Document:

Exhibit 10.12

 

Redactions with respect
to certain portions hereof denoted with “* * *” as such information is both not material and the type of information that
the registrant treats as private or confidential.

 

EXCLUSIVE SUPPLIER AGREEMENT

 

THIS
EXCLUSIVE SUPPLIER AGREEMENT (this “Agreement”) is entered into on this 10th day of December (the “Effective
Date”) by and between BASANITE INDUSTRIES, LLC, a Delaware limited liability company, located at 2041 NW 15th
Ave., Pompano Beach, FL 33069 (“Supplier” or “Company”), and Concrete
Products of the Palm Beaches, Inc. (“CPPB” or “Customer”), a Florida corporation, located at 460 Avenue
South, Riviera Beach, FL 33404 (“Customer”). Both Supplier and Customer shall be referred to together as “Parties”
and individually as “Party”.

 

RECITALS

 

A.          Supplier
is in the business of manufacturing and selling concrete-reinforcing materials from basalt fiber and basalt fiber reinforced polymers
(hereinafter “BFRP”) based on proprietary BASANITE technology, including production of BasaFlexTM BFRP reinforcing
bar (hereinafter “rebar”), which are collectively referred to as Products as further described in Schedule A attached
hereto, and Supplier is in the business of directly distributing and/or marketing such Products.

 

B.          Supplier
and Customer wish to enter into this Agreement in order to establish the terms for a supply relationship with respect to the Products,
and to establish terms, conditions, and procedures for the production and sale of such Products by Supplier to Customer.

 

C.           Customer
desires to purchase from Supplier, and Supplier desires to sell to Customer, quantities of Products as Customer may order from time to
time, and Customer desires to grant to Supplier, a non-exclusive license to use the Customer Brand Attributes in connection with the
production and supply of the Products bearing the Customer Brand Attributes for Customer, pursuant to the terms of this Agreement and
subject to prior written approval of use of Customer Attributes by Supplier for any marketing or legal disclosures, and such written
consent shall not be unreasonably withheld or denied by Customer to Supplier and shall be promptly provided.

 

NOW,
THEREFORE, for and in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Supplier and Customer, intending to be legally bound hereby, agree as follows:

 

    	 

    	Redactions with respect to certain portions hereof denoted with “* * *”
 

    

 

		

                                                   1.
	Recitals; Schedules; Definitions.
The foregoing recitals are true and correct and, together with the attached schedules, are incorporated herein by this reference. In addition
to terms defined elsewhere in this Agreement, the capitalized terms set forth below shall have the meaning as defined below. Any capitalized
terms that are used with the lower case shall have the same meaning as the capitalized terms. All representations made within the definitions
shall be construed as enforceable terms and conditions under this Agreement.

 

		(a)	“Affiliate(s)” means
with respect to a Person, any other Person which directly or indirectly controls, or is controlled by, or is under common control with,
the specified Person or an officer, director or 10% or more shareholder of the specified Person. For purposes of the preceding sentence,
"control" of a Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, or direct or indirect ownership (beneficially or of record) of, or direct or indirect power to
vote, 10% or more of the outstanding shares of any class of capital stock of such Person (or in the case of a Person that is not a corporation,
50% or more of any class of equity interest). Basanite Inc., a Nevada corporation, shall be deemed as an Affiliate of Supplier for purposes
of this Agreement.

 

		(b)	“Business Day(s)”
means Monday through Friday excluding any national, legal or bank holiday in the United States of America or as established by the federal
government of the United States of America. If any time period set forth in this Agreement expires upon a Saturday, Sunday or U.S. national,
legal or bank holiday, such period shall be extended to and through the next succeeding Business Day.

 

		(c)	“Calendar Day(s)”
means day shown on the calendar beginning at 12:00 midnight, including Saturdays, Sundays and holidays (anywhere in the world). The term
“day” shall mean calendar day whether or not expressly identified.

 

		(d)	“Design Specification”
means the written requirement that describes design characteristics and manufacturing methodology.

 

		(e)	“Concrete Materials”
means materials manufactured by Customer, which may include such materials that are manufactured by using Products.

 

		(f)	“Commercially Reasonable
Efforts” means * * * 

 

    	 

    	Redactions with respect to certain portions hereof denoted with “* * *”
 

    

 

		(g)	“Customer Brand Attributes”
means all intellectual property of Customer including Customer’s trademarks, patents, and copyrights relating to Concrete Materials.
Customer Brand Attributes do not include any intellectual property and proprietary technology relating to Products owned by Supplier including
but not limited to Product Rights. 

 

		(h)	“Customer Location”
means location in the State of Florida in Palm Beach County, Florida, as designated by Customer in the Purchase Order, which is the principal
business location for deliveries for Customer.

 

		(i)	“Custom Products”
means any Products that are not identified in Schedule 1-A. Except as otherwise provided in Section 2(e), the terms of this Agreement
that refer to Products shall also mean Custom Products for purposes of construction of terms that apply to the sale and purchase of Custom
Products.

 

		(j)	“Other Delivery Location”
means any other location that is not Customer Location whether in or outside the State of Florida.

 

		(k)	"EDI" shall mean electronic
data interchange.

 

		(l)	“F.O.B. Manufacturing Plant”
means all shipping and handling risk and ownership shall pass from Customer to Supplier when the Products are delivered to Supplier at
the Manufacturing Plant. 

 

		(m)	“F.O.B. Customer Location”
means Supplier shall at its own risk transport Products from the Manufacturing Plant to Customer Location and ownership shall then pass
from Supplier to Customer.

 

		(n)	“Grade 60 steel rebar”
means steel that offers a minimum yield strength of 60,000 pounds per square inch, or 420 megapascals on the metric grading scale and
has features that include a continuous line system, with one line running along the length of the bar which is offset a minimum of five
spaces from the center. Grade 60 steel rebar is particularly well-suited for medium- to heavy-duty concrete reinforcement applications.

 

		(o)	Manufacturing Plant” shall
mean a commercial premise operated by Supplier or its Affiliates where Products are being manufactured.

 

		(p)	“Person” means any
corporation, business entity, natural person, firm, joint venture, limited or general partnership, limited liability entity, limited liability
partnership, trust, unincorporated organization, association, government, or any department or agency of any government.

 

    	 

    	Redactions with respect to certain portions hereof denoted with “* * *”
 

    

 

		(q)	“Product(s)” means
the product(s) identified in purchase orders that are manufactured and assembled by Supplier. BasaFlex, BasaMix, BasaMesh shall all be
deemed as Products for purposes of this Agreement including any other references to any Products that are identified with any other registered
or common law trademark of Supplier or its Affiliates.

 

		(r)	“Performance Specifications”
means written requirement that describes the functional performance criteria required for the Products.

 

		(s)	“Purchase Order”
or “Order” means an Order for Products, together with an associated manufacturing schedule, provided to Supplier by Customer
in writing, which specifies the Product(s) to be manufactured, including the quantity of each Product, its description, shipping instructions,
including the address where Supplier will ship or transport the Products to, requested delivery date, SOW, total amount of the order pursuant
to Schedules or any amendment to Schedules and such other additional details as provided under this Agreement. Each Purchase Order has
to be accepted by Supplier in writing (via an order confirmation) for it to be enforceable under this Agreement.

 

		(t)	"Specifications" means
the technical specifications for manufacturing the Product(s) as established by Supplier. Specifications may be amended from time to time
by amendments in the form of written engineering change orders agreed to by the Parties. Specifications may include Performance Specifications
and/or Design Specifications, as applicable.

 

		(u)	“SOW" means the statement of work for each Product
set forth in all Purchase Orders.

 

		(v)	“Termination Effective Date” shall mean the first
date on which the Supplier Agreement is terminated in accordance with Section 4 of the Agreement.

 

    	 

    	Redactions with respect to certain portions hereof denoted with “* * *”
 

    

 

		2.	Engagement of Supplier; Product Orders; Customer and Supplier
Obligations.

 

		(a)	Appointment by Customer.
Customer hereby engages Supplier as its sole and exclusive supplier of Products manufactured by Basanite and Supplier hereby accepts such
engagement in accordance with the terms of this Agreement. Customer agrees that all Products purchased by Customer from Supplier hereunder
shall be for Customer’s own use as raw materials for Customer’s Concrete Materials and not for resale of Products that are
not made part of or used in manufacturing of Customer’s Concrete Materials. Customer will undertake Commercially Reasonable Efforts
to provide the details in the Purchase Orders so that the Supplier can perform its obligations hereunder. Notwithstanding any other provision
of this Agreement, Customer may sell the Concrete Materials to any Person without any restrictions whatsoever.

 

		(b)	Supplier Duties. Supplier
shall supply the Products as agreed in the Purchase Orders to Customer and shall provide upon a written request of Customer the engineering
conversion calculation in writing for the Products for using steel reinforcement to BasaFlexTM reinforcement in accordance
with the principles and practices of engineering through a review of a Florida licensed professional engineer (“Conversion Calculation”).
Such Conversion Calculation shall be signed by a Florida licensed professional engineer. Supplier shall remain responsible for fees and
costs relating to the Conversion Calculation that is done by a Florida licensed professional engineer and any additional costs and fees
for any additional reviews and approvals from any other engineers licensed in any other states shall remain the responsibility of the
Customer. Supplier will undertake Commercially Reasonable Efforts to provide sufficient supply of the Products in accordance with the
Purchase Orders that are accepted by both Parties. Notwithstanding any other provision of this Agreement, Supplier may sell the Products
to any Person without any restrictions whatsoever. In addition, during
the Term (as defined in Section 3, as such term maybe renewed pursuant to the terms hereof), and provided that Customer is not in material
breach of this Agreement, Supplier shall not, directly or indirectly, manufacture, distribute or sell concrete construction materials
of the type made Customer as of the Effective Date.

