Document:

EX-10.1

 Exhibit 10.1 

AMERICAN WELL CORPORATION 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is hereby entered into as of September 15, 2021 (the “Effective
Date”) by and between American Well Corporation, a Delaware corporation (the “Company”), and Robert Shepardson, an individual (the “Executive”) (hereinafter collectively referred to as “the
parties”). Where the context requires, references to the Company shall include the Company’s subsidiaries and affiliates. 

RECITALS 
 WHEREAS, the
Company desires to employ Executive for the period provided in this Agreement, and Executive desires to accept such employment with the Company, subject to the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the respective agreements of the parties contained herein, it is agreed as follows: 

1.    Commencement Date; Term; Effect on Other Agreements. The employment term (the “Employment
Term”) of Executive’s employment under this Agreement shall be for the period commencing on October 1, 2021 (or such other date as may be agreed between the parties) (the “Commencement Date”) and ending on the
fourth (4th) anniversary of the Commencement Date. Thereafter, the Employment Term shall extend automatically for consecutive periods of one year unless either party provides notice of non-renewal not less than ninety (90) days prior to the end of the Employment Term as then in effect. 

2.    Employment. During the Employment Term: 

 

	 	(a)	 Executive shall be employed as Chief Financial Officer of the Company and Executive shall perform the duties,
undertake the responsibilities and exercise the authority customarily performed, undertaken and exercised by persons situated in similar executive capacities. 

 

	 	(b)	 Excluding periods of vacation and sick leave to which Executive is entitled and other service outside of the
Company contemplated in this Section 2(b), Executive shall devote Executive’s full professional time and attention to the business and affairs of the Company to discharge the responsibilities of Executive hereunder.
Executive may manage personal and family investments and participate in industry organizations and charitable endeavors, so long as such activities do not interfere with the performance of Executive’s responsibilities hereunder. It is
understood that, during Executive’s employment by the Company, Executive shall not engage in any activities that constitute a conflict of interest with the interests of the Company or its direct and indirect subsidiaries. 

  
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	 	(c)	 Executive shall be subject to and shall abide by each of the personnel policies applicable to senior
executives, including but not limited to any policy restricting pledging and hedging investments in Company equity by Company executives, any policy the Company adopts regarding the recovery of incentive compensation (sometimes referred to as
“clawback”) and any additional clawback provisions as required by law and applicable listing rules. This Section 2(c) shall survive the termination of the Employment Term. 

 

	 	(d)	 Executive shall not be required as a condition of employment with the Company to relocate Executive’s
principal place of employment to Boston, Massachusetts or to any other Company office location; provided that Executive shall be required to regularly travel to Boston and other locations (including international locations) as reasonably
necessary to perform the duties. 

  

	 	(e)	 Subject to Sections 6, 7 and 8 hereof, Executive’s employment with the Company is
“at will,” such that each of Executive or the Company has the option to terminate Executive’s employment at any time, with or without advance notice, and with or without Cause or with or without Good Reason. This Agreement does not
constitute an express or implied agreement of continuing or long-term employment. 

 3.    Annual
Compensation. 
  

	 	(a)	 Base Salary. During the Employment Term, Executive shall be paid an annual base salary of US $485,000
(“Base Salary”). The Base Salary shall be payable in accordance with the Company’s regular payroll practices as then in effect. 

  

	 	(b)	 Annual Bonus. Subject to the terms of the Company’s annual cash bonus program as in effect from
time to time and the provisions hereof, for each fiscal year of the Company ending during the Employment Term (commencing with the 2021 fiscal year), Executive shall be eligible to receive a target annual cash bonus of 100% of Base Salary (such
target bonus, as may hereafter be increased, the “Target Bonus”). For the avoidance of doubt, Executive shall be eligible to receive a full Target Bonus for the 2021 fiscal year. Annual bonuses, if any, will be payable after the
close of the applicable fiscal year, but in any event prior to March 15 of the following calendar year. The criteria for, and attainment of, Executive’s annual bonus will be at the sole discretion of the compensation committee (the
“Committee”) of the Board of Directors of the Company (the “Board”) and may be based on the achievement of both corporate and personal performance objectives. 

 

	 	(c)	 Annual Review. On an annual basis during the Employment Term, the Committee shall review and analyze the
then-current Base Salary and 

  
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Target Bonus of Executive and determine, in its discretion, whether adjustments are necessary or advisable based on merit, to meet industry benchmarks or otherwise, taking into account market
practice and the performance of both the Company and Executive. 

  

	 	(d)	 Equity Incentives. During the Employment Term, Executive shall be eligible for consideration to receive
equity grants commensurate with those granted to similarly situated executives of the Company in the sole discretion of the Committee under the Company’s 2020 Equity Incentive Plan, as may be amended and restated from time to time (the
“Equity Plan”). Any additional grants shall be subject to the availability of shares at the time of grant and such vesting terms and conditions as may be determined by the Committee in its discretion, and both the amount and type of
such grants shall be based on merit, to meet industry benchmarks or otherwise, taking into account market practice and the performance of both the Company and the Executive. 

4.    Equity Considerations 
  

	 	(a)	 Share Ownership Commitment. Executive agrees to comply with any applicable share ownership requirements
or guidelines adopted by the Company applicable to Executive, which shall be on the same terms as similarly situated executives of the Company. 

  

	 	(b)	 Initial Equity Grant. Executive shall be eligible to receive a grant of restricted stock units that
settle in a number of shares of the Company’s Class A common stock (the “RSU Award”) determined by dividing $8,000,000 by the thirty (30)-day volume weighted average price per share
of Class A common stock preceding the date of grant. 25% of the RSU Award will vest on the date of grant and the remainder of the RSU Award will vest in substantially equal quarterly installments over four full years such that 1/16th of the remainder of the RSU Award vests on the first day of the first month following each three-month anniversary of the grant date, in all cases subject to the Executive’s continued
employment through each such vesting date. The RSU Award will be granted pursuant to the terms of the form of RSU Award agreement and the Equity Plan, and the RSU Award will be subject in all respects to the terms and conditions set forth in the
final RSU Award agreement and the Equity Plan. 

 5.    Other Benefits. During the Employment
Term: 
  

	 	(a)	 Employee Benefits. Executive shall be eligible to participate in the various benefits offered by the
Company on terms and conditions that are substantially comparable to the other senior executives of the Company, including the Company’s group medical and dental plans, life and disability insurance and 401(k) plan. Benefits may be modified or
changed from time to time at the sole discretion of the Company (but not in a manner 

  
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discriminatory against Executive), and the provision of such benefits to Executive in no way changes or impacts Executive’s status as an at-will
employee. The Company’s present benefit structure and other important information about the benefits for which Executive may be eligible are described in the Company’s benefits summary booklet and in the Company’s employee handbook.
Where a benefit is subject to a formal plan (for example, medical insurance or life insurance), eligibility to participate in and receive any particular benefit is governed solely by the applicable plan document. 

 

	 	(b)	 Business Expenses. Upon submission of proper invoices in accordance with, and subject to, the
Company’s normal policies and procedures, Executive shall be entitled to receive prompt reimbursement of all reasonable out-of-pocket business, entertainment and
travel expenses incurred by Executive in connection with the performance of Executive’s duties hereunder (including any expenses incurred in connection with Executive’s travel to Boston, Massachusetts or other Company office locations,
inside or outside the United States). 

  

	 	(c)	 Paid Time Off. Executive shall be entitled to participate in the Company’s unlimited Personal Paid
Time Off Policy. 

 6.    Termination. Executive’s employment with the Company hereunder
may be terminated under the circumstances set forth below; provided, however, that notwithstanding anything contained herein to the contrary, to the extent required by Section 409A
(“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), Executive shall not be considered to have terminated employment with the Company for purposes of this Agreement
until Executive would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A. 
  

	 	(a)	 Death. Executive’s employment shall be terminated as of the date of Executive’s death and
Executive’s beneficiaries shall be entitled to the benefits provided in Section 8(b) hereof. 

  

	 	(b)	 Disability. The Company may terminate Executive’s employment, on written notice to Executive after
having established Executive’s Disability and while Executive remains Disabled, and Executive shall be entitled to the benefits provided in Section 8(b) hereof. For purposes of this Agreement,
“Disability” shall have the meaning assigned to such term in the Equity Plan. 

  

	 	(c)	 Cause. The Company may terminate Executive’s employment for Cause (as defined in Exhibit A)
effective as of the date of the Notice of Termination (as defined in Section 7 hereof) and Executive shall be entitled to the benefits provided in Section 8(a) hereof. 

  
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	 	(d)	 Without Cause. The Company may terminate Executive’s employment without Cause and Executive shall
be entitled to the benefits provided in Section 8(c) or 8(f) hereof, as applicable. 

  

	 	(e)	 Good Reason. Executive may terminate Executive’s employment with Good Reason (as defined in
Exhibit A), subject to this Section 6(e) and Executive shall be entitled to the benefits provided in Section 8(c) or 8(f) hereof, as applicable. 

 

	 	(f)	 Without Good Reason. Executive may voluntarily terminate Executive’s employment without Good Reason
by delivering to the Company a Notice of Termination not less than thirty (30) days prior to the termination of Executive’s employment and the Company shall have the option of terminating Executive’s duties and responsibilities prior
to the expiration of such thirty (30) day notice period (in which case Executive shall not receive any payment of Executive’s salary or other compensation for the balance of such thirty (30) day period), and Executive shall be
entitled to the benefits provided in Section 8(a) hereof through the last day of such notice period. 

  

	 	(g)	 Retirement. Executive may terminate Executive’s employment upon Executive’s retirement in
accordance with the terms of a retirement plan or policy of the Company approved by the Board and applicable to Executive (a “Company Retirement Plan”), and Executive shall be entitled to the benefits provided in
Section 8(d) hereof. 

  

	 	(h)	 Notice of Non-Renewal. Executive’s employment shall
terminate upon expiration of the Employment Term as then in effect following timely provision by either party of notice of non-renewal in accordance with Section 1 hereof, and
Executive shall be entitled to the benefits provided in Section 8(e) hereof. 

7.    Notice of Termination. Any purported termination by Executive shall be communicated by written Notice of
Termination to the Company. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which indicates a termination date, the specific termination provision in this Agreement relied upon and sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. For purposes of this Agreement, no such purported termination of Executive’s employment
hereunder shall be effective without such Notice of Termination (unless waived by the party entitled to receive such notice). 

