Document:

Exhibit 10.1

SALISBURY BANK AND TRUST COMPANY

SPLIT DOLLAR LIFE INSURANCE AGREEMENT

THIS AGREEMENT (the “Agreement”)
is made and entered into this 11th day of August, 2022, by and between Salisbury Bank and Trust Company, a banking corporation,
located in Lakeville, CT (the “Bank”), and Stephen Scott, a current employee of the Bank (hereinafter referred to as
the “Employee”).

INTRODUCTION

WHEREAS, Employee is an
officer or other highly paid employee of the Bank;

WHEREAS, the Bank is purchasing
insurance policies (hereinafter referred to as the “Insurance Policy”), with Northwestern Mutual (hereinafter referred
to as the “Insurer(s)”), on the life of the Employee;

WHEREAS, the Bank desires
to induce Employee to continue to utilize Employee’s best efforts on behalf of the Bank by its payment of premiums due on the Insurance
Policy(ies); and

WHEREAS, the Bank is the
sole owner of the Insurance Policy(ies) and elects to endorse a portion of the death benefit of the Insurance Policies to Employee, or
Employee’s designated beneficiary.

NOW, THEREFORE, in consideration
of the mutual undertakings set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Bank and the Employee agree as follows:

		1.	Ownership

		1.1.	Ownership of Insurance Policy(ies). The Bank is the sole owner of
the Insurance Policy(ies) and shall have the right to exercise all incidents of ownership. The Bank shall be the beneficiary of the remaining
death proceeds of the Insurance Policy(ies) after payment of the Employee Death Benefit as defined and provided for in this Agreement.
The Bank shall at all times be entitled to the Policy(ies) cash surrender value, as that term is defined in the Insurance Policy(ies),
less any Insurance Policy loans and unpaid interest or cash withdrawals previously incurred by the Bank and any applicable Insurance Policy
surrender charges. The cash surrender value shall be determined as of the date of the surrender of the Insurance Policy or death of the
Employee, as the case may be.

		1.2.	Right to Insurance Policy(ies). Notwithstanding any provision hereof
to the contrary, the Bank shall have the right to sell or surrender the Insurance Policy(ies) without terminating this Agreement, provided
(i) the Bank replaces the Insurance Policy(ies) with a comparable life insurance policy or arrangement that provides the benefit provided
under this Agreement and (ii) the Bank and the Employee (who will not unreasonably withhold their signature) execute a new Split Dollar
Policy Endorsement for said comparable coverage arrangement, at which time all references to “Insurance Policy” hereunder
shall refer to such replacement coverage arrangement. Without limitation, the Insurance Policy(ies) at all times shall be the exclusive
property of the Bank, and shall be subject to the claims of the Bank’s creditors.

		2.	Premiums.

		2.1.	Payment of Premium. The Bank may pay each premium on the Insurance
Policies to the Insurers on or before the due date of such premium or within the grace period allowed by the Insurance Policies for the
payment of such premium.

		2.2.	Economic Benefit. The Bank shall determine the economic benefit attributable
to the Employee based on the life insurance premium factor for the Employee’s age multiplied by the amount of current life insurance
protection payable to the Employee’s beneficiary. The “life insurance premium factor” is the minimum amount required
to be imputed under Treasury Regulation § 1.61-22(d)(3)(ii), or any subsequent applicable authority. The Bank shall impute the
economic benefit to the Employee on an annual basis by adding the economic benefit to the Executive’s Form W-2, or, if applicable,
Form 1099.

		3.	Bank’s Interests. Upon the occurrence of an event described
in Section 5 of this Agreement, the Bank shall be entitled to receive an amount equal to all death benefits due under the Insurance Policy
less those explicitly provided to the Employee’s designated beneficiary under Section 4 hereof (the “Bank’s Policy Interest”).
The Bank’s Policy Interest shall be payable as provided in Section 5 of this Agreement. The Bank’s Policy Interest shall be
reduced by any amount borrowed against the Insurance Policy(ies) by Bank. 

		4.	Employee’s Interests.

		4.1.	Named Executive Officer: Pre-Retirement Death Benefit. Upon death
of the Employee while in service to the Bank, the Employee Death Benefit under this Agreement shall be the lesser of i) three (3) times
base annual salary, not to exceed $800,000, less $50,000 or ii) the Net Amount at Risk, defined as the difference between
the death benefit payable upon death of the insured pursuant to a life insurance policy and the accrued cash value of the life
insurance policy at the time of death of the insured. 

