Document:

wejolimitedsubscriptiona

1  WEJ1_1_864958_1  Dated 15 July 2022           ___________________________                                (1) WEJO LIMITED      (2) WEJO GROUP LIMITED      (3) RICHARD BARLOW                  ______________________________________    SUBSCRIPTION AGREEMENT  RELATING TO B ORDINARY SHARES   IN THE CAPITAL OF WEJO LIMITED  _____________________________________                        DocuSign Envelope ID: E0EABBD7-6F3C-4136-BBF0-6D82D0817832 

 

2  WEJ1_1_864958_1  THIS AGREEMENT is made the 15th day of July 2022                                          BETWEEN:  (1) Wejo Limited, a company registered in England and Wales with company number 08813730 whose  registered office is at ABC Building, 21-23 Quay Street, Manchester M3 4AE (the "Company"); and  (1) Wejo Group Limited, a company registered in Bermuda with company number 56698 whose registered  office is at Canon's Court, 22 Victoria Street, Hamilton Hm12, Bermuda (the "Parent"); and  (2) Richard Barlow of c/o ABC Building, 21-23 Quay Street, Manchester M3 4AE (the “Executive”).  RECITALS:  (A) The Executive has been invited by the Parent to participate in a management incentive arrangement relating  to the Company.  (B) Under the incentive arrangement, the Executive has been given the opportunity to subscribe for 1,000 B  ordinary shares in the Company.  (C) Under the articles of association of the Company, the holders of B ordinary shares in the Company may in  certain circumstances require the Parent to purchase such B ordinary shares in exchange for common shares  in the capital of the Parent, and the Parent may in certain circumstances require the holders of B ordinary  shares to sell such B ordinary shares in exchange for common shares in the capital of the Parent. The  management incentive arrangement entered into pursuant to this agreement shall, to the extent that it may  involve the Parent issuing common shares in the capital of the Parent to the Executive, constitute a ‘Share- Based Award’ for the purposes of the 2021 Equity Incentive Plan of the Parent and shall be subject to the  terms and conditions such Plan.   OPERATIVE PROVISIONS:  1. Definitions and interpretation  1.1 In this Agreement, unless the context otherwise requires:  “Articles” means the articles of association of the Company (as amended and restated from time to time)  and “Article” shall be construed accordingly;  "B Shares" means the 1,000 B ordinary shares subscribed by the Executive under this Agreement;   “ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003;  "Taxable Event" means any event or circumstance that gives rise to a liability for the Executive to pay  income tax or National Insurance contributions or either of them (or their equivalents in any jurisdiction) in  respect of:  (a) the B Shares, including their acquisition, disposal or conversion, the release or variation of any  restriction, the variation of any right attaching to them, and any other taxable event relating to them  under any part of ITEPA 2003 or any other statute, and  (b) any amount due under PAYE in respect of the B Shares, including any failure by the Executive to  make good such an amount within the time limit specified in section 222 of ITEPA 2003;  "Tax Liability" means the total of any income tax and primary Class 1 (employee) National Insurance  contributions (or their equivalents in any jurisdiction) that any employer (or former employer) of the  Executive accounts for as a result of any Taxable Event.  1.2 In this Agreement, unless the context otherwise requires:  1.2.1 words and expressions have the same meaning as in the Articles unless otherwise stated;  DocuSign Envelope ID: E0EABBD7-6F3C-4136-BBF0-6D82D0817832 

 

3  WEJ1_1_864958_1  1.2.2 references to clauses and sub-clauses are to clauses and sub-clauses of the Agreement;  1.2.3 the headings are for convenience only and shall not affect the interpretation of this Agreement;  1.2.4 references to the singular include the plural and vice versa;  1.2.5 references to one gender shall include a reference to the other gender.  2. Subscription for B Shares  2.1 The Executive shall subscribe for the B Shares on the terms set out in this Agreement.   2.2 Subject to the Articles, the B Shares are subscribed with all rights attaching to them.  2.3 The subscription price of the B Shares shall be £17,587.50 (the “Consideration”), which shall be paid by  the Executive in accordance with clause 3.3.  3. Closing of the Subscription  3.1 The subscription for the B Shares shall be completed immediately after this Agreement is signed, when the  events set out in the following provisions of this clause 3 shall take place.   3.2 The Executive shall sign, and the Company shall procure that the Executive’s employing company shall  sign, the election under section 431(1) of ITEPA 2003 in relation to the B Shares appended hereto at  Appendix 1.   3.3 The Consideration shall be settled by a direct bank transfer by, or on behalf of the Executive, to the bank  account nominated by the Company in writing.  3.4 The Company shall, as soon as reasonably practicable following receipt of the Consideration:   3.4.1 issue and allot the B Shares to the Executive, and  3.4.2 enter the Executive’s name in the Company’s register of members as holder of the B Shares and  issue the Executive with a share certificate in respect of the B Shares.   4. Tax and National Insurance contributions  4.1 The Executive hereby irrevocably undertakes to:  4.1.1 pay to the Company, his employer or former employer (as appropriate) the amount of any Tax  Liability; or  4.1.2 enter into arrangements to the satisfaction of the Company, his employer or former employer (as  appropriate) for payment of any Tax Liability.  5. Parent Option  5.1 The Executive hereby grants to the Parent an option (the “Parent Option”) to acquire the B Shares for the  amount in aggregate of £1.00 at the times set out in clause 5.2, subject always to clause 5.3.   5.2 Subject to clause 5.3, the Parent Option may be exercised by the Parent at any time following the later of:  5.2.1 18 November 2026 (the “Option Vesting Date”); and  5.2.2 in the event that, prior to the Option Vesting Date, the Performance Exit Condition has been  satisfied and accordingly the Executive has become entitled to serve an Exit Put Option Notice (as  those terms are defined in the Company’s articles of association) pursuant to article 11.3 of the  DocuSign Envelope ID: E0EABBD7-6F3C-4136-BBF0-6D82D0817832 

 

