Document:

Exhibit 10.1

 

InVivo Therapeutics Holding Corp.

 

Transaction Incentive Plan

 

This Transaction Incentive Plan is established
by InVivo Therapeutics Holding Corp., a Nevada corporation (the “Company”), effective as of August 11, 2021 (the
 “Effective Date”), and as amended on July 7, 2022.

 

1.            Purpose.
The purpose of this Plan is to retain and motivate members of management and other employees of the Company by providing a meaningful
financial incentive in connection with a potential Company Acquisition (as defined below).

 

2.            Definitions.
As used in this Plan, the following terms shall have the meanings set forth below:

 

“Acquiring Entity” shall mean
the entity acquiring the stock or assets of the Company in a Company Acquisition or any of its affiliated entities.

 

“Award” shall mean an allocation
of a Percentage Interest of the Transaction Consideration upon a Company Acquisition.

 

“Board” shall mean the Board
of Directors of the Company or any committee appointed by the members of the Board of Directors; provided that for any actions to be taken
or decisions to be made by the Board after the closing of a Company Acquisition, “Board” shall mean the Board of Directors
of the Company as constituted immediately prior to the closing of the Company Acquisition.

 

“Bonus Payment” shall mean the
amount payable to a Participant pursuant to an Award in the event of a Company Acquisition, determined in accordance with this Plan.

 

“Cause” shall mean (i) if
the Participant is a party to any employment, consulting, or other agreement for the performance of services between the Participant and
the Company or a Related Entity containing a definition of “cause” or “for cause”, then the definition of such
term in such agreement or (ii) in the absence of any such agreement or any such definition in such agreement, such term shall mean
(A) the failure by the Participant to perform, in a reasonable manner, his or her duties as assigned by the Company or a Related
Entity; (B) any violation or breach by the Participant of his or her employment, consulting or other similar agreement with the Company
or a Related Entity, if any; (C) any violation or breach by the Participant of any non-competition, non-solicitation, non-disclosure
and/or other similar agreement with the Company or a Related Entity; (D) any act by the Participant of dishonesty or bad faith with
respect to the Company or a Related Entity; (E) any material violation or breach by the Participant of the Company’s or Related
Entity’s policy for employee conduct, if any; (F) use of alcohol, drugs or other similar substances in a manner that adversely
affects the Participant’s work performance, or (G) the commission by the Participant of any act, misdemeanor, or crime reflecting
unfavorably upon the Participant or the Company or any Related Entity. The good faith determination by the Committee of whether the Participant’s
Continuous Service was terminated by the Company for “Cause” shall be final and binding for all purposes hereunder.

 

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“Code” shall mean the Internal
Revenue Code of 1986, as amended.

 

“Company Acquisition” shall
have the meaning set forth on Exhibit A.

 

“Continuous Service” shall mean
the uninterrupted provision of services to the Company or any Related Entity in any capacity of a Participant. Continuous Service shall
not be considered to be interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any
Related Entities, or any successor entities, in any capacity of a Participant, or (iii) any change in status as long as the individual
remains in the service of the Company or a Related Entity in any capacity of a Participant. An approved leave of absence shall include
sick leave, military leave or any other authorized personal leave.

 

“Good Reason” shall mean (i) if
the Participant is a party to any employment, consulting, or other agreement for the performance of services between the Participant and
the Company or a Related Entity containing the definition of “good reason” or “for good reason” then the definition
of such term in such agreement or (ii) in the absence of any such agreement or any such definition in such agreement, such term shall
mean (A) the assignment to the Participant of any duties inconsistent in any material respect with the Participant’s position
(including status, offices, titles and reporting requirements), authority, duties or responsibilities as assigned by the Company or Related
Entity, or any other action by the Company or a Related Entity which results in a material diminution in such position, authority, duties
or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is
remedied by the Company or a Related Entity promptly after receipt of notice thereof given by the Participant; (B) any material failure
by the Company or a Related Entity to comply with its obligations to the Participant as agreed upon, other than an isolated, insubstantial
and inadvertent failure not occurring in bad faith and which is remedied by the Company or a Related Entity promptly after receipt of
notice thereof given by the Participant; (C) the Company’s or Related Entity’s requiring the Participant to be based
at any office or location outside of fifty (50) miles from the location of employment or service as of the date of Award, except for travel
reasonably required in the performance of the Participant’s responsibilities; or (D) any material reduction in the Participant’s
base salary (unless such reduction is part of a Company-wide reduction that affects a majority of the persons of comparable level to the
Participant).

 

“Letter Agreement” shall mean
the letter provided to each Participant providing the terms and conditions of such Participant’s Award.

 

“Participant” or “Participants”
shall mean (a) all employees of the Company or a Related Entity hired before January 1, 2020, as listed on Exhibit B
to this Plan, and (b) such additional employees or former employees of the Company or a Related Entity who may be designated as Participants
by the Board; provided that the Board may amend the list of persons designated as Participants in its sole discretion at any time pursuant
to Section 4(b).

 

“Percentage Interest” shall
mean a percentage designated for each Participant, as determined in accordance with Section 4.

 

“Plan” shall mean this InVivo
Therapeutics Holding Corp. Transaction Incentive Plan, as it may be amended from time to time in accordance with Section 7(b).

 

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“Related Entity” shall mean
any subsidiary, and any business, corporation, partnership, limited liability company or other entity designated by the Board, in which
the Company or a subsidiary holds a substantial ownership interest, directly or indirectly.

 

“Transaction Consideration”
shall mean the total value of all cash, securities and other consideration in any form paid or issued, directly or indirectly, by the
Acquiring Entity to the Company’s stockholders in connection with a Company Acquisition.

 

“Unvested Equity Value” shall
mean, in respect of each Participant, an amount equal to the sum of the values determined by applying the following calculation separately
to each equity award held by the Participant as of the closing of the Company Acquisition: (i) the product of (A) the total
number of shares of Company common stock subject to the outstanding and unvested portion of the Company equity award held by the Participant
and (B) the Transaction Consideration paid per share of Company common stock minus (ii) the aggregate exercise price applicable
to such number of shares of Company common stock subject to the unvested portion of such equity award; provided that if the foregoing
calculation yields a negative number, then the number included in the calculation of Unvested Equity Value for such equity award shall
be zero. Unvested Equity Value shall be calculated on a pre-tax basis for each Participant, and shall be calculated without regard to
any acceleration of vesting of Company equity awards that occurs as a result of the Company Acquisition or an event related to the Company
Acquisition (such as a termination of service in connection with or following the Company Acquisition).