		4.2.	Named Executive Officer: Post-Retirement Death Benefit. If the Employee
is in service to the Bank at the time the Employee reaches age 65, upon the death of the Employee on or after age 65, the Employee Death
Benefit under this Agreement shall be the lesser of i) a multiple of final base annual salary, not to exceed $800,000, or ii) the Net
Amount at Risk, defined as the difference between the death benefit payable upon
death of the insured pursuant to a life insurance policy and the accrued cash value of the life insurance policy at the time
of death of the insured. The multiple under this paragraph 4.2 shall be:

	Age 65 through Age 71	1.5 times Final Base Salary
	Age 72 through Age 79	1.0 times Final Base Salary
	Age 80 and After	
    0.5 times Final Base Salary

     

		4.3.	Executive Management: Pre-Retirement Death Benefit. Upon death of
the Employee while in service to the Bank, the Employee Death Benefit under this Agreement shall be the lesser of i) three (3) times base
annual salary, not to exceed $400,000, less $50,000 or ii) the Net Amount at Risk, defined as the difference between
the death benefit payable upon death of the insured pursuant to a life insurance policy and the accrued cash value of the life
insurance policy at the time of death of the insured. 

		4.4.	Executive Management: Post-Retirement Death Benefit. If the Employee
is in service to the Bank at the time the Employee reaches age 65, upon the death of the Employee on or after age 65, the Employee Death
Benefit under this Agreement shall be the lesser of i) a multiple of final base annual salary, not to exceed $400,000, or ii) the Net
Amount at Risk, defined as the difference between the death benefit payable upon
death of the insured pursuant to a life insurance policy and the accrued cash value of the life insurance policy at the time
of death of the insured. The multiple under this paragraph 4.2 shall be:

	Age 65 through Age 71	1.5 times Final Base Salary
	Age 72 through Age 79	1.0 times Final Base Salary
	Age 80 and After	0.5 times Final Base Salary

 

		4.5.	Senior Management: Pre-Retirement Death Benefit. Upon death of the
Employee while in service to the Bank, the Employee Death Benefit under this Agreement shall be the lesser of i) three (3) times base
annual salary, not to exceed $300,000, less $50,000 or ii) the Net Amount at Risk, defined as the difference between
the death benefit payable upon death of the insured pursuant to a life insurance policy and the accrued cash value of the life
insurance policy at the time of death of the insured. 

		4.6.	Senior Management: Post-Retirement Death Benefit. If the Employee
is in service to the Bank at the time the Employee reaches age 65, upon the death of the Employee on or after age 65, the Employee Death
Benefit under this Agreement shall be the lesser of i) a multiple of final base annual salary, not to exceed $200,000, or ii) the Net
Amount at Risk, defined as the difference between the death benefit payable upon
death of the insured pursuant to a life insurance policy and the accrued cash value of the life insurance policy at the time
of death of the insured. The multiple under this paragraph 4.4 shall be:

	Age 65 through Age 71	1.5 times Final Base Salary
	Age 72 through Age 79	1.0 times Final Base Salary
	Age 80 and After	0.5 times Final Base Salary
	 	 

		4.7.	Definitions:

		(a)	“Normal Retirement Age” shall be Age 65.

 

		(b)	“Named Executive Officer” shall be an Employee who is a signatory to this Agreement and
who has one or more of the titles listed as an “Named Executive Officer” title on Schedule 4.5.

 

		(c)	“Executive Management” shall be an Employee who is a signatory to this Agreement and who
has one or more of the titles listed as an “Executive Management” title on Schedule 4.5.

 

		(d)	“Senior Management” shall be an Employee who is a signatory to this Agreement and who has
one or more of the titles listed as a “Senior Management” title on Schedule 4.5. An individual who is both an Executive Management
Employee and a Senior Management Employee shall be considered to be an Executive Management Employee.

 

		(e)	Net Amount at Risk: defined as the difference between the death benefit payable upon death of the insured
pursuant to a life insurance policy and the accrued cash value of the life insurance policy at the time of death of the insured.

 

		5.	Beneficiary

		5.1.	Beneficiary Designation. The Employee’s “Beneficiary
Designation” shall be made in writing and delivered to the Bank in a form acceptable to the Insurers and Bank (“Beneficiary
Designation Form”). Employee’s designated Beneficiary may be amended by the Employee from time to time during the term
of this Agreement. Upon the acceptance by the Bank of a new “Beneficiary Designation Form”, all “Beneficiary
Designations” previously filed shall be cancelled. The Bank shall be entitled to rely on the last “Beneficiary Designation
Form” filed by the Employee and accepted by the Bank prior to the Employee’s death.

		5.2.	Beneficiary Acknowledgement. No designation or change in designation
of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Bank or its designated agent.

		5.3.	Facility of Payment. If the Bank determines in its discretion that
a benefit is to be paid to a minor or to a person incapable of handling the disposition of that person’s property, the Bank may
direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person
or incapable person. The Bank may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution
of the benefit. Any payment of a benefit shall be a payment for the account of the Employee and the Employee’s Beneficiary, as the
case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.

		5.4.	No Beneficiary Designation. If the Employee dies without a valid
designation of Beneficiary, or if all designated Beneficiaries predecease the Employee, then the Employee’s surviving spouse shall
be the designated Beneficiary. If the Employee has no surviving spouse, the benefits shall be made payable to the personal representative
of the Employee’s estate.

