Document:

lyra-ex1016_179.htm

Exhibit 10.16

Employment Agreement

This Employment Agreement (this “Agreement”), dated as of June 20, 2020, is made by and between Lyra Therapeutics, Inc., a Delaware corporation (together with any successor thereto, the “Company”), and Robert E. Richard, Ph.D. (“Executive”) (collectively referred to herein as the “Parties” or individually referred to as a “Party”).   

RECITALS

	
A.
	
It is the desire of the Company to assure itself of the services of Executive commencing on or about June 22, 2020 (the actual date the Executive commences employment, the “Start Date”) and thereafter by entering into this Agreement.

	
B.
	
Executive and the Company mutually desire that Executive provide services to the Company on the terms herein provided. 

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties hereto agree as follows:

1.Employment.

(a)General.  Effective upon the Start Date, the Company shall employ Executive, and Executive shall be employed by the Company, for the period and in the positions set forth in this Section 1, and subject to the other terms and conditions herein provided.  

(b)At-Will Employment.  The Company and Executive acknowledge that Executive’s employment is and shall continue to be “at-will,” as defined under applicable law, and that Executive’s employment with the Company may be terminated by either Party at any time for any or no reason (subject to the notice requirements of Section 3(b)).  This “at-will” nature of Executive’s employment shall remain unchanged during Executive’s tenure as an employee and may not be changed, except in an express writing signed by Executive and a duly authorized officer of the Company.  If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, award or compensation other than as provided in this Agreement or otherwise agreed to in writing by the Company or as provided by applicable law.  The term of this Agreement (the “Term”) shall commence on the Start Date and end on the date this Agreement is terminated under Section 3.

(c)Positions and Duties.  During the Term, Executive shall serve as Senior Vice President, Research and Development of the Company, with such responsibilities, duties and authority normally associated with such position and as may from time to time be assigned to Executive by the Chief Executive Officer of the Company.  Executive shall devote substantially all of Executive’s working time and efforts to the business and affairs of the Company (which shall include service to its affiliates, if applicable) and shall not engage in outside business activities (including serving on outside boards or committees) without the consent of the Board of Directors of the Company or an authorized committee of the thereof (in either case, the “Board”), provided that Executive shall be permitted to (i) manage Executive’s personal, financial and legal affairs, (ii) participate in trade associations, and (iii) serve on the board of directors of not-for-profit or tax-exempt charitable organizations, in each case, subject to compliance with this Agreement and provided that such activities do not materially interfere with Executive’s performance of Executive’s duties and responsibilities hereunder.  Executive agrees to observe and comply with the rules and policies of the Company as adopted by the Company from time to 

 

 

 

time, in each case, as amended from time to time, and as delivered or made available to Executive (collectively, the “Policies” and, each, a “Policy”). 

2.Compensation and Related Matters.

(a)Annual Base Salary.  During the Term, Executive shall receive a base salary at a rate of $307,000 per annum, which shall be paid in accordance with the customary payroll practices of the Company and shall be pro-rated for partial years of employment.  Such annual base salary shall be reviewed (and may be adjusted) from time to time by the Board (such annual base salary, as it may be adjusted from time to time, the “Annual Base Salary”).

(b)Annual Cash Bonus Opportunity.  During the Term, Executive will be eligible to participate in an annual incentive program established by the Board.  Executive’s annual incentive compensation under such incentive program (the “Annual Bonus”) shall be targeted at 35% of Executive’s Annual Base Salary (such target, as may be increased by the Board from time to time, the “Target Annual Bonus”).  The Annual Bonus payable under the incentive program shall be based on the achievement of performance goals to be determined by the Board.  The payment of any Annual Bonus pursuant to the incentive program shall be subject to Executive’s continued employment with the Company through the date of payment, except as otherwise provided in Section 4(b). Executive’s Annual Bonus, if earned, for the year in which the Start Date occurs may be pro-rated for Executive’s partial year of employment based on the number of days that Executive is employed by the Company during the calendar year in which the Start Date occurs.

(c)Stock Option.  Subject to the approval of the Board, Executive will be granted an option to purchase 35,000 shares of the common stock of the Company at an exercise price equal to the closing price per share of the Company’s common stock on the date of grant or the last trading day preceding the date of grant if the date of grant is not a trading day (the “Option”).  Subject to Executive’s continued service to the Company through the applicable vesting date, the 25% of the shares subject to the Option will vest on the first anniversary of the Start Date, and the remaining shares subject to the Option will vest in 36 substantially equal monthly installments thereafter, such that the Option will be fully vested on the fourth anniversary of the Start Date.  The Option will be subject to the terms of the Company’s 2020 Incentive Award Plan (the “Plan”) and a stock option agreement to be entered into between Executive and the Company.

(d)Benefits.  During the Term, Executive shall be eligible to participate in employee benefit plans, programs and arrangements of the Company (including medical, dental and 401(k) plans), subject to the terms and eligibility requirements thereof and as such plans, programs and arrangements may be amended from time to time.  In no event shall Executive be eligible to participate in any severance plan or program of the Company, except as set forth in Section 4 of this Agreement.

(e)Vacation.  During the Term, Executive shall be entitled to paid personal leave in accordance with the Company’s Policies.  Any vacation shall be taken at the reasonable and mutual convenience of the Company and Executive. 

(f)Business Expenses.  During the Term, the Company shall reimburse Executive for all reasonable travel and other business expenses incurred by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement Policy. 

(g)Key Person Insurance.  At any time during the Term, the Company shall have the right (but not the obligation) to insure the life of Executive for the Company’s sole benefit.  The Company shall have the right to determine the amount of insurance and the type of policy.  Executive shall 

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reasonably cooperate with the Company in obtaining such insurance by submitting to physical examinations, by supplying all information reasonably required by any insurance carrier and by executing all necessary documents reasonably required by any insurance carrier, provided that any information provided to an insurance company or broker shall not be provided to the Company without the prior written authorization of Executive.  Executive shall incur no financial obligation by executing any required document and shall have no interest in any such policy.  

3.Termination.

Both Executive’s employment hereunder and the Term may be terminated by the Company or Executive, as applicable, without any breach of this Agreement under the following circumstances:

(a)Circumstances.

(i)Death.  Executive’s employment hereunder shall terminate upon Executive’s death.

(ii)Disability.  If Executive has incurred a Disability, as defined below, the Company may terminate Executive’s employment.

(iii)Termination for Cause.  The Company may terminate Executive’s employment for Cause, as defined below.

(iv)Termination without Cause.  The Company may terminate Executive’s employment without Cause.

(v)Resignation from the Company with Good Reason.  Executive may resign Executive’s employment with the Company with Good Reason, as defined below.

(vi)Resignation from the Company without Good Reason.  Executive may resign Executive’s employment with the Company for any reason other than Good Reason or for no reason.

(b)Notice of Termination.  Any termination of Executive’s employment by the Company or by Executive under this Section 3 (other than termination pursuant to Section 3(a)(i)) shall be communicated by a written notice to the other Party hereto (i) indicating the specific termination provision in this Agreement relied upon, (ii) setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated, if applicable, and (iii) specifying a Date of Termination (as defined below) which, if submitted by Executive, shall be at least thirty (30) days following the date of such notice (a “Notice of Termination”); provided, however, that in the event that Executive delivers a Notice of Termination to the Company, the Company may, in its sole discretion, change the Date of Termination to any date that occurs following the date of the Company’s receipt of such Notice of Termination and is prior to the date specified in such Notice of Termination, but the termination will still be considered a resignation by Executive.  A Notice of Termination submitted by the Company may provide for a Date of Termination on the date Executive receives the Notice of Termination, or any date thereafter elected by the Company.  The failure by either Party to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause or Good Reason shall not waive any right of the Party hereunder or preclude the Party from asserting such fact or circumstance in enforcing the Party’s rights hereunder.    

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(c)Company Obligations upon Termination.  Upon termination of Executive’s employment pursuant to any of the circumstances listed in this Section 3, Executive (or Executive’s estate) shall be entitled to receive the sum of:  (i) the portion of Executive’s Annual Base Salary earned through the Date of Termination, but not yet paid to Executive; (ii) any expense reimbursements owed to Executive pursuant to Section 2(f); and (iii) any amount accrued and arising from Executive’s participation in, or benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (collectively, the “Company Arrangements”).  Except as otherwise expressly required by law (e.g., the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)) or as specifically provided herein, all of Executive’s rights to salary, severance, benefits, bonuses and other compensatory amounts hereunder (if any) shall cease upon the termination of Executive’s employment hereunder. In the event that Executive’s employment is terminated by the Company for any reason, Executive’s sole and exclusive remedy shall be to receive the payments and benefits described in this Section 3(c) or Section 4, as applicable.  

