Document:

Exhibit 10.3

 

Execution Version

CONFIDENTIAL

 

 

Subscription Agreement

 

October 21, 2020

 

Acamar Partners Acquisition Corp.

1450 Brickell Avenue, Suite 2130

Miami, Florida 33131

 

Ladies and Gentlemen:

 

In connection with the proposed business combination
(the “Transaction”) among Acamar Partners Acquisition Corp., a Delaware corporation (the “Company”),
Acamar Partners Sub, Inc., a Delaware corporation (“Merger Sub”), and CarLotz, Inc., a Delaware corporation
(“CarLotz”), pursuant to an Agreement and Plan of Merger, dated as of October 21, 2020, among the Company, Merger
Sub and CarLotz (as may be amended and/or restated, the “Transaction Agreement”), the Company is seeking commitments
from interested investors to purchase shares of the Company’s Class A common stock, par value $0.0001 per share (the “Class
A Common Stock”), in a private placement transaction for a purchase price of $10.00 per share (the “Per Share
Purchase Price”). On or about the date of this Agreement (as defined below), the Company is entering into subscription
agreements (the “Other Subscription Agreements”) with certain other investors (the “Other Investors”),
pursuant to which the undersigned and the Other Investors have agreed to purchase on the closing date of the Transaction, inclusive
of the shares subscribed for by the undersigned, an aggregate of 12,500,000 shares of Class A Common Stock at the Per Share Purchase
Price. In connection therewith, the undersigned and the Company agree as follows (this “Agreement”):

 

1.                 
Subscription. Subject to the terms and conditions hereof, the undersigned (the “Subscriber”) hereby
agrees to subscribe for and purchase (the “Subscription”), and the Company hereby agrees to issue and sell to
the Subscriber that number of shares of Class A Common Stock set forth on the Subscriber’s signature page hereto (the “Shares”)
for the aggregate purchase price set forth on the Subscriber’s signature page hereto (the “Subscription Amount”).

 

2.                 
Closing. Subject to the satisfaction or waiver of the conditions set forth in this Section 2 and Section 3, the closing
of the sale of Shares (the “Closing”) contemplated under this Agreement shall occur on the date of, and immediately
prior to, the closing of the Transaction. The Company shall provide (or cause to be provided) written notice to the Subscriber
(the “Closing Notice”) that the Company reasonably expects all conditions to the closing of the Transaction
(the “Expected Closing Date”; the date on which the Closing actually occurs, the “Closing Date”)
to be satisfied on a date that is not less than five (5) business days from the date the Closing Notice is delivered to the Subscriber.
On the Closing Date, the Subscriber shall deliver to the Company as soon as practicable after delivery of evidence of the issuance
to Subscriber of the Shares from the Company’s transfer agent on and as of the Closing Date, the Subscription Amount by wire
transfer of United States dollars in immediately available funds to the account specified by the Company in the Closing Notice
(which account shall not be an escrow account) against delivery of the Shares, free and clear of any liens or restrictions (other
those arising under state or federal securities laws) in book entry form to the Subscriber or to a custodian designated by the
Subscriber. If the closing of the Transaction does not occur within two (2) business days of the Closing Date, the Company shall
promptly (but no later than two (2) business days thereafter) return the Subscription Amount to the Subscriber by wire transfer
of United States dollars in immediately available funds to the account specified by the Subscriber, and any book entries for the
Shares shall be deemed cancelled. Notwithstanding such return or cancellation, (A) a failure to close on the Expected Closing Date
shall not, by itself, be deemed to be a failure of any of the conditions to Closing set forth in Section 3 to be satisfied
or waived on or prior to the Closing, and (B) the Subscriber shall still be obligated to consummate the Closing upon satisfaction
of the conditions set forth in this Section 2 and Section 3, including the Company’s delivery to the Subscriber of a
new Closing Notice. For purposes of this Agreement, “business day” shall mean a day other than a Saturday, Sunday or
other day on which commercial banks in New York, New York are authorized or required by law to close.

 

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Each register and book entry for the Shares
shall contain a notation, and each certificate (if any) evidencing the Shares shall be stamped or otherwise imprinted with a legend,
in substantially the following form:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY
NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.”

 

3.                 
Closing Conditions.

 

(a)              
The obligation of the Subscriber, on the one hand, and the Company, on the other hand, to effect the Closing is subject
to the satisfaction or written waiver by the Subscriber and the Company prior to the Closing of the following conditions:

 

(i)                
there shall not have been enacted or promulgated any order, judgment, injunction, decree, writ, stipulation, determination
or award, in each case, entered by or with any court or governmental agency or body, domestic or foreign, nor any statute, rule
or regulation, in either case, enjoining or prohibiting the consummation of the Subscription; and

 

(ii)             
all conditions precedent to the closing of the Transaction set forth in Article VII of the Transaction Agreement shall have
been satisfied or waived (as determined by the parties to the Transaction Agreement) (other than those conditions which, by their
nature, are to be satisfied at the closing of the Transaction).

 

(b)              
The obligation of the Subscriber to effect the Closing is also subject to the satisfaction or written waiver by the Subscriber
prior to the Closing of the following conditions:

 

(i)                
all representations and warranties of the Company contained in this Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality or Company Material Adverse Effect (as
defined herein), which representations and warranties shall be true in all respects) at and as of the date hereof and the Closing
Date, and consummation of the Closing shall constitute a reaffirmation by the Company of each of the representations, warranties
and agreements of the Company contained in this Agreement as of the Closing Date, but in each case without giving effect to consummation
of the Transaction; provided, in the event this condition would otherwise fail to be satisfied as a result of a breach
of one or more of the representations and warranties of the Company contained in this Agreement and the facts underlying such breach
would also cause a condition to CarLotz’s obligations under the Transaction Agreement to fail to be satisfied, this condition
shall nevertheless be deemed satisfied in the event CarLotz waives such breach under the Transaction Agreement;

 

    	 	2	 

     

    

 

(ii)             
the Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with at or prior to the Closing;

 

(iii)           
no amendment or modification of the Transaction Agreement (as the same exists on the date hereof as provided to the Subscriber)
shall have occurred that would reasonably be expected to materially and adversely affect the economic benefits that the Subscriber
would reasonably expect to receive under this Agreement, unless the Subscriber has consented in writing to such amendment or modification;
and

 

(iv)            
there shall have been no amendment, waiver or modification to the Other Subscription Agreements that materially economically
benefits the Other Investors unless the Subscriber has been offered substantially the same benefits.

 

(c)              
The obligation of the Company to effect the Closing is also subject to the satisfaction or written waiver by the Company
prior to the Closing of the following condition:

 

(i)                
all representations and warranties of the Subscriber contained in this Agreement shall be true and correct in all material
respects at and as of the date hereof and the Closing Date, and consummation of the Closing shall constitute a reaffirmation by
the Subscriber of each of the representations, warranties and agreements of the Subscriber contained in this Agreement as of the
Closing Date, but in each case without giving effect to consummation of the Transaction; and

 

(ii)             
the undersigned shall have performed, satisfied and complied in all material respects with all covenants, agreements and
conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to Closing.

 

4.                 
Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take
such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the subscription
as contemplated by this Agreement.

 

5.                 
Company Representations and Warranties. The Company represents and warrants to the Subscriber that:

 

(a)              
The Company is duly incorporated and is validly existing as a corporation in good standing under the laws of Delaware and
has the corporate power and authority to own, lease or operate its assets and properties and to conduct its business as it is now
being conducted and to enter into, deliver and perform its obligations under this Agreement.

 

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(b)              
The Shares have been duly authorized by the Company and, when issued and delivered to the Subscriber against full payment
therefor in accordance with the terms of this Agreement, the Shares will be validly issued, fully paid and non-assessable and will
not have been issued in violation of or subject to any preemptive or similar rights created under the Company’s Certificate
of Incorporation or under the laws of the State of Delaware.

 

(c)              
This Agreement has been duly authorized, executed and delivered by the Company and is enforceable in accordance with its
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting
creditors’ rights generally and subject, as to enforceability, to general principles of equity.

 

(d)              
Subject to any approval by the stockholders of the Company and regulatory approvals, if any, as set forth in the Transaction
Agreement, the execution and delivery by the Company of this Agreement, the issuance and sale of the Shares and the performance
by the Company of its obligations under this Agreement and the consummation of the transactions contemplated herein will not conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation
or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its subsidiaries pursuant
to the terms of, (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to
which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which
any of the property or assets of the Company is subject, which would reasonably be expected to have a material adverse effect on
the business, properties, financial condition, stockholders’ equity or results of operations of the Company or materially
affect the validity of the Shares or the ability or legal authority of the Company to consummate the transactions contemplated
herein in all material respects (a “Company Material Adverse Effect”); (ii) result in any violation of
the provisions of the organizational documents of the Company; or (iii) result in any violation of any statute or any judgment,
order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company
or any of its properties that would have a Company Material Adverse Effect.