		6.	Death Claims.

		6.1.	Bank’s Benefit. Upon the death of Employee, the Bank shall
be entitled to receive a portion of the death benefits payable under the Insurance Policy equal to the Bank’s Policy Interest and
the receipt of this amount by the Bank shall constitute satisfaction of the Bank’s rights under Section 3 of this Agreement. 

		6.2.	Employee’s Benefit. Upon the death of Employee, the Beneficiary
shall be entitled to receive the amount of the death benefits equal to the Employee Death Benefit and the receipt of this amount by the
Beneficiary shall constitute satisfaction of the Employee’s rights under this Agreement.

		6.3.	Benefit Paid by Insurance Carrier. The benefit payable to Employee’s
Beneficiary shall be paid solely by the Insurers from the proceeds of the Insurance Policies on the life of the Insured. In no event shall
the Bank be obligated to pay a death benefit under this Agreement from its general funds. Should an Insurer refuse or be unable to pay
death proceeds endorsed to Insured under the express terms of this Agreement, or should the Bank cancel the Insurance Policies for any
reason, neither Employee nor any Beneficiary shall be entitled to a death benefit.

		6.4.	Suicide or Misstatement. The amount of the benefit payable to Employee’s
Beneficiary may be reduced or eliminated if Employee fails or refuses to take a physical examination, to truthfully and completely supply
such information or complete any forms as may be required by the Bank or the Insurer, or otherwise fails to cooperate with the requests
of the Bank or the Insurer, or if Employee dies under circumstances such that the Insurance Policy(ies) do not pay a full death benefit,
e.g., in the case of suicide within two years after a respective Insurance Policy date.

		7.	Termination of Agreement.

		7.1.	Termination Events. This Agreement shall automatically terminate
on the occurrence of any of the following events prior to the death of the Employee: 

		(a)	Cessation of the Bank’s business;

		(b)	Written notice given by either party to the other;

		(c)	Termination of the employment of Employee prior to age 65 (whether voluntary or involuntary); or

		(d)	Bankruptcy, receivership or dissolution of the Bank.

		7.2.	Rights Upon Termination. If this Agreement is terminated pursuant
to this Section 7, the Employee shall forfeit all rights hereunder to the Insurance Policy(ies) or the right to designate a Beneficiary
and Bank at its sole discretion may retain or terminate the Insurance Policy(ies).

		7.3.	Amendments. Prior to the Employee’s death, this Agreement may
be amended or terminated, in whole or in part, by the Bank at its sole discretion; provided, however, that if the Employee’s
interests are adversely affected, such amendment or termination by action of the Bank may not become effective earlier than thirty days
(30) after delivering a written notice of such action to the Employee. This Agreement may not be amended after the date of the Employee’s
death.

		7.4.	Change in Control. Notwithstanding the provisions of this Section
7, upon a Change in Control of the Bank, the Employee will fully vest in the Employee’s Interests as provided in Section 4 of this
Agreement, including the Post-Retirement Death Benefit as if the Employee had been continuously employed by the Bank to age 65, and this
Agreement may not be terminated or amended without the express written consent of the Employee. For this purpose, Change in Control shall
mean a change in control as that term is defined in Section 409A of the Internal Revenue Code.

		8.	Insurance Company Not a Party. The Insurers shall not be deemed a
party to this Agreement for any purpose nor in any way responsible for its validity; shall not be obligated to inquire as to the distribution
of any monies payable or paid by it under the Insurance Policy(ies); and shall be fully discharged from any and all liability under the
terms of the Insurance Policy(ies) upon payment or other performance of its obligations in accordance with the terms of the Insurance
Policy(ies). The Insurers shall not be bound by or be deemed to have notice of the provisions of this Agreement.

		9.	Administration

		9.1.	Plan Administrator. This Agreement shall be administered by a “Plan
Administrator”, which shall consist of the Bank’s board of directors or such committee as the board shall appoint. The
Employee may be a member of the Administrator. 

		9.2.	Plan Administrator Duties. The Plan Administrator shall have the
discretion and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this
Agreement and (ii) decide or resolve any and all questions, including interpretations of this Agreement, as may arise in connection with
this Agreement.

		9.3.	Binding Effect of Decisions. Any decision or action of the Plan Administrator
with respect to any question arising out of or in connection with the administration, interpretation, and application of this Agreement
and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in
this Agreement.

		9.4.	Indemnity of Plan Administrator. The Bank shall indemnify and hold
harmless the members of the Plan Administrator, and those to whom management and operation responsibilities of the plan have been delegated,
against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Split
Dollar Agreement, except in the case of willful misconduct by the Plan Administrator or any of its members.

		9.5.	Information. To enable the Administrator to perform its functions,
the Bank shall supply full and timely information to the Administrator on all matters relating to the date and circumstances of the retirement,
death, or Termination of Employment of the Executive and such other pertinent information as the Administrator may reasonably require.