 

3.            Administration.

 

(a)            The
Board shall be the administrator of this Plan and shall have full and complete power and authority to administer and interpret this Plan.
All decisions and interpretations of the Board hereunder – including without limitation the selection of Participants and allocation
of Percentage Interests under Section 4 and the determinations with respect to tax matters under Section 6 – are final
and binding on all Participants. No member of the Board shall be liable to any Participant for any action taken or omitted in connection
with the interpretation and administration of this Plan.

 

(b)            The
Board, in its sole discretion, will have the power, subject to, and within the limitations of, the express provisions of this Plan:

 

(i)            To
determine whether or not a transaction or related series of transactions results in a Company Acquisition;

 

(ii)           To
establish, change and adjust, in its sole discretion, except to the extent specified in this Plan, the amount of an Award;

 

(iii)          To
designate certain persons as Participants and to change or revoke such designations in its sole discretion;

 

(iv)          To
allocate the Percentage Interests in the Transaction Consideration payable to each Participant, including, without limitation, any reallocation
of Percentage Interests among the Participants; and

 

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(v)          To
calculate the Transaction Consideration.

 

4.            Percentage
Interests.

 

(a)            Preliminary
Allocation. The Company intends to allocate Percentage Interests among the persons determined to be Participants designated by the
Board and listed on Exhibit B to this Plan, substantially in accordance with the preliminary Percentage Interest allocations
of each Participant as set forth opposite the Participant’s name on Exhibit B. The Company will provide a Letter Agreement
to each Participant specifying such Participant’s preliminary Percentage Allocation.

 

(b)            Revisions
to Preliminary Allocations. Exhibit B is subject to update by the Board in the manner and for the reasons determined by
the Board from time to time in its discretion, provided that, the intent of this Plan is that Percentage Interest allocations are expected
to align with the equity ownership targets agreed to by the Board as part of the Company’s equity incentive plan strategy as of
the Effective Date. The Board may update Exhibit B to add or remove Participants and to designate and redesignate the Percentage
Interest of such Participants.

 

(c)            Actual
Allocations. Immediately prior to the closing of a Company Acquisition, the Board will (i) make the final determination as to
which persons are Participants and (ii) establish for each such Participant the actual Percentage Interest to be allocated to each
such Participant. Promptly following the closing of a Company Acquisition, the Board shall make a final calculation of Transaction Consideration.

 

(d)            Notification.
The Board will notify each Participant of his or her actual Percentage Interest as soon as practicable in an updated Letter Agreement
upon the closing of a Company Acquisition.

 

5.            Bonus
Payments.

 

(a)            General.
In the event of a Company Acquisition, each Participant designated by the Board pursuant to Section 4(c) shall become entitled
to receive a Bonus Payment in accordance with the terms of this Plan. Each Participant’s Bonus Payment shall be equal to (i) the
Participant’s Percentage Interest multiplied by the Transaction Consideration minus (ii) the Participant’s Unvested Equity
Value (rounded up to the nearest whole dollar).

 

(b)            Transaction
Consideration Paid After Closing. The Board intends that (A) each Participant shall receive, at the time specified in
Section 5(d) below, an original Bonus Payment calculated as if the portion of such consideration that is not placed in
escrow and not subject to an earn-out or purchase price adjustment (the “Initial Consideration”) were the only
consideration payable in connection with the Company Acquisition and (B) each Participant shall receive, if and when an
additional amount is paid to the Company or its stockholders pursuant to such escrow, earn-out or purchase price adjustment, an
additional Bonus Payment (if applicable) equal to (1) the Bonus Payment that would be due to the Participant calculated as if
the Transaction Consideration included both the Initial Consideration and the additional amount paid to the Company or its
stockholders pursuant to such escrow, earn-out or purchase price adjustment provision less (2) the amount of any Bonus Payment
previously made to the Participant. If the Company or its stockholders are obligated to return any previously received consideration
as a result of a decrease in the purchase price through a post-closing adjustment, the Participants shall return a pro-rata portion
of any previously received Bonus Payments net of any taxes required to be paid with respect to the receipt of such Bonus
Payment.

 

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(c)            Form of
Payment. Bonus Payments made to Participants shall be made in cash at the time set forth in Section 5(d).

 

(d)            Timing
of Payment.

 

(i)            General.
Bonus Payments based on the Initial Consideration shall be paid to each Participant on the date that is six (6) months following
the closing of the Company Acquisition (the “Initial Consideration Payment Date”), subject to the Participant’s
continued employment with the Company, a Related Entity or the Acquiring Entity on such date.

 

(ii)            Termination
of Employment. Notwithstanding Section 5(d)(i), in the event that the Participant’s employment with the Company, a Related
Entity or the Acquiring Entity is terminated by the Company, a Related Entity or the Acquiring Entity without Cause or by the Participant
for Good Reason, in either case following the Company Acquisition but prior to the Initial Consideration Payment Date, then the Bonus
Payment shall be paid to the Participant within ten (10) days following the Participant’s termination of employment. Except
as expressly set forth in the foregoing sentence, any other termination of employment of a Participant with the Company, a Related Entity
or the Acquiring Entity shall result in the automatic forfeiture of any right to any Award or any Bonus Payment.

 

(iii)            Transaction
Consideration Other Than Initial Consideration. Bonus Payments attributable to Transaction Consideration other than the Initial Consideration
(each, a “Future Bonus Payment”) shall be paid to Participants at the same time and on the same terms as are applicable
to the Company and/ or its stockholders, provided that if the Participant’s employment terminates prior to the Initial Consideration
Payment Date other than on account of a termination without Cause or a resignation for Good Reason, then the Participant shall not be
entitled to any such Future Bonus Payments.

