Document:

Exhibit 10.12
WAG LABS, INC.
<date>
Attention: <name>
Re:Wag! Group Co. Board of Directors
Dear <name>:
I am very pleased to confirm our offer for you to join the Board of Directors (“Board”) of Wag! Group Co., which will be a Delaware corporation (“Wag”), subject to formal appointment and closing of the de-SPAC.  We are all very enthusiastic about you joining the Board.  This letter agreement (this “Letter”) summarizes certain aspects of your Board role and compensation.  Please feel free to call me with any questions.
1.Start Date.  If you accept this offer, it is our expectation that you would begin your service on the Board on August     , 2022, following the closing of the contemplated business combination between Wag Labs, Inc. and CHW Acquisition Corporation (the “de-SPAC”), and that you would attend the next regular Board meeting after the Start Date (currently scheduled for Thursday, August 25, 2022).  For the avoidance of doubt, if the closing of the de-SPAC does not occur, this Letter will be void, ab initio.
2.In-Person Meetings.  We attempt to schedule our Board meetings as far in advance as possible.  Our Board meeting dates for 2022 are currently scheduled for August 25, 2022 and November 15, 2022.  Our meetings have historically been held in person at our offices in San Francisco, California, but we have commenced utilizing videoconferencing, consistent with other similarly situated companies.  We hope to resume in-person Board meetings, as circumstances permit in the future.  If you are asked and agree to serve on any Board committee, the committee meeting schedule and frequency will be as determined by that committee.  Wag will reimburse you for all reasonable travel expenses incurred in attending Board and committee meetings in accordance with our normal expense reimbursement policies.  Expenses in excess of the reimbursement policy limits in effect at the time must be approved in advance by the Board.
3.Conference Calls and Written Consents.  We may schedule additional Board meetings via teleconference or videoconference from time to time between regular quarterly meetings to keep the Board up to speed on current developments in the business.  In addition, we occasionally take action by unanimous written consent when quick Board approval is necessary, and we ask that you be responsive in those circumstances.
4.Compensation.  Your compensation for service on the Board and any committees thereof is as described in this paragraph.  You will be granted restricted stock units covering shares of Wag’s common stock with a grant date fair market value of $ (the “RSUs”), subject to approval by the Board, the terms and conditions under Wag’s 2022 Omnibus Incentive Plan (the “Plan”), the standard form of restricted stock unit agreement, and the closing of the de-SPAC.  The fair market value will be determined in accordance with the Wag! Group Co. 2022 Omnibus Incentive Plan. You will vest in <vesting_provision>.  Each installment of RSUs that becomes vested is a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).
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In addition, your cash compensation will consist of $     per year. Payments will be made quarterly in arrears and will be pro-rated for partial years. Wag does not pay incremental fees for attendance of Board meetings, telephone conferences, or committee service, but will reimburse you for reasonable travel expenses for attending in-person Board meetings, subject to compliance with Wag’s normal expense reimbursement policies.
5.No Conflicting Obligations.  You represent and warrant that your service on the Board, and your fulfillment of your fiduciary duties as a Director, will not violate or conflict with any obligation you may have to a current or previous employer, or any other entity with which you have a relationship as a board member or service provider.
6.Nondisclosure, Nonsolicitation and Noncompetition.  During and at all times following your service on the Board, you agree to keep in confidence and not disclose to any third party any portion of the confidential and proprietary information of Wag (or our partners or subsidiaries) that is disclosed to you in the course of your role as a Board member.  You agree not to use any such confidential information for any purpose other than in furtherance of your duties as a Board member.  Wag will own all such confidential information and associated intellectual property rights.  In addition, as long as you remain on the Board and for a period of 12 months thereafter, you agree not to solicit, recruit or hire any Wag employee to work for you or any company for which you are an employee, consultant, advisor, officer, director or investor.  You agree that, as long as you are serving on the Board, you will not provide services as an employee, consultant, advisor, officer or director for any other company that is a competitor of Wag as reasonably determined by the Board.
7.Fiduciary Duties.  You acknowledge and agree that you will use your best efforts to fulfill your fiduciary duties as a corporate director under Delaware law.
8.Election and Removal.  You understand that you will be serving on the Board at the discretion of the stockholders and that you may be removed from the Board at any time, with or without cause, upon the requisite vote of stockholders in accordance with our charter documents, stockholder agreements as then in effect, and Delaware law.  Neither this offer nor your election to the Board is a guarantee of continued Board service for any particular period of time.
9.Indemnification.  In addition to the general protections from personal liability afforded to directors of Delaware corporations under Delaware law, members of our Board have additional layers of legal protection.  We enter into indemnification agreements with our directors. These indemnification agreements supplement the indemnification rights of directors set forth under Delaware law and such agreements can’t be modified, waived or amended without the consent of the director.