8.    Compensation Upon Termination. Upon termination of Executive’s employment during the Employment Term,
Executive shall be entitled to the following benefits; provided, however, that any such benefits to which Executive is hereunder entitled shall be offset by those benefits that Executive receives, if any, under applicable law or
otherwise: 
  

	 	(a)	 Termination by the Company for Cause or by Executive Without Good Reason. If Executive’s employment
is terminated by the Company for 

  
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Cause or by Executive without Good Reason, the Company shall pay Executive all amounts earned or accrued hereunder through the termination date, including: 

 

	 	(1)	 reimbursement for reasonable and necessary expenses incurred by Executive on behalf of the Company for the
period ending on the termination date, pursuant to the procedures of the Company’s applicable policies; 

  

	 	(2)	 any previous compensation which Executive has previously deferred (including any interest earned or credited
thereon), in accordance with the terms and conditions of the applicable deferred compensation plans or arrangements then in effect; 

  

	 	(3)	 equity and incentive awards, to the extent previously vested, shall be paid or delivered to Executive in
accordance with the terms of such awards; and 

  

	 	(4)	 any amount or benefit as provided under any benefit plan or program, and any accrued, but unpaid vacation (the
foregoing items in clauses (1) through (4) being collectively referred to as the “Accrued Compensation”). 

  

	 	(b)	 Termination by the Company for Disability or Death. If Executive’s employment is terminated by the
Company for Disability or by reason of Executive’s death, then, subject to Section 16(d) hereof, Executive shall be entitled to the benefits provided in this Section 8(b).

  

	 	(1)	 The Company shall pay Executive (or Executive’s beneficiaries, as applicable) the Accrued Compensation;

  

	 	(2)	 The Company shall pay to Executive (or Executive’s beneficiaries, as applicable) within sixty
(60) days following the termination date, any bonus earned but unpaid in respect of any fiscal year preceding the termination date; and 

  

	 	(3)	 Each unvested equity award held by Executive at the time of termination shall be governed by the terms of the
applicable plan and/or award agreement. 

  

	 	(c)	 Termination by the Company Without Cause or by Executive for Good Reason. If Executive’s employment
by the Company shall be terminated by the Company without Cause or by Executive for Good Reason (other than as provided in Section 8(f)), then, subject to Section 16(d) hereof, Executive shall be
entitled to the benefits provided in this Section 8(c). 

  

	 	(1)	 The Company shall pay to Executive any Accrued Compensation; 

  
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	 	(2)	 The Company shall pay to Executive any bonus earned but unpaid in respect of any fiscal year preceding the
termination date within sixty (60) days following the termination date; 

  

	 	(3)	 The Company shall pay to Executive in a lump sum within the time period set forth in
Section 3(b), a pro rata bonus for the year in which Executive’s employment terminates based on actual performance through the termination date and the number of days Executive was employed during such year;

  

	 	(4)	 The Company shall pay Executive as severance pay, in lieu of any further compensation (except as provided in
this Section 8(c)) for the periods subsequent to the termination date, an amount in cash, equal to one (1) times Executive’s then-current Base Salary, paid in equal installments on the Company’s regular
payroll dates during the twelve (12) month period following the date on which Executive executes a release in accordance with Section 16(d) hereof (the “Severance Period”); 

 

	 	(5)	 Each unvested equity award held by Executive at the time of termination shall be governed by the terms of the
applicable plan and/or award agreement; and 

  

	 	(6)	 If Executive is participating in the Company’s group health insurance plans on the effective date of
termination, and Executive timely elects and remains eligible for continued coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), or, if applicable, state or local insurance laws, the Company shall pay that
portion of Executive’s premiums that the Company was paying prior to the effective date of termination for the Severance Period or for the continuation period for which Executive is eligible, whichever is shorter. 

 

	 	(d)	 Termination by Executive due to Executive’s Retirement. If Executive terminates
Executive’s employment upon Executive’s retirement pursuant to a Company Retirement Plan, then Executive shall receive any such benefits as may be provided under such Company Retirement Plan. 

 

	 	(e)	 Expiration of Employment Term Upon Notice of Non-Renewal. If
Executive’s employment terminates upon expiration of the Employment Term as then in effect following timely provision by either party of notice of non-renewal in accordance with
Section 1 hereof, then, subject to Section 16(d) hereof, Executive shall be entitled to the benefits provided in this Section 8(e). 

 

	 	(1)	 The Company shall pay to Executive any Accrued Compensation; and 

  
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	 	(2)	 Each unvested equity award held by Executive at the time of termination shall be treated in accordance with the
terms of the applicable plan and/or award agreement governing a termination of employment other than for cause or due to death or disability. 

  

	 	(f)	 Change in Control Termination. Notwithstanding any other provision contained herein, if Executive’s
employment by the Company shall be terminated by the Company without Cause or by Executive for Good Reason, in each case within one month before or twenty-four (24) months immediately following a Change in Control (as defined under the Equity
Plan), then, subject to Section 16(d) hereof, Executive shall be entitled to the benefits provided in this Section 8(f). 

 

	 	(1)	 The Company shall pay to Executive any Accrued Compensation; 

 

	 	(2)	 The Company shall pay to Executive any bonus earned but unpaid in respect of any fiscal year preceding the
termination date within sixty (60) days following the termination date; 

  

	 	(3)	 The Company shall pay to Executive an amount equal to Executive’s then-current Target Bonus within thirty
(30) days following the termination date; 

  

	 	(4)	 The Company shall pay Executive as severance pay, in lieu of any further compensation (except as provided in
this Section 8(f)) for the periods subsequent to the termination date, an amount in cash, equal to one (1) times Executive’s then-current Base Salary, paid in equal installments on the Company’s regular
payroll dates during the Severance Period; 

  

	 	(5)	 Each unvested equity award held by Executive at the time of termination shall vest in full (with any applicable
performance goals treated as achieved at target); and 

  

	 	(6)	 If Executive is participating in the Company’s group health insurance plans on the effective date of
termination, and Executive timely elects and remains eligible for continued coverage under COBRA, or, if applicable, state or local insurance laws, the Company shall pay that portion of Executive’s premiums that the Company was paying
prior to the effective date of termination for the Severance Period or for the continuation period for which Executive is eligible, whichever is shorter. 

  

	 	(g)	 Executive shall not be required to mitigate the amount of any payment provided for under this
Section 8 by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive in any subsequent employment. 

  
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 9.    Section 409A. This Agreement is intended to comply with, or
otherwise be exempt from, Section 409A. The Company shall undertake to administer, interpret and construe this Agreement, to the extent reasonably practicable, in a manner that does not result in the imposition on Executive of any additional
tax, penalty or interest under Section 409A. If the Company determines in good faith that any provision of this Agreement would cause Executive to incur an additional tax, penalty or interest under Section 409A, the Company and Executive
shall use reasonable efforts to reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the original intent of the applicable provision without violating the provisions of Section 409A.
If a payment obligation under this Agreement arises on account of Executive’s separation from service while Executive is a “specified employee” (as defined under Section 409A), then any payment that constitutes “deferred
compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections
1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within six (6) months after such separation from service shall accrue without interest and shall be paid within fifteen (15) days after
the end of the six (6) month period beginning on the date of such separation from service or, if earlier, within fifteen (15) days after the appointment of the personal representative or executor of Executive’s estate following
Executive’s death. Notwithstanding the foregoing, nothing in this Agreement or otherwise is intended to, nor does it, guarantee that the payments and benefits under this Agreement will not be subject to any additional tax or other adverse tax
consequences under Section 409A or any similar state or local tax law. For purposes of Section 409A, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments. 

10.    Employee Protection. Nothing in this Agreement or otherwise limits Executive’s ability to communicate
directly with and provide information, including documents, not otherwise protected from disclosure by any applicable law or privilege to the Securities and Exchange Commission (the “SEC”), any other federal, state or local
governmental agency or commission (“Government Agency”) or self-regulatory organization regarding possible legal violations, without disclosure to the Company. The Company may not retaliate against Executive for any of these
activities, and nothing in this Agreement or otherwise requires Executive to waive any monetary award or other payment that Executive might become entitled to from the SEC or any other Government Agency or self-regulatory organization. 

11.    Records and Confidential Data. 
  

	 	(a)	 Executive acknowledges that in connection with the performance of Executive’s duties during the Employment
Term, the Company will make available to Executive, or Executive will have access to, certain Confidential Information (as defined below) of the Company and its affiliates. Executive acknowledges and agrees that any and all Confidential Information
disclosed to, or learned or obtained by, Executive during the course of Executive’s employment by the Company or otherwise, whether developed by Executive alone or in conjunction with others or otherwise,

  
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shall be and is the sole and exclusive property of the Company and its affiliates and Executive hereby assigns to the Company any and all right, title and interest Executive may have or acquire
in and to such Confidential Information. 

  

	 	(b)	 Except as provided in Section 10 hereof, the Confidential Information will be kept
confidential by Executive, will not be used in any manner which is detrimental to the Company, will not be used other than in connection with Executive’s discharge of Executive’s duties hereunder, and will be safeguarded by Executive from
unauthorized disclosure. Executive acknowledges and agrees that the confidentiality restrictions set forth herein shall apply to any and all Confidential Information disclosed to, or learned or obtained by, Executive, whether before, on or after the
date hereof. For the avoidance of doubt, nothing in this Section 11(b) shall prevent Executive from complying with a valid legal requirement (whether by oral questions, interrogatories, requests for information or
documents, subpoena, civil or criminal investigative demand or similar process) to disclose any Confidential Information or from exercising any legally protected whistleblower rights (including under Rule 21F under the Securities Exchange Act of
1934, as amended) as set forth in Section 10. 

  

	 	(c)	 Following the termination of Executive’s employment hereunder, as soon as possible after the
Company’s written request, Executive will return to the Company all written Confidential Information which has been provided to Executive and Executive will return or destroy (or cooperate with any reasonable Company requested process to return
or destroy) all copies of any analyses, compilations, studies or other documents (including any email or other electronic correspondence) prepared by Executive or for Executive’s use containing or reflecting any Confidential Information, except
as provided in Section 10. Within five (5) business days of the receipt of such request by Executive, Executive shall, upon written request of the Company, deliver to the Company a document certifying that such written
Confidential Information has been returned or destroyed in accordance with this Section 11(c). 