4  WEJ1_1_864958_1  Company’s articles of association, but the Executive has not served such Exit Put Option Notice  as at the Option Vesting Date, 18 December 2026.   5.3 The Parent shall not be entitled to exercise the Parent Option in the event that the Executive has served an  Exit Put Option Notice (as such term is defined in the Company’s articles of association) pursuant to article  11.3 of the Company’s articles of association prior to the Option Vesting Date.  5.4 The Parent Option shall be exercisable by the Parent by serving an irrevocable notice (the “Call Option  Notice”) on the Executive in respect of all of the B Shares held by the Executive, whereupon the Executive  shall sell and the Parent shall purchase such B Shares free from all liens, charges and encumbrances together  with all rights attaching to them in accordance with the Company’s articles of association.  5.5 Completion of the transfer of the B Shares shall take place at the registered office of the Company (or at  such other place as the parties shall mutually agree in writing) as soon as reasonably practicable after service  of the Call Option Notice, when:  5.5.1 the Parent shall pay the sum of £1.00 to the Executive in respect of all the B Shares held by the  Executive; and  5.5.2 the Executive shall deliver to the Parent (i) a duly executed stock transfer forms in respect of the  B Shares together with the relevant share certificates (or an indemnity in respect of any lost or  destroyed share certificates in such form as the Parent may reasonably require); and (ii) such other  deeds and documents as are necessary to transfer to the Company the unencumbered legal  ownership of the relevant B Shares.   6. Power of Attorney  6.1 The Executive hereby appoints the Company (acting by any of its directors from time to time) as his agent  and attorney, in his name and on his behalf:  6.1.1 to execute any joint election required to be entered into under clause 3.2, and   6.1.2 to execute any documentation and do any other things necessary to give effect to clause 5.  6.2 The Company may appoint one or more persons to act as substitute agent(s) and attorney(s) for the  Executive and to exercise one or more of the powers conferred on the Company by the power of attorney set  out in this clause 6, other than the power to appoint a substitute attorney. The Company may subsequently  revoke any such appointment.  6.3 The power of attorney set out in this clause 6 shall be irrevocable, save with the consent of the Company,  and is given, among other reasons, by way of security to secure the interests of the Company (for itself and  as trustee under this Agreement on behalf of any employer or former employer of the Executive) as a person  liable to account for or pay any relevant Tax Liability.  6.4 The Executive declares that a person who deals in good faith with the Company or any substitute attorney as  his attorney appointed under this clause 5 may accept a written statement signed by that person to the effect  that this power of attorney has not been revoked as conclusive evidence of that fact:  7. Terms of office or employment  7.1 The Executive hereby acknowledges and undertakes that:  7.1.1 subject to any rights and restrictions set out in the Articles, his rights and obligations as an  employee or director of the Company shall not be affected by the allotment or holding of the  B Shares; and  7.1.2 the allotment of B Shares under this Agreement will give his no right or expectation to receive  further opportunities to subscribe for shares in the Company, except for any rights which might be  available to shareholders as such.  DocuSign Envelope ID: E0EABBD7-6F3C-4136-BBF0-6D82D0817832 

 

5  WEJ1_1_864958_1  7.2 The Executive irrevocably waives any rights that may arise to compensation or damages on account of any  loss in respect of the B Shares where such loss arises (or is claimed to arise), in whole or in part from:  7.2.1 termination of his office or employment with; or  7.2.2 notice to terminate his office or employment given by or to,  the Company. This waiver shall apply however termination of office or employment, or the giving of notice,  is caused, and however compensation or damages may be claimed.  7.3 The Executive irrevocably waives any rights that may arise to compensation or damages on account of any  loss in respect of the B Shares where such loss arises (or is claimed to arise), in whole or in part from:  7.3.1 any company which employs him, or in which he holds office, ceasing to be a subsidiary of the  Company; or  7.3.2 the transfer of the business in which he is employed from the Company (or any subsidiary of it) to  any person which is not the Company (or a subsidiary of it).  This waiver shall apply however the change of status of the relevant company, or the transfer of the relevant  business, is caused, and however compensation or damages may be claimed.  8. Miscellaneous  8.1 No assignment  This Agreement shall be binding upon and inure for the benefit of the successors of the parties. The rights of  the Executive under this Agreement shall not be assignable or transferable.  8.2 Variation  No amendment to this Agreement shall be valid unless it is in writing and signed by or on behalf of all of the  parties to it.  8.3 Entire agreement  8.3.1 This Agreement, together with any documents referred to in it, constitutes the whole agreement  between the parties relating to its subject matter and supersedes and extinguishes any prior drafts,  agreements, undertakings, representations, warranties, assurances and arrangements of any nature,  whether in writing or oral, relating to such subject matter.   8.3.2 Each party acknowledges that it has not been induced to enter into this Agreement by, and that it  does not in connection with this Agreement or its subject matter rely on, any representation,  warranty, promise or assurance by the other party or any other person other than those contained  in this Agreement and, having negotiated and freely entered into this Agreement, agrees that it  shall have no remedy in respect of any other such representation, warranty, promise or assurance  except in the case of fraud.    8.3.3 No variation of this Agreement shall be effective unless made in writing.  8.4 Waiver  No failure or delay by any party in exercising any right or remedy provided by law or under this Agreement  shall impair such right or remedy or operate or be construed as a waiver or variation of it or preclude it or its  exercise at any subsequent time and no single or partial exercise of any such right or remedy shall preclude  any further exercise of it or the exercise of any other remedy.  DocuSign Envelope ID: E0EABBD7-6F3C-4136-BBF0-6D82D0817832 

 

6  WEJ1_1_864958_1  8.5 Counterparts  This Agreement may be executed in any number of counterparts, and by each party on separate counterparts.  Each counterpart is an original, but all counterparts shall together constitute one and the same instrument.  Delivery of a counterpart of this Agreement by e-mail attachment or telecopy shall be an effective mode of  delivery.   8.6 Invalidity  If part or all of any Clause in this Agreement is found to be unenforceable or illegal it shall be severed from  this Agreement and will not affect the enforceability of the remainder of the Agreement, unless;  8.6.1 any party can demonstrate that it would not have entered into the Agreement without the inclusion  of that term; or  8.6.2 the exclusion of the term fundamentally alters the balance of the rights and obligations of the  parties.  8.7 Third Party Rights  A person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third  Parties) Act 1999 to enforce any of its terms.   8.8 Governing Law and Jurisdiction   This Agreement shall be governed by, and construed in accordance with, the law of England and Wales.   The courts of England and Wales shall have exclusive jurisdiction in relation to all disputes.  For these  purposes each party irrevocably submits to the jurisdiction of the English courts and waives any objection to  the exercise of that jurisdiction.       DocuSign Envelope ID: E0EABBD7-6F3C-4136-BBF0-6D82D0817832 

 

7  WEJ1_1_864958_1  IN WITNESS of which the parties hereto have executed and delivered this as a deed on the date shown above.    EXECUTED as a deed )  by Richard Barlow  ) .......................................  in the presence of:  )   (signature of Executive)    )  Ross Barr........................ )  Name of witness:   )        Signature of witness: ........................................  Name of witness:  ...Ross Barr.........................  Address of witness:  ...5 Preamble Drive...............    ...Mount Laurel, NJ 08054.........    .......................................    .......................................          EXECUTED as a deed by )  WEJO LIMITED )  acting by )    )  John Maxwell  )  .......................................... )  .......................................  Director name:   ) (signature of director)  in the presence of:  )    )  ...Den Power........................ )  Name of witness:   )        Signature of witness: ........................................  Name of witness:  ...Den Power......................  Address of witness:  ... ABC Building..................    ...21-23 Quay Street ............    ...Manchester, M3 4AE .........    .......................................  DocuSign Envelope ID: E0EABBD7-6F3C-4136-BBF0-6D82D0817832 

 

8  WEJ1_1_864958_1  EXECUTED as a deed by )  WEJO GROUP LIMITED )  acting by )    )  John Maxwell  )  .......................................... )  .......................................  Director name:   ) (signature of director)  in the presence of:  )    )  ...Den Power........................... )  Name of witness  )        Signature of witness: ........................................  Name of witness:  ...Den Power......................  Address of witness:  ... ABC Building..................    ...21-23 Quay Street ............    ...Manchester, M3 4AE .........    .......................................    DocuSign Envelope ID: E0EABBD7-6F3C-4136-BBF0-6D82D0817832 

