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EXHIBIT 10.1

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT

THIS AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT is entered into between the Federal Home Loan Bank of San Francisco and Joseph Amato (“Employee”) to amend and restate the employment agreement between the Bank and Employee dated October 7, 2020, as amended July 7, 2021 (“Amendment No. 2”).

WHEREAS, the Bank and Employee have mutually elected to extend Employee’s term for an additional one (1) year until March 31, 2024;

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

1.   Amendment to Section 3 of the Employment Agreement. Section 3 of the Employment Agreement is hereby amended to add Section 3.B.(vii) as follows:

“(vii) Discretionary Third Special Award for the Mutual Extension. At the discretion and subject to the approval of the Bank’s President and Chief Executive Officer, Employee will be eligible for a fully discretionary Third Special Award up to an amount equal to the actual foregone benefits under the SERP and the Cash Balance Plan (and related Benefit Equalization Plan) for the 2020 to 2024  plan years reduced by any payments made under the Second Special Award and further reduced by any benefits under the Cash Balance Plan (and related Benefit Equalization Plan) that become fully vested in recognition of Employee’s service as CFO and based on Employee’s performance in connection with Employee’s duties and responsibilities as the Bank’s principal financial officer. Unless prior to March 31, 2024 the Bank terminated Employee for Cause as specified in Section 7.B or Employee resigned without Good Reason as specified in Section 7.D, eligibility for up to the Third Special Award will accrue and if approved by the Bank’s President and Chief Executive Officer, be paid as soon as administratively practicable following March 31, 2024. 

Employee hereby acknowledges and agrees that notwithstanding any terms to the contrary in the Bank’s SERP, and the Corporate Senior Officer Severance Policy, such plan and policy will not apply to him in connection with his employment during the Mutual Extension period, and hereby waives any such eligibility; and the Third Special Award is partially in lieu of any and all payments or rights that might otherwise have been available to Employee under the SERP during the Mutual Extension Period. Payout of any Third Special Award is subject to review and non-objection by the Finance Agency. Any Third Special Award shall be subject to all applicable state and federal tax withholdings.”

2.   Amendment to Section 8.D of the Employment Agreement is hereby amended and restated in its entirety as follows:

“D. For Cause or Without Good Reason. If Employee’s employment hereunder is terminated for Cause pursuant to Section 7.B, or he resigns without Good Reason, as defined in Section 7.D, then the Bank shall be required to pay only the Accrued Benefits, subject to Section 8.E hereunder.” 
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1.Amendment to Section 8.E of the Employment Agreement is hereby amended and restated in its entirety as follows:

“E. Without Cause or For Good Reason. If Employee’s employment hereunder is terminated at any time by the Bank without Cause during the First Term, or the Second Term or Mutual Extension, as applicable, pursuant to Section 7.C above, or if during the First Term, or the Second Term or Mutual Extension, as applicable, Employee terminates his employment hereunder for Good Reason as defined in Section 7.D above, then Employee shall be entitled to receive: an amount equal to the then remaining Salary through the end of the First Term, or the Second Term or Mutual Extension, as applicable, as well as all Accrued Benefits, paid in a lump sum as soon as administratively practicable but in any event no later than sixty (60) calendar days following the Termination. Also, if during the Second Term, the Bank terminates Employee without Cause or Employee terminates his employment hereunder for Good Reason, Employee shall be entitled to any earned but unpaid amount of the fully discretionary Second Special Award on a pro rata basis for the period up to the date the Termination occurs and be paid as soon as administratively practicable following the date of the Termination. In addition, if during the Second Term, the Bank terminates Employee without Cause or Employee terminates his employment hereunder for Good Reason, or if during any Mutual Extension, the Bank terminates Employee without Cause or Employee terminates his employment hereunder for Good Reason or without Good Reason, Employee shall be entitled to receive the Severance Payment, where the expiration of this Agreement is the date of termination. If the Employee is otherwise entitled to any EIP Awards referenced above by operation of the EIP and receives such amount(s), then (i) Employee shall receive the greater of such EIP Awards or the Severance Payment, but in no event shall Employee receive both.”

WITNESS WHEREOF, the parties have executed this Agreement as of the date last set forth below.

						
	FEDERAL HOME LOAN BANK 
OF SAN FRANCISCO

By:  /s/ Simone Lagomarsino
       Simone Lagomarsino
       Chair of the Board
       October 18, 2022

	JOSEPH AMATO

By: /s/ Joseph Amato
      Joseph Amato
      Employee
      October 19, 2022

	FEDERAL HOME LOAN BANK OF SAN FRANCISCO

By:/s/Teresa Bryce Bazemore
Teresa Bryce Bazemore
President and Chief Executive Officer
October 17, 2022

	

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NO. 1 TO EMPLOYMENT AGREEMENT

THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT is entered into between the Federal Home Loan Bank of San Francisco and Joseph Amato (“Employee”) to amend and restate the employment agreement between the Bank and Employee dated October 7, 2020 (“Amendment No. 1”).

WHEREAS, the Bank desires to continue to employ Employee as Executive Vice President and to serve as Chief Financial Officer; and

WHEREAS, the Bank desires to extend Employee’s term until March 31, 2023 with an option to renew for up to an additional one (1) year;

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

1.Amendment to Section 1 of the Employment Agreement. Section 1 of the Employment Agreement is hereby amended and restated in its entirety as follows:

“1. Positions and Duties. Employee is currently employed as Executive Vice President and Interim CFO, with such duties that are assigned from time to time as appropriate to such positions. Effective May 13, 2021, Employee shall be employed as Executive Vice President and Chief Financial Officer (“CFO”). Employee shall devote his best efforts to the performance of the duties of his positions with the Bank and shall devote substantially all his business time and attention to the performance of his duties under this Agreement, excluding any periods of vacation, and sick leave, or any other statutory leave to which Employee is entitled. Employee may: (a) serve on civic or charitable boards or committees; (b) serve on no more than two (2) for-profit company boards or committees; and (c) deliver lectures and fulfill speaking engagements, so long as such activities do not, in the view of the Bank’s Board of Directors (“the Board”), interfere, in any substantive respect, with Employee’s responsibilities hereunder or conflict in any material way with the business of the Bank or the Bank’s codes of conduct.”

2.Amendment to Section 2 of the Employment Agreement. Section 2 of the Employment Agreement is hereby amended and restated in its entirety as follows:

“2. Term. Subject to the provisions for early termination hereinafter provided, Employee’s employment has been for an initial term commencing on October 13, 2020 (the “Effective Date”), and ending six (6) months from the Effective Date (the “Initial Term”), and was automatically extended by one (1) month effective upon the conclusion of the Initial Term (“Automatic One-Month Extension”) (the Initial Term plus the Automatic One-Month Extension period is referred to herein as “First Term.”). Upon the conclusion of the First Term, Employee shall begin as Executive Vice President and Chief Financial Officer and commence a second term on May 13, 2021 (“Second Term Effective Date”), and ending March 31, 2023 (“Second Term”); provided, however, that the term of this Agreement, as 
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amended, may be extended by up to one (1) year effective upon the conclusion of the Second Term by mutual election between the Bank and Employee to be made no later than sixty (60) days prior to the end of the Second Term and subject to review and non-objection by the Federal Housing Finance Agency (“Mutual Extension”). Employee’s employment hereunder shall cease no later than March 31, 2024. Notwithstanding the foregoing, the employment relationship between Employee and the Bank is “at will” by law and may be terminated at any time, including at any time, without cause by either party on written notice. No other prior or subsequent oral representations, writings, or course of conduct by anybody at the Bank may alter the “at-will” nature of the employment relationship and nothing in this Agreement should be construed to create any relationship other than “at-will” employment as specified herein. The “at-will” nature of the employment relationship at all times may be modified only when permitted by applicable law and by a writing signed by both Employee and the Bank, specifically amending this Agreement with respect to the issue of the “at-will” employment relationship.”

3.Amendment to Section 3.A. of the Employment Agreement. Section 3.A. of the Employment Agreement is hereby amended and restated in its entirety as follows:

“A. Position. Employee has, as noted, been serving as Executive Vice President and the Interim CFO for the Bank; and upon the Second Term Effective Date, shall serve as Executive Vice President and the CFO for the Bank. Employee shall perform such duties as are usual and customary for such positions and such other work as the Bank’s President and Chief Executive Officer shall assign. Other than required in-person meetings or other functions requiring the physical presence of the Employee at the Bank offices, the Bank acknowledges and agrees that Employee will be performing these duties remotely and that Employee will not be required to relocate. The Bank expects that subject to the implementation of the Bank’s “return to office” plan, such meetings and functions would require Employee to be at the Bank office on average of one week per month. Travel expense for required in-person meetings will be reimbursed by the Bank, pursuant to the Bank’s Reimbursement and Travel Expense Policy. Required travel should not exceed twelve (12) trips over the 12-month employment period. All travel must be pre-approved by the President and Chief Executive Officer.”

4.Amendment to Section 3.B.(ii) of the Employment Agreement. Section 3.B.(ii) of the Employment Agreement is hereby amended and restated in its entirety as follows:

“(ii) Sign-on Bonus. The Bank shall pay Employee a sign-on bonus (the “Sign- On Bonus”) in the amount of $50,000, in the first payroll period following the Effective Date, provided that, in the event that Employee resigns during the Initial Term of this Agreement without Good Reason (as defined herein) or is terminated by the Bank for Cause (as defined herein), Employee shall repay the Sign-On Bonus to the Bank within ten (10) calendar days following Employee’s final day of work. The Sign-On Bonus is subject to review and non-objection by the Finance Agency. The Sign-On Bonus shall be subject to all applicable state and federal tax withholdings.”

5.Amendment to Section 3.B.(iii) of the Employment Agreement. Section 3.B.(iii) of the Employment Agreement is hereby amended and restated in its entirety as follows:
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“(iii) Discretionary Special Award for the Initial Term and Automatic One-Month Extension Term. At the discretion and subject to the approval of the Bank’s President and Chief Executive Officer, Employee will be eligible for a fully discretionary Special Award of up to $175,000 in recognition of Employee’s service as Interim CFO and based on Employee’s performance in connection with Employee’s duties and responsibilities as the Bank’s principal financial officer. Unless during the Initial Term the Bank terminated Employee for Cause as specified in Paragraph 7B or Employee resigned without Good Reason as specified in Paragraph 7D, eligibility for up to $150,000 of the Special Award will accrue and if approved by the Bank’s President and Chief Executive Officer, be paid at the end of the Initial Term. Eligibility for up to the remaining $25,000 of the Special Award shall accrue over the Automatic One-Month Extension Term and if approved by the Bank’s President and Chief Executive Officer, will be paid at the conclusion of the Automatic One-Month Extension Term unless the Bank terminated Employee for Cause as specified in Paragraph 7B or unless Employee resigned without Good Reason as specified in Paragraph 7D.” 

Employee acknowledges and agrees that notwithstanding any terms to the contrary in the Bank’s Executive Incentive Plan (“EIP”), the Supplemental Executive Retirement Plan (“SERP”), and the Corporate Senior Officer Severance Policy, such plans and policy will not apply to him in connection with his employment during the Initial Term and Automatic One-Month Extension Term, and hereby waives any such eligibility; and the Special Award for the Initial Term and Automatic One-Month Extension is in lieu of any and all payments or rights that might otherwise have been available to Employee under such plans and policy. Payout of any Special Award for the Initial Term and Automatic One-Month Extension is subject to review and non-objection by the Finance Agency. Any Special Award for the Initial Term and the Automatic One-Month Extension shall be subject to all applicable state and federal tax withholdings.”

6.Amendment to Section 3.B.(iv) of the Employment Agreement. Section 3.B.(iv) of the Employment Agreement is hereby amended and restated in its entirety as follows:

“(iv) Discretionary Second Special Award for the Second Term. At the discretion and subject to the approval of the Bank’s President and Chief Executive Officer, Employee will be eligible for a fully discretionary Second Special Award of up to $354,835 in recognition of Employee’s service as CFO and based on Employee’s performance in connection with Employee’s duties and responsibilities as the Bank’s principal financial officer. Unless prior to March 31, 2022 the Bank terminated Employee for Cause as specified in Paragraph 7B or Employee resigned without Good Reason as specified in Paragraph 7D, eligibility for up to the first 50% of the Second Special Award ($177,418) will accrue and if approved by the Bank’s President and Chief Executive Officer, be paid as soon as administratively practicable following March 31, 2022. Eligibility for up to the second 50% of the Second Special Award ($177,417) shall accrue and if approved by the Bank’s President and Chief Executive Officer, will be paid as administratively practicable following March 31, 2023 unless the Bank terminated Employee for Cause as specified in Paragraph 7B or unless Employee resigned without Good Reason as specified in Paragraph 7D.” 
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Employee hereby acknowledges and agrees that notwithstanding any terms to the contrary in the Bank’s SERP, and the Corporate Senior Officer Severance Policy, such plan and policy will not apply to him in connection with his employment during the Second Term and any Mutual Extension period, and hereby waives any such eligibility; and the Second Special Award is partially in lieu of any and all payments or rights that might otherwise have been available to Employee under the SERP during the Second Term and any Mutual Extension Period. Payout of any Second Special Award is subject to review and non-objection by the Finance Agency. Any Second Special Award shall be subject to all applicable state and federal tax withholdings.”