(d)Deemed Resignation.  Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from all offices and directorships, if any, then held with the Company or any of its subsidiaries.

4.Severance Payments.

(a)Termination for Cause, or Termination Upon Death, Disability or Resignation from the Company Without Good Reason.  If Executive’s employment shall terminate as a result of Executive’s death pursuant to Section 3(a)(i), as a result of Disability pursuant to Section 3(a)(ii), for Cause pursuant to Section 3(a)(iii) or for Executive’s resignation from the Company without Good Reason pursuant to Section 3(a)(iv), then Executive shall not be entitled to any severance payments or benefits, except as provided in Section 3(c).

(b)Termination without Cause, or Resignation from the Company with Good Reason.  If Executive’s employment terminates without Cause pursuant to Section 3(a)(iv), or pursuant to Section 3(a)(v) due to Executive’s resignation with Good Reason, then, subject to Executive signing on or before the twenty-first (21st) day following Executive’s Separation from Service (as defined below) or in the event that such Separation from Service is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967, as amended) on or before the forty-fifth (45th) day following Executive's Separation from Service, and not revoking, a release of claims substantially in the form attached as Exhibit A to this Agreement (the “Release”),  and Executive’s continued compliance with Section 5, Executive shall receive, in addition to payments and benefits set forth in Section 3(c), the following:

(i)an amount in cash equal to 0.5 times the Annual Base Salary, payable in the form of salary continuation in regular installments over the six-month period following the date of Executive’s Separation from Service (the “Severance Period”) in accordance with the Company’s normal payroll practices;

(ii)to the extent unpaid as of the Date of Termination, an amount of cash equal to any Annual Bonus earned by Executive for the Company’s fiscal year prior to the fiscal year in which the Date of Termination occurs, as determined by the Board in its discretion based upon actual performance achieved, which Annual Bonus, if any, shall be paid to Executive in the fiscal year in which the Date of Termination occurs when bonuses for such prior fiscal year are paid in the ordinary course to actively employed senior executives of the Company; and

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(iii)if Executive timely elects to receive continued medical, dental or vision coverage under one or more of the Company’s group medical, dental or vision plans pursuant to COBRA, then the Company shall directly pay, or reimburse Executive for, the COBRA premiums for Executive and Executive’s covered dependents under such plans, less the amount Executive would have had to pay to receive such coverage as an active employee based on the cost sharing levels in effect on the Date of Termination, during the period commencing on Executive’s Separation from Service and ending upon the earliest of (X) the last day of the Severance Period, (Y) the date that Executive and/or Executive’s covered dependents become no longer eligible for COBRA or (Z) the date Executive becomes eligible to receive medical, dental or vision coverage, as applicable, from a subsequent employer (and Executive agrees to promptly notify the Company of such eligibility).  Notwithstanding the foregoing, if the Company determines in its sole discretion that it cannot provide the foregoing benefit without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act) or incurring an excise tax, the Company shall in lieu thereof provide to Executive a taxable monthly payment in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s and Executive’s covered dependents’ group health coverage in effect on the Date of Termination (which amount shall be based on the premium for the first month of COBRA coverage), less the amount Executive would have had to pay to receive group health coverage as an active employee for Executive and his or her covered dependents based on the cost sharing levels in effect on the Date of Termination, which payments shall be made regardless of whether Executive elects COBRA continuation coverage and shall commence in the month following the month in which the Date of Termination occurs and shall end on the earliest of (X) the last day of the Severance Period, (Y) the date that Executive and/or Executive’s covered dependents become no longer eligible for COBRA or (Z) the date Executive becomes eligible to receive healthcare coverage from a subsequent employer (and Executive agrees to promptly notify the Company of such eligibility).

(c)Change in Control.  In lieu of the payments and benefits set forth in Section 4(b), in the event Executive’s employment terminates without Cause pursuant to Section 3(a)(iv), or due to Executive’s resignation with Good Reason pursuant to Section 3(a)(v), in either case, within three (3) months prior or twelve (12) months following the date of a Change in Control, subject to Executive signing on or before the twenty-first (21st) day following Executive’s Separation from Service or in the event that such Separation from Service is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967, as amended) on or before the forty-fifth (45th) day following Executive's Separation from Service, and not revoking, the Release, Executive shall receive, in addition to the payments and benefits set forth in Section 3(c), the following:

(i)an amount in cash equal to 0.75 times the sum of (A) the Annual Base Salary plus (B) the Target Annual Bonus, payable in equal installments over the nine-month period following the date of Executive’s Separation from Service (the “CIC Severance Period”) in accordance with the Company’s normal payroll practices;

(ii)the payment set forth in Section 4(b)(ii);

(iii)the benefits set forth in Section 4(b)(iii), provided that the “Severance Period” will mean the CIC Severance Period; and

(iv)all unvested equity or equity-based awards held by Executive under any Company equity compensation plans that vest solely based on the passage of time shall immediately become 100% vested (for the avoidance of doubt, with any such awards that vest in 

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whole or in part based on the attainment of performance-vesting conditions being governed by the terms of the applicable award agreement).

(d)Survival.  Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 5 through 9 will survive the termination of Executive’s employment and the termination of the Term.

5.Restrictive Covenants.  As a condition to the effectiveness of this Agreement, Executive will execute and deliver to the Company contemporaneously herewith the Employee Proprietary Information and Inventions Assignment Agreement attached hereto as Exhibit B (the “Restrictive Covenant Agreement”).  Executive agrees to abide by the terms of the Restrictive Covenant Agreement, which are hereby incorporated by reference into this Agreement.  Executive acknowledges that the provisions of the Restrictive Covenant Agreement will survive the termination of Executive’s employment and the termination of the Term for the periods set forth in the Restrictive Covenant Agreement.

6.Assignment and Successors.

The Company may assign its rights and obligations under this Agreement to any of its affiliates or to any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise), and may assign or encumber this Agreement and its rights hereunder as security for indebtedness of the Company and its affiliates. This Agreement shall be binding upon and inure to the benefit of the Company, Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable.  None of Executive’s rights or obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred only by will or operation of law.  Notwithstanding the foregoing, Executive shall be entitled, to the extent permitted under applicable law and applicable Company Arrangements, to select and change a beneficiary or beneficiaries to receive compensation hereunder following Executive’s death by giving written notice thereof to the Company.  

7.Certain Definitions.

(a)Cause.  The Company shall have “Cause” to terminate Executive’s employment hereunder upon:

(i)The Board’s reasonable, good faith determination that Executive has refused to (A) substantially perform the duties associated with Executive’s position with the Company or (B) carry out the reasonable and lawful instructions of the Board concerning duties or actions consistent with the Executive’s position with the Company; 

(ii)Executive’s breach of a material provision of this Agreement that, to the extent capable of cure, has remained uncured for a period of thirty (30) days following written notice from the Company;

(iii)Executive’s conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude; 

(iv)Executive’s unlawful use (including being under the influence) or possession of illegal drugs on the Company’s (or any of its affiliate’s) premises or while performing Executive’s duties and responsibilities under this Agreement; or

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(v)Executive’s commission of any act of fraud, embezzlement, misappropriation, willful misconduct, or breach of fiduciary duty against the Company or any of its affiliates. 

(b)Change in Control.  “Change in Control” shall have the meaning set forth in the Plan. 

(c)Code.  “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder.

(d)Date of Termination.  “Date of Termination” shall mean (i) if Executive’s employment is terminated by Executive’s death, the date of Executive’s death; or (ii) if Executive’s employment is terminated pursuant to Section 3(a)(ii) – (vi) either the date indicated in the Notice of Termination or the date specified by the Company pursuant to Section 3(b), whichever is earlier.

(e)Disability.  “Disability” shall mean, at any time the Company or any of its affiliates sponsors a long-term disability plan for the Company’s employees, “disability” as defined in such long-term disability plan for the purpose of determining a participant’s eligibility for benefits, provided, however, if the long-term disability plan contains multiple definitions of disability, “Disability” shall refer to that definition of disability which, if Executive qualified for such disability benefits, would provide coverage for the longest period of time.  The determination of whether Executive has a Disability shall be made by the person or persons required to make disability determinations under the long-term disability plan.  At any time the Company does not sponsor a long-term disability plan for its employees, “Disability” shall mean Executive’s inability to perform, with or without reasonable accommodation, the essential functions of Executive’s positions hereunder for a total of three months during any six-month period as a result of incapacity due to mental or physical illness as determined by a physician selected by the Company or its insurers and acceptable to Executive or Executive’s legal representative, with such agreement as to acceptability not to be unreasonably withheld or delayed.  Any refusal by Executive to submit to a medical examination for the purpose of determining Disability shall be deemed to constitute conclusive evidence of Executive’s Disability. 