 

6.            Miscellaneous.

 

(a)            Nature
of Plan. This Plan is meant to supplement and work in conjunction with (and not to replace) the Company’s other incentive programs,
such as its option plans, severance arrangements and other benefits plans.

 

(b)            Amendment.
The Board may, at any time prior to the closing of a Company Acquisition, amend this Plan.

 

(c)            Termination.
This Plan shall automatically terminate two (2) years after the Effective Date; provided that this Plan may be extended in the sole
discretion of the Board. Notwithstanding the foregoing, this Plan may be terminable at any time at the discretion of the Board.

 

(d)            Withholding.
If the Company or the Acquiring Entity determines that it is obligated to withhold any tax in connection with a Bonus Payment under
this Plan, the Company or the Acquiring Entity may withhold such required amount from such Bonus Payment.

 

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(e)            No
Right To Service. This Plan shall not be construed as giving a Participant the right to continued employment or other service with
the Company, a Related Entity or the Acquiring Entity.

 

(f)            No
Equity Interests. Neither this Plan nor the allocation of Percentage Interests to a Participant hereunder creates or conveys any equity
ownership interest in the Company nor any rights commonly associated with an equity ownership interest, including, but not limited to,
the right to vote on any matters put before the Company’s stockholders.

 

(g)            Transferability.
Except as the Board may, in its sole discretion, otherwise determine or provide, the right to receive a Bonus Payment may not be sold,
assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law.

 

(h)            Section 409A.
This Plan is intended to comply with, or be exempt from, the provisions of Section 409A of the Code and shall be interpreted consistently
therewith. It is intended that no one has a legally binding right to be a Participant in this Plan until the Board approves, in the manner
required under this Plan, the allocation of the Percentage Interests immediately prior to the closing of a Company Acquisition. Neither
the Company nor the Board makes any representation or warranty and shall have no liability to a Participant or any other person if any
provisions of this Plan are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy
an exemption from, or the conditions of, such section.

 

(i)            Governing
Law. The provisions of this Plan shall be governed by and interpreted in accordance with the laws of the Commonwealth of Massachusetts,
without regard to any applicable conflict-of-law provisions.

 

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EXHIBIT A

 

Definition of Company Acquisition

 

“Company Acquisition” shall mean the occurrence
of any of the following, provided that such event constitutes a “change in control event” within the meaning of Treasury Regulation
1.409A-3(i)(5)(i):

 

(i)            The
acquisition by any Person (as defined below) of Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of more than 50% of either (A) the value of then outstanding equity securities of the Company (the “Outstanding Company
Stock”) or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally
in the election of directors (the “Outstanding Company Voting Securities”) (the foregoing Beneficial Ownership hereinafter
being referred to as a “Controlling Interest”); provided, however, that for purposes of this subsection (i), the following
acquisitions shall not constitute or result in a Change in Control: (1) any acquisition by the Company; (2) any acquisition
by any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest; (3) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Company or any Related Entity; or (4) any acquisition by any entity
pursuant to a transaction which complies with clauses (1), (2) and (3) of subsection (iii) below; or

 

(ii)            During
any period of two consecutive years (not including any period prior to the Effective Date) individuals who constitute the Board on the
Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s
shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as
though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption
of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

 

    

     

    

 

(iii)            Consummation
of (A) a reorganization, merger, statutory share exchange or consolidation or similar transaction involving (1) the
Company or (2) any of its subsidiaries, but in the case of this clause (2) only if equity securities of the Company are
issued or issuable in connection with the transaction (each of the events referred to in this clause (A) being hereinafter
referred to as a “Business Reorganization”), or (B) a sale or other disposition of all or substantially all
of the assets of the Company, or the acquisition of assets or equity of another entity by the Company or any of its Subsidiaries
(each an “Asset Sale”), in each case, unless, following such Business Reorganization or Asset Sale, (1) all
or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the Outstanding Company Stock
and Outstanding Company Voting Securities immediately prior to such Business Reorganization or Asset Sale beneficially own, directly
or indirectly, more than 50% of the value of the then outstanding equity securities and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of members of the board of directors (or comparable
governing body of an entity that does not have such a board), as the case may be, of the entity resulting from such Business
Reorganization or Asset Sale (including, without limitation, an entity which as a result of such transaction owns the Company or all
or substantially all of the Company’s assets either directly or through one or more subsidiaries) (the “Continuing
Entity”) in substantially the same proportions as their ownership, immediately prior to such Business Reorganization or
Asset Sale, of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be (excluding any
outstanding equity or voting securities of the Continuing Entity that such Beneficial Owners hold immediately following the
consummation of the Business Reorganization or Asset Sale as a result of their ownership, prior to such consummation, of equity or
voting securities of any company or other entity involved in or forming part of such Business Reorganization or Asset Sale other
than the Company), (2) no Person (excluding any employee benefit plan (or related trust) of the Company or any Continuing
Entity or any entity controlled by the Continuing Entity or any Person that as of the Effective Date owns Beneficial Ownership of a
Controlling Interest) beneficially owns, directly or indirectly, 50% or more of the value of the then outstanding equity securities
of the Continuing Entity or the combined voting power of the then outstanding voting securities of the Continuing Entity except to
the extent that such ownership existed prior to the Business Reorganization or Asset Sale and (3) at least a majority of the
members of the Board of Directors or other governing body of the Continuing Entity were members of the Incumbent Board at the time
of the execution of the initial agreement, or of the action of the Board, providing for such Business Reorganization or Asset
Sale.

 

For purposes hereof:

 

(i)            “Person”
shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof,
and shall include a “group” as defined in Section 13(d) thereof.

 

(ii)            “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, including rules thereunder and successor
provisions and rules thereto.

