement
may result in substantial, continuing, and irreparable injury to the Company. Therefore, you hereby agree that, in addition to
any other remedy that may be available to the Company, any of its affiliates shall be entitled to seek injunctive relief, specific
performance, or other equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach
of the terms of this letter agreement without the necessity of proving irreparable harm or injury as a result of such breach or
threatened breach. Notwithstanding any other provision to the contrary, you acknowledge and agree that the Restricted Period shall
be tolled during any period of violation of any of the covenants hereof and during any other period required for litigation during
which the Company or any its affiliate seeks to enforce such covenants against you if it is ultimately determined that you were
in breach of such covenants.

 

	5.	Non-Disparagement.
                                         You and the Company each agrees that during your employment with the Company or its
                                         affiliates and thereafter, neither party will disparage the other, including any products,
                                         services or practices, any affiliates, directors, officers, agents, representatives,
                                         stockholders or affiliates of the Company, either orally or in writing at any time. For
                                         the avoidance of doubt, nothing in this letter agreement shall prohibit the either the
                                         Company or you from making truthful statements (a) in the course of sworn testimony in
                                         administrative, judicial or arbitral proceedings (including, without limitation, depositions
                                         in connection with such proceedings), or (b) to regulators or appropriate government
                                         agencies in fulfillment of their statutory or regulatory obligations.

 

	6.	Company
                                         Property. All information, materials, documents, supplies, equipment, and other property
                                         furnished to you by the Company in connection with performance of services under this
                                         letter agreement will be and remain the sole property of the Company. On the date of
                                         the termination of your employment under this letter agreement for any reason, or at
                                         any other time at the Company’s request, you must return to the Company all tangible
                                         and intellectual property in whatever form belonging to the Company (including, but not
                                         limited to, Confidential Information, Company vehicles, laptops, computers, cell phones,
                                         wireless electronic mail devices, code, and other equipment, information, documents,
                                         and property).

 

	7.	Non-Disclosure.
                                         Except as otherwise required by law (including, without limitation, in all required
                                         filings with the Securities and Exchange Commission), you shall not disclose the financial
                                         terms of this letter agreement to any person or entity, except that the financial terms
                                         of this letter agreement may be disclosed to: (a) your attorneys, accountants, or financial
                                         or tax advisors, and (b) members of your immediate family; provided, in the case of each
                                         of (a) and (b), that such persons agree not to reveal the financial terms of this letter
                                         agreement any further.

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