(f)Good Reason.  For the sole purpose of determining Executive’s right to severance payments and benefits as described above, Executive’s resignation will be with “Good Reason” if Executive resigns within ninety (90) days after any of the following events, unless Executive consents in writing to the applicable event:  (i) a reduction in Executive’s Annual Base Salary or Target Annual Bonus, other than a reduction of twenty percent (20%) or less of Executive's Annual Base Salary implemented as part of an across the board, proportionate reduction of base salaries for other members of the Company's management team, (ii) a material decrease in Executive’s authority or areas of responsibility as are commensurate with Executive’s title or position with the Company, (iii) the relocation of Executive’s primary office to a location more than fifty (50) miles from the Executive’s primary office as of the date of this Agreement or (iv) the Company’s breach of a material provision of this Agreement.  Notwithstanding the foregoing, no Good Reason will have occurred unless and until Executive has:  (a) provided the Company, within sixty (60) days of Executive’s knowledge of the occurrence of the facts and circumstances underlying the Good Reason event, written notice stating with specificity the applicable facts and circumstances underlying such finding of Good Reason; (b) provided the Company with an opportunity to cure the same within thirty (30) days after the receipt of such notice; and (c) the Company shall have failed to so cure within such period. 

8.Parachute Payments.

(a)Notwithstanding any other provisions of this Agreement or any Company equity plan or agreement, in the event that any payment or benefit by the Company or otherwise to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement 

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or otherwise (all such payments and benefits, including the payments and benefits under Section 4 hereof, being hereinafter referred to as the “Total Payments”), would be subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Total Payments shall be reduced (in the order provided in Section 8(b)) to the minimum extent necessary to avoid the imposition of the Excise Tax on the Total Payments, but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income and employment taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments and the amount of the Excise Tax to which Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).

(b)The Total Payments shall be reduced in the following order:  (i) reduction on a pro-rata basis of any cash severance payments that are exempt from Section 409A of the Code (“Section 409A”), (ii) reduction on a pro-rata basis of any non-cash severance payments or benefits that are exempt from Section 409A, (iii) reduction on a pro-rata basis of any other payments or benefits that are exempt from Section 409A and (iv) reduction of any payments or benefits otherwise payable to Executive on a pro-rata basis or such other manner that complies with Section 409A; provided, in case of clauses (ii), (iii) and (iv), that reduction of any payments attributable to the acceleration of vesting of Company equity awards shall be first applied to Company equity awards that would otherwise vest last in time.

(c)All determinations regarding the application of this Section 8 shall be made by an accounting firm or consulting group with experience in performing calculations regarding the applicability of Section 280G of the Code and the Excise Tax selected by the Company (the “Independent Advisors”).  For purposes of determinations, no portion of the Total Payments shall be taken into account which, in the opinion of the Independent Advisors, (i) does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) or (ii) constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation.  The costs of obtaining such determination and all related fees and expenses (including related fees and expenses incurred in any later audit) shall be borne by the Company.

(d)In the event it is later determined that a greater reduction in the Total Payments should have been made to implement the objective and intent of this Section 8, the excess amount shall be returned promptly by Executive to the Company. 

9.Miscellaneous Provisions.

(a)Governing Law.  This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise in accordance with the substantive laws of the Commonwealth of Massachusetts without reference to the principles of conflicts of law of the Commonwealth of Massachusetts or any other jurisdiction that would result in the application of the laws of a jurisdiction other than the Commonwealth of Massachusetts, and where applicable, the laws of the United States.  

(b)Validity.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.  

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(c)Notices.  Any notice, request, claim, demand, document and other communication hereunder to any Party shall be effective upon receipt (or refusal of receipt) and shall be in writing and delivered personally or sent by facsimile or certified or registered mail, postage prepaid, as follows:

(i)If to the Company, to the Chief Executive Officer of the Company at the Company’s headquarters,

(ii)If to Executive, to the last address that the Company has in its personnel records for Executive, or

(iii)At any other address as any Party shall have specified by notice in writing to the other Party.

(d)Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.  Signatures delivered by facsimile or PDF shall be deemed effective for all purposes.

(e)Entire Agreement.  The terms of this Agreement, and the Restrictive Covenant Agreement incorporated herein by reference as set forth in Section 5, are intended by the Parties to be the final expression of their agreement with respect to the subject matter hereof and supersede all prior understandings and agreements, whether written or oral, including any prior employment offer letter or employment agreement between Executive and the Company.  The Parties further intend that this Agreement shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative or other legal proceeding to vary the terms of this Agreement. 

(f)Amendments; Waivers.  This Agreement may not be modified, amended or terminated except by an instrument in writing, signed by Executive and a duly authorized officer of Company.  By an instrument in writing similarly executed, Executive or a duly authorized officer of the Company may waive compliance by the other Party with any specifically identified provision of this Agreement that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure.  No failure to exercise and no delay in exercising any right, remedy or power hereunder will preclude any other or further exercise of any other right, remedy or power provided herein or by law or in equity.  

(g)Construction.  This Agreement shall be deemed drafted equally by both the Parties. Its language shall be construed as a whole and according to its fair meaning.  Any presumption or principle that the language is to be construed against any Party shall not apply.  The headings in this Agreement are only for convenience and are not intended to affect construction or interpretation.  Any references to paragraphs, subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary.  Also, unless the context clearly indicates to the contrary, (i) the plural includes the singular and the singular includes the plural; (ii) “and” and “or” are each used both conjunctively and disjunctively; (iii) “any,” “all,” “each,” or “every” means “any and all” and “each and every”; (iv) “includes” and “including” are each “without limitation”; (v) “herein,” “hereof,” “hereunder” and other similar compounds of the word “here” refer to the entire Agreement and not to any particular paragraph, subparagraph, section or subsection; and (vi) all pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the entities or persons referred to may require. 

(h)Arbitration.  Any controversy, claim or dispute arising out of or relating to this Agreement, shall be settled solely and exclusively by a binding arbitration process administered by 

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JAMS/Endispute in Boston, Massachusetts.  Such arbitration shall be conducted in accordance with the then-existing JAMS/Endispute Rules of Practice and Procedure, with the following exceptions if in conflict:  (i) one arbitrator who is a retired judge shall be chosen by JAMS/Endispute; (ii) each Party to the arbitration will pay one-half of the expenses and fees of the arbitrator, together with other expenses of the arbitration incurred or approved by the arbitrator; and (iii) arbitration may proceed in the absence of any Party if written notice (pursuant to the JAMS/Endispute rules and regulations) of the proceedings has been given to such Party.  Each Party shall bear its own attorney’s fees and expenses; provided that the arbitrator may assess the prevailing Party’s fees and costs against the non-prevailing Party as part of the arbitrator’s award.  The Parties agree to abide by all decisions and awards rendered in such proceedings.  Such decisions and awards rendered by the arbitrator shall be final and conclusive.  All such controversies, claims or disputes shall be settled in this manner in lieu of any action at law or equity; provided, however, that nothing in this subsection shall be construed as precluding the bringing of an action for injunctive relief or specific performance as provided in this Agreement or the Restrictive Covenant Agreement.  This dispute resolution process and any arbitration hereunder shall be confidential and neither any Party nor the neutral arbitrator shall disclose the existence, contents or results of such process without the prior written consent of all Parties, except where necessary or compelled in a court to enforce this arbitration provision or an award from such arbitration or otherwise in a legal proceeding.  If JAMS/Endispute no longer exists or is otherwise unavailable, the Parties agree that the American Arbitration Association (“AAA”) shall administer the arbitration in accordance with its then-existing rules as modified by this subsection.  In such event, all references herein to JAMS/Endispute shall mean AAA.  Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue or dispute over intellectual property rights by court action instead of arbitration.

(i)Enforcement.  If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the Term, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement.  Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable.

(j)Withholding.  The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state, local or foreign withholding or other taxes or charges which the Company is required to withhold. The Company shall be entitled to rely on the advice of counsel if any questions as to the amount or requirement of withholding shall arise.

(k)Section 409A.