 

(e)              
The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing
or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or
other person in connection with the execution, delivery and performance by the Company of this Agreement (including, without limitation,
the issuance of the Shares), other than (i) any required filing of a Notice of Exempt Offering of Securities on Form D with the
SEC (as defined below) under Regulation D of the Securities Act (as defined below), (ii) the filing with the SEC of the Registration
Statement (as defined below), (iii) the filings required by applicable state or federal securities laws, (iv) the filings required
in accordance with Section 11(f), (v) any filings or notices required by Nasdaq, including with respect to obtaining stockholder
approval and the Transaction Agreement, and (vi) any consent, waiver, authorization or order of, notice to, or filing or registration,
the failure of which to obtain would not be reasonably expected to have, individually or in the aggregate, a Company Material Adverse
Effect.

 

(f)               
The Company has not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial
advisor or other person to any broker’s or finder’s fee or any other commission or similar fee in connection with the
issuance and sale of the Shares for which the Subscriber could become liable. Other than Goldman Sachs & Co. LLC (the “Placement
Agent”), the Company is not aware of any person that has been or will be paid (directly or indirectly) remuneration for
solicitation of purchasers in connection with the sale of any Shares.

 

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(g)              
The Company’s reports filed with the Securities and Exchange Commission (the “SEC”) pursuant to
Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act” and such reports the “SEC
Documents”), were timely filed and, as of their respective filing dates, complied in all material respects with the requirements
of the Exchange Act applicable to the SEC Documents and the rules and regulations of the SEC promulgated thereunder applicable
to the SEC Documents. The SEC Documents (except to the extent that information contained in any SEC Document has been superseded
by a later timely filed SEC Document), did not when filed, and taken as a whole and as amended to the date hereof, do not contain
any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein,
in the light of the circumstances under which they were made, not misleading. There are no material outstanding or unresolved comments
in comment letters from the Staff of the SEC with respect to any of the SEC Documents.

 

(h)              
The issued and outstanding shares of Class A Common Stock are registered pursuant to Section 12(b) of the Exchange Act,
and are listed for trading on Nasdaq under the symbol “ACAM.” There is no suit, action, proceeding or investigation
pending or, to the knowledge of the Company, threatened against the Company by Nasdaq or the SEC with respect to any intention
by such entity to deregister the shares of Class A Common Stock or prohibit or terminate the listing of such shares on Nasdaq,
excluding, for the purposes of clarity, the customary ongoing review by Nasdaq of the Company’s continued listing application
in connection with the Transaction. The Company has taken no action that is designed to terminate the registration of the shares
of Class A Common Stock under the Exchange Act or the listing of such shares on Nasdaq.

 

(i)                
As of the date of this Agreement, the authorized capital stock of the Company consists of 220,000,000 shares of capital
stock, consisting of (i) 200,000,000 shares of Class A Common Stock, (ii) 15,000,000 shares of Class B common stock and (iii) 5,000,000
shares of preferred stock, each with a par value of $0.0001 per share. As of the date of this Agreement, the issued and outstanding
capital stock of the Company consists of 38,196,652 shares of capital stock, consisting of (A) 966,906 shares of Class A Common
Stock issued and outstanding (excluding 29,590,416 shares subject to redemption), (B) 7,639,330 shares of Class B common stock
issued and outstanding, and (C) no shares of preferred stock issued and outstanding. As of the date of this Agreement, the Company
has 16,260,084 warrants outstanding, each such warrant entitling the holder thereof to purchase one share of Class A Common Stock.
All (i) issued and outstanding shares of Class A Common Stock and Class B common stock have been duly authorized and validly issued,
are fully paid and non-assessable and are not subject to preemptive rights and (ii) outstanding warrants have been duly authorized
and validly issued, are fully paid and are not subject to preemptive rights. As of the date hereof, except as set forth above and
pursuant to (i) the Other Subscription Agreements, or (ii) the Transaction Agreement, there are no outstanding options, warrants
or other rights to subscribe for, purchase or acquire from the Company any shares of Class A Common Stock or other equity interests
in the Company (collectively, “Equity Interests”) or securities convertible into or exchangeable or exercisable
for Equity Interests. As of the date hereof, the Company has no subsidiaries (other than Merger Sub) and does not own, directly
or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. There are
no stockholder agreements, voting trusts or other agreements or understandings to which the Company is a party or by which it is
bound relating to the voting of any Equity Interests, other than (A) as disclosed in the SEC Documents and (B) as contemplated
by the Transaction Agreement. There are no securities or instruments issued by or to which the Company is a party containing anti-dilution
or similar provisions that will be triggered by the issuance of (i) the Shares or (ii) the shares of Class A Common Stock to be
issued pursuant to any Other Subscription Agreement, that have not been or will not be validly waived on or prior to the Closing
Date.

 

    	 	5	 

     

    

 

(j)                
Assuming the accuracy of the representations and warranties of the Subscriber set forth in Section 6, in connection with
the offer, sale and delivery of the Shares in the manner contemplated by this Agreement, it is not necessary to register the Shares
under the Securities Act of 1933, as amended (the “Securities Act”).

 

(k)              
The Shares (i) were not offered by any form of general solicitation or general advertising and (ii) assuming the accuracy
of the representations and warranties of the Subscriber set forth in Section 6, are not being offered in a manner involving a public
offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

 

(l)                
The Company has not received any written communication from a governmental entity that alleges that the Company is not in
compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would
not, individually or in the aggregate, be reasonably expected to have a Company Material Adverse Effect.

 

(m)            
Except for such matters as have not had and would not be reasonably expected to have, individually or in the aggregate,
a Company Material Adverse Effect, there is no (i) proceeding pending, or, to the knowledge of the Company, threatened against
the Company or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against
the Company.

 

(n)              
Neither the Company nor any person acting on its behalf has offered any securities of the Company for sale or solicited
any offer to buy any securities of the Company nor has the Company entered into any subscription agreement, side letter or similar
agreement with any investor in connection with such investor’s direct or indirect investment in the Company other than (i)
the Transaction Agreement and (ii) the Other Subscription Agreements; provided, no Other Subscription Agreement includes terms
and conditions that are materially more advantageous to any such Other Investor than Subscriber hereunder. The Other Subscription
Agreements reflect the same Per Share Purchase Price and terms that are no more favorable to any such Other Investor thereunder
than the terms of this Agreement.

 

6.                 
Subscriber Representations and Warranties. The Subscriber represents and warrants to the Company that:

 

(a)              
The Subscriber is (i) a “qualified institutional buyer” (as defined in Rule 144A (“Rule 144A”)
under the Securities Act) or (ii) an institutional “accredited investor” (within the meaning of Rule 501(a) (1), (2),
(3) or (7) under the Securities Act) and (iii) an “institutional account” as defined in FINRA Rule 4512(c), in each
case, satisfying the requirements set forth on Schedule A, and is acquiring the Shares only for its own account and
not for the account of others, and not on behalf of any other account or person or with a view to, or for offer or sale in connection
with, any distribution thereof in violation of the Securities Act (and shall provide the requested information on Schedule A
following the signature page hereto). The Subscriber is not an entity formed for the specific purpose of acquiring the Shares.

 

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(b)              
The Subscriber understands that the Shares are being offered in a transaction not involving any public offering within the
meaning of the Securities Act and that the Shares have not been registered under the Securities Act. The Subscriber understands
that the Shares may not be resold, transferred, pledged or otherwise disposed of by the Subscriber absent an effective registration
statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers
and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to
another applicable exemption from the registration requirements of the Securities Act, and in the case of each of clauses (i) and
(iii), in accordance with any applicable securities laws of the states of the United States and other applicable jurisdictions,
and that any book entry account representing the Shares shall contain a legend to such effect substantially consistent with the
legend set forth in Section 2. The Subscriber acknowledges that the Shares will not be eligible for resale pursuant to Rule 144A.
The Subscriber understands and agrees that, due to these restrictions, it may be required to bear the financial risk of an investment
in the Shares for an indefinite period of time. The Subscriber acknowledges and agrees that the Shares will not be immediately
eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 under the Securities Act, and that the provisions
of Rule 144(i) will apply to the Shares. The Subscriber understands that it has been advised to consult legal counsel prior to
making any offer, resale, pledge or transfer of any of the Shares.