  

	 	(d)	 For the purposes of this Agreement, “Confidential Information” shall mean all confidential and
proprietary information of the Company and its affiliates, including, without limitation, information derived from reports, investigations, experiments, research, work in progress, drawings, designs, plans, proposals, codes, marketing and sales
programs, client lists, client mailing lists, supplier lists, financial projections, cost summaries, pricing formula, marketing studies relating to prospective business opportunities and all other know-how,
trade secrets, inventions, concepts, ideas, materials, or information developed, prepared or performed for or by the Company or its affiliates (in each case, including any email or other electronic correspondence). For purposes of this Agreement,
the 

  
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Confidential Information shall not include and Executive’s obligations shall not extend to information that Executive can demonstrate with competent evidence is (i) generally available
to the public without any action or involvement by Executive or (ii) independently obtained by Executive from a third party on a non-confidential and authorized basis. Notwithstanding anything in this
Section 11 to the contrary, Executive may disclose Confidential Information: (1) as set forth in Section 10; and (2) to the extent it is required to be disclosed by law or pursuant to
judicial process or administrative subpoena. To the extent that Confidential Information is required to be disclosed by law, governmental investigation or pursuant to judicial process or administrative subpoena, Executive shall, to the extent
legally permitted, first give written notice to the Company and reasonably cooperate with the Company to obtain a protective order or other measures preserving the confidential treatment of such Confidential Information and requiring that the
information or documents so disclosed be used only for the purposes required by law, governmental investigation or pursuant to judicial process or administrative subpoena, except as provided in Section 10 and subject to
Section 11(e). 

  

	 	(e)	 Notwithstanding anything in this Agreement to the contrary, pursuant to the Defend Trade Secrets Act of 2016,
the parties hereto acknowledge and agree that Executive shall not have criminal or civil liability under any federal or state trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or
local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal. In addition and without limiting the preceding sentence, if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade
secret to Executive’s attorney and may use the trade secret information in the court proceeding, if Executive (X) files any document containing the trade secret under seal and (Y) does not disclose the trade secret, except pursuant to
court order. 

  

	 	(f)	 In connection with Executive’s employment with the Company, Executive will not use any confidential or
proprietary information Executive may have obtained in connection with employment with any prior employer. 

  

	 	(g)	 Executive’s obligations under this Section 11 shall survive the termination of
the Employment Term. 

 12.    Covenant Not to Solicit and Not to Compete; Non-Disparagement. 
  

	 	(a)	 Covenants Not to Solicit or to Interfere. To protect the Confidential Information, Company Intellectual
Property (as defined below) and other 

  
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trade secrets of the Company and its affiliates, Executive agrees, during the Employment Term and for a period of twelve (12) months after Executive’s cessation of employment with the
Company, not to solicit, hire or participate in or assist in any way in the solicitation or hire of any employees of the Company or any of its subsidiaries (or any person who was an employee of the Company or any of its subsidiaries during the six-month period preceding such action) in any country. For purposes of this covenant, “solicit” or “solicitation” means directly or indirectly influencing or attempting to
influence employees of the Company or any of its subsidiaries to become employed with any other person, partnership, firm, corporation or other entity. 

In addition, to protect the Confidential Information, Company Intellectual Property and other trade secrets of the Company and its affiliates,
Executive agrees, during the Employment Term and for a period of twelve (12) months after Executive’s cessation of employment with the Company, not to (x) solicit any client or customer to receive services or to purchase any goods or
services in competition with those provided by the Company or any of its subsidiaries or (y) interfere or attempt to interfere in any material respect with the relationship between the Company or any of its subsidiaries on one hand and any
client, customer, supplier, investor, financing source or capital market intermediary on the other hand, in any country. For purposes of this covenant, “solicit” or “solicitation” means directly or indirectly
influencing or attempting to influence clients or customers of the Company or any of its affiliates to accept the services or goods of any other person, partnership, firm, corporation or other entity in competition with those provided by the Company
or any of its affiliates. 
 Executive agrees that the covenants contained in this Section 12(a) are reasonable
and desirable to protect the Confidential Information and Company Intellectual Property of the Company and its affiliates; provided that solicitation through general advertising or the provision of references shall not constitute a breach of
such obligations. 
  

	 	(b)	 Covenant Not to Compete. To protect the Confidential Information, Company Intellectual Property and
other trade secrets of the Company and its affiliates, and in specific consideration for a cash payment of $1,000, Executive agrees, to the maximum extent permitted by applicable law, not to become involved with any entity that directly or
indirectly engages in Prohibited Activities (as defined below) in any country in which the Company or any of its affiliates conducts such business, or plans to conduct such business during the Employment Term, during the period commencing with the
Employment Term and ending twelve (12) months after Executive’s cessation of employment with the Company for any reason. For the purposes of this Agreement, the term “Prohibited Activities” means directly or indirectly
owning any interest in, managing, participating in 

  
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(whether as an employee, director, officer, consultant, partner, member, manager, representative or agent), consulting with or rendering services to any entity (including, without limitation,
Doctor On Demand, MDLive, Teladoc, Epic Systems, Cerner or Zoom) in (A) the telehealth industry or (B) digital healthcare, that, in the case of clause (B), performs or plans to perform any of the services or manufactures or sells or plans
to manufacture or sell any of the products planned, provided or offered by the Company or any of its subsidiaries or any products or services designed to perform the same function or achieve the same results as the products or services planned,
provided or offered by the Company or any of its subsidiaries or performs or plans to perform any other services and/or engages or plans to engage in the development, production, manufacture, distribution or sale of any product similar to any
planned or actual services performed or products developed, produced, manufactured, distributed or sold by the Company or any of its subsidiaries during the term of Executive’s employment with the Company and its affiliates, including, without
limitation, any business activity that directly or indirectly provides the research, development, manufacture, marketing, selling or servicing of systems facilitating consumer communications with professional service providers in the digital
healthcare field; provided that Prohibited Activities shall not mean Executive’s investment in securities of a publicly-traded company (or a non-publicly traded entity through a passive investment)
equal to less than five percent (5%) of such company’s outstanding voting securities. Executive agrees that the covenants contained in this Section 12(b) are reasonable and desirable to protect the Confidential
Information and Company Intellectual Property of the Company and its affiliates. Any reference to plans or planned activity in this paragraph shall be limited to plans or planned activities that are based upon material demonstrable actions.
Following Executive’s cessation of employment, the prohibitions in this paragraph shall be limited to activities and planned activities (including locations) as of the date of Executive’s termination of employment. 

 

	 	(c)	 Non-Disparagement. Executive agrees not to make written or oral
statements about the Company, its subsidiaries or affiliates, or its directors, executive officers or non-executive officer employees that are negative or disparaging, except as provided in
Section 10 hereof or in the ordinary course of personnel performance reviews when making such statements is reasonable and appropriate. The Company, as represented by its directors and executive officers, shall not make
written or oral statements about Executive that are negative or disparaging, except as provided in Section 10 hereof or in the ordinary course of personnel performance reviews when making such statements is reasonable and
appropriate. Notwithstanding the foregoing, nothing in this Agreement or otherwise shall preclude Executive, the Company, its subsidiaries and affiliates, and the Company’s directors and executive officers from communicating or testifying
truthfully 

  
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to the extent required by law to any federal, state, provincial or local governmental agency or in response to a subpoena to testify issued by a court of competent jurisdiction.

  

	 	(d)	 It is the intent and desire of Executive and the Company that the restrictive provisions of this
Section 12 be enforced to the fullest extent permissible under the laws and public policies as applied in each jurisdiction in which enforcement is sought. If any particular provision of this
Section 12 shall be determined to be invalid or unenforceable, such covenant shall be amended, without any action on the part of either party hereto, to delete therefrom the portion so determined to be invalid or
unenforceable, such deletion to apply only with respect to the operation of such covenant in the particular jurisdiction in which such adjudication is made. 

  

	 	(e)	 Executive’s obligations under this Section 12 shall survive the termination of
the Employment Term. 

 13.    Remedies for Breach of Obligations under Sections 12
or 13 hereof. Executive acknowledges that the Company will suffer irreparable injury, not readily susceptible of valuation in monetary damages, if Executive breaches Executive’s obligations under Sections 11 or 12 hereof.
Accordingly, Executive agrees that the Company will be entitled, in addition to any other available remedies, to seek injunctive relief against any breach or prospective breach by Executive of Executive’s obligations under Sections 11 or
12 hereof. Executive agrees that process in any or all of those actions or proceedings may be served by registered mail, addressed to the last address provided by Executive to the Company, or in any other manner authorized by law. This
Section 13 shall survive the termination of the Employment Term. 
 14.    Cooperation.

  

	 	(a)	 Following Executive’s termination of employment for any reason, except as provided in
Section 10 hereof, Executive agrees to make Executive reasonably available at the request of the Company to cooperate with the Company and its affiliates in matters that materially concern: (i) requests for information
about the services Executive provided to the Company and its affiliates during Executive’s employment with the Company and its affiliates, (ii) the defense or prosecution of any claims or actions now in existence or which may be brought in
the future against or on behalf of the Company and its affiliates which relate to events or occurrences that transpired while Executive was employed the Company and its affiliates and as to which Executive has, or would reasonably be expected to
have, personal experience, knowledge or information or (iii) any investigation or review by any federal, state or local regulatory, quasi-regulatory or self-governing authority (including, without limitation, the US Department of Justice, the
US Federal Trade Commission or the SEC) as any such investigation or review relates to events or occurrences that transpired while Executive was employed by the Company and its affiliates. Executive’s

  
 14 

	 	
cooperation shall include: (A) making Executive reasonably available to meet and speak with officers or employees of the Company, the Company’s counsel or any third-parties at the
reasonable request of the Company at times and locations to be determined by the Company reasonably and in good faith, taking into account the Company’s business and Executive’s business and personal needs (the “Company
Cooperation”) and (B) giving accurate and truthful information at any interviews and accurate and truthful testimony in any legal proceedings or actions (the “Witness Cooperation”). Nothing in this
Section 14(a) shall be construed to limit in any way any rights Executive may have at applicable law not to provide testimony with regard to specific matters. Unless required by law or legal process, Executive will not
knowingly or intentionally furnish information to or cooperate with any non-governmental entity (other than the Company) in connection with any potential or pending proceeding or legal action involving matters
arising during Executive’s employment with the Company and its affiliates, except as provided in Section 10. In addition, at the request of the Company, Executive shall be required annually to complete a
directors’ and officers’ questionnaire to facilitate the Company’s preparation of any filings and reports with the SEC. 

