Document:

Exhibit 10.11

 

Archer
Aviation Inc.

 

2021
Employee Stock Purchase Plan

 

Adopted
by the Board of Directors: August 11, 2021

Approved
by the Stockholders: September 14, 2021

 

1.            General;
Purpose.

 

(a)            The
Plan provides a means by which Eligible Employees of the Company and certain Designated Companies may be given an opportunity to purchase
shares of Common Stock. The Plan permits the Company to grant a series of Purchase Rights to Eligible Employees under an Employee Stock
Purchase Plan. In addition, the Plan permits the Company to grant a series of Purchase Rights to Eligible Employees that do not meet the
requirements of an Employee Stock Purchase Plan.

 

(b)           The
Plan includes two components: a 423 Component and a Non-423 Component. The Company intends (but makes no undertaking or representation
to maintain) the 423 Component to qualify as an Employee Stock Purchase Plan. The provisions of the 423 Component, accordingly, will be
construed in a manner that is consistent with the requirements of Section 423 of the Code. Except as otherwise provided in the Plan
or determined by the Board, the Non-423 Component will operate and be administered in the same manner as the 423 Component.

 

(c)            The
Company, by means of the Plan, seeks to retain the services of Eligible Employees, to secure and retain the services of new Employees
and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations.

 

2.            Administration.

 

(a)            The
Board or the Committee will administer the Plan. References herein to the Board shall be deemed to refer to the Committee except where
context dictates otherwise.

 

(b)            The
Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i)             To
determine how and when Purchase Rights will be granted and the provisions of each Offering (which need not be identical).

 

(ii)        To
designate from time to time (A) which Related Corporations will be eligible to participate in the Plan as Designated 423 Corporations,
(B) which Related Corporations or Affiliates will be eligible to participate in the Plan as Designated Non-423 Corporations, and
(C) which Designated Companies will participate in each separate Offering (to the extent that the Company makes separate Offerings).

 

(iii)       To
construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and regulations for its administration.
The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent
it deems necessary or expedient to make the Plan fully effective.

 

(iv)            To
settle all controversies regarding the Plan and Purchase Rights granted under the Plan.

 

     

     

    

 

(v)            To
suspend or terminate the Plan at any time as provided in Section 12.

 

(vi)            To
amend the Plan at any time as provided in Section 12.

 

(vii)           Generally,
to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of the Company and its
Related Corporations and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan with respect to the 423 Component.

 

(viii)          To
adopt such rules, procedures and sub-plans as are necessary or appropriate to permit or facilitate participation in the Plan by Employees
who are foreign nationals or employed or located outside the United States. Without limiting the generality of, and consistent with, the
foregoing, the Board specifically is authorized to adopt rules, procedures, and sub-plans regarding, without limitation, eligibility to
participate in the Plan, the definition of eligible “earnings,” handling and making of Contributions, establishment of bank
or trust accounts to hold Contributions, payment of interest, conversion of local currency, obligations to pay payroll tax, determination
of beneficiary designation requirements, withholding procedures and handling of share issuances, any of which may vary according to applicable
requirements, and which, if applicable to a Designated Non-423 Corporation, do not have to comply with the requirements of Section 423
of the Code.

 

(c)            The
Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated to a Committee,
the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been
delegated to the Committee, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized
to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject, however, to such
resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Further, to the extent
not prohibited by Applicable Law, the Board or Committee may, from time to time, delegate some or all of its authority under the Plan
to one or more officers of the Company or other persons or groups of persons as it deems necessary, appropriate or advisable under conditions
or limitations that it may set at or after the time of the delegation. The Board may retain the authority to concurrently administer the
Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. Whether or not the Board
has delegated administration of the Plan to a Committee, the Board will have the final power to determine all questions of policy and
expediency that may arise in the administration of the Plan.

 

(d)            All
determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person and will
be final, binding and conclusive on all persons.

 

3.            Shares
of Common Stock Subject to the Plan.

 

(a)            Subject
to the provisions of Section 11(a) relating to Capitalization Adjustments, the maximum number of shares of Common Stock that
may be issued under the Plan will not exceed 4,969,059 shares of Common Stock, plus the number of shares of Common Stock that are automatically
added on January 1st of each year for a period of ten years commencing on January 1, 2022 and ending on (and including)
January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares of Common Stock outstanding
on December 31st of the preceding calendar year, and (ii) 9,938,118 shares of Common Stock. Notwithstanding the foregoing,
the Board may act prior to the first day of any calendar year to provide that there will be no January 1st increase in
the share reserve for such calendar year or that the increase in the share reserve for such calendar year will be a lesser number of shares
of Common Stock than would otherwise occur pursuant to the preceding sentence. For the avoidance of doubt, up to the maximum number of
shares of Common Stock reserved under this Section 3(a) may be used to satisfy purchases of Common Stock under the 423 Component
and any remaining portion of such maximum number of shares may be used to satisfy purchases of Common Stock under the Non-423 Component.

 

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(b)            If
any Purchase Right granted under the Plan terminates without having been exercised in full, the shares of Common Stock not purchased under
such Purchase Right will again become available for issuance under the Plan.

 

(c)            The
stock purchasable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased by
the Company on the open market.

 

4.            Grant
of Purchase Rights; Offering.

 

(a)            The
Board may from time to time grant or provide for the grant of Purchase Rights to Eligible Employees under an Offering (consisting of one
or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering will be in such form and will contain
such terms and conditions as the Board will deem appropriate, and, with respect to the 423 Component, will comply with the requirement
of Section 423(b)(5) of the Code that all Employees granted Purchase Rights will have the same rights and privileges. The terms
and conditions of an Offering shall be incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate
Offerings need not be identical, but each Offering will include (through incorporation of the provisions of this Plan by reference in
the document comprising the Offering or otherwise) the period during which the Offering will be effective, which period will not exceed
27 months beginning with the Offering Date, and the substance of the provisions contained in Sections 5 through 8, inclusive.

 

(b)            If
a Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise indicates in forms delivered to
the Company or a third party designated by the Company (each, a “Company Designee”): (i) each form will
apply to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right with a lower exercise price (or an earlier-granted
Purchase Right, if different Purchase Rights have identical exercise prices) will be exercised to the fullest possible extent before a
Purchase Right with a higher exercise price (or a later-granted Purchase Right if different Purchase Rights have identical exercise prices)
will be exercised.

 

(c)            The
Board will have the discretion to structure an Offering so that if the Fair Market Value of a share of Common Stock on the first Trading
Day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of a share of Common Stock on the Offering
Date for that Offering, then (i) that Offering will terminate immediately as of that first Trading Day, and (ii) the Participants
in such terminated Offering will be automatically enrolled in a new Offering beginning on the first Trading Day of such new Purchase Period.

 

5.            Eligibility.

 

(a)            Purchase
Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b), to Employees
of a Related Corporation or an Affiliate. Except as provided in Section 5(b) or as required by Applicable Law, an Employee will
not be eligible to be granted Purchase Rights unless, on the Offering Date, the Employee has been in the employ of the Company or the
Related Corporation or an Affiliate, as the case may be, for such continuous period preceding such Offering Date as the Board may require,
but in no event will the required period of continuous employment be equal to or greater than two years. In addition, the Board may (unless
prohibited by Applicable Law) provide that no Employee will be eligible to be granted Purchase Rights under the Plan unless, on the Offering
Date, such Employee’s customary employment with the Company, the Related Corporation, or the Affiliate is more than 20 hours per
week and more than five months per calendar year or such other criteria as the Board may determine consistent with Section 423 of
the Code with respect to the 423 Component. The Board may also exclude from participation in the Plan or any Offering Employees who are
 "highly compensated employees" (within the meaning of Section 423(b)(4)(D) of the Code) of the Company or a Related
Corporation or a subset of such highly compensated employees.