 

(c)              
The Subscriber understands and agrees that the Subscriber is purchasing Shares directly from the Company. The Subscriber
further acknowledges that there have been no representations, warranties, covenants and agreements made to the Subscriber with
respect to the Shares by the Company, or its officers or directors, expressly or by implication, other than those representations,
warranties, covenants and agreements included in this Agreement.

 

(d)              
The Subscriber acknowledges and agrees that the Subscriber has received such information as the Subscriber deems necessary
in order to make an investment decision with respect to the Shares. Without limiting the generality of the foregoing, the Subscriber
acknowledges that it has reviewed (i) the Company’s filings with the SEC; and (ii) certain business and legal due diligence
materials with respect to CarLotz provided to the Subscriber by the Company (the “Target Disclosure”). The Subscriber
represents and agrees that the Subscriber and the Subscriber’s professional advisor(s), if any, have had the full opportunity
to ask such questions, receive such answers and obtain such information as the Subscriber and the Subscriber’s professional
advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares. The undersigned further acknowledges
that any information contained in Target Disclosure is preliminary and subject to change, and that any changes to the information
contained in the Target Disclosure, including, without limitation, any changes based on updated information or changes in terms
of the Transaction, shall in no way affect the undersigned’s obligation to purchase the Shares hereunder, except as otherwise
provided herein.

 

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(e)              
The Subscriber became aware of this offering of the Shares solely by means of direct contact between the Subscriber and
the Company or by means of contact from the Placement Agent. Subscriber and/or its investment manager or adviser has a pre-existing
substantive relationship with the Company or the Placement Agent, and the Shares were offered to the Subscriber solely by direct
contact between the Subscriber and the Company or the Placement Agent. The Subscriber did not become aware of this offering of
the Shares, nor were the Shares offered to the Subscriber, by any other means. The Subscriber acknowledges that the Company represents
and warrants that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being
offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws.

 

(f)               
The Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of
the Shares, including those set forth in the Company’s filings with the SEC. The Subscriber is a sophisticated institutional
investor and has such knowledge and experience in financial and business matters, and in investing in private placement securities,
as to be capable of evaluating the merits and risks of purchasing the Shares. At the time of making its investment decision with
respect to the Shares, the Subscriber has had access to all of the financial and other information concerning the Company and its
subsidiaries as the Subscriber deemed necessary or desirable in making a decision to purchase the Shares, including an opportunity
to ask questions and receive answers from officers of the Company and to obtain additional information necessary to verify the
accuracy of any information furnished to the Subscriber or to which such Subscriber had access. The Subscriber has independently
made its own analysis and decision to invest in the Shares and determined based on the Subscriber’s own independent review,
and such professional advice from its own advisors (including as to tax, legal and accounting matters) as it may deem appropriate,
that such Subscriber’s purchase of the Shares (i) is consistent with the Subscriber’s financial needs, objectives and
condition, (ii) complies with all investment policies, guidelines and other restrictions that are applicable to the Subscriber,
(iii) does not and will not violate any law, rule, regulation, agreement or other obligation to which the Subscriber is bound (assuming
the accuracy of the Company’s representations and warranties contained herein), and (iv) is a fit, proper and suitable investment
for the Subscriber, notwithstanding the risks associated with a purchase of the Shares.

 

(g)              
Alone, or together with any professional advisor(s) deemed necessary or appropriate, the Subscriber has adequately analyzed
and fully considered the risks of an investment in the Shares and determined that the Shares are a suitable investment for the
Subscriber and that the Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss
of the Subscriber’s investment in the Company. The Subscriber acknowledges specifically that a possibility of total loss
exists.

 

(h)              
In making its decision to purchase the Shares, the Subscriber has relied solely upon independent investigation made by the
Subscriber. Without limiting the generality of the foregoing, the Subscriber has not relied on any statements or other information
provided by anyone other than the Company concerning the Company or the Shares or the offer and sale of the Shares.

 

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(i)                
Without limitation of the foregoing, the Subscriber hereby further acknowledges and agrees that (i) the Placement Agent
is acting solely as placement agent in connection with the transactions contemplated hereby and is not acting as an underwriter,
initial purchaser, dealer or in any other such capacity and is not and shall not be construed as a fiduciary for the Subscriber,
the Company or any other person or entity in connection with the transactions contemplated hereby, (ii) the Placement Agent has
not made and will not make any representation or warranty, whether express or implied, of any kind or character and have not provided
any advice or recommendation in connection with the transactions contemplated hereby, and (iii) the Placement Agent will have no
responsibility with respect to (A) any representations, warranties or agreements made by any person or entity under or in connection
with the transactions contemplated hereby or any of the documents furnished pursuant thereto or in connection therewith, or the
execution, legality, validity or enforceability (with respect to any person) of any thereof, or (B) the financial condition, business,
or any other matter concerning the Company or the transactions contemplated hereby.

 

(j)                
The Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering
of the Shares or made any findings or determination as to the fairness of this investment.

 

(k)              
The Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction
of incorporation or formation.

 

(l)                
The execution, delivery and performance by the Subscriber of this Agreement are within the powers of the Subscriber, have
been duly authorized and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets
of Subscriber pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement
or instrument to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber
is subject; (ii) the organizational documents of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of
any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of Subscriber’s
properties that, in the case of clauses (i) and (iii), would reasonably be expected to have a material adverse effect on the legal
authority of Subscriber to comply in all material respects with the terms of this Agreement. The signature of the Subscriber on
this Agreement is genuine, and the signatory has been duly authorized to execute the same, and this Agreement constitutes a legal,
valid and binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights generally
and subject, as to enforceability, to general principles of equity.

 

(m)            
Neither the due diligence investigation conducted by the Subscriber in connection with making its decision to acquire the
Shares nor any representations and warranties made by the Subscriber herein shall modify, amend or affect the Subscriber’s
right to rely on the truth, accuracy and completeness of the Company’s representations and warranties contained herein.

 

    	 	9	 

     

    

 

(n)              
The Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered
by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order
issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited
by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515,
or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. The Subscriber agrees to provide
law enforcement agencies, if requested thereby, such records as required by applicable law, provided that the Subscriber
is permitted to do so under applicable law. If the Subscriber is a financial institution subject to the Bank Secrecy Act (31 U.S.C.
Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”),
and its implementing regulations (collectively, the “BSA/PATRIOT Act”), the Subscriber maintains policies and
procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required by law,
the Subscriber maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions
programs, including the OFAC List. To the extent required by law, the Subscriber maintains policies and procedures reasonably designed
to ensure that the funds held by the Subscriber and used to purchase the Shares were legally derived.

 

(o)              
Subject to the satisfaction of the terms and conditions of this Agreement, the Subscriber will have sufficient funds to
pay the Subscription Amount pursuant to Section 2 at the Closing.

 

(p)              
The Subscriber agrees that, from the date of this Agreement, none of the Subscriber, its controlled affiliates, or any person
or entity acting on behalf of Subscriber or any of its controlled affiliates or pursuant to any understanding with Subscriber or
any of its controlled affiliates will engage in any hedging or other transactions or arrangements (including, without limitation,
any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any
other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected
to lead to or result in, a sale, loan, pledge or other disposition or transfer (whether by the Subscriber or any other person)
of any economic consequences of ownership, in whole or in part, directly or indirectly, of any securities of the Company prior
to the Closing, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery
of securities of the Company, in cash or otherwise, or to publicly disclose the intention to undertake any of the foregoing; provided
that, for the avoidance of doubt, this clause (p) shall not apply to any sale (including the exercise of any redemption right)
of securities of the Company (i) held by the Subscriber, its controlled affiliates or any person or entity acting on behalf of
the Subscriber or any of its controlled affiliates prior to the execution of this Agreement or (ii) purchased by the Subscriber,
its controlled affiliates or any person or entity acting on behalf of the Subscriber or any of its controlled affiliates in open
market transactions after the execution of this Agreement.

