Document:

Exhibit 10.6

 

 

 

 

Sezzle
Inc.

Proprietary
Information, Inventions,

Non-competition
and Non-solicitation Agreement

 

This
Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement (“Agreement”) is
made in consideration for my employment by Sezzle Inc., a Delaware corporation (the “Company”), and
compensation now and hereafter paid to me. I understand and agree as follows:

 

1.
Nondisclosure And Use.

 

All
Proprietary Information (as defined below) is and shall remain the sole and exclusive property of the Company. At all times during
my employment and afterwards I will not disclose or use any Proprietary Information, except as required in connection with my
work for the Company during employment. I will take reasonable precautions to safeguard the Proprietary Information. I understand
that I am also prohibited from accessing the Company’s computer systems and databases for any unauthorized, improper or
competitive purpose, both while employed and thereafter. The term “Proprietary Information” means: (i)
Confidential Information; and (ii) Trade Secrets. The term “Confidential Information” means any information
not generally known by third parties, including the Company’s competitors or the general public. Examples of confidential
Company information include, but are not limited to, marketing plans and techniques, non-public information about suppliers and
vendors, strategic business plans, company financial history and current condition, budgetary information and related reporting,
point of sale reports, quote logs, personal information of employees deemed private under state or federal law when those employees
have not given permission for the disclosure of their personal information, supplier lists, pricing processes and information,
software code including, without limitations, object code, source code, and markup language, market research completed internally
or commissioned by the Company, prospecting lists, personal information regarding customers or vendors, and information received
by the Company from its customers, suppliers, or others in confidence. I will treat information that is not expressly identified
by the Company as “confidential” as confidential unless, under the circumstances, I know or have reason to know that
The Company does not intend to keep that type of information confidential. The term “Trade Secrets”
means any of the Company or customer information: (a) that derives independent economic value, actual or potential, from not being
generally known to the public or to other persons who can obtain economic value from its disclosure or use; and (b) for which
the Company has taken reasonable steps under the circumstances to maintain its secrecy. I acknowledge and agree that examples
of trade secrets include, but are not limited to, customer lists and documents that contain information not readily available
through general sources, business plans, pricing information and proprietary processes.

 

I
will not disclose or use any information received by the Company from third parties, except as required in connection with my
work for the Company. I will not improperly use or disclose any confidential information or trade secrets of any third party or
former employer to whom I have an obligation of confidentiality. My performance of all the terms of this Agreement and as an employee
of the Company does not breach any agreement by which I am legally bound, and I agree not to become a party to any such agreement.

 

2.
Ownership of Work Product.

 

All
Proprietary Information and similar information, products, processes, inventions (whether patentable or not), designs, programs
and related documentation, intellectual property, and other works of authorship relating to the Company’s business prepared,
made, conceived, or reduced to practice by me (in whole or in part) in connection with my employment or that relate directly to
the business of the Company or the Company’s actual or demonstrably anticipated research or development (“Work
Product”), are and shall remain the exclusive property of the Company, and shall not be used for my own purposes
at any time during or after my employment. I will promptly disclose to the Company all Work Product I make individually or jointly
with others. I hereby assign and agree to assign all right, title, and interest, including all copyrights, patent rights, trademark
rights, moral rights, and other intellectual property rights in such Work Product to the Company, and upon the request and at
the expense of the Company, do all other acts reasonably necessary to assist it in obtaining and enforcing rights in Work Product
in any and all countries. I am hereby
notified that this Section shall not apply to inventions I developed entirely on my own time without using the Company’s
equipment, supplies, facilities or trade secret information except for those inventions that either: (1) relate at the time of
conception or reduction to practice of the invention to the Company’s business or to its actual or demonstrably anticipated
research or development; or (2) result from any work that I performed for the Company. I designate and appoint the Company and
its duly authorized officers and agents, as my agents and attorneys-in-fact, with full power of substitution, to act for and in
my behalf and instead of me, to execute and file any documents and to do all other lawfully permitted acts to further the above
purposes related to Work Product with the same legal force and effect as if executed by me.

 

     

     

    

 

 

 

 

“Works
Made for Hire” means any and all Work Product that is copyrightable subject matter. I agree that Works Made for
Hire constitute “Works Made for Hire” under United States copyright laws and that all copyrights in Works Made For
Hire shall be owned by the Company as the sole and exclusive author and owner thereof. To the extent that any Work Product is
not deemed to be Works Made for Hire, I will and hereby do assign all right, title and interest in and to such works to the Company
including all copyrights, patent rights, and other intellectual property rights. I shall execute any and all such documents, instruments,
agreements or certificates and take such other actions as the Company may reasonably request to further secure its rights in and
title to all Work Product, both during and after my employment (without further consideration).

