Document:

Exhibit 4.5
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Share Performance Plan 2017
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Terms and Conditions 
for
EVOTEC’s Management Board
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Grant Date: 28 January 2022
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Evotec SE
Manfred Eigen Campus 
Essener Bogen 7
22419 Hamburg, Germany
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List of Content
Objectives
	

	

	

	

	

	

	§ 1
	    
	Eligibility
	    
	3

	§ 2
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	Annual Grant
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	3

	§ 3
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	Vesting Period
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	4

	§ 4
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	Performance Measurement Period
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	4

	§ 5
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	Key Performance Indicators
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	4

	§ 6
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	Exercise of Shares
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	5

	§ 7
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	Termination of employment contract
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	6

	§ 8
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	Change of Control
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	7

	§ 9
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	Taxation, Duties and other Expenses
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	8

	§ 10
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	Claims, applicable law, court of jurisdiction
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	8

	§ 11
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	Miscellaneous
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	8

	§ 12
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	Validity
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	9

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	Appendix 1
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	Definitions
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	Appendix 2
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	Example for Calculation of granted Share Performance Awards
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	Appendix 3
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	Calculation of relative Total Shareholder Return performance
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	Appendix 4
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	Yearly Measurement with annual lock-in
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	Appendix 5
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	Calculation of Target Achievement
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	Appendix 6
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	Example of potential payout and cap at Vesting
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	Appendix 7
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	Example of pro-rata allocation of Company shares in the case of termi- nation of employment prior to the end of the Vesting Period
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Evotec Share Performance Plan – Terms & Conditions

Objectives
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Evotec SE, Hamburg (the “Company”), and its subsidiaries (together the “Evotec Group”) are active in a highly challenging and dynamic competitive landscape. To ensure the long- term success of the business it is essential to attract, retain, and motivate the Manage- ment Board.
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The Evotec Share Performance Plan is an important step in supporting the interests of the Company’s shareholders and in establishing an attractive state-of-the-art long-term compensation tool that is in line with national and international remuneration and corpo- rate governance standards as well as all applicable legal requirements and the German Corporate Governance Code.
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§ 1Eligibility
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	(1)
	Subject to the terms and conditions of the authorisation resolved by the Company’s Annual General Meeting on 14th June 2017, the Management Board of the Evotec Group are eligible to participate in the Share Performance Plan.

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	(2)
	In order to be eligible for a share performance grant under the Share Performance Plan, the participant must be employed by an Evotec Group company at the Grant Date, and must not be on a long-term absence or have given or received notice as of December 31st of the year prior to awarding the respective grant.

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	(3)
	The grant of Share Performance Awards in one year does not create any rights for future years.

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	(4)
	The Company will notify each participant of their grant in written form.

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	(5)
	If Share Performance Awards expire because a participant leaves Evotec SE or an affiliated company, or because an affiliated company leaves the Evotec Group within the authorisation period, a corresponding number of Share Performance Awards may be re-issued within the Authorisation Period.

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§ 2Annual Grant
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(1)Ordinarily, Share Performance Awards shall be granted once per annum.
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(2)The Grant Date each year will be the date when Supervisory Board of the Company in consultation with the Management Board award the Share Performance Awards. The Grant Date shall be within twelve (12) weeks following the beginning of each calendar year with a Performance Measurement Period starting at the beginning of such calendar year. The FMV will always be calculated as of 1 January of that year.
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(3)The number of Share Performance Awards granted to each participant will be ap- proved by the Supervisory Board with respect to members of the Management Board.
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(4)The number of Share Performance Awards will be based on a defined percentage of the participant’s annual base salary (Target Value). This percentage will depend on the provisions in the participant ́s service contract with the organization.
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The final number of Share Performance Awards will be calculated based on the Target Value divided by the by the applicable Fair Market Value (FMV) of a Share Perfor- mance Award. An example calculation is outlined in Appendix 2.
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Evotec Share Performance Plan – Terms & Conditions