 

9  WEJ1_1_864958_1  APPENDIX 1    Joint Election under S431 ITEPA 2003 for full disapplication of Chapter 2 Income Tax (Earnings and  Pensions) Act 2003  One Part Election  1. Between  the Employee Richard Barlow  whose National Insurance Number is  ... JM642100A ...................  and  the Company (who is the Employee's employer) ......Wejo Limited................  of Company Registration Number ......08813730...................  2. Purpose of Election  This joint election is made pursuant to section 431(1) Income Tax (Earnings and Pensions) Act 2003 (ITEPA) and  applies where employment-related securities, which are restricted securities by reason of section 423 ITEPA, are  acquired.  The effect of an election under section 431(1) is that, for the relevant Income Tax and NIC purposes, the  employment-related securities and their market value will be treated as if they were not restricted securities and that  sections 425 to 430 ITEPA do not apply.  Should the value of the securities fall following the acquisition, it is possible that Income Tax/NIC that would  have arisen because of any future chargeable event (in the absence of an election) would have been less than  the Income Tax/NIC due by reason of this election.  Should this be the case, there is no Income Tax/NIC relief  available under Part 7 of ITEPA 2003; nor is it available if the securities acquired are subsequently  transferred, forfeited or revert to the original owner.  3. Application  This joint election is made not later than 14 days after the date of acquisition of the securities by the Employee and  applies to:  Number of securities 1,000  Description of securities B ordinary shares  Name of issuer of securities   Wejo Limited  Acquired by Employee on 15 July 2022  4. Extent of Application  This election disapplies, pursuant to Section 431(1) ITEPA, all restrictions attaching to the securities.   5. Declaration  This election will become irrevocable upon the later of its signing or the acquisition of employment-related securities  to which this election applies.  DocuSign Envelope ID: E0EABBD7-6F3C-4136-BBF0-6D82D0817832 

 

10  WEJ1_1_864958_1  In signing this joint election, we agree to be bound by its terms as stated above.    ..............................................   .../..../.........  Signature      Date    ..............................................   .../..../.........  Signature (for and on behalf of the Company) Date  ...Chief People Officer..............................................  Position in company    Note: Where the election is in respect of multiple acquisitions, prior to the date of any subsequent acquisition of a  security it may be revoked by agreement between the employee and employer in respect of that and any later  acquisition.            DocuSign Envelope ID: E0EABBD7-6F3C-4136-BBF0-6D82D0817832 15 July 2022 | 5:17 PM BST 15 July 2022 | 9:15 AM PDTExhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of this 16th day of November 2022,
by and between Rumble Inc., a Delaware corporation (the “Company”), and Michael Ellis (“Executive”).

 

W
I T N E S S E T H:

 

WHEREAS,
Executive is currently employed by the Company as its General Counsel and Corporate Secretary; and

 

WHEREAS,
Executive is a party to an employment agreement with Rumble USA Inc. dated November 4, 2021 (the “Prior Agreement”);
and

 

WHEREAS,
the Company desires to employ Executive and to enter into this Agreement embodying the terms of such employment, and Executive desires
to enter into this Agreement and to accept such employment, subject to the terms and provisions of this Agreement.

 

NOW,
THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are mutually acknowledged, the Company and Executive hereby agree as follows:

 

Section 1.
Definitions.

 

(a)
“Accrued Obligations” shall mean (i) all accrued but unpaid Base Salary through the date of termination
of Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with ‎Section 7
hereof, and (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment (excluding
any employee benefit plan providing for severance or similar benefits), in accordance with the terms contained therein.

 

(b)
“Agreement” shall have the meaning set forth in the preamble hereto.

 

(c)
“Annual Bonus” shall have the meaning set forth in ‎Section 4(b) hereof.

 

(d)
“Base Salary” shall mean the salary provided for in ‎Section 4(a) hereof or any increased
salary granted to Executive pursuant to ‎Section 4(a) hereof.

 

(e)
“Board” shall mean the Board of Directors of the Company.

 

(f)
“Cause” shall mean (i) Executive’s act(s) of gross negligence or willful misconduct in the course
of Executive’s employment hereunder, (ii) willful failure or refusal by Executive to perform in any material respect Executive’s
duties or responsibilities, (iii) misappropriation (or attempted misappropriation) by Executive of any assets or business opportunities
of the Company or any other member of the Company Group, (iv) embezzlement or fraud committed (or attempted) by Executive, at Executive’s
direction, or with Executive’s prior actual knowledge, (v) Executive’s conviction of or pleading “guilty”
or ” no contest” to, (x) a felony or (y) any other criminal charge that has, or could be reasonably expected to
have, an adverse impact on the performance of Executive’s duties to the Company or any other member of the Company Group or otherwise
result in material injury to the reputation or business of the Company or any other member of the Company Group, (vi) any material
violation by Executive of the policies of the Company, including but not limited to those relating to sexual harassment or business conduct,
and those otherwise set forth in the manuals or statements of policy of the Company, or (vii) Executive’s material breach
of this Agreement or breach of the Restrictive Covenant Agreement. If, within ninety (90) days subsequent to Executive’s termination
for any reason other than by the Company for Cause, the Company determines that Executive’s employment could have been terminated
for Cause, Executive’s employment will be deemed to have been terminated for Cause for all purposes, and Executive will be required
to repay or return to the Company all amounts and benefits received pursuant to this Agreement or otherwise on account of such termination
that would not have been payable or provided to Executive had such termination been by the Company for Cause.

 

     

     

    

 

(g)
“COBRA” shall mean Part 6 of Title I of the Employee Retirement Income Security Act of 1974, as amended, and
Section 4980B of the Code, and the rules and regulations promulgated under either of them.

 

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

 

(i)
“Company” shall have the meaning set forth in the preamble hereto.

 

(j)
“Company Group” shall mean the Company together with any direct or indirect subsidiaries of the Company.

 

(k)
“Compensation Committee” shall mean the Board or the committee of the Board designated to make compensation
decisions relating to senior executive officers of the Company Group.

 

(l)
“Delay Period” shall have the meaning set forth in ‎Section 13(a) hereof.

 

(m)
“Disability” shall mean any physical or mental disability or infirmity of Executive that prevents the performance
of Executive’s duties for a period of (i) ninety (90) consecutive days or (ii) one hundred twenty (120) non-consecutive
days during any twelve (12) month period. Any question as to the existence, extent, or potentiality of Executive’s Disability upon
which Executive and the Company cannot agree shall be determined by a qualified, independent physician selected by the Company and approved
by Executive (which approval shall not be unreasonably withheld). The determination of any such physician shall be final and conclusive
for all purposes of this Agreement.

 

(n)
“Equity Plan” shall mean the Rumble Inc. 2022 Stock Incentive Plan, as amended from time to time.

 

(o)
“Executive” shall have the meaning set forth in the preamble hereto.