7.Amendment to Section 3 of the Employment Agreement. Section 3 of the Employment Agreement is hereby amended to add Section 3.B.(v) as follows:

“(v) Incentive Compensation. Beginning with the Second Term, Employee shall be eligible to participate in the Bank’s EIP, and any successor plans, which apply to the Bank’s executive vice presidents, as approved from time to time by the Board and subject to review and non-objection by the Finance Agency. The Bank’s EIP includes short term incentive components and long-term incentive components and provides for incentive compensation awards (“EIP Awards”) tied to annual performance period (“Performance Period”) goals and achievement measures as established by the Board from year-to-year. The annual Performance Period goals and achievement measures and all EIP Awards, as determined by the Board, are subject to prior review and non-objection by the Finance Agency.”

8.Amendment to Section 3 of the Employment Agreement. Section 3 of the Employment Agreement is hereby amended to add Section 3.B.(vi) as follows:

“(vi). Taxes and Withholdings. The Bank may withhold from any amounts payable under this Agreement such federal, state or local taxes as may be required to be withheld pursuant to applicable law or regulations, which amounts shall be deemed to have been paid to Employee.”

9.Amendment to Section 7 of the Employment Agreement. The first paragraph of Section 7 hereby amended and restated in its entirety as follows:

Termination. Employee’s employment hereunder shall continue until the earlier of (i) the end of the Second Term, unless there is Mutual Extension, in which case, at the end of the period of Mutual Extension, pursuant to Section 2, or (ii) “Termination” defined as the occurrence of any of the following:

10.Amendment to Section 8.A. of the Employment Agreement. Section 8.A of the Employment Agreement is hereby amended and restated in its entirety as follows:

“A. Expiration. Upon the expiration of this Agreement at the end of the First Term or the Second Term or Mutual Extension, as applicable, in accordance with Section 2, above, i.e., a Non-Renewal, Employee shall be entitled to payment for any earned and unpaid Salary due for the period prior and through the First Term, or the Second Term or any Mutual Extension, as applicable, provided that Employee completes service through the First Term, or the 
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Second Term or any Mutual Extension, as applicable, and all “Accrued Benefits” defined as: (i) all other amounts and benefits earned by and owing to Employee under any applicable benefit plans prior to and through the First Term, or the Second Term or any Mutual Extension, as applicable; and (ii) following submission of proper expense reports by Employee, reimbursement for all expenses incurred in accordance with Section 4 of this Agreement, prior to the end of the First Term, or the Second Term or any Mutual Extension, as applicable. In addition, upon the expiration of the Second Term or any Mutual Extension, Employee shall be entitled to receive a severance payment equal to the “EIP Annual Award” (defined in the EIP to include both the short term incentive component and the long term incentive component) as set forth in the EIP which will be treated as vested, on a pro rata basis for the Performance Period of the year when the expiration of this Agreement occurs, and any “Deferred Awards” (as defined in the EIP) will be treated as fully vested, all of which is to be paid out as and when due in accordance with the EIP (“Severance Payment”). If the Employee is otherwise entitled to any EIP Awards referenced above by operation of the EIP and receives such amount(s), then (i) Employee shall receive the greater of such EIP Awards or the EIP Awards as calculated in this Section 8.A, but in no event shall Employee receive both.”

11.Amendment to Section 8.B of the Employment Agreement. Section 8.B of the Employment Agreement is hereby amended and restated in its entirety as follows:

“B. Death. If Employee’s employment hereunder is terminated prior to the end of the First Term, or the Second Term or any Mutual Extension, as applicable, as a result of Employee’s death pursuant to Section 7.A above, Employee’s estate shall be entitled to receive an amount equal to the then remaining Salary through the end of the First Term, or the Second Term or any Mutual Extension, as applicable, paid in a lump sum as soon as administratively practicable but in any event no later than sixty (60) calendar days following the Termination, as well as all Accrued Benefits.” In addition, if during the Second Term, Employee’s employment is terminated hereunder based on Employee’s death pursuant to Section 7.A above, Employee’s estate shall be entitled to any earned but unpaid amount of the fully discretionary Second Special Award on a pro rata basis for the period up to the date the Termination occurs and be paid as soon as administratively practicable following the date of the Termination. If Employee’s employment hereunder is terminated by death pursuant to Section 7.A, above, after the end of the First Term, or the Second Term or any Mutual Extension, as applicable, then Employee shall not be entitled to any severance pay and the Bank shall be required to pay only the Accrued Benefits.”

12.Amendment to Section 8.C. of the Employment Agreement. Section 8.C. of the Employment Agreement is hereby amended and restated in its entirety as follows:

“C. Disability. If Employee’s employment hereunder is terminated prior to the end of the First Term, or the Second Term or Mutual Extension, as applicable, based on Employee’s disability pursuant to Section 7.A above, Employee shall be entitled to receive an amount equal to the then remaining Salary through the end of the First Term, or the Second Term or Mutual Extension, as applicable, paid in a lump sum as soon as administratively practicable but in any event no later than sixty (60) calendar days following the Termination, as well as 
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all Accrued Benefits. In addition, if during the Second Term, Employee’s employment is terminated hereunder based on Employee’s disability pursuant to Section 7.A above, Employee shall be entitled to any earned but unpaid amount of the fully discretionary Second Special Award on a pro rata basis for the period up to the date the Termination occurs and be paid as soon as administratively practicable following the date of the Termination. If Employee’s employment hereunder is terminated by disability pursuant to Section 7.A, above, after the end of First Term, or the Second Term or any Mutual Extension, as applicable, then Employee shall not be entitled to any severance pay and the Bank shall be required to pay only the Accrued Benefits.”

13.Amendment to Section 8.E. of the Employment Agreement. Section 8.E of the Employment Agreement is hereby amended and restated in its entirety as follows:

“E. Without Cause of For Good Reason. If Employee’s employment hereunder is terminated at any time by the Bank without Cause during the First Term, or the Second Term or Mutual Extension, as applicable, pursuant to Section 7.C above, or if during the First Term, or the Second Term or Mutual Extension, as applicable, Employee terminates his employment hereunder for Good Reason as defined in Section 7.D above, then Employee shall be entitled to receive; an amount equal to the then remaining Salary through the end of the First Term, or the Second Term or Mutual Extension, as applicable, as well as all Accrued Benefits, paid in a lump sum as soon as administratively practicable but in any event no later than sixty (60) calendar days following the Termination. Also, if during the Second Term, the Bank terminates Employee without Cause or Employee terminates his employment hereunder for Good Reason, Employee shall be entitled to any earned but unpaid amount of the fully discretionary Second Special Award on a pro rata basis for the period up to the date the Termination occurs and be paid as soon as administratively practicable following the date of the Termination. In addition, if during the Second Term or any Mutual Extension, the Bank terminates Employee without Cause or Employee terminates his employment hereunder for Good Reason, Employee shall be entitled to receive the Severance Payment, where the expiration of this Agreement is the date of termination. If the Employee is otherwise entitled to any EIP Awards referenced above by operation of the EIP and receives such amount(s), then (i) Employee shall receive the greater of such EIP Awards or the Severance Payment, but in no event shall Employee receive both.”

14.Amendment to Section 9 of the Employment Agreement. Section 9 of the Employment Agreement is hereby amended and restated in its entirety as follows:

“9. Outside Employment. In addition to being prohibited from being employed or serving as an officer, investor or board member for any entity that will potentially create a conflict of interest, Employee shall not be employed during the employment relationship hereunder in any other paid position because the compensation paid to Employee pursuant to this Agreement envisions his exclusive services. In addition, except as required to fulfill the requirements of Employee’s position, Employee shall not serve on any board, participate as an active owner in any entity, or serve in any other capacity for another entity or business if such participation will in any way impinge or potentially adversely affect Employee’s ability to provide the quality and quantity of services envisioned by this Agreement, it being 
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acknowledged that service on civic or charitable boards or committees, service on no more than two (2) for-profit company boards, and delivering lectures and fulfilling speaking engagements, as set forth in Section 1, shall not be deemed to violate this section.”

WITNESS WHEREOF, the parties have executed this Agreement No. 1 as of the date last set forth below.

						
	FEDERAL HOME LOAN BANK 
OF SAN FRANCISCO

By:  /s/ F. Daniel Siciliano
       F. Daniel Siciliano
       Chairman of the Board
       July 7, 2021

	JOSEPH AMATO

By: /s/ Joseph Amato
      Joseph Amato
       Employee
      June 24, 2021

	FEDERAL HOME LOAN BANK OF SAN FRANCISCO

By:/s/Teresa Bryce Bazemore
Teresa Bryce Bazemore
President and Chief Executive Officer
June 25, 2021

	

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EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (“Agreement”), effective as of the Effective Date (as defined below), is entered into by and among the Federal Home Loan Bank of San Francisco (“the Bank”) and Joseph Amato (“Employee”).

WHEREAS, the Bank desires to employ Employee as Executive Vice President and Senior Financial Officer and, upon the departure of the Bank’s current Chief Financial Officer, as Executive Vice President and the Interim Chief Financial Officer (“Interim CFO”), and to enter into an agreement embodying the terms of such employment;

WHEREAS, Employee desires to accept employment as Executive Vice President and Senior Financial Officer and, upon the departure of the Bank’s current Chief Financial Officer, Interim CFO, subject to the terms and conditions of this Agreement;

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

1.Position and Duties. Employee shall be employed as Executive Vice President and Senior Financial Officer and, upon the departure of the Bank’s current Chief Financial Officer, as Executive Vice President and Interim CFO, with such duties that are assigned from time to time as appropriate to such positions. Employee shall devote his best efforts to the performance of the duties of his positions with the Bank and shall devote substantially all his business time and attention to the performance of his duties under this Agreement, excluding any periods of vacation, and sick leave, or any other statutory leave to which Employee is entitled. Employee may: (a) serve on civic or charitable boards or committees; (b) serve on no more than two (2) for-profit company boards or committees; and (c) deliver lectures and fulfill speaking engagements, so long as such activities do not, in the view of the Bank’s Board of Directors
(“the Board”), interfere, in any substantive respect, with Employee’s responsibilities hereunder or conflict in any material way with the business of the Bank or the Bank’s codes of conduct.

2.Term. Subject to the provisions for early termination hereinafter provided,
Employee’s employment hereunder shall be for an initial term commencing on October 13, 2020 (the “Effective Date”), and ending six (6) months from the Effective Date (the “Initial Term”); provided, however, that the term of the Agreement shall be automatically extended by one (1) month effective upon the conclusion of the Initial Term, and each month thereafter for an additional five (5) automatic extensions, unless and until such date as the Bank shall have terminated this automatic extension provision by giving written notice to Employee at least one
(1)month prior to the end of the Initial Term or any extension thereof (any term after the Initial Term is referred to herein as “Term” and any such written notice is referred to herein as a “Non- Renewal”). Employee’s employment hereunder shall cease no later than October 12, 2021. Notwithstanding the foregoing, the employment relationship between Employee and the Bank is “at will” by law and may be terminated at any time, including at any time during or following the Initial Term or any Term, without cause by either party on written notice. No other prior or subsequent oral representations, writings, or course of conduct by anybody at the Bank may alter the “at-will” nature of the employment relationship and nothing in this Agreement should be construed to create any relationship other than “at-will” employment as specified herein. The “at-
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will” nature of the employment relationship at all times may be modified only when permitted by applicable law and by a writing signed by both Employee and the Bank, specifically amending
this Agreement with respect to the issue of the “at-will” employment relationship.

3.Terms of Employment.

A.Position. Employee shall, as noted, serve as Executive Vice President and Senior Financial Officer and, upon the departure of the Bank’s current Chief Financial Officer, as Executive Vice President and the Interim CFO for the Bank. Employee shall perform such duties as are usual and customary for such positions and such other work as the Bank’s President and Chief Executive Officer shall assign. Other than required in-person meetings or other functions requiring the physical presence of the Employee at the Bank offices, the Bank acknowledges and agrees that Employee will be performing these duties remotely and that Employee will not be required to relocate. Travel expense for required in-person meetings will be reimbursed by the Bank, pursuant to the Bank’s Reimbursement and Travel Expense
Policy. Required travel should not exceed six (6) trips over the 12-month employment period. All travel must be pre-approved by the President and Chief Executive Officer.

B.Compensation.

(i)Salary. Employee’s salary during the Initial Term and any subsequent Term shall be $500,000 per annum (“Salary”) and shall be prorated based on a 365 calendar day count. The Salary shall be subject to all applicable state and federal tax withholdings, payable in semi-monthly installments consistent with the Bank’s normal payroll process. The Salary is subject to review and non-objection by the Federal Housing Finance Agency or any successor agency (“Finance Agency”).

(ii)Sign-On Bonus. The Bank shall pay Employee a sign-on bonus (the “Sign- On Bonus”) in the amount of $50,000, in the first payroll period following the Effective Date, provided that, in the event that Employee resigns during the term of this Agreement without Good Reason (as defined herein) or is terminated by the Bank for Cause (as defined herein), Employee shall repay the Sign-On Bonus to the Bank within ten (10) calendar days following
Employee’s final day of work. The Sign-On Bonus is subject to review and non-objection by the Finance Agency. The Sign-On Bonus shall be subject to all applicable state and federal tax withholdings.