§ 3Vesting Period
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The Share Performance Awards will ordinarily vest four (4) years after the Grant Date (Vesting Period).
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§ 4Performance Measurement Period
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For each annual award, the achievement will be measured over a Performance Measure- ment Period of four consecutive calendar years. The KPIs will be measured for each of the four consecutive calendar years (i.e. four performance periods), beginning with 01 January of the year in which the individual tranche of the Share Performance Award is issued as described in § 5 (3). The achieved performance for the specific year will be locked-in for the remaining Vesting Period as outlined below in § 6 (2).
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§ 5Key Performance Indicators
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(1)During the Performance Measurement Period the performance of the Evotec Group is measured annually on pre-defined Key Performance Indicators (KPI).
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(2)Two equally weighted KPIs have been set forth by the Annual General Meeting 2017 oriented on long-term value creation and consisting of “Share Price” (Aktienkurs) and “Relative Total Shareholder Return” (relative Aktienrendite). Relative Total Share- holder Return is a measure to determine the performance of an investment in the shares of the Company compared to the TecDAX. Relative Total Shareholder Return measures the return on a share investment over a period of time, including dividends as well as share price performance (positive and negative) and adjusted for any eq- uity issues or share-splits.
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(3)Within each of the two KPIs there is a “Minimum Target” that has to be reached for Share Performance Awards to be exercised (partially), as well as a “Maximum Target” that, once it is reached, allows for all Share Performance Awards for the respective KPI (100%) to be exercised to the full amount, after the Vesting Period has expired (one Share Performance Award entitles the holder to subscribe in the maximum for no more than two whole shares in Evotec SE).
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100% of the KPI “Share Price” (the “Target Share Price”) is achieved for a calendar year if the average share price of the Company stock in the closing auction of XETRA trading (or a corresponding successor system) on the last thirty (30) trading days of the Frankfurt stock exchange in the respective performance period, i.e. a calendar year (the “Closing Price”) exceeds by 8% the average share price of the Company stock in the closing auction of XETRA trading (or a corresponding successor system) on the last thirty (30) trading days of the Frankfurt stock exchange before the start of the respective performance period (the “Opening Price”). The Minimum Target for the KPI “Share Price” is reached if the Closing Price is higher than the Opening Price. The Maximum Target for the KPI “Share Price”, which entitles all Share Performance Awards for this KPI to be exercised for the respective performance period, is reached if the Closing Price is 16% or more above the Opening Price.
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100% of the KPI “Relative Total Shareholder Return” is achieved for a calendar year (the “Target Relative Total Shareholder Return”), when the Total Shareholder Return for the shares of the Company (average share price of the Company at the closing auction of XETRA trading (or a successor system) on the thirty (30) trading days at Frankfurt Stock exchange prior to the relevant date plus dividends, and adjusted for any equity issuance or share-splits, matches the Total Shareholder Return of the
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Evotec Share Performance Plan – Terms & Conditions

German TecDAX index during the same period. The Minimum Target for the KPI “Rel- ative Total Shareholder Return” is achieved when the annual average Total Share- holder Return for the shares of the Company is 10%-points below the Total Share- holder Return of the TecDAX during the respective performance period (i.e. each calendar year). The Maximum Target, at which all the Share Performance Awards for the KPI “Relative Total Shareholder Return” can be exercised, is achieved when the annual average Total Shareholder Return for the shares of the Company is at least 10%-points above the average Total Shareholder Return of the TecDAX during the respective performance period. Relevant values of the Total Shareholder Return of the Company and of the Total Shareholder Return of the TecDAX will be calculated annually and based on the average TecDAX (Total Return Index) during the thirty (30) trading days at Frankfurt Stock exchange prior to the relevant date. An example of the calculation of the (relative) Total Shareholder Return performance is attached in Appendix 3.
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§ 6Exercise of Shares
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(1)The right to exercise awards from the Share Performance Plan arises only on expiry of the Vesting Period. Depending on the achievement of the Key Performance Indi- cators for each of the four years, each Share Performance Award entitles the partic- ipant to the subscription of up to a maximum of two Company shares. After each of the four performance periods (i.e. each calendar year) for a tranche of Share Perfor- mance Awards has ended, the target achievement for the two KPIs is determined as described in paragraph (2) below for the respective calendar year and the corre- sponding number of subscription rights are calculated and provisionally set. At the end of all the four performance periods, i.e. the four calendar years of one tranche, the subscription rights determined for each year are added and represent the total number of exercisable subscription rights. If this does not produce an integral number of exercisable subscription rights, the figure is rounded up to the next integral num- ber. Fractional amounts of shares cannot be subscribed and no compensation is paid for any fractional amounts. The functioning of the Share Performance Plan is outlined in Appendix 4.
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(2)If one of the Target KPIs is achieved in full (100%) for a performance period, i.e. one calendar year, then for the respective Target KPI 12.5% of the entire Share Perfor- mance Awards in each tranche may be exercised after expiry of the Vesting Period in a ratio of 1:1, i.e. one Share Performance Award entitles the holder to subscribe for one whole share in the Company. If the Maximum Target for a KPI is achieved in full (200%) for a performance period, i.e. one calendar year, then for the respective Target KPI 12.5% of the entire Share Performance Awards in each tranche may be exercised after expiry of the Vesting Period in a ratio of 1:2, i.e. one Share Perfor- mance Award entitles the holder to subscribe for two whole shares in the Company. If at least the Minimum Target for a KPI is achieved, but not the Target KPI, then the ratio of subscription rights for the number of Share Performance Awards allocated to this performance indicator that can be exercised after expiry of the Vesting increases on a straight-line basis between 1:0 and 1:1. A corresponding linear interpolation (between 1:1 and 1:2) applies if the respective Target KPI is achieved, but not the Maximum Target. If the calculation does not produce an integral percentage, the percentage is to be rounded up to the next integral number. The calculation of the target achievement is outlined in Appendix 5.
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(3)The shares exercised shall be created from the contingent capital of the Company resolved by the Company’s Annual General Meeting on 14th June 2017. In order to have these new shares created, participants are required to make a payment of the nominal amount of €1 (one Euro) per share to Evotec upon exercising, independent from the trading price of the Evotec share at that point in time.
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Evotec Share Performance Plan – Terms & Conditions