10.Governing Law.  This Letter shall be construed and interpreted in accordance with the laws of the State of Delaware applicable to agreements made and to be performed wholly within that jurisdiction.
11.Miscellaneous.
(a)Entire Agreement.  This Letter represents the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes in its entirety any prior representations or agreements regarding such subject matter, whether written or oral.
(b)Amendment.  The terms of this Letter may only be amended, waived, cancelled or discharged in a writing signed by you and Wag. Notwithstanding the foregoing, you agree and acknowledge that your entitlement to compensation for your services contemplated hereunder will be subject to change based on Wag's director compensation program as in effect from time to time.
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(c)Severability. If any provision of this Letter is declared by any court of competent jurisdiction to be illegal, void or unenforceable, all other provisions will not be affected and will remain in full force and effect.
(d)Equitable Relief. You understand that monetary damages will not adequately compensate Wag for a breach of your obligations.  Accordingly, you agree that Wag may specifically enforce this Letter and that Wag will be entitled to seek a temporary or permanent injunction or restraining order to prevent any breach or threatened breach of your obligations under this Letter.  You thus hereby waive any claim or defense that there is an adequate remedy at law for such breach or threatened breach and further agree that no bond or other security will be required in obtaining such equitable relief.
(e)Assignment. You may not assign your rights or obligations under this agreement without Wag's prior written consent.  You understand that Wag may assign this agreement without your consent to any entity (i) resulting from any merger, consolidation or other reorganization involving Wag, including, without limitation, a merger or other reorganization for the purpose of changing Wag's domicile, or (ii) to which Wag transfers all or substantially all of its assets.
(f)Consent to Receive Notices by Email. You hereby consent to receive all Board-related notice communications, including notices of Board and committee meetings, by email at the email address indicated on the signature page below or by any other means of electronic communication permitted by statute and Wag’s Bylaws.
(g)Nature of Relationship.  You acknowledge and agree that you will not be deemed an employee of Wag or any affiliates of Wag for any purpose, including for purposes of employee benefits, income tax withholding, F.I.C.A. taxes, unemployment benefits or otherwise.  You will not hold yourself out as an agent of Wag or its affiliates or enter into any agreement or incur any obligations on Wag’s or any affiliate’s behalf other than as specifically authorized by the Board in accordance with the Wag’s Bylaws.
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To indicate your acceptance of this offer and your agreement to the terms above, please sign and date this Letter in the space provided below and return it to me.
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Sincerely,
Garrett Smallwood
Chief Executive Officer and Director
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ACCEPTED AND AGREED:
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	Name: <name>
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	Email:
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Exhibit 10.13
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By Electronic Delivery
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Dear [Name]:
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As you may know, Wag Labs, Inc. (the “Company”) entered into that certain Business Combination Agreement by and among CHW Acquisition Corporation (“SPAC)” and CHW Merger Sub Inc. (“Merger Sub”) on February 2, 2022 (the “Business Combination Agreement”), pursuant to which SPAC will domesticate as a Delaware corporation under the name Wag! Group Co. (“Wag!”), and the Merger Sub will merge with and into the Company with the Company surviving the merger and becoming a wholly owned subsidiary of SPAC. Pursuant to the Business Combination Agreement you will be issued Management Earnout RSUs and you will be eligible to receive Management Earnout Shares as described and subject to terms and conditions set forth in the Business Combination Agreement and in this letter agreement (the “Agreement”) as of August 2, 2022.
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This Agreement is contingent upon the Acquisition Closing. For the avoidance of doubt, if the Acquisition Closing does not occur, this Agreement will be void, ab initio. Capitalized terms used but not defined in this Agreement will have the respective meanings ascribed to them in the Business Combination Agreement.
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1.Management Earnout RSUs. As of the date hereof, the Company hereby issues you Management Earnout RSUs (the “Management Earnout RSUs”).
2.Triggering Event.  The management Earnout RSUs will vest and you will be entitled to the following shares of Common Stock in full satisfaction of the Management Earnout RSUs upon the occurrence of the following Triggering Events (which may be equitably adjusted for stock splits, reverse stock splits, stock dividends, reorganizations, recapitalizations, reclassifications, combinations, exchanges of shares or other like change or transactions with respect to Common Stock occurring after the Acquisition Closing (each, an “Adjustment Event”), as determined by the Committee (as defined below) in its sole discretion) (the “Management Earnout Shares”):
		a)
	a one-time issuance of Management Earnout Shares equal to 1/3 of the Management Earnout RSUs upon the occurrence of Triggering Event I;