 

7.                 
 [RESERVED]

 

    	 	10	 

     

    

 

8.                 
Registration Rights Agreement. 

 

(a)              
The Company agrees that, thirty (30) calendar days after the consummation of the Transaction (the “Filing Date”),
the Company (or its successor) will file with the SEC (at the Company’s sole cost and expense) a registration statement registering
the resale of the Shares (the “Registration Statement”), and the Company shall use its commercially reasonable
efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than
the earlier of (i) 90th calendar day (or 120th calendar day if the SEC notifies the Company that it will
 “review” the Registration Statement) following the Closing and (ii) the 10th business day after the date the Company
is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be “reviewed”
or will not be subject to further review (such date, the “Effectiveness Date”); provided, however, that if the
SEC is closed for operations due to a government shutdown, the Effectiveness Date shall be extended by the same amount of days
that the SEC remains closed for operations, provided, further, that the Company’s obligations to include the Shares in the
Registration Statement are contingent upon the Subscriber furnishing in writing to the Company such information regarding the Subscriber,
the securities of the Company held by the Subscriber and the intended method of disposition of the Shares, which shall be limited
to non-underwritten public offerings, as shall be reasonably requested by the Company to effect the registration of the Shares,
and Subscriber shall execute such documents in connection with such registration as the Company may reasonably request that are
customary of a selling stockholder in similar situations, including providing that the Company shall be entitled to postpone and
suspend the effectiveness or use of the Registration Statement during any customary blackout or similar period or as permitted
hereunder. The Company agrees that the Company will cause such Registration Statement or another registration statement (which
may be a “shelf” registration statement) to remain effective until the earlier of (i) three (3) years from the issuance
of the Shares, (ii) the date on which the Subscriber no longer owns any Shares acquired pursuant to this Agreement or (iii) on
the first date on which the Subscriber can sell all of its Shares (or shares received in exchange therefor) without restriction
under Rule 144, including without limitation, any volume and manner of sale restrictions which may be applicable to affiliates
under Rule 144 and without the requirement for the Company to be in compliance with the current public information required under
Rule 144(c)(1) or Rule 144(i)(2), as applicable (the “Registration Period”). The Subscriber agrees to disclose
its beneficial ownership, as determined in accordance with Rule 13d-3 of the Exchange Act, of Shares to the Company (or its successor)
upon request to assist the Company in making the determination described above. The Company may amend the Registration Statement
so as to convert the Registration Statement to a Registration Statement on Form S-3 at such time after the Company becomes eligible
to use such Form S-3. Notwithstanding the foregoing, if the SEC prevents the Company from including any or all of the shares proposed
to be registered under the Registration Statement due to limitations on the use of Rule 415 under the Securities Act for the resale
of the Shares by the applicable stockholders or otherwise, such Registration Statement shall register for resale such number of
Shares which is equal to the maximum number of Shares as is permitted to be registered by the SEC. In such event, the number of
Shares to be registered for each selling stockholder named in the Registration Statement shall be reduced pro rata among all such
selling stockholders and as promptly as practicable after being permitted to register additional Shares under Rule 415 under the
Securities Act, the Company shall amend the Registration Statement or file a new Registration Statement to register such additional
Shares and cause such amendment or Registration Statement to become effective as promptly as practicable. For purposes of clarification,
any failure by the Company to file the Registration Statement by the Filing Date or to effect such Registration Statement by the
Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement as set
forth above in this Section 8.

 

    	 	11	 

     

    

 

(b)              
In the case of the registration, qualification, exemption or compliance effected by the Company pursuant to this Agreement,
the Company shall, upon reasonable request, inform Subscriber as to the status of such registration, qualification, exemption and
compliance. At its expense the Company shall:

 

(i)                
except for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of a Registration
Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under
state securities laws which the Company determines to obtain, continuously effective with respect to Subscriber, and to keep the
applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions,
for the Registration Period;

 

(ii)             
advise Subscriber within five (5) business days:

 

(A)            
when a Registration Statement or any amendment thereto has been filed with the SEC and when such Registration Statement
or any post-effective amendment thereto has become effective;

 

(B)             
of the issuance by the SEC of any stop order suspending the effectiveness of any Registration Statement or the initiation
of any proceedings for such purpose;

 

(C)             
of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(D)            
subject to the provisions in this Agreement, of the occurrence of any event that requires the making of any changes in any
Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state
a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the
light of the circumstances under which they were made) not misleading.

 

Notwithstanding anything to the contrary
set forth herein, the Company shall not, when so advising Subscriber of such events, provide Subscriber with any material, nonpublic
information regarding the Company other than to the extent that providing notice to Subscriber of the occurrence of the events
listed in (A) through (D) above constitutes material, nonpublic information regarding the Company;

 

    	 	12	 

     

    

 

(iii)           
use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement as soon as reasonably practicable;

 

(iv)            
upon the occurrence of any event contemplated above, except for such times as the Company is permitted hereunder to suspend,
and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially reasonable
efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement
to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Shares included
therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

(v)              
use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or market, if any,
on which the shares of Class A Common Stock issued by the Company have been listed; and

 

(vi)            
use its commercially reasonable efforts (i) to take all other steps necessary to effect the registration of the Shares contemplated
hereby and (ii) for so long as the Subscriber holds Shares, to file all reports and other materials required to be filed by the
Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is
required for the applicable provisions of Rule 144 to enable Subscriber to sell the Shares under Rule 144.

 

(c)              
The Company may delay filing or suspend the use of any such registration statement if it determines that in order for the
registration statement to not contain a material misstatement or omission, an amendment thereto would be needed, or if such filing
or use could materially adversely affect a bona fide business or financing transaction of the Company or would require premature
disclosure of information that the Company’s board of directors reasonably believes, upon the advice of legal counsel, could
materially adversely affect the Company (each such circumstance, a “Suspension Event”); provided, that, (i)
the Company shall not so delay filing or so suspend the use of the Registration Statement on more than three (3) occasions or for
a period of more than sixty (60) consecutive days or more than one hundred and twenty (120) days in the aggregate in any three
hundred and sixty (360)-day period and (ii) the Company shall use commercially reasonable efforts to make such registration statement
available for the sale by the Subscriber of such securities as soon as practicable thereafter. Upon receipt of any written notice
from the Company (which notice shall not contain any material non-public information regarding the Company) of the happening of
any Suspension Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the
Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made (in the case of the prospectus) not misleading, the Subscriber agrees that (i) it will immediately discontinue offers and
sales of the Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144)
until the Subscriber receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that
corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become
effective or unless otherwise notified by the Company that it may resume such offers and sales, and (ii) it will maintain the confidentiality
of any information included in such written notice delivered by the Company unless otherwise required by law or subpoena. If so
directed by the Company, the Subscriber will deliver to the Company or, in the Subscriber’s sole discretion destroy, all
copies of the prospectus covering the Shares in the Subscriber’s possession; provided, however, that this obligation to deliver
or destroy all copies of the prospectus covering the Shares shall not apply (i) to the extent the Subscriber is required to retain
a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements
or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival
servers as a result of automatic data back-up.

 

    	 	13	 

     

    

 

(d)              
For purposes of this Section 8, “Shares” shall mean, as of any date of determination, the Shares purchased
by Subscriber pursuant to this Agreement and any other equity security issued or issuable with respect to such Shares by way of
share split, dividend, distribution, recapitalization, merger, exchange, replacement or similar event.

 

(e)              
The Company shall indemnify, defend and hold harmless the Subscriber (to the extent a seller under the Registration Statement),
its officers, directors, partners, members, managers, stockholders, advisers and agents, and each person who controls the Subscriber
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), to the fullest extent permitted
by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable
and documented out-of-pocket attorneys’ fees) and expenses (collectively, “Losses”), resulting from any
untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration
Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or any omission
or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the
case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not
misleading, except to the extent, and only to the extent, that such untrue statements, alleged untrue statements, omissions or
alleged omissions are based upon information furnished in writing to the Company by the Subscriber expressly for use therein. Notwithstanding
the forgoing, the Company’s indemnification obligations shall not apply to amounts paid in settlement of any Losses or action
if such settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld
or delayed).

 

(f)               
The Subscriber shall indemnify and hold harmless the Company, its directors, officers, agents and employees, and each person
who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act),
and the directors, officers, agents or employees of such controlling persons, to the fullest extent permitted by applicable law,
from and against all Losses, resulting from any untrue or alleged untrue statement of a material fact contained in any Registration
Statement, any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement
thereto or in any preliminary prospectus, or any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in
the light of the circumstances under which they were made) not misleading to the extent, and only to the extent, that such untrue
statements, alleged untrue statements, omissions or alleged omissions are based upon information furnished in writing to the Company
by the Subscriber expressly for use therein. In no event shall the liability of the Subscriber be greater in amount than the dollar
amount of the net proceeds received by the Subscriber upon the sale of the Shares giving rise to such indemnification obligation.

 

    	 	14	 

     

    

 

(g)              
If the indemnification provided under this Section 8 from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred to above
shall be subject to the limitations set forth in this Section 8 and deemed to include any legal or other fees, charges or expenses
reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 6 from any
person who was not guilty of such fraudulent misrepresentation. Each indemnifying party’s obligation to make a contribution
pursuant to this Section 8(g) shall be individual, not joint and several, and in no event shall the liability of Subscriber hereunder
exceed the net proceeds received by Subscriber upon the sale of the Shares giving rise to such indemnification obligation.