(4)After expiry of the Vesting Period, Share Performance Awards issued in a tranche and the resulting subscription rights are exercised automatically via the stock exchange, without the participant taking any action, by an agent appointed by the Company, over no more than ten (10) trading days after the Vesting Period has expired. For this purpose, the participant has to have given irrevocable corresponding selling and/or holding instructions to an agent appointed by the Company by the latest within two (2) weeks following the publication of the Q3 results for the financial year that ends immediately before the Vesting Period expires. If such instruction is not provided in time this will be deemed as a selling instruction of all respective shares. The new shares received are not subject to any specific lock-up; they are freely trad- able immediately subject to insider trading rules which are the sole responsibility of each participant.
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(5)In the event that the proceeds of selling the exercisable subscription rights calculated as described above in § 6 (2), less the exercise price, exceeds the contractual issue value at which the respective tranche was granted by more than 350%, the exercis- able number of subscription rights for members of the Company's Management Board is capped so that the sales proceeds obtainable, less the exercise price, do not exceed 350% of the contractual issue value at which the respective tranche was granted. The surplus subscription rights are forfeit without compensation. An example of the potential pay-out and cap is attached as Appendix 6.
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(6)The Company reserves the right at its sole discretion to replace the shares to be allocated to the participants by a cash payment and/or Evotec shares kept in treasury by the Company. The value of the shares to be used in calculating the cash payment shall be the average share price during the thirty (30) day trading period immediately before the Vesting date.
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(7)Subscription rights can only be exercised by the participants themselves, or their heirs. Subscription rights are legally non-transferable; they can, however, be inher- ited.
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(8)Participants who do not make the payment of the nominal amount per share upon exercising will not receive the allocated shares; their rights in respect of the annual grant will lapse without any further compensation.
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§ 7Termination of employment contract
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(1)If a member of the Management Board of the Company ceases to hold office with the Evotec Group during the Vesting Period due to termination by the Company for good cause, the respective member of the Management Board will not be entitled to a share allocation and any rights under the grant of the Share Performance Awards shall lapse without any further compensation.
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(2)If a member of the Management Board of the Company ceases to hold office with the Evotec Group during the Vesting Period due to a self-initiated termination by the member of the Management Board, the Supervisory Board and the respective mem- ber of the Management Team shall in good faith agree on a potential (pro-rata) share allocation.
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(3)If a member of the Management Board of the Company ceases to hold office with the Evotec Group during the Vesting Period due to the rejection of the reappointment offer by the member of the Management Board despite adequate conditions (i.e. role, responsibility, compensation), the respective member of the Management Board will be entitled to a pro-rata share allocation, unless such member of the Management Board joins a competitor. i.e. another contract research organisation (CRO), of the
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Evotec Share Performance Plan – Terms & Conditions