 

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(b)            The
Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee will, on a date or dates
specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive
a Purchase Right under that Offering, which Purchase Right will thereafter be deemed to be a part of that Offering. Such Purchase Right
will have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that:

 

(i)            the
date on which such Purchase Right is granted will be the “Offering Date” of such Purchase Right for all purposes, including
determination of the exercise price of such Purchase Right;

 

(ii)            the
period of the Offering with respect to such Purchase Right will begin on its Offering Date and end coincident with the end of such Offering;
and

 

(iii)            the
Board may provide that if such person first becomes an Eligible Employee within a specified period of time before the end of the Offering,
he or she will not receive any Purchase Right under that Offering.

 

(c)            No
Employee will be eligible for the grant of any Purchase Rights under the 423 Component if, immediately after any such Purchase Rights
are granted, such Employee owns stock possessing five percent or more of the total combined voting power or value of all classes of stock
of the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of Section 424(d) of the
Code will apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding Purchase
Rights and options will be treated as stock owned by such Employee.

 

(d)           As
specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights under the 423 Component only
if such Purchase Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related
Corporations, do not permit such Eligible Employee’s rights to purchase stock of the Company or any Related Corporation to accrue
at a rate which, when aggregated, exceeds US $25,000 of Fair Market Value of such stock (determined at the time such rights are granted,
and which, with respect to the Plan, will be determined as of their respective Offering Dates) for each calendar year in which such rights
are outstanding at any time.

 

(e)            Officers
of the Company and any Designated Company, if they are otherwise Eligible Employees, will be eligible to participate in Offerings under
the Plan. Notwithstanding the foregoing, the Board may (unless prohibited by Applicable Law) provide in an Offering that Employees who
are highly compensated Employees within the meaning of Section 423(b)(4)(D) of the Code will not be eligible to participate.

 

(f)            Notwithstanding
anything in this Section 5 to the contrary, in the case of an Offering under the Non-423 Component, an Eligible Employee (or group
of Eligible Employees) may be excluded from participation in the Plan or an Offering if the Board has determined, in its sole discretion,
that participation of such Eligible Employee(s) is not advisable or practical for any reason.

 

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6.            Purchase
Rights; Purchase Price.

 

(a)            On
each Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, will be granted a Purchase Right to purchase
up to that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as designated by the
Board (as defined by the Board in each Offering) during the period that begins on the Offering Date (or such later date as the Board determines
for a particular Offering) and ends on the date stated in the Offering, which date will be no later than the end of the Offering.

 

(b)         The
Board will establish one or more Purchase Dates during an Offering on which Purchase Rights granted for that Offering will be exercised
and shares of Common Stock will be purchased in accordance with such Offering.

 

(c)            In
connection with each Offering made under the Plan, the Board may specify (i) a maximum number of shares of Common Stock that may
be purchased by any Participant on any Purchase Date during such Offering, (ii) a maximum aggregate number of shares of Common Stock
that may be purchased by all Participants pursuant to such Offering and/or (iii) a maximum aggregate number of shares of Common Stock
that may be purchased by all Participants on any Purchase Date under the Offering. If the aggregate purchase of shares of Common Stock
issuable upon exercise of Purchase Rights granted under the Offering would exceed any such maximum aggregate number, then, in the absence
of any Board action otherwise, a pro rata (based on each Participant’s accumulated Contributions) allocation of the shares of Common
Stock (rounded down to the nearest whole share) available will be made in as nearly a uniform manner as will be practicable and equitable.

 

(d)            The
purchase price of shares of Common Stock acquired pursuant to Purchase Rights will be specified by Board prior to the commencement of
an Offering and will not be less than the lesser of:

 

(i)            an
amount equal to 85% of the Fair Market Value of the shares of Common Stock on the Offering Date; or

 

(ii)           an
amount equal to 85% of the Fair Market Value of the shares of Common Stock on the applicable Purchase Date.

 

7.            Participation;
Withdrawal; Termination.

 

(a)            An
Eligible Employee may elect to participate in an Offering and authorize payroll deductions as the means of making Contributions by completing
and delivering to the Company or a Company Designee, within the time specified for the Offering, an enrollment form provided by the Company
or Company Designee. The enrollment form will specify the amount of Contributions not to exceed the maximum amount specified by the Board.
Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under the Plan and will be deposited
with the general funds of the Company except where Applicable Law requires that Contributions be deposited with a third party. If permitted
in the Offering, a Participant may begin such Contributions with the first payroll occurring on or after the Offering Date (or, in the
case of a payroll date that occurs after the end of the prior Offering but before the Offering Date of the next new Offering, Contributions
from such payroll will be included in the new Offering). If permitted in the Offering, a Participant may thereafter reduce (including
to zero) or increase his or her Contributions. If required under Applicable Law or if specifically provided in the Offering and to extent
permitted by Section 423 of the Code with respect to the 423 Component, in addition to or instead of making Contributions by payroll
deductions, a Participant may make Contributions through payment by cash, check or wire transfer prior to a Purchase Date.

 

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(b)            During
an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to the Company or a Company Designee
a withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. Upon such withdrawal,
such Participant’s Purchase Right in that Offering will immediately terminate and the Company will distribute as soon as practicable
to such Participant all of his or her accumulated but unused Contributions and such Participant’s Purchase Right in that Offering
shall thereupon terminate. A Participant’s withdrawal from that Offering will have no effect upon his or her eligibility to participate
in any other Offerings under the Plan, but such Participant will be required to deliver a new enrollment form to participate in subsequent
Offerings.

 

(c)            Unless
otherwise required by Applicable Law, Purchase Rights granted pursuant to any Offering under the Plan will terminate immediately if the
Participant either (i) is no longer an Employee for any reason or for no reason (subject to any post-employment participation period
required by Applicable Law) or (ii) is otherwise no longer eligible to participate. The Company will distribute as soon as practicable
to such individual all of his or her accumulated but unused Contributions.

 

(d)            Unless
otherwise determined by the Board, a Participant whose employment transfers or whose employment terminates with an immediate rehire (with
no break in service) by or between the Company and a Designated Company or between Designated Companies will not be treated as having
terminated employment for purposes of participating in the Plan or an Offering; however, if a Participant transfers from an Offering under
the 423 Component to an Offering under the Non-423 Component, the exercise of the Participant’s Purchase Right will be qualified
under the 423 Component only to the extent such exercise complies with Section 423 of the Code. If a Participant transfers from an
Offering under the Non-423 Component to an Offering under the 423 Component, the exercise of the Purchase Right will remain non-qualified
under the Non-423 Component. The Board may establish different and additional rules governing transfers between separate Offerings
within the 423 Component and between Offerings under the 423 Component and Offerings under the Non-423 Component.

 

(e)            During
a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. Purchase Rights are not transferable by
a Participant, except by will, by the laws of descent and distribution, or, if permitted by the Company, by a beneficiary designation
as described in Section 10.

 

(f)           Unless
otherwise specified in the Offering or as required by Applicable Law, the Company will have no obligation to pay interest on Contributions.

 

8.            Exercise
of Purchase Rights.

 

(a)            On
each Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase of shares of Common Stock, up to
the maximum number of shares of Common Stock permitted by the Plan and the applicable Offering, at the purchase price specified in the
Offering. No fractional shares will be issued unless specifically provided for in the Offering.

 

(b)            Unless
otherwise provided in the Offering, if any amount of accumulated Contributions remains in a Participant’s account after the purchase
of shares of Common Stock on the final Purchase Date of an Offering, then such remaining amount will not roll over to the next Offering
and will instead be distributed in full to such Participant after the final Purchase Date of such Offering without interest (unless otherwise
required by Applicable Law).

