Document:

Exhibit 10.12

 

Momentus
Inc.

 

December 11, 2020

 

Mikhail Kokorich

 

Re: EMPLOYMENT AGREEMENT

 

Dear Mikhail:

 

This Employment Agreement
(the “Agreement”) between you (referred to hereinafter as the “Executive”)
and Momentus Inc. (the “Company”), a Delaware corporation, sets forth the terms and conditions that
shall govern Executive’s employment with the Company (referred to hereinafter as “Employment”
or the “Employment Period”) and post-Employment, effective as of immediately after the Closing of the
Transactions (as those terms are defined in the Merger Agreement) (the “Effective Date”).

 

1. Duties
and Scope of Employment.

 

(a) At-Will
Employment. Executive’s Employment with the Company is for no specified period and constitutes “at will”
employment. Except as otherwise set forth herein, Executive is free to terminate Employment at any time, with or without advance
notice, and for any reason or for no reason. Similarly, the Company is free to terminate Executive’s Employment at any time,
with or without advance notice, and with or without Cause (as defined below). Furthermore, although terms and conditions of Executive’s
Employment with the Company may change over time, nothing shall change the at-will nature of Executive’s Employment.

 

(b) Position
and Responsibilities. During the Employment Period, the Company agrees to employ Executive in the position of Chief Executive
Officer. Executive will report to the Company’s Board of Directors (the “Board”) or to such other
Person as the Board subsequently may determine (Executive’s “Supervisor”). Executive will
be working out of the Company’s office in Santa Clara, California. Executive will perform the duties and have the responsibilities
and authority customarily performed and held by an employee in Executive’s position or as otherwise may be assigned or delegated
to Executive by Executive’s Supervisor.

 

(c) Obligations
to the Company. During the Employment Period, Executive shall perform Executive’s duties faithfully and to the best
of Executive’s ability and will devote Executive’s full business efforts and time to the Company. During the Employment
Period, without the prior written approval of Executive’s Supervisor, Executive shall not render services in any capacity
to any other Person and shall not act as a sole proprietor, advisor or partner of any other Person or own more than five percent
(5%) of the stock of any other corporation with the exception of (i) of Unfurl Inc., a Delaware corporation (dba as Abound Kitchen
Inc.), and (ii) Datum Planes Inc., a Delaware corporation; provided that Executive’s activities and involvement with (i)
or (ii) do not individually or in the aggregate interfere with the performance of Executive’s duties under this Agreement
or create a potential business or fiduciary conflict. Notwithstanding the foregoing, Executive may serve on civic or charitable
boards or committees, deliver lectures, fulfill speaking engagements, teach at educational institutions, or manage personal investments
without advance written consent of Executive’s Supervisor; provided that such activities do not individually or in the aggregate
interfere with the performance of Executive’s duties under this Agreement or create a potential business or fiduciary conflict.
Executive shall comply with the Company’s policies and rules, as they may be in effect from time to time during Executive’s
Employment.

 

    

     

    

 

(d) No
Conflicting Obligations. Executive represents and warrants to the Company that Executive is under no obligations or commitments,
whether contractual or otherwise, that are inconsistent with Executive’s obligations under this Agreement or that would
otherwise prohibit Executive from performing Executive’s duties with the Company. In connection with Executive’s Employment,
Executive shall not use or disclose any trade secrets or other proprietary information or intellectual property in which Executive
or any other Person has any right, title or interest and Executive’s Employment will not infringe or violate the rights
of any other Person. Executive represents and warrants to the Company that Executive has returned all property and confidential
information belonging to any prior employer.

 

2. Cash
and Incentive Compensation.

 

(a) Base
Salary. The Company shall pay Executive, as compensation for Executive’s services, a base salary at a gross
annual rate of $180,000, less all required tax withholdings and other applicable deductions, in accordance with the
Company’s standard payroll procedures. The annual compensation specified in this Section 2(a), together with any
modifications in such compensation that the Company may make from time to time, is referred to in this Agreement as the
“Base Salary.” Executive’s Base Salary will be subject to review and adjustments that will be
made based upon the Company’s normal performance review practices by the Board or the Compensation Committee of the
Board (the “Committee”). Notwithstanding the forgoing, during the first ten years after the
Closing, the Base Salary will not be increased above: (i) 50% of the median base salary of the chief executive officers in a
peer group comprised of at least 12 broadly-similar publicly-traded companies that are agreed upon by Executive and the
Committee, or if no such peer group is determined, (ii) the average salary of the then three most highly paid employees of
the Company excluding the Executive following the Closing of the Transactions.
Effective as of the date of any change to Executive’s Base Salary, the Base Salary as so changed shall be considered
the new Base Salary for all purposes of this Agreement.

 

(b) Cash
Incentive Bonus. Executive will be eligible to be considered for an annual cash incentive bonus (the “Cash
Bonus”) each calendar year during the Employment Period based upon the achievement of certain objective or subjective
criteria (collectively, the “Performance Goals”). In compliance with all relevant legal requirements
and based on Executive’s level within the Company, the Performance Goals for Executive’s Cash Bonus for a particular
year will be established by, and in the sole discretion of, the Board or the Committee. The initial target amount for any such
Cash Bonus will be up to 50% of Executive’s Base Salary (the “Target Bonus Percentage”), less
all required tax withholdings and other applicable deductions. The determinations of the Board or the Committee, as applicable,
with respect to such Cash Bonus or the Target Bonus Percentage shall be final and binding. Executive’s Target Bonus Percentage
for any subsequent year may be adjusted up or down, as determined in the sole discretion of the Board or the Committee. Executive
shall not earn a Cash Bonus unless Executive is employed by the Company on the date when such Cash Bonus is actually paid by the
Company.