Company within twelve (12) months following the departure. In this case all Share Performance Awards of the Management Board member shall lapse without any fur- ther compensation. The burden of proof is with the respective member of the Man- agement Board to demonstrate that he/she is not joining a competitor.
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(4)If a member of the Management Board ceases to be employed by the Evotec Group during the Vesting Period due to permanent disability or death, all granted Share Performance Awards shall be settled immediately in cash. For those Share Perfor- mance Awards where the target achievement for the two KPIs has not been deter- mined for a certain calendar year pursuant to § 6 (1), the target achievement for the remaining calendar years of the Performance Measurement Period shall be assumed at 100%.
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(5)The number of Company shares to be allocated in the case of a pro-rata vesting shall be determined as follows:
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The KPIs will be evaluated over such period of the Performance Measurement Period at which the respective participant is with the Company. For the remainder of the Performance Measurement Period the achievement of KPIs is considered as “zero”. An example of such an allocation is attached to these Terms and Conditions in Ap- pendix 7.
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(6)The calculation of the number of Company shares to be allocated shall not result in fractional Company shares. Therefore the number of Company shares shall be rounded up to the next integral number.
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§ 8Change of Control
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(1)A change of control occurs when (i) a shareholder of the Company or a third party acquires either alone or under the rules of § 30 German Takeover Code (Wertpa- piererwerbs- und Übernahmegesetz [WpÜG]) a holding of 30% or more of the shares of the Company or (ii) a controlling agreement (Beherrschungsvertrag) with another legal entity is entered into and has taken effect with the Company as dependent company pursuant to § 291 German Stock Corporation Act (Aktiengesetz [AktG]) or (iii) the Company is merged with a legal entity pursuant to § 2 German Transfor- mation Act (Umwandlungsgesetz [UmwG]), unless the value of the external legal entity amounts to less than 50% of the new Company value according to the agreed upon conversion ratio (the “Change of Control”).
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(2)If a Change of Control occurs during the Vesting Period, all Share Performance Awards for all participants under Evotec’s Share Performance Plan as described in these plan rules shall vest irrevocable at the moment of Change of Control and will be settled in full in cash subject to limit set forth in § 6 (5).
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(3)The pay-out of such settlement set forth in § 8 (2) will be established as follows:
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(a)The Key Performance Indicators will be evaluated over such period of the Perfor- mance Measurement Period until the Change of Control as outlined in § 6 above.
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(b)As of the Change of Control for the remainder of the respective Performance Measurement Period,
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●The share price KPI will be assumed to be achieved 200% if the share price in the mandatory takeover bid in connection with the Change of Control is higher than 120% of the average share price comprising the twenty trading days prior to and the twenty days following the start of the Performance Meas- urement Period (forty trading day average). In the event that this 120% threshold is not reached, the achievement of a share price KPI would be at the sole discretion of the Supervisory Board.
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Evotec Share Performance Plan – Terms & Conditions

●It will be assumed that the KPI “Total Shareholder Return” was achieved by 100%
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		(c)
	The share price that will be used to determine the cash value of the allocated shares will be equal to the share price as indicated in the takeover bid as mandatory under German Takeover Law.

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(4)If a Change of Control occurs after the end of the Performance Measurement Period but before the Vesting date, the achieved performance on the KPIs will be evaluated and will be multiplied by a share price determined as in § 8 (3) (c) above to determine the cash payment.
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§ 9Taxation, Duties and other Expenses
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Gains from this Share Performance Plan might be subject to tax and social security charges, depending on the applicable law in the respective jurisdiction. All taxes, duties and other expenses associated with the allocation and/or the pay-out of the settlement of the Share Performance Awards shall be borne by the participant, if there is no other mandatory stat- utory provision. The participant is liable for compliance with all the respective tax and social security laws as well as for the orderly payment of taxes and possibly accruing social se- curity contributions. The respective employing company of the Evotec Group where appli- cable may have to withhold and pay the accruing taxes, duties and other expenses accord- ing to the applicable law on behalf of the participant, as long as this complies with accepted procedures in the respective jurisdiction.
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§ 10 Claims, applicable law, court of jurisdiction
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(1)Any claim by an eligible participant resulting from this Share Performance Plan must be addressed to Evotec SE.
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(2)All rights and responsibilities arising out of this Share Performance Plan as well as the interpretation of terms are in every respect governed by the Laws of the Federal Republic of Germany.
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(3)The court of jurisdiction for all disputes in connection with this Share Performance Plan is Hamburg, Germany, as long as no mandatory legal regulations provide for a different court of jurisdiction.
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§ 11 Miscellaneous
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(1)In the event that these Terms and Conditions conflict with the authorisation resolved by the Company’s Annual General Meeting on 14th June 2017, the regulations of the shareholders’ resolution shall prevail.
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(2)Should individual clauses of the Plan conditions be or become invalid or non-feasible in part or in their totality or should there be a gap in these conditions, this shall in no way affect the validity of the other Plan conditions. The invalid or non-feasible clause shall, by the way of supplementary contractual interpretation, be replaced by a valid and feasible clause which corresponds to the spirit and purpose of the invalid and non-feasible clause. In case of a gap, an appropriate clause will be determined, which corresponds to what would have been stipulated according to the spirit and purpose of these Plan conditions, had the situation been addressed in the first place.
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Evotec Share Performance Plan – Terms & Conditions