		10.	Claims and Review Procedure

		10.1.	Written Claim. A person who believes that they are being denied a
benefit to which they are entitled under this Agreement (herein after referred to as a "Claimant") may file a written
request for such benefit with the Plan Administrator, setting forth their claim. The request must be addressed to the Bank at its then
principal place of business.

		10.2.	Timing of Response. Upon receipt of a claim, the Plan Administrator
shall advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such
period. The Plan Administrator may, however, extend the reply period for an additional ninety (90) days for reasonable cause. If the claim
is denied in whole or in part, the Plan Administrator shall adopt a written opinion, using language calculated to be understood by the
Claimant, setting forth:

		(a)	The specific reason or reasons for such denial;

		(b)	The specific reference to pertinent provisions of this Agreement on which such denial is based;

		(c)	A description of any additional material or information necessary for the Claimant to perfect their
claim and an explanation why such material or such information is necessary;

		(d)	Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review;
and

		(e)	The time limits for requesting a review under Section 10.3 and for review under Section 10.4 hereof.

		10.3.	Request for Review. With sixty (60) days after the receipt by the
Claimant of the written opinion described in Section 10.2, the Claimant may request in writing that the determination of the Plan Administrator
be reviewed. Such request must be addressed to the Bank at its then principal place of business. The Claimant or their duly authorized
representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Plan
Administrator. If the Claimant does not request a review of the Plan Administrator's determination within such sixty (60) day period,
they shall be barred and estopped from challenging the Plan Administrator's determination.

		10.4.	Review of Decision. The Plan Administrator will review its determination
within sixty (60) days after receipt of a request for review. After considering all materials presented by the Claimant, the Plan Administrator
will render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for
the decision and containing specific references to the pertinent provisions of this Agreement on which the decision is based. If special
circumstances require that the sixty (60) day time period be extended, the Plan Administrator will so notify the Claimant and will render
the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review.

		11.	Binding Effect. This Agreement shall bind the Employee and the Bank
and their respective heirs, beneficiaries, survivors, executors, administrators, representatives, successors, transferees and assigns,
and any Insurance Policy Beneficiary.

		12.	No Guarantee of Employment. This Agreement is not an employment policy
or contract. It does not give the Employee the right to remain an employee of the Bank, nor does it interfere with the Bank’s right
to discharge the Employee. It also does not require the Executive to remain an employee nor interfere with the Employee’s right
to terminate employment at any time.

		13.	Waiver of Jury Trial. To the fullest extent permitted by applicable
law, bank and employee hereby irrevocably and expressly waive all right to a trial by jury in any action, proceeding, or counterclaim
(whether based upon contract, tort, or otherwise) arising out of or relating to this agreement or the transactions contemplated herein
or the actions of the bank in the negotiation, administration, or enforcement thereof. Each party hereto (A) certifies that no representative,
agent or attorney of any other person as represented, expressly or otherwise, that such other person would not, in the event of litigation
seek to enforce the foregoing waiver and (B) acknowledges that it and the other parties hereto have been induced to enter into this agreement
by, among other things, the mutual waivers and certifications in this section.

		14.	Entire Agreement; Oral Agreements Ineffective. This Agreement constitutes
the entire and final agreement between the Bank and Employee as to the subject matter hereof and may not be contradicted by evidence of
prior, contemporaneous, or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.

		15.	No Third-Party Beneficiaries. The benefits of this Agreement shall
not inure to any third party. This Agreement shall not be construed as creating any rights, claims, or causes of action against Bank or
any of its officers, directors, agents, or employees in favor of any person or entity other than Employee. 

		16.	Severability. If any one or more of the provisions hereof is declared
invalid, illegal, or unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions shall not
in any way be affected or impaired, and that invalidity, illegality, or unenforceability in one jurisdiction shall not affect the validity,
legality, or enforceability of the remaining provisions hereof.

		17.	Governing Law; Venue; Service of Process. This agreement shall be
governed by and construed in accordance with the laws of the state of Connecticut. This agreement has been entered into in Litchfield
County, Connecticut, and is performable for all purposed in Litchfield County, Connecticut. The parities hereby agree that any lawsuit,
action, or proceeding that is brought (whether in contract, tort, or otherwise) arising out of or relating to this agreement, the transactions
contemplated thereby, or the actions of the bank in the negotiation, administration, or enforcement of any of this agreement shall be
brought in a state or federal court of competent jurisdiction located in Litchfield County, Connecticut. Employee hereby irrevocably and
unconditionally (A) submits to the exclusive jurisdiction of such courts, (B) waives any objection it may now or hereafter have as to
the venue of any such lawsuit, action, or proceeding brought in any such court, and (C) further waives any claim that it may now or hereafter
have that any such court in an inconvenient forum. Each of the parties hereto agree that service of process upon it may be made by certified
reregistered mail, return receipt requested at the address for notices contained in the signature page of this agreement.