 

9.                 
Termination. This Agreement shall terminate and be void and of no further force and effect, and all rights and obligations
of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier
to occur of (a) the date and time as the Transaction Agreement is terminated in accordance with its terms, (b) the mutual written
agreement of each of the parties hereto to terminate this Agreement or (c) the transactions contemplated by this Agreement are
not consummated prior to the date that is 15 business days after the Outside Date (as defined in the Transaction Agreement); provided
that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each
party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach.
The Company shall promptly notify the Subscriber of the termination of the Transaction Agreement promptly after the termination
of such agreement.

 

    	 	15	 

     

    

 

10.             
Trust Account Waiver. Reference is made to the final prospectus of the Company, dated as of February 21, 2019 and
filed with the SEC (File No. 333-229157) on February 22, 2019. The Subscriber hereby acknowledges that the Company has established
a trust account (the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”)
and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon)
for the benefit of the Company’s public stockholders and certain other parties (including the underwriters of the IPO). For
and in consideration of the Company entering into this Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Subscriber hereby agrees that (i) notwithstanding anything to the contrary in this
Agreement, neither the Subscriber nor its controlling persons now or shall at any time hereafter have any right, title, interest
or claim of any kind in or to any assets held in the Trust Account (including, without limitation, any distributions therefrom),
and shall not make any claim against the Trust Account (including, without limitation, any distributions therefrom), arising as
a result of, in connection with or relating in any way to this Agreement or any ancillary documents entered in connection herewith,
the transactions contemplated hereby or thereby, or any discussions in connection therewith, and regardless of whether such claim
arises based on contract, tort, equity or any other theory of legal liability (any and all such claims are collectively referred
to hereafter as the “Released Claims”), (ii) it and its controlling persons irrevocably waive any Released Claims that
it may have against the Trust Account (including, without limitation, any distributions therefrom) now or in the future as a result
of, or arising out of, any negotiations, contracts or agreements with the Company or its representatives, and (iii) it or its controlling
persons will not seek recourse against the Trust Account for the Released Claims. The Subscriber agrees and acknowledges that such
irrevocable waiver is material to this Agreement and specifically relied on by the Company and its affiliates to induce the Company
to enter into this Agreement, and the Subscriber further intends and understands such waiver to be valid, binding and enforceable
against the Subscriber and its controlling persons under applicable law. To the extent the Subscriber or any of its controlling
persons commences any action or proceeding based upon, in connection with, relating to or arising out of this Agreement, which
proceeding seeks, in whole or in part, monetary relief against the Company or its representatives, the Subscriber hereby acknowledges
and agrees that the Subscriber’s and its controlling persons sole remedy shall be against funds held outside of the Trust
Account and that such claim shall not permit the Subscriber (or any person claiming on any of their behalf or in lieu of the Subscriber)
to have any claim against the Trust Account (including, without limitation, any distributions therefrom) or any amounts contained
therein; provided that nothing in this Section 9 shall be deemed to limit any Subscriber’s right, title, interest or claim
to the Trust Account by virtue of such Subscriber’s record or beneficial ownership of securities of the Company acquired
by any means other than pursuant to this Agreement, including but not limited to any redemption right with respect to any such
public common stock of the Company.

 

11.             
Miscellaneous.

 

(a)              
Neither this Agreement nor any rights that may accrue to the Subscriber hereunder (other than the Shares acquired hereunder,
if any) may be transferred or assigned.

 

(b)              
The Company may request from the Subscriber such additional information as the Company may deem necessary to evaluate the
eligibility of the Subscriber to acquire the Shares, and the Subscriber shall provide such information as may reasonably be requested,
to the extent readily available and to the extent consistent with the Subscriber’s internal policies and procedures.

 

    	 	16	 

     

    

 

(c)              
The Subscriber acknowledges that the Company will rely on the acknowledgments, understandings, agreements, representations
and warranties contained in this Agreement. Prior to the Closing, the Subscriber agrees to promptly notify the Company if any of
the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate.

 

(d)              
Each of the Company and the Placement Agent is entitled to rely upon this Agreement and is irrevocably authorized to produce
this Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect
to the matters covered hereby.

 

(e)              
The Subscriber shall consult with the Company in issuing any press release or making any other similar public statement
with respect to the transactions contemplated hereby, and the Subscriber shall not issue any such press release or make any such
public statement without the prior consent (such consent not to be unreasonably withheld or delayed) of the Company, provided that
the consent of the Company shall not be required if such disclosure is required by law, in which case the Subscriber shall promptly
provide the other party with prior notice of such disclosure.

 

(f)               
The Company shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this
Agreement, issue one or more press releases or file with the SEC a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing, to the extent not previously publicly disclosed, all material terms of the transactions contemplated
hereby, the Transaction and any other material, nonpublic information that the Company has, directly or indirectly through the
Placement Agent, provided to the undersigned at any time prior to the filing of the Disclosure Document. From and after the issuance
of the Disclosure Document, to the Company’s knowledge, Subscriber shall not be in possession of any material, nonpublic
information received from the Company or any of its officers, directors or employees. Notwithstanding anything in this Agreement
to the contrary, the Company shall not publicly disclose the name of Subscriber or any of its affiliates or investment advisers,
or include the name of Subscriber or any of its affiliates or investment advisers in any press release or in any filing with the
SEC or any regulatory agency or trading market, without the prior written consent of Subscriber, except (i) as required by the
federal securities law in connection with the Registration Statement, (ii) the filing of this Agreement (or a form of this Agreement)
with the SEC, (iii) the filing of a registration statement on Form S-4 and/or the Schedule 14A and related proxy materials to be
filed by the Company with respect to the Transaction and (iv) to the extent such disclosure is required by law, at the request
of the Staff of the SEC or regulatory agency or under the regulations of the Nasdaq, in which case the Company shall provide Subscriber
with prior written notice of such disclosure permitted under this subclause (iv).

 

(g)              
All the agreements, representations and warranties made by each party hereto in this Agreement shall survive the Closing.

 

(h)              
This Agreement may not be modified or waived except by an instrument in writing, signed by the party against whom enforcement
of such modification or waiver is sought.

 

    	 	17	 

     

    

 

(i)                
This Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations
and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as expressly set forth
in this Agreement, this Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their
respective successors and assigns.

 

(j)                
Except as otherwise provided herein, this Agreement shall be binding upon, and inure to the benefit of, the parties hereto
and their respective heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon,
such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

(k)              
If any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby and shall continue in full force
and effect.

 

(l)                
This Agreement may be executed in one or more counterparts (including by facsimile or electronic mail or in .pdf) and by
different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts
so executed and delivered shall be construed together and shall constitute one and the same agreement.

 

(m)            
The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall
be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in
tort or otherwise.

 

(n)              
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE. EACH PARTY HERETO
HEREBY WAIVES ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

(o)              
Each party hereto hereby, and any person asserting rights as a third party beneficiary hereunder may do so only if he, she
or it, irrevocably agrees that any claims shall be brought only to the exclusive jurisdiction of the courts of the State of Delaware
located in New Castle County or, if such courts decline to exercise jurisdiction, any federal or state court located in New York
County, New York, and each party hereby consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom)
in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may
now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit,
action or proceeding that is brought in any such court has been brought in an inconvenient forum. During the period a claim that
is filed in accordance with this Section 11(o) is pending before a court, all actions, suits or proceedings with respect to
such claim or any other claim, including any counterclaim, cross-claim or interpleader, shall be subject to the exclusive jurisdiction
of such court. Each party and any person asserting rights as a third party beneficiary may do so only if he, she or it hereby waives,
and shall not assert as a defense in any claim, that (a) such party is not personally subject to the jurisdiction of the above
named courts for any reason, (b) such action, suit or proceeding may not be brought or is not maintainable in such court, (c) such
party’s property is exempt or immune from execution, (d) such action, suit or proceeding is brought in an inconvenient forum,
or (e) the venue of such action, suit or proceeding is improper. A final judgment in any action, suit or proceeding described
in this Section 11(o) following the expiration of any period permitted for appeal and subject to any stay during appeal shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

 

    	 	18	 

     

    

 

(n)       Any
notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or telecopied,
sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be
deemed to be given and received (1) when so delivered personally, (2) upon receipt of an appropriate electronic answerback or confirmation
when so delivered by telecopy (to such number specified below or another number or numbers as such person may subsequently designate
by notice given hereunder), (3) when sent, if sent on a business day prior to 5:00 p.m. New York City time, with no mail undeliverable
or other rejection notice, if sent by email, or on the business day following the day when sent, if sent on a day that is not a
business day or after 5:00 p.m. New York City time on a business day, with no mail undeliverable or other rejection notice, if
sent by email, or (4) five (5) business days after the date of mailing to the address below or to such other address or addresses
as such person may hereafter designate by notice given hereunder:

 

		(i)	if to Subscriber, to such address or addresses set forth on the signature page hereto;

 

		(ii)	if to the Company, to:

 

Acamar Partners Acquisition Corp.