This also holds true if the invalidity of a clause is based on a measurement of a benefit or time period which has been standardised in these Plan conditions.
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(3)If there are any changes to the stock exchange usages or other legal, economical or administrational changes during the term of the Share Performance Awards which make the enforcement of these Plan’s Terms and Conditions or of individual clauses significantly more difficult or impossible, the Company is with reasonable discretion entitled to make appropriate amendments.
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§ 12 Validity
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(1)These Terms and Conditions follow the approval of the Share Performance Plan 2017 by the Company’s Annual General Meeting on 14th June 2017. They have been re-solved by the Management Board of the Company and been approved by the Super- visory Board in their latest version on 17 December 2019.
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(2)The Terms and Conditions are binding for the Company and the participants unless they are revised by the Management Board with approval of the Supervisory Board. It is understood that revisions of these Terms and Conditions for an award which has been made may only be amended with the consent of the participant.
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Evotec Share Performance Plan – Terms & Conditions

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	Appendices
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	Appendix 1 – Definitions
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	Company
	Evotec SE, Hamburg, registered in the commercial register of the local court of Hamburg under HRB 156381

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	Evotec Group
	Evotec SE and subsidiaries (Verbundene Unternehmen, § 15 AktG)

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	Fair Market Value
	FMV – Current present value of the respective option rights

	at Grant Date
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	Grant Date
	Date on which performance share awards are decided by the Supervisory Board (for the Management) or Manage- ment Board (for the other participants) respectively, re- gardless of the time of receipt, or the acceptance of the of- fer

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	Key Performance Indicator
	KPI – Pre-defined target versus which Evotec Group achievements will be measured

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	Performance Measurement Period
	Four consecutive calendar years, beginning with 01 January of the year in which the individual tranche of the Share Performance Award is issued

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	Share Performance Awards
	Rights granted at Grant Date which will upon Vesting and depending on the achievement of KPIs result in a right to receive Company shares (or in specific cases a respective cash pay-out)

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	Vesting
	Date on which Share Performance Awards will vest: Depending on the number of Share Performance Awards granted at Grant Date and on Evotec Group’s achievements during the Performance Measurement Period, a certain number of Company shares are allocated to each individual plan participant

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	Vesting Period
	Four year period staring at Grant Date and ending at Vesting

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Evotec Share Performance Plan – Terms & Conditions

Appendix 2 – Example for Calculation of granted Share Performance Awards
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Number of SPAs
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Individual Percentage x Annual Base Salary / Fair Market Value
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Evotec Share Performance Plan – Terms & Conditions

Appendix 3 – Calculation of relative Total Shareholder Return performance
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Evotec Share Performance Plan – Terms & Conditions

Appendix 4 – Yearly measurement with yearly lock-in (of 25%)
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Evotec Share Performance Plan – Terms & Conditions

Appendix 5 – Calculation of Target Achievement
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Evotec Share Performance Plan – Terms & Conditions

Appendix 6 - Example of potential payout and cap at Vesting (350% of LTI tar- get value minus 1 € per share)
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Evotec Share Performance Plan – Terms & Conditions

Appendix 7 - Example of pro-rata allocation of Company shares in the case of termination of employment prior to the end of the Vesting Period:
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Facts:
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		●	Number of Share Performance Awards granted: 10,000

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		●	Plan participant ceases to be employed 24 months after grant of the Share Perfor- mance Award; Terms & Conditions allow for pro-rata vesting

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		●	Target achievement for both KPIs in the first two years of the Performance Meas- urement Period is 110% (i.e. each year 25% of the Share Performance Awards are locked-in with a ratio of 1:1.1)