 

    	 

    	Redactions with respect to certain portions hereof denoted with “* * *”
 

    

 

		(c)	Product Orders. All
Purchase Orders submitted by Customer and accepted by Supplier for Products are and shall be subject to this Agreement and shall be deemed
to incorporate the terms and conditions of this Agreement, whether or not so specified in such purchase orders. Supplier’s acceptances
of orders shall be evidenced by Supplier signing and returning the acknowledgment copy of the order within three (3) Business Days
after receipt of the order, together with a pro-forma invoice for the Products covered by that order. All Orders shall contain the information
necessary for Supplier to fulfill the order, which information shall include the following: 

 

		(i)	A reference to this Agreement,
Supplier’s Quotation number and Customer’s purchase order number;

 

		(ii)	A detailed description, quantity
and quoted pricing of the Products required;

 

		(iii)	The address to which Products
are to be directed and the address to which Supplier’s invoice is to be sent, along with any special instructions for delivery;

 

		(iv)	The mutually agreed upon delivery
date.

 

		(d)	Customer Duties. In addition
to the other covenants and agreements set forth herein, Customer hereby covenants and agrees:

 

		(i)	To notify Supplier promptly in
writing of all applicable laws, and regulations, including, without limitation, all laws, rules, regulations relating to the purchase,
sale, or importation of the Products as part of Concrete Materials or to the performance of the terms of this Agreement, and any and all
changes, modifications, and amendments thereto.

 

		(ii)	To apply for and take all necessary
steps at Customer’s cost to obtain such product clearance, validation, importation authorization and any product approvals, regulatory
licenses, or other approvals, permits or material authorizations as may be required by any governmental agency or authority with respect
to the importation, marketing, distribution, sale and use of Products in Concrete Materials.

 

		(iii)	To obtain and maintain, at its
own expense, any and all consents, approvals, authorizations, licenses, permits, registrations, and similar entitlements required in connection
with the conduct of the Customer’s business and operations, and to provide evidence of the same upon the request of Supplier.

    	 

    	Redactions with respect to certain portions hereof denoted with “* * *”
 

    

 

		(iv)	To notify Supplier immediately
in writing if Customer knows or suspects that any unauthorized third party is duplicating the Products and selling such “knock-off”
or “bootleg” items, and to use its best efforts to prevent such unauthorized actions.

 

		(v)	To remain financially responsible
in all respects as to the use of the Products in the Concrete Materials by any Person and any liability or damages arising out of the
use of the Concrete Materials by any Person whatsoever. 

 

		(vi)	During the
Term (as defined in Section 3, as such term maybe renewed pursuant to the terms hereof), and provided that Supplier is not in material
breach of this Agreement, Customer shall not, directly or indirectly, purchase or agree to purchase from any third party BRFP-based construction
materials of the type made or proposed to be made by Supplier as of the Effective Date.

 

		(e)	Cancellation of Purchase Orders
for Custom Products. Notwithstanding any other provision of this Agreement, Customer shall have no right to cancel any Order for Custom
Products ordered in a Purchase Order anytime within fifteen (15) Calendar Days prior to the delivery date of any Custom Products and shall
remain obligated to pay for such cancelled Custom Products to Supplier. If Customer cancels any order of Custom Products in a Purchase
Order when there are sixteen (16) Calendar Days or more left prior to the delivery date of any Products, then Customer shall be responsible
to pay 15% of the total amount agreed in the Purchase Order for the cancelled Custom Products to Supplier within the time period provided
for or agreed upon in the Purchase Order for payments to be made. Any partial cancellation of a Purchase Order where the entire Purchase
Order was not cancelled shall be deemed as a cancellation of only the Custom Products that were cancelled and the obligations for all
other Products that were not cancelled shall remain the same as agreed in the Purchase Order for purposes of all remaining obligations
of Customer

 

		(f)	Delivery Inspection.
Customer will promptly inspect the Products upon receipt at Customer Location to determine whether any Products included in the shipment
are in short supply, defective, or otherwise not in conformance with this Agreement. Within ninety (90) Calendar Days of receipt of such
Products by Customer, Customer will notify Supplier of any Defects or non-conformance, and Supplier will promptly replace such Products
free of charge if determined by Supplier that there were Defects or non-conformance issues with the Products.

 

    	 

    	Redactions with respect to certain portions hereof denoted with “* * *”
 

    

 

		(g)	Product Warranty. Supplier
warrants that at the time of manufacture, the Products will conform, in all material respects, to the Specifications as agreed to in the
Purchase Order. This warranty shall remain in effect for a period of twenty-four (24) months from the date any Product is initially delivered
to Customer or twelve (12) months from the date any Product is initially delivered to Persons to whom Customer sells the Products, whichever
is earlier in time ("Warranty Period"). This warranty is extended to and may only be enforced by Customer. Such designation
shall be made by Customer in writing in the Purchase Order. The inclusion of Product in Concrete Materials that are sold by Customer to
another Person shall be construed as the sale of Product by Customer to another Person for purposes of this Warranty Period.

 

		(h)	Replacement of Defective Product.
In accordance with Supplier’s standard return material authorization process and procedure ("RMA"), Supplier will
issue a credit for or replace any Product that contains a defect caused by a breach of the warranty set forth in this Section, provided
that the Product is received within ninety (90) Business Days following the end of any applicable Warranty Period ("RMA Product”’).

 

		(i)	Returned Material Authorization.
If Customer desires to return a Product based on a claim of breach of the warranty set forth in this Section, Customer shall request an
RMA number from Supplier. Customer shall then consign a representative sample of the alleged defective Product, F.O.B. Manufacturing Plant
as determined by Supplier, and specify the Supplier assigned RMA number. Supplier will analyze any such RMA Product and, if a breach of
warranty is found ("Defect"), then Supplier will issue a credit or replace the RMA Product within sixty (60) Calendar Days of
receipt by Supplier of the RMA Product and all required associated documentation. Supplier shall solely determine if a Product has Defect(s).

 

In the event a Defect
is found, Supplier will reimburse Customer for the reasonable cost of transporting the RMA Product to Supplier’s designated repair
facility or Manufacturing Plant as determined by Supplier and Supplier will deliver the replacement RMA Product at no additional charge.

 

		(j)	Negative Events. Customer
acknowledges that Supplier has an overriding interest in protecting the reputation of and goodwill associated with the Products. Accordingly,
if Customer, at any time, has a reasonable basis to believe that any act or occurrence related to the Products presents or has presented
any threat to public health or safety or otherwise are likely to draw negative attention from any governmental agency, consumer or environmental
group, media or other organization or any individual (any of such occurrences being a “Negative Event”), Customer will immediately
notify Supplier of the facts giving rise to such belief or suspicion. In all such cases, Customer will closely coordinate with Supplier
with respect to any actions Customer might take or permit and in respect to all public statements Customer might make regarding the particular
Negative Event, and shall, after consultation with Supplier, follow all reasonable advice and instructions of Supplier with respect thereto.

 

 

    	 

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		(k)	Order of Precedence. The
terms and conditions of this Agreement shall take precedence over and govern in the event of conflict between the terms and conditions
of this Agreement the terms and conditions of any other documents and forms of the Parties, including, without limitation, Customer’s
quotation request and purchase order forms, Supplier’s quotation form, and any confirmation, acknowledgment, or other similar document.
Any provision or data in any order, any subordinate document such as shipping releases, or any other document originated by either Party,
or contained in any documents or forms attached to or referenced in any of the above documents, which modifies, supplements or conflicts
with the terms of this Agreement shall not be binding unless agreed to in writing by the Parties.

 

		(l)	Acknowledgement of Supplier’s
Rights with Respect to the Products. All rights not expressly granted above are hereby reserved by and to Supplier, and for avoidance
of doubt, Customer acknowledges and agrees that as between Supplier and Customer, Supplier is and shall remain the sole and exclusive
owner of all intellectual property rights with respect to the Products other than the Customer Brand Attributes (collectively, the “Product
Rights”), and that Supplier retains the right to produce, market, distribute, use, market and sell the Products without the Customer
Brand Attributes anywhere, without any duty or obligation to Customer. Customer acknowledges and agrees that all rights, title and interest
with respect to any Product Rights as they relate to Concrete Materials that Customer may in the future own by operation of law relating
to the use of Products in the Concrete Materials resulting from any modifications or improvements thereof (other than the Customer Brand
Attributes) are hereby assigned and shall be assigned by Customer to Supplier and that Customer shall not acquire any ownership interest
with respect to any Product Rights or any other intellectual property pertaining to the Products (other than the Customer Brand Attributes)
through this Agreement or otherwise. Customer shall fully cooperate with Supplier in Supplier’s efforts to maintain, expand, and
enforce Supplier’s rights with respect to the Product Rights. Customer will not on its behalf or on behalf of any other Person,
in any country or jurisdiction, register or attempt to register any Product Rights. Customer will not do or permit to be done or assist
any third party in taking any action which will in any way impair Supplier’s ownership of and rights in and to the Product Rights.
Customer will not assist any other Person in contesting the validity of Supplier’s ownership of the Product Rights. Notwithstanding
any other provision of this Agreement, Customer agrees that Customer shall disclose and disclaim the Product Rights in all registrations
of patents, trademarks, copyrights, or any other form of intellectual property in any country or jurisdiction and, at all times, Customer
shall disclaim that the Product Rights are owned by Supplier. Parties agree that any rights of Customer to use the intellectual property
relating to Products as provided under this Agreement is very limited and is solely provided by Supplier to Customer to assure that Customer
can maintain all its intellectual property rights in Concrete Materials.