(iii)Discretionary Special Award. At the discretion and subject to the approval of the Bank’s President and Chief Executive Officer, Employee will be eligible for a fully discretionary Special Award of up to $300,000 in recognition of Employee’s service as Interim CFO and based on Employee’s performance in connection with Employee’s duties and responsibilities as the Bank’s principal financial officer. Unless during the Initial Term the Bank terminated Employee for Cause as specified in Paragraph 7B or Employee resigned without Good Reason as specified in Paragraph 7D, eligibility for up to the first 50% of the Special Award ($150,000) will accrue and if approved by the Bank’s President and Chief Executive Officer, be paid at the end of the Initial Term. Eligibility for up to the second 50% of the Special Award ($150,000) shall accrue on a pro rata basis over the course of the subsequent six (6)
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Terms and if approved by the Bank’s President and Chief Executive Officer, will be paid at the conclusion of the employment relationship hereunder unless the Bank terminated Employee for Cause as specified in Paragraph 7B or unless Employee resigned without Good Reason as specified in Paragraph 7D. Employee acknowledges and agrees that notwithstanding any terms to the contrary in the Bank’s Executive Incentive Plan, the Supplemental Executive Retirement Plan, and the Corporate Senior Officer Severance Policy, such plans and policy will not apply to him in connection with his employment hereunder, and hereby waives any such eligibility; and the Special Award is in lieu of any and all payments or rights that might otherwise have been available to Employee under such plans and policy. Payout of any Special Award is subject to review and non-objection by the Finance Agency. Any Special Award shall be subject to all applicable state and federal tax withholdings.

(iv)Taxes and Withholdings. The Bank may withhold from any amounts payable under this Agreement such federal, state or local taxes as may be required to be withheld pursuant to applicable law or regulations, which amounts shall be deemed to have been paid to Employee.

C.Benefit Programs. Employee is entitled to participate in relevant benefit plans, including currently the Bank’s health benefit plans, Savings 401(k) Plan, Cash Balance Plan, Deferred Compensation Plan, and Benefit Equalization Plan, provided he meets applicable eligibility requirements and shares a portion of the costs, as applicable, in accordance with each such plan, as they may be in effect from time to time. Details of such benefits are included in the Bank’s policies, benefit summaries and plan descriptions. Employee hereby declines to participate in the following Bank’s health benefit plans during the period of his employment pursuant to this Agreement: medical plan, dental plan, vision plan, employee assistance program, “FSA, DCAP, commuter and wellness reimbursement program,” emergency backup care, employee discount plan, and health advocate plan.

4.Expense Reimbursement. Employee may submit reasonable, out-of-pocket, work- related expenses to the Bank for reimbursement, including, without limitation, mobile phone monthly service and usage, consistent with any policies that the Bank may then have in place regarding expense reimbursements.

5.Vacation Time. Employee shall accrue paid vacation benefits at a rate of 8.34 hours per pay period (which equates to 200 hours of paid vacation, or 25 days, per each 365 day period), which shall be scheduled and taken consistent with any applicable policy of the Bank. Employee shall coordinate his vacation so that it will not provide an undue disruption.

6.Covenants.

A.Confidentiality. During employment with the Bank, Employee may have access to various trade secrets and confidential, proprietary, or sensitive information. This may include, without limitation: financial information; information about the Bank’s systems, processes, or security; information about internal Bank discussions and deliberations concerning issues of importance either to the Bank or to its member institutions; information about the
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Bank’s consultants, customers, or information about the Finance Agency; or information about the Bank’s member institutions and other Federal Home Loan Banks or other, third-party financial information that is not generally known to the public and could not be discovered by someone reasonably familiar with the industry. Employee may also have access to customer files, the Bank’s personnel files, information about Bank employee compensation, or other information that is personal confidential information as described below. In addition, the Bank has a proprietary interest in maintaining sole control of its inventions, discoveries, trade secrets and improvements, software and computer models, financial information, any other information having present or potential commercial value to the Bank, and confidential information of any kind belonging to others but licensed or disclosed to the Bank for use in its business. All of this information is deemed to be “Confidential Information.” Employee agrees as a condition of employment to protect Confidential Information, to sign further agreements designed to protect Confidential Information, to abide by confidentiality requirements in the Bank’s Employee Handbook, and to comply with the Bank’s Information Security Policy.

Notwithstanding anything to the contrary contained in the foregoing limitations, Employee will not be required to keep confidential any confidential or proprietary information that: (i) is known or available through other lawful sources not bound by a confidentiality agreement with the Bank or Finance Agency regulation; (ii) is or becomes publicly known or generally known in the industry through no fault of Employee or his agents; (iii) is required to be disclosed pursuant to any laws, regulations, subpoenas, judgment and/or orders of any governmental body (provided, where applicable, the Bank is given reasonable prior written notice before Employee makes any such disclosure as set forth in (iii)); or (iv) that was known to or by Employee without restriction from a source which, to Employee’s knowledge, is free of any obligation of confidentiality prior to the execution date of this Agreement. Nothing herein shall be construed to prevent compliance with, or the exercise of, Employee’s rights under applicable laws.

B.Nonsolicitation. While Employee is employed by the Bank and for a period of one (1) year thereafter, Employee shall not, without the prior written consent of the Bank, directly or indirectly, on Employee’s own account or on behalf of or with any other person, as an employee, agent, consultant, partner, joint venture, owner, officer, director, member of any other firm, partnership, corporation or other entity, or in any other capacity, personally or through others: (a) use Confidential Information to solicit, induce (or attempt to induce) or cause any client or customer that has transactions or assignments pending with the Bank to discontinue or reduce their transactions or assignments with the Bank, or otherwise breach or materially disrupt a contractual relationship between the Bank and any client, customer or vendor of the Bank; or (b) solicit, induce or encourage or attempt to solicit, induce or encourage (on Employee’s own behalf or on behalf of others) any individual who at the time is an employee or consultant of the Bank to leave his or her employment or service relationship with the Bank or to commence employment or a service relationship with any other party. It is not a violation of this Agreement for Employee, following Non-Renewal or Termination (as defined herein), to seek from a Bank client or customer transactions or assignments that are not pending with the Bank at the time of Non-Renewal or Termination (as defined herein). For purposes of this paragraph, (a) the use of general non-targeted employment advertising shall not
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be deemed to be solicitation and (b) the foregoing restrictions on solicitation shall only apply to employees of the Bank at the time of such solicitation.

C.Conflict of Interest. Employee hereby covenants that he will abide by the Bank’s Conflict of Interest/Code of Conduct Policy and Code of Conduct for Senior Officers, and will not, during his employment with the Bank, directly or indirectly, in any capacity, engage or participate in activities, accept other employment, or render advisory or consulting or other services, that might create a conflict of interest with the Bank (it being acknowledged that service on civic or charitable boards or committees, service on no more than two (2) for-profit company boards, and delivering lectures and fulfilling speaking engagements, as set forth in Section 1, shall not be deemed to violate this section).

D.Work Product. Any client or customer lists, prospective client or customer lists, plans, strategies, methodologies, secrets, processes, forecasts, ideas, developments, writings, designs, documents, papers, notes, notebooks, memoranda, computer files, software and other written or electronic records or confidential proprietary information of any kind made or developed in whole or in part by Employee during his employment with the Bank (the “Work Product”) are, and shall remain, the exclusive property of the Bank. To the extent that any of the Work Product is capable of protection by copyright, Employee acknowledges that it is created within the scope of his employment hereunder and is a “work made for hire.” Previously held knowledge, plans, contacts or other intellectual property by Employee that pre-date him rendering services to the Bank are excluded from this provision and shall be disclosed in writing to the Bank on or prior to the Effective Date.

E.Non-Disparagement. Employee hereby covenants that during his employment and for three (3) years after Non-Renewal or Termination (as defined herein), he will not make any remarks disparaging the conduct or character of the Bank, its current or former members or employees, except as required by law. Nothing in this Agreement prohibits Employee from reporting possible violations of federal, state, or local law or regulation to any governmental agency, or making other disclosures that are protected under the whistleblower provisions of federal, state, or local law or regulation. Nothing herein shall be construed to prevent compliance with, or the exercise of, Employee’s rights under applicable laws.

F.Cooperation. Employee hereby covenants that at any time after Non- Renewal or Termination (as defined herein), Employee will cooperate with the Bank to the extent reasonably necessary to assist in the transition of his responsibilities and in any litigation or administrative proceedings involving any matters with which Employee was involved during his employment. The Bank will reimburse Employee for reasonable expenses, if any, incurred in providing such assistance.

G.Provisional and Equitable Remedies. If Employee should default in any of his obligations under this Section 6, Employee acknowledges that the Bank may be irreparably damaged and that it would be extremely difficult and impractical to measure such damage. Accordingly, Employee acknowledges that the Bank, in addition to any other available rights or remedies, shall be entitled to specific performance, injunctive relief and any other equitable
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remedy, without the obligation to post any bond or other security. Employee hereby waives the defense that a remedy at law or damages is adequate.

H.Survival of Covenants. The provisions of Sections 6.A, 6.B, 6.D, 6.E, 6.F and 6.G shall survive Non-Renewal or Termination (as defined herein) irrespective of the reasons therefor.

7.Termination. Employee’s employment hereunder shall commence on the Effective Date and continue until the earlier of (i) Non-Renewal following the expiration of the Initial Term or Term, as applicable, pursuant to Section 2, or (ii) “Termination” defined as the occurrence of any of the following:

A.Death or Disability. Employee’s employment hereunder shall terminate immediately upon his death. Subject to applicable law, including the Americans With Disabilities Act and the California Fair Employment and Housing Act, Employee’s employment hereunder shall terminate immediately if Employee suffers from a physical or mental impairment that renders him unable to perform one or more essential functions of his job and the Bank determines, following a good faith interactive process, that no reasonable accommodation exists that would permit Employee to perform the essential functions of his job.

B.For Cause. The Board may terminate Employee’s employment for “Cause” immediately upon written notice by the Bank to Employee. For purposes of this Agreement, “Cause” shall mean any of the following:

(i)The commission of an act involving dishonesty, disloyalty, fraud or embezzlement by Employee that has a material adverse impact on the Bank or any successor or affiliate thereof;

(ii)Conviction of, or plea of ‘guilty” or ‘no contest” to, a felony, a crime of moral turpitude or a misdemeanor involving theft, fraud or forgery by Employee;

(iii)Employee’s ongoing and repeated failure or refusal to perform, or neglect of, Employee’s duties to the Bank in a material respect, which failure, refusal or neglect continues for fifteen (15) calendar days following Employee’s receipt of written notice from the Board stating with specificity the nature of such failure, refusal or neglect, or

(iv)Employee’s engaging in conduct that has resulted in Employee being barred from employment by the Bank by operation of any law or regulation or by any final order of any court or regulatory authority or any agreement with any regulatory authority, including, without limitation, any removal or barring of employment of Employee pursuant to 12 USC §§ 4615, 4616, 4617 or 4636, or any of their successor sections or provisions.

The Bank shall make the determination that "Cause" exists in good faith and only if and when such determination has been approved in good faith by the Board; provided, however, that prior to a final determination that "Cause" under this Section 7.B exists, the Bank shall (a) provide to Employee in writing, in reasonable detail, the reasons for the determination
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that such "Cause" exists, and (b) provide the Employee with an opportunity to discuss the determination that "Cause" exists with the Board prior to the final decision to terminate the Employee's employment hereunder for such "Cause."

C.Termination without Cause. The Board may terminate Employee’s employment without Cause at any time; provided, however, that such termination shall not be effective until written notice of such termination is provided to Employee by the Board.

D.Termination by Employee for Good Reason or Resignation Without Good Reason. Employee may terminate his employment for Good Reason or resign without Good Reason at any time upon thirty (30) calendar days’ prior written notice to the Board. “Good Reason” shall mean a change in Employee’s position that materially reduces his duties or responsibilities and all of the following: (a) Employee provides the Bank with written objection to such change in his position within ninety (90) calendar days following the occurrence thereof,
(b) the Bank does not reverse or otherwise fully cure within thirty (30) calendar days of receiving such written objection, and (c) Employee resigns his or her employment within thirty (30) calendar days following the expiration of such cure period.

8.Rights and Remedies on Non-Renewal or Termination.

A.Expiration. Upon the expiration of this Agreement at the end of the Initial Term or Term, as applicable, in accordance with Section 2, above, i.e., a Non-Renewal, Employee shall be entitled to payment for any earned and unpaid Salary due for the period prior and through the Initial Term or Term, as applicable, provided that Employee completes service through the Initial Term or Term, as applicable, and all “Accrued Benefits” defined as: (i) all other amounts and benefits earned by and owing to Employee under any applicable benefit plans prior to and through the Initial Term or Term, as applicable; and (ii) following submission of proper expense reports by Employee, reimbursement for all expenses incurred in accordance with Section 4 of this Agreement, prior to the end of the Initial Term or Term, as applicable.