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Number of shares to be allocated is:
Number of Share Performance Awards for year 1 of the Vesting Period:
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10,000 x 25% = 2,500 Share Performance Awards
2,500 x 1.1 = 2,750 Company shares
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Number of Share Performance Awards for year 2 of the Vesting Period: 
10,000 x 25% = 2,500 Share Performance Awards
2,500 x 1.1 = 2,750 Company shares
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Number of Share Performance Awards for years 3 and 4 of the Vesting Period: 
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0
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Total: 5,500 Company shares

16
​MUTUAL SEPARATION AGREEMENT AND RELEASE

 

This Mutual Separation Agreement
and Release (this “Agreement”), dated April 22, 2022 (the “Agreement Date”) is entered into by and between Quest
Resource Holding Corporation (the “Company”) and Laurie L. Latham (“Employee,” and, together with the Company,
the “Parties”).

 

1.                 
The Parties acknowledge and agree that Employee’s last day of employment with the Company shall be August 31, 2022
(“Separation Date”). Capitalized terms used without definition in this Agreement shall have the meanings set forth in the
Severance and Change in Control Agreement dated November 7, 2014 (the “Severance Agreement”) between the Parties. Regardless
of whether Employee signs this Agreement:

 

(a)              
From the Agreement Date until the Separation Date, Employee shall continue to provide regular services as directed by the Board
and the Chief Executive Officer and which services shall include cooperation with the transition of the CFO duties. From the Agreement
Date until the Separation Date, the Company may, in its sole discretion, remove any or all duties from Employee. After the Separation
Date, Employee will not hold any position with or on behalf of the Company; provided, that in the event the Company determines that Employee’s
services are needed following the Separation Date, the Parties may negotiate a mutually agreeable consulting agreement for such services.
The Separation Date shall be the termination date of her employment with the Company for all purposes, including for participation in
and coverage under all benefit plans and programs sponsored by or through the Company, except: (i) your existing coverage under any Company-sponsored
medical or dental plans shall continue until the last day of the month in which your Separation Date occurs; and (ii) following the Separation
Date, you may elect to continue your medical coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”).
You will receive additional information concerning your eligibility for COBRA continuation coverage in the mail from the Company’s
COBRA Administrator.

 

(b)              
Employee shall receive her final paycheck, less applicable payroll deductions and all required withholdings on the first payroll
period following the Separation Date, which shall include: (i) any unpaid base salary accrued through the Separation Date and (ii) reimbursement
for any unreimbursed business expenses properly incurred through the Separation Date in accordance with and subject to the Company’s
expense reimbursement policies.

 

2.                 
In consideration of Employee executing this Agreement within the twenty-one day period immediately following receipt of
this Agreement (and not revoking acceptance prior to the Release Effective Date, defined below) and Employee’s compliance with this
Agreement the Company agrees:

 

(a)              
to provide Employee with the severance benefits as provided in Paragraph 2 of the Severance Agreement, except that the pro-rata
bonus described in 2(b) of the Severance Agreement shall be prorated off Employee’s target bonus and shall be paid on the first
payroll period after March 15, 2023. For the avoidance of doubt, (i) the base salary continuation described in Paragraph 2(a) of the Severance
Agreement shall begin to be paid on the later of (x) the first payroll period after the Release Effective Date or (y) the first payroll
period after the Separation Date, in accordance with the Company’s regular payroll schedule, and (ii) the Company’s obligation
to provide the COBRA reimbursements described in Paragraph 2(c) of the Severance Agreement will end should Employee become eligible to
secure similar insurance by and through employment with a subsequent employer within the time period prescribed in Paragraph 2(c) of the
Severance Agreement; and

 

     

     

    

 

(b)              
to accelerate the vesting of all unvested stock options issued to Employee in 2020 and 2021 as of the Separation Date; provided
that such stock options shall be exercisable by Employee for a period of one hundred fifty (150) days from the later of (i) the Separation
Date or (ii) in the event that the Company and Employee enter into a mutually agreeable consulting agreement during the 150-day period
following the Separation Date, the termination or expiration date of such consulting agreement.

 

3.                 
Employee agrees and acknowledges that the payments described in Section 1(b) are the final compensation to which she is
entitled and she is not owed any other money or compensation for work performed. Employee agrees that the amounts described in Section
2 are the full consideration for this Agreement and exceeds the severance benefits described in Paragraph 2 of the Severance Agreement
and exceeds any benefits, compensation, or other financial consideration to which Employee would be entitled absent her signing of this
Agreement.