 

		(m)	Applications for filing of
Trademarks, Patents, and Copyrights. Supplier agrees not to file any application for any of Customer’s trademarks, patents,
or copyrights relating to Concrete Materials and Customer agrees not to file any applications for any of Supplier’s trademarks,
patents, or copyrights relating to Products. Parties agree and acknowledge that Customer owns trademarks, patents, or copyrights under
common law relating to Concrete Materials even when such trademarks, patents, or copyrights are not registered with any governmental agency
in any jurisdiction and that Supplier owns trademarks, patents, or copyrights under common law relating to Products even when such trademarks,
patents, or copyrights are not registered with any governmental agency in any jurisdiction.

    	 

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		3.	Term and Automatic Renewal.

 

		3.1.	This Agreement shall become effective on the date first written above and shall continue in effect for
a period of five (5) calendar years from the Effective Date (“Term”), unless terminated earlier pursuant to Section 4
herein. 

 

		3.2	Following the initial Term, and subject to Customer and Supplier remaining in compliance with its provisions,
this Agreement shall automatically renew upon each anniversary of the Effective Date for an additional Term of one (1) year, unless Customer
or Supplier provide a written notice of termination to the other party no later than thirty (30) calendar days prior to the end of the
then existing term. All renewal terms shall be referred to as Term for construction of any provision of this Agreement during any renewed
term.

 

 

		4.	Termination. 

 

		4.1	This Agreement may be terminated as follows:

 

		(a)	Termination for Convenience.
This Agreement may be terminated at any time upon the mutual written consent of the Parties prior to the end of the Term.

 

		(b)	Termination for Cause.
Either Party may terminate this Agreement based on the material breach by the other Party of the terms of this Agreement, provided that
the Party alleged to be in material breach receives written notice setting forth the nature of the breach at least * * * prior
to the intended termination date. During such time the Party in material breach may cure the alleged breach and if such breach is cured
within such * * *, no termination will occur, and this Agreement will continue in accordance with its terms. If such breach
shall not have been cured, termination shall occur upon the termination date set forth in such notice.

 

		(c)	Termination for Bankruptcy/Insolvency.
Either Party may terminate this Agreement by written notice to the other Party, effective immediately upon receipt, upon the happening
of any of the following events with respect to a Party:

 

		(i)	The appointment of a receiver
or custodian to take possession of any or all of the assets of the other Party, or should the other Party make an assignment for the benefit
of creditors, or should there be an attachment, execution, or other judicial seizure of all or a substantially all of the other Party's
assets, and such attachment, execution or seizure is not discharged within 30 Business Days.

    	 

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		(ii)	The other Party becomes a debtor,
either voluntarily or involuntarily, under Title 11 of the United States Code or any other similar law and, in the case of an involuntary
proceeding, such proceeding is not dismissed within 30 Business Days of the date of filing.

 

		(iii)	The liquidation, dissolution
or winding up of the other Party whether voluntarily, by operation of law or otherwise.

 

		4.2	Duty to Mitigate Costs.
Both Parties shall, in good faith, undertake Commercially Reasonable Efforts to mitigate the costs of termination, expiration or cancellation.

 

		4.3	Obligations
After Termination. In the event that this Agreement is terminated or expires on its own terms, Supplier shall continue to fulfill
all orders accepted by Supplier prior to the date of termination, and Customer shall remain obligated to compensate Supplier for the Products
and any other agreed fees, costs, or expenses incurred by Supplier in accordance with the terms of the respective Purchase Orders up to
and including the Termination Effective Date.

 

		4.4	Survival. Notwithstanding
anything to the contrary set forth herein, no termination of this Agreement shall relieve any Party from any obligations hereunder which
are outstanding on or relate to matters or claims occurring or arising prior to, the date of such termination or which survive such termination
by their own terms or nature. Unless otherwise stated herein, all other rights and obligations of the Parties shall cease upon termination
of this Agreement. 

 

		5.	Purchase Prices.

 

		5.1	For the period commencing on the Effective Date and ending on December 31, 2022 (“Discount Period”),
Supplier agrees to sell, and Customer agrees to purchase, the Products in accordance with the process where for every Purchase Order,
Customer shall first obtain a written quote from a Person who is not an Affiliate of Customer and is a seller of Grade 60 steel rebar
(“Competing Steel Seller”) for purchase of the same quantities of Grade 60 steel rebar that Customer intends to purchase from
Supplier and during the Discount Period Supplier will reduce the total cost of the Products to be sold pursuant to a Purchase Order by
* * * for each Product that is sold to Customer from Supplier. For the period commencing January 1, 2023, Supplier agrees to sell, and
Customer agrees to purchase, the Products in accordance with the Fee and Price Schedule then in existence, and the current Fee and Price
Schedule is set forth in Schedule 1-A, which may be amended from time to time by Supplier with mutual prior consent from Customer in accordance
with the terms of this Agreement. The prices of the Products and payment terms for Products ordered shall be expressly agreed to in each
Purchase Order.

 

    	 

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		5.2	Supplier shall establish the wholesale price and the selling retail price for the Products. Supplier
                                                                  agrees to establish the retail selling price for each Product(s) at * * * above the wholesale price (the price at which the Products
                                                                  are sold to Customer by Supplier), allowing Customer to maintain a gross margin of * * * (gross margin shall be the difference in
                                                                  Customer’s selling price and the wholesale price paid to Supplier by Customer for purchase of each Product, excluding any
                                                                  costs, expenses, or deductions of any kind whatsoever). Notwithstanding any of the foregoing, Customer shall determine its own
                                                                  selling price for Concrete Materials.

 

		5.3	Pricing for each Product shall be adjusted quarterly by Supplier and published in a Fee and Price Schedule,
released at the beginning of each calendar quarter and all newly published Fee and Price Schedule shall amend the Schedule 1-A attached
with this Agreement from time to time. Such adjustments will be based on the U.S. Producer Price Index published by the US Bureau
of Labor Statistics, as provided under Schedule 1-B. Schedules 1-A and all its updates during the Term and 1-B are incorporated herein
by reference. Except as provided herein, if Schedule 1-A is not published in any calendar quarter, then the Schedule 1-A of the prior
calendar quarter shall control. Supplier shall determine the start and end date of each calendar quarter in its sole discretion.

 

		5.4	Except as provided in the Purchase Orders, payment shall be made by Customer to Supplier in net thirty
(30) Business Days from Supplier’s invoice date.

 

		5.5	Notwithstanding any terms of this Section 5, Parties may mutually agree on any other pricing terms for
the Products in writing through a Purchase Order agreed to by Supplier.

 

		6.	Taxes and Other Charges. 

 

In addition
to the applicable purchase prices, Supplier shall be entitled to separately invoice for, and Customer shall pay, all sales, use, excise,
value added, gross receipts, turnover and other taxes and charges imposed by law or required by any government to be paid or collected
by Supplier in connection with the purchase, delivery, sale or use of the Products pursuant to this Agreement.

 

    	 

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                                                   7.
	Payment Terms. 

 

All payments
due to Supplier from Customer under this Agreement shall be paid to the Supplier within one or a combination of the terms and conditions
as noted in Schedule A or as provided in the invoice for a purchase order accepted by Supplier. Invoices for Products sold to Customer
may be rendered by the Supplier at any time after the date of delivery as defined below. Each shipment shall constitute an independent
transaction and Customer shall pay the invoice for each such transaction strictly in accordance with the payment
terms noted in Schedule A or as provided in the invoice for a Purchase Order accepted by Supplier.

 

		8.	Delivery.

Products
will be considered delivered by Supplier for purposes of this Agreement when delivered to Customer Location. Customer shall pay any unloading
costs to the extent they are not included in the freight. Method of transport and place of delivery of the Products shall be specified
in the Purchase Orders. All Products delivered pursuant to the terms of this Agreement shall be suitably packed depending on the method
of freight shipment and appropriately marked for shipment. All obligations of Customer as it relates to Concrete Materials shall remain
the obligations of Customer for purposes of this Agreement. The delivery costs, transportation, and insurance costs shall all be agreed
upon in the Purchase Order.

 

		9.	Risk of Loss and Passage of
Title. 

 

Title to such
Products and risk of loss shall pass from Supplier to Customer when delivered to Customer Location. Responsibility for loss of, or damage
to the Product(s) shall pass from Supplier to Customer after Products are delivered to Customer Location.

 

    	 

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                                                 10.
	Disclaimer and Limitation
of Warranties and Limitation of Damages.

 

		(a)	Disclaimer
of Warranties; Limitation of Liability.