  

	 	(b)	 Executive shall not be entitled to any payments in addition to those otherwise set forth in this Agreement in
respect of any Company Cooperation or Witness Cooperation, regardless of when provided. The Company will reimburse Executive for any reasonable, out-of-pocket travel,
hotel and meal expenses incurred in connection with Executive’s performance of obligations pursuant to this Section 14 for which Executive has obtained prior approval (which shall not be unreasonably withheld) from the
Company. Executive shall not be required to cooperate against Executive’s own legal interests. 

  

	 	(c)	 Nothing in this Agreement or any other agreement by and between the parties is intended to or shall preclude or
in any way limit or restrict Executive from providing accurate and truthful testimony or information to any governmental agency. 

  

	 	(d)	 This Section 14 shall survive the termination of the Employment Term.

 15.    Inventions and Intellectual Property. 

 

	 	(a)	 Definitions. As used in this Agreement: 

 

	 	(1)	 “Intellectual Property” means all patents, invention disclosures, invention registrations,
trademarks, service marks, trade names, trade dress, logos, domain names, copyrights, mask works, trade secrets, know-how and all other intellectual property and proprietary rights recognized by any applicable
law of any jurisdiction, and all registrations and applications for registration of, and all goodwill associated with, the foregoing. 

  
 15 

	 	(2)	 “Inventions” means all inventions, discoveries, concepts, information, works, materials,
processes, methods, data, software, programs, apparatus, designs and the like. 

  

	 	(b)	 Disclosure. Executive will disclose promptly in writing to the Company any and all Inventions and
Intellectual Property, in each case that Executive conceives, develops, creates or reduces to practice, or has conceived, developed, created or reduced to practice, either alone or jointly with others, during the period of Executive’s
employment, whether prior to or after the Effective Date, that (1) are, or were, conceived, created or developed using any equipment, supplies, facilities, trade secrets, know-how or other Confidential
Information of the Company or any of its affiliates, (2) result, or resulted, from any work performed by Executive for the Company or any of its affiliates and/or (3) otherwise relate to the Company’s or any of its affiliates’
business or actual or demonstrably anticipated research or development (collectively, “Company Intellectual Property”). 

  

	 	(c)	 Ownership and Assignment. Executive acknowledges and agrees that the Company has and will have exclusive
title and ownership rights in and to all Company Intellectual Property. To the extent that exclusive title and/or ownership rights may not originally vest in the Company as contemplated herein (or did not so vest), Executive hereby irrevocably
assigns, transfers, conveys and delivers to the Company all right, title and interest in and to any and all Company Intellectual Property. Executive acknowledges and agrees that, with respect to any Company Intellectual Property that may qualify as
a Work Made For Hire as defined in 17 U.S.C. § 101 or other applicable law, such Company Intellectual Property is and will be deemed a Work Made for Hire and the Company has and will have the sole and exclusive right to the copyright (or, in
the event that any such Company Intellectual Property does not qualify as a Work Made for Hire, the copyright and all other rights thereto are hereby automatically and irrevocably assigned to the Company as above). 

 

	 	(d)	 Prior Inventions. Set forth in Exhibit B (Prior Inventions) attached hereto is a complete list of
all Inventions that Executive has, alone or jointly with others, conceived, developed created or reduced to practice prior to the commencement of Executive’s employment with the Company, that are Executive’s property, and that the Company
acknowledges and agrees are excluded from the scope of this Agreement (collectively, “Prior Inventions”). If disclosure of any such Prior Invention would cause Executive to violate any prior confidentiality agreement, Executive
understands that Executive is not to list such Prior Inventions in Exhibit B but is only to disclose where indicated a cursory name for each such Prior 

  
 16 

	 	
Invention, a listing of each person or entity to whom it belongs, and the fact that full disclosure as to such Prior Inventions has not been made for that reason (it being understood that, if no
Invention or disclosure is provided in Exhibit B, Executive hereby represents and warrants that there are no Prior Inventions). If, in the course of Executive’s employment with the Company, Executive incorporates any
Prior Invention into any Company product, process or machine or otherwise uses any Prior Invention, Executive hereby grants to the Company and its affiliates a worldwide, non-exclusive, irrevocable, perpetual,
fully paid-up and royalty-free license (with rights to sublicense through multiple tiers of sublicensees) to use, reproduce, modify, make derivative works of, publicly perform, publicly display, make, have
made, sell, offer for sale, import and otherwise exploit such Prior Invention for any purpose. 

  

	 	(e)	 Non-Assignable Inventions. If Executive transfers
Executive’s principal work location to California, Illinois, Kansas, Minnesota, Washington State or any other state that has codified applicable law, the provisions regarding Executive’s assignment of Company Intellectual Property to the
Company in Section 15(c) hereof shall not apply to certain Inventions (“Non-Assignable Inventions”) as specified in the statutory code of the applicable state.
Executive acknowledges having received and reviewed notification regarding such Non-Assignable Inventions pursuant to such states’ codes. 

 

	 	(f)	 Waiver of Moral Rights. To the extent that Executive may do so under applicable law, Executive hereby
transfers to the Company any and all Moral Rights that Executive may possess or acquire in or with respect to any Company Intellectual Property. Insofar as any of Executive’s Moral Rights cannot be so assigned or transferred, to the extent that
Executive may do so under applicable law, Executive hereby waives and agrees never to assert any Moral Rights that Executive may have in or with respect to any Company Intellectual Property, even after termination of any work on behalf of the
Company. As used in this Agreement, “Moral Rights” means any and all rights to claim authorship of a work, to object to or prevent the modification or destruction of a work, or to withdraw from circulation or control the publication
or distribution of a work, and any similar right, existing under any applicable law of any jurisdiction, regardless of whether or not such right is denominated or generally referred to as a “moral right.” 

 

	 	(g)	 Further Assurances. Executive shall give the Company and its affiliates all reasonable assistance and
execute all documents necessary to assist with enabling the Company and its affiliates to prosecute, perfect, register, record, enforce and defend any of their rights in any Company Intellectual Property and Confidential Information.

  

	 	(h)	 This Section 15 shall survive the termination of the Employment Term.

  
 17 

 16.    Miscellaneous. 

 

	 	(a)	 Successors and Assigns. 

 

	 	(1)	 This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and
permitted assigns. The Company may not assign or delegate any rights or obligations hereunder except to a successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company, as applicable. The term “the Company” as used herein shall mean a corporation or other entity acquiring all or substantially all the assets and business of the Company, as the case may be, (including this
Agreement) whether by operation of law or otherwise. 

  

	 	(2)	 Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by Executive,
Executive’s beneficiaries or legal representatives, except by will or by the, laws of descent and distribution. 

  

	 	(3)	 This Agreement shall inure to the benefit of and be enforceable by Executive’s legal personal
representatives, and by Executive’s beneficiaries in the event of Executive’s death. 

  

	 	(b)	 Notice. For the purposes of this Agreement, notices and all other communications provided for in the
Agreement (including the Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by Certified mail, return receipt requested, postage prepaid, addressed to the respective addresses
last given by each party to each other party; provided that all notices to the Company shall be directed to the attention of the General Counsel of the Company. All notices and communications shall be deemed to have been received on the date
of delivery thereof or on the third business day after the mailing thereof, except that notice of change of address shall be effective only upon receipt. 

  

	 	(c)	 Withholding. The Company shall be entitled to withhold the amount, if any, of all taxes of any
applicable jurisdiction required to be withheld by an employer with respect to any amount paid to Executive hereunder. The Company, in its sole and absolute discretion, shall make all determinations as to whether it is obligated to withhold any
taxes hereunder and the amount hereof. 

  

	 	(d)	 Release of Claims. The termination benefits described in Sections 8(b), 8(c), 8(e)
and 8(f) hereof (the “Total Payments”) shall be conditioned on Executive delivering to the Company, and failing to revoke, a signed release of claims reasonably acceptable to the Company within fifty (50) days

  
 18 

	 	
following Executive’s termination date. Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of Executive’s execution of the release, directly
or indirectly, result in Executive designating the calendar year of payment, and, to the extent required by Section 409A, if a payment that is subject to execution of the release could be made in more than one taxable year, payment shall be
made in the later taxable year. Where applicable, references to Executive in this Section 16(d) shall refer to Executive’s representative or estate. 

 

	 	(e)	 Parachute Payments. To the extent consistent with applicable law, the payment of any amounts or the
provision of any benefits under this Agreement or any other agreement including, without limitation, the Total Payments, will be reduced or adjusted to avoid triggering the excise tax (the “Excise Tax”) imposed by Section 4999
of the Code (the “Required Reduction”), if such adjustment would result in the provision of a greater total benefit, on a net after-tax basis (after taking into account any applicable federal,
state and local income and employment taxes and the Excise Tax), to Executive. In the case of a reduction in the Total Payments, the Total Payments will be reduced in the following order: (i) by reducing any cash payments to be made to
Executive (excluding any cash payment with respect to the acceleration of equity-based compensation); (ii) by canceling the acceleration of vesting of any outstanding equity-based compensation awards; and (iii) by reducing any other non-cash benefits provided to Executive. In the case of the reductions to be made pursuant to each of the above-mentioned clauses, the payment and/or benefit amounts to be reduced, and the acceleration of vesting to
be cancelled, shall be reduced or cancelled in the inverse order of their originally scheduled dates of payment or vesting, as applicable, and shall be so reduced: (x) only to the extent that the payment and/or benefit otherwise to be paid, or
the vesting of the award that otherwise would be accelerated, would be treated as a “parachute payment” within the meaning of Code Section 280G(b)(2)(A); and (y) only to the extent necessary to achieve the Required Reduction. All
determinations made under this Section 16(e) (as well as with respect to any payments provided to any other “disqualified individual” of the Company within the meaning of Section 280G(c) of the Code) shall be
made by a nationally recognized accounting or consulting firm as selected by the Company (the “Accounting Firm”) which shall provide detailed supporting calculations to Executive and the Company. All fees and expenses of the
Accounting Firm shall be borne by the Company. All determinations by the Accounting Firm shall be binding on Executive and the Company absent manifest error. Notwithstanding the foregoing, if prior to a change in ownership or effective control of
the Company (as described in Section 280G of the Code and the regulations and guidance promulgated thereunder), no stock of the Company is readily tradable on an established securities market and the Accounting Firm determines that the Excise
Tax would be imposed upon the Total Payments (and any other payments) then, 

  
 19 

	 	
subject to Executive’s execution of a written agreement providing that Executive will waive any portion of the Total Payments (and any other payments) that would otherwise cause such
payments to be subject to the Excise Tax, the Company agrees to use commercially reasonable efforts to submit to the Company’s shareholders for approval, in a manner that satisfies Section 280G(b)(5)(B) of the Code, Executive’s
conditional right to receive the portion of the Total Payments (and other payments) otherwise subject to the waiver agreement. 