 

4.                 
Employee shall have up to twenty-one (21) days from the date of her receipt of this Agreement to consider the terms and
conditions of this Agreement. Employee may accept this Agreement at any time within the twenty-one (21) day period by executing it and
returning it to Ray Hatch, by email .pdf no later than 5:00 p.m. on the twenty-first (21st) day after Employee’s receipt
of this Agreement. Thereafter, Employee will have seven (7) days to revoke this Agreement by stating her desire to do so in writing to
Ray Hatch no later than 5:00 p.m. on the seventh (7th) day following the date Employee signs this Agreement. The effective
date of this Agreement shall be the eighth (8th) day following Employee’s signing of this Agreement (the “Release
Effective Date”), provided the Employee does not revoke the Agreement during the revocation period. In the event Employee does not
accept this Agreement as set forth above, or in the event Employee revokes this Agreement during the revocation period, this Agreement,
including but not limited to the obligation of the Company and its subsidiaries and affiliates to provide the payments referred to in
Section 2 above, shall automatically be deemed null and void.

 

5.                 
(a)In consideration of the payments and benefits referred to in Section 2 above, Employee for herself and for her heirs,
executors, and assigns (hereinafter collectively referred to as the “Releasors”), forever releases and discharges the Company
and any and all of its parent corporations, subsidiaries, divisions, affiliated entities, predecessors, successors and assigns, and any
and all of its and their employee benefit and/or pension plans and funds, and any and all of its and their past or present officers, directors,
stockholders, partners, managers, members, agents, trustees, administrators, employees and assigns (whether acting as agents for such
entities or in their individual capacities) (hereinafter collectively referred to as the “Releasees”), from any and all claims,
demands, causes of action, fees and liabilities of any kind whatsoever (based upon any legal or equitable theory, whether contractual,
common-law, statutory, decisional, federal, state, local or otherwise), whether known or unknown, which Releasors ever had, now have or
may have against the Releasees or any of them by reason of any actual or alleged act, omission, transaction, practice, conduct, occurrence,
or other matter from the beginning of the world to the Separation Date.

 

     

     

    

 

(b)              
Without limiting the generality of the foregoing subsection (a), this Agreement is intended to and shall release the Releasees
from any and all claims arising out of Employee’s employment with Releasees and/or the termination of Employee’s employment,
including but not limited to: (i) any claims of discrimination or harassment in employment on the basis of age, religion, gender, sexual
orientation, race, national origin, disability or any other legally protected characteristic, and of retaliation, under, without limitation,
Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 1981, the Americans with Disabilities Act, the Age Discrimination in Employment
Act, the Equal Pay Act, and all other federal, state and local equal employment opportunity and fair employment practice laws (all as
amended); (ii) any claims under the Employee Retirement Income Security Act of 1974 (except as set forth below), the Family and Medical
Leave Act and state and local laws of similar effect, the National Labor Relations Act, Workers Adjustment and Retraining Notification
Act, and other state and local laws of similar effect (all as amended); and (iii) any other claim (whether based on federal, state, or
local law, statutory or decisional) relating to or arising out of Employee’s employment or related to the Severance Agreement, the
terms and conditions of such employment, and/or the termination or separation of such employment, and/or any of the events and decisions
relating directly or indirectly to or surrounding the termination of that employment, including but not limited to claims for breach of
contract (express or implied), wrongful discharge, detrimental reliance, defamation, whistleblowing, harassment, retaliation, mental distress,
emotional distress, physical injury, humiliation or compensatory or punitive damages.

 

(c)              
Notwithstanding the foregoing, nothing in this Agreement shall be construed to prevent Employee from filing a charge with or participating
in an investigation conducted by any governmental agency, including, without limitation, the United States Equal Employment Opportunity
Commission (“EEOC”) or applicable state or city fair employment practices agency or the Securities and Exchange Commission
(“SEC”), to the extent required or permitted by law. Nevertheless, Employee understands and agrees that she is waiving any
relief available (including, for example, monetary damages or reinstatement), under any of the claims and/or causes of action waived in
Sections 5(a) and (b), including but not limited to financial benefit or monetary recovery from any lawsuit filed or settlement reached
by the EEOC with respect to any claims released and waived in this Agreement.