 

EXCEPT
FOR THE WARRANTIES EXPRESSLY PROVIDED HEREIN, NEITHER PARTY HERETO MAKES ANY WARRANTIES AND DISCLAIMS ANY IMPLIED WARRANTIES OF ANY KIND,
INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR AGAINST INFRINGEMENT WITH
REGARD TO THE PRODUCTS OR THE PERFORMANCE OF ITS OBLIGATIONS HEREUNDER. NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY WITH RESPECT
TO ANY PUNITIVE, SPECIAL, CONSEQUENTIAL, INCIDENTAL, OR INDIRECT DAMAGES, INCLUDING WITHOUT LIMITATION, LOST PROFITS ARISING OUT OF THE
PERFORMANCE OF NONPERFORMANCE OF THIS AGREEMENT, EVEN IF THE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL
SUPPLIER’S TOTAL AGGREGATE LIABILITY UNDER THIS AGREEMENT OR OTHERWISE WITH RESPECT TO THE PRODUCTS SOLD TO CUSTOMER HEREUNDER OR
OTHERWISE INVOLVING SUPPLIER’S PERFORMANCE OF ITS OBLIGATIONS HEREUNDER EXCEED THE PURCHASE PRICE PAID BY CUSTOMER TO SUPPLIER FOR
THE PRODUCT UNITS, IF ANY, GIVING RISE TO SUCH CLAIM. PARTIES AGREE THAT THIS PARAGRAPH IS EFFECTIVE AND conspicuous
as required UNDER the Uniform Commercial Code, Chapters 671 AND 672, AND SECTION 671.201(10) of the Florida Statutes, AS AMENDED. 

 

		(b)	Limitation
of Warranty.

 

THE REMEDY
SET FORTH IN THE PARAGRAPH 10(D) SHALL CONSTITUTE CUSTOMER’S SOLE AND EXCLUSIVE REMEDY FOR A BREACH OF THE WARRANTY MADE BY SUPPLIER
HEREIN. THE WARRANTY SET FORTH IN THIS PARAGRAPH IS IN LIEU OF, AND SUPPLIER EXPRESSLY DISCLAIMS, ALL OTHER WARRANTIES AND REPRESENTATIONS
OF ANY KIND WHATSOEVER WHETHER EXPRESS, IMPLIED, STATUTORY, ARISING BY COURSE OF DEALING OR PERFORMANCE, CUSTOM, USAGE IN THE TRADE OR
OTHERWISE, INCLUDING COMPLIANCE WITH MATERIALS DECLARATION REQUIREMENTS, ANY COMPONENT WARRANTY, ANY WARRANTY OF MERCHANTABILITY, OR FITNESS
FOR A PARTICULAR PURPOSE NO ORAL OR WRITTEN STATEMENT OR REPRESENTATION BY SUPPLIER, ITS AGENTS OR EMPLOYEES SHALL CONSTITUTE OR CREATE
A WARRANTY OR EXPAND THE SCOPE OF ANY WARRANTY HEREUNDER. SUPPLIER’S WARRANTY SHALL NOT APPLY TO ANY PRODUCT SUPPLIER DETERMINES
TO HAVE BEEN SUBJECTED TO TESTING FOR OTHER THAN SPECIFIED CHARACTERISTICS OR TO OPERATING AND/OR ENVIRONMENTAL CONDITIONS IN EXCESS OF
THE MAXIMUM VALUES ESTABLISHED IN APPLICABLE SPECIFICATIONS AS AGREED UPON IN PURCHASE ORDERS THAT WERE ACCEPTED BY SUPPLIER, OR TO HAVE
BEEN THE SUBJECT OF MISHANDLING, ACCIDENT, MISUSE, NEGLECT, IMPROPER TESTING, IMPROPER OR UNAUTHORIZED REPAIR., ALTERATION, DAMAGE, ASSEMBLY,
PROCESSING OR ANY OTHER INAPPROPRIATE OR UNAUTHORIZED ACTION OR INACTION THAT ALTERS PHYSICAL OR ELECTRICAL PROPERTIES. THIS WARRANTY
SHALL NOT APPLY TO ANY DEFECT IN THE PRODUCT ARISING FROM ANY DRAWING, DESIGN, SPECIFICATION, PROCESS, TESTING PROCEDURE OR OTHER PROCEDURE,
ADJUSTMENT OR MODIFICATION SUPPLIED AND/OR APPROVED BY CUSTOMER. PARTIES AGREE THAT THIS PARAGRAPH IS EFFECTIVE AND conspicuous
as required UNDER the Uniform Commercial Code, Chapters 671 AND 672, AND SECTION 671.201(10) of the Florida Statutes, AS AMENDED. 

 

    	 

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		(c)	Limitation
of Damages.

 

EXCEPT
WITH REGARD TO ANY INDEMNITIES SET FORTH HEREIN, UNDER NO CIRCUMSTANCES SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY OR TO ANY OTHER
PERSON OR ENTITY UNDER ANY CONTRACT, TORT, STRICT LIABILITY, NEGLIGENCE, OR OTHER LEGAL OR EQUITABLE CLAIM OR THEORY FOR ANY SPECIAL,
INCIDENTAL, CONSEQUENTIAL, OR INDIRECT DAMAGES, LOSS OF GOODWILL OR BUSINESS PROFITS, LOST REVENUE, WORK STOPPAGE, DATA LOSS, COMPUTER
FAILURE OR MALFUNCTION, OR FOR ANY AND ALL OTHER DAMAGES, LOSS, OR EXEMPLARY OR PUNITIVE DAMAGES WHETHER SUCH PARTY WAS INFORMED OR WAS
AWARE OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE. THE FOREGOING SHALL NOT EXCLUDE OR LIMIT EITHER PARTY'S LIABILITY FOR DEATH OR PERSONAL
INJURY OR MONETARY DAMAGES RESULTING FROM ITS NEGLIGENCE TO THE EXTENT THAT SUCH LIABILITY CANNOT BY LAW BE LIMITED OR EXCLUDED. NOTWITHSTANDING
ANY OTHER PROVISION OF THIS AGREEMENT, PARTIES AGREE THAT ANY DEATH OR PERSONAL INJURY OR MONETARY DAMAGES RESULTING FROM THE PRODUCTS
THAT WERE MANUFACTURED OR SUPPLIED OR PURCHASED AS PER THE ACCEPTED purchase ORDERS SHALL NOT BE DEEMED AS A LIABILITY OF ANY PARTY UNLESS
SUCH PARTY IS DETERMINED TO BE NEGLIGENT BY A TRIBUNAL IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT. PARTIES AGREE THAT THIS paragraph
IS EFFECTIVE AND conspicuous as required UNDER the Uniform Commercial Code, Chapters 671 AND 672, AND SECTION 671.201(10) of the Florida
Statutes, AS AMENDED.

 

		11.	Representations and Warranties.

 

		(a)	Supplier Representations and
Warranties. Supplier represents and warrants to the other Party the following:

 

		(i)	It is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its formation, with full power and authority to execute and deliver
this Agreement and to consummate the transactions contemplated hereby.

 

		(ii)	The execution, delivery and performance
of this Agreement and the consummation of the transactions contemplated hereby by it have been duly and validly authorized and no further
authorization is required on its part to consummate the transactions contemplated hereby.

 

		(iii)	This Agreement and all other
documents executed and delivered by it pursuant to this Agreement constitute its legal, valid, and binding obligations, enforceable against
it in accordance with their respective terms.

    	 

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		(iv)	The individual executing this
Agreement on its behalf has been duly authorized and empowered to execute this Agreement for the purpose of binding it to this Agreement.
Its execution, delivery and performance of this Agreement does not require any third-party consents or governmental approvals, filings,
registrations or permits that have not already been obtained and will be maintained during the Term. The execution, delivery, and performance
of this Agreement by it does not and will not violate any contract or other arrangement between Supplier and any third party, or any applicable
law or regulation.

 

		(b)	Customer Representations and
Warranties. Customer represents and warrants to Supplier the following:

 

		(i)	It is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its formation, with full power and authority to execute and deliver
this Agreement and to consummate the transactions contemplated hereby.

 

		(ii)	The execution, delivery and performance
of this Agreement and the consummation of the transactions contemplated hereby by it has been duly and validly authorized and no further
authorization is required on its part to consummate the transactions contemplated hereby.

 

		(iii)	This Agreement and all other
documents executed and delivered by it pursuant to this Agreement constitute its legal, valid, and binding obligations, enforceable against
it in accordance with their respective terms.

 

		(iv)	The individual executing this
Agreement on its behalf has been duly authorized and empowered to execute this Agreement for the purpose of binding it to this Agreement.
Its execution, delivery and performance of this Agreement and the grant of the rights granted hereunder to Supplier with respect to the
Customer Brand Attributes do not require any third-party consents or governmental approvals, filings, registrations or permits that have
not already been obtained and will be maintained during the Term. The execution, delivery, and performance of this Agreement by it does
not and will not violate any contract or other arrangement between it and any third party, or any applicable law or regulation

 

		(v)	The Customer is the sole and
exclusive owner of all intellectual property and other rights with respect to the Customer Brand Attributes and has all necessary power
and authority to grant the license granted with respect to the Customer Brand Attributes to Supplier hereunder. None of the Customer Brand
Attributes infringe, dilute, misappropriate or otherwise violate any intellectual property right or other right of any third party.

 

    	 

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                                                 12.
	Indemnification. 