 

    

     

    

 

EXHIBIT B

 

Participants Entitled to Receive Bonus Payments​
Exhibit 10.1
Amended and Restated Employment Agreement
THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), made and entered into as of July 12, 2022 (the “Effective Date”), is by and between Lordstown Motors Corp., a Delaware corporation (“Company”), and Edward T. Hightower (“Executive”). Certain capitalized terms shall have the meaning given to them in Section 7 below.
WHEREAS, Company and the Executive are parties to the Employment Agreement dated November 9, 2021 (the “Original Agreement”); and
WHEREAS, Company and Executive desire to enter into an amended and restated employment agreement on the terms and conditions set forth herein;
WHEREAS, Company considers Executive a “key executive” and agrees to provide Executive the significant consideration described in this Agreement as and for Company’s retention of Executive; and
WHEREAS, Company and Executive desire to enter into this Agreement as of the Effective Date and this Agreement shall supersede all prior employment terms and conditions, whether or not in writing.
NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby covenant and agree as follows:
1.Employment Period. Subject to the terms and conditions of this Agreement, Company hereby agrees to employ Executive as of the date hereof and as the Chief Executive Officer and President (“CEO and President”) of Company during the Employment Period, and Executive hereby agrees to be employed by Company and provide services for and on behalf of Company, the Subsidiaries, MIH EV Design LLC and other entities in which the Company or a Subsidiary has an interest during the Employment Period subject to and in accordance with this Agreement. The period from November 29, 2021, until the Termination Date shall be referred to as the “Employment Period.”
2.Duties. Executive agrees that, during the Employment Period, Executive will serve Company diligently and in good faith and will, subject to the exceptions below, devote his full business time, energies and talents to serving as the CEO and President of Company and to providing services to, or holding offices with, Subsidiaries, MIH EV Design LLC and other entities in which the Company or a Subsidiary has an interest subject to and at the direction of the Company’s Executive Chairman (the “Chairman”) and its board of directors (the “Board of Directors”). Executive shall: (a) have such duties and responsibilities commensurate with his position as CEO and President and as may be reasonably assigned to Executive by the Chairman or the Board of Directors; (b) perform all lawful duties assigned to Executive in good faith, subject to the reasonable direction of the Chairman or the Board of Directors; and (c) act in accordance with written Company policies as may be in effect from time to time. Notwithstanding the foregoing, during the Employment Period, Executive may devote reasonable time to activities other than those required under this Agreement, including activities of a charitable, educational, religious or similar nature (including professional associations); 

provided such activities do not inhibit, prohibit, interfere with or breach any of Executive’s duties under this Agreement or common law, or otherwise conflict in any material way with the Company Business.
3.Compensation and Benefits. Subject to the terms and conditions of this Agreement, Company shall pay Executive, and Executive agrees to accept from Company, as compensation in full for his services to be performed hereunder and for the faithful performance and observance of all of his obligations to Company hereunder, the following annual salary and other compensation during the Employment Period:
(a)Base Salary. Company shall pay to Executive a base salary in the amount of $675,000 per annum (the “Annual Base Salary”), payable in equal periodic installments less all customary payroll deductions (with such annual salary for any part of a month to be paid on a pro- rated basis), in accordance with customary policies and normal payroll practices of Company.  During the Employment Period, Annual Base Salary shall be subject to increase, but shall not be materially decreased. Once increased, such increased Annual Base Salary shall mean Annual Base Salary for purposes of this Agreement.
(b)Annual Bonus. Except as provided herein, Executive shall be eligible to receive an annual bonus for each fiscal year during the Employment Period at a target equal to 110% of Annual Base Salary, based on Company and individual performance and subject to the discretion of the Board of Directors or a committee thereof.  For the fiscal year ending December 31, 2022, Executive shall be eligible to receive an annual bonus at a target equal to 105% of his actual base salary earned in such calendar year, based on Company and individual performance and subject to the discretion of the Board of Directors or a committee thereof.  Any Annual Bonus earned will be paid to Executive no later than March 15 of the year following the year in which it is earned.
(c)Benefits. From the Effective Date and during the Employment Period, Executive and Executive’s dependents, as the case may be, shall be eligible to participate in all executive plans and programs as in effect from time to time, generally available to other executives of Company and subject to the terms and conditions thereof, including a 401(k) Plan, medical and dental, and disability benefits. Executive’s rights to participation and benefits under any employee benefit plans or compensation arrangements shall be governed by the terms of such plans and arrangements.  Notwithstanding the foregoing, Company shall be permitted to amend, add to or eliminate the benefit plans at any time and at Company’s sole discretion.
(d)Vacation. Executive shall be entitled to vacation time consistent with Company’s established programs and policies as may be in effect during the Employment Period; provided that Executive shall be entitled to four weeks of vacation per year (which, if not used in a fiscal year, will not be carried to the next fiscal year).
(e)Expense Reimbursement. Executive shall be reimbursed by Company, on terms and conditions that are substantially similar to those that apply to other similarly situated executives of Company, for reasonable out-of-pocket expenses for entertainment, travel, meals, lodging and similar items which are actually incurred by Executive in connection with the Company Business (including without limitation travel expenses to the Company’s California and Ohio facilities), provided that Executive complies with the policies, practices and procedures of Company for incurring expenses and submitting expense reports, receipts, or similar documentation of any such expenses.

(f)Equity Awards. Company intends to make annual equity compensation awards and Executive will be eligible for annual equity awards based on Executive’s seniority and Executive’s and Company’s performance, all at the discretion of the Board of Directors or a committee thereof. It is expected that Executive will receive equity or other long-term incentive awards in each of 2022 and 2023 that are at least equivalent in value or amount to the awards received by Executive when he joined the Company, subject to Executive’s and Company’s performance.  All stock options granted by Company to Executive shall permit Executive to exercise vested options for up to six months following termination of employment for any reason other than Cause (but in no event later than the full option term); provided, however, that incentive stock options shall be exercisable for up to three (3) months after the Termination Date to the extent required to maintain incentive stock option status under Section 422 of the Code.