		18.	Notices. Any notice, consent or demand required or permitted to be
given under the provisions of this Agreement by one party to another shall be in writing, shall be signed by the party giving or making
the same, and may be given either by delivering the same to such other party personally, or by mailing the same, by United States certified
mail, postage prepaid, to such party, addressed to their last known address as shown on the records of the Bank. The date of such mailing
shall be deemed the date of such mailed notice, consent or demand.

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first written above.

 

	SALISBURY
    BANK AND TRUST COMPANY:	EMPLOYEE:
	 	 
	By:                                                                              	By:                                                  
	 	 
	Print Name:  Doug
    Cahill                                           	Print Name:  Stephen
    Scott            
	 	 
	Title:  Vice
    President, Human Resources                    	Address:                                          
	 	                                                        

    	 

    	 

    

 

SALISBUY BANK AND TRUST COMPANY

SPLIT DOLLAR LIFE INSURANCE AGREEMENT

SCHEDULE 4.5

 

 

“NAMED EXECUTIVE OFFICER” is defined as an Employee who is
designated as a Named Executive Officer as outlined in the bank’s most recent Proxy Statement.

 

“EXECUTIVE MANAGEMENT” is defined as an Employee with a job
title that includes EVP or above.

 

“SENIOR MANAGEMENT” is defined as an Employee with a job title
that includes SVP, VP, AVP or below.

 

For Sections 4.2, 4.4, and 4.6, an Employee’s
Interest is based on their job title on the last day of employment as outlined above.EX-10.1

  Exhibit 10.1

  SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS

  This SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS (this “Agreement”) is entered into by and between Zevia PBC, a Delaware public benefit corporation (the “Company”), and William D. Beech (“Employee”). Employee and the Company are each referred to herein as a “Party” and collectively as the “Parties.”

  WHEREAS, Employee’s employment with the Company terminated effective as of May 6, 2022 (such actual date of termination, the “Separation Date”);

  WHEREAS, as of the Separation Date, the following equity awards of the Company remain outstanding: (i) options to purchase [26,778] shares of Class A common stock of the Company (the “Options”) pursuant to those certain Unit Option Agreements dated May 9, 2018 and July 17, 2020 and the Zevia LLC 2011 Unit Incentive Plan (collectively, the “Option Agreements”) and (ii) [75,000] vested restricted stock units pursuant to that certain Notice of Restricted Class C Common Unit Award and Restricted Class C Common Unit Agreement dated March 17, 2021 and the Zevia 2020 Incentive Plan (collectively, together with the Option Agreements, the “Award Agreements”); 

  WHEREAS, reference is made to that certain Employment, Confidential Information, and Invention Assignment Agreement between Employee and the Company, dated May 14, 2020 (the “Confidentiality Agreement”); and

  WHEREAS, the Company wishes to provide Employee with certain severance payments and benefits, which are conditioned upon Employee’s execution, delivery, non-revocation of and compliance with this Agreement.

  NOW, THEREFORE, in consideration of the promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Employee and the Company, the Parties hereby agree as follows:

  1.Separation from Employment.  

  (a)The Company and Employee acknowledge and agree that Employee’s employment with the Company ended as of the Separation Date. As of the Separation Date, Employee is no longer employed by the Company or any other Company Party (as defined below), and Employee is deemed to have automatically resigned (i) as an officer of the Company and its affiliates (as applicable) and (ii) from the board of managers, board of directors or similar governing body of each of the Company and its affiliates (as applicable) and any other corporation, limited liability company, trade organization, or other entity in which the Company or any of its affiliates holds an equity interest or with respect to which board or similar governing body Employee serves as the designee or other representative of the Company or any of its affiliates.

  (b)Employee acknowledges and agrees that Employee has been paid in full all bonuses, been provided all benefits, and otherwise received all wages, compensation and other sums that Employee has been owed by each Company Party. Employee further acknowledges and 

   

   

  

   

  agrees that Employee has received all leaves (paid and unpaid) that Employee has been entitled to receive from each Company Party.

  2.Separation Payments and Benefits.  Provided that Employee: (x) executes this Agreement and returns a copy of this Agreement that has been executed by Employee to the Company so that it is received by Soley Van Lokeren, Senior Vice President, People, 15821 Ventura Blvd., Suite 145, Encino, California 91436 (email: soley@zevia.com) no later than 5:00 pm PT on May 27, 2022; (y) does not revoke this Agreement during the Release Revocation Period (as defined below); and (z) remains in compliance with the other terms and conditions set forth in this Agreement (including under Section 5), Employee shall receive the following separation payments and benefits:

  (a)aggregate severance payments in an amount equal to $280,000.00 payable in equal installments in accordance with the Company’s normal payroll practices for the 12 months following the expiration of the Release Revocation Period; and

  (b)subject to Employee’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) and subject to Employee’s copayment of premium amounts at the active employees’ rate, reimbursement for the amount of the remainder of the premiums for Employee’s and Employee’s covered dependents’ participation in the Company’s group health plans pursuant to COBRA for a period ending on the earliest of (A) the first anniversary of the Separation Date, (B) Employee first becoming eligible after the Employee’s COBRA election for other employer-sponsored group health benefits or Medicare, and (C) the expiration of Employee’s rights under COBRA. Employee agrees to promptly notify the Company in the event that Employee first becomes eligible for other employer-sponsored group health benefits or Medicare after the date of Employee’s COBRA election.