 

Each Party hereto
shall, at its expense, indemnify, defend and hold harmless the other Party hereto, its affiliates and their respective employees, officers
and agents (each, an “Indemnified Party” and collectively, the “Indemnified Parties”) from and against any and
all claims and causes of action of any nature made or lawsuits or other proceedings filed or otherwise instituted against any of such
Indemnified Parties arising from or relating to any breach by the indemnifying Party of any of its representations, warranties or obligations
hereunder. The indemnifying Party shall be responsible for and shall pay all costs and expenses related to such claims and lawsuits for
which it shall indemnify the Indemnified Parties, including, but not limited to, the payment of all attorney’s fees and costs of
litigation, defense and/or settlement of same. In claiming any indemnification hereunder, the indemnified Party shall promptly provide
the indemnifying Party with written notice of any claim that the indemnified Party believes falls within the scope of the foregoing paragraph.
The indemnified Party may, at its own expense, assist in the defense if it so chooses, provided that the indemnifying Party shall control
such defense and all negotiations relative to the settlement of any such claim and further provided that any settlement intended to bind
the indemnified Party shall not be final without the indemnified Party’s written consent, which shall not be unreasonably withheld.

 

		13.	Notices. 

 

Any notice,
demand or other communication required or permitted by this Agreement must be in writing and shall be deemed to have been given and received:

 

		(a)	if delivered by overnight delivery
service or messenger, when delivered, or 

 

		(b)	if mailed, on the third business
day after deposit in the United States mail, certified or registered postage prepaid, return receipt requested, or

 

		(c)	if faxed, telexed or telegraphed
or emailed, twenty-four hours after being dispatched by fax or EDI (with telephone confirmation) addressed to the respective Parties at
the following addresses, telegram or telex or email (through last known email address); in every case addressed to the Party to be notified
as follows: 

 

	 	If to Customer: 	Concrete Products of the Palm Beaches, Inc.  
	 	 	460 Avenue S
	 	 	Riviera Beach, FL 33404
	 	 	Attention: Manuel A. Rodriguez, President
	 	 	mrodriguez@cppb.us

 

 

    	 

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	 	If to Supplier:	BASANITE INDUSTRIES LLC
	 	 	2041 NW 15th Avenue
	 	 	Pompano Beach, FL 33069
	 	 	Attention: Simon R. Kay, Interim Acting Chief Executive Officer
	 	 	sk@basaniteindustries.com

 

	 	Copy to: 	Harsh Arora, Esq.
	 	 	Kelley Kronenberg
	 	 	10360 West State Road 84
	 	 	Ft. Lauderdale, FL 33324
	 	 	harora@kklaw.com

 

		14.	Assignment. 

 

Customer shall
not assign or delegate any right, interest, or obligation under this Agreement without first obtaining the written consent of Supplier.
No assignment, delegation or subcontract by Customer shall relieve Customer from its obligations and liabilities under this Agreement.
Any attempted assignment or delegation in contravention of this prohibition shall be void and shall constitute a default under this Agreement.
For purposes of this Agreement, a change in “control” (as previously defined) of Customer shall be deemed to constitute an
attempted assignment of this Agreement requiring Supplier’s consent in accordance herewith. Supplier may assign its rights hereunder
provided that the assignee acknowledges in writing Customer’s rights hereunder and agrees to assume and honor all of Supplier’s
obligations hereunder.

 

		15.	Force Majeure. 

 

Neither Party
shall be responsible or liable for delays in the performance of its obligations hereunder, when caused by, related to, or arising out
of acts of God, epidemic, pandemics, sinkholes, subsidence, strikes, lockouts, or other labor disputes, embargoes, earthquakes, accidents,
weather, national, regional, or local disasters, calamities, or catastrophes, inability to obtain labor or materials (or reasonable substitutes
therefor) at reasonable costs or failure of, or inability to obtain, utilities necessary for performance, governmental restrictions, orders,
limitations, regulations, or controls, national emergencies, delay in issuance or revocation of permits, enemy or hostile governmental
action, terrorism, insurrection, riots, civil disturbance or commotion, fire or other casualty, and other causes or events beyond the
reasonable control of such Party (hereinafter collectively referred to as “Force Majeure Events” or separately as “Force
Majeure Event”).

 

    	 

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                                                 16.
	Waiver. 

 

The written
waiver by any Party of any other Party's breach of any provision of this Agreement shall not operate nor be construed as a waiver of any
subsequent breach, and the written waiver by any Party to exercise any right or remedy shall not operate nor be construed as a waiver
or bar to the exercise of such right or remedy upon the occurrence of any subsequent breach. All waivers under this Agreement must be
in writing and signed by the Parties hereto.

 

		17.	Governing Law. 

 

This Agreement
shall be governed by the internal laws of the State of Florida.

 

		18.	Entire Agreement. 

 

This Agreement,
including the schedules referred to herein, constitutes the entire agreement between the Parties with respect to its subject matter. All
prior or contemporaneous oral and written agreements, memoranda, and representations (and any subsequent purchase order, purchase order
confirmation, or similar document) relating to sales of Products are superseded by this Agreement.

 

		19.	Amendments.

 

This Agreement
may be amended only by a subsequent writing signed by authorized representatives of both Parties hereto, indicating an intent to amend
this Agreement.

 

		20.	Severability.

 

If a court of
competent jurisdiction adjudges any provision of this Agreement to be invalid or unenforceable, the remaining provisions shall not be
affected thereby, and the Parties shall in good faith attempt to amend this Agreement to eliminate such invalidity or unenforceability,
without thereby affecting the intent of the Parties as expressed herein. The Parties agree that this Agreement shall be deemed to have
been drafted jointly by the Parties and their counsel such that the terms of this Agreement may not be construed against any Party based
upon a claim that the Party or its counsel was responsible for drafting this Agreement, in whole or in part. The Parties hereby acknowledge
that they fully understand the terms of this Agreement, have entered into same voluntarily, or have had the advice of counsel in so doing.
The Parties shall take all such actions and execute all such documents that may be necessary to carry out the purposes of this Agreement,
whether or not specifically provided for in this Agreement.

 

    	 

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                                                 21.
	Confidentiality. 

 

Customer and
Supplier agree that all commercial, technical, intellectual property and other business information provided hereunder by either Party
to the other Party will be used only for purposes of performance of this Agreement, shall be kept confidential by the receiving Party
using the same standard of care as such receiving Party uses to protect its own similar confidential information, and shall not be sold,
given, or disclosed in any manner to any third party by the receiving Party. The obligations under the preceding sentence do not apply
to information which: (a) was previously known to the receiving Party free of any obligation to keep it confidential; or (b) is
or becomes publicly available by any means or medium other than unauthorized disclosure; or (c) is independently developed by the
receiving Party; or (d) is disclosed to third parties by the disclosing Party without restriction; (e) is received from a third
party whose disclosure would not violate any confidentiality obligation; or (f) is required to be disclosed by applicable law or
by a subpoena or other order of a court of competent jurisdiction including disclosures required under any state or federal securities
laws. Notwithstanding any of the foregoing, this Agreement can be disclosed and filed publicly to comply with any state or federal securities
laws.

 

		22.	Non-Solicitation. 

 

Both Parties
acknowledge and recognize the highly competitive nature of their businesses and agree that during the Term of the Agreement between the
Parties and for 1 year thereafter, neither Party shall directly or indirectly hire or solicit, induce or influence, or attempt to induce
or influence, or assist in the hiring or solicitation of any Person who, at any time during the 6 month period prior to such hiring or
solicitation was an employee of the other Party, or otherwise entice or encourage any such Person either to leave the other Party’s
employment or to provide services to any competitor of either Party. Neither Party is prohibited from (a) soliciting by means of a general
advertisement or (b) engaging any recruiting firm or similar organization to identify or solicit individuals for employment (and soliciting
any Person identified by any such recruiting firm or organization) so long as such hiring Party does not identify the individuals to be
solicited by such recruiting firm or organization and that the ultimate hiring or contracting of such an individual does not pose a conflict
of interest or otherwise violate any contractual obligations between the Parties.

 

		23.	Pre-Mediation Settlement Conference, Mediation, and Arbitration.

 

Any disputes
between the Parties hereto, whether arising under this Agreement or otherwise, which the Parties cannot resolve between themselves using
good faith shall be resolved in person at the offices of either Party or at the office of their counselor at the office of a mediator
or an arbitrator or through the use of remote technology such as phone or video conferencing as follows:

 

    	 

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		(a)	The Parties shall use good faith
efforts to resolve disputes among themselves without using a neutral third party or a mediator within twenty (20) Business Days of notice
of such dispute. Such efforts shall include escalation of such dispute to the corporate officer level of each Party and each Party may
engage counsel to assist in such settlement efforts prior to mediating such dispute with a mediator.

 

		(b)	If the Parties are unable to
resolve the dispute among themselves, it shall be referred to a court certified mediator, and any mediation shall be held in Broward County
or at the offices of JAMS in Miami-Dade County. The Parties shall share equally in the cost of said mediation and mutually attempt to
select a mediator from JAMS. In the event that the Parties are unable to agree upon a mediator from the list of mediators at JAMS within
fifteen (15) Business Days of the date on which either Party requests mediation of a matter, the mediator shall be appointed by JAMS.