		b)
	a one-time issuance of Management Earnout Shares equal to 1/3 of the Management Earnout RSUs upon the occurrence of Triggering Event II; and

		c)
	a one-time issuance of Management Earnout Shares equal to 1/3 of the Management Earnout RSUs upon the occurrence of Triggering Event III.

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Wag! will issue you the Management Earnout Shares within five (5) Business Days following the applicable Triggering Event. For the avoidance of doubt, each Triggering Event will only occur once, if at all, and you will not be entitled to receive more than Management Earnout Shares.
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3.Change of Control.  If there is a Change of Control during the Earnout Period pursuant to which Wag! or its stockholders have the right to receive consideration implying a value per share of Common Stock (as agreed in good faith by CHW Acquisition Sponsor LLC and the board of directors of the Wag!) of (the following number of Management Earnout Shares in each case may be equitably adjusted for an Adjustment Event as determined by the Committee in its sole discretion):
		a)
	less than $12.50, then no Management Earnout Shares will be issuable in respect of any Management Earnout RSUs;

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		b)
	greater than or equal to $12.50 but less than $15.00, then immediately prior to such Change of Control, Wag! will issue you Management Earnout Shares equal to 1/3 of the Management Earnout RSUs;

		c)
	greater than or equal to $15.00 but less than $18.00, then immediately prior to such Change of Control, Wag! will issue you Management Earnout Shares equal to 2/3 of the Management Earnout RSUs, and

		d)
	greater than or equal to $18.00, then immediately prior to such Change of Control, Wag! will issue you Management Earnout Shares equal to the entire amount of the Management Earnout RSUs;

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provided, in each case, (i) following a Change of Control no further Management Earnout Shares will be issuable and (ii) the number of Management Earnout Shares received under this Section 3 will be reduced by any Management Earnout Shares issued in connection with a Triggering Event that occurred prior to the Change of Control. For the avoidance of doubt, in no event will the subtraction result in a negative number of shares or forfeiture of shares.
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4.Fractional Shares.  In the case of fractional shares, the Exchange Agent will round up or down to the nearest whole share of Common Stock. No cash settlements will be made with respect to fractional shares eliminated by rounding.
5.Administration.  This Agreement shall be administered by the board of directors of the Company or its designee (the “Committee”).  The Committee will have the sole and exclusive authority to determine if the applicable Triggering Event has been achieved and also have the authority to amend or terminate this Agreement.  The Committee’s interpretation of this Agreement and all decisions and determinations relating to this Agreement will be final, binding and conclusive on you and other interested parties.
6.Powers of the Committee. In addition to the other powers granted to the Committee under this Agreement, the Committee will have the power (i) to determine, modify or waive the terms and conditions of any grant of Management Earnout Shares; (ii) to adopt, amend and rescind such rules and regulations as, in its opinion, may be advisable for the administration of this Agreement; (iii) to construe and interpret this Agreement; (iv) to reconcile any inconsistency, correct any defect and/or supply any omission in this Agreement and the Business Combination Agreement; and (iv) to make all other determinations necessary or advisable for the administration of this Agreement and otherwise do all things necessary to carry out the purposes of this Agreement; provided that no amendment, modification, suspension or termination of this Agreement will materially impair your rights, unless mutually agreed otherwise between you and the Committee, which agreement must be in writing and signed by you and the Committee. Termination of this Agreement will not affect the Committee’s ability to exercise the powers granted to it hereunder prior to the date of such termination.
7.Indemnification.  Neither the Committee nor the Company nor Wag! or their respective board of directors will be liable to you or any other person for any action, omission or determination relating to this Agreement.
8.Definitions.  For purposes of this Agreement, the following definitions will apply:
		a)
	“Acquisition Closing” has the meaning set forth in the Business Combination Agreement.

		b)
	“Acquisition Closing Date” has the meaning set forth in the Business Combination Agreement.

		c)
	“Business Day” has the meaning set forth in the Business Combination Agreement.

		d)
	“Common Stock” means the common stock, par value of $0.0001 per share, of Wag!.