 

NOTICE:
Pursuant to Minnesota Statutes Section 181.78, the provisions of this Section 2 do not apply to Work Product for which no equipment,
supplies, facility or confidential business information or trade secrets of the Company were used and which were developed entirely
on my own time and: (a) that do not relate directly to the business of the Company or to the Company’s actual or demonstrably
anticipated research or development; or (b) that do not result from any work performed by me for the Company. For clarity, work
or inventions I made prior to the commencement of my employment with the Company which are owned in whole or in part by me are
described on the signature page hereto; or, if blank, I affirm there are no such “Prior Inventions.”

 

3.
No Conflicts or Solicitation.

 

To
protect the Company’s Proprietary Information, during my employment, I will not engage in any other employment or other
activity that is related to the business in which the Company is now involved or becomes involved or has plans to become involved,
nor will I engage in any other activities that conflict with my obligations to the Company.

 

In
addition, during my employment and for a period of one year following the termination of my employment with the Company for any
reason I will not, either directly or indirectly, solicit, induce, or encourage (or attempt to do so) any of the Company’s
employees or other service providers to leave their employment/engagement, or hire or take away such employees or other service
providers, either for myself or for any other person or entity. This restriction includes all those who were employed by or performed
services for the Company at any time during the one year period immediately before the date my employment terminated.

 

In
addition, during my employment and for a period of one year immediately following the termination of my employment with the Company
for any reason I will not, either directly or indirectly: (a) interfere with the Company’s relationships with any of its
customers, prospective customers, suppliers, contractors, distribution partners, prospective distribution partners, resellers,
or any third party regularly dealing with the Company; or (b) solicit, call upon, divert or actively take away, or attempt to
solicit, call upon, divert or take away, for purposes of conducting a business substantially similar to or competitive with the
Company’s business, any of the Company’s customers, prospective customers, suppliers, contractors, distribution partners,
prospective distribution partners, or other third party regularly dealing with the Company. This restriction includes any customer
to which the Company sold any product, or for which the Company performed any service at any time during the one year period immediately
before the date my employment terminated, except that the restriction pertaining to the Company’s prospective customers
only applies if I became familiar with the prospective customer through my employment.

 

    2

     

    

 

 

 

 

4.
Covenant Not to Compete.

 

To
protect the Company’s Proprietary Information, I agree that during my employment and for a period of one year immediately
following the termination of my employment with the Company for any reason I will not compete with the Company in the Territory
(defined below), which for clarity means that I will not, either directly or indirectly, in the Territory; (i) serve as an advisor,
agent, consultant, director, manager, employee, officer, partner, proprietor or otherwise of any Restricted Business (defined
below); (ii) have any ownership interest in any Restricted Business (except for passive ownership of one percent or less of any
entity whose securities are publicly traded); or (iii) participate in the organization, financing, operation, management or control
of any Restricted Business. “Restricted Business” means business in competition with the Company’s
business as conducted by the Company at any time during the course of my employment with the Company, together with any other
business with which I am actively involved in assisting the Company with researching, developing or marketing at the time of the
termination of my employment. To ensure the Company’s protection from the dissemination of trade secrets, we strictly enforce
this covenant with Major Competitors. “Major Competitors” means any of the following companies: (i)
Afterpay Touch Group Ltd;, (ii) Quadpay; (iii) Affirm, Inc.;(iv) Klarna Bank AB; and (v) any other business that offers interest
free closed end consumer credit. For clarity, the Company’s business as of the date I signed this Agreement includes without
limitation: providing payment services that allow consumers to finance their payments through an innovative interest-free installment
system. “Territory” means: (i) the United States of America; and (ii) Canada. The foregoing Territory
is reasonable and reasonably necessary to protect the Proprietary Information. If the court determines this too restrictive, then
the parties agree that the court may reduce or limit the area to enable the intent of this Section to be enforced in the largest
acceptable area.

 

5.
Reasonable.

 

The
restrictions in Sections 3 and 4 are reasonable and are reasonably necessary for the protection of Proprietary Information and
provide a reasonable way of protecting the Company’s business value which will be imparted to me. Through my employment
I will receive adequate consideration for any loss of opportunity associated with their provisions. The length of time, geographic
area and any other restrictions contained in this Agreement are reasonable to protect the legitimate interests of the Company
and do not unfairly restrict or penalize me. However, if any restriction set forth in Section 3 or 4 is found by a court to be
unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic
area, it shall extend only over the maximum period of time, range of activities or geographic area as to which such court shall
determine it to be enforceable. A breach of any provision(s) of this Agreement tolls the running of the limitation period and
the restriction period with respect to such provision(s) during the breach.

 

6.
Non-disparagement.

 

During
the course of my employment and after the termination of that employment, I agree to not disparage, defame or besmirch
the Company’s legitimate business interests, products or services, or the legitimate business interests of its affiliates,
directors, officers, employees or agents.