 

		(c)	In the event that said dispute
is not resolved in mediation, the Parties shall submit the dispute to a neutral arbitrator at JAMS. The arbitration shall be held in Broward
County at office of Supplier or at the offices of JAMS in Miami-Dade County. The prevailing Party shall recover all fees and costs of
said arbitration. In the event that the Parties are unable to agree upon an arbitrator from the list of arbitrators at JAMS within fifteen
(15) Business Days of the date on which either Party requests arbitration of a matter, the arbitrator shall be appointed by JAMS. The
Parties further agree that full discovery shall be allowed to each Party to the arbitration and a written award shall be entered forthwith.
Any and all types of relief that would otherwise be available in Court shall be available to both Parties in the arbitration. The decision
of the arbitrator shall be final and binding. Arbitration shall be the exclusive legal remedy of the Parties. Judgment upon the award
may be entered in any court of competent jurisdiction pursuant to Florida Statutes.

 

		(d)	If either Party refuses to comply
with a ruling or decision of the arbitrator and a lawsuit is brought to enforce said ruling or decision, it is agreed that the Party not
complying with the ruling or decision of the arbitrator shall pay the court costs and reasonable attorney's fees (including Trial and
Appellate attorney's fees) incurred in enforcing the ruling or decision of the arbitrator.

 

		(e)	Any rights of injunctive relief
shall be in addition to and not in derogation or limitation of any other legal rights.

 

    	 

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                                                 24.
	Non-Circumvention. 

 

Customer and Supplier agree that the
terms and conditions of this Agreement are fully applicable and binding to each other, their contractors, clients, representatives, employees,
contractors, associates, assigns, trustees, heirs and/or assigns or executors, and Supplier and Customer irrevocably bind themselves not
to deal independently with any person, builders, developers, business, corporations, partnership, buyer, sellers, borrowers, lenders,
agents, brokers, institutions, including their affiliates, subsidiaries, contractees, clients, representatives, employees, contractors,
associates, assigns, trustees, heirs and/or assigns, or executors or other entities introduced or known to the other Party, without the
prior knowledge of the other Party, subject to all of the terms and conditions in this Agreement. Both Parties agree not to attempt to
circumvent, avoid or bypass each other in any manner, regarding any agreements or disclosures made between the Parties hereto.

 

		25.	Independent Contractor. 

 

Neither Customer nor any of its affiliates
or sub-distributors, nor their respective directors, officers, agents, or employees shall be or be considered an employee of Supplier,
or any agent, partner, joint ventures, or legal representative of Supplier. Neither Customer nor any of its affiliates or sub-distributors,
nor Supplier, nor any of their respective directors, officers, agents, or employees is granted, and shall not exercise the right or authority
to assume or create any obligation or responsibility, including without limitation contractual obligations and obligations based on warranties
or guarantees, on behalf of or in the name of the other Party.

 

		26.	Insurance. 

 

Customer shall maintain at all times
while this Agreement is in effect and for a period of five (5) years thereafter policies of insurance issued by qualified carriers
which provide for comprehensive property and casualty insurance for all of Customer’s assets, business interruption and general
commercial liability insurance including, without limitation, coverage for property damage, personal injury and trademark infringement
claims, for any acts arising from Customer’s conduct of its business operations pursuant to this Agreement. The coverage amounts
for such policies shall be determined by mutual agreement of the Parties hereunder no later than thirty (30) Business Days after
the Effective Date. Each such policy shall name Supplier as an additional named insured, shall contain a waiver of all subrogation rights
against Supplier and its successors and assigns, and shall provide for thirty (30) Business Days’ prior written notice to Supplier
for any modifications, cancellation, or expiration of the coverage. Supplier agrees in turn, to name Customer as an additional named insured
under its Liability Policy.

 

    	 

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                                                 27.
	Survival. 

 

The provisions of paragraphs 2, 4, 5,
6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 19, 20, 21, 22, 23, 24, 25, 26, 28, 29, 30, 32, 33, and 34 shall survive any termination or expiration
of this Agreement.

 

		28.	Counterparts. 

 

This Agreement may be executed by each
Party upon a separate counterpart, each of which shall be deemed an original and all of which together shall constitute one agreement.

 

		29.	Interpretation; Absence of Presumption; Currency. 

 

This Agreement shall be construed without
regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be
drafted. All references to payments and dollar amounts refer to U.S. Dollars, and all payments to Supplier hereunder shall be made in
U.S. Dollars.

 

		30.	Time. 

 

References in this Agreement or any related
document to time periods in Business Days shall mean calendar Business Days unless expressly provided otherwise.

 

		31.	Venue, Jurisdiction, Fees,
and Costs. 

 

Should a lawsuit be necessary to enforce
this Agreement, the Parties agree that jurisdiction and venue shall lie solely in Broward County, Florida, United States of America. In
the event of any litigation or arbitration relating to the subject matter of this Agreement, the prevailing Party shall be entitled to
receive from the non-prevailing Party, its reasonable attorneys’ fees (including Trial and Appellate attorney's fees) and costs.

 

		32.	Headings.

 

Headings in this Agreement are for convenience
only and shall not be used to interpret or construe its provisions.

 

		33.	WAIVER OF JURY TRIAL.

 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY AND ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PARTY HERETO IN NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

    	 

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		34.	Facsimile or Electronic Copy.

 

A facsimile or electronic copy of this
Agreement and any signatures affixed hereto shall be considered for all purposes as originals. Delivery of this Agreement may be effectuated
by electronic communication (including by PDF sent by electronic mail, facsimile or similar means of electronic communication). 
Signatures delivered by electronic communication shall have the same legal effect as manual signatures.  Each Party will make commercially
reasonable efforts to provide an original signature, but failure to do so will not affect the validity of a Party’s electronic signature.
Pursuant to the Electronic Signatures in Global and National Commerce Act (ESIGN) the Parties hereby expressly agree to the other’s
election to use electronic signature software operated by DocuSign for execution of this Agreement. The electronic signature generated
by this software shall have the same legal effect as a handwritten signature and shall be considered legally admissible evidence of the
Parties’ intention to be legally bound by this Agreement. The Parties declare that they have received all information required to
be fully aware of the electronic signature process and each Party hereby waives any claim, which it may have against the other Party as
a result of the use of such electronic signature software.

 

[Signature Page Follows]

 

    	 

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IN WITNESS WHEREOF, the Parties have caused this Agreement
to be signed by their duly authorized representatives as of the day and year first written above.

 

	 	SUPPLIER: 
	 	 	 
	 	BASANITE INDUSTRIES, LLC
	 	 	 
	 	By: 	/s/ Simon R. Kay
	 	Name:	Simon R. Kay
	 	Title: 	Interim Acting Chief Executive Officer
	 	 	 
	 	CUSTOMER:
	 	 	 
	 	Concrete Products of the Palm Beaches, Inc.
	 	 	 
	 	By: 	/s/ Manuel A. Rodriguez
	 	Name:	Manuel A. Rodriguez
	 	Title: 	President
	 	 	 

 

 

    	 

    	 

    

 

SCHEDULE 1-A

 

* * *

 

    	 

    	 

    

 

SCHEDULE 1-B

price
adjustment formula

 

* *
*EX-10.1

 Exhibit 10.1 

SEPARATION, CONSULTING AND RELEASE AGREEMENT 

This SEPARATION, CONSULTING AND RELEASE AGREEMENT (together with any Exhibits hereto, this “Agreement”) is entered into by
and between 2U, Inc. (the “Company”) and John Ellis (“Executive” and, together with the Company, the “Parties”), dated as of April 15, 2022. 

WHEREAS, Executive, as of the date set forth below, hereby enters into this Agreement with and for the benefit of the Company; 

WHEREAS, Executive’s employment with the Company will terminate on April 30, 2022 (the “Separation Date”); and 

WHEREAS, the effectiveness of this Agreement pursuant to Section 13(a) is a condition precedent to Executive receiving the benefits set
forth in this Agreement. 
 NOW, THEREFORE, the Company and Executive, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged and agreed, and intending to be legally bound, hereby agree as follows: 
 1. Resignation of
Employment. The Parties agree that Executive’s employment will terminate effective as of the Separation Date. Effective as of the Separation Date, Executive hereby resigns from all positions Executive holds as an officer, director or
otherwise with respect to the Company, its subsidiaries and its affiliates, including, but not limited to, his position as Chief Accounting Officer. Upon request of the Company, Executive agrees to execute any additional documents and take such
additional actions as may be necessary or desirable to effectuate the foregoing. 
 2. Consulting Period. 

(a) Provided that this Agreement becomes effective pursuant to Section 13(a), for the period of time beginning on the Separation Date
through April 30, 2023 (the “Consulting Period”), Executive shall provide consulting services to the Company as an independent contractor, to provide transition services and work on special projects as requested by the Company’s
Chief Financial Officer or his designee (the “Services”). Executive shall be available to provide such Services up to 20 hours per week. During the Consulting Period, the Company shall pay Executive a consulting fee of $60,000, paid in
equal monthly installments. 
 (b) During the Consulting Period, the Parties agree that Executive is and shall act as an independent
contractor under this Agreement, and not as an employee of the Company. Subject only to such specific limitations as are contained in this Agreement, the manner, means, details or methods by which Executive performs the Services shall be solely
within Executive’s discretion. 
 (c) The Consulting Period may be terminated by the Company for Cause (as defined below). If the
Company terminates the Consulting Period for Cause, Executive’s outstanding equity awards shall immediately cease vesting as of the effective date of Executive’s termination. 