B.Death. If Employee’s employment hereunder is terminated prior to the end of the Initial Term or Term, as applicable, as a result of Employee’s death pursuant to Section
7.A above, Employee’s estate shall be entitled to receive an amount equal to the then remaining Salary through the end of the Initial Term or Term, as applicable, paid in a lump sum as soon as administratively practicable but in any event no later than sixty (60) calendar days following the Termination, as well as all Accrued Benefits.

C.Disability. If Employee’s employment hereunder is terminated prior to the end of the Initial Term of this Agreement or Term, as applicable, based on Employee’s disability pursuant to Section 7.A above, Employee shall be entitled to receive an amount equal to the then remaining Salary through the end of the Initial Term or Term, as applicable, paid in a lump sum as soon as administratively practicable but in any event no later than sixty (60) calendar days following the Termination, as well as all Accrued Benefits.
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D.For Cause or Without Good Reason. If Employee’s employment hereunder is terminated for Cause pursuant to Section 7.B, or he resigns without Good Reason, as defined in Section 7.D, then the Bank shall be required to pay only the Accrued Benefits.

E.Without Cause or For Good Reason. If Employee’s employment hereunder is terminated at any time by the Bank without Cause during the Initial Term or Term, as applicable, pursuant to Section 7.C above, or if during the Initial Term or Term, as applicable, Employee terminates his employment hereunder for Good Reason as defined in Section 7.D above, then Employee shall be entitled to receive an amount equal to the then remaining Salary through the end of the Initial Term or Term, as well as all Accrued Benefits, paid in a lump sum as soon as administratively practicable but in any event no later than sixty (60) calendar days following the Termination.

F.Section 409A Compliance.

(i)Notwithstanding anything herein to the contrary, the intent of the parties is that payments and benefits under this Agreement comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (“Section 409A”) and, accordingly, to the maximum extent permitted this Agreement shall be interpreted to be in compliance therewith or exempt therefrom. The Bank shall not be liable for any additional tax, interest or penalty that may be imposed on Employee by Section 409A or damages for failing to comply with Section 409A.

(ii)Termination of Employee’s employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A and, for purposes of any
such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.”

(iii)All expenses or other reimbursements under this Agreement that would constitute nonqualified deferred compensation subject to Section 409A, (A) shall be paid on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by Employee, (B) no such reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect Employee’s right to reimbursement of any other expenses eligible for reimbursement in any other taxable year, and (C) Employee’s right to reimbursement shall not be subject to liquidation in exchange for any other benefit.

(iv)For purposes of Section 409A, Employee’s right to receive any installment payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.

(v)Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) calendar days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Bank in order to comply with Section 409A.

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(vi)Notwithstanding any other provision under this Agreement, solely to the extent that a delay in payment is required in order to avoid the imposition of any tax under Section 409A, if a payment obligation under this Agreement arises on account of Employee’s “separation from service” (within the meaning of Section 409A) in good faith by the Bank’s
Board, then payment of any amount or benefit provided under this Agreement that is considered to be non-qualified deferred compensation for purposes of Section 409A and that is scheduled to be paid within six (6) months after such separation from service shall be paid without interest on the first business day after the date that is six (6) months following Employee’s separation from service.

(vii)Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” subject to Section 409A be subject to offset, counterclaim or recoupment by any other amount payable to Employee unless otherwise permitted by Section 409A.

(viii)Employee hereby acknowledges that he has been advised to seek and has sought the advice of a tax advisor with respect to the tax consequences to Employee of all payments pursuant to this Agreement, including any adverse tax consequences or penalty taxes under Section 409A and corresponding provisions of applicable state tax law. Employee hereby acknowledges and agrees that no representations have been made to Employee relating to the tax treatment of any payment pursuant to this Agreement under Section 409A and the corresponding provisions of any applicable state income tax laws.

9.Outside Employment. In addition to being prohibited from being employed or serving as an officer, investor or board member for any entity that will potentially create a conflict of interest, Employee shall not be employed during the Initial Term or Term in any other paid position because the compensation paid to Employee pursuant to this Agreement envisions his exclusive services. In addition, except as required to fulfill the requirements of Employee’s position, Employee shall not serve on any board, participate as an active owner in any entity, or serve in any other capacity for another entity or business if such participation will in any way
impinge or potentially adversely affect Employee’s ability to provide the quality and quantity of services envisioned by this Agreement, it being acknowledged that service on civic or charitable boards or committees, service on no more than two (2) for-profit company boards, and delivering lectures and fulfilling speaking engagements, as set forth in Section 1, shall not be deemed to violate this section.

10.Regulatory Approval. Notwithstanding any other provision of this Agreement to the contrary, any payments made to Employee pursuant to this Agreement or otherwise are subject to prior review and non-objection by the Finance Agency and are subject to and conditioned upon compliance with 12 U.S.C. section 4518(e), and any applicable laws and regulations, including 12 C.F.R. Part 1231.

11.Representations. As a distinct and separate representation and warranty, Employee hereby represents and warrants to the Bank that (a) the execution, delivery and performance of this Agreement by Employee does not and will not conflict with, breach, violate

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or cause a default under any contract, agreement (including any confidentiality agreement), restrictive covenant, instrument, court order, judgment or decree to which Employee is a party or by which Employee is bound, (b) Employee has no obligations or commitments of any kind that would prevent, restrict, hinder or interfere with his acceptance of full-time employment or the performance of all duties and services contemplated under the Agreement to the fullest extent of his ability, and (c) that Employee has not used, and will not use, confidential or proprietary information of any past employer in connection with service provided pursuant to this Agreement.

12.Choice of Law. This Agreement shall be governed by and construed under the laws of the United States and, to the extent state law may be applicable, by the laws of the State of California applicable to contracts made and to be performed wholly within California without regard to the conflicts of laws principles thereof.

13.Entire Agreement. As of the Effective Date, this Agreement constitutes
Employee’s entire offer of employment and the final, complete and exclusive agreement between Employee and the Bank with respect to the subject matter hereof and replaces and supersedes any and all other agreements, offers or promises, whether oral or written, made to Employee by the Bank. Nobody at the Bank has been authorized to enter into any other agreement with Employee or make any promises or representations to Employee that are not a part of this Agreement.

14.Mutual Arbitration and Waiver of Jury Trial, Attorneys’ Fees. Employee and the Bank mutually agree and consent to the resolution by final and binding arbitration of any
disputes arising from or related to this Agreement, Employee’s employment with the Bank, or any Non-Renewal or Termination of this Agreement that the Bank may have against the Employee or the Employee may have against the Bank, its affiliates, parents, subsidiaries, officers, directors, employees, agents, successors, and assigns. Claims for workers’ compensation or unemployment compensation benefits are not covered by this Section 14. Also not covered are claims by Employee or the Bank for provisional remedies, including temporary restraining orders or preliminary injunctions (“Temporary Equitable Relief”) in situations in which such Temporary Equitable Relief would be otherwise authorized by Federal law or state law, where applicable, including California Code of Civil Procedure section 1281.8 or other applicable state or federal laws. The Federal Arbitration Act shall govern this Agreement and this Section 14. Except as provided herein, all disputes shall be arbitrated by JAMS, on an individual basis only, located in the County of San Francisco, before a single arbitrator with that organization with expertise and arbitration experience in executive employment agreements and executive compensation and benefit plans. Discovery shall be adequate and limited by the arbitrator consistent with JAMS Employment Arbitration Rules and Procedures Rules effective at that time, available at http://www.jamsadr.com/rules-employment-arbitration. The arbitrator shall have the authority only to enforce the legal and contractual rights of the parties and shall not add to, modify, disregard or refuse to enforce any contractual provision. Employee and the Bank each recognize and agree that by entering into this Agreement, they each are waiving any and all rights to a trial by jury. The prevailing party shall be entitled to recover reasonable attorneys’ fees and costs in accordance with applicable law. The parties agree the Bank shall bear arbitration fees and arbitrator compensation and expenses pursuant to JAMS rules and consistent

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with applicable law. Nothing in this Section prevents Employee from filing or recovering pursuant to a complaint, charge, or other communication with any federal, state or local governmental or law enforcement agency, and nothing in this Agreement requires arbitration of any claim that under the law (after application of Federal Arbitration Act preemption principles) cannot be made subject to a pre-dispute agreement to arbitrate claims. This Section 14 shall survive Non-Renewal or Termination irrespective of the reasons therefore.

15.Notices. All notices, requests and other communications hereunder shall be in writing and shall be delivered by courier or other means of personal service (including by means of a nationally recognized courier service or professional messenger service), or mailed first class, postage prepaid, by certified mail, return receipt requested, in all cases, addressed to:

If to the Bank or the Board:

Federal Home Loan Bank of San Francisco
333 Bush Streets
San Francisco, CA 94104
Attention: Legal Department

If to Employee:

At the residence address on file with the Bank

All notices, requests and other communications shall be deemed given on the date of actual receipt or delivery as evidenced by written receipt, acknowledgement or other evidence of actual receipt or delivery to the address. Any party hereto may from time to time by notice in writing served as set forth above designate a different address or a different or additional
person to which all such notices or communications thereafter are to be given.

16.Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. In the event any provision or term hereof is deemed to have exceeded applicable legal authority or shall be in conflict with applicable legal limitations, such provision shall be reformed and rewritten as necessary to achieve consistency and compliance with such applicable law.

17.No Waiver. Employee’s or the Bank’s failure to insist upon strict compliance with any provision of this Agreement, or the failure to assert any right Employee or the Bank may have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

18.Assignment; Assumption by Successor. The rights of the Bank under this Agreement may, without the consent of Employee, be assigned by the Bank, in its sole and unfettered discretion, to any person, corporation or other business entity, which at any time, whether by purchase, merger, consolidation or otherwise, directly or indirectly, acquires all or substantially all of the assets or business of the Bank. The Bank will require any successor

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(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Bank expressly to assume and to agree to perform this Agreement in the same manner and to the same extent that the Bank would be required to perform it if no such succession had taken place.

19.Consultation With Counsel. Employee acknowledges that he has had a full and complete opportunity to consult with counsel and other advisors of his own choosing concerning the terms, enforceability and implications of this Agreement, and the Bank has not made any representations or warranties to Employee concerning the terms, enforceability or implications of this Agreement other than as reflected in this Agreement.

WITNESS WHEREOF, the parties have executed this Agreement as of the date last set forth below.

						
	FEDERAL HOME LOAN BANK 
OF SAN FRANCISCO

By:  /s/ F. Daniel Siciliano
       F. Daniel Siciliano
       Chairman of the Board
       October 7, 2021

	JOSEPH AMATO

By: /s/ Joseph Amato
      Joseph Amato
       Employee
       October 6, 2020

	FEDERAL HOME LOAN BANK OF SAN FRANCISCO

By: /s/ Stephen P. Traynor
       Stephen P. Traynor
Acting President and Chief Executive Officer
October 7, 2020
	

Joseph Amato Employment Agreement - 10.6.20

12 of 12Exhibit 10.1

 

	Date:	October 24, 2022
	 	 
	To:	Endurance Acquisition Corp., a Cayman Islands exempted company (“Endurance”), SatixFy Communications Ltd., a limited liability company organized under the laws of the State of Israel (the “Target”), SatixFy MS, a Cayman Islands exempted company and a direct, wholly owned subsidiary of the Target (“Merger Sub”).  
	 	 
	Address:	Endurance Acquisition Corp., 200 Park Avenue, 32nd Floor, New York, NY 10166
	 	 
	From:	Vellar Opportunity Fund SPV LLC - Series 7 (“Seller”), which shall be a bankruptcy-remote special purpose vehicle.
	 	 
	Re:	OTC Equity Prepaid Forward Transaction

 

The purpose of this agreement (this “Confirmation”)
is to confirm the terms and conditions of the transaction (the “Transaction”) entered into between Seller, Endurance,
Target and Merger Sub on the Trade Date specified below. The term “Counterparty” refers to (a) Endurance until the
Business Combination (as defined below); provided that pursuant to the Business Combination Agreement (defined below), Merger Sub will
merge with and into Endurance, with Endurance surviving the merger and upon consummation of the Business Combination and the other transactions
contemplated by the Business Combination Agreement (the “Business Combination”), Endurance will become a wholly owned
subsidiary of Target, with the shareholders and warrant holders of Endurance becoming shareholders and warrant holders of Target (the
 “Combined Company”); and (b) the Combined Company after the Business Combination. Certain terms of the Transaction
shall be as set forth in this Confirmation, with additional terms as set forth in a Pricing Date Notice (the “Pricing Date Notice”)
in the form of Schedule A hereto. This Confirmation, together with the Pricing Date Notice, constitutes a “Confirmation”
and the Transaction constitutes a separate “Transaction” as referred to in the ISDA Form (as defined below). This Confirmation,
together with the Pricing Date Notice, evidences a complete binding agreement between Seller, Target and Counterparty as to the subject
matter and terms of the Transaction to which this Confirmation relates and shall supersede all prior or contemporaneous written or oral
communications with respect thereto.