 

(p)
“Good Reason” shall mean, without Executive’s consent, (i) a material diminution in Executive’s
title, duties, or responsibilities as set forth in ‎Section 3 hereof, (ii) a material reduction in Base Salary
set forth in ‎Section 4(a) hereof or Annual Bonus opportunity set forth in ‎Section 4(b)
hereof (other than pursuant to an across-the-board reduction applicable to all similarly situated executives), (iii) the relocation of
Executive’s principal place of employment (as provided in ‎Section 3(c) hereof) more than fifty (50)
miles from its current location, or (iv) any other material breach of a provision of this Agreement by the Company (other than a
provision that is covered by clause (i), (ii), or (iii) above). Executive acknowledges and agrees that Executive’s exclusive remedy
in the event of any breach of this Agreement shall be to assert Good Reason pursuant to the terms and conditions of ‎Section 8(e).
Notwithstanding the foregoing, during the Term, in the event that the Company reasonably believes that Executive may have engaged in
conduct that could constitute Cause hereunder, the Company may, in its sole and absolute discretion, suspend Executive from performing
Executive’s duties hereunder, and in no event shall any such suspension constitute an event pursuant to which Executive may terminate
employment with Good Reason or otherwise constitute a breach hereunder; provided, that no such suspension shall alter the Company’s
obligations under this Agreement during such period of suspension.

 

(q)
“Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business entity.

 

(r)
“Prior Agreement” shall have the meaning set forth in the recitals hereto.

 

    2

     

    

 

(s)
“Release of Claims” shall mean the Release of Claims in substantially the same form attached hereto as Exhibit A
(as the same may be revised from time to time by the Company upon the advice of counsel).

 

(t)
“Restrictive Covenant Agreement” shall mean any agreement between Executive and any member of the Company Group
related to confidentiality, inventions assignment, non-competition, non-solicitation or similar restrictions.

 

(u)
“Severance Benefits” shall have the meaning set forth in ‎Section 8(g) hereof.

 

(v)
“Severance Term” shall mean the twelve (12) month period following Executive’s termination by the Company
without Cause (other than by reason of death or Disability) or by Executive for Good Reason.

 

(w)
“Term” shall mean the period specified in ‎Section 2 hereof.

 

Section 2.
Acceptance and Term.

 

The
Company agrees to employ Executive, and Executive agrees to serve the Company, on the terms and conditions set forth herein. The Term
shall commence on the date hereof and shall continue until terminated as provided in ‎Section 8 hereof.

 

Section 3.
Position, Duties, and Responsibilities; Place of Performance.

 

(a)
Position, Duties, and Responsibilities. During the Term, Executive shall be employed and serve as the General Counsel and Corporate
Secretary of the Company (together with such other position or positions consistent with Executive’s title as the Board shall specify
from time to time) and shall have such duties and responsibilities commensurate with such title. Executive also agrees to serve as an
officer and/or director of any other member of the Company Group, in each case without additional compensation. Executive acknowledges
and agrees that the Company may cause his employer to be a directly or indirectly wholly-owned U.S. subsidiary of the Company, in which
case, the Company may cause all compensation and benefits provided hereunder to be provided by such subsidiary, provided, however
that Executive shall continue to serve as the General Counsel and Corporate Secretary of the Company and the Company shall continue
to be liable for all of the Company’s obligations under this Agreement.

 

(b)
Performance. Executive shall devote Executive’s full business time, attention, skill, and best efforts to the performance
of Executive’s duties under this Agreement and shall not engage in any other business or occupation during the Term, including,
without limitation, any activity that (x) conflicts with the interests of the Company or any other member of the Company Group,
(y) interferes with the proper and efficient performance of Executive’s duties for the Company, or (z) interferes with
Executive’s exercise of judgment in the Company’s best interests. Notwithstanding the foregoing, nothing herein shall preclude
Executive from (i) serving, with the prior written consent of the Board, as a member of the boards of directors or advisory boards
(or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations, (ii) engaging
in charitable activities and community affairs, and (iii) managing Executive’s personal investments and affairs; provided,
however, that the activities set out in clauses (i), (ii), and (iii) shall be limited by Executive so as not to materially interfere,
individually or in the aggregate, with the performance of Executive’s duties and responsibilities hereunder.

 

(c)
Principal Place of Employment. Executive’s principal place of employment shall be in Washington, District of Columbia although
Executive understands and agrees that Executive may be required to travel from time to time for business reasons.

 

    3

     

    

 

Section 4.
Compensation.

 

During
the Term, Executive shall be entitled to the following compensation:

 

(a)
Base Salary. Effective as of October 1, 2022, Executive shall be paid an annualized Base Salary, payable in accordance with the
regular payroll practices of the Company, of not less than $400,000, with increases, if any, as may be approved in writing by the Compensation
Committee.

 

(b)
Annual Bonus. Executive shall be eligible for an annual incentive bonus award determined by the Compensation Committee in respect
of each fiscal year during the Term (the “Annual Bonus”). The target Annual Bonus for each fiscal year
shall be 50% of Base Salary and the maximum Annual Bonus for each fiscal year shall be 100% of Base Salary, with the actual Annual Bonus
payable being based upon the level of achievement of annual Company and individual performance objectives for such fiscal year, as determined
by the Compensation Committee and communicated to Executive, and pro-rated for any partial year of service. The Annual Bonus shall be
paid to Executive at the same time as annual bonuses are generally payable to other senior executives of the Company subject to Executive’s
continuous employment through the payment date except as otherwise provided for in this Agreement.

 

(c)
Equity Compensation. During the Term, Executive shall be eligible to participate in the Equity Plan (or any successor plan thereto),
as determined by the Compensation Committee in its sole discretion from time to time. The amount and the terms and conditions of any
such awards shall be governed by the Equity Plan and an award agreement evidencing such award. For the avoidance of doubt, nothing herein
shall entitle Executive to any specific award or any specific terms applicable to such award.

 

Section 5.
Employee Benefits.

 

During
the Term, Executive shall be entitled to participate in health, insurance, retirement, and other benefits provided generally to similarly
situated employees of the Company. Executive shall also be entitled to the same number of holidays, vacation days, and sick days, as
well as any other benefits, in each case as are generally allowed to similarly situated employees of the Company. Nothing contained herein
shall be construed to limit the Company’s ability to amend, suspend, or terminate any employee benefit plan or policy at any time
without providing Executive notice, and the right to do so is expressly reserved.

 

Section 6.
Key-Man Insurance.

 

At
any time during the Term, the Company shall have the right to insure the life of Executive for the sole benefit of the Company, in such
amounts, and with such terms, as it may determine. All premiums payable thereon shall be the obligation of the Company. Executive shall
have no interest in any such policy, but agrees to cooperate with the Company in procuring such insurance by submitting to physical examinations,
supplying all information required by the insurance company, and executing all necessary documents, provided that no financial obligation
is imposed on Executive by any such documents.

 

Section 7.
Reimbursement of Business Expenses.

 

During
the Term, the Company shall pay (or promptly reimburse Executive) for documented, out-of-pocket expenses reasonably incurred by Executive
in the course of performing Executive’s duties and responsibilities hereunder, which are consistent with the Company’s policies
in effect from time to time with respect to business expenses, subject to the Company’s requirements with respect to reporting
of such expenses.

 

    4

     

    

 

Section 8.
Termination of Employment.