 

(c) Equity
Awards.

 

(i) CEO
Option Grant. Subject to the approval of the Board and stockholders of the Company, Executive will be granted a non-statutory
stock option to purchase that number of shares of Company Class A Common Stock equal to 12.5% of the sum of: (i) the outstanding
shares of the Company immediately following the Closing of the Transactions (giving effect to the redemptions of the Company’s
public shares) and (ii) the aggregate number of shares of Company Class A Common Stock underlying the outstanding Momentus options
and warrants assumed by the Company in the Transactions (the “CEO Option Grant“). The CEO Option Grant
will have an exercise price equal to the fair market value of the Company’s Class A Common Stock on the date of its grant.
Payment of the exercise price of the CEO Option Grant can be made by Executive using a same-day sale or equivalent immaculate/net
option exercise procedure and Executive can immediately sell any shares necessary to cover any tax or withholding obligations
related to the exercise of the CEO Option Grant. Executive, however, will be required to hold any shares of stock received pursuant
to the exercise of the CEO Option Grant (other than those shares used to pay the exercise price and tax and withholding obligations)
until the earlier to occur of (i) 2 years from the date of exercise and (ii) 9 years from the date of the CEO Option Grant. The
CEO Option Grant will be subject to the other terms and conditions, including the vesting schedule, provided in the CEO Option
Grant stock option agreement attached hereto as Attachment A (the “CEO Stock Option Agreement”)
and the Company’s 2020 Equity Incentive Plan (the “Equity Plan”). Although subject to the provisions
of the Equity Plan, the CEO Option Grant will be granted outside of the Equity Plan.

 

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(ii) Eligibility
for Future Equity Awards. During the first ten years after the Closing, Executive will not be eligible for future
equity awards from the Company until the Performance-Based Vesting Requirements (i.e. both the Stock Price Milestone and the
Operational Milestone) for at least seventy-five percent (75%) of the shares subject to the CEO Option Grant have been
satisfied by Board Certification (as such capitalized terms are defined in the CEO Stock Option Agreement).

 

3. Employee
Benefits. During the Employment Period, Executive shall be eligible to (a) receive paid time off (“PTO”)
in accordance with the Company’s PTO policy, as it may be amended from time to time and (b) participate in the employee
benefit plans maintained by the Company and generally available to similarly situated employees of the Company, subject in each
case to the generally applicable terms and conditions of the plan or policy in question and to the determinations of any Person
or committee administering such employee benefit plan or policy. The Company reserves the right to cancel or change the employee
benefit plans, policies and programs it offers to its employees at any time.

 

4. Business
Expenses. The Company will reimburse Executive for necessary and reasonable business expenses incurred in connection with
Executive’s duties hereunder upon presentation of an itemized account and appropriate supporting documentation, all in accordance
with the Company’s generally applicable expense reimbursement policies as in effect from to time.

 

5. Rights
Upon Termination. Except as expressly provided in Section 6, upon the termination of Executive’s Employment,
for the period preceding the effective date of the termination of Employment, Executive shall only be entitled to the following:
(i) the accrued but unpaid Base Salary compensation and PTO, (ii) the reimbursements for outstanding and unpaid business expenses
described in Section 4 of this Agreement, and (iii) such other vested benefits earned under any Company-provided plans, policies,
and arrangements in accordance with the governing documents and policies of any such, plans, policies and arrangements (collectively,
the “Accrued Benefits”). The Accrued Benefits described in clauses (i) and (ii) of the preceding sentence
shall be paid within thirty (30) days after the date of termination of Executive’s Employment (or such earlier date as may
be required by applicable law) and the Accrued Benefits described in clause (iii) of the preceding sentence shall be paid in accordance
with the terms of the governing plan, policy or arrangement.

 

6. Termination
Benefits.

 

(a) Involuntary
Termination. If (i) the Company (or any parent, subsidiary or successor of the Company) terminates Executive’s Employment
with the Company for a reason other than (A) Cause, (B) Executive becoming Disabled or (C) Executive’s death; or (ii) if
Executive resigns from Employment with the Company for Good Reason (as defined below) ((i) or (ii) each, an “Involuntary
Termination”), then, subject to Section 7 (other than with respect to the Accrued Benefits), Executive will be entitled
to the following:

 

(i) Accrued
Compensation. The Company will pay Executive all Accrued Benefits.

 

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(ii) Severance
Payment. In exchange for Executive timely signing and not revoking the Release (as defined below) in accordance with the
terms therein and in this Agreement, Executive will receive semi-monthly continuing payments of severance pay at a rate equal
to Executive’s Base Salary, as then in effect, for three (3) months, less all required tax withholdings and other applicable
deductions, which will be paid in accordance with the Company’s regular payroll procedures commencing on the Release Deadline
(as defined in Section 7(a)); provided that the first payment shall include any amounts that would have been paid to Executive
if payment had commenced on the date of Executive’s Involuntary Termination.

 

(iii) Prior
Year Cash Bonus. In the event Executive’s Employment is Involuntarily Terminated in any fiscal year prior to the
date the Cash Bonus for the immediately preceding year has been paid, Executive will receive the Cash Bonus for such prior year,
the amount of which will be determined in accordance with Section 2(b).