(i)General.  The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  

(ii)Separation from Service.  Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement that is designated under this Agreement as payable upon Executive’s termination of employment shall be payable only upon Executive’s “separation from service” with the Company within the meaning of Section 409A (a “Separation from Service”) and, except as provided below, any such compensation or benefits described in Section 4 shall not be paid, or, in the case of installments, shall not commence payment, until the sixtieth (60th) day following Executive’s Separation from Service (the “First 

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Payment Date”).  Any installment payments that would have been made to Executive during the sixty (60) day period immediately following Executive’s Separation from Service but for the preceding sentence shall be paid to Executive on the First Payment Date and the remaining payments shall be made as provided in this Agreement.

(iii)Specified Employee.  Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the six-month period measured from the date of Executive’s Separation from Service with the Company or (ii) the date of Executive’s death.  Upon the first business day following the expiration of the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this Agreement shall be paid as otherwise provided herein.  

(iv)Expense Reimbursements.  To the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred.  The Executive will submit Executive’s reimbursement request promptly following the date the expense is incurred, and the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, other than medical expenses referred to in Section 105(b) of the Code.  Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

(v)Installments.  Executive’s right to receive any installment payments under this Agreement, including without limitation any continuation salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under Section 409A.  Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A.

10.Executive Acknowledgement.

Executive acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on Executive’s own judgment.

[Signature Page Follows]

 

11

 

 

	
IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first written above.
	

	

	
LYRA THERAPEUTICS, INC.

 

By: /s/ R. Don Elsey

Name:  R. Don Elsey

Title:  Chief Financial Officer

 

 

	

	
EXECUTIVE

 

  /s/ Robert Richard

Robert E. Richard, Ph.D.

 

 

[Signature Page to Employment Agreement]

 

 

EXHIBIT A

Separation Agreement and Release

	

	
This Separation Agreement and Release ( this “Release”) is made by and between Robert E. Richard, Ph.D. (“Executive”) and Lyra Therapeutics, Inc. (the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”).  Capitalized terms used but not defined in this Release shall have the meanings set forth in the Employment Agreement (as defined below).

	

	
WHEREAS, the Parties have previously entered into that certain Employment Agreement, dated as of _____, 2020 (the “Employment Agreement”) and that certain Employee Proprietary Information and Inventions Assignment Agreement, dated as of ________, ____ (the “Restrictive Covenant Agreement”); and 

	

	
WHEREAS, in connection with Executive’s termination of employment with the Company or a subsidiary or affiliate of the Company effective ________, 20__, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions and demands that Executive may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Executive’s employment with or separation from the Company or its subsidiaries or affiliates but, for the avoidance of doubt, nothing herein will be deemed to release any rights or remedies in connection with Executive’s ownership of vested equity securities of the Company, vested benefits or Executive’s right to indemnification by the Company or any of its affiliates pursuant to contract or applicable law (collectively, the “Retained Claims”).   

	

	
NOW, THEREFORE, in consideration of the severance payments and benefits described in Section 4 of the Employment Agreement, which, pursuant to the Employment Agreement, are conditioned on Executive’s execution and non-revocation of this Release, and in consideration of the mutual promises made herein, the Company and Executive hereby agree as follows:

1.Severance Payments and Benefits; Salary and Benefits.  The Company agrees to provide Executive with the severance payments and benefits described in Section [4(b)][4(c)] of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to the terms and conditions of the Employment Agreement, the Company shall pay or provide to Executive all other payments or benefits described in Section 3(c) of the Employment Agreement, subject to and in accordance with the terms thereof. The severance payments and benefits described in Section [4(b)][4(c)] of the Employment Agreement shall be provided in lieu of any Garden Leave payment (as such term is used in the Restrictive Covenants Agreement) and Executive will not be eligible to receive any Garden Leave payment. 

2.Release of Claims.  Executive agrees that, other than with respect to the Retained Claims, the foregoing consideration represents settlement in full of all outstanding obligations owed to Executive by the Company, any of its direct or indirect subsidiaries and affiliates and any of its or their current and former officers, directors, equityholders, managers, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, subsidiaries, predecessor and successor corporations and assigns (collectively, the “Releasees”).  Executive, on Executive’s own behalf and on behalf of any of Executive’s affiliated companies or entities and any of their respective heirs, family members, executors, agents and assigns, other than with respect to the Retained Claims, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute or pursue, any claim, complaint, charge, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, 

 

 

facts or damages that have occurred up until and including the date Executive signs this Release, including, without limitation:

(a)any and all claims relating to or arising from Executive’s employment or service relationship with the Company or any of its direct or indirect subsidiaries or affiliates and the termination of that relationship;

(b)any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of any shares of stock or other equity interests of the Company or any of its affiliates, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state law and securities fraud under any state or federal law;

(c)any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits;

(d)any and all claims for violation of any federal, state or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the Massachusetts Fair Employment Practices Act, M.G.L. c. 151B, § 1 et seq.; the Massachusetts Civil Rights Act, M.G.L. c. 12, §§ IIH and 111; the Massachusetts Equal Rights Act, M.G.L. c. 93, § 102 and M.G.L. c. 214, § IC; the Massachusetts Labor and Industries Act, M.G.L. c. 149, § 1 et seq.; the Massachusetts Privacy Act, M.G.L. c. 214, § 1B; and the Massachusetts Maternity Leave Act, M.G.L. c. 49, § 105D;

(e)any and all claims for violation of the federal or any state constitution;

(f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;

(g)any claim for any loss, cost, damage or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Executive as a result of this Release; 

(h)any and all claims arising out of the wage and hour and wage payments laws and regulations of the state or states in which Executive has provided service to the Company or any of its affiliates (including without limitation the Massachusetts Payment of Wages Law); and

(i)any and all claims for attorneys’ fees and costs.

Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released.  This Release does not release claims that cannot be 

A-2

 

 

released as a matter of law, including, but not limited to, Executive’s right to report possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation and any right to receive an award for information provided thereunder, Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company for discrimination (with the understanding that Executive’s release of claims herein bars Executive from recovering such monetary relief from the Company or any Releasee for any alleged discriminatory treatment), claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law, claims to continued participation in certain of the Company’s group benefit plans pursuant to the terms and conditions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, claims to any benefit entitlements vested as the date of separation of Executive’s employment, pursuant to written terms of any employee benefit plan of the Company or its affiliates and Executive’s right under applicable law and any Retained Claims.  This Release further does not release claims for breach of Section 3(c) or Section 4 of the Employment Agreement.

3.Acknowledgment of Waiver of Claims under ADEA.  Executive understands and acknowledges that Executive is waiving and releasing any rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary.  Executive understands and agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the date Executive signs this Release.  Executive understands and acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled.  Executive further understands and acknowledges that Executive has been advised by this writing that:  (a) Executive should consult with an attorney prior to executing this Release; (b) Executive has [twenty-one (21)][forty-five (45)] days within which to consider this Release, and the Parties agree that such time period to review this Release shall not be extended upon any material or immaterial changes to this Release; (c) Executive has seven (7) business days following Executive’s execution of this Release to revoke this Release pursuant to written notice to the General Counsel of the Company; (d) this Release shall not be effective until after the revocation period has expired; and (e) nothing in this Release prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law.  In the event Executive signs this Release and returns it to the Company in less than the [twenty-one (21)][forty-five (45)] day period identified above, Executive hereby acknowledges that Executive has freely and voluntarily chosen to waive the time period allotted for considering this Release.

4.Restrictive Covenants. Executive acknowledges that Executive remains bound by the Restrictive Covenants Agreement, which is incorporated by reference herein as if re-executed along with this Release.

5.Severability.  In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable or void, this Release shall continue in full force and effect without said provision or portion of provision.

6.No Oral Modification.  This Release may only be amended in a writing signed by Executive and a duly authorized officer of the Company.

A-3

 

 

7.Governing Law; Dispute Resolution.  This Release shall be subject to the provisions of Sections 9(a), 9(c) and 9(h) of the Employment Agreement.

8.Effective Date.   Executive understands that this Release shall become effective, irrevocable, and binding upon Executive on the day following the seventh (7th) business day from the date upon which Executive signs this Release, so long as Executive has not revoked it within the time period and in the manner specified in Section 3 above.  Executive further understands that Executive will not be given any severance benefits under the Agreement unless this Release becomes effective pursuant to its terms.

9.Voluntary Execution of Agreement.  Executive understands and agrees that Executive executed this Release voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s claims against the Company and any of the other Releasees.  Executive acknowledges that:  (a) Executive has read this Release; (b) Executive has not relied upon any representations or statements made by the Company that are not specifically set forth in this Release; (c) Executive has been represented in the preparation, negotiation and execution of this Release by legal counsel of Executive’s own choice or has elected not to retain legal counsel; (d) Executive understands the terms and consequences of this Release and of the releases it contains; and (e) Executive is fully aware of the legal and binding effect of this Release.