 

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(c)            No
Purchase Rights may be exercised to any extent unless the shares of Common Stock to be issued upon such exercise under the Plan are covered
by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable U.S.
federal and state, foreign and other securities, exchange control and other laws applicable to the Plan. If on a Purchase Date the shares
of Common Stock are not so registered or the Plan is not in such compliance, no Purchase Rights will be exercised on such Purchase Date,
and, subject to Section 423 of the Code with respect to the 423 Component, the Purchase Date will be delayed until the shares of
Common Stock are subject to such an effective registration statement and the Plan is in material compliance, except that the Purchase
Date will in no event be more than 27 months from the Offering Date. If, on the Purchase Date, as delayed to the maximum extent permissible,
the shares of Common Stock are not registered and the Plan is not in material compliance with all Applicable Laws, as determined by the
Company in its sole discretion, no Purchase Rights will be exercised and all accumulated but unused Contributions will be distributed
to the Participants without interest (unless the payment of interest is otherwise required by Applicable Law).

 

9.            Covenants
of the Company.

 

The Company will seek to obtain
from each U.S. federal or state, foreign or other regulatory commission, agency or other Governmental Body having jurisdiction over the
Plan such authority as may be required to grant Purchase Rights and issue and sell shares of Common Stock thereunder unless the Company
determines, in its sole discretion, that doing so is not practical or would cause the Company to incur costs that are unreasonable. If,
after commercially reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems necessary for
the grant of Purchase Rights or the lawful issuance and sale of Common Stock under the Plan, and at a commercially reasonable cost, the
Company will be relieved from any liability for failure to grant Purchase Rights and/or to issue and sell Common Stock upon exercise of
such Purchase Rights.

 

10.            Designation
of Beneficiary.

 

(a)            The
Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any shares of Common
Stock and/or Contributions from the Participant’s account under the Plan if the Participant dies before such shares and/or Contributions
are delivered to the Participant. The Company may, but is not obligated to, permit the Participant to change such designation of beneficiary.
Any such designation and/or change must be on a form approved by the Company.

 

(b)            If
a Participant dies, and in the absence of a valid beneficiary designation, the Company will deliver any shares of Common Stock and/or
Contributions to the executor or administrator of the estate of the Participant. If no executor or administrator has been appointed (to
the knowledge of the Company), the Company, in its sole discretion, may deliver such shares of Common Stock and/or Contributions, without
interest (unless the payment of interest is otherwise required by Applicable Law), to the Participant’s spouse, dependents or relatives,
or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

 

11.            Adjustments
upon Changes in Common Stock; Corporate Transactions.

 

(a)            In
the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum
number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities by which
the share reserve is to increase automatically each year pursuant to Section 3(a), (iii) the class(es) and number of securities
subject to, and the purchase price applicable to outstanding Offerings and Purchase Rights, and (iv) the class(es) and number of
securities that are the subject of the purchase limits under each ongoing Offering. The Board will make these adjustments, and its determination
will be final, binding and conclusive.

 

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(b)            In
the event of a Corporate Transaction, then: (i) any surviving corporation or acquiring corporation (or the surviving or acquiring
corporation’s parent company) may assume or continue outstanding Purchase Rights or may substitute similar rights (including a right
to acquire the same consideration paid to the stockholders in the Corporate Transaction) for outstanding Purchase Rights, or (ii) if
any surviving or acquiring corporation (or its parent company) does not assume or continue such Purchase Rights or does not substitute
similar rights for such Purchase Rights, then the Participants’ accumulated Contributions will be used to purchase shares of Common
Stock (rounded down to the nearest whole share) within ten business days (or such other period specified by the Board) prior to the Corporate
Transaction under the outstanding Purchase Rights, and the Purchase Rights will terminate immediately after such purchase.

 

12.            Amendment,
Termination or Suspension of the Plan.

 

(a)            The
Board may amend the Plan at any time in any respect the Board deems necessary or advisable. However, except as provided in Section 11(a) relating
to Capitalization Adjustments, stockholder approval will be required for any amendment of the Plan for which stockholder approval is required
by Applicable Law.

 

(b)              The
Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under the Plan while the Plan is suspended or after
it is terminated.

 

Any benefits, privileges,
entitlements and obligations under any outstanding Purchase Rights granted before an amendment, suspension or termination of the Plan
will not be materially impaired by any such amendment, suspension or termination except (i) with the consent of the person to whom
such Purchase Rights were granted, (ii) as necessary to facilitate compliance with any laws, listing requirements, or governmental
regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations and other interpretive
guidance issued thereunder relating to Employee Stock Purchase Plans) including without limitation any such regulations or other guidance
that may be issued or amended after the date the Plan is adopted by the Board, or (iii) as necessary to obtain or maintain favorable
tax, listing, or regulatory treatment. To be clear, the Board may amend outstanding Purchase Rights without a Participant’s consent
if such amendment is necessary to ensure that the Purchase Right and/or the Plan complies with the requirements of Section 423 of
the Code with respect to the 423 Component or with respect to other Applicable Laws. Notwithstanding anything in the Plan or any Offering
Document to the contrary, the Board will be entitled to: (i) establish the exchange ratio applicable to amounts withheld in a currency
other than U.S. dollars; (ii) permit Contributions in excess of the amount designated by a Participant in order to adjust for mistakes
in the Company’s processing of properly completed Contribution elections; (iii) establish reasonable waiting and adjustment
periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant
properly correspond with amounts withheld from the Participant’s Contributions; (iv) amend any outstanding Purchase Rights
or clarify any ambiguities regarding the terms of any Offering to enable the Purchase Rights to qualify under and/or comply with Section 423
of the Code with respect to the 423 Component; and (v) establish other limitations or procedures as the Board determines in its sole
discretion advisable that are consistent with the Plan. The actions of the Board pursuant to this paragraph will not be considered to
alter or impair any Purchase Rights granted under an Offering as they are part of the initial terms of each Offering and the Purchase
Rights granted under each Offering.

 

13.            Tax
Qualification; Tax Withholding.

 

(a)            Although
the Company may endeavor to (i) qualify a Purchase Right for special tax treatment under the laws of the United States or jurisdictions
outside of the United States or (ii) avoid adverse tax treatment, the Company makes no representation to that effect and expressly
disavows any covenant to maintain special or to avoid unfavorable tax treatment, notwithstanding anything to the contrary in this Plan. 
The Company will be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants.

 

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(b)            Each
Participant will make arrangements, satisfactory to the Company and any applicable Related Corporation, to enable the Company or the Related
Corporation to fulfill any withholding obligation for Tax-Related Items. Without limitation to the foregoing, in the Company’s sole
discretion and subject to Applicable Law, such withholding obligation may be satisfied in whole or in part by (i) withholding from
the Participant’s salary or any other cash payment due to the Participant from the Company or a Related Corporation; (ii) withholding
from the proceeds of the sale of shares of Common Stock acquired under the Plan, either through a voluntary sale or a mandatory sale arranged
by the Company; or (iii) any other method deemed acceptable by the Board. The Company shall not be required to issue any shares of
Common Stock under the Plan until such obligations are satisfied.

 

(c)            The
423 Component is exempt from the application of Section 409A of the Code, and any ambiguities herein shall be interpreted to so be
exempt from Section 409A of the Code. The Non-423 Component is intended to be exempt from the application of Section 409A of
the Code under the short-term deferral exception and any ambiguities shall be construed and interpreted in accordance with such intent.
In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the Committee determines that an option
granted under the Plan may be subject to Section 409A of the Code or that any provision in the Plan would cause an option under the
Plan to be subject to Section 409A, the Committee may amend the terms of the Plan and/or of an outstanding option granted under the
Plan, or take such other action the Committee determines is necessary or appropriate, in each case, without the participant’s consent,
to exempt any outstanding option or future option that may be granted under the Plan from or to allow any such options to comply with
Section 409A of the Code, but only to the extent any such amendments or action by the Committee would not violate Section 409A
of the Code. Notwithstanding the foregoing, the Company shall have no liability to a participant or any other party if the option under
the Plan that is intended to be exempt from or compliant with Section 409A of the Code is not so exempt or compliant or for any action
taken by the Committee with respect thereto.