 

(iv) Current
Year Pro-Rated Cash Bonus. Executive will receive a pro-rated Cash Bonus for the fiscal year in which Executive’s
Involuntary Termination occurs equal to (x) the Cash Bonus that Executive would have received based on actual performance
for such fiscal year if Executive had remained in Employment by Company for the entire fiscal year in accordance with Section
2(b) multiplied by (y) a fraction, the numerator of which is the number of days Executive was in Employment with the Company
during the fiscal year including the termination date and the denominator of which is 365 (the “Pro-Rated Bonus”).
The Pro-Rated Bonus, if any, shall be paid at the same time annual bonuses are paid by the Company to other executives of the
Company for the fiscal year in which Executive’s Involuntary Termination occurs, but no later than March 15th
of the calendar year following the calendar year in which Executive terminated Employment.

 

(v) Equity. Any options granted to Executive under the Space Apprentices Enterprise Inc. 2018 Stock Plan and Momentus' Amended and Restated 2018 Stock
Plan shall vest and become exercisable in full effective as of the date of Executive’s
Involuntary Termination.

 

(b) Disability;
Death; Voluntary Resignation; Termination for Cause. If Executive’s Employment with the Company is terminated due
to (i) Executive becoming Disabled or Executive’s death, (ii) Executive’s voluntary resignation (other than for Good
Reason), or (iii) the Company’s termination of Executive’s Employment with the Company for Cause, then Executive or
Executive’s estate (as the case may be) will receive the Accrued Benefits, but will not be entitled to any other compensation
or benefits from the Company except to the extent required by law (for example, COBRA).

 

(c) Timing
of Payments. Subject to any specific timing provisions in Section 6(a) or 6(b), or the provisions of Section 7, payment
of the severance and benefits hereunder shall be made or commence to be made as soon as practicable following Executive’s
termination of Employment.

 

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(d) Exclusive
Remedy. In the event of a termination of Executive’s Employment with the Company (or any parent, subsidiary or successor
of the Company), the provisions of this Section 6 are intended to be and are exclusive and in lieu of any other rights or remedies
to which Executive or the Company may otherwise be entitled, whether at law, tort or contract, in equity, or under this Agreement
(other than the payment of accrued but unpaid wages, as required by law, and any unreimbursed reimbursable expenses). Executive
will be entitled to no other severance, benefits, compensation or other payments or rights upon a termination of Employment, including,
without limitation, any severance payments and/or benefits provided in the Employment Agreement, other than those benefits expressly
set forth in Section 6 of this Agreement or pursuant to written equity award agreements with the Company.

 

(e) No
Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement,
nor will any earnings that Executive may receive from any other source reduce any such payment.

 

7. Conditions
to Receipt of Severance.

 

(a) Release
of Claims Agreement. The receipt of any severance payments or benefits pursuant to Section 6 of this Agreement is subject
to Executive signing and not revoking a separation agreement and release of claims in a form attached hereto as Attachment
B (the “Release”), which must become effective no later than the sixtieth (60th) day following Executive’s
termination of Employment (the “Release Deadline”), and if not, Executive will forfeit any right to
severance payments or benefits under this Agreement. To become effective, the Release must be timely executed by Executive and
any revocation periods (as required by statute, regulation, or otherwise) must have expired without Executive having revoked the
Release. In addition, in no event will severance payments or benefits be paid or provided until the Release actually becomes effective.
If the termination of Employment occurs at a time during the calendar year where the Release Deadline could occur in the calendar
year following the calendar year in which Executive’s termination of Employment occurs, then any severance payments or benefits
under this Agreement that would be considered Deferred Payments (as defined in Section 7(c)(i)) will be paid on the first payroll
date to occur during the calendar year following the calendar year in which such termination occurs, or such later time as required
by (i) the payment schedule applicable to each payment or benefit as set forth in Section 6, (ii) the date the Release becomes
effective, or (iii) Section 7(c)(ii); provided that the first payment shall include all amounts that would have been paid to Executive
if payment had commenced on the date of Executive’s termination of Employment.

 

(b) Confidentiality
Agreement. Executive’s receipt of any payments or benefits under Section 6 will be subject to Executive continuing
to comply with the terms of the Confidentiality Agreement (as defined in Section 12 below).

 

(c) Section
409A.

 

(i) Notwithstanding
anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant
to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred
compensation not exempt under Section 409A (together, the “Deferred Payments”) will be paid or otherwise
provided until Executive has a “separation from service” within the meaning of Section 409A. And for purposes of this
Agreement, any reference to “termination of Employment,” “termination” or any similar term shall be construed
to mean a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive,
if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)
will be payable until Executive has a “separation from service” within the meaning of Section 409A.

 

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(ii) Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning
of Section 409A at the time of Executive’s termination of Employment (other than due to death), then the Deferred Payments,
if any, that are payable within the first six (6) months following Executive’s separation from service, will become payable
on the first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s
separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable
to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation
from service, but prior to the six (6) month anniversary of the separation from service, then any payments delayed in accordance
with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s
death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to each payment or benefit.
Each payment, installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of
Section 1.409A-2(b)(2) of the Treasury Regulations.

 

(iii) Without
limitation, any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule
set forth in Section 1.409A-1(b)(4) of the Treasury Regulations is not intended to constitute Deferred Payments for purposes of
clause (i) above.

 

(iv) Without
limitation, any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from
service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit is not
intended to constitute Deferred Payments for purposes of clause (i) above. Any payment intended to qualify under this exemption
must be made within the allowable time period specified in Section 1.409A-1(b)(9)(iii) of the Treasury Regulations.