	

	
IN WITNESS WHEREOF, the Parties have executed this Release on the respective dates set forth below.  

		
	
 

 
	
EXECUTIVE

	
Dated: 
	

Robert E. Richard, Ph.D.

	
 
	
 

	
 
	
LYRA THERAPEUTICS, INC.

	
Dated:
	
By:
Name:
Title:

 

 

A-4

 

 

EXHIBIT B

Restrictive Covenant Agreement

[attached]Exhibit
10.1

 

CONFIDENTIAL

Execution
Version

 

FORM
OF NON-REDEMPTION AGREEMENT

 

THIS
NON-REDEMPTION AGREEMENT (this “Agreement”), dated as of March [●], 2022, is made by and among FirstMark
Horizon Acquisition Corp., a Delaware corporation (“SPAC”), Starry Group Holdings, Inc., a Delaware corporation (“New
Starry”), and the undersigned investor[, for and on behalf of itself and any investor account on behalf of which it is entering
into this Agreement] (the “Investor”). Capitalized terms used but not defined herein shall have the respective meanings
ascribed to such terms in the Merger Agreement (as defined below).

 

RECITALS

 

WHEREAS,
SPAC, Starry, Inc., a Delaware corporation (the “Starry”), New Starry, a wholly owned subsidiary of Starry, and Sirius
Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of SPAC (“Merger Sub”), entered into the Agreement
and Plan of Merger, dated as of October 6, 2021 (as may be amended from time to time, the “Merger Agreement”), pursuant
to which SPAC will merge with and into New Starry, with New Starry surviving as the publicly traded entity and becoming the sole owner
of Merger Sub (the “SPAC Merger”), and Merger Sub will then merge with and into Starry, with Starry being the surviving
corporation and a wholly owned subsidiary of New Starry following the effective time of such merger (the “Acquisition Merger”
and, together with the SPAC Merger, the “Mergers”).

 

WHEREAS,
in consideration of the Investor’s commitment to, among other things, not redeem  [●] shares of SPAC Class A Common
Stock beneficially owned by the Investor (the “Investor Shares”), and subject to the conditions set forth herein,
New Starry agrees to issue to the Investor a number of shares of fully paid, non-assessable New Starry Class A Common Stock equal to
(rounded to the nearest whole share) (i) the number of Investor Shares multiplied by (ii) (a) 1.33 less (b) the Class A
Exchange Ratio (the “New Investor Shares”) on or promptly after the consummation of the Acquisition Merger at the
Acquisition Merger Effective Time; provided that, in no event will the New Investor Shares be less than [●] (as adjusted for stock splits, stock dividends, stock
combinations, recapitalizations and similar events).

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual promises and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto
hereby agree [(in the case of Investor, for and on behalf of itself and any investor account on behalf of which it is entering into this
Agreement)] as follows:

 

ARTICLE
1

Agreements of the Investor

 

Section
1.01.  The Investor hereby irrevocably waives any right that it may have to elect to have SPAC redeem any Investor Shares and agrees,
for the benefit of SPAC, not to redeem, or to submit a request to SPAC’s transfer agent to redeem or otherwise exercise any right
to redeem, the Investor Shares and to reverse and revoke any prior redemption elections made with respect to the Investor Shares; provided
that SPAC acknowledges and agrees that the Investor may own additional shares of SPAC Class A Common Stock in excess of the Investor
Shares (the “Other Shares”) and nothing herein shall restrict any rights of the Investor with respect to such Other
Shares, including, without limitation, the right to redeem, or to submit a request to SPAC’s transfer agent to redeem or otherwise
exercise any right with respect to such Other Shares. During the period commencing on the date hereof until the earlier of (a) the SPAC
redemption deadline and (b) the termination of this Agreement pursuant to its terms, the Investor shall not sell or otherwise transfer
the Investor Shares to any person unless such person enters into an agreement in the form of this Agreement with each of SPAC and New
Starry with respect thereto. The Investor shall deliver such documentation as is reasonably requested by SPAC or New Starry to evidence
that no Investor Shares have been redeemed or transferred for the purpose of redemption.

 

     

     

    

 

ARTICLE
2

Agreements of New Starry and SPAC

 

Section
2.01. In consideration of the Investor’s performance of its obligations described herein and upon
satisfaction (or, if applicable, waiver) of the conditions set forth in Section 2.03 of this Agreement, effective as of and
conditioned on the consummation of the Acquisition Merger, New Starry shall issue the New Investor Shares to the Investor promptly following
the consummation of the Acquisition Merger at the Acquisition Merger Effective Time. The Investor may, no later than five (5) Business
Days prior to Acquisition Merger Closing, designate in writing to New Starry any managed accounts or fund entities for which the Investor
exercises investment discretion to receive the issuance of the New Investor Shares.

 

Section 2.02. New Starry
and SPAC hereby agree that if, between the date hereof and the Acquisition Merger Closing Date, New Starry and SPAC grants any other
person, in connection with such person’s agreement not to redeem its or their SPAC Class A Common Stock rights with respect to
an issuance of New Starry Class A Common Stock, which rights are more favorable to such other person than the rights set forth in this
Agreement in respect of the Investor, then New Starry and SPAC shall grant the Investor the same rights granted to such other person.

 

Section
2.03. After the Acquisition Merger Closing Date, if there is not an effective registration statement covering
all of the New Investor Shares or the prospectus contained therein is not available for use and New Starry shall determine to prepare
and file with the Securities and Exchange Commission a registration statement or offering statement relating to an offering for its own
account or the account of others under the Securities Act of any of its equity securities (other than on Form S-4 or Form S-8 (each as
promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with
any acquisition of any entity or business or equity securities issuable in connection with New Starry’s share option or other employee
benefit plans), then New Starry shall deliver to the Investor a written notice of such determination and, if within two (2) days
after the date of the delivery of such notice, the Investor shall so request in writing, the Company shall include in such registration
statement or offering statement all or any part of such New Investor Shares the Investor requests to be registered; provided, however,
New Starry shall not be required to register any New Investor Shares pursuant to this Section 2.03 that are eligible for resale
pursuant to Rule 144 of the Securities Act without restriction (including, without limitation, volume restrictions) and without the need
for current public information required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or that are the subject of a then-effective
registration statement.

 

Section
2.04.  The obligations of New Starry and SPAC pursuant to Section 2.01 of this Agreement shall be subject to
the satisfaction, or valid waiver by New Starry and SPAC, of the following conditions:

 

(a) the Investor shall have fully complied with, performed and satisfied its obligations set out in Section 1.01, and shall have
performed, satisfied and complied in all material respects with all other covenants, agreements and conditions required by this Agreement
to be performed, satisfied or complied with by it at or prior to the Acquisition Merger Closing;

 

(b) the Acquisition Merger Closing shall have occurred; and

 

(c) all representations and warranties of the Investor contained in this Agreement shall be true and correct in all material respects (other
than representations and warranties that are qualified as to materiality, which representations and warranties shall be true and correct
in all respects) at and as of the Acquisition Merger Closing Date (except for representations and warranties made as of a specific date,
which shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality,
which representations and warranties shall be true and correct in all respects) as of such date).

 

    2

     

    

 

ARTICLE
3

Representations and Warranties

 

Section
3.01. Representations and Warranties of SPAC. SPAC represents and warrants as of the date hereof
to the Investor as follows:

 

(a) SPAC is duly incorporated, validly existing and in good standing under the laws of the State of Delaware, and the execution, delivery
and performance of this Agreement and the consummation of the transactions contemplated hereby are within SPAC’s corporate powers
and have been duly authorized by all necessary corporate actions on the part of SPAC. This Agreement has been duly executed and delivered
by SPAC and, assuming due authorization, execution and delivery by the Investor, this Agreement constitutes a legally valid and binding
obligation of SPAC, enforceable against SPAC in accordance with the terms hereof (except as enforceability may be limited by bankruptcy
Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the availability of specific performance
and other equitable remedies).

 

(b) The execution and delivery of this Agreement by SPAC does not, and the performance by SPAC of its obligations hereunder will not, (i)
conflict with or result in a violation of the organizational documents of SPAC, (ii) result in a violation of any law, rule, regulation,
order, judgment or decree or (iii) require any consent or approval that has not been given or other action that has not been taken by
any person, in each case to the extent such consent, approval or other action would prevent, enjoin or materially delay the performance
by SPAC of its obligations under this Agreement. SPAC has full right and power to enter into this Agreement.