 

The 2006 ISDA Definitions (the “Swap
Definitions”) and the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and with the Swap
Definitions, the “Definitions”), each as published by the International Swaps and Derivatives Association, Inc., are
incorporated into this Confirmation. If there is any inconsistency between the Definitions and this Confirmation, this Confirmation governs.
If, in relation to the Transaction to which this Confirmation relates, there is any inconsistency between the ISDA Form, this Confirmation
(including the Pricing Date Notice), the Swap Definitions and the Equity Definitions, the following will prevail for purposes of such
Transaction in the order of precedence indicated: (i) this Confirmation (including the Pricing Date Notice); (ii) the Equity Definitions;
(iii) the Swap Definitions, and (iv) the ISDA Form.

 

This Confirmation, together with the Pricing Date
Notice, shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “ISDA
Form”) as if Seller, Target and Counterparty had executed an agreement in such form (but without any Schedule except as set
forth herein under “Schedule Provisions”) on the Trade Date of the Transaction.

 

The terms of the particular Transaction to which
this Confirmation relates are as follows:

 

General Terms

 

	Type of Transaction:	Share Forward Transaction
	 	 
	Trade Date:	October 24, 2022

 

     

     

    

 

	Pricing Date:	As specified in the Pricing Date Notice.
	 	 
	Effective Date: 	One (1) Settlement Cycle following the Pricing Date.
	 	 
	Valuation Date: 	36 months from the closing of the Business Combination pursuant to the Agreement and Plan of Merger (the “Maturity Date”), dated as of March 8, 2022, as amended (the “Business Combination Agreement”), by and among Counterparty, the Target and certain other parties thereto, as reported on the Form 8-Ks filed by the Counterparty on March 8, 2022, June 13, 2022 and August 23, 2022 (the “Form 8-K”).
	 	 
	VWAP Trigger Event:	Either (x) during the 12 months following closing of the Business Combination, for any 45 consecutive trading day-period occurring during such 12 month period, the VWAP Price for 30 trading days during such period shall be less than $1.50 per Share or (y) during the subsequent 24 months following closing of the Business Combination, for any 45 consecutive trading day-period occurring during such 24 month period, the VWAP Price for 30 trading days during such period shall be less than $2.50 per Share. In either event, Seller may elect to accelerate the Maturity Date to the date of such VWAP Trigger Event.
	 	 
	VWAP Price: 	For any trading day, the Rule 10b-18 volume weighted average price per Share for such day as reported on Bloomberg Screen “SATX <Equity> AQR SEC” (or any successor thereto), or if such price is not so reported on such trading day for any reason or is erroneous, the VWAP Price shall be as reasonably determined by the Calculation Agent.
	 	 
	Pricing Date Notice: 	
    Seller shall deliver to Counterparty a Pricing
    Date Notice no later than one (1) Exchange Business Day following the closing of the Business Combination. The Pricing Date Notice shall
    include the Number of Shares purchased by Seller, whether or not such purchases have been settled, with further written notice to be provided
    by Seller to Counterparty upon settlement of such purchases. The Pricing Date Notice shall be delivered by the Seller to the Counterparty
    on or prior to the closing of the Business Combination.

     

	Dilutive Offering Reset: 	
    To the extent the Counterparty or the Target sells,
    after the date hereof, enters any agreement to sell or grants any right to reprice, or otherwise dispose of or issue (or announce any
    offer, sale, grant or any option to purchase or other disposition) any Shares or any securities of the Counterparty or the Target or any
    of their respective subsidiaries which would entitle the holder thereof to acquire at any time Shares, including, without limitation,
    any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable
    for, or otherwise entitles the holder thereof to receive, Shares, at an effective price per share less than the then existing Reset Price
    then the Reset Price shall be modified to equal such reduced price. This provision shall not apply to any grants or issuances under the
    Counterparty’s equity compensation plans that have been authorized and publicly disclosed by the Counterparty as of the date hereof,
    Shares underlying warrants now outstanding or issued in connection with the Business Combination or any Shares issued in connection with
    the Business Combination in each case pursuant to the Business Combination Agreement as of the date hereof.

     

 

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	Reset Price: 	
    The Reset Price shall be adjusted on the first
    scheduled trading day of each month (each a “Reset Date”) commencing on the first calendar month following the closing
    of the Business Combination to be the lowest of (a) the then-current Reset Price, (b) the Initial Price and (c) the VWAP Price of the
    Shares of the last ten (10) trading days of the prior calendar month, but not lower than $6.00; provided that the Reset Price may
    be further reduced pursuant to a Dilutive Offering Reset.

     

	Seller:	Seller.
	 	 
	Buyer:	Counterparty.
	 	 
	Shares:	Prior to the closing of the Business Combination, the Class A ordinary shares, par value $0.0001 per share, of Endurance (Ticker: “EDNC”) and, after the closing of the Business Combination, the ordinary shares, with no par value per share of the Combined Company.  Seller will hold the Recycled Shares and the Additional Shares (together, the “Subject Shares”) in a bankruptcy remote special purpose vehicle for the benefit of Counterparty.      
	 	 
	Number of Shares:	The sum of (a) the number of Recycled Shares and (b) the number of Additional Shares, as specified in the Pricing Date Notice, but in no event more than the Maximum Number of Shares. The Number of Shares is subject to reduction as described under “Optional Early Termination.”
	 	 
	Maximum Number of Shares:	10,000,000 Shares.
	 	 
	Initial Price: 	The Per-Share Redemption Price (the “Redemption Price”) as defined in Article 54.5 of the Amended and Restated Articles of Incorporation of Counterparty dated as of September 15, 2021, as amended from time to time (the “Certificate of Incorporation”).
	 	 
	Recycled Shares:	The number of Shares purchased by Seller from third parties (other than Counterparty) through a broker in the open market; provided that Seller shall have irrevocably waived all redemption rights with respect to such Shares as provided below in the section captioned “Transactions by Seller in the Shares.” Seller shall specify the number of Recycled Shares (the “Number of Recycled Shares”) in the Pricing Date Notice.
	 	 
	Additional Shares:	Additional Shares may be purchased by Seller from the Counterparty, in Seller’s sole discretion, with such number of Shares to be specified in a Pricing Date Notice as Additional Shares; provided that such number of Additional Shares that may be purchased from the Counterparty shall not exceed the difference of (x) the Maximum Number of Shares and (y) the Recycled Shares.

 

    3 

     

    

 

	Prepayment:	Applicable.  Prepayment of the Prepayment Amount shall be made directly from the Counterparty’s Trust Account maintained by Continental Stock Transfer & Trust holding the net proceeds of the sale of the units in Counterparty’s initial public offering and the sale of private placement units (the “Trust Account”) no later than the Prepayment Date. Counterparty shall provide notice to Counterparty’s transfer agent of the entrance into this Confirmation no later than one (1) Local Business Day following the date hereof, with copy to Seller and Seller’s outside legal counsel. Counterparty shall also provide to Seller and Seller’s outside legal counsel a draft of the flow of funds from the Trust Account prior to the closing of the Business Combination itemizing the Prepayment Amount due to Seller.
	 	 
	Prepayment Amount:	An amount equal to the Initial Price multiplied by the Number of Shares.
	 	 
	Prepayment Date:	The earlier of (a) one (1) Local Business Day after the closing of the Business Combination and (b) the date any assets from the Trust Account are disbursed in connection with the Business Combination.
	 	 
	Variable Obligation:	Not applicable.
	 	 
	Prepayment Shortfall:	An amount in USD equal to 10% of the product of the Number of Shares and the Initial Price.  The Seller shall pay the Prepayment Shortfall to Counterparty (or to a subsidiary of the Counterparty as directed by the Counterparty) on the Registration Statement Effective Date.
	 	 
	Prepayment Shortfall Consideration:	Seller in its sole discretion may sell Subject Shares at any time after the Registration Statement
    Effective Date and at any sales price, without payment by Seller of any Early Termination Obligation (as defined below) until such
    time as the proceeds from the such sales equal 133.33% of the Prepayment Shortfall (as set forth under Shortfall Sales below) (such
    sales, “Shortfall Sales,” and such Shares, “Shortfall Sale Shares”).  At such time
    that gross proceeds generated from Shortfall Sales is equal to the Prepayment Shortfall, Seller shall pay to Counterparty 25% and
    all proceeds from subsequent Shortfall Sales shall be split between the Counterparty (25%) and the Seller (75%), until the foregoing
    proceeds from the Shortfall Sales reach an amount equal to 133.33% of the Prepayment Shortfall (the “Shortfall Sale
    Proceeds”).  Any sales of Subject Shares by Seller that result in proceeds in excess of 133.33% of the Prepayment
    Shortfall shall constitute an Optional Early Termination for purposes hereof.  Seller may designate any sale of Shares as
    either a “Shortfall Sale,” subject to the terms and conditions herein applicable to Shortfall Sale Shares, by delivering
    a Shortfall Sale Notice as required hereunder, or an Optional Early Termination, subject to the terms and conditions herein
    applicable to Terminated Shares, by delivering an OET Notice as required hereunder.
	 	 
	Exchange(s):	NYSE
	 	 
	Related Exchange(s):	All Exchanges.

 

    4 

     

    

 

	Break-Up Fees:	A Break-Up Fee equal to (i) all of Seller’s fees costs and expenses relating to the Transaction in an amount not to exceed $75,000 (without duplication of any fees that were previously paid) plus (ii) $500,000 shall be payable, jointly and severally, by the Counterparty and the Target to Seller in the event this Confirmation or the Transaction is terminated by Counterparty or Target; provided that the Break-Up Fee shall not be payable if (i) the Business Combination is terminated pursuant to the terms and conditions of the Business Combination Agreement or (ii) upon an Optional Early Termination; provided, further, that Seller hereby irrevocably waives any and all right, title and interest, or any claim of any kind they have or may have in the future, in or to any monies held in the Counterparty’s Trust Account, as described more fully in its final prospectus for its initial public offering filed with the Securities and Exchange Commission on January 27, 2021, and agrees not to seek recourse against the Trust Account; in each case, as a result of, or arising out of, this Transaction; provided, however, that nothing herein shall (x) serve to limit or prohibit Seller’s right to pursue a claim against the Counterparty for legal relief against assets held outside the Trust Account, for specific performance or other equitable relief, (y) serve to limit or prohibit any claims that the Seller may have in the future against the Counterparty’s assets or funds that are not held in the Trust Account (including any funds that have been released from the Trust Account and any assets that have been purchased or acquired with any such funds) or (z) be deemed to limit Seller’s right, title, interest or claim to the Trust Account by virtue of such Seller’s record or beneficial ownership of securities of the Counterparty acquired by any means other than pursuant to this Transaction, including but not limited to any redemption right with respect to any such securities of the Seller.
	 	 
	Payment Dates:	With respect to Counterparty, the last day of each calendar quarter or, if such date is not a Local Business Day, the next following Local Business Day, until the Maturity Date. 
	 	 
	Reimbursement of Legal Fees and Other Fees and Expenses:	On the Effective Date, Counterparty shall pay to Seller an amount not to exceed $75,000 in attorney fees and other reasonable expenses related thereto incurred by Seller or its affiliates in connection with this Transaction. Counterparty shall also pay to Seller a quarterly fee of $5,000 (payable in full upon the Effective Date and upon the first Local Business Day of each subsequent quarter). In addition, on the Effective Date, Counterparty shall also pay the acquisition costs of the Recycled Shares up to $0.05 per Share.
	 	 
	Settlement Terms	 
	Settlement Method Election:	Not Applicable.
	 	 
	Settlement Method:	Physical Settlement.
	 	 
	Settlement Currency:	USD.
	 	 
	Settlement Date:	Two (2) Exchange Business Days following the Valuation Date.
	 	 
	Excess Dividend Amount	Ex Amount.
	 	 
	Additional Payment on Settlement:	On the Settlement Date, Counterparty shall pay to Seller any accrued and unpaid amount due under Reimbursement of Legal Fees and Other Fees and Expenses.

 

    5 

     

    

 

	Optional Early Termination:	From time to time and on any date after the Registration Statement Effective Date (any such date, an “OET Date”) and subject to the terms and conditions below, Seller may, in its absolute discretion, terminate the Transaction in whole or in part, in which case Seller shall provide written notice to Counterparty (the “OET Notice”) no later than the later of (a) the third Local Business Day following the OET Date and (b) the first Payment Date after the OET Date, specifying the quantity by which the Number of Shares is to be reduced (such quantity, the “Terminated Shares”).  In addition, Seller shall terminate the Transaction in respect of any Shortfall Sale Shares sold by it on or prior to the Maturity Date, and Seller shall be obligated to deliver a Shortfall Sale Notice in respect of any Shortfall Sale Shares sold prior to the Maturity Date.  The effect of an OET Notice given shall be to reduce the Number of Shares by the number of Terminated Shares specified in such OET Notice with effect as of the related OET Date. The effect of a Shortfall Sale Notice given shall be to reduce the Number of Shares by the relevant number of Shortfall Sale Shares sold, as specified in such Shortfall Sale Notice with effect as of the related Shortfall Sale Date.  As of each OET Date, Counterparty shall be entitled to an amount from Seller equal to the product of (x) the number of Terminated Shares  and (y) the Reset Price in respect of such OET Date (an “Early Termination Obligation”).  No Early Termination Obligation shall be due to Counterparty upon any Shortfall Sale Shares.  Any proceeds from the Optional Early Termination shall be payable to Counterparty pursuant to the terms hereof. The remainder of the Transaction, if any, shall continue in accordance with its terms; provided that if the OET Date is also the stated Valuation Date, the remainder of the Transaction shall be settled in accordance with the other provisions of “Settlement Terms.” Seller shall pay to Counterparty any and all unsatisfied Early Termination Obligations, calculated as of the last day of each calendar quarter, on the first Local Business Day following such day.
	 	 