  

	 	(f)	 Modification. No provision of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by Executive and the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to
be performed by the other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreement or representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by any party which are not expressly set forth in this Agreement. 

  

	 	(g)	 Arbitration. If any dispute arises under this Agreement or otherwise which cannot be resolved by mutual
discussion between the parties, then the Company and Executive each agree to resolve that dispute by binding arbitration before an arbitrator experienced in employment law. Said arbitration will be conducted in accordance with the rules applicable
to employment disputes of the Judicial Arbitration and Mediation Services (“JAMS”) and the law applicable to the claim. The parties shall have thirty (30) calendar days after notice of such arbitration has been given to attempt
to agree on the selection of an arbitrator from JAMS. In the event the parties are unable to agree in such time, JAMS will provide a list of five (5) available arbitrators and an arbitrator will be selected from such five member panel provided
by JAMS by the parties alternately striking out one name of a potential arbitrator until only one name remains. The party entitled to strike an arbitrator first shall be selected by a toss of a coin. The parties agree that this agreement to
arbitrate includes any such disputes that the Company may have against Executive, or Executive may have against the Company and/or its related entities and/or employees, arising out of or relating to this Agreement, or Executive’s employment or
Executive’s termination, including any claims of discrimination or harassment in violation of applicable law and any other aspect of Executive’s compensation, employment, or Executive’s termination. The parties further agree that
arbitration as provided for in this Section 16(g) is the exclusive and binding remedy for any such dispute and will be used instead of any court action, which is hereby expressly waived, except for any request by any party
for temporary, preliminary or permanent injunctive relief pending arbitration in accordance with applicable law or for breaches by Executive 

  
 20 

	 	
of Executive’s obligations under Sections 11, 12, 14 or 15 hereof. The parties agree that the seat of the arbitration shall be Boston, Massachusetts. The Company shall
pay the cost of any arbitration brought pursuant to this paragraph, excluding, however, the cost of representation of Executive, unless such cost is awarded in accordance with law or otherwise awarded by the arbitrators. Neither party nor an
arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of both parties, except (1) as provided by Section 10 and (2) as may be required by law.

  

	 	(h)	 Effect of Other Law. Anything herein to the contrary notwithstanding, the terms of this Agreement shall
be modified to the extent required to meet the provisions of the Sarbanes-Oxley Act of 2002, Section 409A, the Dodd-Frank Wall Street Reform and Consumer Protection Act or other law applicable to the employment arrangements between Executive
and the Company. Any delay in providing benefits or payments or any failure to provide a benefit or payment shall not in and of itself constitute a breach of this Agreement as a result of applicable law; provided, however, that the
Company shall provide economically equivalent payments or benefits to Executive to the extent permitted by law as soon as practicable after such benefits or payments are due. Any request or requirement that Executive repay compensation that is
required under the first sentence of this Section 16(h), or pursuant to a Company policy that is applicable to other executive officers of the Company and that is designed to advance the legitimate corporate governance
objectives of the Company, shall not in and of itself constitute a breach of this Agreement. 

  

	 	(i)	 Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the
laws of the Commonwealth of Massachusetts applicable to contracts executed in and to be performed entirely within such State, without giving effect to the conflict of law principles thereof. 

 

	 	(j)	 No Conflicts. As a condition to the effectiveness of this Agreement, Executive represents and warrants
to the Company that Executive is not a party to or otherwise bound by any agreement or arrangement (including, without limitation, any license, covenant, or commitment of any nature), or subject to any judgment, decree, or order of any court or
administrative agency, that would conflict with or will be in conflict with or in any way preclude, limit or inhibit Executive’s ability to execute this Agreement or to carry out Executive’s duties and responsibilities hereunder. In the
event that the Company reasonably determines that Executive’s duties hereunder may conflict with an agreement or arrangement to which Executive is bound, Executive shall be required to cease engaging in any such activities, duties or
responsibilities (including providing supervisory services over certain subsets of the Company’s business operations) and the Company 

  
 21 

	 	
will take steps to restrict Executive’s access to, and participation in, any such activities, until the Company determines that such conflict ceases to exist. Any actions taken by the
Company under this Section 16(j) to restrict or limit Executive’s access to information or provision of services shall not constitute Good Reason for purposes of Section 6(e) hereof.

  

	 	(k)	 Severability. The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 

  

	 	(l)	 Effectiveness of Agreement. The effectiveness of this Agreement is contingent upon the occurrence of the
Commencement Date within the time provided in Section 1 hereof. 

17.    Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes
all prior agreements, term sheets, understandings and arrangements, oral or written, between the parties hereto with respect to the subject matter hereof, including without limitation any term sheets or other similar presentations, other than that
certain Indemnification Agreement, entered into as of [●], by and between the Company and Executive. 

18.    Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain
signatures of more than one party, but all of which taken together will constitute one and the same Agreement. Signatures transmitted via facsimile or PDF will be deemed the equivalent of originals. 

[Remainder of page left intentionally blank] 

  
 22 

 IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the day and
year first above written, to be effective as of the Effective Date. 
  

			
	AMERICAN WELL CORPORATION
		
	By:	 	 /s/ Brad Gay

	Name:	 	Brad Gay
	Title:	 	SVP & General Counsel
	
	EXECUTIVE
		
	By:	 	 /s/ Robert Shepardson

	Name:	 	Robert Shepardson

  
 Signature Page to
Robert Shepardson Employment Agreement 

 EXHIBIT A 

DEFINITIONS 
 For purposes of
Section 6(c) of this Agreement, the following shall constitute “Cause”: (1) Executive’s indictment or conviction for either a felony offense or any other crime involving, or participation in, any
fraud, theft or embezzlement; (2) willful breach of Executive’s duties of good faith and fair dealing that are owed to the Company or any of its subsidiaries; (3) Executive’s material breach or violation of any material agreement
between Executive and the Company or any of its subsidiaries; (4) willful and material failure to comply with the code of conduct of the Company or any of its subsidiaries or any other material policies of the Company that have been approved by
the board of directors of the Company (the “Board”) or its authorized delegate and which is materially harmful to the Company and its subsidiaries taken as a whole; or (5) Executive’s willful failure or refusal to follow
the lawful directions of the Company’s Chief Executive Officer (or co-Chief Executive Officers, if applicable) or the Board; provided that Executive shall have thirty (30) days after written
notice from the Company to cure the deficiency leading to the Cause determination (except with respect to prong (1) above, for which no notice is required) if, in the sole and reasonable discretion of the Board, such deficiency is curable. 

For purposes of Section 6(e) of this Agreement, “Good Reason” means, without Executive’s express written
consent: (1) the failure by the Company to provide Executive with Executive’s Base Salary, compensation and benefits in accordance with the terms of this Agreement, except for a reduction in Executive’s Base Salary prior to a Change
in Control that is consistent with base salary reductions for similarly situated executives of the Company; (2) a material diminution in Executive’s authorities, responsibilities, position, reporting or job title as of immediately prior to
such diminution (including, for the avoidance of doubt, Executive’s being required to report to anyone other than the CEO; (3) the failure of the Company to assign this Agreement to a successor to all or substantially all of the business
and/or assets of the Company, as applicable, as contemplated by Section 16(a) hereof; or (4) a material breach by the Company of the terms of this Agreement. For the avoidance of doubt, Executive shall not be
considered to have terminated Executive’s employment for Good Reason unless Executive has (A) not expressly consented in writing to the occurrence that Executive alleges constitutes Good Reason; (B) given the Company written Notice of
Termination for Good Reason not more than sixty (60) days after Executive’s knowledge of the initial existence of the alleged condition giving rise to Good Reason; (C) given the Company at least thirty (30) days after receipt of
such notice to cure the alleged deficiency; and (D) terminated Executive’s employment within sixty (60) days following the Company’s receipt of such notice. 

 EXHIBIT B 

PRIOR INVENTIONS 

1.    The following is a complete list of all Prior Inventions (as provided in Section 15(d) of
the attached Employment Agreement): 
 2.    Due to a prior confidentiality agreement, Executive cannot complete the
disclosure under Section 1 above with respect to the Prior Inventions generally listed below, the duty of confidentiality with respect to which Executive owes to the following party(ies): 

 

					
	 Prior Invention
	  	 Party(ies)
	  	 RelationshipEXHIBIT 10.1

  

  

  

  

  

  

    

    

    

    

    
      EMPLOYMENT AGREEMENT

      

      

      This Employment Agreement (this “Agreement”) is entered into on October 1, 2021 and made effective as of October 31,
        2021 (the “Effective Date”), by and between PyraMax Bank, FSB, a federally chartered savings bank (the “Bank”) and Steven T. Klitzing (the “Executive”).  The Bank and Executive are sometimes collectively referred to herein as the “parties.”  Any reference to the “Company” shall mean 1895 Bancorp of Wisconsin, Inc., the Maryland
        chartered stock holding company of the Bank.  The Company is a signatory to this Agreement for the purpose of guaranteeing the Bank’s performance hereunder.

      WITNESSETH

      WHEREAS, Executive has been hired to fill the role of Senior Vice President, Chief Financial Officer and Treasurer of
        the Bank and the Company upon the resignation and retirement of the existing Chief Financial Officer;

      WHEREAS, the Bank desires to assure itself of the continued availability of the Executive’s services as provided in this Agreement; and

      

      

       WHEREAS, the Executive is
          willing to serve the Bank on the terms and conditions hereinafter set forth.