1450 Brickell Avenue, suite 2130

Miami, Florida 33131 

Att: Joseba Picaza

email: joseba@acamarpartners.com

 

12.             
Non-Reliance and Exculpation. The Subscriber acknowledges that it is not relying upon, and has not relied upon, any
statement, representation or warranty made by any person, firm or corporation (including, without limitation, the Placement Agent,
any of its affiliates or any of its or their control persons, officers, directors and employees), other than the statements, representations
and warranties contained in this Agreement, in making its investment or decision to invest in the Company. The Subscriber agrees
that neither (i) any Other Investor nor (ii) the Placement Agent, its affiliates or any of its or their affiliates’ control
persons, officers, directors or employees, shall be liable to Subscriber or any Other Investor pursuant to this Agreement or any
Other Subscription Agreement for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with
the purchase of the Shares.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	19	 

     

    

 

 

IN WITNESS WHEREOF, the Subscriber
has executed or caused this Agreement to be executed by its duly authorized representative as of the date set forth above.

 

	Name of Subscriber:	 	 
	 	 	 	 
	By:	 	 	 
	 	Name: 	 	 
	 	Title:  	 	 

 

	 	 	 	 
	Name in which securities are to be registered	 	 	 
	(if different)	 	 	 

 

	Email Address:  	 	 	 
	Subscriber’s EIN:  	 	 	 

 

	Address:
	 
	 
	Attn:
	 
	 
	Telephone No.:
	 
	Aggregate Number of Acquired Shares subscribed for: ________
	 
	Aggregate Purchase Price: $________

 

[Signature Page to the Subscription Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the Company has
executed or caused this Agreement to be executed by its duly authorized representative as of the date set forth above.

 

	 	Acamar Partners Acquisition Corp.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

  

[Signature Page to the Subscription Agreement]

 

     

     

    

 

SCHEDULE A

 

ELIGIBILITY REPRESENTATIONS OF THE SUBSCRIBER

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

		1.	 ̈ We are a “qualified institutional buyer”
(as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)).

 

** OR **

 

		B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS

(Please check the applicable subparagraphs):

 

		1.	 ̈ We are an “accredited investor” (within
the meaning of Rule 501(a) under the Securities Act) for one or more of the following reasons (Please check the applicable subparagraphs):

 

		 ̈	We are a bank, as defined in Section 3(a)(2) of the Securities Act or any savings and loan association or other institution
as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in an individual or a fiduciary capacity.

 

		 ̈	We are a broker or dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended.

 

		 ̈	We are an insurance company, as defined in Section 2(13) of the Securities Act.

 

		 ̈	We are an investment company registered under the Investment Company Act of 1940 or a business development company, as defined
in Section 2(a)(48) of that act.

 

		 ̈	We are a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of
the Small Business Investment Act of 1958.

 

		 ̈	We are a plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state
or its political subdivisions for the benefit of its employees, if the plan has total assets in excess of $5 million.

 

     

     

    

 

		 ̈	We are an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the
investment decision is being made by a plan fiduciary, as defined in Section 3(21) of such act, and the plan fiduciary is either
a bank, a savings and loan association, an insurance company, or a registered investment adviser, or if the employee benefit plan
has total assets in excess of $5 million.

 

		 ̈	We are a private business development company, as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

 

		 ̈	We are a corporation, Massachusetts or similar business trust, or partnership, or an organization described in Section 501(c)
(3) of the Internal Revenue Code of 1986, as amended, that was not formed for the specific purpose of acquiring the Shares, and
that has total assets in excess of $5 million.

 

		 ̈	We are a trust with total assets in excess of $5 million not formed for the specific purpose of acquiring the Shares, whose
purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act.

 

			We are an entity in which all of the equity owners are accredited investors.

 

		**AND**	

 

		C.	AFFILIATE STATUS

 

(Please check the applicable box)

 

THE SUBSCRIBER:

 

☐is:

 

☐is
not:

 

an “affiliate” (as defined in Rule 144 under
the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

 

This page should be completed by the
Subscriber and constitutes a part of the AgreementExhibit

EMPLOYMENT AGREEMENT

THIS AGREEMENT (the “Agreement”) is made as October 20, 2020, by and between Sonic Foundry, Inc. (“Sonic Foundry” or the “Company”), a Maryland corporation having its principal offices at 222 West Washington Avenue, Madison, Wisconsin 53703, and Joseph Mozden, Jr. (hereinafter referred to as “Mozden” or “Employee”).

WITNESSETH:

WHEREAS, Sonic Foundry and Employee desire to enter into an employment agreement that will set forth the terms and conditions of Employee’s employment with Sonic Foundry.

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the parties agree as follows:

1. Employment and Appointment to the Board of Directors.

Sonic Foundry hereby agrees to employ Employee as Chief Executive Officer and Employee hereby accepts such employment. Sonic Foundry hereby confirms and agrees that Employee will serve as Chief Executive Officer of Sonic Foundry. In his capacity as Chief Executive Officer, Employee shall report to the Board of Directors of Sonic Foundry. Employee shall serve in an executive capacity and shall perform such duties as are customarily performed by a Chief Executive Officer, consistent with the bylaws of the Company and as required by the Company’s Board of Directors. 

Sonic Foundry further agrees to appoint Employee to the Board of Directors as soon as practicable following execution of this Agreement. In addition, Sonic Foundry agrees to nominate Employee, at subsequent annual meetings of stockholders during the term of this Agreement, to continue his membership on the Board of Directors.

2. Term

Subject to the provisions governing termination as hereinafter provided, the term of this Agreement shall commence on September 14, 2020 (the “Commencement Date”) and shall continue until terminated pursuant to the terms hereof.

3. Compensation

(a) Base Compensation. For all services rendered by Employee under this Agreement, Sonic Foundry shall pay Employee a salary of $300,000.00 per year, payable in bi-weekly installments in accordance with Sonic Foundry’s standard payroll practices. Employee’s annual salary is hereinafter referred to as “Base Compensation”. Base compensation will be subject to annual review and revision effective as of each anniversary of the Commencement Date with the concurrence of the Board of Directors.

(b) Bonus Plans. Employee may receive periodic performance bonuses as may be declared by the Board of Directors of Sonic Foundry (or a duly constituted and empowered committee thereof). It is the intent of the Company that Employee shall be able to earn a bonus of up to $150,000 provided that the Company meets certain metrics to be determined, but which will be primarily based on the Company achieving profitability. The parties to this Agreement will endeavor in good faith to determine the first year’s reasonably achievable bonus metrics within 90 days of the Commencement Date.

(c) Other Benefits. Employee shall receive such other incidental benefits of employment, such as insurance, retirement plan, and paid time off, as are provided generally to Sonic Foundry’s other salaried employees on the same terms as are applicable to such other employees.

(d) Expenses. Employee shall also be reimbursed for all reasonable business expenses incurred in connection with Employee’s employment.

(e) Relocation Expenses. Employee shall be entitled to a reimbursement payment from the Company equal to his reasonable moving expenses, not to exceed $25,000, should Employee elect to relocate to the Madison area at any time during the first eighteen months following the Commencement Date.

4. Equity. 

As further compensation for the services to be performed hereunder, Employee shall be awarded certain rights to purchase or receive shares of the Company’s Common Stock as follows:

 (a) Initial Stock Option Grant. Upon the signing of this Agreement, the Company will grant Employee options (“Options”) to purchase two hundred thousand (200,000) shares of Common Stock in accordance with the terms of the Company’s stock option plans and its standard option agreement, which shall vest according to the following schedule:

(i) thirty-five thousand (35,000) Options will vest on that date which is six months following the Commencement Date, and 

(ii) the remaining one hundred sixty five thousand (165,000) Options will vest, in five thousand five hundred (5,500) option increments, beginning on that date which is seven months following the Commencement Date, and continuing on the same date of each month thereafter, until all remaining outstanding options have vested. The Options  shall be exercisable at the fair market value of the Common Stock on the date of issuance and shall have a term of ten (10) years.

(b) Performance Stock Option. On or shortly after the signing of this Agreement, the Company will grant Employee an option (“Performance Option”) to purchase one hundred fifty thousand (150,000) shares of Common Stock in accordance with the terms of the Company’s stock option plans and its standard option agreement, except as set forth below. The Performance Option shall be exercisable at the fair market value of the Common Stock on the Commencement Date and shall have a term of ten (10) years. Shares subject to the Performance Option shall commence vesting upon metrics to be determined between the Employee and the Company. The parties will endeavor in good faith to determine reasonably achievable performance metrics within 90 days of the Commencement Date. Such metrics shall include, without limitation, Company profitability, revenue, and stock price, as the parties shall agree.