	Shortfall Sales:	From time to time and on any Exchange Business Day following the Registration Statement Effective Date (any such date, a “Shortfall Sale Date”) and subject to the terms and conditions below, Seller may, in its absolute discretion, at any sales price, sell Shortfall Sale Shares, and in connection with such sales, Seller shall provide written notice to Counterparty (the “Shortfall Sale Notice”) no later than the later of (a) the third Local Business Day following the Shortfall Sales Date and (b) the first Payment Date after the Shortfall Sales Date, specifying the quantity of the Shortfall Sale Shares and the allocation of the Shortfall Sale Proceeds. Seller shall not have any Early Termination Obligation in connection with any Shortfall Sales.  The Counterparty agrees that it shall not issue any Shares, or securities or debt that is convertible, exercisable or exchangeable into Shares until the Shortfall Sales equal the Prepayment Shortfall, except, starting 60 calendar days after the date hereof, pursuant to that certain equity line of credit further described in Target’s registration statement on Form F-4 filed with the Commission on September 21, 2022.  For the avoidance of doubt, the preceding sentence shall not affect the Counterparty’s ability to issue Shares pursuant to the Counterparty’s equity compensation plans that have been authorized and publicly disclosed by the Counterparty as of the date hereof, Shares underlying warrants now outstanding or issued in connection with the Business Combination or any Shares issued in connection with the Business Combination, in each case as contemplated by the Business Combination Agreement as of the date hereof.

 

    6 

     

    

 

	Maturity Consideration:	
    An amount equal to the product of (1) the Maximum
    Number of Shares less the number of Terminated Shares (the “Remaining Shares”) multiplied by (2) $1.50 (the “Maturity
    Consideration”). Subject to the last sentence of this paragraph, at the Maturity Date, Seller shall be entitled to receive the
    Maturity Consideration in Shares (the “Maturity Consideration Shares”) based on the average daily VWAP Price over 30
    trading days commencing on the Maturity Date. Subject to the last sentence of this paragraph, the Counterparty will use its reasonable
    best efforts to register the Shares comprising the Maturity Consideration within 120 calendar days of the Maturity Date (provided that
    upon written notice to the Seller from the Counterparty that its board of directors has determined in good faith that such registration
    may not be completed within 120 calendar days due to circumstances outside of the control of the Counterparty then Counterparty shall
    have an additional 30 calendar days (150 calendar days total) to register such Shares), and if all such Shares are not registered within
    that period, the Counterparty will settle the Maturity Consideration pursuant to the last sentence of this paragraph; provided that if
    Counterparty is in breach of the foregoing, Counterparty shall promptly issue to Seller such number of additional shares that is equal
    to 25% of the amount of Shares to be issued to Seller as Maturity Consideration. Settlement shall be made on a net basis. If the Maturity
    Consideration Shares exceed the Remaining Shares, then Counterparty shall issue to Seller a number of Shares equal to such excess. If
    the Remaining Shares exceed the Maturity Consideration Shares, then Seller shall deliver to Counterparty a number of Shares equal to such
    excess. Notwithstanding the foregoing, the Maturity Consideration due to Seller may be paid, in whole or in part, to Seller in cash, at
    the Counterparty’s election, in which case Seller will deliver to Counterparty the Number of Shares that remain in the Transaction.

     

	Share Consideration:	In addition to the Prepayment Amount, Counterparty shall pay directly from the Trust Account, on the Prepayment Date, an amount equal to the product of (x) the number of Shares, if any, up to a maximum of 250,000, purchased by Seller from third parties in the open market through a broker prior to the closing of the Business Combination (the “Share Consideration Shares”), multiplied by (y) the Redemption Price. The Share Consideration Shares shall be incremental to the Maximum Number of Shares, shall not be included in the Number of Shares in this Transaction, and Seller shall have no obligations with respect to such Share Consideration Shares in connection with this Confirmation, other than to sell them pursuant to an effective Registration Statement or an available exemption from the registration requirements of the Securities Act.

 

    7 

     

    

 

	Share Registration	Within thirty (30) calendar days after the closing of the Business Combination, Counterparty shall use its best efforts to file (at Counterparty’s sole cost and expense) with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement registering the resale of all shares held by the Seller and its affiliates, including the Recycled Shares, the Additional Shares and any Share Consideration Shares (the “Registration Statement”), and have the Registration Statement declared effective (the “Registration Statement Effective Date”) as soon as practicable after the filing thereof, but no later than the earliest of (i) the 45th calendar day (or 90th calendar day if the Commission notifies the Counterparty that it will “review” the Registration Statement) following such closing and (ii) the 5th Business Day after the date the Counterparty is notified (orally or in writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review. Upon notification by the Commission that the Registration Statement has been declared effective by the Commission, within two (2) Business Days thereafter, the Counterparty shall file the final prospectus under Rule 424 of the Securities Act of 1933, as amended (the “Securities Act”). In no event shall Seller be identified as a statutory underwriter in the Registration Statement unless requested by the Commission. The Counterparty will use its best efforts to keep the Registration Statement covering the resale of the shares as described above continuously effective (except for customary blackout periods, up to twice per year and for a total of up to 15 calendar days (and not more than 10 calendar days in an occurrence), if and when the Counterparty is in possession of material non-public information the disclosure of which, in the good faith judgment of the Counterparty’s board of directors, would be prejudicial, and the Counterparty agrees to promptly notify Seller of any such blackout determination) until the earlier of (a) the Maturity Date or (b) the date on which all such shares have been sold or may be transferred without any restrictions including volume limitations under Rule 144 under the Securities Act; provided that Counterparty covenants and agrees to make all necessary filings and submissions in furtherance of the foregoing.  The Seller may, at its sole discretion, accelerate the Maturity Date (and payment of the Maturity Consideration) at any time if (a) the Registration Statement covering all of the shares described above in this section is not declared effective after the 45th calendar day (or 90th calendar day if the Commission notifies the Counterparty that it will “review” the Registration Statement) after its filing or (b) the Registration Statement after it is declared effective by the Commission ceases to be continuously effective (subject to the blackout periods as indicated above and except that the Registration Statement’s continuous effectiveness may be suspended for the period from April 1, 2023 through and including April 30, 2023 to allow the Company to prepare and file its audited financial statements and related information for the year ending December 31, 2022 provided that the Counterparty delivers written notice to the Seller that its board of directors has determined in good faith that the Counterparty is unable to prepare and file its audited financial statements and related information for the year ending December 31, 2022 without unreasonable burden or expense); provided that in this case, the Seller shall be entitled to and Counterparty shall promptly pay Seller the Break-up Fees. If requested by Seller, the Counterparty shall remove or instruct its transfer agent to remove any restrictive legend with respect to transfers under the Securities Act from any and all Shares held by Seller if (1) the Registration Statement is and
continues to be effective under the Securities Act, (2) such Shares are sold or transferred pursuant to Rule 144 under the Securities Act (subject to all applicable requirements of Rule 144 being met), or (3) such Shares are eligible for sale under Rule 144, without the requirement for the Counterparty to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable) as to the Shares and without volume or manner-of-sale restrictions; provided that Seller shall have timely provided customary representations and other customary documentation reasonably acceptable to the Counterparty, its counsel and/or its transfer agent in connection therewith. Any fees (with respect to the transfer agent, Counterparty’s counsel or otherwise) associated with the issuance of any legal opinion required by the Counterparty’s transfer agent or the removal of such legend shall be borne by the Counterparty. If a legend is no longer required pursuant to the foregoing, the Counterparty will, no later than five (5) Exchange Business Days following the delivery by Seller to the Counterparty or the transfer agent (with notice to the Counterparty) of customary representations and other documentation reasonably acceptable to the Counterparty, its counsel and/or its transfer agent, remove the restrictive legend related to the book entry account holding the Shares and make a new, unlegended book entry for the Shares. 

 

    8 

     

    

 

	Share Adjustments:	 
	 	 
	Method of Adjustment:	Calculation Agent Adjustment.
	 	 
	Extraordinary Events:	 
	 	 
	Consequences of Merger Events involving Counterparty:	 
	 	 
	Share-for-Share:	Calculation Agent Adjustment.
	 	 
	Share-for-Other:	Cancellation and Payment.
	 	 
	Share-for-Combined:	Component Adjustment.
	 	 
	Tender Offer:	Applicable; provided, however, that Section 12.1(d) of the Equity Definitions is hereby amended by adding “, or of the outstanding Shares,” before “of the Issuer” in the fourth line thereof. Sections 12.1(e) and 12.1(l)(ii) of the Equity Definitions are hereby amended by adding “or Shares, as applicable,” after “voting Shares”.
	 	 
	Consequences of Tender Offers:	 
	 	 
	Share-for-Share:	Calculation Agent Adjustment.
	 	 
	Share-for-Other:	Calculation Agent Adjustment.
	 	 
	Share-for-Combined:	Calculation Agent Adjustment.
	 	 
	Composition of Combined Consideration:	 Not Applicable.
	 	 
	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, the Nasdaq Global Select Market, Nasdaq Capital Market or the Nasdaq Global Market (or their respective successors) or such other exchange or quotation system which, in the determination of the Calculation Agent, has liquidity comparable to the aforementioned exchanges; if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall be deemed to be the Exchange.
	 	 
	Business Combination Exclusion:	Notwithstanding the foregoing or any other provision herein, the parties agree that the Business Combination shall not constitute a Merger Event, Tender Offer, Delisting or any other Extraordinary Event hereunder.

 

    9 

     

    

 

	Additional Disruption Events:	 
	 	 
	(a)    Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by adding the words “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” after the word “regulation” in the second line thereof.
	 	 
	(a)     Failure to Deliver:	Not Applicable.
	 	 
	(b)    Insolvency Filing:	Applicable.
	 	 
	(c)    Hedging Disruption:	Not Applicable.
	 	 
	(d)    Increased Cost of Hedging:	Not Applicable.
	 	 
	(e)    Loss of Stock Borrow:	Not Applicable.
	 	 
	(f)    Increased Cost of Stock Borrow:	Not Applicable.
	 	 
	Determining Party:	For all applicable events, Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations as Determining Party, in which case a Third Party Dealer (as defined below) in the relevant market selected by Counterparty will be the Determining Party.
	Additional Provisions:	 
	 	 
	Calculation Agent:	Seller, unless (i) an Event of Default, Potential Event of Default or Termination Event has occurred and is continuing with respect to Seller, or (ii) if Seller fails to perform its obligations as Calculation Agent, in which case an unaffiliated leading dealer in the relevant market selected by Counterparty in its sole discretion will be the Calculation Agent.
	 	 
	 	In the event that a party (the “Disputing Party”) does not agree with any determination made (or the failure to make any determination) by the Calculation Agent, the Disputing Party shall have the right to require that the Calculation Agent have such determination reviewed by a disinterested third party that is a dealer in derivatives of the type that is the subject of the dispute and that is not an Affiliate of either party (a “Third Party Dealer”). Such Third Party Dealer shall be jointly selected by the parties within one (1) Business Day after the Disputing Party’s exercise of its rights hereunder (once selected, such Third Party Dealer shall be the “Substitute Calculation Agent”). If the parties are unable to agree on a Substitute Calculation Agent within the prescribed time, each of the parties shall elect a Third Party Dealer and such two dealers shall agree on a Third Party Dealer by the end of the subsequent Business Day. Such Third Party Dealer shall be deemed to be the Substitute Calculation Agent. Any exercise by the Disputing Party of its rights hereunder must be in writing and shall be delivered to the Calculation Agent not later than the third Business Day following the Business Day on which the Calculation Agent notifies the Disputing Party of any determination made (or of the failure to make any determination). Any determination by the Substitute Calculation Agent shall be binding in the absence of manifest error and shall be made as soon as possible but no later than the second Business Day following the Substitute Calculation Agent’s appointment. The costs of such Substitute Calculation Agent shall be borne by (a) the Disputing Party if the Substitute Calculation Agent substantially agrees with the Calculation Agent or (b) the non-Disputing Party if the Substitute Calculation Agent does not substantially agree with the Calculation Agent. If, after following the procedures and within the specified time frames set forth above, a binding determination is not achieved, the original determination of the Calculation Agent shall apply.

 

    10 

     

    

 

	Non-Reliance:	Applicable.
	 	 
	Agreements and Acknowledgements Regarding Hedging Activities:	Applicable. Seller shall not short the Shares prior to the earlier of (i) the Maturity Date and (ii) cancellation of the Transaction.
	 	 
	Additional Acknowledgements:	Applicable.
	 	 
	Schedule Provisions:	 
	 	 
	Specified Entity:	 In relation to both Seller and Counterparty for the purpose of:
	 	Section 5(a)(v), Not Applicable
	 	Section 5(a)(vi), Not Applicable
	 	Section 5(a)(vii), Not Applicable
	 	Section 5(b)(v), Not Applicable
	 	 
	Cross-Default	The “Cross-Default” provisions of Section 5(a)(vi) of the ISDA Form will not apply to either party.
	 	 