 

7.
Use of Likeness.

 

I
will not, directly or indirectly, endorse, speak on behalf of, or allow my name or likeness to be used to in any way promote any
competitive business or competing product during my employment with the Company. During my employment and after my employment
with the Company ends, I consent to the Company’s use of my image, likeness, voice, and other characteristics in connection
with the Company’s operation of the Company’s business and its promotion and sale of its products and services. I
release the Company from any cause of action which I may have or may have arising out of the use, distribution, adaptation, reproduction,
broadcast, or exhibition of such characteristics.

 

8.
Social Media.

 

The
Company owns all Company-related digital and social media accounts (including all passwords, data posts, digital works and
goodwill therein) that I may create, manage, contribute to, or administer during my employment with the Company and including
all “followers,” connections, fans, subscribers, contacts and other relationships created under such accounts. My
use of such accounts will be in accordance with all Company policies in effect from time to time. At anytime upon request and
immediately upon my termination of employment for any reason, I will surrender full control and access to such accounts to
the Company.

 

    3

     

    

 

 

 

 

9.
Legal and Equitable Remedies.

 

Because
my services are personal and unique and the Company may not have an adequate remedy at law for a breach or threatened breach of
this Agreement, the Company may, in addition to other remedies at law or in equity which may be available, enforce this Agreement
by injunction, specific performance or other equitable relief, all without bond.

 

10.
Employment At-will and Other Matters.

 

My
employment is at-will, meaning that I or the Company can end my employment at any time, with or without cause or notice. The Company
may notify any employer I may have in the future of my rights and obligations under this Agreement. At any time upon request and
on termination of my employment, I will return all Company property to the Company immediately. In addition, all Company property
and property situated on the Company’s premises is subject to inspection by the Company at any time and I understand that
I have no expectation of privacy with regard to the same, including without limitation work areas, computer and communications
systems, email and internet records handheld devices or other property used to conduct the business of the Company. Nothing in
this Agreement is intended to limit my rights to discuss the terms, wages, and working conditions of employment, as protected
by applicable law.

 

11.
General Provisions.

 

Minnesota
law governs this Agreement. I consent to the personal jurisdiction of and venue in the state and federal courts located in Minnesota.
If any provision of this Agreement is found invalid or unenforceable, no other provision is affected. This Agreement is binding
on my heirs and all legal representatives. This Agreement benefits and may be enforced by the Company and its agents, parents,
subsidiaries, affiliates, successors and assigns. The provisions of this Agreement survive the termination of my employment and
the assignment of this Agreement by the Company to any assignee or successor. A waiver by the Company of any breach is not a waiver
of any prior or subsequent breach, and a waiver of any specific right shall not be construed as a waiver of any other right. For
purposes of this Agreement, the term “employee” shall be deemed to include “consultant,” “independent
contractor” or “director,” and the term “employment,” or any variation thereof, shall be deemed
to include “engagement” or any variation thereof. My obligations under this Agreement shall apply to any time during
which I was previously employed, or am in the future employed, by the Company if no other agreement governs during such period.
Any subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement.
This Agreement is effective as of the first day of my employment with the Company. This Agreement is the final, complete and exclusive
agreement between me and the Company with respect to the subject matter hereof and supersedes all prior discussions or agreements,
written or verbal, between us with respect to the subject matter hereof. Amendments or waivers to this Agreement must be in writing
and signed by the party to be charged to be effective.

 

	I HAVE READ THIS AGREEMENT	ACCEPTED AND AGREED TO:
	 	 	 	 	 
	CAREFULLY AND UNDERSTAND ITS TERMS.	SEZZLE, INC.
		                         	 	 	 
	By:	 	 	By:	                  
	 	 	 	 	 
	Name: 	 	 	Its:	 
	 	 	 	 	 
	Date:	 	 	Date: 	 

 

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****************************************************************************************

 

“Prior
Inventions”

 

****************************************************************************************

 

If you have Prior Inventions, please list them in the space below. Please be aware that if no Prior Inventions are identified
below, you are affirming that there are no Prior Inventions. If you need extra pages, please attach them and indicate below.

 

	Title	 	Date
of Prior Invention	 	Brief Description

 

 

 

 

 

 

 

 

 

 

If
a prior confidentiality agreement prevents disclosure above, instead provide a cursory name for each prior invention, a listing
of the party or parties to whom it belongs and description of the relationship to that party.

 

	Invention	 	Parties	 	Relationship

 

 

 

 

 

 

 

 

 

 

****************************************************************************************

 

    5Exhibit 10.7

 

 

 

 

SEZZLE
INC.