5.  Extent of Services

Employee agrees that Employee shall devote his full-time business efforts and time to the Company in order to promptly and faithfully do and perform all services pertaining to Employee’s position that are or may hereafter be reasonably required of Employee by Sonic Foundry during the term of Employee’s employment hereunder. This obligation, however, shall not preclude Employee from engaging in appropriate civic, charitable or religious activities or from devoting a reasonable amount of time to private investments or from serving on the boards of directors of other companies, including closely held companies which are controlled by Employee, as long as these activities or services do not materially interfere or conflict with Employee’s responsibilities to, or ability to perform his duties of employment by the Company under this Agreement. 

6.  Working Facilities

Employee shall be furnished with facilities and services reasonably suitable to Employee’s position and adequate for the performance of Employee’s duties.

7.  Ownership and Disclosure of Information

(a) Generally. The parties acknowledge that Sonic Foundry and its affiliates (individually and collectively, the “Companies”), have developed and intend to continue the development of and to formulate, acquire and use commercially valuable technical and non-technical information, design and specification documents, concepts, technology, know-how, improvements, proposals, patent applications, techniques, marketing plans, strategies, forecasts, inventions (not limited by the definition of an invention contained in the United States Patent Laws), Trade Secrets (as defined in the Uniform Trade Secrets Act) and processes that are considered proprietary by the Companies and not generally known to the public, particularly including, without limitation, software, customer and supplier lists, books and records, computer programs, pricing information and business plans (collectively, the “Proprietary Information”). It is necessary for the Companies to protect the Proprietary Information by patents or copyrights or by holding it secret and confidential.

(b) Access to Proprietary Information. The parties acknowledge that Employee has access to the Proprietary Information and that the disclosure or misuse of such Proprietary Information could irreparably damage the Companies and/or their respective clients or customers.

(c) Nondisclosure to others. Except as directed by Sonic Foundry in writing or verbally, Employee shall not at any time during Employee’s employment with the Company, and for a period of two years following the termination of that employment for any reason (the “Nondisclosure Period”), disclose any Proprietary Information to any person whatsoever, examine or make copies of any reports or other documents, papers, memoranda or extracts for use other than in connection with Employee’s duties with Sonic Foundry or utilize for Employee’s own benefit or for the benefit of any other party any Proprietary Information, and will use reasonable diligence to maintain the confidential, secret or proprietary character of all Proprietary Information, provided, however, that Employee may disclose Proprietary Information if compelled to do so by a court or governmental agency, provided further, however, that to the extent allowed by law, Employee shall give Sonic Foundry three business days’ notice prior to such disclosure. Employee’s obligation not to disclose any Trade Secrets of the Companies shall not be limited by the Nondisclosure Period, but will extend to the full extent permitted by applicable law.

(d) Property of Sonic Foundry. Employee agrees that any inventions, discoveries, improvements, or works which are conceived, first reduced to practice, made, developed, suggested by, or created in anticipation of, in the course of or as a result of work done under this Agreement by Employee shall become the absolute property of Sonic Foundry. Employee further agrees that all such inventions, discoveries, improvements, creations, or works, and all letters, patents or copyrights that may be obtained with respect thereto shall be the property of Sonic Foundry, and Employee agrees to do every commercially reasonable act and thing at Sonic Foundry’s expense required to vest those patents or copyrights in Sonic Foundry without any other or additional consideration to Employee than herein expressed.

8.  Termination For Cause

		
	(a)
	Cause. Sonic Foundry may at any time during the term of this Agreement discharge Employee for “cause.” The term “cause” is defined herein as Employee’s (i) misappropriation of corporate funds, fraud, embezzlement or other illegal conduct to the detriment of Sonic Foundry, (ii) negligence in the execution of Employee’s material assigned duties or Employee’s voluntary abandonment of his or her job for any reason other than disability; (iii) refusal or failure, after not less than 20 days written notice that such refusal or failure would constitute a default hereunder, to carry out any reasonable and material direction from the Board of Directors given to him in writing; (iv) conviction of a felony that is substantially related to Employee’s position with the Company and/or Employee’s duties; or (v) material breach or violation of the terms of this Agreement, which breach or violation shall not have been fully cured (as determined by the Board of Directors acting in good faith) by Employee within 20 days after receipt of written notice of the same from the Board of Directors. Employee shall be terminated only following a finding of “cause” in a resolution adopted by majority vote of the Board of Directors of Sonic Foundry. 

		
	(b)
	Rights Following Cause Termination or Death or Disability. Following a termination of Employee’s employment with Sonic Foundry for “cause” pursuant to Paragraph 8(a), or following Employee’s death or disability: (i) all rights and liabilities of the parties hereto shall cease and this Agreement shall be terminated (except for the continuing obligations of Employee as set forth in Paragraph Nos. 7, 11, 12, 13, and 20 herein); and (ii) Employee shall not be entitled to receive any severance benefits, salary, other benefits or compensation of any kind (except for (i) health insurance continuation as required by COBRA, (ii) salary accrued through the date of termination, death or disability,  (iii) performance bonus, but only as to each separable component of such bonus if all performance-based metrics set forth in each such separable component of such bonus have been fully met prior to the date of termination, death or disability, and (iv) in the event of Employee’s death or disability, life or disability insurance proceeds with respect to all life or disability insurance policies provided by Sonic Foundry) either as consideration for his employment or in connection with the termination of his employment. In the event that Employee voluntarily terminates Employee’s employment other than for Good Reason (as hereinafter defined) and asserts that the termination was actually a constructive termination, Sonic Foundry shall be entitled to treat that termination as a termination for “cause” in the event that there are any reasonable grounds present at the time of such termination that the Board of Directors could have asserted in support of a for “cause” termination. Notwithstanding anything herein to the contrary or in any other agreement between the parties,, in the event of Employee’s death or disability, Employee or his legal representative or estate shall have no less than one (1) year from the date of death or disability to exercise all stock options which were vested upon such date of death or disability.

9.  Termination Without Cause

		
	(a)
	Rights Following Termination Without Cause. Sonic Foundry may at any time during the term of this Agreement discharge Employee without “cause.” Should Employee be discharged by Sonic Foundry at any time during the term of this Agreement, except as provided in Paragraph No. 8, Sonic Foundry hereby agrees to pay to Employee the following: (i) salary accrued through the date of termination,  (ii) performance bonus, but only as to each separable component of such bonus if all performance-based metrics set forth in each such separable component of such bonus have been fully met prior to the date of termination, and (iii) an amount equal to his Base Compensation earned over the previous twelve (12) months through equal bi-weekly installments made over a twelve-month period beginning on the day immediately following the date of Employee’s termination (the “Severance Period”). 

		
	(b)
	No Additional Rights. Except as set forth above in Paragraph No. 9(a), following Sonic Foundry’s termination of Employee without cause: (i) all rights and liabilities of the parties hereto shall cease and this Agreement shall be terminated (subject to the continuing obligations of Employee pursuant to Paragraph Nos. 7, 9(c), 11, 12, 13 and 20); and (ii) Employee shall not be entitled to receive any severance benefits, salary, other benefits or compensation of any kind (except for: health insurance continuation as required by COBRA) either as consideration for Employee’s employment or in connection with the termination of Employee’s employment.

		
	(c)
	Non-Disparagement of Sonic Foundry. If, at any time during the Severance Period, Employee disparages, slanders, libels and/or defames the Company,  Employee shall immediately forfeit Employee’s right to any remaining installment payments pursuant to Paragraph No. 9(a).

		
	(d)
	Non-Disparagement of the Company. At all times time during the Severance Period, the Company agrees not to disparage, slander, libel or defame the Employee.