 

6.                 
(a)Employee agrees that she is not aware of any unlawful conduct related to her employment and has not and will not
engage in any conduct that is injurious to the Company’s or any of the Releasees’ reputation or interest, including but not
limited to disparaging (or inducing or encouraging others to disparage) the Company or the Releasees. The Company agrees that it will
not disparage (or induce or encourage others to disparage) Employee. For purposes of preceding sentence only, the Company shall mean executive
officers or directors of the Company.

 

     

     

    

 

(b)              
Employee acknowledges that, on or before the Separation, she will promptly return to the Company any and all originals and copies
of documents, materials, records, credit cards, keys, building passes, computers, cell phones, PDA’s and other electronic devices
or other items in her possession or control belonging to the Company or its Affiliated Entities or containing proprietary information
relating to the Company or its Affiliated Entities. Employee shall be permitted to retain all documents pertaining to her compensation
and benefits. Employee acknowledges that she may not disclose or discuss any Confidential Information.

 

(c)              
Employee further agrees and acknowledges that the restrictions and covenants contained in Paragraph 4 of the Severance Agreement
and any other agreements related to Confidential Information or trade secrets, shall continue on their terms.

 

7.                 
The making of this Agreement is not intended, and shall not be construed, as an admission that the Releasees have violated
any federal, state or local law (statutory or decisional), ordinance or regulation, breached any contract, or committed any wrong whatsoever
against Employee. The parties agree that this Agreement may not be used as evidence in a subsequent proceeding except in a proceeding
to enforce the terms of this Agreement.

 

8.                 
Employee acknowledges that: (a) she has carefully read this Agreement in its entirety; (b) she has been given an opportunity
to fully consider its terms for at least twenty-one (21) days; (c) she has been advised by the Company in writing to consult with
an attorney of her choosing in connection with this Agreement; (d) she fully understands the significance of all of the terms and conditions
of this Agreement and she has discussed it with her independent legal counsel, or has had a reasonable opportunity to do so; (e) she has
had answered to her satisfaction any questions she has asked with regard to the meaning and significance of any of the provisions of this
Agreement; and (f) she is signing this Agreement voluntarily and of her own free will and assents to all the terms and conditions contained
herein.

 

9.                 
This Agreement is binding upon, and shall inure to the benefit of, the parties and their respective heirs, executors, administrators,
successors and assigns.

 

10.             
If any provision of this Agreement shall be held by a court of competent jurisdiction to be illegal, void, or unenforceable,
such provision shall be of no force and effect. However, the illegality or unenforceability of such provision shall have no effect upon,
and shall not impair the enforceability of, any other provision of this Agreement; provided, however, that, upon any finding by a court
of competent jurisdiction that any of the release or covenants provided for by Section 5 and 6 above is illegal, void, or unenforceable,
Employee agrees to execute a release, waiver and/or covenant with substantially similar provisions that is legal and enforceable. Any
breach of Sections 5 or 6 above by Employee or any post-employment covenants contained in the Severance Agreement shall constitute a material
breach of this Agreement as to which the Company may seek appropriate relief and shall entitle Company to cease continuing payments or
reimbursement under Section 2. Company shall notify Employee of a breach and, if such breach is capable of cure in the Company’s
discretion, provide Employee with an opportunity to cure of not less than 10 days prior to seeking any relief.

 

11.             
This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Texas, without
regard to the conflict of laws provisions thereof. Actions to enforce the terms of this Agreement, or that relate to Employee’s
employment with the Company shall be submitted to the exclusive jurisdiction of any state or federal court sitting in Denton County, Texas.

 

     

     

    

 

12.             
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which together
shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the
parties and delivered to the other party. Facsimile or .pdf signatures shall have the same force and effect as original signatures.

 

13.             
This Agreement constitutes the complete understanding between the parties with respect to the termination of Employee’s
employment at the Company and supersedes any and all agreements, understandings, and discussions, whether written or oral, between the
parties, except for the post-employment covenants and obligations contained in the Severance Agreement, which remain in full effect. No
amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by each of the parties hereto.

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement this 22nd day of April, 2022.

 

	LAURIE L. LATHAM	 	QUEST RESOURCE HOLDING CORPORATION
	 	 	 	 
	/s/ Laurie L. Latham	 	/s/ Ray Hatch	 
	Signature of Employee	 	Signature of Authorized Representative	 
	 	 	 	 
	April 22, 2022	 	April 22, 2022	 
	Date	 	Date

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