 

SEZZLE
EQUITY INCENTIVE PLAN NOTICE OF AWARD

 

You
have been awarded, under the 2019 Sezzle Equity Incentive Plan, restricted stock units (RSUs) for Sezzle Inc., a Delaware corporation
(the “Company”), as follows:

 

Date
of Grant:

 

Total
Number of RSUs:  

 

Vesting
Commencement Date:

 

Vesting/Exercise
Schedule:

 

So
long as your Employment does not terminate the RSUs shall vest in accordance with the following schedule: ______% of the Total Number
of RSUs shall vest on the –month anniversary of the Vesting Commencement Date and ____________of the Total Number of RSUs
shall vest and become exercisable on the _________________day of each month thereafter (and if there is no corresponding day, the last
day of the month).

 

 

[Signature
Page Follows]

 

     

     

    

 

 

 

 

By
your signature and the signature of the Company’s representative or by accepting this grant, you and the Company agree that
the RSUs is granted under and governed by the terms and conditions of this Notice and the Sezzle Inc. Equity Incentive Plan, which
is attached to and made a part of this Notice.

 

In
addition, you agree and acknowledge that your rights to any shares underlying the RSUs will vest only as you provide services
to the Company over time, that the grant of the RSUs is not as consideration for services you rendered to the Company prior to
your date of hire, and that nothing in this Notice or the attached documents confers upon you any right to continue your employment
or consulting relationship with the Company for any period of time, nor does it interfere in any way with your right or the Company’s
right to terminate that relationship at any time, for any reason, with or without cause, subject to Applicable Laws.

  

	 	THE COMPANY:
	 	 	 
	 	SEZZLE INC. 
	 	 	 
	 	By:	 
	 	Name:	Don McConnell
	 	Title:	Chief Compliance Officer
	 	 	 
	 	 	 
	 	GRANTEE:
	 	 
	 	 
	 	(PRINT NAME)
	 	 
	 	 
	 	(Signature)

 

    2

     

    

 

 

 

 

ANNEX
I

 

Rule
506(d)(1)(i) to (viii) under the Securities Act of 1933, as amended

 

		(i)	Has
been convicted, within ten years before such sale (or five years, in the case of issuers, their predecessors and affiliated issuers),
of any felony or misdemeanor:

 

		(A)	In
connection with the purchase or sale of any security;

 

		(B)	Involving
the making of any false filing with the Commission; or

 

		(C)	Arising
out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid
solicitor of purchasers of securities;

 

		(ii)	Is
subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before such sale, that,
at the time of such sale, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice:

 

		(A)	In
connection with the purchase or sale of any security;

 

		(B)	Involving
the making of any false filing with the Commission; or

 

		(C)	Arising
out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid
solicitor of purchasers of securities;

 

		(iii)	Is
subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state
authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency
or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission;
or the National Credit Union Administration that:

 

		(A)	At
the time of such sale, bars the person from:

 

		(1)	Association
with an entity regulated by such commission, authority, agency, or officer;

 

		(2)	Engaging
in the business of securities, insurance or banking; or

 

		(3)	Engaging
in savings association or credit union activities; or

 

		(B)	Constitutes
a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct entered
within ten years before such sale;

 

    3

     

    

 

 

 

 

		(iv)	Is
subject to an order of the Commission entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (15 U.S.C.
78o(b) or 78o-4(c)) or section 203(e) or (f) of the Investment Advisers Act of 1940 (15 U.S.C.
80b-3(e) or (f)) that, at the time of such sale:

 

		(A)	Suspends
or revokes such person’s registration as a broker, dealer, municipal securities dealer or investment adviser;

 

		(B)	Places
limitations on the activities, functions or operations of such person; or

 

		(C)	Bars
such person from being associated with any entity or from participating in the offering of any penny stock;

 

		(v)	Is
subject to any order of the Commission entered within five years before such sale that, at the time of such sale, orders the person
to cease and desist from committing or causing a violation or future violation of:

 

		(A)	Any
scienter-based anti-fraud provision of the federal securities laws, including without limitation section 17(a)(1) of the Securities
Act of 1933 (15 U.S.C. 77q(a)(1)), section 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78j(b)) and 17 CFR 240.10b-5,
section 15(c)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(c)(1)) and section 206(1) of the Investment Advisers Act
of 1940 (15 U.S.C. 80b-6(1)), or any other rule or regulation thereunder; or

 

		(B)	Section
5 of the Securities Act of 1933 (15 U.S.C. 77e).

 

		(vi)	Is
suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities
exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent
with just and equitable principles of trade;

 

		(vii)	Has
filed (as a registrant or issuer), or was or was named as an underwriter in, any registration statement or Regulation A offering
statement filed with the Commission that, within five years before such sale, was the subject of a refusal order, stop order,
or order suspending the Regulation A exemption, or is, at the time of such sale, the subject of an investigation or proceeding
to determine whether a stop order or suspension order should be issued; or

 

		(viii)	Is
subject to a United States Postal Service false representation order entered within five years before such sale, or is, at the
time of such sale, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United
States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations.

 

    4

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