  Employee acknowledges and agrees that the consideration referenced in this Section 2 represents the entirety of the amounts Employee is eligible to receive as severance pay and benefits from the Company or any other Company Party. Employee further acknowledges that as of the Separation Date, Employee automatically forfeited all then unvested Options, and such awards shall terminate automatically and without any further action by the Company and at no cost to the Company.

  3.Release of Liability for Claims.

  (a)For good and valuable consideration, including the consideration set forth in Section 2 (and any portion thereof), Employee knowingly and voluntarily (for Employee, Employee’s family, and Employee’s heirs, executors, administrators and assigns) hereby releases and forever discharges the Company, Zevia LLC (together with the Company, the “Zevia Affiliated Entities”) and their respective affiliates, predecessors, successors, subsidiaries and benefit plans, and the foregoing entities’ respective equity-holders, officers, directors, managers, members, partners, employees, agents, representatives, and other affiliated persons, and the Company’s and its affiliates’ benefit plans (and the fiduciaries and trustees of such plans) (collectively, the “Company Parties”), from liability for, and Employee hereby waives, any and all claims, damages, or causes of action of any kind related to Employee’s ownership of any interest in any Company Party, Employee’s employment with any Company Party, the termination of such employment, and any other acts or omissions related to any matter occurring on or prior to the date 

  2

  

   

  that Employee executes this Agreement, including (i) any alleged violation through such time of: (A) any federal, state or local anti-discrimination or anti-retaliation law, regulation or ordinance, including the Age Discrimination in Employment Act of 1967 (including as amended by the Older Workers Benefit Protection Act), Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, Sections 1981 through 1988 of Title 42 of the United States Code and the Americans with Disabilities Act of 1990; (B) the Employee Retirement Income Security Act of 1974 (“ERISA”); (C) the Immigration Reform Control Act; (D) the National Labor Relations Act; (E) the Occupational Safety and Health Act; (F) the Family and Medical Leave Act of 1993; (G) California’s Fair Employment and Housing Act, the California Pregnancy Disability Leave law, the California Family Rights Act, the Healthy Workplace Healthy Family Act of 2014, the California Labor Code, the Private Attorneys’ General Act (Labor Code§ 2698 et seq.), any Wage Orders issued by the California Industrial Welfare Commission and the California Business and Professionals Code; (H) any federal, state or local wage and hour law; (I) any other local, state or federal law, regulation or ordinance; or (J) any public policy, contract, tort, or common law claim; (ii) any allegation for costs, fees, or other expenses including attorneys’ fees incurred in or with respect to a Released Claim; (iii) any and all rights, benefits or claims Employee may have under any employment contract, incentive compensation plan or equity-based plan with any Company Party [or to any ownership interest in any Company Party] (other than any rights under the Award Agreements); and (iv) any claim for compensation or benefits of any kind not expressly set forth in this Agreement (collectively, the “Released Claims”). This Agreement is not intended to indicate that any such claims exist or that, if they do exist, they are meritorious. Rather, Employee is simply agreeing that, in exchange for any consideration received by Employee pursuant to Section 2, any and all potential claims of this nature that Employee may have against any of the Company Parties, regardless of whether they actually exist, are expressly settled, compromised and waived. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.

  (b)Section 1542 of the Civil Code of the State of California (“Section 1542”) provides:

  A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY. 

  Employee waives all rights under Section 1542 or any other law or statute of similar effect in any jurisdiction with respect to the Released Claims. Employee acknowledges that Employee understands the significance and specifically assumes the risk regarding the consequences of such release and such specific waiver of Section 1542.  

  (c)For the avoidance of doubt, nothing in this Agreement releases Employee’s rights to receive payments or benefits pursuant to Section 2. Further, in no event shall the Released Claims include (i) any claim that arises after the date that Employee signs this Agreement; (ii) any claim to vested benefits under an employee benefit plan that is subject to ERISA; and (iii) any claim for breach of, or otherwise arising out of, this Agreement. Further notwithstanding this 

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  release of liability, nothing in this Agreement prevents Employee from filing any non-legally waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”) or comparable state or local agency or participating in (or cooperating with) any investigation or proceeding conducted by the EEOC or comparable state or local agency or cooperating in any such investigation or proceeding; however, Employee understands and agrees that Employee is waiving any and all rights to recover any monetary or personal relief from a Company Party as a result of such EEOC or comparable state or local agency or proceeding or subsequent legal actions. Further, nothing in this Agreement prohibits or restricts Employee from filing a charge or complaint with, or cooperating in any investigation with, the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, or any other governmental agency, entity or authority (each, a “Government Agency”). This Agreement does not limit Employee’s right to receive an award for information provided to a Government Agency.