 

(v) To
the extent that reimbursements or in-kind benefits under this Agreement constitute non-exempt “nonqualified deferred compensation”
for purposes of Section 409A, (1) all reimbursements hereunder shall be made on or prior to the last day of the calendar year
following the calendar year in which the expense was incurred by Executive, (2) any right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit, and (3) the amount of expenses eligible for reimbursement
or in-kind benefits provided in any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind
benefits to be provided, in any other calendar year.

 

(vi) The
payments and benefits provided under Sections 6(a) and 6(b) are intended to be exempt from or comply with the requirements of
Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax
imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be exempt or so comply. The Company
and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions
that are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment
to Executive under Section 409A.

 

8. Restrictive
Covenants. In addition to Executive’s obligations under the Non-Competition, Non-Solicitation and Confidentiality
Agreement executed by Executive on October 7, 2020 (the “RCA”), during the period commencing on the
date of this Agreement and continuing until the second anniversary of the date when Executive’s Employment terminated for
any reason, Executive shall not directly or indirectly, personally or through others:

 

(a) Non-Solicitation
of Customers. Solicit, recruit or attempt to solicit or recruit (on Executive’s own behalf or on behalf of any other
Person) the business of any customer of the Company or any of the Company’s affiliates on whom Executive called or with
whom Executive became acquainted during Executive’s Employment. Executive represents that Executive is (i) familiar with
the foregoing covenant not to solicit, and (ii) fully aware of Executive’s obligations hereunder, including, without limitation,
the reasonableness of the length of time, scope and geographic coverage of these covenants.

 

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(b) Non-Disparagement.
Make any remarks disparaging the conduct or character of the Company, any of the Company’s affiliates, any of the Company’s
or any Company affiliates’ current or former employees, officers, directors, successors or assigns. Likewise, the Company
will direct the members of its Board and its executive officers not to make any remarks disparaging the Executive’s conduct
or character. Neither the Company nor the Executive, however, shall be prevented from disclosing information, or otherwise responding
or testifying truthfully, in either case, to the extent required by a lawfully issued subpoena, a duly issued court order or other
legal process.

 

To the extent there
is a conflict between the provisions in the RCA and the covenants in this Agreement, the more restrictive provision imposed on
Executive between the RCA and this Agreement shall control.

 

9. Definition
of Terms. The following terms referred to in this Agreement will have the following meanings:

 

(a) Cause.
“Cause” means: (i) Executive’s material breach of any term or provision of this Agreement, and such breach is
not cured by Executive within thirty (30) days following the provision of written notice to Executive by the Company specifying
the nature of such breach; or (ii) the Company’s determination, in good faith, following discussions with Executive providing
Executive a reasonable opportunity to explain the underlying facts and circumstances, that Executive has engaged in any of the
following actions (provided that the notice of termination shall specify the facts and circumstances giving rise to the termination):
(A) Executive has misappropriated, stolen or embezzled funds or property from the Company, or (B) Executive has been convicted
of a felony or entered a felony plea of "nolo contendre" which, in the reasonable opinion of the Company, brings
Executive into disrepute or is likely to cause material harm to the Company's business, customer or supplier relations, financial
condition or prospects.

 

(b) Change
in Control. “Change in Control” shall have the meaning ascribed to such term in the Equity Plan but, for purposes
of clarity, shall exclude the consummation of the Transactions described in the Merger Agreement.

 

(c) Code.
“Code” means the Internal Revenue Code of 1986, as amended.

 

(d) Disability.
“Disability” or “Disabled” means that Executive is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted,
or can be expected to last, for a continuous period of not less than one (1) year.

 

(e) Good
Reason. “Good Reason” means the Executive’s resignation due to the occurrence of any of the following
conditions which occurs without Executive’s written consent, provided that the requirements regarding advance notice and
an opportunity to cure set forth below are satisfied: (i) a reduction of Executive’s then current base salary by 10% or
more unless such reduction is part of a generalized salary reduction affecting similarly situated employees; (2) a change in the
Executive’s position with the Company that materially reduces his duties, level of authority or operating responsibility,
provided that a mere change in title following a Change in Control to a position that is substantially similar to the position
held prior to the Change in Control with respect to the operations of the Company shall not, by itself, constitute a material
reduction of the Executive’s duties, level of authority or operating responsibility; (3) the Company conditions the Executive’s
continued service with the Company on the Executive’s being transferred to a site of employment that would increase the
Executive’s one-way commute by more than 50 miles from the Executive’s then-principal residence, or (4) a material
breach by the Company of this Agreement. For the Executive to resign for Good Reason, he must provide written notice to the Company
of the existence of the Good Reason condition within 30 days of the initial existence of such Good Reason condition. Upon receipt
of such notice, the Company will have 30 days during which it may remedy the Good Reason condition and not be required to provide
for the severance benefits described herein as a result of such proposed resignation. If the Good Reason condition is not remedied
within such 30-day period, the Executive may resign based on the Good Reason condition specified in the notice effective no later
than 60 days following the expiration of the 30-day cure period.

 

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(f) Governmental
Authority. “Governmental Authority” means any federal, state, municipal, foreign or other government, governmental
department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal.

 

(g) Merger
Agreement. “Merger Agreement” means that certain Agreement and Plan of Merger by and among the Company, Project
Marvel First Merger Sub, Inc., Project Marvel Second Merger Sub, LLC and Momentus Inc. (the predecessor corporation to the Company,
“Momentus”) dated as of October 7, 2020, of which Executive has a received copy and has reviewed.