      

      

      NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the terms and conditions
        hereinafter provided, the parties hereby agree as follows:

      1.   POSITION AND RESPONSIBILITIES.

      During the term of this Agreement Executive shall serve as Senior Vice President, Chief Financial Officer and Treasurer, and Executive accepts such employment,
        subject to the terms and conditions set forth in this Agreement.  Executive shall have such duties, responsibilities and powers as are set forth by the Board of Directors of the Bank, the Chief Executive Officer and/or the President of the Bank
        provided that such duties are generally consistent with those as Senior Vice President, Chief Financial Officer and Treasurer.

      2.   TERM AND DUTIES.

      (a) Eighteen-Month Contract with Annual Renewal.  The term (“Term”) of this Agreement shall commence as of the Effective Date and shall continue, initially, through April 30,
          2023.  On January 8, 2022 (for these purposes, referred to herein as the “Anniversary Date”), the disinterested members of the Board of Directors of the Bank (the “Board”)
          will meet to consider the renewal or nonrenewal of this Agreement.  In connection with such consideration, the Board shall conduct a comprehensive performance evaluation of Executive (or review such performance evaluation conducted by the
          Compensation Committee of the Board) for purposes of determining whether to extend this Agreement through July 8, 2023, which decision shall be included in the minutes of the Board’s meeting.  If the decision of such disinterested members of the
          Board is not to renew this Agreement, then the Board shall provide Executive with a written notice of non-renewal (“Non-Renewal Notice”) that this Agreement shall terminate at the end of its then Term
          (i.e., April 30, 2023).  Assuming the renewal of the Agreement on January 8, 2022, the Agreement shall have a Term ending July 8, 2023.  Thereafter, each following January 8th, commencing January 8, 2023, the Board shall again perform a comprehensive performance evaluation to determine whether to again extend the agreement for twelve months beyond its’ then Term.  Notwithstanding the foregoing, in
          the event that the Company or the Bank has entered into an agreement to effect a transaction which would be considered a Change in Control as defined below, then, unless Executive has previously been informed that this Agreement shall not be
          renewed) the term of this Agreement shall be extended and shall terminate eighteen (18) months following the date on which the Change in Control occurs.

      

        

      

        

      
        
          

      

      (b) Termination of Employment.  Notwithstanding anything contained in this Agreement to the contrary, either Executive or the Bank may terminate Executive’s employment with the Bank at any time during the term of this
          Agreement, subject to the terms and conditions of this Agreement.

      (c) Continued
            Employment Following Expiration of Term.  Nothing in this Agreement shall mandate or prohibit a continuation of Executive’s employment following the expiration of the term of this Agreement, upon such terms and conditions as the Bank and
          Executive may mutually agree.

      

      

      (d) Duties;
            Membership on Other Boards.  During the term of this Agreement, except for periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence approved by the Board, Executive shall devote substantially
          all of his business time, attention, skill, and efforts to the faithful performance of his duties hereunder, including activities and services related to his position as Senior Vice President, Chief Financial Officer and Treasurer; provided,
          however, that, Executive may serve, or continue to serve, on the boards of directors of, and hold any other offices or positions in, business companies or business or civic organizations, which, in the Board’s judgment, will not present any
          conflict of interest with the Bank, or materially affect the performance of Executive’s duties pursuant to this Agreement.  Executive shall provide the Board of Directors annually for its approval a list of organizations for which the Executive
          acts as a director or officer.

      

        3.   COMPENSATION, BENEFITS AND REIMBURSEMENT.

      

    

    
      (a) Base
            Salary.  In consideration of Executive’s performance of the duties set forth in Section 2, the Bank shall provide Executive the compensation specified in this Agreement.  The Bank shall pay Executive a salary of $200,000 per year (“Base Salary”).  The Base Salary shall be payable biweekly, or with such other frequency as officers of the Bank are generally paid. During the term of this Agreement, the Base Salary shall be reviewed from time
          to time by the Board or by a committee designated by the Board, and the Bank may increase, but not decrease (except for a decrease that is generally applicable to all senior management employees) Executive’s Base Salary.  The Board will review
          the Executive’s performance on or about April 1, 2023, and thereafter from time to time, and may increase Executive’s Base Salary at such time.  Any increase in Base Salary shall become the “Base Salary” for purposes of this Agreement.

      

        

      

        

      
        2

        
          

      

      (b) Bonus
            Compensation.

      (i) Signing
            Bonus.  Within thirty days of commencement of employment, Executive will be entitled to a signing bonus of $50,000.

      (ii) Annual
            Bonus. Executive will be eligible for an annual performance-based bonus of up to 30% of base salary, based on the criteria determined by the Board.  Said performance-based bonus shall be prorated for the 2021 calendar year.  Additionally,
          Executive will be eligible for a discretionary bonus in the sole discretion of the Board.  Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of the Bank or the Company in which
          Executive is eligible to participate.  Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement.

      (c) Employee
            Benefits.  The Bank shall provide Executive with employee benefit plans, arrangements and perquisites substantially equivalent to those in which Executive was participating or from which he was deriving benefit immediately prior to the
          commencement of the term of this Agreement, and the Bank shall not, without Executive’s prior written consent, make any changes in such plans, arrangements or perquisites that would adversely affect Executive’s rights or benefits thereunder,
          except as to any changes that are applicable to all participating employees.  Without limiting the generality of the foregoing provisions of this Section 3(c), Executive will be entitled to participate in and receive benefits under any employee
          benefit plans including, but not limited to, retirement plans, supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made
          available by the Bank and/or the Company in the future to its senior executives, including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements.

      (d) Paid
            Time Off.  Executive shall be entitled to paid vacation time each year during the term of this Agreement (measured on a fiscal or calendar year basis, in accordance with the Bank’s usual practices), as well as sick leave, holidays and other
          paid absences in accordance with the Bank’s policies and procedures for senior executives.  Such paid time off shall not be in excess of 75 hours in 2021 and 300 hours for each calendar year thereafter.  Any unused paid time off during an annual
          period shall be treated in accordance with the Bank’s personnel policies as in effect from time to time.

      (e) Expense
            Reimbursements.  The Bank shall also pay or reimburse Executive for all reasonable travel, entertainment and other reasonable expenses incurred by Executive during the course of performing his obligations under this Agreement, including,
          without limitation, fees for memberships in such clubs and organizations as Executive and the Board shall mutually agree are necessary and appropriate in connection with the performance of his duties under this Agreement, upon presentation to the
          Bank of an itemized account of such expenses in such form as the Bank may reasonably require, provided that such payment or reimbursement shall be made as soon as practicable but in no event later than March 15 of the year following the year in
          which such right to such payment or reimbursement occurred.

      

        

      

        

      
        3

        
          

      

      4.   PAYMENTS TO EXECUTIVE UPON AN EVENT OF
          TERMINATION.

      (a) Upon the occurrence
          of an Event of Termination (as herein defined) during the term of this Agreement, the provisions of this Section 4 shall apply; provided, however, that in the event such Event of Termination occurs within eighteen (18) months following a Change
          in Control (as defined in Section 5 hereof), Section 5 shall apply instead. As used in this Agreement, an “Event of Termination’’ shall mean and include any one or more of the following:

      

        
          	
                  (i) 

                  

                	
                  the involuntary termination of Executive’s employment hereunder by the Bank for any reason other than termination governed by Section 5 (in connection with or following
                    a Change in Control), Section 6 (due to Disability or death), Section 7 (due to Retirement), or  Section 8 (for Cause), provided that such termination constitutes a “Separation from Service” within the meaning of Section 409A of the
                    Internal Revenue Code (“Code”); or

                

        

      

      

        
          
            	
                    (ii) 

                    

                  	
                    Executive’s resignation from the Bank’s employ upon any of the following, unless consented to by Executive:

                    

                    

                  

          

        

      

      (A) failure to appoint Executive to the position set forth in Section 1, or a material change in Executive’s function, duties, or responsibilities, which change would cause Executive’s position to become one of lesser
          responsibility, importance, or scope from the position and responsibilities described in Section 1, to which Executive has not agreed in writing (and any such material change shall be deemed a continuing breach of this Agreement by the Bank);

      (B) a relocation of Executive’s principal place of employment to a location that is more than 35 miles from the location of the Bank’s principal executive offices as of the date of this
          Agreement;

      (C) a material reduction in the benefits and perquisites, including Base Salary, to Executive from those being provided as of the Effective Date (except for any reduction that is part of a reduction in pay or benefits that is
          generally applicable to officers or employees of the Bank);

      (D) a liquidation or dissolution of the Bank; or

      (E) a material breach of this Agreement by the Bank.

      Upon the occurrence of any event described in clause (ii) above, Executive shall have the right to elect to terminate his employment under this Agreement by resignation for “Good
        Reason” upon not less than thirty (30) days prior written notice given within a reasonable period of time (not to exceed ninety (90) days) after the event giving rise to the right to elect, which termination by Executive shall be an Event of
        Termination.  The Bank shall have thirty (30) days to cure the condition giving rise to the Event of Termination, provided that the Bank may elect to waive said thirty (30) day period.  For the avoidance of doubt, the non-renewal of this Agreement
        under Section 2(a) hereof, without the occurrence of an Event of Termination under this Section 4(a)(ii) prior to the end of the term of this Agreement, shall not be considered an event that would permit the Executive to resign for Good Reason and
        receive a severance payment.

      

      

      

      

      
        4

        
          

      

      (b) Upon the
          occurrence of an Event of Termination, the Bank shall pay Executive, or, in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, the Base Salary
          and bonus(es) that Executive would be entitled to for the remaining unexpired term of the Agreement.  For purposes of determining the bonus(es) payable hereunder, the bonus(es) will be deemed to be equal to the average annual bonus paid over the
          prior two years, and (ii) otherwise paid at such time as such bonus would have been paid absent an Event of Termination (i.e., if only one bonus would otherwise be paid during the remaining term, then one bonus will be included in the
          calculation).  Such payments shall be paid in a lump sum on or before the 30th day following the Executive’s Separation from Service (within the meaning of Section
          409A of the Code), unless the payment is due in connection with a termination program involving more than one employee, in which case the payment shall be due within no more than the 60th day following Executive’s Separation from Service, and shall not be reduced in the event Executive obtains other employment following the Event of Termination.  Notwithstanding the foregoing, Executive shall not be
          entitled to any payments or benefits under this Section 4 unless and until (i) Executive executes a release of his claims against the Bank, the Company and any affiliate, and their officers, directors, successors and assigns, releasing said
          persons from any and all claims, rights, demands, causes of action, suits, arbitrations or grievances relating to the employment relationship, including claims under the Age Discrimination in Employment Act, but not including claims for benefits
          under tax-qualified plans or other benefit plans in which Executive is vested, claims for benefits required by applicable law or claims with respect to obligations set forth in this Agreement that survive the termination of this Agreement (the “Release”), and (ii) the payments and benefits shall begin on the 30th day following the date of the Executive’s Separation from
          Service, provided that before that date, the Executive has signed (and not revoked) the Release and the Release is irrevocable under the time period set forth under applicable law.