Indemnification; D&O coverage. At all times during the Employment Period, (i) Executive shall be eligible for indemnification (including the advancement of attorneys’ fees) pursuant to Company’s bylaws to the fullest extent of the law, and (ii) Executive shall be covered by Company’s directors’ and officers’ insurance policy (the “D&O Insurance Policy”) with Side A and Side B limits that are available on commercially reasonable terms.
Other Entities.  Executive acknowledges and agrees that he shall not be separately compensated for his provision of services to the Subsidiaries, MIH EV Design LLC and other entities in which the Company or a Subsidiary has an interest or for holding an office in any such entity.
4.Term and Termination.
(a)Term. The term of Executive’s employment hereunder shall commence on the Effective Date and continue until terminated. The effective date of any termination hereunder shall be referred to as the “Termination Date”.
(b)Termination. Executive’s employment hereunder may be terminated on the following terms and conditions:
(i)by Company for Cause, effective upon written notice from Company to Executive, following the expiration, without cure, of any applicable cure period;
(ii)by Company for any reason other than for Cause, effective 30 days following written notice from Company to Executive, provided that Company may place Executive on paid leave during any portion of such 30 day period;
(iii)by Executive for Good Reason as defined herein and subject to the notification requirements set forth therein;
(iv)by Executive for any reason other than Good Reason, effective 30 days following written notice from Executive to Company or any earlier date as may be determined by Company in its sole discretion, provided that Company may place Executive on paid leave during any portion of such period; or
(v)by Change of Control as defined herein.

(c)Death/Disability. This Agreement and Executive’s employment hereunder shall terminate immediately and automatically by reason of Executive’s death or Disability and Executive (or his estate) shall receive all vested equity awards and pro rata vesting of unvested equity awards (based on the number of full or partial months served from the most recent vesting event to Executive’s Termination Date); provided, that the pro rata portion of any outstanding and unvested performance-based restricted stock unit award shall be determined based on the actual level of achievement of the applicable performance metrics. In the event Executive’s employment with Company terminates, for any reason whatsoever, including death or Disability, Executive shall be entitled to the Minimum Payments as defined in Section 7 below.
(d)Severance Benefits.
(i)If Company terminates Executive’s employment other than for Cause or Executive resigns for Good Reason, Executive shall be entitled to receive an amount equal to the sum of eight (8) months of Executive’s Annual Base Salary and $25,000 (“Severance Payment”), which shall be paid according to the following schedule (subject to Section 4(d)(iv)): (a) a lump sum payment equal to one-half of the Severance Payment shall be paid to Executive on the first payroll date after the lapse of sixty (60) days after his Termination Date, and (b) one-fourth of the balance of the Severance Payment shall be paid on each of the three-month, six-month, nine-month and 12 month anniversaries of the Termination Date (or the next business day thereafter for any payment date that falls on a weekend or holiday) (and in each case no interest shall accrue on such amount); provided, however, that if Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) would otherwise apply to the Severance Payment, it instead shall be paid at such time as permitted by Section 409A of the Code. In addition to the foregoing Severance Payment, in the event of Executive’s termination for any reason other than (i) Cause or (ii) Executive’s resignation without Good Reason, Executive shall be entitled to receive, within ten (10) days following his Termination Date, a lump sum payment equal to 100% of (a) any actual Annual Bonus amount earned with respect to a previous year to the extent that all the conditions for payment of such Annual Bonus have been satisfied (excluding any requirement to be in employment with Company as of a given date which is after the Termination Date) that is unpaid as of the Termination Date; and (b) the target Annual Bonus then in effect for Executive for the year in which his Termination Date occurs, such payment to be prorated to reflect the full number of months Executive remained in the employ of Company; provided, however, that if Section 409A of the Code would otherwise apply to such bonus payments, they instead shall be paid at such time as permitted by Section 409A of the Code. To illustrate, if Executive’s target bonus at 100% equals $120,000 for the calendar year and Executive is terminated on October 15th, then the foregoing payment shall equal $100,000 (i.e., ten (10) months’ prorated bonus at one hundred percent (100%) with October counting as a full month worked).
(ii)[RESERVED]
(iii)Notwithstanding anything in this Agreement to the contrary, payments to be made upon a termination of employment under this Agreement will be made upon a “separation from service” within the meaning of Section 409A of the Code. Each payment under this Agreement shall be treated as a separate payment for purposes of Section 409A of the Code.  To the maximum extent permissible payments under this Agreement shall be treated as exempt from Section 409A including without limitation, pursuant to the exception for short-term deferrals, and pursuant to the exception for payments related to involuntary separations from service, among any other exceptions currently in effect or hereinafter promulgated.

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

(e)Equity Compensation Acceleration. If Company terminates Executive’s employment other than for Cause or Executive resigns for Good Reason, then subject to Section 4(d)(iv), the vesting and exercisability of all then outstanding stock options and restricted stock units (or any other equity award, including, without limitation, stock appreciation rights and performance-based restricted stock units, but not including any performance award units issued to reflect Company’s option to pay all or any part of any Annual Bonus in shares) granted to Executive under any equity incentive plan adopted by the Board of Directors (collectively, the “Company Plans”) shall be accelerated as to 100% of the shares subject to any such equity awards granted to Executive; provided, that any outstanding and unvested performance-based restricted stock unit award shall vest only upon achievement of the applicable performance metrics. Upon any vesting of restricted stock units or performance award units, the Company shall withhold from the shares delivered to Executive or shall cause the sale of a sufficient number of shares to allow the Company to remit on Executive’s behalf state and federal taxes calculated at the highest marginal tax rate.
(f)[RESERVED]
(g)Indemnification. In connection with Executive’s termination from Company, regardless of the reason, (a) Company shall continue to indemnify Executive against all claims related to actions arising prior to the termination of Executive’s employment to the fullest extent permitted by law (including without limitation advancement of attorneys’ fees), and (b) Company or its successor shall continue to provide coverage under a D&O Insurance Policy for not less than 36 months following such termination on substantially the same terms of the D&O Insurance Policy in effect immediately prior to such termination.
(h)Termination from all Positions; Rights and Payments Upon Termination. In connection with Executive’s termination from Company, a Subsidiary, MIH EV Design LLC or any other entity in which the Company or a Subsidiary has an interest, regardless of the reason, (1) Executive agrees that, effective as of the Termination Date, Executive shall resign and be terminated from all positions Executive holds as a director, officer or employee of Company or any Subsidiary, MIH EV Design LLC, or any other entity in which the Company or a Subsidiary has an interest shall execute any necessary documentation to properly effectuate such termination and (2) Executive shall be entitled to the Minimum Payments, in addition to any payments or benefits to which Executive may be entitled under the express terms of any executive benefit plan or as required by law. Any payments to be made to Executive pursuant to this Section 4 shall be made in accordance with Company’s customary policies and normal payroll practices.