10.  Voluntary Termination by Employee as a Result of a Change of Control or for Good Reason.

		
	(a)
	The following shall constitute a “Change of Control”:

		
	(i)
	Any “person” becomes a “beneficial” owner, “directly or indirectly”, of stock of Sonic Foundry, representing 50% or more of the total voting power of Sonic Foundry’s then outstanding stock, without the written consent of the Board of Directors of Sonic Foundry (provided that such person was not previously the beneficial” owner, directly or indirectly, of stock of Sonic Foundry, representing 50% or more of the total voting power of Sonic Foundry’s then outstanding stock); or

		
	(ii)
	Sonic Foundry is acquired by another entity through the purchase of substantially all of its assets, the purchase of all of its outstanding voting securities or a combination thereof; or

		
	(iii)
	Sonic Foundry is merged with another entity, consolidated with another entity or reorganized in a manner in which any “person” is or becomes a “beneficial” owner, “directly or indirectly”, of stock of the surviving entity, representing 50% or more of the total voting power of the surviving entity’s then outstanding stock (one or more of the events set forth in clauses (i), (ii), and (iii) referred to as a “Change in Control”); provided that Employee gives notice thereof within fifteen days thereafter:

		
	(iv)
	All terms used in quotations in clauses (i) and (iii) shall have the meanings assigned to such terms in Section 13 of the Securities Exchange Act of 1934 and the rules, regulations, releases and no-action letters of the Securities and Exchange Commission promulgated thereunder or interpreting any of the same. For purposes of clauses (i) and (iii), the term “affiliate” shall have the meaning assigned to such term in Rule 144 promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended, and the releases and no-action letters interpreting the same.

(b) The following shall constitute “Good Reason”:
	
		
	 
	 

	•
	A material diminution of Employee’s title, authority, status, duties or responsibilities;

	
		
	 
	 

	•
	;

	
		
	 
	 

	•
	A material breach by the Company of this Agreement; or

	
		
	•
	A change in the location of the Company’s principal office to a location more than 50 miles outside of the Madison metropolitan area.

(c) Rights Following Voluntary Termination After a Change of Control or For Good Reason. Following any Change in Control or an event which would constitute Good Reason, Employee may, within sixty (60) days of the Change of Control or event which would constitute Good Reason, voluntarily terminate his employment pursuant to this Paragraph 10(c). In the event Employee’s employment is terminated pursuant to this Paragraph 10(c): (i) Sonic Foundry shall pay Employee, within thirty (30) days of such termination, an amount equal to his Base Compensation earned over the previous one year prior to his termination, and (ii) all Employee’s unvested stock options shall become fully vested.

(d) Voluntary Termination for Other Reasons. Employee may at any time during the term of this Agreement voluntarily terminate Employee’s employment with the Company for any reason in addition to the reasons set forth in Paragraph 10(b). Employee agrees to give Sonic Foundry one month advance written notice of any voluntary termination of employment. Upon the giving of such notice, Sonic Foundry may elect to terminate Employee’s employment immediately, and such termination shall be considered a voluntary termination by Employee pursuant to the provisions of this Paragraph.

(e) No Additional Rights. If Employee voluntarily terminates his employment with Sonic Foundry pursuant to Paragraph 10(c) or Paragraph 10(d): (i) all rights and liabilities of the parties hereto shall cease and this Agreement shall be terminated (subject to the continuing obligations of Employee pursuant to Paragraph Nos. 7, 11, 12, 13 and 20); and (ii) except as provided in Paragraph 10(c), Employee shall not be entitled to receive any severance benefits, salary, other benefits or compensation of any kind (except for: (i) health insurance continuation as required by COBRA, (ii) salary accrued through the date of termination, and (iii) performance bonus, but only as to each separable component of such bonus if all performance-based metrics set forth in each such separable component of such bonus have been fully met prior to the date of termination) either as consideration for Employee’s employment or in connection with the termination of Employee’s employment.

11.  Covenant Not to Compete.

Employee covenants and agrees that during the period commencing on the Commencement Date and ending one (1) year immediately following the date Employee’s employment with Sonic Foundry is terminated for any reason (the “Restrictive Period”), Employee will not directly or indirectly, alone or in conjunction with any Entity (as defined below), own, manage, operate or control or participate in the ownership, management, operation or control of, a business that materially competes with the Companies’ Business, and/or become associated with, in a similar capacity to which Employee is employed under this Agreement, as an employee, director, officer, advisor, agent, consultant, principal, partner, member or independent contractor with or lender to, any person, enterprise, firm, partnership, corporation, limited liability entity, cooperative or other entity (collectively, an “Entity”) that materially competes with the Companies’ Business. “Companies’ Business” is defined as any material commercial activities in which the Companies engage at any time during the last twelve (12) months of Employee’s employment with Sonic Foundry.

12. Covenant Not to Solicit Companies’ Customers.

Employee covenants and agrees that during the Restrictive Period Employee will not directly or indirectly, alone or in conjunction with any other person or business entity, Solicit or attempt to Solicit any business from any customer of the Companies, and/or any prospective customer of the Companies, with which Employee had more than happenstance contact on behalf of the Companies during the one (1) year period immediately preceding the termination of Employee’s employment with the Company. For the purposes of this Paragraph, “Solicit” is defined as encouraging, attempting to induce and/or inducing a customer to forego obtaining services from the Companies and, instead, to obtain such services from another person or business entity.

13. Covenant Not to Solicit Companies Employees.

Employee covenants and agrees that during the Restrictive Period Employee will not directly or indirectly, alone or in conjunction with any other person or business entity, encourage, solicit, attempt to induce and/or induce any sales, operating, technical or other employees of one or more of the Companies to terminate that employment. Notwithstanding the foregoing, Employee or his affiliates shall not be prohibited from hiring employees of the Company who  (i) respond to a general solicitation of employment by advertisement  that is not specifically directed toward employees of the Company or its affiliates, or (ii) whose employment has been terminated by the Company 

14. Reasonableness of Restrictions.

Employee agrees that the restrictions set forth in Paragraph Nos. 7, 11, 12, and 13 are necessary to protect the Companies’ interests, are reasonable, and were specifically negotiated with the Company. Employee agrees that Employee’s violation(s) of any one or more of these restrictions would result in substantial and irreparable injury to the Companies, and that the Companies may not have an adequate remedy at law with respect to any such violation(s). Accordingly, Employee agrees that, in the event of any actual or threatened violation(s) of one or more of the restrictions, the Company shall have the right to obtain, in addition to any other remedies that may be available under the Agreement and/or by law, equitable relief, including, but not limited to, temporary and permanent injunctive relief, to cease or prevent any actual or threatened violation(s).

15.   Arbitration.

Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules. The number of arbitrators shall be one. The place of arbitration shall be Madison, Wisconsin. Wisconsin law shall apply. Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.

16.  Notices

Any notice required or permitted to be given under the Agreement shall be sufficient if in writing and sent by certified mail to Employee’s residence, in the case of Employee, or to its principal office, in the case of the Company.

17.  Waiver of Breach

The waiver by the Company of a breach of any provision of the Agreement by Employee shall not operate or be construed to act as a waiver of any other breach by Employee. The waiver by Employee of a breach of any provision of the Agreement by the Company shall not operate or be construed to act as a waiver of any other breach by the Company.

18.  Assignment

The rights and obligations of the Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of the Company. The rights and obligations of Employee to any severance and/or accrued compensation hereunder shall, in the event of Employee’s death, inure to the benefit of Employee’s heirs and/or legatees.

19.  Entire Agreement; Written Amendment

This instrument contains the entire agreement of the parties with respect to the subject matter hereof. The Agreement may only be amended, modified, extended or discharged, and the provisions of the Agreement may only be waived, by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought.

20.  Additional Duties upon Employee’s Termination. 

In the event the employment of Employee is terminated for any reason whatsoever, Employee shall immediately deliver to the Company all computer software, correspondence, letters, contracts, call reports, price lists, manuals, mailing lists, customer lists, advertising materials, ledgers, supplies, equipment, checks, petty cash, and all other materials and records of any kind and other embodiments of information that may be in Employee’s possession or under his control which belong to the Company and/or have been obtained from the Company by Employee, including any and all copies of such items previously described in this paragraph. Except as stated above, all salary, commissions, benefits and rights thereto cease as of the termination date.

21.  Warranty and Indemnification. 

Employee warrants that Employee is not a party to an agreement or restrictive covenant which would prohibit Employee’s employment by the Company or restrict Employee’s activities of employment with the Company. Employee further agrees to indemnify and hold the Company harmless from any and all suits, claims or damages which arise out of the assertion by any other person, firm or entity that such a restrictive covenant or agreement exists, has existed, or operates to control or restrict Employee’s activities in any manner.

22.  Inducement or Coercion for Employment.

 Employee acknowledges that this Agreement has been executed by Employee without coercion by the Company, and that no representations or inducements of any kind have been made or provided by the Company to obtain Employee’s execution of the Agreement other than those specifically contained in this written document. Employee represents that Employee has been given the opportunity to review this Agreement with Employee’s own independent counsel.

23. Severability. 

The provisions of the Agreement shall be deemed severable, and the invalidity or unenforceability of any one or more of the provisions or clauses hereof shall not affect the validity or enforceability of the other provisions or clauses hereof.

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

    
SONIC FOUNDRY, INC.

___________________
By; Mark Burish, Chairman of the                                 Board

________________________
Joseph Mozden, Jr.

C\1552692.2

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