 (d) For purposes of this Agreement, “Cause” means any of the following:
(i) Executive’s commission of an act of fraud, embezzlement or theft against the Company or its subsidiaries; (ii) Executive’s conviction of, or plea of no contest to, a felony or crime involving moral turpitude;
(iii) Executive’s refusal to perform material duties as an employee of the Company, which to the extent curable, remains uncured for 30 days following Executive’s receipt of written notice thereof; (iv) Executive’s material
breach of any material Company policy or any material agreement with the Company or any of its subsidiaries, including the Confidentiality and Restrictive Covenant Agreement; (v) Executive’s gross negligence, willful misconduct or any
other act of willful disregard for the Company’s or any of its subsidiaries’ best interests; or (vi) Executive’s refusal to cooperate with a governmental or internal investigation of the Company or its directors, officers or
employees. 
 3. Payments and Benefits. 

(a) Provided that this Agreement becomes effective in accordance with Section 13(a) of this Agreement and Executive complies with his
obligations under this Agreement, Executive shall be entitled to receive the Accrued Amounts (as defined below), the Pro-Rata Bonus (as defined below) and the following payments and benefits, subject to the
terms of this Agreement: 
  

	 	(i)	 the Company shall pay to Executive an aggregate amount equal to $301,000 less all taxes and deductions, which
amount shall be payable in accordance with the Company’s normal payroll practices over a period of twelve (12) months following the Separation Date, with the first payment thereof to be paid on the first regularly scheduled payroll date of
the Company occurring on or after the sixtieth (60th) day following the Separation Date and to include any amounts that would have been otherwise payable to Executive prior thereto;

  

	 	(ii)	 if the Executive timely elects continued group health coverage pursuant to the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”), during the Continuation Period (as defined below), the Company shall, on a monthly basis, pay or reimburse to the Executive the full cost of the monthly premiums for continued coverage
pursuant to COBRA, for the Executive and the Executive’s eligible dependents, under the Company’s group health plans in which the Executive participated immediately prior to the date of termination of the Executive’s employment or
materially equivalent plans maintained by the Company covering its executives in replacement thereof for the earliest of (i) twelve (12) months following the Separation Date, (ii) the date Executive becomes eligible for coverage under the
health insurance plan of a subsequent employer, or (iii) the date 

  
 2 

	 	
the Executive or the Executive’s eligible dependents, as the case may be, cease to be eligible under COBRA (the “Continuation Period”). Following the Continuation Period, the
Executive (or, if applicable, the Executive’s qualified beneficiaries under COBRA) shall be entitled to such continued coverage for the remainder of the COBRA period, if any, on a full self-pay basis to
the extent eligible under COBRA; and 

  

	 	(iii)	 subject to the terms and conditions of the applicable equity incentive plan and corresponding award agreement,
Executive shall continue to vest in his outstanding equity awards during the Consulting Period. 

 provided, however, if
this Agreement does not become effective in accordance with Section 13(a), the Consulting Period shall immediately terminate and Executive shall not be entitled to the payments and benefits set forth in this Section 3. 

(b) Provided that this Agreement becomes effective in accordance with Section 13(b) of this Agreement, Executive complies with his
obligations under this Agreement and the Consulting Period is not terminated for Cause, the Company agrees to pay Executive, less all applicable tax withholdings and deductions, $150,000. 

(c) For purposes of this Agreement, “Accrued Amounts” means the sum of (i) any base salary earned but unpaid through the
Separation Date, (ii) any unreimbursed expenses in accordance with the Company’s expense reimbursement policy, (iii) payments for any accrued but unused vacation leave and/or paid time off through the date of the Separation Date,
payable pursuant to the terms of the Company’s vacation leave and paid time off policies, as applicable, (iv) any earned but unpaid bonus for any prior completed fiscal years of the Company and (v) any accrued and vested rights or
benefits under any Company-sponsored employee benefit plans payable in accordance with the terms and conditions of such plans. Amounts payable in respect of (i), (ii), (iii) or (iv) of the foregoing shall be paid as soon as administratively
practicable, but in no event later than thirty (30) days, following the Separation Date. 
 (d) For purposes of this Agreement, “Pro-Rata Bonus” means a pro-rata portion (based on the number of days employed from January 1, 2022 through the Separation Date) of Executive’s annual
bonus under the 2022 Bonus Plan, calculated based on actual results for the full year of 2022, using the same calculation methodologies used to determine bonuses to similarly-situated active employees of the Company for 2022, payable at the time
that the annual performance bonus would otherwise be paid pursuant to the terms of the 2022 Bonus Plan. 

  
 3 

 4. Release. 

(a) Executive, on behalf of himself and his heirs, executors, administrators, successors and assigns, hereby irrevocably and unconditionally
releases the Company, its shareholders, partners, directors, board of managers, officers, agents, employees, employee benefit plans and their fiduciaries and administrators, parent companies, affiliates, subsidiaries, predecessors and successors,
assigns, heirs, executors, administrators, attorneys, and anyone acting on its behalf (collectively, the “Company Releasees”) of and from any and all actions, causes of action, claims, compensation, costs, demands, damages, debts,
expenses, injuries, liabilities, and losses of whatsoever nature, known or unknown (collectively, “Claims”) which Executive or his heirs, executors, administrators, successors or assigns ever had, now have or hereafter can, will or may
have (either directly, indirectly, derivatively or in any other representative capacity) by reason of any matter, fact or cause whatsoever against the Company Releasees: (a) arising from the beginning of time through the date upon which
Executive signs this Agreement, including, but not limited to, (i) any such Claims relating in any way to Executive’s employment relationship with the Company or any other Company Releasee or the termination of such relationship, whether
based on contract, understanding, promise, tort, public policy, common law or any other basis, and (ii) any such Claims arising under any federal, local or state statute or regulation, including, but not limited to, the following (all statutory
references include any amendments thereto): the Age Discrimination in Employment Act of 1967 (if applicable); the Older Workers Benefit Protection Act; 42 U.S.C. § 1981 (if applicable); the Federal Civil Rights Acts of 1866, 1870, 1871, 1964,
1972, 1988, and 1991; Title VII of the Civil Rights Act of 1964; the National Labor Relations Act; the Labor Management Relations Act, 1947; the Equal Pay Act of 1963; the Rehabilitation Act of 1973; the Consolidated Omnibus Budget Reconciliation
Act of 1985; the Americans With Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Employee Retirement Income Security Act; Executive Order 11246; Md. Code Ann., State Gov’t §
20-101 to 20-1203; and any other applicable federal, state, or local laws. Nothing in this Release shall be deemed to release or impair or any rights that cannot be
waived under applicable law, including as to unemployment compensation or workers’ compensation benefits, or Employee’s right to report possible violations of federal law or regulation to any governmental agency or entity in accordance
with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation.
Executive represents that Executive has no complaints, charges, or lawsuits pending against the Company Releasees. Executive understands and agrees that nothing in this Release is intended to, or shall, interfere with or affect Executive’s
right to participate or cooperate in any federal, state, or local administrative or government agency (such as the Equal Employment Opportunity Commission or Securities Exchange Commission) proceeding or investigation or to file a charge or Claim
with such an agency. Executive further covenants and agrees that, except to the extent prohibited by applicable law, neither Executive nor Executive’s heirs, executors, administrators, successors, or assigns will be entitled to any personal
recovery or relief in any proceeding of any nature whatsoever against the Company Releasees arising out of any of the matters released in this Agreement. 

Notwithstanding the foregoing, this Agreement does not limit Executive’s right to receive an award for information provided to the SEC.
In addition, this Agreement does not limit or release Executive’s rights (a) to benefits accrued and vested prior to the Separation Date under any employee benefit plan, policy or arrangement maintained by the Company, (b) to the
Accrued Amounts, (c) as a shareholder or in respect of outstanding equity awards pursuant to the applicable equity plan and award agreement, (d) to indemnification under contract, applicable corporate law, the by-laws or certificate of incorporation of the Company, any Company benefit plan, or as an insured under any director’s and officer’s liability insurance policy, or (e) under this Agreement. 

  
 4 

 (b) Executive acknowledges and agrees that the Company and the Company Releasees have fully
satisfied any and all obligations owed to Executive arising out of or relating to Executive’s employment with the Company, and no further sums, payments or benefits are owed to Executive by the Company or any of the Company Releasees arising
out of or relating to Executive’s employment with the Company, except as expressly provided in this Agreement. 
 5. Continuing
Obligations. Executive represents and warrants that he has fully complied with the Confidential Information, Invention Assignment, Work for Hire and No Solicit/No Hire Agreement, dated as of April 19, 2018, as amended on
March 8, 2019, which is attached as Exhibit A (the “Restrictive Covenant Agreement”), and agrees to fully comply with the Restrictive Covenant Agreement during and after the Consulting Period. 

6. Permitted Disclosures. Pursuant to 18 U.S.C. § 1833(b), Executive understands that he will not be held criminally or
civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company that (a) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or his
attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. Executive understands that if
he files a lawsuit for retaliation by the Company for reporting a suspected violation of law, he may disclose the trade secret to his attorney and use the trade secret information in the court proceeding if he (I) files any document containing
the trade secret under seal, and (II) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement, or any other agreement that Executive has with the Company, is intended to conflict with 18 U.S.C. §
1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section. Further, nothing in this Agreement or any other agreement that Executive has with the Company shall prohibit or restrict Executive from making
any voluntary disclosure of information or documents related to any violation of law to any governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to the Company. 