5.Restrictive Covenants.
(a)Confidential Information. Executive recognizes and acknowledges that he may receive certain confidential and proprietary information and trade secrets of Company, its Affiliates and Subsidiaries, including (i) internal business information (including, information relating to 

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

Notwithstanding anything to the contrary in this Agreement or otherwise, nothing shall limit Executive’s rights under applicable law to provide truthful information to any governmental entity or to file a charge with or participate in an investigation conducted by any governmental entity. Notwithstanding the foregoing, Executive agrees to waive Executive’s right to recover monetary damages in connection with any charge, complaint or lawsuit filed by Executive or anyone else on Executive’s behalf (whether involving a governmental entity or not); provided that Executive is not agreeing to waive, and this Agreement shall not be read as requiring Executive to waive, any right Executive may have to receive an award for information provided to any governmental entity.  Executive is hereby notified that the immunity provisions in Section 1833 of title 18 of the United States Code provide that an individual cannot be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made (1) in confidence to federal, state or local government officials, either directly or indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of the law, (2) under seal in a complaint or other document filed in a lawsuit or other proceeding, or (3) to Executive’s attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade secret may be used in the court proceedings for such lawsuit) as long as any document containing the trade secret is filed under seal and the trade secret is not disclosed except pursuant to court order.
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(b)Documents and Property. All records, files, documents and other materials or copies thereof relating to the Company Business, which Executive shall prepare, receive, or use shall be and remain the sole property of Company, shall not be used by Executive in any manner that would be adverse to Company’s interests, and, other than in connection with the performance by Executive of his duties hereunder, shall not be removed from the premises of Company or any Subsidiary without 

Company’s prior written consent, and shall be promptly returned to Company upon Executive’s termination of employment hereunder for any reason whatsoever, together with all copies (including copies or recordings in electronic form), abstracts, notes or reproductions of any kind made from or about the records, files, documents or other materials.
(c)Non-Competition/Non-Solicitation. From the Effective Date and during the Employment Period and for a six (6) month period thereafter (the “Restricted Period”), Executive will not, directly or indirectly, individually or as a shareholder, director, manager, member, officer, employee, agent, consultant or advisor of any Person: (i) acquire or hold any economic or financial interest in, act as a partner, member, shareholder, consultant, employee or representative of, render services to, or otherwise operate, engage in or hold an interest in any Person that engages in, or engages in the management or operation of any Person that engages in any business that competes with the Company Business; (ii) solicit orders from or seek or propose to do business with any customer or supplier of the business relating to the Company Business; or (iii) influence or attempt to influence any customer, supplier, employee, contractor, representative or advisor of the Company Business to curtail, terminate or refrain from maintaining its, his or her relationship with Company or any of its Subsidiaries; provided, however, that the ownership of less than 1% of the voting stock of any publicly held corporation shall not be a violation of this Agreement.
(d)Non-Disparagement. During and after Executive’s employment with Company, neither Company nor Executive will make any adverse or derogatory statements, remarks or comments, oral or written, directly or indirectly, to any individual or entity about or with reference to or with respect to Executive or Company, or any of its executives, officers, managers, members, directors or agents. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).
(e)Remedies for Breach of Covenants. Executive acknowledges and expressly agrees that the covenants contained in this Section 5 are reasonable with respect to their duration, geographical area and scope. Executive further acknowledges that, in light of his position with Company and access to Confidential Information from the Effective Date and during the Employment Period, the restrictions contained in this Section 5 are reasonable and necessary for the protection of the legitimate business interests of Company, that they create no undue hardships, that any violation of these restrictions would cause substantial injury to Company and such interests, and that such restrictions were a material inducement to Company to enter into this Agreement. In the event of any violation or threatened violation of these restrictions, Company, in addition to and not in limitation of, any other rights, remedies or damages available to Company under this Agreement or otherwise at law or in equity, shall be entitled to preliminary and permanent injunctive relief, to prevent or restrain any such violation by Executive and any and all Persons directly or indirectly acting for or with him, as the case may be.

6.Inventions and Innovations. Executive acknowledges and agrees that he is separately bound by the Proprietary Information and Invention Agreement with Company. In addition, and notwithstanding anything to the contrary in the Proprietary Information and Invention Agreement, Executive acknowledges and agrees that all right, title and interest in and to any past, present and future inventions, business applications, know-how, customer lists, trade secrets, innovations, methods, designs, ideas, improvements, copyrights, patents, domain names, trademarks, trade dress and other intellectual property which Executive personally develops or creates in whole or in part at 

any time and at any place during his employment with Company, and which is, directly or indirectly, related to or usable in connection with, the business activities of Company (all items set forth above are hereafter collectively referred to as the “Inventions and Innovations”), shall be and remain forever the sole and exclusive property of Company, and Executive thus automatically assigns and agrees to assign any such right, title and interest in his possession, or that he acquires, to Company. In this regard, Executive acknowledges and agrees that any Inventions and Innovations embodying copyrightable subject matter are “works made for hire,” and Executive automatically assigns and agrees to assign all right, title and interest to Company in the same if such Inventions and Innovations are not “works made for hire.” Executive agrees to promptly reveal all information relating to the Inventions and Innovations to Company and cooperate with Company to execute such documents as may be necessary to establish ownership and protection in Company’s name for the Inventions and Innovations. Notwithstanding the foregoing, Inventions and Innovations shall not include any publicly available information or any information that was developed by Executive on his own time with his own tools and/or materials and without the resources of Company or any Subsidiary thereof.
7.Definitions. As used throughout this Agreement, all of the terms defined in this Section 7 shall have the meanings given below.