      (c) Upon the
          occurrence of an Event of Termination, the Bank shall provide, at the Bank’s expense, for the remaining unexpired term of the Agreement, nontaxable medical and dental coverage and life insurance coverage substantially comparable, as reasonably
          available, to the coverage maintained by the Bank for Executive and his dependents prior to the Event of Termination, except to the extent such coverage may be changed in its application to all Bank employees and then such coverage provided to
          Executive and his dependents shall be commensurate with such changed coverage.  Notwithstanding the foregoing, if applicable law prohibits (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees),
          or, if participation by the Executive is not permitted under the terms of the applicable health or life insurance plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum
          payment reasonably estimated to be equal to the value (or the remaining value) of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten (10) business days of the Date of Termination, or if later, the
          date on which the Bank determines that such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.

      

        

      

        

      
        5

        
          

      

      (d) For
          purposes of this Agreement, a “Separation from Service” shall have occurred if the Bank and Executive reasonably anticipate that either no further services will be performed by the Executive after the date of the Event of Termination (whether as
          an employee or as an independent contractor) or the level of further services performed will not exceed 49% of the average level of bona fide services in the thirty-six (36) months immediately preceding the Event of Termination.  For all purposes
          hereunder, the definition of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii).  If Executive is a Specified Employee, as defined in Code Section 409A and any payment to be made under
          sub-paragraph (b) or (c) of this Section 4 shall be determined to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment (to the minimum extent possible) shall be delayed and shall be
          paid on the first day of the seventh month following Executive’s Separation from Service.

      5.   CHANGE IN CONTROL.

      (a) Any payments made
          to Executive pursuant to this Section 5 are in lieu of any payments that may otherwise be owed to Executive pursuant to this Agreement under Section 4, such that Executive shall either receive payments pursuant to Section 4 or pursuant to Section
          5, but not pursuant to both Sections.

      

      

      (b) For
          purposes of this Agreement, the term “Change in Control” shall mean:

      	

            	(1)	
              Merger:  The Company or the Bank merges into or consolidates with another entity, or merges another Bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined
                voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company or the Bank immediately before the merger or consolidation;

            

      	

            	(2)	
              Acquisition of Significant Share Ownership:  A person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s or the Bank’s voting securities;
                provided, however, this clause (2) shall not apply to beneficial ownership of the Company’s or the Bank’s voting shares held in a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of
                its outstanding voting securities;

            

      	

            	(3)	
              Change in Board Composition:  During any period of two consecutive years, individuals who constitute the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any
                reason to constitute at least a majority of the Company’s or the Bank’s Board of Directors; provided, however, that for purposes of this clause (c), each director who is first elected by the board (or first nominated by the board for
                election by the stockholders or corporators) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or

            

      

      

      

      

      

      

      
        6

        
          

      

      	

            	(4)	
              Sale of Assets:  The Company or the Bank sells to a third party all or substantially all of its assets.

            

      (c) Upon the
          occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4 hereof), Executive shall receive as severance pay or liquidated damages, or both, a lump sum cash payment equal to one and
          one half times the sum of (i) Executive’s highest annual rate of Base Salary paid to Executive at any time under this Agreement, plus (ii) the highest bonus paid to Executive with respect to the three completed fiscal years prior to the Change in
          Control.  Such payment shall be paid in a lump sum within ten (10) days of the Executive’s Separation from Service (within the meaning of Section 409A of the Code) and shall not be reduced in the event Executive obtains other employment following
          the Event of Termination.

      (d)         Upon the
          occurrence of a Change in Control followed within eighteen (18) months by an Event of Termination (as defined in Section 4 hereof), the Bank (or its successor) shall provide at the Bank’s (or its successor’s) expense, nontaxable medical and
          dental coverage and life insurance coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive and his dependents prior to his termination, except to the extent such coverage may be changed in
          its application to all Bank employees and then the coverage provided to Executive and his dependents shall be commensurate with such changed coverage.  Such coverage shall cease eighteen (18) months following the termination of Executive’s
          employment.  Notwithstanding the foregoing, if applicable law prohibits (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the
          terms of the applicable health or life insurance plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value (or the
          remaining value) of such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten (10) business days of the Date of Termination, or if later, the date on which the Bank determines that such insurance coverage
          (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons. 

      

        6.   TERMINATION FOR DISABILITY OR DEATH.

      

      (a) Termination
          of Executive’s employment based on “Disability” shall be construed to comply with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by reason
          of any medically determinable physical or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, and as a result, Executive is receiving income replacement benefits for a period of
          not less than three months under an accident and health plan covering employees of the Bank or the Company; or (ii) Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) shall apply
          upon the termination of the Executive’s employment based on Disability.  Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days.

      (b) To the
          extent permitted by applicable law, the Bank shall cause to be continued life insurance coverage and non-taxable medical and dental coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive
          and Executive’s dependents prior to the termination of his employment based on Disability (in accordance with its customary co-pay percentages), except to the extent such coverage may be changed in its application to all Bank employees or not
          available on an individual basis to an employee terminated based on Disability.  This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank; (ii) Executive’s full-time employment by
          another employer; or (iii) twelve (12) months after the date of termination of Executive’s employment based on Disability. Nothing herein shall be construed to prevent Executive from continuing such coverage for the remainder of the applicable
          COBRA period at his own expense.  If participation by the Executive is not permitted under the terms of an applicable plan (i.e., such as the group life insurance plan), the Bank shall provide Executive with reimbursement (payable on a monthly
          basis) of premiums paid by the Executive to obtain similar benefits for the period specified above; provided, however, that the reimbursement shall not exceed the cost of the monthly premiums for active employees.

      

        

      

        

      
        7

        
          

      

      (c) In the event of Executive’s death during the term of this Agreement, his estate, legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary at the rate in effect at the time of
          Executive’s death in accordance with the regular payroll practices of the Bank for a period of six (6) months from the date of Executive’s death.  Such payments are in addition to any life insurance benefits that Executive’s beneficiaries may be
          entitled to receive under any employee benefit plan maintained by the Bank for the benefit of Executive, including, but not limited to, the Bank’s tax-qualified retirement plans.  In addition, the Bank shall continue to provide for twelve (12)
          months after Executive’s death non-taxable medical, dental and other insurance benefits substantially comparable to the coverage maintained by the Bank for Executive’s dependents prior to his death (in accordance with the customary co-pay
          percentages).  Nothing herein shall be construed to prevent Executive’s eligible dependents from continuing such coverage for the remainder of any applicable COBRA period at their own expense.

      

        

      7.   TERMINATION UPON RETIREMENT.

      

      

      Termination of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment at any time (other than a termination pursuant to Section
        5) after Executive reaches age 65 or in accordance with any retirement policy established by the Board with Executive’s consent as it applies to him.  Upon termination of Executive based on Retirement, no amounts or benefits shall be due Executive
        under this Agreement, and Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, subject to the terms of such plan.

      

      

      8.   TERMINATION FOR CAUSE.

      

      

      (a) The Bank may terminate Executive’s employment at any time, but any termination other than termination for “Cause,” as defined herein, shall not prejudice Executive’s right to compensation or other benefits under this
          Agreement.  Executive shall have no right to receive compensation or other benefits for any period after termination for “Cause.”  The term “Cause” as used herein, shall exist when there has been a good faith determination by the Board that there
          shall have occurred one or more of the following events with respect to the Executive:

      

        

      

        

      
        8

        
          

      

      
        	
                (1)

              	
                personal dishonesty in performing Executive’s duties on behalf of the Bank;

              

      

      

      

      
        	
                (2)

              	
                incompetence in performing Executive’s duties on behalf of the Bank;

              

      

      

      

      
        	
                (3)

              	
                willful misconduct that in the judgment of the Board will likely cause economic damage to the Bank or injury to the business reputation of the Bank;

              

      

      

      

      
        	
                (4)

              	
                breach of fiduciary duty involving personal profit;

              

      

      

      

      
        	
                (5)

              	
                material breach of the Bank’s Code of Ethics;

              

      

      

      

      
        	
                (6)

              	
                intentional failure to perform stated duties under this Agreement after written notice thereof from the Board;

              

      

      

      

      
        	
                (7)

              	
                willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflect adversely on the reputation of the Bank, any felony conviction, any
                  violation of law involving moral turpitude, or any violation of a final cease-and-desist order; or

              

      

      

      

      
        	
                (8)

              	
                material breach by Executive of any provision of this Agreement.

              

      

      

      

      Notwithstanding the foregoing, Cause shall not be deemed to exist unless there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative
        vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for the purpose (after reasonable notice to the Executive and an opportunity for the Executive to be heard before the Board), finding
        that in the good faith opinion of the Board the Executive was guilty of conduct described above and specifying the particulars thereof.  Prior to holding a meeting at which the Board is to make a final determination whether Cause exists, if the
        Board determines in good faith at a meeting of the Board, by not less than a majority of its entire membership, that there is probable cause for it to find that the Executive was guilty of conduct constituting Cause as described above, the Board
        may suspend the Executive from his duties hereunder for a reasonable period of time not to exceed fourteen (14) days pending a further meeting  at which the Executive shall be given the opportunity to be heard before the Board.  Upon a finding of
        Cause, the Board shall deliver to the Executive a Notice of Termination, as more fully described in Section 9 below.

      (b) For
          purposes of this Section 8, no act or failure to act, on the part of Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission was
          in the best interests of the Bank.  Any act, or failure to act, based upon the direction of the Board or based upon the advice of counsel for the Bank shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith
          and in the best interests of the Bank.