	Credit Event Upon Merger	The “Credit Event Upon Merger” provisions of Section 5(b)(v) of the ISDA Form will not apply to either party.
	 	 
	Automatic Early Termination:	The “Automatic Early Termination” of Section 6(a) of the ISDA Form will not apply to either party.
	 	 
	Termination Currency:	United States Dollars.
	 	 
	Additional Termination Event:	Will apply to Seller and to Counterparty and Target. The occurrence of any of the following events shall constitute an Additional Termination Event in respect of which Seller and Counterparty and Target shall be Affected Parties:
	 	 
	 	(a) the Business Combination fails to close on or before the Termination Date (as defined in the Business Combination Agreement) (as such Termination Date may be amended or extended from time to time); and
	 	 
	 	
    (b) the Business Combination Agreement is terminated
    pursuant to its terms prior to the closing of the Business Combination.

     

    Notwithstanding the foregoing, Counterparty’s
    obligations set forth under the captions, “Reimbursement of Legal Fees and Expenses,” and “Other Provisions —
    (d) Indemnification” shall survive any termination due to the occurrence of either of the foregoing Additional Termination Events.

 

    11 

     

    

 

	Governing Law:	New York law (without reference to choice of law doctrine).
	 	 
	Credit Support Document:	With respect to Seller and Counterparty, None.
	 	 
	Credit Support Provider:	With respect to Seller and Counterparty, None.
	 	 
	Local Business Days:	Seller specifies the following places for the purposes of the definition of Local Business Day as it applies to it: New York.  Counterparty specifies the following places for the purposes of the definition of Local Business Day as it applies to it: Israel.
	 	 

Representations, Warranties and Covenants

 

	1.	Each of Counterparty and Seller represents and warrants to, and covenants and agrees with, the other as
of the date on which it enters into the Transaction that (in the absence of any written agreement between the parties that expressly imposes
affirmative obligations to the contrary for the Transaction):

 

	(a)	Non-Reliance. It is acting for its own account, and it has made its own independent decisions
to enter into the Transaction and as to whether the Transaction is appropriate or proper for it based upon its own judgment and upon advice
from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment
advice or as a recommendation to enter into the Transaction, it being understood that information and explanations related to the terms
and conditions of the Transaction will not be considered investment advice or a recommendation to enter into the Transaction. No communication
(written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of the Transaction.

 

	(b)	Assessment and Understanding. It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction.
It is also capable of assuming, and assumes, the risks of the Transaction.

 

	(c)	Non-Public Information. It is in compliance with Section 10(b) under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”).

 

	(d)	Eligible Contract Participant. It is an “eligible contract participant” under,
and as defined in, the Commodity Exchange Act (7 U.S.C. § 1a(18)) and CFTC regulations (17 CFR § 1.3).

 

	(e)	Tax Characterization. It shall treat the Transaction as a derivative financial contract
for U.S. federal income tax purposes, and it shall not take any action or tax return filing position contrary to this characterization.

 

	(f)	Private Placement. It (i) is an “accredited investor” as such term is defined
in Regulation D as promulgated under the Securities Act, (ii) is entering into the Transaction for its own account without a view to the
distribution or resale thereof and (iii) understands that the assignment, transfer or other disposition of the Transaction has not been
and will not be registered under the Securities Act.

 

	(g)	Investment Company Act. It is not and, after giving effect to the Transaction, will
not be required to register as an “investment company” under, and as such term is defined in, the Investment Company Act of
1940, as amended.

 

	(h)	Authorization. The Transaction has been entered into pursuant to authority granted by its
board of directors or other governing authority. It has no internal policy, whether written or oral, that would prohibit it from entering
into any aspect of the Transaction, including, but not limited to, the purchase of Shares to be made in connection therewith.

 

    12 

     

    

 

	(i)	Affiliate Status. It is the intention of the parties hereto that Seller shall not be an
 “affiliate” (as such term is defined in Rule 405 under the Securities Act) of the Counterparty, including Endurance prior
to the Business Combination or the Combined Company following the closing of the Business Combination as a result of the transactions
contemplated hereunder.

 

	2.	Counterparty represents and warrants to, and covenants and agrees with Seller as of the date on which
it enters into the Transaction that:

 

	(a)	Total Assets. It has total assets of at least USD $5,000,000 as of the date hereof.

 

	(b)	Non-Reliance. Without limiting the generality of Section 13.1 of the Equity Definitions,
Counterparty acknowledges that Seller is not making any representations or warranties or taking any position or expressing any view with
respect to the treatment of the Transaction under any accounting standards.

 

	(c)	Solvency. Counterparty shall be as of the date of any payment or delivery by Counterparty
under the Transaction solvent and able to pay its debts as they come due, with assets having a fair value greater than liabilities and
with capital sufficient to carry on the businesses in which it engages. Counterparty: (i) has not engaged in and will not engage in any
business or transaction after which the property remaining with it will be unreasonably small in relation to its business, (ii) has not
incurred and does not intend to incur debts beyond its ability to pay as they mature, and (iii) as a result of entering into and performing
its obligations under the Transaction, (a) it has not violated and will not violate any law applicable to the acquisition or redemption
by an issuer of its own securities and (b) it would not be nor would it be rendered “insolvent” (as such term is defined under
Section 101(32) of the Bankruptcy Code).

 

	(d)	Public Reports. As of the Trade Date, Counterparty is in material compliance with its reporting
obligations under the Exchange Act, and all reports and other documents filed by Counterparty with the Securities and Exchange Commission
pursuant to the Exchange Act, when considered as a whole (with the most recent such reports and documents deemed to amend inconsistent
statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission
of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

 

	(e)	No Distribution. Except with respect to the Shares to be offered or sold under the Registration
Statement, Counterparty is not entering into the Transaction to facilitate a distribution of the Shares (or any security that may be converted
into or exercised or exchanged for Shares, or whose value under its terms may in whole or in significant part be determined by the value
of the Shares) or in connection with any future issuance of securities.

 

	(f)	SEC Documents. The Counterparty shall comply with the Securities and Exchange Commission’s
guidance, including Compliance and Disclosure Interpretation No. 166.01, for all relevant disclosure in connection with this Confirmation
and the Transaction, and will not file with the Securities and Exchange Commission any Form 8-K, Registration Statement on Form S-4 (including
any post-effective amendment thereof), proxy statement, or other document that includes any disclosure regarding this Confirmation or
the Transaction without consulting with and reasonably considering any comments received from Seller, provided that, no consultation shall
be required with respect to any subsequent disclosures that are substantially similar to prior disclosures by Counterparty that were reviewed
by Seller.

 

	(g)	Waiver. The Counterparty hereby waives any violation of its “bulldog clause”
and any other similar restrictions that would be caused by Seller entering into this Transaction.

 

	(h)	Disclosure. The Counterparty shall preview with Seller all public disclosure relating to
the Transaction and shall consult with Seller to ensure that such public disclosure, including the press release, Form 8-K or other filing
that announces the Transaction adequately discloses the material terms and conditions of the Transaction in form and substance reasonably
acceptable to Seller; provided that the Form 8-K shall be publicly filed on the same date that definitive transaction documents are signed
and provided further, that to the extent definitive transaction documents
are not signed at least 48 hours prior to the Redemption Deadline, the Counterparty agrees to make all necessary disclosures (if any)
at least 24 hours prior to the Redemption Deadline to ensure that Seller is not in possession of material non-public information as a
result of the transactions outlined herein.

 

    13 

     

    

 

	(i)	Listing. The Counterparty agrees to use its best efforts to maintain the listing of the
Shares on a national securities exchange.

 

	(j)	Regulatory Filings. Counterparty covenants that it will make all regulatory filings that it is required by law or regulation
to make with respect to the Transaction.

 

	(k)	Regulation M and Target Approvals. Counterparty is not on the Trade Date and agrees and
covenants that it will not be on any date Seller is purchasing shares that may be included in a Pricing Date Notice, engaged or engaging
in a distribution, as such term is used in Regulation M under the Exchange Act, of any securities of Counterparty, other than a distribution
meeting the requirements of the exception set forth in Rules 101(b)(10) and 102(b)(7) of Regulation M. Counterparty shall not, until the
second scheduled trading day immediately following dates referenced in the preceding sentence, engage in any such distribution. Counterparty,
including Target, also agrees and covenants that all required approvals and consents of the Target security holders in connection with
the Business Combination shall have been obtained and any subsequent valuation periods as contemplated under Regulation M under the Exchange
Act, shall be completed in each case as of the date hereof.

 

	(l)	Termination. The Counterparty and the Target jointly and severally agree to pay the Seller the Break-up Fees if the
Counterparty or Target terminates this Transaction, including the Confirmation prior to the closing of the Business Combination.

 

	3.	Seller represents and warrants to, and covenants and agrees with Counterparty as of the date on which
it enters into the Transaction and each other date specified that:

 

	(a)	Regulatory Filings. Seller covenants that it will make all regulatory filings that it is
required by law or regulation to make with respect to the Transaction including, without limitation, as may be required by Section 13
or Section 16 under the Exchange Act and, assuming the accuracy of Counterparty’s Repurchase Notices (as described under “Repurchase
Notices” below) any sales of Subject Shares will be in compliance therewith.

 

	(b)	Shorting. Seller agrees not to effect any Short Sales in respect of the Shares prior to
the earlier of a) the Maturity Date b) the Transaction Cancelation. Short Sales means all “short sales” as defined in Rule
200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and all types of direct and indirect stock
pledges, forward sale contracts, options, puts, calls, short sales, swaps, “put equivalent positions” (as defined in Rule
16a-1(h) under the Exchange Act) and similar arrangements (including on a total return basis).

 

	(c)	Share Sales. Seller agrees not to effect sales of Shares pursuant to the Transaction unless
such sale is pursuant to an effective registration statement under the Securities Act, an available exemption from the registration requirements
of the Securities Act or a transaction not subject to the registration requirements of the Securities Act. 

 

Transactions by Seller in the Shares

 

	(a)	Seller hereby waives the redemption rights (“Redemption Rights”) set forth in Articles
8.3 and 54.5 of the Certificate of Incorporation in connection with the Business Combination with respect to Subject Shares.

 

	(b)	Seller will give written notice to Counterparty of any sale of Subject Shares by Seller within one (1)
Local Business Day following the date of such sale, such notice to include the date of the sale and the number of Subject Shares sold.

 

    14 

     

    

 

No Arrangements

 

Seller and Counterparty each acknowledge and agree
that: (i) there are no voting, hedging or settlement arrangements between Seller and Counterparty with respect to any Shares or Endurance
or the Combined Company (as the case may be), other than those set forth herein; (ii) although Seller may hedge its risk under the Transaction
in any way Seller determines, Seller has no obligation to hedge with the purchase or maintenance of any Shares or otherwise; (iii) Counterparty
will not be entitled to any voting rights in respect of any of the Shares underlying the Transaction; and (iv) Counterparty will not seek
to influence Seller with respect to the voting of any Hedge Positions of Seller consisting of Shares.

 

Wall Street Transparency and Accountability
Act

 

In connection with Section 739 of the Wall Street
Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA
or any regulation under WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, nor any similar legal certainty provision
in any legislation enacted, or rule or regulation promulgated, on or after the date of this Confirmation, shall limit or otherwise impair
either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the ISDA
Form, as applicable, arising from a termination event, force majeure, illegality, increased costs, regulatory change or similar event
under this Confirmation, the Equity Definitions incorporated herein, or the ISDA Form.

 

Address for Notices

 

Notice to Seller: 

3 Columbus Circle

24th Floor

New York, NY 10019

 

Notice to Counterparty: 

 

200 Park Avenue

32nd Floor

New York, NY 10166

 

Following the Closing of the Business Combination:

 

Notice to Target: 

 

SatixFy Communications Ltd. 

12 Hamada St.

Rehovot 670315 Israel

 

Account Details

 

Account details for Seller: To be advised in writing.

 

Account details for Counterparty: To be advised in writing.

 

    15 

     

    

 

Other Provisions.

 

		(a)	Rule 10b5-1.

 

		(i)	Counterparty represents and warrants to Seller that Counterparty is not entering into the Transaction
to create actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise
or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) for the purpose
of inducing the purchase or sale of such securities or otherwise in violation of the Exchange Act, and Counterparty represents and warrants
to Seller that Counterparty has not entered into or altered, and agrees that Counterparty will not enter into or alter, any corresponding
or hedging transaction or position with respect to the Shares. Counterparty acknowledges that it is the intent of the parties that the
Transaction comply with the requirements of paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”)
and the Transaction shall be interpreted to comply with the requirements of Rule 10b5-1(c).

 

		(ii)	Counterparty agrees that it will not seek to control or influence Seller’s decision to make any
 “purchases or sales” (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3)) under the Transaction, including, without limitation,
Seller’s decision to enter into any hedging transactions. Counterparty represents and warrants that it has consulted with its own
advisors as to the legal aspects of its adoption and implementation of this Confirmation and the Transaction under Rule 10b5-1.