 

(c) As
of the date of this Agreement, the authorized capital stock of SPAC consists of (i) 500,000,000 shares of Class A common stock par
value $0.0001 per share (“SPAC Class A Shares”), (ii) 20,000,000 shares of Class B common stock par value $0.0001
per share (“SPAC Class B Shares”), and (iii) 5,000,000 shares of preferred stock par value $0.0001 per
share (“SPAC Preferred Shares”). As of the date of this Agreement, (A) 41,400,000 SPAC Class A Shares are issued
and outstanding, (B) 10,350,000 SPAC Class B Shares are issued and outstanding, and (C) no SPAC Preferred Shares are issued and
outstanding. All issued and outstanding SPAC Class A Shares and SPAC Class B Shares have been duly authorized and validly issued,
are fully paid and are non-assessable. Except as set forth above and pursuant to the Subscription Agreements, the SPAC Warrants, the
Merger Agreement and the other agreements and arrangements referred to therein, and any report filed by SPAC with the SEC (the
“SEC Reports”), as of the date hereof, there are no outstanding options, warrants or other rights to subscribe
for, purchase or acquire from SPAC any SPAC Class A Shares, SPAC Class B Shares, SPAC Preferred Shares or other equity interests in
SPAC, or securities convertible into or exchangeable or exercisable for such equity interests. There are no securities or
instruments issued by or to which SPAC is a party containing anti-dilution or similar provisions that will be triggered by the
issuance of the New Investor Shares pursuant to this Agreement. As of the date hereof, SPAC 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 shareholder agreements, voting trusts or other agreements or understandings to which SPAC is a party
or by which it is bound relating to the voting of any securities of SPAC, other than (1) as set forth in the SEC Reports, and (2) as
contemplated by the Merger Agreement.

 

Section
3.02. Representations and Warranties of New Starry. New Starry represents and warrants as of the
date hereof to the Investor as follows:

 

(a) New Starry is duly incorporated, validly existing and in good standing under the laws of the State of Delaware, and the execution, delivery
and performance of this Agreement and the consummation of the transactions contemplated hereby are within New Starry’s corporate
powers and have been duly authorized by all necessary corporate actions on the part of New Starry. This Agreement has been duly executed
and delivered by New Starry and, assuming due authorization, execution and delivery by the Investor, this Agreement constitutes a legally
valid and binding obligation of New Starry, enforceable against New Starry in accordance with the terms hereof (except as enforceability
may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting the
availability of specific performance and other equitable remedies).

 

    3

     

    

 

(b) The
execution and delivery of this Agreement by New Starry does not, and the performance by New Starry of its obligations hereunder,
including the issuance of the New Investor Shares, will not, (i) conflict with or result in a violation of the organizational
documents of New Starry, (ii) result in a violation of any law, rule, regulation, order, judgment or decree or (iii) require any
consent or approval that has not been given or other action that has not been taken by any person, in each case to the extent such
consent, approval or other action would prevent, enjoin or materially delay the performance by New Starry of its obligations under
this Agreement. New Starry has full right and power to enter into this Agreement. Upon issuance in accordance herewith, the New
Investor Shares, when issued, will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights or
liens with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of New Starry Class A
Common Stock. Subject to the accuracy of the representations and warranties of the Investor in this Agreement, the offer and
issuance by the New Starry of the New Investor Shares is exempt from registration under the Securities Act of 1933, as amended.
Until the New Investor Shares are issued to the Investor (or its designee), New Starry shall maintain a reserve for the
benefit of the Investor of 100% of the New Investor Shares to be issued to the Investor (or its designee) in accordance
herewith.

 

(c) As of the date of this Agreement, the authorized capital stock of New Starry consists of 100 shares of common stock, par value $0.01
per share (“New Starry Common Shares”), all of which are issued and outstanding as of the date of this Agreement.
All issued and outstanding New Starry Common Shares have been duly authorized and validly issued, are fully paid and are non-assessable.
Except as set forth above and pursuant to the Subscription Agreements, the Merger Agreement and the other agreements and arrangements
referred to therein, as of the date hereof, there are no outstanding options, warrants or other rights to subscribe for, purchase or
acquire from New Starry any New Starry Common Shares or other equity interests in New Starry, or securities convertible into or exchangeable
or exercisable for such equity interests. There are no securities or instruments issued by or to which New Starry is a party containing
anti-dilution or similar provisions that will be triggered by the issuance of the New Investor Shares pursuant to this Agreement. As
of the date hereof, New Starry has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity
or debt) in any person, whether incorporated or unincorporated. There are no shareholder agreements, voting trusts or other agreements
or understandings to which New Starry is a party or by which it is bound relating to the voting of any securities of New Starry, other
than as contemplated by the Merger Agreement.

 

(d) As of immediately following the Acquisition Merger Effective Time, the authorized capital stock of New Starry will consist of (i) 800,000,000
shares of New Starry Class A Common Stock, (ii) 50,000,000 shares of New Starry Class X Common Stock and (iii) 10,000,000 shares
of New Starry Preferred Stock.

 

Section
3.03. Representations and Warranties of The Investor. The Investor represents and warrants as of
the date hereof to New Starry and SPAC as follows:

 

(a) The Investor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation or incorporation,
and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby are within
the Investor’s powers and have been duly authorized by all necessary actions on the part of the Investor. This Agreement has been
duly executed and delivered by the Investor and, assuming due authorization, execution and delivery by New Starry and SPAC, this Agreement
constitutes a legally valid and binding obligation of the Investor, enforceable against the Investor in accordance with the terms hereof
(except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles
of equity affecting the availability of specific performance and other equitable remedies).

 

(b) The
execution and delivery of this Agreement by the Investor does not, and the performance by the Investor of its obligations hereunder
will not, (i) conflict with or result in a violation of the organizational documents of the Investor, (ii) result in a violation of
any law, rule, regulation, order, judgment or decree or (iii) require any consent or approval that has not been given or other
action that has not been taken by any person, in each case to the extent such consent, approval or other action would
prevent, enjoin or materially delay the performance by the Investor of its obligations under this Agreement.

 

    4

     

    

 

(c) The Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional
“accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act), in each case, satisfying
the applicable requirements set forth on Annex A, (ii) is acquiring any New Investor Shares that may be issued to the Investor
pursuant to this Agreement only for its own account and not for the account of others, or if the Investor is acquiring any New Investor
Shares that may be issued to the Investor pursuant to this Agreement as a fiduciary or agent for one or more investor accounts, each
owner of such account is a qualified institutional buyer or institutional accredited investor (as the case may be) and the Investor has
full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations
and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring any New Investor Shares that may be issued
to the Investor pursuant to this Agreement 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 Annex A). The Investor is not an entity formed for
the specific purpose of acquiring any New Investor Shares that may be issued to the Investor pursuant to this Agreement, unless such
newly formed entity is an entity in which all of the investors are institutional accredited investors, and is an “institutional
account” as defined by FINRA Rule 4512(c). The Investor is a sophisticated institutional investor, experienced in investing in
private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions
and investment strategies involving a security or securities. Accordingly, the Investor understands that the acquisition of any New Investor
Shares that may be issued to the Investor pursuant to this Agreement meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A)
and (ii) the institutional customer exemption under FINRA Rule 2111(b).

 

(d) The
Investor understands that any New Investor Shares that may be issued to the Investor pursuant to this Agreement are being offered in
a transaction not involving any public offering within the meaning of the Securities Act and that the New Investor Shares have not
been registered under the Securities Act. The Investor understands that the New Investor Shares may not be offered, resold,
transferred, pledged or otherwise disposed of by the Investor except (i) pursuant to an effective registration statement under the
Securities Act, (ii) to the extent the Investor has delivered to the New Starry (if requested by New Starry) an opinion of counsel,
in a form reasonably acceptable to New Starry, to the effect that such New Investor Shares to be sold, assigned or transferred may
be sold, assigned or transferred pursuant to an exemption from such registration, or (iii) to the extent that such Investor provides
the New Starry with reasonable assurance (which shall not include a legal opinion) that such New Investor Shares can be sold,
assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under the Securities Act (or a successor rule thereto) or (iv)
otherwise pursuant to an applicable exemption from the registration requirements of the Securities Act, and in accordance with any
applicable securities laws of the applicable states and other jurisdictions of the United States, and that any certificates or
book-entry records representing the New Investor Shares shall contain a restrictive legend to such effect. The Investor acknowledges
and agrees that the New Investor Shares will be subject to these securities law transfer restrictions and, as a result of these
transfer restrictions, the Investor may not be able to readily resell the New Investor Shares and may be required to bear the
financial risk of an investment in the New Investor Shares for an indefinite period of time. The Investor understands that it
has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the New Investor Shares.
Notwithstanding the foregoing, the New Investor Shares may be pledged in connection with a bona fide margin account or other loan or
financing arrangement secured by the New Investor Shares and such pledge of New Investor Shares shall not be deemed to be a
transfer, sale or assignment of the New Investor Shares hereunder, and the Investor, by effecting a pledge of New Investor Shares,
shall not be required to provide New Starry with any notice thereof or otherwise make any delivery to New Starry pursuant to this
Agreement.

