Document:

loop_ex101.htm

 
 EXHIBIT 10.1
  
 	  

	 RELEASE AND TRANSACTION
  

    
 	 BETWEEN:
	 LOOP CANADA INC., a duly incorporated legal person, with a place of business at 480 Fernand-Poitras, Terrebonne, Province of Québec, represented herein by Daniel Solomita, as he so declares;

		 (Hereinafter referred to as the "Employer")

		
	 AND:
	 THOMAS ANDREW HICKEY, resident and domiciled at  [***]

		 (Hereinafter referred to as the "Employee")

  
 WHEREAS since March 1st, 2021, the Employee has been employed by the Employer and held the position of Chief Financial Officer (CFO);
  
 WHEREAS on December 30th, 2022 the Employer terminated the Employee’s employment;
  
 WHEREAS the Employer and the Employee have agreed to permanently settle all the terms and conditions pertaining to the Employee’s employment and termination of that employment, in accordance with the terms and conditions set forth hereinbelow;
  
 WHEREAS this Release and Transaction does not constitute any admission of liability by the Employer or by Employee;
  
 THEREFORE, THE EMPLOYER AND THE EMPLOYEE HEREBY DECLARE, FOR ALL LEGAL PURPOSES, THAT THEY AGREE TO THE FOLLOWING RELEASE AND TRANSACTION:
  
 	 1.
	 The Preamble forms an integral part of the Release and Transaction;

	  
	  

	 2.
	 The Employee’s employment terminates as of December 30th, 2022

   
 	 
	1
	

	 

  
 	 3.
	 Upon receipt of this Release and Transaction duly signed by the Employee, the Employer agrees to do the following:

   
 	  
	 a)
	 To pay as compensation, termination notice and advance notification pending departure, bonuses, damages, indemnities, remuneration, benefits, commission, holiday pay or other amounts, an amount equal to six (6) months salary. This amount will be paid through regular payroll, and the usual deductions at source pursuant to provincial and federal legislation applies.

	  
	  
	  

	  
	 b)
	 If the Employee is still unemployed following that 6 month period, to pay as compensation, up to a maximum 3 months. Thus, if the employee finds a job during the 3-month period, the payment will stop. During the 3-month period, the Employee must notify the Employer if he finds a job. Failing that, he will have to reimburse the full amount of the notice. That amount will be subjected to the usual deductions at source pursuant to provincial and federal legislation.

	  
	  
	  

	  
	 c)
	 Accelerated vesting of 20% of your upfront RSUs grant with the remainder being forfeited.

	  
	  
	  

	  
	 d)
	 Termination of group insurance as of December 30th 2022.

   
 	 4.
	 In consideration for the aforementioned payments and undertakings:

	  
	  

   
 	  
	 a)
	 The Employee waives all claims regarding employment with the Employer;

	  
	  
	  

	  
	 b)
	 The Employee hereby releases and discharges the Employer, its parent company, its subsidiaries or its sister or affiliated divisions and their respective directors, officers, managers, employees, representatives, agents, insurers and their respective successors, assigns or testamentary executors, individually and collectively, from any action, cause of action, claim or demand respecting damages, indemnities, costs, loss or harm of any nature whatsoever, present or future that he has or may have pertaining to his hiring, his employment or the termination thereof, specifically including, but not limited to, any claim respecting notice, termination notice, unjustified dismissal, severance pay, bonus, remuneration for overtime, demand to be reinstated, premium, interest, vacation pay, bonus, benefit, privilege or allowance, including any complaint or recourse, of any nature whatsoever, under any law whatsoever, including the Charter of Human Rights and Freedoms, the Act respecting industrial accidents and occupaitonal diseases, the Labour Standards Act, the Labour Code, the Civil Code of Québec or any other law or regulation;

       
 	  
	 c)
	 The Employee agrees that notwithstanding termination of his employment with the Employer, that he will not disclose or discuss any of the conditions of this Release and Transaction with any persons other than the members of his immediate family, his legal and financial advisers or as may be required by law. The Employee further agrees that he will not make any statement that could adversely affect the reputation of the Employer, its parent company, its subsidiaries or its sister or affiliated divisions.

	  
	  
	  

	  
	 d)
	 the Employee shall reimburse the Employer for any amount that may be claimed from the latter by the taxation or employment authorities respecting the amounts paid to the Employee pursuant to this Release and Transaction.

   
 	 
	2
	

	 

  
 	 5.
	 The Employee acknowledges that he/she has received any amounts that may be due (vacation, bonuses, etc.). Furthermore, the Employee waives his rights under the employment contract.

	  
	  

	 6.
	 The Employee hereby acknowledges that he was given the opportunity to seek independent legal advice concerning all respects of this Release and Transaction;

	  
	  

	 7.
	 The Employer and the Employee shall each pay their professional fees and expenses;

	  
	  

	 8.
	 This Release and Transaction cancels and replaces all prior agreements related directly or indirectly to the Employee’s employment;

	  
	  

	 9.
	 The Employee hereby acknowledges that no representation was made to him for the purpose of influencing or inducing him to sign this Release and Transaction;

	  
	  

	 10.
	 This Release and Transaction constitutes a transaction within the meaning of articles 2631 and following of the Civil Code of Québec;

     
 	 11.
	 The provisions of this Release and Transaction are binding on the Employer, its subsidiaries and divisions and the Employee and their respective successors, assigns, representatives and mandataries.