 

		(iii)	Counterparty acknowledges and agrees that any amendment, modification, waiver or termination of this Confirmation
must be effected in accordance with the requirements for the amendment or termination of a “plan” as defined in Rule 10b5-1(c).
Without limiting the generality of the foregoing, Counterparty acknowledges and agrees that any such amendment, modification, waiver or
termination shall be made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such amendment,
modification or waiver shall be made at any time at which Counterparty, or any officer, director, manager or similar person of Counterparty
is aware of any material non-public information regarding Counterparty or the Shares.

 

		(b)	Repurchase Notices. Counterparty shall, on any day on which Counterparty is not a “foreign
private issuer” for purposes of the Securities Act and Counterparty effects any repurchase of Shares, promptly give Seller a written
notice of such repurchase (a “Repurchase Notice”) on such day if following such repurchase, the number of outstanding
Shares as determined on such day is (i) less than the number of Shares outstanding that would result in the percentage of total Shares
outstanding represented by the number of Shares underlying the Transaction increasing by 0.10% (in the case of the first such notice)
or (ii) thereafter more than the number of Shares that would need to be repurchased to result in the percentage of total Shares outstanding
represented by the number of Shares underlying the Transaction increasing by a further 0.10% less than the number of Shares included in
the immediately preceding Repurchase Notice; provided that the Counterparty agrees that this information does not constitute material
non-public information; provided, further, if this information shall be material non-public information, it shall publicly
disclosed immediately. If, on any date, Counterparty is not a “foreign private issuer” for purposes of the Securities Act,
Counterparty agrees to indemnify and hold harmless Seller and its affiliates and their respective officers, directors, employees, affiliates,
advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses (including
losses relating to Seller’s hedging activities as a consequence of remaining or becoming a Section 16 “insider” following
the closing of the Business Combination, including without limitation, any forbearance from hedging activities or cessation of hedging
activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and expenses
(including reasonable attorney’s fees), joint or several, which an Indemnified Person may become subject to, as a result of Counterparty’s
failure to provide Seller with a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse, within
thirty (30) calendar days, upon written request, each of such Indemnified Persons for any reasonable legal or other expenses incurred
in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing;
provided, however, for the avoidance of doubt, Counterparty has no indemnification or other obligations with respect to Seller becoming
a Section 16 “insider” prior to the closing of the Business Combination. If any suit, action, proceeding (including any governmental
or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s
failure to provide Seller with a Repurchase Notice at a time when Counterparty is not a “foreign private issuer”
for purposes of the Securities Act in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in writing,
and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent
the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay the fees and expenses of such counsel
related to such proceeding. Counterparty shall not be liable for any settlement of any proceeding contemplated by this paragraph that
is effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty
agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty
shall not, without the prior written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding
contemplated by this paragraph that is in respect of which any Indemnified Person is or could have been a party and indemnity could have
been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person
from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person.
If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses,
claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder,
shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities.
The remedies provided for in this paragraph are not exclusive and shall not limit any rights or remedies which may otherwise be available
to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain operative
and in full force and effect regardless of the termination of the Transaction.

 

    16 

     

    

 

		(c)	Transfer or Assignment. The Seller may freely transfer or assign the rights and duties under
this Confirmation. If at any time following the closing of the Business Combination at which (A) the Section 16 Percentage exceeds the
Section 16 Threshold or (B) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clause
(A) or (B), an “Excess Ownership Position”), Seller is unable to effect a transfer or assignment of a portion of the
Transaction to a third party on pricing terms reasonably acceptable to Seller and within a time period reasonably acceptable to Seller
such that no Excess Ownership Position exists, then Seller may partially terminate a portion of the Transaction (the “Terminated
Portion”) on any Exchange Business Day of its election (the “Partial Termination Date”), such that following
such partial termination no Excess Ownership Position exists. In the event that Seller so terminates a portion of the Transaction, a portion
of the Shares with respect to the Transaction shall be delivered to Counterparty as if the Partial Termination Date were the Valuation
Date in respect of a Transaction having terms identical to the Transaction and a Number of Shares equal to the number of Shares underlying
the Terminated Portion. The “Section 16 Threshold” means (x) if Counterparty is a “foreign private issuer”
for purposes of the Securities Act, infinity and (y) in all other cases, 9.9%. The “Section 16 Percentage” as of any
day is the fraction, expressed as a percentage, as determined by Seller, (A) the numerator of which is the number of Shares that Seller
and each person subject to aggregation of Shares with Seller under Section 13 or Section 16 of the Exchange Act and rules promulgated
thereunder and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) of the Exchange Act) with Seller
directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder)
(the “Seller Group” ) and (B) the denominator of which is the number of Shares outstanding. The “Share Amount”
as of any day is the number of Shares that Seller and any person whose ownership position would be aggregated with that of Seller and
any group (however designated) of which Seller is a member (Seller or any such person or group, a “Seller Person”)
under any law, rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable
to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the
power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Seller in its sole
discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the minimum number of Shares that could
give rise to reporting or registration obligations or other requirements (including obtaining prior approval from any person or entity)
of a Seller Person, or could result in an adverse effect on a Seller Person, under any Applicable Restriction, as determined by Seller
in its sole discretion, minus (B) 0.1% of the number of Shares outstanding.

 

    17 

     

    

 

		(d)	Indemnification. Counterparty agrees to indemnify and hold harmless Seller, its affiliates
and its assignees and their respective directors, officers, employees, agents and controlling persons (each such person being an “Indemnified
Party”) from and against any and all losses (but not including financial losses to an Indemnified Party relating to the economic
terms of the Transaction provided that the Counterparty performs its obligations under this Confirmation in accordance with its terms),
claims, damages and liabilities (or actions in respect thereof) expenses, joint or several, incurred by or asserted against such Indemnified
Party arising out of, in connection with, or relating to, investigating, preparing or defending against any litigation, commenced or threatened,
or any claim whatsoever, whether arising out of any action between any of the Indemnified Parties and the Counterparty or between any
of the Indemnified Parties and any third party, or otherwise) to which they or any of them may become subject under the Securities Act,
the Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries, arising out of or based upon
the Transaction, including the execution or delivery of this Confirmation, the performance by Counterparty of its obligations under the
Transaction, any breach of any covenant or representation made by Counterparty in this Confirmation or the ISDA Form, regulatory filings
and submissions made by or on behalf of the Counterparty related to the Transaction (other than as relates to any information provided
by or on behalf of Seller or its affiliates), or the consummation of the transactions contemplated hereby, including the Registration
Statement or any untrue statement or alleged untrue statement of a material fact contained in any registration statement, press release,
filings or other document, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that
Counterparty has no indemnification obligations with respect to any loss, claim, damage, liability or expense related to the manner in
which Seller sells, or arising out of any sales by Seller of, the Subject Shares or any other Shares owned by Seller. Counterparty will
not be liable under the foregoing indemnification provision to the extent that any loss, claim, damage, liability or expense is found
in a nonappealable judgment by a court of competent jurisdiction to have resulted from Seller’s material breach of any covenant,
representation or other obligation in this Confirmation or the ISDA Form or from Seller’s willful misconduct, gross negligence or
bad faith in performing the services that are subject of the Transaction. If for any reason the foregoing indemnification is unavailable
to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent
permitted by law, to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability. In addition
(and in addition to any other Reimbursement of Legal Fees and other Expenses contemplated by this Confirmation), Counterparty will reimburse
any Indemnified Party for all reasonable, out-of-pocket, expenses (including reasonable counsel fees and expenses) as they are incurred
in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit
or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and whether or not such claim, action, suit
or proceeding is initiated or brought by or on behalf of Counterparty. Counterparty also agrees that no Indemnified Party shall have any
liability to Counterparty or any person asserting claims on behalf of or in right of Counterparty in connection with or as a result of
any matter referred to in this Confirmation except to the extent that any losses, claims, damages, liabilities or expenses incurred by
Counterparty result from such Indemnified Party’s breach of any covenant, representation or other obligation in this Confirmation
or the ISDA Form or from the gross negligence, willful misconduct or bad faith of the Indemnified Party or breach of any U.S. federal
or state securities laws or the rules, regulations or applicable interpretations of the Securities and Exchange Commission. The provisions
of this paragraph shall survive the completion of the Transaction contemplated by this Confirmation and any assignment and/or delegation
of the Transaction made pursuant to the ISDA Form or this Confirmation shall inure to the benefit of any permitted assignee of Seller.

 

		(e)	Amendments to Equity Definitions.

 

		(i)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (i) deleting from the fourth line thereof
the word “or” after the word “official” and inserting a comma therefor, and (ii) deleting the semi-colon at the
end of subsection (B) thereof and inserting the following words therefor “or (C) the occurrence of any of the events specified in
Section 5(a)(vii)(1) through (9) of the ISDA Form with respect to that Issuer.”; and

 

    18 

     

    

 

		(ii)	Section 12.6(c)(ii) of the Equity Definitions is hereby amended by replacing the words “the Transaction
will be cancelled,” in the first line with the words “Seller will have the right, which it must exercise or refrain from exercising,
as applicable, in good faith acting in a commercially reasonable manner, to cancel the Transaction,”.

 

		(f)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law,
any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies
that no representative, agent or attorney of either party has represented, expressly or otherwise, that such other party would not, in
the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party
have been induced to enter into the Transaction, as applicable, by, among other things, the mutual waivers and certifications provided
herein.

 

		(g)	Attorney and Other Fees. Subject to clause (d) Indemnification (above), in the event of
any legal action initiated by any party arising under or out of, in connection with or in respect of, this Confirmation or the Transaction,
the prevailing party shall be entitled to reasonable attorneys’ fees, costs and expenses incurred in such action, as determined
and fixed by the court.

 

		(h)	Tax Disclosure. Effective from the date of commencement of discussions concerning the Transaction,
Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any
kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions or other tax analyses)
that are provided to Counterparty relating to such tax treatment and tax structure.

 

		(i)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to
be (a) a “securities contract” as defined in the Bankruptcy Code, in which case each payment and delivery made pursuant to
the Transaction is a “termination value,” “payment amount” or “other transfer obligation” within the
meaning of Section 362 of the Bankruptcy Code and a “settlement payment,” within the meaning of Section 546 of the Bankruptcy
Code, and (b) a “swap agreement” as defined in the Bankruptcy Code, with respect to which each payment and delivery hereunder
or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation”
within the meaning of Section 362 of the Bankruptcy Code and a “transfer,” as such term is defined in Section 101(54) of the
Bankruptcy Code and a “payment or other transfer of property” within the meaning of Sections 362 and 546 of the Bankruptcy
Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e),
546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s right to liquidate, terminate and accelerate the Transaction and to exercise
any other remedies upon the occurrence of any Event of Default under the ISDA Form with respect to the other party to constitute a “contractual
right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder
to otherwise constitute a “margin payment” or “settlement payment” and a “transfer” as defined in
the Bankruptcy Code.

 

		(j)	Process Agent. For the purposes of Section 13(c) of the ISDA Form:

 

Seller appoints as its Process Agent: None

 

Counterparty appoints as its Process Agent: None.

 

[Signature page follows]

 

    19 

     

    

 

Please confirm that the foregoing correctly sets
forth the terms of our agreement by executing a copy of this Confirmation and returning it to us at your earliest convenience.

 

	 	Very truly yours,
	 	 
	 	VELLAR OPPORTUNITIES  FUND SPV LLC -
SERIES 7
	 	 	 
	 	By:	/s/ Solomon Cohen
	 	Name:	Solomon Cohen
	 	Title:	Authorized Signatory

 

	Agreed and accepted by:	 
	 	 
	ENDURANCE ACQUISITION CORP.	 
	 	 

	By:	/s/ Richard Davis	 

	Name:	Richard Davis	 
	Title:	Chief Executive Officer	 
	 	 

	SATIXFY COMMUNICATIONS LTD.	 
	 	 

	By:	/s/ Dudi Ripstein	 

	Name:	Dudi Ripstein	 
	Title:	Chief Executive Officer	 

 

	By:	/s/ Yoav Leibovitch	 
	Name:	Yoav Leibovitch	 
	Title:	Chairman and Chief Financial Officer	 

 

	SATIXFY MS	 
	 	 	 
	By:	/s/ Yoav Leibovitch	 
	Name:	Yoav Leibovitch	 
	Title:	Chairman and Chief Financial Officer	 

 

    20 

     

    

 

FORM OF PRICING DATE NOTICE

 

Date: [●], 2022

 

To: Endurance Acquisition Corp. (“Counterparty”)

 

Address: [●]

Phone: [●]

 

From: Vellar Opportunity Fund SPV LLC - Series 7 (“Seller”)

 

Re: OTC Equity Prepaid Forward Transaction

 

1. This Pricing Date Notice supplements, forms
part of, and is subject to the Confirmation Re: OTC Equity Prepaid Forward Transaction dated as of October [24], 2022 (the “Confirmation”)
between Counterparty and Seller, as amended and supplemented from time to time. All provisions contained in the Confirmation govern this
Pricing Date Notice except as expressly modified below.

 

2. The purpose of this Pricing Date Notice is to confirm certain terms
and conditions of the Transaction entered into between Seller and Counterparty pursuant to the Confirmation.

 

Pricing Date: [●], 2022

 

Number of Recycled Shares:

 

Number of Additional Shares:

 

Number of Shares:

SK
29621 0113 9795976 v1

 

    21

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