 

14.            Effective
Date of Plan.

 

The Plan will become effective
immediately prior to and contingent upon the Effective Date. No Purchase Rights will be exercised unless and until the Plan has been approved
by the stockholders of the Company, which approval must be within 12 months before or after the date the Plan is adopted (or if required
under Section 12(a) above, materially amended) by the Board.

 

15.            Miscellaneous
Provisions.

 

(a)              Proceeds
from the sale of shares of Common Stock pursuant to Purchase Rights will constitute general funds of the Company.

 

(b)            A
Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, shares of Common Stock subject
to Purchase Rights unless and until the Participant’s shares of Common Stock acquired upon exercise of Purchase Rights are recorded
in the books of the Company (or its transfer agent).

 

(c)            The
Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will in any way alter the at will nature
of a Participant’s employment or amend a Participant’s employment contract, if applicable, or be deemed to create in any way
whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a Related Corporation or an Affiliate,
or on the part of the Company, a Related Corporation or an Affiliate to continue the employment of a Participant.

 

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(d)            The
provisions of the Plan will be governed by the laws of the State of Delaware without resort to that state’s conflicts of laws rules.

 

(e)            If
any particular provision of the Plan is found to be invalid or otherwise unenforceable, such provision will not affect the other provisions
of the Plan, but the Plan will be construed in all respects as if such invalid provision were omitted.

 

(f)            If
any provision of the Plan does not comply with Applicable Law, such provision shall be construed in such a manner as to comply with Applicable
Law.

 

16.            Definitions.

 

As used in the Plan, the following
definitions will apply to the capitalized terms indicated below:

 

(a)            “423
Component” means the part of the Plan, which excludes the Non-423 Component, pursuant to which Purchase Rights that satisfy
the requirements for an Employee Stock Purchase Plan may be granted to Eligible Employees.

 

(b)         “Affiliate”
means any entity, other than a Related Corporation, whether now or subsequently established, which is at the time of determination, a
 “parent” or “subsidiary” of the Company as such terms are defined in Rule 405 promulgated under the Securities
Act. The Board may determine the time or times at which “parent” or “subsidiary” status is determined within the
foregoing definition.

 

(c)            “Applicable
Law” means shall mean the Code and any applicable securities, federal, state, foreign, material local or municipal or other
law, statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial
decision, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority
of any Governmental Body (or under the authority of the Nasdaq Stock Market, the New York Stock Exchange or the Financial Industry Regulatory
Authority).

 

(d)            “Board”
means the board of directors of the Company.

 

(e)            “Capitalization
Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the
Plan or subject to any Purchase Right after the date the Plan is adopted by the Board without the receipt of consideration by the Company
through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash,
large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure
or other similar equity restructuring transaction, as that term is used in Financial Accounting Standards Board Accounting Standards Codification
Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will
not be treated as a Capitalization Adjustment.

 

(f)            “Code”
means the U.S. Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(g)           “Committee”
means a committee of one or more members of the Board to whom authority has been delegated by the Board in accordance with Section 2(c).

 

    10 

     

    

 

(h)            “Common
Stock” means the Class A common stock of the Company.

 

(i)             “Company”
means Archer Aviation Inc., a Delaware corporation.

 

(j)         “Contributions”
means the payroll deductions and other additional payments specifically provided for in the Offering that a Participant contributes to
fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for
in the Offering, and then only if the Participant has not already had the maximum permitted amount withheld during the Offering through
payroll deductions and, with respect to the 423 Component, to the extent permitted by Section 423 of the Code.

 

(k)          “Corporate
Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more
of the following events:

 

(i)            a
sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of
the Company and its subsidiaries;

 

(ii)            a
sale or other disposition of more than 50% of the outstanding securities of the Company;

 

(iii)            a
merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv)          a
merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding
immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation
or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(l)            “Designated
423 Corporation” means any Related Corporation selected by the Board to participate in the 423 Component.

 

(m)          “Designated
Company” means any Designated Non-423 Corporation or Designated 423 Corporation, provided, however, that at any given time,
a Related Corporation participating in the 423 Component shall not be a Related Corporation participating in the Non-423 Component.

 

(n)       “Designated
Non-423 Corporation” means any Related Corporation or Affiliate selected by the Board to participate in the Non-423 Component.

 

(o)           “Director”
means a member of the Board.

 

(p)         “Effective
Date” means the effective date of this Plan, which is the date of the closing of the transactions contemplated by the Business
Combination Agreement by and among Atlas Crest Investment Corp., Artemis Acquisition Sub Inc. and the Company, dated as of February 10,
2021, provided that this Plan is approved by the Company’s stockholders prior to such date.

 

(q)           “Eligible
Employee” means an Employee who meets the requirements set forth in the document(s) governing the Offering for eligibility
to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in the
Plan.

 

(r)           “Employee”
means any person, including an Officer or Director, who is “employed” for purposes of Section 423(b)(4) of the Code
by the Company or a Related Corporation, or solely with respect to the Non-423 Component, an Affiliate. However, service solely as a Director,
or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

    11 

     

    

 

(s)          “Employee
Stock Purchase Plan” means a plan that grants Purchase Rights intended to be options issued under an “employee stock
purchase plan,” as that term is defined in Section 423(b) of the Code.

 

(t)           “Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended and the rules and regulations promulgated thereunder.

 

(u)           “Fair
Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

(i)            If
the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share of
Common Stock will be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest
volume of trading in the Common Stock) on the date of determination, as reported in such source as the Board deems reliable. Unless otherwise
provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value
will be the closing sales price on the last preceding date for which such quotation exists.

 

(ii)            In
the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith in compliance with
Applicable Laws and regulations and, to the extent applicable as determined in the sole discretion of the Board, in a manner that complies
with Sections 409A of the Code

 

(v)            “Governmental
Body” means any: (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction
of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or regulatory body, or quasi-governmental
body of any nature (including any governmental division, department, administrative agency or bureau, commission, authority, instrumentality,
official, ministry, fund, foundation, center, organization, unit, body or entity and any court or other tribunal, and for the avoidance
of doubt, any tax authority) or other body exercising similar powers or authority; or (d) self-regulatory organization (including
the Nasdaq Stock Market, the New York Stock Exchange and the Financial Industry Regulatory Authority).

 

(w)           “Non-423
Component” means the part of the Plan, which excludes the 423 Component, pursuant to which Purchase Rights that are not
intended to satisfy the requirements for an Employee Stock Purchase Plan may be granted to Eligible Employees.

 

(x)            “Offering”
means the grant to Eligible Employees of Purchase Rights, with the exercise of those Purchase Rights automatically occurring at the end
of one or more Purchase Periods. The terms and conditions of an Offering will generally be set forth in the “Offering Document”
approved by the Board for that Offering.

 

(y)            “Offering
Date” means a date selected by the Board for an Offering to commence.

 

(z)            “Officer”
means a person who is an officer of the Company or a Related Corporation within the meaning of Section 16 of the Exchange Act.

 

(aa)          “Participant”
means an Eligible Employee who holds an outstanding Purchase Right.

 

    12 

     

    

 

(bb)         “Plan”
means this Archer Aviation Inc. 2021 Employee Stock Purchase Plan, as amended from time to time, including both the 423 Component and
the Non-423 Component.

 

(cc)          “Purchase
Date” means one or more dates during an Offering selected by the Board on which Purchase Rights will be exercised and on
which purchases of shares of Common Stock will be carried out in accordance with such Offering.

 

(dd)          “Purchase
Period” means a period of time specified within an Offering, generally beginning on the Offering Date or on the first Trading
Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist of one or more Purchase Periods.