	  
	  

	 12.
	 It is the express wish of the parties that this document is drafted in English. Il est de la volonté expresse des parties que ce document soit rédigé en langue anglaise.

   
 	 
	3
	

	 

  
 IN WITNESS WHEREOF, the Employer and the Employee have signed this Release and Transaction in:
  
 	 Date:
	 December 20, 2022
	  
	  
	  

	  
 Place:
	  
 480 Fernand Poitras, Terrebonne
	  
	  
  
	  
  

	  
 Employer:
	  
 LOOP CANADA INC.
	  
	  
	
	  
  
	  
 /s/ Daniel Solomita
	  
	  
  
	  
  

	By: 	 Daniel Solomita, Founder and CEO
	  
	 Witness: [***]
	  

  
 	 Date: 
	 December 19, 2022
	  
	  
	  

	  
 Place: 
	  
  
	  
  
	  
  
	  

	  
  
	  
 /s/ Thomas Andrew Hickey               
		/s/ [***]	  

	 Employee :
  
	 THOMAS ANDREW HICKEY
  
	  
  
	 Witness:
  
	  

  
 	 
	4Exhibit 10.1

 

AMENDMENT NO. 1

TO THE

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

THIS AMENDMENT NO. 1 TO THE INVESTMENT MANAGEMENT
TRUST AGREEMENT (this “Amendment”) is made as of December 21, 2022, by and between Belong Acquisition Corp.,
a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation
(the “Trustee”). Capitalized terms contained in this Amendment, but not specifically defined in this Amendment,
shall have the meanings ascribed to such terms in the Original Agreement (as defined below).

 

WHEREAS, on July 27, 2021, the Company consummated
an initial public offering (the “Offering”) of units of the Company, each of which is composed of one share
of the Company’s Class A common stock, par value $0.0001 per share (“Class A Common Stock”), and one-half
of one warrant, each whole warrant entitling the holder thereof to purchase one share of Class A Common Stock;

 

WHEREAS, $150,000,000 of net proceeds of the Offering
and sale of the Private Placement Units (as defined in the Underwriting Agreement) were delivered to the Trustee to be deposited and held
in the segregated Trust Account located in the United States for the benefit of the Company and the holders of Class A Common Stock included
in the Units issued in the Offering pursuant to the investment management trust agreement made effective as of July 22, 2021, by and between
the Company and the Trustee (the “Original Agreement”);

 

WHEREAS, the Company has sought the approval of
the holders of its Class A Common Stock and holders of its Class B common stock, par value $0.0001 per share (together the “Common
Stock”), at a special meeting to: (i) extend the date before which the Company must complete a business combination from
January 27, 2023 to July 27, 2023 (the “Extension Amendment”) and (ii) extend the date on which the Trustee
must liquidate the Trust Account if the Company has not completed its initial business combination from January 27, 2023 to July 27, 2023
(the “Trust Amendment”);

 

WHEREAS, holders of 65% of the then issued and outstanding
shares of Common Stock, voting together as a single class, approved the Extension Amendment and the Trust Amendment; and

 

WHEREAS, the parties desire to amend the Original
Agreement to, among other things, reflect amendments to the Original Agreement contemplated by the Trust Amendment.

 

NOW, THEREFORE, in consideration of the mutual agreements
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending
to be legally bound hereby, the parties hereto agree as follows:

 

1.   Amendment
to Trust Agreement. Section 1(i) of the Original Agreement is hereby amended and restated in its entirety as follows:

 

“(i) Commence liquidation of the Trust Account
only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination
Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit
B, as applicable, signed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer, Secretary or
Chairman of the Board of Directors of the Company (the “Board”) or other authorized officer of the Company,
and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds
held in the Trust Account and not previously released to the Company to pay its taxes and expenses related to the administration of the
Trust Account (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the
Termination Letter and the other documents referred to therein, or (y) upon the date which is the later of (1) July 27, 2023 and (2) such
later date as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate
of incorporation, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall
be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property
in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay
its taxes and expenses related to the administration of the Trust Account (less up to $100,000 of interest that may be released to the
Company to pay dissolution expenses), shall be distributed to the Public Stockholders of record as of such date; provided,
however, that in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit
B hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination Letter by the date specified
in clause (y) of this Section 1(i), the Trustee shall keep the Trust Account open until
twelve (12) months following the date the Property has been distributed to the Public Stockholders.”

 

     

     

    

 

2.      Miscellaneous
Provisions.

 

2.1.    Successors.
All the covenants and provisions of this Amendment by or for the benefit of the Company or the Trustee shall bind and inure to the benefit
of their permitted respective successors and assigns.

 

2.2.    Severability.
This Amendment shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Amendment or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Amendment a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

2.3.    Applicable
Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York.

 

2.4.    Counterparts.
This Amendment may be executed in several original or facsimile counterparts, each of which shall constitute an original, and together
shall constitute but one instrument.

 

2.5.    Effect
of Headings. The section headings herein are for convenience only and are not part of this Amendment and shall not affect the interpretation
thereof.

 

2.6.    Entire
Agreement. The Original Agreement, as modified by this Amendment, constitutes the entire understanding of the parties and supersedes
all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to
the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and
terminated.

 

[Signature page follows]

 

    2

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed as of the date first above written.

 

	 	Continental Stock Transfer & Trust Company, as Trustee
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	Belong Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name: 	Peter Saldarriaga
	 	 	Title:	Chief Executive Officer and Chief Financial Officer

 

[Signature Page to Amendment to Investment Management
Trust Agreement] 

 

 

3

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