  4.Representations and Warranties Regarding Claims.  Employee represents and warrants that Employee has not made any assignment, sale, delivery, transfer or conveyance of any rights Employee has asserted or may have against any of the Company Parties with respect to any Released Claim.

  5.Restrictive Covenants.  

  (a)Employee acknowledges and agrees that Employee has continuing obligations to the Company and its affiliates pursuant to the Confidentiality Agreement, including obligations relating to confidentiality, intellectual property and non-solicitation (collectively, the “Covenants”). In entering into this Agreement, Employee acknowledges the continued effectiveness and enforceability of the Covenants, and Employee expressly reaffirms Employee’s commitment to abide by, and agrees that Employee will abide by, the terms of the Covenants.

  (b)In consideration of the mutual covenants in this Section 5(b), Employee shall refrain from making (or causing or assisting any other person or entity to make) any oral or written statements about the Company and any Company Party that (i) are slanderous, libelous, disparaging or defamatory or (ii) place the Company, any Company Party or any of their respective directors, officers, managers, members, employees, consultants, agents or representatives in a false light before the public; and the Company shall instruct members of the Board of Directors of the Company and the Company’s officers and human resources personnel to refrain from making (or causing or assisting any other person or entity to make) any oral or written statements about Employee that (A) are slanderous, libelous, disparaging or defamatory or (B) place Employee in a false light before the public. Nothing in this Agreement or the Confidentiality Agreement prevents Employee from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that Employee has reason to believe is unlawful.

  (c)Employee agrees that this Agreement is confidential and agrees not to disclose any information regarding the terms of this Agreement, except to Employee’s immediate family and any tax, legal or other counsel Employee has consulted regarding the meaning or effect hereof or as required by law, and Employee will instruct each of the foregoing not to disclose the same to anyone; provided that to the extent that the terms of this Agreement are disclosed by the Company 

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  in a public filing, this Section 5(c) shall no longer restrict Employee to the extent of such disclosed terms.   

  6.Covenant to Cooperate in Legal Proceedings.  Employee agrees to reasonably cooperate with the Zevia Affiliated Entities in any internal investigation, any administrative, regulatory, or judicial proceeding or any dispute with a third party. Employee understands and agrees that Employee’s cooperation may include, but not be limited to, making Employee available to the Zevia Affiliated Entities upon reasonable notice for interviews and factual investigations; appearing at the Zevia Affiliated Entities’ request to give testimony without requiring service of a subpoena or other legal process; volunteering to the Zevia Affiliated Entities pertinent information received by Employee in Employee’s capacity as an employee; and turning over to the Zevia Affiliated Entities all relevant documents which are or may come into Employee’s possession in Employee’s capacity as an employee or otherwise, all at times and on schedules that are reasonably consistent with Employee’s other permitted activities and commitments. The Company shall promptly reimburse Employee for all expenses reasonably incurred by Employee arising out of or relating to Employee’s compliance with the provisions of this Section. 

  7.Employee’s Acknowledgements.  By executing and delivering this Agreement, Employee expressly acknowledges that:

  (a)Employee has been given at least 21 days to review and consider this Agreement. If Employee signs this Agreement before the expiration of 21 days after Employee’s receipt of this Agreement, Employee has knowingly and voluntarily waived any longer consideration period than the one provided to Employee. No changes (whether material or immaterial) to this Agreement shall restart the running of this 21-day period;

  (b)Employee is receiving, pursuant to this Agreement, consideration in addition to anything of value to which Employee is already entitled;

  (c)Employee has been advised, and hereby is advised in writing, to discuss this Agreement with an attorney of Employee’s choice and that Employee has had an adequate opportunity to do so prior to executing this Agreement;

  (d)Employee fully understands the final and binding effect of this Agreement; the only promises made to Employee to sign this Agreement are those stated herein; and Employee is signing this Agreement knowingly, voluntarily and of Employee’s own free will, and that Employee understands and agrees to each of the terms of this Agreement;

  (e)The only matters relied upon by Employee in causing Employee to sign this Agreement are the provisions set forth in writing within the four corners of this Agreement; and

  (f)No Company Party has provided any tax or legal advice regarding this Agreement, and Employee has had an adequate opportunity to receive sufficient tax and legal advice from advisors of Employee’s own choosing such that Employee enters into this Agreement with full understanding of the tax and legal implications thereof.

  8.Revocation Right.  Notwithstanding the initial effectiveness of this Agreement, Employee may revoke the delivery (and therefore the effectiveness) of this Agreement within the seven-day 

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  period beginning on the Signing Date (such seven-day period being referred to herein as the “Release Revocation Period”). To be effective, such revocation must be in writing signed by Employee and must be delivered personally or by courier to the Company so that it is received by Soley Van Lokeren, Senior Vice President, People, 15821 Ventura Blvd., Suite 145, Encino, California 91436 (email: soley@zevia.com) no later than 11:59 pm PT on the last day of the Release Revocation Period. If an effective revocation is delivered in the foregoing manner and timeframe, the release of claims set forth in Section 3 will be of no force or effect, Employee will not receive the payments or benefits set forth in Section 2, and the remainder of this Agreement will remain in full force and effect.