 

    5

     

    

 

(e) In making its decision to invest in the New Investor Shares, the Investor has relied solely upon independent investigation made by the
Investor and New Starry’s and SPAC’s representations, warranties and covenants contained herein. The Investor has not relied
on any statements or other information provided by anyone other than New Starry and SPAC concerning SPAC, Starry, the Mergers, the New
Investor Shares or the offer of the New Investor Shares. The Investor acknowledges and agrees that the Investor has received such information
as the Investor deems necessary in order to make an investment decision with respect to the New Investor Shares, including with respect
to Starry, SPAC and the Mergers, and made its own assessment and is satisfied concerning the relevant tax and other economic considerations
relevant to the Investor’s investment in the New Investor Shares. The Investor represents and agrees that the Investor and the
Investor’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain
such information as the Investor and its professional advisor(s), if any, have deemed necessary to make an investment decision with respect
to the New Investor Shares. Without limiting the generality of the foregoing, the Investor acknowledges that it has had an opportunity
to review the SEC Reports.

 

(f) Investor became aware of the offering of the New Investor Shares solely by means of direct contact between the Investor, New Starry,
SPAC or their representatives or affiliates. The Investor did not become aware of the offering of the New Investor Shares, nor were the
New Investor Shares offered to the Investor, by any other means. The Investor acknowledges that New Investor 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
the Securities Act or any state securities laws.

 

(g)  Investor acknowledges that it is aware that there are substantial risks incident to the ownership of the New Investor Shares. The Investor
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment
in the New Investor Shares, and the Investor has had an opportunity to seek, and has sought, such accounting, legal, business and tax
advice as the Investor has considered necessary to make an informed investment decision. The Investor is not relying on any statements
or representations of New Starry or SPAC or any of its agents for legal, tax or investment advice with respect to this Agreement or the
transactions contemplated by the Agreement.

 

(h) The
Investor has fully considered the risks of an investment in the New Investor Shares and determined that the New Investor Shares are
a suitable investment for the Investor and that the Investor is able at this time and in the foreseeable future to bear the economic
risk of a total loss of the Investor’s investment in the New Investor Shares. The Investor acknowledges specifically that a
possibility of total loss exists.

 

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

 

(j) No broker or finder has acted on behalf of the Investor in such a way as to create any liability on New Starry or SPAC in connection
with this Agreement.

 

(k) The Investor is not entering into the transactions contemplated by this Agreement to create actual or apparent trading activity in the
New Starry Class A Common Stock (or any security convertible into or exchangeable for New Starry Class A Common Stock) or to raise or
depress or otherwise manipulate the price of the New Starry Class A Common Stock (or any security convertible into or exchangeable for
the New Starry Class A Common Stock) or otherwise in violation of the Exchange Act.

 

    6

     

    

 

ARTICLE
4

Miscellaneous

 

Section
4.01. Termination. This Agreement and all of its provisions shall terminate and be of no further
force or effect upon the earliest to occur of (a) the termination of the Merger Agreement in accordance with its terms, (b) the mutual
written consent of the parties hereto and (c) if the special meeting to approve the Merger Agreement is not held on or before April 4,
2022. Upon such termination of this Agreement, all obligations of the parties under this Agreement will terminate, without any liability
or other obligation on the part of any party hereto to any person in respect hereof or the transactions contemplated hereby; provided
that, notwithstanding the foregoing or anything to the contrary in this Agreement, the termination of this Agreement pursuant to
Section 4.01(a) shall not affect any liability on the part of any party for an intentional breach of this Agreement. This
Article 4 shall survive the termination of this Agreement.

 

Section
4.02. Trust Account Waiver. The Investor acknowledges that SPAC has established a trust account (the “Trust
Account”) containing the proceeds of its initial public offering (“IPO”) and certain proceeds of the
private placement (including interest accrued from time to time thereon) for the benefit of its public stockholders and certain
other parties (including the underwriters of the IPO). For good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Investor hereby agrees (on its own behalf and on behalf of its related parties) that it does not now and
shall not at any time hereafter have any right, title, interest or claim of any kind in or to any assets held in the Trust Account,
and it shall not make any claim against the Trust Account, regardless of whether such claim arises as a result of, in connection
with or relating in any way to this Agreement or any other matter, 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”); provided that the Released Claims shall not include any rights or claims of the
Investor or any of its related parties as a shareholder of SPAC to the extent related to or arising from any shares of capital stock
of SPAC other than the Investor Shares. The Investor hereby irrevocably waives (on its own behalf and on behalf of its
related parties) any Released Claims that it may have against the Trust Account now or in the future as a result of, or arising out
of, this Agreement and will not seek recourse against the Trust Account with respect to the Released Claims.

 

Section
4.03. Public Disclosure. SPAC shall, by 9:00 a.m., New York City time, within four (4) Business
Days following the date of this Agreement, file with the SEC a Current Report on Form 8-K (the “Disclosure Document”)
disclosing all material terms of the transactions contemplated hereby and any other material, nonpublic information that SPAC has provided
to the Investor at any time prior to the filing of the Disclosure Document. From and after the filing of the Disclosure Documents, SPAC
shall have disclosed all material, non-public information (if any) provided to Investor by the SPAC, New Starry or any of their respective
subsidiaries, affiliates, officers, directors, employees or agents in connection with the transactions contemplated hereby. In addition,
effective upon the filing of the Disclosure Documents, SPAC acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between SPAC, New Starry or any of their respective subsidiaries, affiliates, officers,
directors, employees or agents, on the one hand, and the Investor or any of its affiliates, on the other hand, shall terminate. Notwithstanding
anything contained in this Agreement to the contrary and without implication that the contrary would otherwise be true, SPAC and New
Starry expressly acknowledges and agrees that the Investor shall not have any duty of confidentiality with respect to, or a duty not
to trade on the basis of, any material, non-public information regarding the SPAC, New Starry or any of their subsidiaries or affiliates.
Notwithstanding anything in this Agreement to the contrary, the Investor agrees that SPAC shall have the right to publicly disclose the
name of the Investor, the Investor’s beneficial ownership of the New Investor Shares and the nature of the Investor’s commitments,
arrangements and understandings under and relating to this Agreement in any Form 8-K filed by SPAC with the SEC in connection with the
execution and delivery of this Agreement, and any proxy statement, prospectus or registration statement filed or amended on or after
the date of this Agreement, to the extent such disclosure is required by law; provided that, prior to making any such required
public disclosure, SPAC shall use reasonable best efforts to (a) provide the Investor with three (3) Business Days to review the portion
of the public disclosure that refers directly to the Investor’s commitment pursuant to this Agreement, and (b) incorporate any
reasonable comments received from the Investor or its representatives within such three (3) Business Day period as to such public disclosures
referring directly to the Investor’s commitment pursuant to this Agreement (it being understood, however, that with respect to
the initial public disclosure as to the existence of this Agreement, such three (3) Business Day period may be reduced by SPAC to a one
(1) Business Day period). Notwithstanding anything in this Agreement to the contrary, SPAC shall not publicly disclose or include the
name of the Investor, its investment adviser or any of their respective affiliates in any press release or other marketing materials
without the prior written consent of the Investor. The Investor shall promptly provide any information reasonably requested by SPAC for
any regulatory application or filing made or approval sought in connection with the Mergers (including filings with the SEC).