 

(h) Person.
“Person” shall be construed in the broadest sense and means and includes any natural person, a partnership, a corporation,
an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and
other entity or Governmental Authority.

 

(i) Section
409A. “Section 409A” means Section 409A of the Code, and the final regulations and any guidance promulgated
thereunder or any state law equivalent.

 

(j) Section
409A Limit. “Section 409A Limit” shall mean two (2) times the lesser of: (i) Executive’s annualized
compensation based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding Executive’s
taxable year of his or her separation from service as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and
any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under
a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s separation from service occurred.

 

10. Golden
Parachute.

 

(a) Anything
in this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company or otherwise
(“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 such 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 being subject to
the Excise Tax; or (y) the largest portion, up to and including the total, of the Payment, whichever amount, 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 Executive’s receipt, on an after-tax basis, of the greater amount of the Payment.
Any reduction made pursuant to this Section 10(a) shall be made in accordance with the following order of priority: (i) stock
options whose exercise price exceeds the fair market value of the optioned stock (“Underwater Options”)
(ii) Full Credit Payments (as defined below) that are payable in cash, (iii) non-cash Full Credit Payments that are taxable, (iv)
non-cash Full Credit Payments that are not taxable (v) Partial Credit Payments (as defined below) and (vi) non-cash employee welfare
benefits. In each case, reductions shall be made in reverse chronological order such that the payment or benefit owed on the latest
date following the occurrence of the event triggering the excise tax will be the first payment or benefit to be reduced (with
reductions made pro-rata in the event payments or benefits are owed at the same time). “Full Credit Payment”
means a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise, that if reduced in value by one dollar reduces the amount of the parachute payment (as defined in Section
280G of the Code) by one dollar, determined as if such payment, distribution or benefit had been paid or distributed on the date
of the event triggering the excise tax. “Partial Credit Payment” means any payment, distribution or
benefit that is not a Full Credit Payment.

 

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(b) A
nationally recognized certified public accounting firm selected by the Company (the “Accounting Firm”)
shall perform the foregoing calculations related to the Excise Tax. If a reduction is required pursuant to Section 10(a), the
Accounting Firm shall administer the ordering of the reduction as set forth in Section 10(a). The Company shall bear all expenses
with respect to the determinations by such accounting firm required to be made hereunder.

 

(c) The
Accounting Firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting
documentation, to Executive and the Company within fifteen (15) calendar days after the date on which Executive’s right
to a Payment is triggered. Any good faith determinations of the Accounting Firm made hereunder shall be final, binding, and conclusive
upon Executive and the Company.

 

11. Arbitration.
To the fullest extent permitted by applicable law, Executive and the Company agree that any and all disputes, demands, claims,
or controversies (“claims”) relating to, arising from or regarding Executive’s employment, including
claims by the Company, claims against the Company, and claims against any current or former parent, affiliate, subsidiary, successor
or predecessor of the Company, and each of the Company’s and these entities’ respective officers, directors, agents
or employees, shall be resolved by final and binding arbitration before a single arbitrator in San Jose, California (or another
mutually agreeable location). This does not prevent either Executive or the Company from seeking and obtaining temporary or preliminary
injunctive relief in court to prevent irreparable harm to Executive’s or its confidential information or trade secrets pending
the conclusion of any arbitration. This arbitration agreement does not apply to any claims that have been expressly excluded from
arbitration by a governing law not preempted by the Federal Arbitration Act and does not restrict or preclude Executive from communicating
with, filing an administrative charge or claim with, or providing testimony to any governmental entity about any actual or potential
violation of law or obtaining relief through a government agency process. The parties hereto agree that claims shall be resolved
on an individual basis only, and not on a class, collective, or representative basis on behalf of other employees to the fullest
extent permitted by applicable law (“Class Waiver”). Any claim that all or part of the Class Waiver
is invalid, unenforceable, or unconscionable may be determined only by a court. In no case may class, collective or representative
claims proceed in arbitration on behalf of other employees.

 

The parties agree
that the arbitration shall be conducted by a single neutral arbitrator through JAMS in accordance with JAMS Employment Arbitration
Rules and Procedures (available at www.jamsadr.com/rules-employment-arbitration). Except as to the Class Waiver, the arbitrator
shall determine arbitrability. The Company will bear all JAMS arbitration fees and administrative costs in excess of the amount
of administrative fees and costs that Executive otherwise would have been required to pay if the claims were litigated in court.
The arbitrator shall apply the applicable substantive law in deciding the claims at issue. Claims will be governed by their applicable
statute of limitations and failure to demand arbitration within the prescribed time period shall bar the claims as provided by
law. The decision or award of the arbitrator shall be final and binding upon the parties. This arbitration agreement is enforceable
under and governed by the Federal Arbitration Act. In the event that any portion of this arbitration agreement is held to be invalid
or unenforceable, any such provision shall be severed, and the remainder of this arbitration agreement will be given full force
and effect. By signing the offer letter, Executive acknowledges and agrees that Executive has read this arbitration agreement
carefully, are bound by it and are WAIVING ANY RIGHT TO HAVE A TRIAL BEFORE A COURT OR JURY OF ANY AND ALL CLAIMS SUBJECT TO ARBITRATION
UNDER THIS ARBITRATION AGREEMENT.

 

    -9-

     

    

 

12. Confidentiality
Agreement. The Employee Non-Disclosure and Invention Assignment Agreement entered into by and between Executive
and Momentus dated March 10, 2018 (the “Confidentiality Agreement”),
which is attached hereto as Attachment C remains in full force and effect. 