“Affiliate” shall mean each individual, company, corporation, partnership, limited liability company, joint venture or other business entity, which is, directly or indirectly, controlled by, controls, or is under common control with, Company, where “control” means (i) the ownership of a majority of the voting securities or other voting interests or other equity interests of any company, corporation, partnership, limited liability company, joint venture or other business entity, or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such company, corporation, partnership, limited liability company, joint venture or other business entity.
“Agreement” shall have the meaning set forth in the preamble.
“Annual Base Salary” shall have the meaning set forth in Section 3(a).
“Annual Bonus” shall mean the annual bonus for the fiscal year ending December 31, 2022 or for any subsequent fiscal year, as applicable, as described in Section 3(b).
“Board of Directors” shall have the meaning set forth in Section 3(b).
“Cause” shall mean the Board of Directors’ determination in good faith that Executive has:
(i)disregarded or refused to substantially perform his duties and obligations to Company as required by this Agreement and the Board of Directors (other than any such failure resulting from his Disability or Executive’s termination of his employment with Company for any reason);
(ii)breached a fiduciary responsibility to Company in any material respect;
(iii)commission of an act of fraud, embezzlement or other misappropriation of funds;

(iv)breached any confidentiality or proprietary information agreement in any material respect between Executive and Company;
(v)acted with gross negligence or willful misconduct when undertaking Executive’s duties;
(vi)breached this Agreement;
(vii)Executive’s excessive and unreasonable absences from Executive’s duties for any reason (other than authorized leave or leave required by law or as a result of Executive’s Disability); or
(viii)Executive’s indictment for, conviction of, or plea of guilty or nolo contendere to, (A) a felony, (B) a misdemeanor (other than traffic or motor vehicle violations), or (C) any other act, omission or event that, in any such case, has caused or is likely to cause economic harm to Company, a Subsidiary, MIH EV Design LLC, or any other entity in which Company or a Subsidiary has an interest or the image, reputation and/or goodwill of Company, a Subsidiary, MIH EV Design LLC, or any other entity in which Company or a Subsidiary has an interest or that Company in good faith believes is reasonably likely to cause material harm to the image, reputation and/or goodwill of Company, a Subsidiary, MIH EV Design LLC, or any other entity in which Company or a Subsidiary has an interest, their respective products, services and/or trade/service marks;
Notwithstanding the foregoing, prior to Company’s termination of Executive for Cause above, Company shall give Executive written notice specifying in reasonable detail the existence of any condition and Executive shall have 30 days from the date of Executive’s receipt of such notice in which to cure the condition giving rise to Cause (if curable).
“CEO and President” shall have the meaning set forth in Section 1.
“Chairman” shall have the meaning set forth in Section 2.
“Change of Control” means:
(i)one Person (or more than one Person acting as a group) acquires ownership of stock of Company that, together with the stock held by such person or group, constitutes more than 35% of the total fair market value or total voting power of the stock of Company; provided, that, a Change in Control shall not occur if any Person (or more than one Person acting as a group) owns more than 50% of the total fair market value or total voting power of Company’s stock and acquires additional stock;
(ii)a majority of the members of the Board of Directors are replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the Board of Directors before the date of appointment or election; or
(iii)one Person (or more than one person acting as a group), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition) assets from Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of Company immediately before such acquisition(s).

A transaction shall not constitute a Change in Control if: (a) its sole purpose is to change the state of Company’s incorporation; or (b) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held Company’s securities immediately before such transaction.
“Code” shall have the meaning set forth in Section 4(d).
“Company” shall have the meaning set forth in the preamble.
“Company Business” shall mean the business of developing, designing and manufacturing battery-electric vehicles under 10,001 GVW for the United States market.
“Confidential Information” shall have the meaning set forth in Section 5(a).
“D&O Insurance Policy” shall have the meaning set forth in Section 3(g).
“Disability” shall mean that Executive is unable to effectively perform the essential functions of his job by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for not less than 90 consecutive days or 125 non-consecutive days, in either case during any 12-month period (unless a longer period is required under applicable law, then during such longer period), and in any case as determined in good faith by an independent doctor selected in good faith by the Board of Directors and mutually acceptable to Executive.
“Effective Date” shall have the meaning set forth in the preamble.
“Executive” shall have the meaning set forth in the preamble.
“Employment Period” shall have the meaning set forth in Section 1.
“Good Reason” is defined as the occurrence of any of the following: (i) a breach of this Agreement by Company (including without limitation any of the indemnification provisions); (ii) a material reduction in Executive’s Annual Base Salary or Annual Bonus, (iii) a material change in the geographic location where Executive must perform services; or (iv) Executive has a material reduction in position, status, duties or responsibilities, or is assigned duties materially inconsistent with his position (including without limitation if Executive ceases to be the President of a public company which is the ultimate parent of the Company). If Executive wishes to terminate his employment for Good Reason, he shall first give Company 30 days’ prior written notice of the circumstances constituting Good Reason and an opportunity to cure, and such notice must be given to Company within 30 days of Executive initially becoming aware of such circumstances.
“Inventions and Innovations” shall have the meaning set forth in Section 6.
“MIH EV Design LLC” means MIH EV Design LLC, a Delaware limited liability company.
“Minimum Payments” shall mean, as applicable, the following amounts:
(i)Executive’s earned but unpaid Annual Base Salary for the period ending on the Termination Date, with such payments to be made in accordance with Section 3(a);

(ii)Executive’s accrued but unpaid vacation days for the period ending on the Termination Date; and
(iii)Executive’s unreimbursed business expenses and all other items earned and owed to Executive through and including, the Termination Date.
“Person” shall mean any individual, sole proprietorship, partnership, joint venture, trust, unincorporated association, corporation, limited liability company, entity or governmental entity (whether federal, state, county, city or otherwise and including any instrumentality, division, agency or department thereof).
“Restricted Period” shall have the meaning set forth in Section 5(c).
“Subsidiary” shall mean, with respect to any Person, any corporation, partnership, limited liability company, association or business entity of which: (i) if a corporation, a majority of the total voting power of shares of stock entitled (irrespective of whether, at the time, stock of any other class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a partnership, limited liability company, association or other business entity, either (A) a majority of partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof or (B) that Person is a general partner, managing member, manager or managing director of such partnership, limited liability company, or other business entity. For purposes hereof and unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of Company.
“Termination Date” shall mean the date of termination of Executive’s employment as determined in accordance with Section 4.
8.Notices. Notices and all other communications under this Agreement shall be in writing and shall be deemed given if (i) delivered personally, (ii) delivered by a recognized overnight courier service, or (iii) mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to Company to:
Lordstown Motors Corp.
2300 Hallock Young Road, S.W.
Lordstown, OH 44481
Attention: General Counsel
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If to Executive, to: The address on file with the Company’s Human Resources department or to such other address as either party may furnish to the other in writing, except that notices of changes of address shall be effective only upon receipt.
9.Applicable Law. All questions concerning the construction, validity and interpretation of this Agreement and the performance of the obligations imposed by this Agreement shall be governed by the internal laws of the State of Ohio applicable to agreements made and wholly to be performed in such state without regard to conflicts of law provisions of any jurisdiction.