 

    7

     

    

 

Section
4.04.  Governing Law. This Agreement, the rights and duties of the parties hereto, and any disputes (whether in
contract, tort or statute) arising out of, under or in connection with this Agreement will be governed by and construed and enforced
in accordance with the Laws of the State of Delaware, without giving effect to its principles or rules of conflict of laws to the
extent such principles or rules would require or permit the application of the laws of another jurisdiction. The parties agree that
all disputes, legal actions, suits and proceedings arising out of or relating to this Agreement must be brought exclusively
in the United States District Court for the Southern District of New York, the Supreme Court of the State of New York and the
federal courts of the United States of America located in the State of New York (collectively the “Designated
Courts”). Each party hereby consents and submits to the exclusive jurisdiction of the Designated Courts. No legal action,
suit or proceeding with respect to this Agreement may be brought in any other forum. Each party hereby irrevocably waives all claims
of immunity from jurisdiction, and any objection which such party may now or hereafter have to the laying of venue of any suit,
action or proceeding in any Designated Court, including any right to object on the basis that any dispute, action, suit or
proceeding brought in the Designated Courts has been brought in an improper or inconvenient forum or venue. Each of the parties also
agrees that delivery of any process, summons, notice or document to a party hereof in compliance with Section 4.12 of
this Agreement shall be effective service of process for any action, suit or proceeding in a Designated Court with respect to any
matters to which the parties have submitted to jurisdiction as set forth above.

 

Section
4.05. Waiver of Jury Trial. To the extent not prohibited by applicable law that cannot be waived,
each of the parties hereto irrevocably waives any right it may have to trial by jury in respect of any litigation based on, arising out
of, under or in connection with this Agreement or any course of conduct, course of dealing, verbal or written statement or action of
any party hereto or thereto, in each case, whether now existing or hereafter arising, and whether in contract, tort, statute, equity
or otherwise. Each party hereby further agrees and consents that any such litigation shall be decided by court trial without a jury and
that the parties to this Agreement may file a copy of this Agreement with any court as written evidence of the consent of the parties
to the waiver of their right to trial by jury.

 

Section
4.06. Form W-9 or W-8. The Investor shall, on or prior to the Acquisition Merger Closing, execute
and deliver to New Starry a completed IRS Form W-9 or Form W-8, as applicable.

 

Section
4.07. Withholding. Notwithstanding any other provision of this Agreement, New Starry and any of
its agents and representatives, as applicable, shall be entitled to deduct and withhold from the New Investor Shares and any other amount
payable pursuant to this Agreement any such taxes as may be required to be deducted and withheld from such amounts (and any other amounts
treated as paid for applicable tax law) under the Internal Revenue Code of 1986, as amended, or any other applicable tax law (as determined
in good faith by the party so deducting or withholding in its sole discretion). To the extent that any amounts are so deducted and withheld,
such deducted and withheld amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of
which such deduction and withholding was made.

 

Section
4.08. Assignment. This Agreement and all of the provisions hereof will be binding upon and inure
to the benefit of the parties hereto and their respective heirs, successors and permitted assigns. Neither this Agreement nor any of
the rights, interests or obligations hereunder will be assigned (including by operation of law) without the prior written consent of
the non-assigning parties hereto.

 

Section
4.09. Specific Performance. The parties agree that irreparable damage may occur in the event that any of the provisions
of this Agreement are not performed in accordance with their specific terms or are otherwise breached. It is accordingly agreed that
monetary damages may not be an adequate remedy for such breach and the non-breaching party shall be entitled to seek injunctive relief,
in addition to any other remedy that such party may have in law or in equity, and to enforce specifically the terms and provisions of
this Agreement in the Designated Courts.

 

Section
4.10. Amendment. This Agreement may not be amended, changed, supplemented, waived or otherwise modified,
except upon the execution and delivery of a written agreement executed by the parties hereto.

 

Section
4.11. Severability. If any provision of this Agreement is held invalid or unenforceable by any court
of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement
held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

    8

     

    

 

Section
4.12. Notices. All notices, consents, waivers and other communications under this Agreement must
be in writing and will be deemed to have been duly given (a) if personally delivered, on the date of delivery; (b) if delivered by express
courier service of national standing for next day delivery (with charges prepaid), on the Business Day following the date of delivery
to such courier service; (c) if delivered by telecopy (with confirmation of delivery), on the date of transmission if on a Business Day
before 5:00 p.m. local time of the recipient party (otherwise on the next succeeding Business Day); (d) if delivered by electronic mail,
on the date of transmission if on a Business Day before 5:00 p.m. local time of the business address of the recipient party (otherwise
on the next succeeding Business Day); and (e) if deposited in the United States mail, first-class postage prepaid, on the date of delivery,
in each case to the appropriate addresses set forth below (or to such other addresses as a party may designate by notice to the other
parties in accordance with this Section 4.12):

 

If
to SPAC:

 

100
5th Ave, 3rd Floor

New York, NY 10011

Attention: Eric Cheung

Email: eric@firstmarkcap.com

 

with
a copy (which shall not constitute notice) to:

 

Skadden,
Arps, Slate, Meagher & Flom LLP

525 University Avenue, Suite 1400

Palo Alto, CA 94301

Attn: Michael Mies

Email: michael.mies@skadden.com

 

If
to New Starry:

 

Starry,
Inc.

38 Chauncey Street, 2nd Floor

Boston, MA 02111

Attn: Bill Lundregan, Chief Legal Officer

Email: wlundregan@starry.com

 

    9

     

    

 

with
a copy (which shall not constitute notice) to:

 

Latham
& Watkins LLP

1271
Avenue of the Americas

New
York, NY 10020

Attn: Justin Hamill

Email: Justin.Hamill@lw.com

Attn:
Chad Rolston

Email:
Chad.Rolston@lw.com

 

If
to the Investor:

 

At
the address set forth on the Investor’s signature page.

 

Section
4.13.  Counterparts. This Agreement may be executed in two or more counterparts (any of which may
be delivered by electronic transmission), each of which shall constitute an original, and all of which taken together shall constitute
one and the same instrument, and shall include images of manually executed signatures transmitted by electronic format (including, without
limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including, without limitation,
DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other
record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable
law.

 

Section
4.14.  Entire Agreement. This Agreement and the agreements referenced herein constitute the entire
agreement and understanding of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements
or representations by or among the parties hereto to the extent that they relate in any way to the subject matter hereof.

 

[Signature
Page Follows]

 

    10

     

    

 

IN
WITNESS WHEREOF, the parties hereto have each caused this Non-Redemption Agreement to be duly executed on their behalf as of the date
first written above.

 

	 	SPAC	 
	 	 	 
	 	FIRSTMARK HORIZON ACQUISITION CORP.
	 	 
	 	By:	
	 	 	Name: 	Amish Jani
	 	 	Title:	President

 

[Signature
Page to Non-Redemption Agreement]

 

     

     

    

 

	 	NEW STARRY
	 	 
	 	STARRY GROUP HOLDINGS, INC.
	 	 
	 	By:	 
	 	 	Name: 	          
	 	 	Title	 

 

[Signature
Page to Non-Redemption Agreement]

 

     

     

    

 

	 	INVESTOR
	 	 
	 	[●]
	 	 
	 	By:	          
	 	 	Name: 	            
	 	 	Title	 

 

Investor
Address:

 

[Address]

Attention: [●]

Email: [●]

 

in
each case, with a copy (which shall not constitute notice) to:

 

[Address]

Attention: [●]

Email: [●]

 

[Signature
Page to Non-Redemption Agreement]

 

     

     

    

 

ANNEX
A

ELIGIBILITY REPRESENTATIONS OF INVESTOR 

 

This
page should be completed by the Investor

and constitutes a part of the Non-Redemption Agreement.

 

	A.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please
check the applicable subparagraphs):

 

	 	☐	We are a “qualified
    institutional buyer” (as defined in Rule 144A under the Securities Act (a “QIB”)).

 

OR

 

	B.	INSTITUTIONAL ACCREDITED INVESTOR
    STATUS

(Please
check the applicable subparagraphs):

 

	 	1.	☐ We
    are an “accredited investor” (within the meaning of Rule 501(a))(1), (2), (3) or (7)  under the Securities
    Act) or an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities
    Act, and have marked and initialed the appropriate box below indicating the provision under which we qualify as an “accredited
    investor.”

 

	 	2.	☐ We
    are not a natural person.

 

Rule
501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed
categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities
to that person. The Investor has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to
the Investor and under which the Investor accordingly qualifies as an “accredited investor.”

 

	 	☐	Any bank, registered
    broker or dealer, insurance company, registered investment company, business development company, or small business investment company;
	 	 	 
	 	☐	Any 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 such plan has total assets in excess of $5,000,000;
	 	 	 
	 	☐	Any employee benefit plan,
    within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or registered investment
    adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;
	 	 	 
	 	☐	Any organization described
    in Section 501(c)(3) of the Internal Revenue Code, corporation, similar business trust, or partnership, not formed for the specific
    purpose of acquiring the securities offered, with total assets in excess of $5,000,000;
	 	 	 
	 	☐	Any
trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated
person; or

	 	 	 
	 	☐	Any entity in which all
    of the equity owners are accredited investors meeting one or more of the above tests.

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