 

(a)
General. The Term shall terminate earlier than as provided in ‎Section 2 hereof upon the earliest to occur
of (i) Executive’s death, (ii) a termination by reason of a Disability, (iii) a termination by the Company with
or without Cause, and (iv) a termination by Executive with or without Good Reason. Upon any termination of Executive’s employment
for any reason, except as may otherwise be requested by the Company in writing and agreed upon in writing by Executive, Executive shall
be deemed to have resigned from any and all directorships, committee memberships, and any other positions Executive holds with the Company
or any other member of the Company Group and hereby agrees to execute any documents that the Company (or any member of the Company Group)
determines necessary to effectuate such resignations. Notwithstanding anything herein to the contrary, the payment (or commencement of
a series of payments) hereunder of any “nonqualified deferred compensation” (within the meaning of Section 409A of the
Code) upon a termination of employment shall be delayed until such time as Executive has also undergone a “separation from service”
as defined in Treas. Reg. 1.409A-1(h), at which time such nonqualified deferred compensation (calculated as of the date of Executive’s
termination of employment hereunder) shall be paid (or commence to be paid) to Executive on the schedule set forth in this ‎Section 8
as if Executive had undergone such termination of employment (under the same circumstances) on the date of Executive’s ultimate
“separation from service.”

 

(b)
Termination Due to Death or Disability. Executive’s employment shall terminate automatically upon Executive’s death.
The Company may terminate Executive’s employment immediately upon the occurrence of a Disability, such termination to be effective
upon Executive’s receipt of written notice of such termination. Upon Executive’s death or in the event that Executive’s
employment is terminated due to Executive’s Disability, Executive or Executive’s estate or Executive’s beneficiaries,
as the case may be, shall be entitled to:

 

(i)
The Accrued Obligations; and

 

(ii)
Any unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination, which amount shall
be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than the date that is two
and one-half (21⁄2) months following the last day of the fiscal year in which such termination occurred.

 

Following
Executive’s death or a termination of Executive’s employment by reason of a Disability, except as set forth in this ‎Section 8(b),
Executive shall have no further rights to any compensation or any other benefits under this Agreement.

 

(c)
Termination by the Company with Cause.

 

(i)
The Company may terminate Executive’s employment at any time with Cause, effective upon Executive’s receipt of written notice
of such termination; provided, however, that with respect to any Cause termination relying on clause (ii) or (vi) of the
definition of Cause set forth in ‎Section 1(f) hereof, to the extent that such act or acts or failure or failures to
act are curable, Executive shall be given not less than ten (10) days’ written notice by the Board of the Company’s intention
to terminate him with Cause, such notice to state in detail the particular act or acts or failure or failures to act that constitute
the grounds on which the proposed termination with Cause is based, and such termination shall be effective at the expiration of such
ten (10) day notice period unless Executive has fully cured such act or acts or failure or failures to act that give rise to Cause during
such period.

 

(ii)
In the event that the Company terminates Executive’s employment with Cause, Executive shall be entitled only to the Accrued Obligations.
Following such termination of Executive’s employment with Cause, except as set forth in this ‎Section 8(c)(ii),
Executive shall have no further rights to any compensation or any other benefits under this Agreement.

 

    5

     

    

 

(d)
Termination by the Company without Cause. The Company may terminate Executive’s employment at any time without Cause, effective
upon Executive’s receipt of written notice of such termination. In the event that Executive’s employment is terminated by
the Company without Cause (other than due to death or Disability), Executive shall be entitled to:

 

(i)
The Accrued Obligations;

 

(ii)
Any unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination, which amount shall
be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than the date that is two
and one-half (21⁄2) months following the last day of the fiscal year in which such termination occurred;

 

(iii)
The target Annual Bonus Executive would have received for the calendar year in which such termination occurs had Executive remained employed
by the Company Group during the entire year, prorated to reflect the number of days Executive was employed during the calendar year,
which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than
the date that is two and one-half (21⁄2) months following the last day of the fiscal year in which such termination occurred;

 

(iv)
To the extent permitted by applicable law without any penalty to Executive or any member of the Company Group and subject to Executive’s
election of COBRA continuation coverage under the Company’s group health plan, on the first regularly scheduled payroll date of
each month of the Severance Term, the Company will pay directly to or on behalf of Executive an amount equal to the “applicable
percentage” of the monthly COBRA premium cost; provided, that the payments pursuant to this clause (iv) shall cease earlier
than the expiration of the Severance Term in the event that Executive becomes eligible to receive any health benefits, including through
a spouse’s employer, during the Severance Term. For purposes hereof, the “applicable percentage” shall
be the percentage of Executive’s health care premium costs covered by the Company as of the date of termination. Amounts paid by
the Company directly to or on behalf of Executive pursuant to this clause (iv) shall be imputed to the Executive as additional taxable
income to the extent required to avoid adverse consequences to Executive or the Company under either Section 105(h) of the Code or the
Patient Protection and Affordable Care Act of 2010; provided that, if such imputation does not prevent the imposition of an excise tax
under, or the violation of, the Patient Protection and Affordable Care Act (as amended by the Health Care and Education Reconciliation
Act of 2010 and as amended from time to time), including, without limitation, Section 4980D of the Code, the Company shall no longer
provide such medical and dental benefits to Executive;

 

(v)
A payment in an amount equal to the sum of Executive’s (x) annual Base Salary, plus (y) target Annual Bonus for the year
of termination, payable during the Severance Term in accordance with the Company’s regular payroll practices; and

 

(vi)
Continued vesting during the Severance Term of any time-based equity awards granted under the Equity Plan that are outstanding and unvested
as of the date of such termination.

 

Notwithstanding
the foregoing, the payments and benefits described in clauses (ii), (iii), (iv), (v) and (vi) above shall immediately terminate, and
the Company shall have no further obligations to Executive with respect thereto, in the event that Executive breaches any provision of
the Restrictive Covenant Agreement. Following such termination of Executive’s employment by the Company without Cause, except as
set forth in this ‎Section 8(d), Executive shall have no further rights to any compensation or any other benefits under this
Agreement. For the avoidance of doubt, Executive’s sole and exclusive remedy upon a termination of employment by the Company without
Cause shall be receipt of the of the Severance Benefits.

 

(e)
Termination by Executive with Good Reason. Executive may terminate Executive’s employment with Good Reason by providing
the Company ten (10) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, which
written notice, to be effective, must be provided to the Company within sixty (60) days of the occurrence of such event. During such
ten (10) day notice period, the Company shall have a cure right (if curable), and if not cured within such period, Executive’s
termination will be effective upon the expiration of such cure period, and Executive shall be entitled to the same payments and benefits
as provided in ‎Section 8(d) hereof for a termination by the Company without Cause, subject to the same conditions
on payment and benefits as described in ‎Section 8(d) hereof. Following such termination of Executive’s
employment by Executive with Good Reason, except as set forth in this ‎Section 8(e), Executive shall have no further
rights to any compensation or any other benefits under this Agreement. For the avoidance of doubt, Executive’s sole and exclusive
remedy upon a termination of employment with Good Reason shall be receipt of the Severance Benefits.