 

13. Employment
Conditions.

 

(a) Right
to Work. For purposes of federal immigration law, Executive will be required, if Executive has not already, to provide
to the Company documentary evidence of Executive’s identity and eligibility for employment in the United States. Such documentation
must be provided to the Company within three (3) business days of the Effective Date, or our Employment relationship with Executive
may be terminated.

 

(b) Verification
of Information. This Agreement is also contingent upon the successful verification of the information Executive provided
to the Company during Executive’s application process, as well as a general background check performed by the Company to
confirm Executive’s suitability for Employment. By accepting this Agreement, Executive warrants that all information provided
by Executive is true and correct to the best of Executive’s knowledge, Executive agrees to execute any and all documentation
necessary for the Company to conduct a background check and Executive expressly releases the Company from any claim or cause of
action arising out of the Company’s verification of such information.

 

(c) Compliance
with U.S. Export Control and Sanctions Law and Regulations.

 

(i) As
a condition of his Employment, Executive shall at all times comply with all U.S. export control and sanctions laws and regulations,
potentially including but not limited to the International Traffic in Arms Regulations (“ITAR”) administered
by the U.S. State Department's Directorate of Defense Trade Controls (“DDTC”), Export Administration
Regulations (“EAR”) administered by the U.S. Commerce Department's Bureau of Industry and Security (“BIS”),
and various economic sanctions regimes administered by the U.S. Treasury Department’s Office of Foreign Asset Control (“OFAC”)
(collectively, “U.S. Export Control Laws”).

 

(ii) The
Parties agree that in his capacity as CEO for the Company, Executive shall not have any access to any commodities, software, technology,
and/or technical data (hereinafter “items”) requiring a license under U.S. Export Control Laws.

 

(iii) At
all times during the course of his Employment at the Company, Executive shall follow the guidelines outlined in the Company Technology
Control Plan, as revised from time to time.

 

(d) Company
and Executive Policies and Guidelines. Executive shall be subject to and agrees to comply with all Company policies and
guidelines, and to the following requirements, if in addition thereto:

 

(i) Stock
Ownership. The Executive will be required to maintain “stock ownership” in the Company with fair market value
equal to the lesser of $50,000,000 or 1.2% of the Company’s total market capitalization. “Stock ownership” shall
be defined in accordance with the Company’s Stock Ownership Guidelines as in effect from time to time or, if no such Stock
Ownership Guidelines exist, then as determined by the Company in good faith consistent with standard market practices; provided
that, stock ownership shall include shares beneficially owned (as defined in Rule 13d-3 under the Securities Exchange Act of 1934,
as amended) and shall not include unvested stock options.

 

    -10-

     

    

 

(ii) Incentive
Compensation Claw-Back. The Board has the right, but not the obligation, to recoup and true-up any cash and equity compensation
of Executive, including the CEO Option Grant, that is granted, earned or that vests based on financial results, including stock
price, of the Company during the three-year period preceding any accounting restatement due to material non-compliance. This right
shall survive the termination of Executive’s Employment and may be modified in the future to comply with applicable future
legislation, regulation or listing requirements (e.g., the finalization of rules implementing the Dodd-Frank Act).

 

14. Successors.

 

(a) Company’s
Successors. This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease,
merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets. For
all purposes under this Agreement, the term “Company” shall include any successor to the Company’s
business or assets that become bound by this Agreement or any affiliate of any such successor that employs Executive.

 

(b) Executive’s
Successors. This Agreement and all of Executive’s rights hereunder shall inure to the benefit of, and be enforceable
by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees
and legatees.

 

15. Miscellaneous
Provisions.

 

(a) Indemnification.
The Company shall indemnify, exculpate and advance expenses of Executive, purchase liability insurance for Executive and shall
enter into such indemnification agreements for Executive as are required by Section 7.15 of the Merger Agreement. In addition
(to the extent such rights are in addition to what is provided by Section 7.15 of the Merger Agreement), the Company shall indemnify
Executive to the maximum extent permitted by applicable law and the Company’s Bylaws with respect to Executive’s service
and Executive shall be covered under a directors and officers liability insurance policy paid for by the Company to the extent
that the Company maintains such a liability insurance policy now or in the future. Executive agrees to indemnify and save Company
and its affiliates harmless from any damages, which Company may sustain in any manner primarily through Executive’s willful
misconduct or gross negligence or a material breach of the provisions of this Agreement.

 

(b) Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

(c) Notice.

 

(i) General.
Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly
given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid.
In Executive’s case, mailed notices shall be addressed to Executive at the home address that Executive most recently communicated
to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all
notices shall be directed to the attention of its Secretary.

 

    -11-

     

    

 

(ii) Notice
of Termination. Any termination by the Company for Cause or by Executive for Good Reason will be communicated by a notice
of termination to the other party hereto given in accordance with Section 15(c)(i) of this Agreement. Such notice will indicate
the specific termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will
be not more than thirty (30) days after the giving of such notice), subject to any applicable cure period. The failure by Executive
or the Company to include in the notice any fact or circumstance which contributes to a showing of Good Reason or Cause, as applicable,
will not waive any right of Executive or the Company, as applicable, hereunder or preclude Executive or the Company, as applicable,
from asserting such fact or circumstance in enforcing his or her or its rights hereunder, as applicable.