10.FORUM SELECTION. ALL ACTIONS OR PROCEEDINGS IN ANY WAY, MANNER OR RESPECT, ARISING OUT OF OR FROM OR RELATED TO THIS AGREEMENT SHALL BE LITIGATED IN COURTS HAVING SITUS WITHIN TRUMBULL COUNTY, OHIO. EXECUTIVE HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED WITHIN TRUMBULL COUNTY, OHIO. EXECUTIVE HEREBY WAIVES ANY RIGHT IT MAY HAVE TO TRANSFER OR CHANGE THE VENUE OF ANY LITIGATION BROUGHT AGAINST EXECUTIVE BY COMPANY IN ACCORDANCE WITH THIS SECTION.
11.WAIVER OF JURY TRIAL. EXECUTIVE AND COMPANY HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS OR EVENTS CONTEMPLATED HEREBY OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THE PARTIES HERETO EACH AGREE THAT ANY AND ALL SUCH CLAIMS AND CAUSES OF ACTION TRIED BY A COURT SHALL BE TRIED WITHOUT A JURY. EACH OF THE PARTIES HERETO FURTHER WAIVES ANY RIGHT TO SEEK TO CONSOLIDATE ANY SUCH LEGAL PROCEEDING IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL CANNOT OR HAS NOT BEEN WAIVED.
12.Entire Agreement; Severability. This Agreement, together with the Proprietary Information and Inventions Agreement and the Company Plans, constitute the entire agreement between Executive and Company concerning the subject matter hereof, and supersedes all prior negotiations, undertakings, agreements and arrangements with respect thereto, whether written or oral. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement and all other provisions shall remain in full force and effect. The various covenants and provisions of this Agreement are intended to be severable and to constitute independent and distinct binding obligations. Without limiting the generality of the foregoing, if the scope of any covenant contained in this Agreement is too broad to permit enforcement to its full extent, such covenant shall be enforced to the maximum extent permitted by law, and Executive hereby agrees that such scope may be judicially modified accordingly.
13.Withholding of Taxes. Company may withhold from any amounts or other benefits payable under this Agreement all federal, state, city or other taxes as may be required pursuant to any law, governmental regulation or ruling.
14.No Assignment. Executive’s rights to receive payments or benefits under this Agreement shall not be assignable or transferable whether by pledge, creation of a security interest or otherwise, other than a transfer by will, by the laws of descent or distribution or to a revocable living trust of Executive. In the event of any attempted assignment or transfer contrary to this Section 14, Company shall have no liability to pay any amount so attempted to be assigned or transferred. This Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

15.Successors. This Agreement shall be binding upon and inure to the benefit of Company, its successors and assigns (including any company into or with which Company may merge or consolidate).
16.Survival. The provisions of Sections 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 and 15 shall survive the termination of this Agreement.
17.Amendment; Waivers. This Agreement may not be amended or modified except by written agreement signed by Executive and Company. No waiver of any provision or condition of this Agreement by any party shall be valid unless set forth in a writing signed by such party. No such waiver shall be deemed to be a waiver of any other or similar provision or condition, or of any future event, act, breach or default, and no course of dealing shall be implied or arise from any waiver or series of waivers (written or otherwise) of any right or remedy hereunder.
18.Joint Participation. The parties hereto participated jointly in the negotiation and preparation of this Agreement, and each party has had the opportunity to obtain the advice of legal counsel and to review and comment upon the Agreement. Accordingly, it is agreed that no rule of construction shall apply against any party or in favor of any party. This Agreement shall be construed as if the parties jointly prepared this Agreement, and any uncertainty or ambiguity shall not be interpreted against one party and in favor of the other.
19.No Conflicting Agreement. Executive hereby represents and warrants to Company that he is not subject to any existing non-competition or other restrictive agreements, clauses or arrangements, written or oral, that in any way prohibit or constrain in any material respect his acceptance of and/or performance of duties pursuant to this Agreement, or that in any manner circumscribe the scope of activities or other business that he is entitled to pursue and consummate on behalf of Company.
20.Company Approval.  The Board of Directors of the Company has taken all action necessary to authorize and approve this Agreement.
21.Construction; Miscellaneous. Whenever used in this Agreement, the singular shall include the plural and vice versa (where applicable), the use of the masculine, feminine or neuter gender shall be deemed to include the other genders (unless the context otherwise requires), the words “hereof,” “herein,” “hereto,” “hereby,” “hereunder,” and other words of similar import refer to this Agreement as a whole (including exhibits), the words “include,” “includes” and “including” means “include, without limitation,” “includes, without limitation” and “including, without limitation,” respectively. The headings used in this Agreement are for convenience only, shall not be deemed to constitute a part hereof, and shall not be deemed to limit, characterize or in any way affect the construction or enforcement of the provisions of this Agreement. This Agreement may be executed in any number of identical counterparts, any of which may contain the signatures of less than all parties, and all of which together shall constitute a single agreement. All remedies of any party hereunder are cumulative and not alternative, and are in addition to any other remedies available at law, in equity or otherwise.

[Signature page follows.]
​

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth above.
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COMPANY:
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LORDSTOWN MOTORS CORP.
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By:/s/ Daniel NinivaggiName: Daniel Ninivaggi‌Title: Executive Chairman
EXECUTIVE:
/s/ Edward T. Hightower​ ​
Edward T. Hightower

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