 

    6

     

    

 

(f)
Termination by Executive without Good Reason. Executive may terminate Executive’s employment without Good Reason by providing
the Company thirty (30) days’ written notice of such termination. In the event of a termination of employment by Executive under
this ‎Section 8(f), Executive shall be entitled only to the Accrued Obligations. In the event of termination of
Executive’s employment under this ‎Section 8(f), the Company may, in its sole and absolute discretion, by
written notice accelerate such date of termination without changing the characterization of such termination as a termination by Executive
without Good Reason. Following such termination of Executive’s employment by Executive without Good Reason, except as set forth
in this ‎Section 8(f), Executive shall have no further rights to any compensation or any other benefits under
this Agreement.

 

(g)
Release. Notwithstanding any provision herein to the contrary, the payment of any amount or provision of any benefit pursuant
to subsection (b), (d) or (e) of this ‎Section 8 (other than the Accrued Obligations) (collectively, the “Severance
Benefits”) shall be conditioned upon Executive’s execution, delivery to the Company, and non-revocation of the Release
of Claims (and the expiration of any revocation period contained in such Release of Claims) within sixty (60) days following the date
of Executive’s termination of employment hereunder. If Executive fails to execute the Release of Claims in such a timely manner
so as to permit any revocation period to expire prior to the end of such sixty (60) day period, or timely revokes Executive’s acceptance
of such release following its execution, Executive shall not be entitled to any of the Severance Benefits. Further, (i) to the extent
that any of the Severance Benefits constitutes “nonqualified deferred compensation” for purposes of Section 409A of
the Code, any payment of any amount or provision of any benefit otherwise scheduled to occur prior to the sixtieth (60th)
day following the date of Executive’s termination of employment hereunder, but for the condition on executing the Release of Claims
as set forth herein, shall not be made until the first regularly scheduled payroll date following such sixtieth (60th) day
and (ii) to the extent that any of the Severance Benefits do not constitute “nonqualified deferred compensation” for
purposes of Section 409A of the Code, any payment of any amount or provision of any benefit otherwise scheduled to occur following
the date of Executive’s termination of employment hereunder, but for the condition on executing the Release of Claims as set forth
herein, shall not be made until the first regularly scheduled payroll date following the date the Release of Claims is timely executed
and the applicable revocation period has ended, after which, in each case, any remaining Severance Benefits shall thereafter be provided
to Executive according to the applicable schedule set forth herein. For the avoidance of doubt, in the event of a termination due to
Executive’s death or Disability, Executive’s obligations herein to execute and not revoke the Release of Claims may be satisfied
on Executive’s behalf by Executive’s estate or a person having legal power of attorney over Executive’s affairs.

 

Section 9.
Representations and Warranties of Executive.

 

Executive
represents and warrants to the Company that—

 

(a)
Executive is entering into this Agreement voluntarily and that Executive’s employment hereunder and compliance with the terms and
conditions hereof will not conflict with or result in the breach by Executive of any agreement to which Executive is a party or by which
Executive may be bound;

 

(b)
Executive has not violated, and in connection with Executive’s employment with the Company will not violate, any non-solicitation,
non-competition, or other similar covenant or agreement of a prior employer by which Executive is or may be bound; and

 

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

 

Section 10.
Taxes.

 

The
Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment,
and social insurance taxes, as shall be required by law. Executive acknowledges and represents that the Company has not provided any
tax advice to Executive in connection with this Agreement and that Executive has been advised by the Company to seek tax advice from
Executive’s own tax advisors regarding this Agreement and payments that may be made to Executive pursuant to this Agreement, including
specifically, the application of the provisions of Section 409A of the Code to such payments.

 

    7

     

    

 

Section 11.
Set Off; Mitigation.

 

The
Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall be subject to
set-off, counterclaim, or recoupment of amounts owed by Executive to the Company or its affiliates; provided, however,
that to the extent any amount so subject to set-off, counterclaim, or recoupment is payable in installments hereunder, such set-off,
counterclaim, or recoupment shall not modify the applicable payment date of any installment, and to the extent an obligation cannot be
satisfied by reduction of a single installment payment, any portion not satisfied shall remain an outstanding obligation of Executive
and shall be applied to the next installment only at such time the installment is otherwise payable pursuant to the specified payment
schedule. Executive shall not be required to mitigate the amount of any payment or benefit provided pursuant to this Agreement by seeking
other employment or otherwise, and except as provided in ‎Section 8(d)(iv) hereof, the amount of any payment or benefit provided
for pursuant to this Agreement shall not be reduced by any compensation earned as a result of Executive’s other employment or otherwise.

 

Section 12.
Physical or Mental Disability or Infirmity.

 

Notwithstanding
anything herein to the contrary, during any portion of the Term in which Executive is unable to perform the essential duties and responsibilities
of Executive’s position as a result of a physical or mental disability or infirmity (after taking into account any reasonable accommodations)
(such period being, a “Medical Leave of Absence”), unless otherwise determined by the Company, Executive shall
only be entitled to the payments and benefits, if any, that Executive is then-eligible to receive pursuant to the Company Group’s
short-term and long-term disability policies as in effect at such time (and, for the avoidance of doubt, Executive shall not accrue any
other compensation or bonus, or vest in any compensation, during a Medical Leave of Absence, except as provided in such policy). Further,
in no event shall any changes to Executive’s duties, responsibilities, compensation or benefits, or the appointment of an interim
replacement, in each case, during the pendency of a Medical Leave of Absence give rise to Good Reason pursuant to this Agreement or otherwise.

 

Section 13.
Additional Section 409A Provisions.

 

Notwithstanding
any provision in this Agreement to the contrary—

 

(a)
Any payment otherwise required to be made hereunder to Executive at any date as a result of the termination of Executive’s employment
shall be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the “Delay
Period”). On the first business day following the expiration of the Delay Period, Executive shall be paid, in a single
cash lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence, and any remaining
payments not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.

 

(b)
Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code.

 

    8

     

    

 

(c)
To the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified
deferred compensation (within the meaning of Section 409A of the Code), (i) any such expense reimbursement shall be made by the
Company no later than the last day of the taxable year following the taxable year in which such expense was incurred by Executive, (ii)
the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the amount
of expenses eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for
reimbursement or in-kind benefits to be provided in any other taxable year; provided, that the foregoing clause shall not be violated
with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject
to a limit related to the period the arrangement is in effect.

 

(d)
While the payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any penalty
taxes under Section 409A of the Code, in no event whatsoever shall the Company or any of its affiliates be liable for any additional
tax, interest, or penalties that may be imposed on Executive as a result of Section 409A of the Code or any damages for failing
to comply with Section 409A of the Code (other than for withholding obligations or other obligations applicable to employers, if
any, under Section 409A of the Code).

 

Section 14.
Successors and Assigns; No Third-Party Beneficiaries.