  9.Return of Property.  Other than with respect to property specifically authorized by the Company as an exclusion from this Section 9, Employee represents and warrants that Employee has returned to the Company all property belonging to the Company or any other Company Party, including all computer files, electronically stored information, computers and other materials and items provided to Employee by the Company or any other Company Party in the course of Employee’s employment and Employee further represents and warrants that Employee has not maintained a copy of any such materials or items in any form.

  10.Governing Law; Arbitration.  This Agreement and its performance will be construed and interpreted in accordance with the laws of the State of California, without regard to principles of conflicts of law that would apply the substantive law of any other jurisdiction. For the avoidance of doubt, the arbitration and equitable relief provisions of that certain Mutual Arbitration Agreement entered into by and between the Company and Employee, dated May 14, 2020, shall apply to any dispute arising under this Agreement.

  11.Counterparts.  This Agreement may be executed in several counterparts, including by .PDF or .GIF attachment to email or by facsimile, each of which is deemed to be an original, and all of which taken together constitute one and the same agreement.

  12.Amendment; Entire Agreement.  This Agreement may not be changed orally but only by an agreement in writing agreed to and signed by both Parties. This Agreement and the Award Agreements constitute the entire agreement of the Parties with regard to the subject matter hereof and supersede all prior and contemporaneous agreements and understandings, oral or written, between Employee and any Company Party with regard to the subject matter hereof.

  13.Third-Party Beneficiaries.  Employee expressly acknowledges and agrees that each Company Party that is not a party to this Agreement shall be a third-party beneficiary of Sections 3, 5, 6 and 9 and entitled to enforce such provisions as if it were a party hereto.

  14.Further Assurances.  Employee shall, and shall cause Employee’s affiliates, representatives and agents to, from time to time at the request of the Company and without any additional consideration, furnish the Company with such further information or assurances, execute and deliver such additional documents, instruments and conveyances, and take such other actions and do such other things, as may be reasonably necessary or desirable, as determined in the sole discretion of the Company, to carry out the provisions of this Agreement.

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  15.Severability.  Any term or provision of this Agreement (or part thereof) that renders such term or provision (or part thereof) or any other term or provision (or part thereof) hereof invalid or unenforceable in any respect shall be severable and shall be modified or severed to the extent necessary to avoid rendering such term or provision (or part thereof) invalid or unenforceable, and such modification or severance shall be accomplished in the manner that most nearly preserves the benefit of the Parties’ bargain hereunder.

  16.Interpretation.  The Section headings have been inserted for purposes of convenience and shall not be used for interpretive purposes. The words “hereof,” “herein” and “hereunder” and other compounds of the word “here” shall refer to the entire Agreement and not to any particular provision hereof. The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. The word “or” as used herein is not exclusive and is deemed to have the meaning “and/or.” Unless the context requires otherwise, all references herein to a law, agreement, instrument or other document shall be deemed to refer to such law, agreement, instrument or other document as amended, supplemented, modified and restated from time to time to the extent permitted by the provisions thereof. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against any Party, whether under any rule of construction or otherwise. This Agreement has been reviewed by each of the Parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the Parties.

  17.No Assignment.  No right to receive payments and benefits under this Agreement shall be subject to set off, offset, anticipation, commutation, alienation, assignment, encumbrance, charge, pledge or hypothecation or to execution, attachment, levy, or similar process or assignment by operation of law.

  18.Withholdings; Deductions.  The Company may withhold and deduct from any payments or benefits made or to be made pursuant to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling and (b) any deductions consented to in writing by Employee.

  19.Section 409A.  This Agreement and the benefits provided hereunder are intended to be exempt from, or compliant with, the requirements of Section 409A of the Internal Revenue Code of 1986 and the Treasury regulations and other guidance issued thereunder (collectively, “Section 409A”) and shall be construed and administered in accordance with such intent. Each installment payment under this Agreement shall be deemed and treated as a separate payment for purposes of Section 409A. The Company has determined that Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code as of the Separation Date. Notwithstanding the foregoing, the Company makes no representations that the benefits provided under this Agreement are exempt from the requirements of Section 409A and in no event shall the Company or any other Company Party be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.

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  8

  

  Exhibit 10.1

  IN WITNESS WHEREOF, the Parties have executed this Agreement as of the dates set forth beneath their names below, effective for all purposes as provided above.

   

  						 

  EMPLOYEE

   

  /s/ William D. Beech					

  William D. Beech

  				 

  ZEVIA PBC

   

  By: /s/ Soley Van Lokeren				

  Name: Soley Van Lokeren

  Title: Sr. VP, People

   

  					 

   

   

  Signature Page to

  Separation Agreement

  and General Release of Claims

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