 

(ee)          “Purchase
Right” means an option to purchase shares of Common Stock granted pursuant to the Plan.

 

(ff)         “Related
Corporation” means any “parent corporation” or “subsidiary corporation” of the Company whether now
or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code.

 

(gg)         “Securities
Act” means the U.S. Securities Act of 1933, as amended.

 

(hh)         “Tax-Related
Items” means any income tax, social insurance, payroll tax, fringe benefit tax, payment on account or other tax-related
items arising out of or in relation to a Participant’s participation in the Plan, including, but not limited to, the exercise of
a Purchase Right and the receipt of shares of Common Stock or the sale or other disposition of shares of Common Stock acquired under the
Plan.

 

(ii)          “Trading
Day” means any day on which the exchange(s) or market(s) on which shares of Common Stock are listed, including
but not limited to the New York Stock Exchange, Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any
successors thereto, is open for trading.

 

    13Exhibit 10.12

 

September 16, 2021

 

Brett Adcock

[Address omitted]

 

Re:           Employment Terms

 

Dear Brett:

 

On behalf of Archer Aviation Inc. (the “Company”
or “New Archer”), being the public company resulting from the business combination of Atlas Crest Investment Corp.,
Artemis Acquisition Sub Inc., and Archer Aviation Inc. (“Archer”) pursuant to the Amended and Restated Business Combination
Agreement by and among the parties thereto, dated July 29, 2021 (the “Business Combination Agreement”), I am pleased
to offer you employment at the Company on the terms set forth in this offer letter agreement (the “Agreement”). As
discussed, the terms of this Agreement govern with respect to your employment, which is anticipated to start on the Closing Date (as defined
in the Business Combination Agreement (such actual date of your commencement of employment referred to herein as the “Start Date”).

 

1.             Employment
by the Company.

 

(a)               Position.
You will serve as the Company’s Co-Chief Executive Officer (“Co-CEO”), reporting to the Company’s Board
of Directors (the “Board”). During the term of your employment with the Company, you will devote your best efforts
and substantially all of your business time and attention to the business of the Company, except for approved vacation periods and reasonable
periods of illness or other incapacities permitted by the Company’s general employment policies. It is anticipated that such business
of the Company will include your providing services to entities that are affiliated with the Company, without further or additional compensation
or benefits other than as set forth in this Agreement.

 

(b)              
Duties and Location. You will perform those duties and responsibilities as are customary for the position of Co-CEO and as
may be directed by the Board. You will work out of the Company’s offices in Palo Alto, California, or if the offices have not yet
reopened, you will initially work remotely until the Company’s offices re-open. Notwithstanding the foregoing, the Company reserves
the right to reasonably require you to perform your duties at places other than your primary office location from time to time, and to
require reasonable business travel. Subject to the Good Reason and other provisions contained herein, the Company may modify your job
title, work location and duties as it deems necessary and appropriate in light of the Company’s needs and interests from time to
time.

 

2.             Base
Salary and Employee Benefits.

 

(a)               Salary.
You will be paid a base salary at the rate of $600,000 per year, less applicable payroll deductions and withholdings. Your base salary
will be paid on the Company’s ordinary payroll cycle. As an exempt salaried employee, you will be required to work the Company’s
normal business hours, and such additional time as appropriate for your work assignments and position, and you will not be entitled to
overtime compensation.

 

(b)               Annual
Bonus. You will be eligible for an annual discretionary performance bonus with a target amount of fifty percent (50%) of your
base salary, less payroll deductions and withholdings. The amount of this bonus will be determined in the sole discretion of the
Company based upon achievement of target objectives as established by the Board or a committee of the Board (the
 “Compensation Committee”) in its sole discretion. The Company will pay you this bonus, if any, no later than
March 15th of the following calendar year. The bonus is not earned until paid, is subject to your continuous employment with the
Company through the payment date, and no pro-rated amount will be paid if your employment terminates for any reason prior to the
bonus payment date.

 

     

     

    

 

Brett Adcock

September 16, 2021

Page 2

 

(c)              
Employee Benefits. As a regular full-time employee, you will be eligible to participate in the Company’s standard employee
benefits offered to executive level employees, as in effect from time to time and subject to the terms and conditions of the benefit plans
and applicable Company policies. A full description of these benefits is available upon request. The Company may change your compensation
and benefits from time to time in its discretion.

 

3.             Expenses.
The Company will reimburse you for reasonable travel, entertainment or other expenses incurred by you in furtherance of or in connection
with the performance of your duties hereunder, in accordance with the Company’s expense reimbursement policies and practices as
in effect from time to time.

 

4.             Equity
Awards. Immediately prior to the closing of the transactions contemplated by the Business Combination Agreement (the “Closing”),
you will be granted such number of restricted stock units (the “Founder Grants”) in accordance with the Restricted
Stock Unit Award Grant Notice (the “RSU Agreement”) under the Archer Amended and Restated 2019 Stock Plan (as
may be amended following the date hereof to permit the grant of the Founder Grants), that, taken together with your existing equity ownership,
would result in you owning 18% of the Total Outstanding Capitalization (as defined in the Business Combination Agreement) on Closing.
The Founder Grants will vest in accordance with the terms set forth in Exhibit E to the Business Combination Agreement as memorialized
in the RSU Agreement. For greater certainty, if the Closing does not occur, the Founder Grants shall be automatically forfeited and you
shall have no further rights or entitlements thereto.

 

5.             Compliance
with Confidentiality Information Agreement and Company Policies. As a condition of employment, you agree to sign and comply with
the Company’s Employee Confidential Information and Inventions Assignment Agreement (the “Confidentiality Agreement”),
attached hereto as Exhibit A. In addition, you are required to abide by the Company’s policies and procedures (including
but not limited to the Company’s employee Handbook), as adopted or modified from time to time within the Company’s discretion,
and acknowledge in writing that you have read and will comply with such policies and procedures (and provide additional such acknowledgements
as such policies and procedures may be modified from time to time); provided, however, that in the event the terms of this Agreement
differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.

 

6.             Protection
of Third Party Information. By signing this Agreement, you are representing that you have full authority to accept this position
and perform the duties of the position without conflict with any other obligations and that you are not involved in any situation that
might create, or appear to create, a conflict of interest with respect to your loyalty to or duties for the Company. You specifically
warrant that you are not subject to an employment agreement or restrictive covenant preventing full performance of your duties to the
Company. In addition, you agree not to bring to the Company or use in the performance of your responsibilities at the Company any materials
or documents of a former employer that are not generally available to the public, unless you have obtained express written authorization
from the former employer for their possession and use. You also agree to honor all obligations to former employers during your employment
with the Company.

 

7.             At-Will
Employment Relationship. Your employment relationship with the Company is at will. Accordingly, you may terminate your employment
with the Company at any time and for any reason whatsoever simply by notifying the Company; and the Company may terminate your employment
at any time, with or without Cause (as defined herein) or advance notice.