 

(iii) Modifications
and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive).
No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party
shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

 

(d) Entire
Agreement. This Agreement (including the CEO Stock Option Agreement) and the Confidentiality Agreement contain the entire
understanding of the parties with respect to the subject matter hereof and supersede all other prior or contemporaneous discussions,
understandings and agreements, whether oral or written, between them relating to the subject matter hereof, and as of the Effective
Date, will supersede and replace in its entirety, the offer letter by and between Executive and Momentus dated November 1, 2017,
as amended as of May 26, 2018. Nothing in this Agreement, however, shall modify, supersede or waive any rights of the Company
or any successor or affiliate of the Company under the Restrictive Covenant Agreement by and between the Company and Executive
dated October 7, 2020, which is attached hereto as Attachment D.

 

(e) Withholding
Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other deductions required
to be withheld by law.

 

(f) Choice
of Law and Severability. This Agreement shall be interpreted in accordance with the laws of the State of California without
giving effect to provisions governing the choice of law. If any provision of this Agreement becomes or is deemed invalid, illegal
or unenforceable in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then such provision
shall be deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable or, if
such provision cannot be so amended without materially altering the intention of the parties, then such provision shall be stricken
and the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is rendered illegal
by any present or future statute, law, ordinance or regulation (collectively, the “Law”) then that provision
shall be curtailed or limited only to the minimum extent necessary to bring the provision into compliance with the Law. All the
other terms and provisions of this Agreement shall continue in full force and effect without impairment or limitation.

 

(g) No
Assignment. This Agreement and all of Executive’s rights and obligations hereunder are personal to Executive and
may not be transferred or assigned by Executive at any time. The Company may assign its rights under this Agreement to any entity
that assumes the Company’s obligations hereunder in connection with any sale or transfer to such entity of all or a substantial
portion of the Company’s assets.

 

(h) Acknowledgment.
Executive acknowledges that Executive has had the opportunity to discuss this matter with and obtain advice from Executive’s
personal attorney, has had sufficient time to, and has carefully read and fully understood all the provisions of this Agreement,
and is knowingly and voluntarily entering into this Agreement.

 

    -12-

     

    

 

(i) Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Execution of a facsimile copy will have the same force and effect as execution of
an original, and a facsimile signature will be deemed an original and valid signature.

 

(j) Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents or notices related to this letter,
securities of the Company or any of its affiliates or any other matter, including documents and/or notices required to be delivered
to Executive by applicable securities law or any other law or the Company’s Certificate of Incorporation or Bylaws by email
or any other electronic means. Executive hereby consents to (i) conduct business electronically, (ii) receive such documents and
notices by such electronic delivery and (iii) sign documents electronically and agree to participate through an on-line or electronic
system established and maintained by the Company or a third party designated by the Company.

 

[Signature Page Follows]

 

    -13-

     

    

 

After you have had
an opportunity to review this Agreement, please feel free to contact me if you have any questions or comments. To indicate your
acceptance of this Agreement, please sign and date this letter in the space provided below and return it to the Company.

 

	 	Very truly yours,
	 	 
	 	MOMENTUS INC.

 

	 	By:	/s/ Alexander Fishkin
	 	 	(Signature)
	 	 	 
	 	Name:	Alexander Fishkin
	 	 	 
	 	Title:	General Counsel, Chief Business Affairs and Legal Officer

 

ACCEPTED AND AGREED:

 

MIKHAil kokorich

 

	/s/ Mikhail Kokorich	 
	(Signature)	 
	 	 
	December 11, 2020	 
	Date	 

 

Attachment A: CEO Grant Stock Option Agreement

Attachment B: Release of Claims

Attachment C: Employee
Non-Disclosure and Invention Assignment Agreement

Attachment D: Restricted Covenant Agreement

 

 

-14-Exhibit 10.13

 

 

 

Dear
Alexander,

 

Momentus
Inc, a Delaware corporation (the “Company”), is pleased to offer you employment on the following terms:

 

Position.
Your title will be Chief Legal Officer and Head of Business Operations, and you will report to Mikhail Kokorich, the Company’s
President. This is a full-time position. While you render services to the Company, you will not engage in any other employment,
consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company.
By signing this letter agreement, you confirm to the Company that, you have no contractual commitments or other legal obligations
that would prohibit you from performing your duties for the Company.

 

Cash
Compensation. The Company will pay you compensation up to $350,000 including a base salary at the rate of $200,000 per year,
payable in accordance with the Company’s standard payroll schedule, and an annual cash bonus opportunity of up to $150,000
(“Cash Bonus”). During your first year of full-time employment with the Company, the Cash Bonus will be guaranteed
at 100% of the target amount and will be paid in two lump sums of $75,000, less applicable tax withholdings, with the first payment
to be made on the Company’s first payroll following the three-month anniversary of the start date of your full-time employment
with the Company (“Start Date”), and the second payment to be made on the Company’s first payroll following
the first anniversary of your Start Date. You must remain in continuous service on each payment date to receive the Cash Bonus.
After the first anniversary of your Start Date, you will be eligible to earn the Cash Bonus based on achievement of goals established
by the Company. Your base salary and target Cash Bonus will be subject to adjustment pursuant to the Company’s employee
compensation policies in effect from time to time.

 

Employee
Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits,
including medical insurance compensation. In addition, you will be entitled to three weeks paid vacation and otherwise in accordance
with the Company’s vacation policy, as in effect from time to time.