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		e)
	“Earnout Period” means the time period between the Acquisition Closing Date and the three-year anniversary of the Acquisition Closing Date.

		f)
	“Exchange Agent” has the meaning set forth in the Business Combination Agreement.

		a)
	“Management Earnout RSUs” means the restricted stock units of the Company issued under this Agreement and in accordance with Section 7.20 of the Business Combination Agreement.

		b)
	“Trading Day” means any day on which shares of the Common Stock may be traded on the principal securities exchange or securities market on which such market is open for business and shares of the Common Stock may be traded.

		c)
	“Triggering Event I” means the date on which the daily volume-weighted average sale price of one share of Common Stock quoted on the Nasdaq (or the exchange on which the shares of Common Stock are then listed) is greater than or equal to $12.50 for any twenty (20) Trading Days (which may or may not be consecutive) within any thirty (30) consecutive Trading Day period within the Earnout Period.

		d)
	“Triggering Event II” means the date on which the daily volume-weighted average sale price of one share of Common Stock quoted on the Nasdaq (or the exchange on which the shares of Common Stock are then listed) is greater than or equal to $15.00 for any twenty (20) Trading Days (which may or may not be consecutive) within any thirty (30) consecutive Trading Day period within the Earnout Period.

		e)
	“Triggering Event III” means the date on which the daily volume-weighted average sale price of one share of Common Stock quoted on the Nasdaq (or the exchange on which the shares of Common Stock are then listed) is greater than or equal to $18.00 for any twenty (20) Trading Days (which may or may not be consecutive) within any thirty (30) consecutive Trading Day period within the Earnout Period.

		f)
	“Triggering Events” means Triggering Event I, Triggering Event II and Triggering Event III, collectively.

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9.Section 409A.  This Agreement is designed to comply with the short-term deferral exception from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, to the maximum extent permitted, this Agreement will be interpreted to be in compliance therewith.  To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision will be read in such a manner so that all payments hereunder are either exempt from, or comply with, Section 409A of the Code.  The Company may amend this Agreement as may be necessary to fully comply with, or be exempt from, Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder.  You hereby acknowledge and agree that the Company makes no representation or warranty and will have no liability to you or any other person under the Business Combination Agreement, the Agreement or any other contract, plan, agreement or understanding (including, without limitation, any obligation to “gross-up” or reimburse you for any penalty, excise or additional taxes owed by you under Section 409A of the Code if the Management Earnout RSUs or Management Earnout Shares are determined to violate Section 409A of the Code).
10.No Contract for Continuing Services.  This Agreement will not be construed as creating any contract for continued services between the Company, SPAC or any of their respective subsidiaries and nothing herein contained will give you the right to be retained as an employee of the Company, SPAC or any of its subsidiaries.
11.Governing Law.  This Agreement will be construed in accordance with and governed the laws of the State of Delaware, without regard to any principles of conflict of laws that would require the application of the laws of any other jurisdiction.
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12.Tax Withholding.  Wag! will have the right to deduct from all payments hereunder any taxes required by law to be withheld with respect to such payments.
13.Entire Agreement; Amendment.  This Agreement and the Business Combination Agreement constitute the entire agreement of the parties hereto with respect to the Management Earnout RSUs and Management Earnout Shares and supersedes all prior and contemporaneous understandings, discussions, agreements, representations and warranties, both written and oral.  No amendment hereto will be effective unless it is in writing and executed by each of the parties hereto.  In the event of a conflict between any term or provision contained in this Agreement and a term or provision of the Business Combination Agreement, the applicable terms and provisions of this Agreement will govern and prevail.
14.Counterparts.  This Agreement or any amendment hereto may be executed in counterparts, each of which when so executed and delivered will be an original, but all of which will together constitute one and the same instrument.  This Agreement may be executed and delivered by facsimile or electronic transmission with the same force and effect as if the same were fully executed and delivered original manual counterpart.
15.Benefits and Burdens, No Transfers.  This Agreement will inure to the benefit of and be binding upon you, the Company, and SPAC, respective successors, executors, administrators, heirs and permitted assigns.  Your rights in an interest under this Agreement may not be assigned or transferred.
16.Counterparts.  This Agreement may be executed in one or more counterparts all of which taken together will constitute one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.
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	Wag Labs. Inc.

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	By:
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	Name:
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	Title:
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[Management Earnout RSU Agreement Signature Page 1 of 2]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.
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	[●]

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	By:
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[Management Earnout RSU Agreement Signature Page 2 of 2]

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