 

     

     

    

 

Brett Adcock

September 16, 2021

Page 3

 

8.             Severance in the Event of Qualifying Termination Absent a Change of Control. If, at any time, the Company terminates your
employment without Cause (other than as a result of your death or disability) or you resign for Good Reason (either such termination
referred to as a “Qualifying Termination”), provided such termination or resignation constitutes a Separation from
Service (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation
from Service”), then in addition the Accrued Obligations (defined below), and subject to Sections 10 (“Clawback and Recovery”),
12 (“Conditions to Receipt of Severance Benefits and Accelerated Vesting”) and 13 (“Return of Company Property”)
below and your continued compliance with the terms of this Agreement (including without limitation the Confidentiality Agreement), the
Company will provide you with the following severance benefits (the “Severance Benefits”):

 

(a)            Cash
Severance. The Company will pay you, as cash severance, an amount equal to twenty-four (24) months of your base salary in effect
as of your Separation from Service date (ignoring any reductions that may give rise to Good Reason), less standard payroll deductions
and tax withholdings (the “Severance”). The Severance will be paid in installments in the form of continuation of
your base salary payments, paid on the Company’s ordinary payroll dates, commencing on the Company’s first regular payroll
date that is more than sixty (60) days following your Separation from Service date, and shall be for any accrued base salary for the
sixty (60)-day period plus the period from the sixtieth (60th) day until the regular payroll date, if applicable, and all
salary continuation payments thereafter, if any, shall be made on the Company’s regular payroll dates

 

(b)            Bonus Severance. The Company will pay you an additional cash severance payment in an amount equal to two times (2x) the amount
of your target annual bonus pursuant to Section 2(b) of this Agreement for the calendar year in which your employment is terminated, less
applicable deductions and withholdings (the “Bonus Severance”). The Bonus Severance will be paid in a lump sum within
sixty (60) days following the Separation from Service date.

 

(c)            COBRA Severance. The Company will pay to you a fully taxable cash payment equal to the amount of your COBRA premiums you would
have to pay to continue your health care coverage in effect at the at the time of your Separation from Service for a maximum of twenty-four
(24) months following the Separation from Service date (such amount, the “Special Cash Payment”). You may, but are
not obligated to, use such Special Cash Payment towards the cost of your own health insurance coverage.

 

(d)            Accelerated
Vesting. The Company shall accelerate vesting (the “Accelerated Vesting”) of the number of then-unvested shares
subject to any time-based equity awards previously granted to you by the Company (excluding for the avoidance of doubt the Founder Grants)
that would have vested had your employment continued for an additional twenty-four (24) months after the Separation from Service date,
such that those number of shares shall be deemed immediately vested and exercisable as of your Separation from Service date.

 

(e)            Founder
Grants. The Founder Grants will remain outstanding for 15 months from the date of such termination and will remain eligible for vesting
upon the achievement of the milestones set forth in such RSU Agreement.

 

9.             Severance
in the Event of Qualifying Termination in Connection with a Change of Control. In the event of a Qualifying Termination that
occurs within three (3) months prior to or within eighteen (18) months following the closing of a Change of Control (as defined
below), provided such Qualifying Termination constitutes a Separation from Service, then in addition the Accrued Obligations, and
subject to Sections 10 (“Clawback and Recovery”), 12 (“Conditions to Receipt of Severance Benefits and Accelerated
Vesting”) and 13 (“Return of Company Property”) below and your continued compliance with the terms of this
Agreement (including without limitation the Confidentiality Agreement), the Company shall provide you with the Severance Benefits
set forth in Section 8 above, provided, however, that (a) the Severance will be paid in a lump sum within sixty (60) days
following the Separation from Service Date rather than in installments, and (b) the Accelerated Vesting shall apply to any
then-unvested shares of any equity awards previously granted to you by the Company such that one hundred percent (100%) of the
time-based portion of any such equity awards (excluding, for the avoidance of doubt, the Founder Grants) shall be deemed satisfied
as of your Separation from Service date.

 

     

     

    

 

Brett Adcock

September 16, 2021

Page 4

 

10.          Clawback
and Recovery. Any and all Severance Benefits and Accelerated Vesting provided under this Agreement will be subject to recoupment
in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities
exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street
Reform and Consumer Protection Act or other applicable law.

 

11.          Resignation
Without Good Reason; Termination for Cause; Death or Disability. If, at any time, you resign your employment without Good Reason,
or the Company terminates your employment for Cause, or if either party terminates your employment as a result of your death or disability,
you will receive (i) all accrued but unpaid base salary through the date of your employment termination, (ii) any unpaid or unreimbursed
expenses, 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 (collectively, the “Accrued
Obligations”). Under these circumstances, you will not be entitled to any other form of compensation from the Company, including
any Severance Benefits or Accelerated Vesting.

 

12.          Conditions
to Receipt of Severance Benefits and Accelerated Vesting. Prior to and as a condition to your receipt of the Severance Benefits or
Accelerated Vesting, you shall execute and deliver to the Company an effective release of claims in favor of and in substantially the
form attached hereto as Exhibit B (the “Release”), subject to any changes to comply with changes in
the law, and allow the Release to become effective according to its terms (by not invoking any legal right to revoke it) within any applicable
time period set forth therein (such latest permitted effective date, the “Release Deadline”).

 

13.          Return
of Company Property. Upon the termination of your employment for any reason, as a precondition to your receipt of the Severance
Benefits or Accelerated Vesting (if applicable), within fifteen (15) days after your Separation from Service Date (or earlier if
requested by the Company), you must return to the Company all Company documents (and all copies thereof) and other Company property
in your possession, custody or control, including, but not limited to, Company files, notes, financial and operational information,
password and account information, customer lists and contact information, prospect information, product and services information,
research and development information, drawings, records, plans, forecasts, pipeline reports, sales reports or other reports, payroll
information, spreadsheets, studies, analyses, compilations of data, proposals, agreements, sales and marketing information,
personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment
(including, but not limited to, computers, facsimile machines, mobile telephones, tablets, handheld devices, and servers), credit
cards, entry cards, identification badges and keys, and any materials of any kind which contain or embody any proprietary or
confidential information of the Company, and all reproductions thereof in whole or in part and in any medium. You further agree that
you will make a diligent search to locate any such documents, property and information and return them to the Company within the
timeframe provided above. You also must provide the Company all passwords, log-ins, administrative access, and any other information
or access for and relating to any Company computer or other device that you have used to access or use the Company’s network,
as well as any Company database or Company accounts with third parties which you established, administered, or to which you had
access, and must terminate your access to such network and accounts and otherwise comply with any Company requests regarding all
such access and accounts. In addition, if you have used any personal computer, server, or email system to receive, store, review,
prepare or transmit any confidential or proprietary data, materials or information of the Company, then within five (5) days after
your Separation from Service date (or earlier if requested by the Company) you must provide the Company with a computer-useable copy
of such information and permanently delete and expunge such confidential or proprietary information from those systems without
retaining any reproductions (in whole or in part); and you agree to provide the Company access to your system, as requested, to
verify that the necessary copying and deletion is done. If requested, you shall deliver to the Company a signed statement certifying
compliance with this Section prior to the receipt of the Severance Benefits or Accelerated Vesting.

 

     

     

    

 

Brett Adcock

September 16, 2021

Page 5

 

14.          Outside Activities. Throughout your employment with the Company, you may engage in civic and not-for-profit activities so long
as such activities do not interfere with the performance of your duties hereunder or present a conflict of interest with the Company.
During your employment by the Company, except on behalf of the Company, you will not directly or indirectly serve as an officer, director,
stockholder, employee, partner, proprietor, investor, joint venturer, associate, representative or consultant of any other person, corporation,
firm, partnership or other entity whatsoever known by you to compete with the Company (or is planning or preparing to compete with the
Company), anywhere in the world, in any line of business engaged in (or planned to be engaged in) by the Company; provided, however, that
you may purchase or otherwise acquire up to (but not more than) one percent (1%) of any class of securities of any enterprise (but without
participating in the activities of such enterprise) if such securities are listed on any national or regional securities exchange. The
Company is aware that you are engaged in those outside activities listed in Exhibit C and consents to your continued participation
in such activities, so long as such activities do not interfere with the performance of your duties hereunder or present a conflict of
interest with the Company.