 

(a)
The Company. This Agreement shall inure to the benefit of the Company and its respective successors and assigns. Neither this
Agreement nor any of the rights, obligations, or interests arising hereunder may be assigned by the Company to a Person (other than another
member of the Company Group, or its or their respective successors) without Executive’s prior written consent (which shall not
be unreasonably withheld, delayed, or conditioned); provided, however, that in the event of a sale of all or substantially
all of the assets of the Company or any direct or indirect division or subsidiary thereof to which Executive’s employment primarily
relates, the Company may provide that this Agreement will be assigned to, and assumed by, the acquiror of such assets, it being agreed
that in such circumstances, Executive’s consent will not be required in connection therewith.

 

(b)
Executive. Executive’s rights and obligations under this Agreement shall not be transferable by Executive by assignment
or otherwise, without the prior written consent of the Company; provided, however, that if Executive shall die, all amounts
then payable to Executive hereunder shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee,
or other designee, or if there be no such designee, to Executive’s estate.

 

(c)
No Third-Party Beneficiaries. Except as otherwise set forth in ‎Section 8(b) or ‎Section 14(b)
hereof, nothing expressed or referred to in this Agreement will be construed to give any Person other than the Company, the other members
of the Company Group, and Executive any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision
of this Agreement.

 

Section 15.
Waiver and Amendments.

 

Any
waiver, alteration, amendment, or modification of any of the terms of this Agreement shall be valid only if made in writing and signed
by each of the parties hereto; provided, however, that any such waiver, alteration, amendment, or modification must be
consented to on the Company’s behalf by the Board. No waiver by either of the parties hereto of their rights hereunder shall be
deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states
that it is to be construed as a continuing waiver.

 

Section 16.
Severability.

 

If
any covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court
of competent jurisdiction, (a) the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable
term or provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing
the intention of the invalid or unenforceable term or provision hereof.

 

    9

     

    

 

Section 17.
Governing Law and Jurisdiction.

 

EXCEPT
WHERE PREEMPTED BY FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF THIS AGREEMENT IS GOVERNED BY AND IS TO
BE CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD
TO CONFLICT OF LAWS RULES. ANY DISPUTE OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR CLAIM OF BREACH HEREOF SHALL BE BROUGHT
EXCLUSIVELY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, TO THE EXTENT FEDERAL JURISDICTION EXISTS, AND IN ANY COURT
SITTING IN DELAWARE, BUT ONLY IN THE EVENT FEDERAL JURISDICTION DOES NOT EXIST, AND ANY APPLICABLE APPELLATE COURTS. BY EXECUTION OF
THIS AGREEMENT, THE PARTIES HERETO, AND THEIR RESPECTIVE AFFILIATES, CONSENT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS, AND WAIVE
ANY RIGHT TO CHALLENGE JURISDICTION OR VENUE IN SUCH COURT WITH REGARD TO ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH
THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT ALSO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING
UNDER OR IN CONNECTION WITH THIS AGREEMENT.

 

Section 18.
Notices.

 

(a)
Place of Delivery. Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to
or delivered to the party for whom or which it is intended at such address as may from time to time be designated by it in a notice mailed
or delivered to the other party as herein provided; provided, that unless and until some other address be so designated, all notices
and communications by Executive to the Company shall be mailed or delivered to the Company at its principal executive office, and all
notices and communications by the Company to Executive may be given to Executive personally or may be mailed to Executive at Executive’s
last known address, as reflected in the Company’s records.

 

(b)
Date of Delivery. Any notice so addressed shall be deemed to be given or received (i) if delivered by hand, on the date of
such delivery, (ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing, and
(iii) if mailed by registered or certified mail, on the third business day after the date of such mailing.

 

Section 19.
Section Headings.

 

The
headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a
part thereof or affect the meaning or interpretation of this Agreement or of any term or provision hereof.

 

Section 20.
Entire Agreement.

 

This
Agreement and the Restrictive Covenant Agreement, together with any exhibits attached hereto, constitute the entire understanding and
agreement of the parties hereto regarding the employment of Executive. This Agreement and the Restrictive Covenant Agreement supersede
all prior negotiations, discussions, correspondence, communications, understandings, and agreements between the parties relating to the
subject matter of this Agreement, including, without limitation, the Prior Agreement.

 

Section 21.
Survival of Operative Sections.

 

Upon
any termination of Executive’s employment, the provisions of ‎Section 8 through Section 22 of this Agreement (together
with any related definitions set forth in ‎Section 1 hereof) shall survive to the extent necessary to give effect to the provisions
thereof.

 

Section 22.
Counterparts.

 

This
Agreement may be executed in two (2) or more counterparts, each of which shall be deemed to be an original but all of which together
shall constitute one and the same instrument. The execution of this Agreement may be by actual signature or by signature delivered by
facsimile or by e-mail as a portable document format (.pdf) file or image file attachment.

 

*   *   *

 

[Signatures
to appear on the following page(s).]

 

    10

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

 

	 	RUMBLE INC.
	 	 	 
	 	/s/
    Christopher Pavlovski
	 	By:	Christopher Pavlovski
	 	Title:	Chief Executive Officer
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	/s/
    Michael Ellis
	 	Michael Ellis

 

[Signature Page to Michael Ellis Employment
Agreement]

 

    11

     

    

 

Exhibit A

 

RELEASE
OF CLAIMS

 

As
used in this Release of Claims (this “Release”), the term “claims” will include all claims,
covenants, warranties, promises, undertakings, actions, suits, causes of action, obligations, debts, accounts, attorneys’ fees,
judgments, losses, and liabilities, of whatsoever kind or nature, in law, in equity, or otherwise.

 

For
and in consideration of the Severance Benefits (as defined in my Employment Agreement, dated November __, 2022, with Rumble Inc. (such
corporation, the “Company” and such agreement, my “Employment Agreement”)),
and other good and valuable consideration, I, Michael Ellis, for and on behalf of myself and my heirs, administrators, executors, and
assigns, effective as of the date on which this release becomes effective pursuant to its terms, do fully and forever release, remise,
and discharge each of the Company, and each of its direct and indirect subsidiaries and affiliates, and their respective successors and
assigns, together with their respective current and former officers, directors, partners, members, shareholders (including any management
company of a member or shareholder), employees, and agents (collectively, the “Group”), from any and all
claims whatsoever up to the date hereof that I had, may have had, or now have against the Group, whether known or unknown, for or by
reason of any matter, cause, or thing whatsoever, including any claim arising out of or attributable to my employment or the termination
of my employment with the Company, whether for tort, breach of express or implied contract, intentional infliction of emotional distress,
wrongful termination, unjust dismissal, violation of public policy, defamation, libel, or slander, or under any federal, state, or local
law dealing with discrimination, harassment or retaliation, and any other purported restriction on an employer’s right to terminate
the employment of employees. The release of claims in this Release includes, but is not limited to, all claims arising under the Age
Discrimination in Employment Act of 1967 (“ADEA”), Title VII of the Civil Rights Act of 1964, the Americans
with Disabilities Act of 1990, the Civil Rights Act of 1991, the Family and Medical Leave Act of 1993, the Worker Adjustment and Retraining
Notification Act of 1988, the Equal Pay Act of 1963 and the Employee Retirement Income Security Act (excluding claims for accrued, vested
benefits under an employee pension or other retirement plan of the Company), each as may be amended from time to time, and all other
federal, state, and local laws and the common law or constitution of any jurisdiction. The release contained herein is intended to be
a general release of any and all claims to the fullest extent permissible by law and for the provisions regarding the release of claims
against the Group to be construed as broadly as possible, and hereby incorporate in this release similar federal, state or other laws,
all of which I also hereby expressly waive.