7. Cooperation. During and after the Consulting Period, Executive agrees that, upon reasonable notice and without the necessity
of the Company obtaining a subpoena or court order, Executive shall provide reasonable cooperation in connection with any suit, action or proceeding (or any appeal from any suit, action or proceeding), and any investigation and/or defense of any
claims asserted against the Company or any of its affiliates, that relates to events occurring during the Executive’s employment with the Company as to which Executive may have relevant information (including but not limited to furnishing
relevant information and materials to the Company or its designee and/or providing testimony at depositions and at trial), provided that the Company agrees to reimburse Executive for
out-of-pocket expenses reasonably incurred in connection with any such cooperation, and provided that any such cooperation shall be scheduled to the extent reasonably
practicable so as not to unreasonably interfere with Executive’s business or personal affairs. 

  
 5 

 8. Return of Property. Executive represents that he has returned or has agreed
with the Company to a plan to return, as of the expiration or earlier termination of the Consulting Period, to the Company all Company property which was in his possession, custody or control, including, but not limited to, documents, files, forms,
customer information and lists, confidential business information, keys, and Company-issued credit cards. 
 9. Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to the application of any choice-of-law rules that
would result in the application of another state’s laws. The Parties irrevocably agree that the competent courts of the State of Delaware are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with
this Agreement. 
 10. Legally Authorized. Each Party represents that it is competent to enter into this Agreement and has the
requisite authority to enter into this Agreement. No Party has agreed or promised to do or omit to do any act or thing not herein set forth, and the Parties further understand that a purpose of this Agreement is to compromise and terminate all
Claims of whatever nature, known or unknown, held by Executive. 
 11. Joint Preparation. This Agreement shall be deemed to
have been prepared jointly by the Parties. Any uncertainty or ambiguity existing herein shall not be interpreted against any Party. 
 12.
No Admission. Executive understands that this Agreement shall not in any way be construed as an admission by the Company or any other Company Releasee of any wrongdoing whatsoever against Executive. The Company specifically disclaims
any liability for any wrongdoing against Executive and denies any such wrongdoing, on the part of itself, or its employees, its agents, or any of the other Company Releasees. 

13. Advice of Counsel/Revocation Period.  

(a) Executive hereby acknowledges that he has been advised to seek the advice of independent counsel. Executive acknowledges that Executive
is acting of his own free will, that Executive has been afforded a reasonable time to read and review the terms of the Agreement, especially the release set forth in Section 4 herein, and that Executive is voluntarily entering into this
Agreement with full knowledge of its provisions and effects. Executive intends that this Agreement shall not be subject to any claim for duress. Executive further acknowledges that Executive has been given at least
twenty-one (21) days within which to consider this Agreement and that if Executive decides to execute this Agreement before the twenty-one day period has expired,
Executive does so voluntarily and waives the opportunity to use the full review period. Executive also acknowledges that Executive has seven (7) days following his execution of this Agreement to revoke acceptance of the Agreement. This
Agreement will not become effective until the eighth (8th) calendar day after the date it is executed. If Executive revokes his consent within such seven (7) calendar day period, the Company’s offer of the payments and benefits set forth
in Section 3 above shall be null and void, and Section 4 above shall be of no force or effect. Executive acknowledges that, absent the execution of this Agreement, Executive would not be entitled to the payments and benefits set forth in
Section 3. 

  
 6 

 (b) Notwithstanding anything in this Agreement to the contrary, Executive must again re-execute this Agreement following the expiration of the Consulting Period in order to be entitled to the payments and benefits in Paragraph 3(b). Executive acknowledges that Executive has been given at least twenty-one (21) days following the expiration of the Consulting Period within which to consider this Agreement and that if Executive decides to re-execute this Agreement
before the twenty-one day period has expired, Executive does so voluntarily and waives the opportunity to use the full review period; provided, however, that Executive may not
re-execute this Agreement prior to the end of the Consulting Period. Executive also acknowledges that Executive has seven (7) days following his re-execution of
this Agreement to revoke his re-execution of the Agreement. This Agreement will not become effective until the eighth (8th) calendar day after the date it is re-executed
by Executive. If Executive revokes his consent within such seven (7) calendar day period, the Company’s offer of the payments and benefits set forth in Section 3(b) above shall be null and void. Executive’s failure to re-execute this Agreement under this Section 13(b) on or within twenty-one (21) days following the end of the Consulting Period in no way affects Executive’s
prior release of claims under this Agreement. By Executive’s re-execution of this Agreement, the release set forth in Paragraph 4 shall be deemed to cover any Claims which Executive has, may have had, or
thereafter may have against the Company or any other Releasee by reason of any matter, cause or thing whatsoever arising from the beginning of time until the date on which Executive re-executes this Agreement.

 14. Acknowledgement. Executive acknowledges and agrees that he remains subject to the restrictive covenants contained in
(a) this Agreement, (b) any equity award documents, (c) any employment agreement between Executive and the Company and (d) the Restrictive Covenant Agreement (collectively, the “Restrictive Covenants”) and that
Executive has complied with such Restrictive Covenants and will continue to do so following the date hereof, to the extent required by such Restrictive Covenants. 

15. Representations. Executive represents and agrees that: Executive has disclosed to the Company any information Executive has
which Executive believes concerns any fraudulent or unlawful conduct involving the Company or any Company Releasee, or any conduct that violates the Company’s policies; Executive has not formally or informally raised or asserted any claims of
sexual harassment or sexual abuse against the Company or any Company Releasee, and represents and acknowledges that Executive has no such claims; Executive is receiving valuable consideration in exchange for executing this Agreement, and agrees that
Executive will not argue that the Agreement, in whole or in part, is not supported by sufficient consideration; and Executive has no known work-related injuries, illnesses, or occupational diseases arising out of or related to Executive’s
employment with the Company. 
 16. Section 409A. The intent of the Parties is that the payments provided hereunder comply
with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), to the extent subject thereto. The Company makes no representation that any or all of the payments described in this Agreement will be exempt
from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment. 

  
 7 

 17. Miscellaneous. 

(a) This Agreement sets forth the entire agreement of the Parties in respect of Executive’s resignation of employment and the Services
to be provided by Executive to the Company following the Separation Date and, except as explicitly stated herein, supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or
written, by either Party or any officer, employee or representative of either Party hereto with respect to such subject matter, other than as set forth in Section 6 above. This Agreement shall not be modified or amended except by written
agreement of Executive and the Company. 
 (b) The provisions of this Agreement shall inure to the benefit of, and be binding upon, the
Parties and their respective successors and assigns. Nothing in this Agreement shall be construed to give any rights to any third parties to enforce or benefit under the terms of this Agreement. 

(c) No waiver of any one or more of the terms, conditions or obligations of this Agreement, and no partial waiver thereof, shall be construed
as a waiver of any succeeding breach of any of such terms, conditions or obligations or of any of the other terms, conditions or obligations of this Agreement. No failure or delay by either Party at any time to enforce one or more of the terms,
conditions or obligations of this Agreement shall constitute a waiver of such terms, conditions or obligations or shall preclude such Party from requiring performance by the other Party at any time. 

(d) The headings of this Agreement are inserted for convenience only and neither constitute a part of this Agreement nor affect in any way
the meaning or interpretation of this Agreement. When a reference in this Agreement is made to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. 

(e) This Agreement may be executed in one or more counterparts, including emailed. .pdf-ed or
telecopied facsimiles, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

(f) Executive agrees that the Company would suffer irreparable harm if he were to breach, or threaten to breach, any provision of this
Agreement and that the Company would by reason of such breach, or threatened breach, be entitled to injunctive relief in a court of appropriate jurisdiction, without the need to post any bond, and Executive further consents and stipulates to the
entry of such injunctive relief in such a court prohibiting Executive from breaching this Agreement. This section shall not, however, diminish the right of the Company to claim and recover damages in addition to injunctive relief. 

(g) In the event that any one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. Moreover, if any one or more of the provisions contained in this Agreement shall be held to be excessively broad as to duration,
activity or subject, such provisions shall be construed by limiting and reducing them so as to be enforceable to the maximum extent allowed by applicable law. Furthermore, a determination in any jurisdiction that this Agreement, in whole or in part,
is invalid, illegal or unenforceable shall not in any way affect or impair the validity, legality or enforceability of this Agreement in any other jurisdiction. 

  
 8 

 (h) Any payments provided for herein shall be reduced by any amounts required to be
withheld by the Company under applicable law then in effect. 
 [signature page to follow] 

  
 9 

 IN WITNESS WHEREOF, the Parties, acknowledging that they are acting of their own free will,
have caused the execution of this Agreement as of this day and year written below. The Parties also acknowledge that they have had a sufficient opportunity to read and review the terms of this Agreement and that they have each received the advice of
their respective counsel with respect hereto. 
 Execution pursuant to Section 13(a): 

 

							
	John Ellis	  	 2U, Inc.

				
	By:	 	 /s/ John Ellis
	  	By:	 	 /s/ Paul S. Lalljie

			
	Dated: April 15, 2022	  		 	Name: Paul S. Lalljie
			
		  		 	Title: Chief Financial Officer
			
		  		 	Dated: April 15, 2022
			
	Re-Execution pursuant to Section 13(b):	  		 	
			
	John Ellis	  		 	
			
	      
	  		 	
			
	Dated:                         	  		 	

  
 10 

 Exhibit A 

CONFIDENTIAL INFORMATION, INVENTION ASSIGNMENT, WORK FOR HIRE AND NO SOLICIT/NO HIRE AGREEMENT 

  
 11

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