 

15.           Definitions.
For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)            “Cause”
for termination will exist if your employment is terminated for any of the following reasons: (i) any material breach by you of any material
written agreement between you and the Company and your failure to cure such condition (if curable) within thirty (30) days after receiving
written notice thereof; (ii) any failure by you to comply with the Company’s material written policies or rules as they may be
in effect from time to time; (iii) your willful failure to follow reasonable and lawful instructions from the Board and your failure
to cure such condition (if curable) within thirty (30) days after receiving written notice thereof; (iv) your conviction of (including
a plea of guilty or nolo contendere) to, any crime that results in, or is reasonably expected to result in, material harm to the business
or reputation of the Company; (v) your commission of or participation in an act of fraud; (vi) your misconduct that results in material
damage to the Company’s business, property or reputation; or (vii) your unauthorized use or disclosure of any proprietary information
or trade secrets of the Company or any other party to whom you owe an obligation of nondisclosure as a result of his relationship with
the Company. For purposes of clarity, a termination without “Cause” does not include any termination that occurs as
a result of your death or disability.

 

(b)            “Good Reason” will exist if any of the following actions are taken by the Company without your prior written
consent: (i) a material reduction in your base salary (unless pursuant to a salary reduction program applicable generally to your similarly
situated employees not to exceed ten percent (10%)); (ii) a material reduction in your title or duties (including responsibilities and/or
authorities); or (iii) relocation of your principal place of employment by more than thirty-five (35) miles, provided, however, that any
change from remote work to working from the Company’s Palo Alto offices will not be deemed a relocation that could give rise to
Good Reason under this provision. In order to resign for Good Reason, you must provide written notice to the Company’s Board within
thirty (30) days after the first occurrence of the event giving rise to Good Reason setting forth the basis for your resignation, allow
the Company at least thirty (30) days from receipt of such written notice to cure such event, and if such event is not reasonably cured
within such period, you must resign from all positions you then hold with the Company not later than thirty (30) days after the expiration
of the cure period.

 

(c)              
“Change of Control” shall mean a Change of Control Transaction as defined in the Business Combination Agreement.

 

     

     

    

 

Brett Adcock

September 16, 2021

Page 6

 

16.          Compliance with Section 409A. It is intended that the payments and benefits set forth in this Agreement satisfy, to the greatest
extent possible, the exemptions from the application of Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”)
(Section 409A, together with any state law of similar effect and the treasury regulations and guidance promulgated thereunder, collectively,
 “Section 409A”), including under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). For purposes
of Section 409A (including, without limitation, for purposes of Treasury Regulations 1.409A-2(b)(2)(iii)), your right to receive any installment
payments under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series
of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment.
Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within
the specified period shall be within the sole discretion of the Company. Notwithstanding any provision to the contrary in this Agreement,
if the Company (or, if applicable, the successor entity thereto) determines that the Severance or Accelerated Vesting constitute “deferred
compensation” under Section 409A and you are, on the date of your Separation from Service, a “specified employee” of
the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code (a “Specified Employee”),
then, solely to the extent necessary to avoid the incurrence of adverse personal tax consequences under Section 409A, the timing of the
Severance Benefits and Accelerated Vesting shall be delayed until the earliest of: (i) the date that is six (6) months and one (1) day
after your Separation from Service date, (ii) the date of your death, or (iii) such earlier date as permitted under Section 409A without
the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i)
period, all payments or benefits deferred pursuant to this Section shall be paid in a lump sum or provided in full by the Company (or
the successor entity thereto, as applicable), and any remaining payments due shall be paid as otherwise provided herein. No interest shall
be due on any amounts so deferred. If the Severance Benefits and Accelerated Vesting benefits are not covered by one or more exemptions
from the application of Section 409A and the Release could become effective in the calendar year following the calendar year in which
you have a Separation from Service, the Release will not be deemed effective any earlier than the Release Deadline. The payments and benefits
provided hereunder are intended to qualify for an exemption from application of Section 409A or comply with its requirements to the extent
necessary to avoid adverse personal tax consequences under Section 409A, and any ambiguities herein shall be interpreted accordingly.
Notwithstanding anything to the contrary herein, to the extent required to comply with Section 409A, a termination of employment shall
not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or
following a termination of employment unless such termination is also a “separation from service” within the meaning of Section
409A. Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes
 “nonqualified deferred compensation” for purposes of Section 409A be subject to offset by any other amount unless otherwise
permitted by Section 409A. With respect to reimbursements or in-kind benefits provided to you hereunder (or otherwise) that are not exempt
from Section 409A, the following rules shall apply: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided,
during any one of your taxable years shall not affect the expenses eligible for reimbursement, or in-kind benefit to be provided in any
other taxable year, (ii) in the case of any reimbursements of eligible expenses, reimbursement shall be made on or before the last day
of your taxable year following the taxable year in which the expense was incurred, (iii) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit. To the extent that any provision hereof is modified in order to comply
with Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original
intent and economic benefit to you and the Company of the applicable provision without violating the provisions of Section 409A. In no
event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on you by Section 409A or
damages for failing to comply with Section 409A.

 

     

     

    

 

Brett Adcock

September 16, 2021

Page 7

 

17.          Section
280G; Parachute Payments.

 

(a)              If
any payment or benefit you will or may receive from the Company or otherwise (a “280G Payment”) would (i) constitute a
 “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the
excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment provided pursuant
to this Agreement (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount”
shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being
subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the
amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an
after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the
Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant
to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that
results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the
items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).

 

(b)              
Notwithstanding any provision of subsection (a) above to the contrary, if the Reduction Method or the Pro Rata Reduction Method
would result in any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes
pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as
to avoid the imposition of taxes pursuant to Section 409A as follows: (A) as a first priority, the modification shall preserve to the
greatest extent possible, the greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments
that are contingent on future events (e.g., being terminated without Cause), shall be reduced (or eliminated) before Payments that are
not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning
of Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A.

 

(c)              
Unless you and the Company agree on an alternative accounting firm or law firm, the accounting firm engaged by the Company
for general tax compliance purposes as of the day prior to the effective date of the of in Control transaction shall perform the foregoing
calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group
effecting the change in control transaction, the Company shall appoint a nationally recognized accounting or law firm to make the determinations
required by this Section 17 (“Section 280G; Parachute Payments”). The Company shall bear all expenses with respect to the
determinations by such accounting or law firm required to be made hereunder. The Company shall use commercially reasonable efforts to
cause the accounting or law firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting
documentation, to you and the Company within fifteen (15) calendar days after the date on which your right to a 280G Payment becomes reasonably
likely to occur (if requested at that time by you or the Company) or such other time as requested by you or the Company.

 

(d)              
If you receive a Payment for which the Reduced Amount was determined pursuant to clause (x) of Section 17(a) and the Internal
Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you agree to promptly return to the
Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of Section 17(a)) so that no portion of the remaining
Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) of Section
17(a), you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.

 

     

     

    

 

Brett Adcock

September 16, 2021

Page 8

 

18.          Dispute
Resolution. To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with the
Company, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited
to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement, your employment
with the Company, or the termination of your employment, shall be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. § 1-16,
to the fullest extent permitted by law, by final, binding and confidential arbitration conducted by JAMS, Inc. or its successor (“JAMS”),
under JAMS’ then applicable rules and procedures for employment disputes before a single arbitrator (available upon request and
also currently available at http://www.jamsadr.com/rules-employment-arbitration/). You acknowledge that by agreeing to this
arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative
proceeding. In addition, all claims, disputes, or causes of action under this section, whether by you or the Company, must be brought
in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative
proceeding, nor joined or consolidated with the claims of any other person or entity. The arbitrator may not consolidate the claims of
more than one person or entity, and may not preside over any form of representative or class proceeding. To the extent that the preceding
sentences regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s)
alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration. This paragraph shall not apply to
any action or claim that cannot be subject to mandatory arbitration as a matter of law, including, without limitation, claims brought
pursuant to the California Private Attorneys General Act of 2004, as amended, the California Fair Employment and Housing Act, as amended,
and the California Labor Code, as amended, to the extent such claims are not permitted by applicable law to be submitted to mandatory
arbitration and such applicable law(s) are not preempted by the Federal Arbitration Act or otherwise invalid (collectively, the “Excluded
Claims”). In the event you intend to bring multiple claims, including one of the Excluded Claims listed above, the Excluded
Claims may be publicly filed with a court, while any other claims will remain subject to mandatory arbitration. You will have the right
to be represented by legal counsel at any arbitration proceeding. Questions of whether a claim is subject to arbitration under this agreement
shall be decided by the arbitrator. Likewise, procedural questions which grow out of the dispute and bear on the final disposition are
also matters for the arbitrator. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the
dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written statement signed by the arbitrator regarding
the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s
essential findings and conclusions on which the award is based. The arbitrator shall be authorized to award all relief that you or the
Company would be entitled to seek in a court of law. The Company shall pay all JAMS arbitration fees in excess of the administrative
fees that you would be required to pay if the dispute were decided in a court of law. Nothing in this letter agreement is intended to
prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any
such arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts
of any competent jurisdiction.