 

I
acknowledge and agree that as of the date I execute this Release, I have no knowledge of any facts or circumstances that give rise or
could give rise to any claims by me under any of the laws listed in the preceding paragraph.

 

By
executing this Release, I specifically release all claims relating to my employment and its termination under ADEA, a United States federal
statute that, among other things, prohibits discrimination on the basis of age in employment and employee benefit plans.

 

Notwithstanding
any provision of this Release to the contrary, by executing this Release, I am not releasing (i) any claims relating to my rights
under ‎Section 8 of my Employment Agreement, (ii) any claims that cannot be waived by law, or (iii) my right of indemnification
as provided by, and in accordance with the terms of, the Company’s by-laws or a Company insurance policy providing such coverage,
as any of such may be amended from time to time.

 

    A-1

     

    

 

I
expressly acknowledge and agree that I –

 

		●	Am
able to read the language, and understand the meaning and effect, of this Release;

 

		●	Have
                                            no physical or mental impairment of any kind that has interfered with my ability to read
                                            and understand the meaning of this Release or its terms, and that I am not acting under the
                                            influence of any medication, drug, or chemical of any type in entering into this Release;

 

		●	Am
                                            specifically agreeing to the terms of the release contained in this Release because the Company
                                            has agreed to pay me the Severance Benefits in consideration for my agreement to accept it
                                            in full settlement of all possible claims I might have or ever have had against any member
                                            of Group, and because of my execution of this Release;

 

		●	Acknowledge
                                            that, but for my execution of this Release, I would not be entitled to the Severance Benefits;

 

		●	Understand
                                            that, by entering into this Release, I do not waive rights or claims under ADEA that may
                                            arise after the date I execute this Release;

 

		●	Had
                                            or could have had [twenty-one (21)][forty-five (45)]1 calendar days from the date
                                            of my termination of employment (the “Release Expiration Date”)
                                            in which to review and consider this Release, and that if I execute this Release prior to
                                            the Release Expiration Date, I have voluntarily and knowingly waived the remainder of the
                                            review period;

 

		●	Have
                                            not relied upon any representation or statement not set forth in this Release or my Employment
                                            Agreement made by the Company or any of its representatives;

 

		●	Was
                                            advised to consult with my attorney regarding the terms and effect of this Release; and

 

		●	Have
                                            signed this Release knowingly and voluntarily.

 

I
represent and warrant that I have not previously filed, and to the maximum extent permitted by law agree that I will not file, a complaint,
charge, or lawsuit against any member of the Group regarding any of the claims released herein. If, notwithstanding this representation
and warranty, I have filed or file such a complaint, charge, or lawsuit, I agree that I shall cause such complaint, charge, or lawsuit
to be dismissed with prejudice and shall pay any and all costs required in obtaining dismissal of such complaint, charge, or lawsuit,
including without limitation the attorneys’ fees of any member of the Group against whom I have filed such a complaint, charge,
or lawsuit.

 

Notwithstanding
any provision of this Release to the contrary, nothing herein or in any Company policy or agreement prevents me, without notifying the
Company, from (i) speaking with law enforcement, my attorney, the U.S. Equal Employment Opportunity Commission, or any state or local
division of human rights or fair employment agency; (ii) filing a charge or complaint with, participating in an investigation or proceeding
conducted by, or reporting possible violations of law or regulation to any government agency; (iii) participating in a whistleblower
program administered by the U.S. Securities and Exchange Commission or any other government agency; (iv) exercising any rights I may
have under the National Labor Relations Act or other labor laws to engage in protected concerted activity; or (v) filing or disclosing
any facts necessary to receive unemployment insurance, Medicaid, or other public benefits to which I may be entitled; provided,
however, that I agree to forgo any monetary benefit from the filing of a charge or complaint with a government agency except pursuant
to a whistleblower program or where my right to receive such a monetary benefit is otherwise not waivable by law.

 

 

		1	NTD:
To be selected based on whether applicable termination was “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).

 

    A-2

     

    

 

I
hereby agree to waive any and all claims to re-employment with the Company or any other member of the Group and affirmatively agree not
to seek further employment with the Company or any other member of the Group.

 

Notwithstanding
anything contained herein to the contrary, this Release will not become effective or enforceable prior to the expiration of the period
of seven (7) calendar days immediately following the date of its execution by me (the “Revocation Period”),
during which time I may revoke my acceptance of this Release by notifying the Company and the Board of Directors of the Company, in writing,
delivered to the Company at its principal executive office, marked for the attention of its Chief Financial Officer. To be effective,
such revocation must be received by the Company no later than 11:59 p.m. on the seventh (7th) calendar day following
the execution of this Release. Provided that the Release is executed and I do not revoke it during the Revocation Period, the eighth
(8th) calendar day following the date on which this Release is executed shall be its effective date. I acknowledge and agree
that if I revoke this Release during the Revocation Period, this Release will be null and void and of no effect, and neither the Company
nor any other member of the Group will have any obligations to pay me the Severance Benefits.

 

The
provisions of this Release shall be binding upon my heirs, executors, administrators, legal personal representatives, and assigns. If
any provision of this Release shall be held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision
shall be of no force or effect. The illegality or unenforceability of such provision, however, shall have no effect upon and shall not
impair the enforceability of any other provision of this Release. I acknowledge and agree that each member of the Group shall be a third-party
beneficiary to the releases set forth in this Release, with full rights to enforce this Release and the matters documented herein.

 

EXCEPT
WHERE PREEMPTED BY FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION, AND PERFORMANCE OF THIS RELEASE IS GOVERNED BY AND IS TO
BE CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE, WITHOUT REGARD
TO CONFLICT OF LAWS RULES. ANY DISPUTE OR CLAIM ARISING OUT OF OR RELATING TO THIS RELEASE OR CLAIM OF BREACH HEREOF SHALL BE BROUGHT
EXCLUSIVELY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, TO THE EXTENT FEDERAL JURISDICTION EXISTS, AND IN ANY COURT
SITTING IN DELWARE, BUT ONLY IN THE EVENT FEDERAL JURISDICTION DOES NOT EXIST, AND ANY APPLICABLE APPELLATE COURTS. BY EXECUTION OF THIS
RELEASE, I CONSENT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS, AND WAIVE ANY RIGHT TO CHALLENGE JURISDICTION OR VENUE IN SUCH COURT
WITH REGARD TO ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS RELEASE. FURTHER, I HEREBY WAIVE ANY RIGHT TO TRIAL BY
JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS RELEASE.

 

Capitalized
terms used, but not defined herein, shall have the meanings ascribed to such terms in my Employment Agreement.

 

*   *   *

 

    A-3

     

    

 

I,
Michael Ellis, have executed this Release of Claims on the respective date set forth below:

 

	 	
	 	Michael Ellis
	 	 	 
	 	Date: 	[To Be Executed Following
	 	 	Termination of Employment]

 

 

A-4

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