 

Stock
Options. Subject to the approval of the Company’s Board of Directors or its Compensation Committee and following the
adoption by the Company of an equity incentive plan, you will be granted an option to purchase 2,400,000 shares of the Common
Stock of the Company or approximately 1.44% of outstanding shares (approximately 1.2% of fully diluted shares) (the “Option”).
The exercise price per share of the Option will be determined by the Board of Directors when the Option is granted. The Option
will be subject to the terms and conditions applicable to options granted under the Company’s Stock Plan (as adopted, the
“Plan”), as described in the Plan and the applicable Stock Option Agreement, except that, notwithstanding anything
to the contrary in the Plan and the applicable Stock Option Agreement, the post- termination exercise period for the Option will
be a minimum of seven (7) years after the termination of your service. You will vest in 25% of the Option shares after 12 months
of continuous service, and the balance will vest in equal monthly installments over the next 36 months of continuous service,
as described in the applicable Stock Option Agreement.

 

It
will also be recommended to the Board that in the event (a) the Company is subject to a Change in Control and (b) within
12 months of such Change in Control, you are subject to an Involuntary Termination (as defined below), then you will vest
in 100% of the then unvested shares as of the date of the Involuntary Termination.

 

     

     

    

 

 

 

“Cause”
means (a) your unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use
or disclosure causes material harm to the Company, (b) your material breach of any agreement between you and the Company,
(c) your material failure to comply with the Company’s written policies or rules, (d) your conviction of, or your
plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State, (e) your
gross negligence or willful misconduct, (f) your continuing failure to perform assigned duties after receiving written notification
of the failure from the Company’s Board of Directors or (g) your failure to cooperate in good faith with a governmental
or internal investigation of the Company or its directors, officers or employees, if the Company has requested your cooperation.

 

“Change
in Control” means (a) the consummation of a merger or consolidation of the Company with or into another entity
or (b) the dissolution, liquidation or winding up of the Company. The foregoing notwithstanding, a merger or consolidation
of the Company does not constitute a “Change in Control” if immediately after the merger or consolidation a majority
of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of
the continuing or surviving entity, will be owned by the persons who were the Company’s stockholders immediately prior to
the merger or consolidation in substantially the same proportions as their ownership of the voting power of the Company’s
capital stock immediately prior to the merger or consolidation.

 

“Involuntary
Termination” means either (a) your Termination Without Cause or (b) your resignation for Good Reason.

 

“Separation”
means a “separation from service,” as defined in the regulations under Section 409A of the Internal Revenue Code
of 1986, as amended.

 

“Termination
Without Cause” means a Separation as a result of a termination of your employment by the Company without Cause, provided
you are willing and able to continue performing services within the meaning of Treasury Regulation 1.409A-1(n)(1).

 

“Good
Reason” means a Separation as a result of your resignation within 12 months after one of the following conditions has
come into existence without your consent, provided that the requirements regarding advance notice and an opportunity to cure set
forth below are satisfied: (i) your then-current base salary is reduced by more than 10% (other than as part of an across-the-board
salary reduction applicable to all similarly situated employees); (ii) a material reduction of your duties, authority, responsibilities
or reporting relationship, relative to your duties, authority, responsibilities or reporting relationship as in effect immediately
prior to such reduction; or (iii) the Company (or its successor) conditions your continued service on you being transferred
to a site of employment that would increase your one-way commute by more than 50 miles from your then-principal residence.
In order for you to resign for Good Reason, you must provide written notice to the Company of the existence of the Good Reason
condition within 30 days of the initial existence of such Good Reason condition. Upon receipt of such notice, the Company
will have 30 days during which it may remedy the Good Reason condition and not be required to provide for the benefits related
to a resignation for Good Reason as a result of such proposed resignation. If the Good Reason condition is not remedied within
such 30 day period, you may resign based on the Good Reason condition specified in the notice effective no later than 60 days
following the expiration of the Company’s 30-day cure period.

 

Proprietary
Information and Inventions Agreement. Like all Company employees, you will be required, as a condition of your employment
with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached
hereto as Exhibit A.

 

    	 	2	 

     

    

 

 

 

Employment
Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will be “at
will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without
cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and
complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well
as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your
employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other
than you).

 

Tax
Matters.

 

Withholding.
All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and
payroll taxes and other deductions required by law.

 

Tax
Advice. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the
Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will
not make any claim against the Company or its Board of Directors related to tax liabilities arising from your compensation.

 

Interpretation,
Amendment and Enforcement. This letter agreement and Exhibit A supersede and replace any prior agreements, representations
or understandings (whether written, oral, implied or otherwise) between you and the Company and together with the side letter
constitute the complete agreement between you and the Company regarding the subject matter set forth herein. This letter agreement
may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the
Company. The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity
of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with
the Company or any other relationship between you and the Company (the “Disputes”) will be governed by California
law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction
of the federal and state courts located in California in connection with any Dispute or any claim related to any Dispute.

 

*
* * * *

 

We
hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer
by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and
Inventions Agreement and returning them to me. This offer, if not accepted, will expire at the close of business on June 6,
2019. As required by law, your employment with the Company is contingent upon your providing legal proof of your identity and
authorization to work in the United States. Your employment is also contingent upon your starting work with the Company on or
before July 8, 2019.

 

Very
truly yours,

Momentus, Inc.

 

	By:	/s/
    Mikhail Kokorich	 
	Name:	Mikhail
Kokorich	 
	Title:	President	 

 

I
have read and accept this employment offer:

 

	/s/
    Alexander Fishkin	 
	Signature
    of Alexander Fishkin	 
	Dated:  06-06-2019	 

 

Attachment

Exhibit A:
Proprietary Information and Inventions Agreement

 

 

3

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