 

19.          Miscellaneous.
This offer is contingent upon a satisfactory reference check and satisfactory proof of your right to work in the United States. If the
Company informs you that you are required to complete a background check or drug test, this offer is contingent upon satisfactory clearance
of such background check and/or drug test. You agree to assist as needed and to complete any documentation at the Company’s request
to meet these conditions. This Agreement, together with your Confidentiality Agreement, forms the complete and exclusive statement of
your employment agreement with the Company. It supersedes any other agreements or promises made to you by anyone, whether oral or written.
Changes in your employment terms, other than those changes expressly reserved to the Company’s or the Board’s discretion
in this Agreement, require a written modification approved by the Company and signed by a duly authorized officer of the Company (other
than you). This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure
to the benefit of both you and the Company, their heirs, successors and assigns. If any provision of this Agreement is determined to
be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this Agreement and the provision
in question shall be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible
under applicable law. This Agreement shall be construed and enforced in accordance with the laws of the State of California without regard
to conflicts of law principles. Any ambiguity in this Agreement shall not be construed against either party as the drafter. Any waiver
of a breach of this Agreement, or rights hereunder, shall be in writing and shall not be deemed to be a waiver of any successive breach
or rights hereunder. This Agreement may be delivered and executed via facsimile, electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission
method and shall be deemed to have been duly and validly delivered and executed and be valid and effective for all purposes.

 

     

     

    

 

Brett Adcock

September 16, 2021

Page 9

 

Please sign and date this Agreement and the enclosed
Confidentiality Agreement and return them to me on or before September 16, 2021 if you wish to accept employment at the Company under
the terms described above. The offer of employment herein will expire if I do not receive this signed letter by that date. I would be
happy to discuss any questions that you may have about these terms.

 

We are delighted to be making this offer and the
Company looks forward to your favorable reply and to a productive and enjoyable work relationship.

 

Sincerely,

 

	/s/ Adam Goldstein	 
	Adam Goldstein, Director	 

 

Reviewed, Understood, and Accepted:

 

	/s/ Brett Adcock	 	September 16, 2021
	Brett Adcock	 	Date

 

Exhibit A: Confidentiality Agreement

Exhibit B: Release

Exhibit C: Outside Activities

 

     

     

    

 

Exhibit
A

 

CONFIDENTIALITY AGREEMENT

 

Omitted.

 

    A-1 

     

    

 

Exhibit
B

 

RELEASE

 

In exchange for the severance
benefits to be provided to me by Archer Aviation Inc. (the “Company”) pursuant to my Employment Terms offer letter
between me and the Company, dated September 16, 2021 (the “Employment Agreement”), I hereby provide the following release.

 

I hereby generally and completely
release the Company and its parents, subsidiaries, successors, predecessors, and affiliates, and each of their respective current and
former directors, officers, employees, stockholders, shareholders, agents, attorneys, insurers, and assigns, from any and all claims,
liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions
occurring at any time prior to and including the date I sign this release. This general release includes, but is not limited to: (a) all
claims arising out of or in any way related to my employment or the termination of that employment; (b) all claims related to my compensation
or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock
options, or any other ownership interests; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant
of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation
of public policy; and (e) all federal, state, provincial and local statutory claims, including claims for discrimination, harassment,
retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans
with Disabilities Act of 1990 (as amended), the federal Age Discrimination in Employment Act (as amended) (“ADEA”),
the federal Employee Retirement Income Security Act of 1974 (as amended), and the California Fair Employment and Housing Act (as amended).
Notwithstanding the foregoing, I understand that the following claims are not included in my release: (a) any rights or claims for indemnification
I may have pursuant to any written indemnification agreement; the charter, bylaws, or operating agreements of the Company; or under applicable
law; (b) any rights which cannot be waived as a matter of law; or (c) any rights to vested benefits or compensation.

 

In addition, I understand
that nothing in this release limits my ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Department
of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission
or any other federal, state or local governmental agency or commission (“Government Agencies”). I further understand
this release does not limit my ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding
that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. While
this Agreement does not limit my right to receive an award for information provided to the Securities and Exchange Commission, I understand
and agree that, to maximum extent permitted by law, I am otherwise waiving any and all rights I may have to individual relief based on
any claims that I have released and any rights I have waived by signing this release.

 

I acknowledge that I am knowingly
and voluntarily waiving and releasing any rights I may have under the ADEA (“ADEA Waiver”), and that the consideration
for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further
acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any rights
or claims that may arise after the date I sign this release; (b) I should consult with an attorney prior to signing this release (although
I may choose voluntarily not do so); (c) I have [21][45] days to consider this release
(although I may choose voluntarily to sign this release earlier); (d) I have seven days following the date I sign this release to revoke
it by providing written notice to the Board of Directors; and (e) this release will not be effective until the date upon which the revocation
period has expired, which will be the eighth day after I sign this release.

 

    B-2

     

    

 

I acknowledge that I have
read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims
which the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that,
if known by him or her, would have materially affected his or her settlement with the debtor or released party.” I hereby expressly
waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release
of any claims hereunder.

 

I hereby represent that I
have been paid all compensation owed and for all hours worked; I have received all the leave and leave benefits and protections for which
I am eligible pursuant to the Family and Medical Leave Act, the California Family Rights Act, or otherwise; and I have not suffered any
on-the-job injury for which I have not already filed a workers’ compensation claim. I further acknowledge that, other than the severance
benefits that will be provided to me pursuant to the Employment Agreement upon the effectiveness of this release, among other required
conditions, I have not earned and will not receive from the Company any additional compensation, severance, or benefits, with the exception
of any vested right I may have under the express terms of a written ERISA-qualified benefit plan (e.g., 401(k) account). By way of example,
I acknowledge that I have not earned and am not owed any bonus, vacation, incentive compensation, severance, commissions or equity.

 

I further acknowledge my continuing
obligations under my Employee Confidential Information and Inventions Assignment Agreement.

 

I hereby agree not to disparage
the Company or any of its officers, directors, employees, shareholders, and agents, in any manner likely to be harmful to its or their
business, business reputations or personal reputations; provided that I may respond accurately and fully to any question, inquiry or request
for information when required by the legal process or in connection with a government investigation. In addition, nothing in this release
is intended to prohibit or restrain me in any manner from making disclosures that are protected under the whistleblower provisions of
federal law or regulation or under other applicable law or regulation.

 

I acknowledge that to become
effective, I must sign and return this Release to the Company so that it is received not later than [21][45]
days following the date it is provided to me.

	 	 
	 	Brett Adcock
	 	 
	 	 
	 	(Signature)
	 	 
	 	Date:	                      

 

	Archer Aviation Inc.	 
	 	 
	 	 
	Adam Goldstein, Director	 
	 	 
	Date:	          	 

 

    B-3

     

    

 

Exhibit
C

 

OUTSIDE ACTIVITIES

 

None.

 

    C-1

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