      

      

      

      

      

      

      
        9

        
          

      

      
        9.   NOTICE.

      

      

      

      (a) Any
          purported termination by the Bank for Cause shall be communicated by Notice of Termination to Executive.  If, within thirty (30) days after any Notice of Termination for Cause is given, Executive notifies the Bank that a dispute exists concerning
          the termination, the parties shall promptly proceed to arbitration, as provided in Section 19.  Notwithstanding the pendency of any such dispute, the Bank shall discontinue paying Executive’s compensation until the dispute is finally resolved in
          accordance with this Agreement.  If it is determined that Executive is entitled to compensation and benefits under Section 4 or 5, the payment of such compensation and benefits by the Bank shall commence immediately following the date of
          resolution by arbitration, with interest due Executive on the cash amount that would have been paid pending arbitration (at the prime rate as published in The Wall Street Journal from time to time).

      (b) Any other
          purported termination by the Bank or by Executive shall be communicated by a “Notice of Termination” (as defined in Section 9(c)) to the other party.  If, within thirty (30) days after any Notice of Termination is given, the party receiving such
          Notice of Termination notifies the other party that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration as provided in Section 19.  Notwithstanding the pendency of any such dispute, the Bank shall
          continue to pay Executive his Base Salary, and other compensation and benefits in effect when the notice giving rise to the dispute was given (except as to termination of Executive for Cause); provided, however, that such payments and benefits
          shall not continue beyond the remaining unexpired Term of this Agreement.  In the event the voluntary termination by Executive of his employment is disputed by the Bank, and if it is determined in arbitration that Executive is not entitled to
          termination benefits pursuant to this Agreement, he shall return all cash payments made to him pending resolution by arbitration, with interest thereon at the prime rate as published in The Wall Street Journal from
          time to time, if it is determined in arbitration that Executive’s voluntary termination of employment was not taken in good faith and not in the reasonable belief that grounds existed for his voluntary termination.  If it is determined that
          Executive is entitled to receive severance benefits under this Agreement, then any continuation of Base Salary and other compensation and benefits made to Executive under this Section 9 shall offset the amount of any severance benefits that are
          due to Executive under this Agreement.

      (c) For
          purposes of this Agreement, a “Notice of Termination” shall mean a written notice that shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to
          provide a basis for termination of Executive’s employment under the provision so indicated.

      
        
          10. 
              POST-TERMINATION OBLIGATIONS.

        

      

      

      

      (a) One-Year Non-Solicitation.  Executive hereby covenants and agrees that, for a period of one year following his termination of employment with the Bank, he shall not, without the written consent of the
          Bank, either directly or indirectly solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Bank or the
          Company, or any of their respective subsidiaries or affiliates, to terminate his or her employment and accept employment or become affiliated with, or provide services for compensation in any capacity whatsoever to, any business whatsoever that
          competes with the business of the Bank or the Company, or any of their direct or indirect subsidiaries or affiliates or has headquarters or offices within 35 miles  of the locations in which the Bank or the Company has business operations or has
          filed an application for regulatory approval to establish an office;

      

        

      

        

      
        10

        
          

      

      

      

      (b) One-Year Non-Competition.  Executive hereby covenants and agrees that, for a period of one year following his termination of employment with the Bank, he shall not, without the written consent of the
          Bank, either directly or indirectly become an officer, employee, consultant, director, independent contractor, agent, sole proprietor, joint venturer, greater than 5% equity owner or stockholder, partner or trustee of any savings association,
          savings and loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other financial services entity or business that competes with the
          business of the Bank or its affiliates or has headquarters or offices within 35 miles of Greenfield, Wisconsin  Notwithstanding the foregoing, this non-competition restriction shall not apply if Executive’s employment is terminated following a
          Change in Control (as defined in this Agreement).

      

      

      (c)   As used
          in this Agreement, “Confidential Information” means information belonging to the Bank which is of value to the Bank in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the
          Bank. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or
          sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Bank.
          Confidential Information includes information developed by the Executive in the course of the Executive’s employment by the Bank, as well as other information to which the Executive may have access in connection with the Executive’s employment. 
          Confidential Information also includes the confidential information of others with which the Bank has a business relationship. Notwithstanding the foregoing, Confidential Information does not include information in the public domain.  The
          Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust between the Executive and the Bank with respect to all Confidential Information.  At all times, both during the Executive’s employment
          with the Bank and after its termination, the Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Bank, except as may be
          necessary in the ordinary course of performing the Executive’s duties to the Bank.

      

      

      (d) Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may reasonably be required by the Bank, in connection with any litigation in which it or any of its subsidiaries or
          affiliates is, or may become, a party; provided, however, that Executive shall not be required to provide information or assistance with respect to any litigation between the Executive and the Bank or any of its subsidiaries or affiliates.

      (e) All
          payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with this Section 10.  The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the event of
          Executive’s breach of this Section 10, agree that, in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive
          and all persons acting for or with Executive. Executive represents and admits that Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged in other lines and/or of a different nature than the
          Bank, and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood.  Nothing herein will be construed as prohibiting the Bank or the Company from pursuing any other remedies available to them for
          such breach or threatened breach, including the recovery of damages from Executive.

      

        

      

      
        11

        
          

      

      
        
          11. 
              SOURCE OF PAYMENTS.

        

      

      

      

      All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company may accede to this Agreement but
        only for the purposed of guaranteeing payment and provision of all amounts and benefits due hereunder to Executive.

      
        
          
            12.  EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS.

          

        

      

      This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or any predecessor
        of the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided.  No provision of this Agreement shall be interpreted to mean that Executive
        is subject to receiving fewer benefits than those available to him without reference to this Agreement.

      13.  NO ATTACHMENT; BINDING ON SUCCESSORS.

      (a) Except as
          required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process
          or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect.

      (b) This
          Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns.

      14. 
          MODIFICATION AND WAIVER.

      (a) This
          Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto.

      (b) No term or
          condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel.  No such
          written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future
          as to any act other than that specifically waived.

      

        

      
        12

        
          

      

      15.  REQUIRED PROVISIONS.

      (a) The Bank may terminate Executive’s employment at any time, but any termination by the Board other than termination for Cause shall not prejudice Executive’s right to compensation or other benefits under this Agreement. 
          Executive shall have no right to receive compensation or other benefits for any period after termination for Cause.

      (b) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) [12 USC §1818(e)(3)] or 8(g)(1) [12 USC §1818(g)(1)] of
          the Federal Deposit Insurance Act, the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings.  If the charges in the notice are dismissed, the Bank may in its discretion (i)
          pay Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended.

      (c) If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) [12 USC §1818(e)(4)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal
          Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected.

      (d) If the Bank is in default as defined in Section 3(x)(1) [12 USC §1813(x)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the date of default, but this
          paragraph shall not affect any vested rights of the contracting parties.

      (e) All obligations under this Agreement shall be terminated, except to the extent determined that continuation of the contract is necessary for the continued operation of the Bank, (i) by either the Office of the Comptroller
          of the Currency or the Board of Governors of the Federal Reserve System (collectively, the “Regulator”) or his or her designee, at the time the FDIC enters into an agreement to provide assistance to or on
          behalf of the Bank under the authority contained in Section 13(c) [12 USC §1823(c)] of the Federal Deposit Insurance Act; or (ii) by the Regulator or his or her designee at the time the Regulator or his or her designee approves a supervisory
          merger to resolve problems related to operation of the Bank or when the Bank is determined by the Regulator to be in an unsafe or unsound condition.  Any rights of the parties that have already vested, however, shall not be affected by such
          action.

      (f) Notwithstanding anything herein contained to the contrary, any payments to Executive by the Bank or the Company, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with
          Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

      

        

    

    
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    16.  SEVERABILITY.
      

      

      If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of
        this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect.

      17.  HEADINGS FOR REFERENCE ONLY.

      The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the meaning or interpretation of any of
        the provisions of this Agreement.

      18.  GOVERNING LAW.

      This Agreement shall be governed by the laws of the State of Wisconsin except to the extent superseded by federal law.

      19.  ARBITRATION.

      Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding arbitration, as an alternative to civil
        litigation and without any trial by jury to resolve such claims, conducted by a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the main office of the Bank, in accordance with the rules of the
        American Arbitration Bank’s National Rules for the Resolution of Employment Disputes (“National Rules”) then in effect.  One arbitrator shall be selected by Executive, one arbitrator shall be selected by the
        Bank and the third arbitrator shall be selected by the arbitrators selected by the parties.  If the arbitrators are unable to agree within fifteen (15) days upon a third arbitrator, the arbitrator shall be appointed for them from a panel of
        arbitrators selected in accordance with the National Rules.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.

      20.  INDEMNIFICATION.

      (a) Executive
          shall be provided with coverage under a standard directors’ and officers’ liability insurance policy, and shall be indemnified for the term of this Agreement and for a period of six years thereafter to the fullest extent permitted under
          applicable law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Bank or any
          affiliate (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of
          reasonable settlements (such settlements must be approved by the Board), provided, however, Executive shall not be indemnified or reimbursed for legal expenses or liabilities incurred in connection with an action, suit or proceeding arising from
          any illegal or fraudulent act committed by Executive.  Any such indemnification shall be made consistent with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359.

      

        

      

        

      
        14

        
          

      

      (b) Any indemnification by the Bank shall be subject to compliance with any applicable regulations of the Federal Deposit Insurance Corporation.

      21.  NOTICE.

        

      For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been
        duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below:

      	
              To the Bank:

            	
              Chairman of the Board

              PyraMax Bank, FSB

              7001 W. Edgerton Ave.

              Greenfield, WI 53220

               

            
	
              To Executive:

               

            	
              Steven T. Klitzing

              At the most recent address appearing in

              the personnel records of the Bank

               

            
	 	 

      

      

      
        15

        
          

      

      IN WITNESS WHEREOF, the Bank and the Company have caused this Agreement to be executed by their duly authorized
        representatives, and Executive has signed this Agreement, on the date first above written.

      	 	
              PYRAMAX BANK, FSB

            
	 	 
	 	 
	 	 
	 	
              By: _____________________________

                    Richard B. Hurd

            
	 	
                    Chief Executive Officer

              

              

              

              

            
	 	
              1895 BANCORP OF WISCONSIN, INC.

            
	 	 
	 	 
	 	
              By: _____________________________

                    Richard B. Hurd

            
	 	
                    Chief Executive Officer

            
	 	 
	 	 
	 	
              EXECUTIVE

            
	 	 
	 	 
	 	
              _________________________________

              

              Steven T. Klitzing

            

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

    

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