Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT
(this “Agreement”), dated as of May 13, 2019 (the “Effective Date”), between NS US Holdings,
Inc. (the “Company”), a subsidiary of Northern Swan Holdings, Inc. (“Parent Company”), and
Mr. Amit Pandey (“Employee,” together with the Company, the “Parties” and, each, a “Party”).

 

WHEREAS, the Company
desires to employ Employee as an employee of the Company, and Employee desires to accept such employment, on the terms and conditions
set forth in this Agreement;

 

NOW, THEREFORE, on
the basis of the foregoing premises and in consideration of the mutual covenants and agreements contained herein, the Parties agree
as follows:

 

1. Employment;
Title; Duties and Location. The Company hereby employs Employee, and Employee hereby accepts such employment with the Company,
on the terms and subject to the conditions set forth herein. During the term of this Agreement, Employee shall serve the Company
and any affiliates in the position of Vice President and shall report directly to and perform the duties and responsibilities assigned
to Employee from time to time by the Chief Financial Officer of the Company or his designees. Employee’s principal place
of work shall initially be in New York, NY.

 

2. At-Will
Employment. Employee agrees that Employee’s employment shall be “at-will,” meaning that such employment is
not for a definite duration and, subject to Section 8 herein, may be terminated by either Employee or the Company, at any
time, for Cause (as defined below), for any other reason or no reason. For purposes hereof, “Cause” means the
occurrence of any one of the following on Employee’s part: (a) dishonesty of a material nature, including theft, fraud, or
embezzlement of money or tangible or intangible assets or property of the Company or its employees or business relations; (b) conviction
of, or a plea of nolo contendre to, a felony or act of moral turpitude (excluding any conviction of, or plea of nolo
contendre to, any crime under Federal laws for possession or distribution of cannabis or of any products containing cannabis
resulting from the Employee’s actions that are lawful under applicable state law and are undertaken by the Employee at the
direction of the Employee’s supervisor or manager or any officer of the Company in the performance of the Employee’s
duties to the Company); (c) material breach of this Agreement or Employee’s fiduciary duties to the Company; or (d) gross
negligence in the performance of Employee’s duties to the Company.

 

3.
Compensation.

 

3.1 Base Salary.
During the term of this Agreement, Employee shall receive a base salary (the “Base Salary”) payable in substantially
equal installments in accordance with the Company’s normal payroll practices and procedures in effect from time to time and
subject to applicable withholdings and deductions, including all federal, state, local or other taxes or any payments of any other
nature as shall be required pursuant to any law or governmental regulation or ruling. Employee’s Base Salary shall be at
the annual rate of USD$200,000.00.

 

	 	Employee Initials:	 AP
	 	Company Initials:	 KPD

     

     

    

 

3.2 Annual Bonus.
In addition to the Base Salary, Employee shall be eligible for a USD$25,000 annual, discretionary bonus (the “Annual Bonus”)
that shall be paid annually by the Company at such time that the Company normally makes payments to its other employees.

 

3.3 Equity Grant.
Employee has been granted an option to purchase 14,220 shares of the Parent Company’s common stock from the Parent Company
at an exercise price that is at least equal to the fair market value per share on the date the option is granted. Such option shall
be subject to such terms and conditions, including vesting conditions, as set forth in a separate Stock Option Agreement between
the Parent Company and the Employee.

 

4. Vacation.
Employee shall be entitled to accrue fifteen (15) days of paid vacation for each twelve (12) month period during the term of this
Agreement, the dates of which shall be subject to the pre-approval of the Chief Executive Officer of the Company or his designee.
Accrued but unused vacation days shall carry over to subsequent years until a maximum of twenty (20) days have accrued.

 

5. Benefits.
During the term of this Agreement, Employee shall be entitled to receive such employee benefits and other fringe benefits as may
be provided from time to time by the Company to its similarly-situated employees, including, for example only, but not necessarily
including or limited to, group health insurance, life and disability insurance, 401(k) savings plan, sick leave, and holidays,
if and when Employee meets the eligibility requirements and other terms for any such benefit. The Company reserves the right to
change or discontinue any employee benefit plans or programs now or in the future being offered to employees of the Company.

 

6. No
Other Amounts. Other than the payments and benefits provided by Sections 3 through 5 (as applicable) and 8 herein,
Employee shall not be entitled to any other compensation, equity interest, profit participation, vested or unvested benefit or
any payment of any kind unless approved by the Company in writing.

 

7. Expiration
of the Term. Employee’s employment hereunder shall be “at-will,” meaning that either Employee or the Company
may terminate such employment at any time, for any reason or no reason. In the event Employee elects to resign Employee’s
employment, Employee shall provide the Company with at least fourteen (14) days’ advance written notice of such termination.
The Company may, in its sole discretion, waive any such notice period and terminate Employee’s employment before the expiration
of such notice period but will continue to pay Base Salary to the Employee through the end of such notice period. If the Company
does not terminate your employment prior to the end of such notice period, Employee shall continue to perform his duties and responsibilities
consistent with the provisions of Section 1 herein.

 

8. Effect
of Termination of Employment. In the event Employee’s employment with the Company terminates, Employee shall have no
right to receive any compensation, benefits or any other payments or remuneration of any kind from the Company, except as set forth
below. In the event Employee’s employment with the Company is terminated for any reason, Employee shall receive the following:
(i) Employee’s Base Salary through and including the effective date of Employee’s termination of employment (the “Termination
Date”), which shall be paid on the first regularly scheduled payroll date of the Company following the Termination Date
or on or before any earlier date as required by applicable law; (ii) payment for accrued unused vacation pay, which shall also
be paid on the first regularly scheduled payroll date of the Company following the Termination Date or on or before any earlier
date as required by applicable law; (iii) payment of any vested benefit due and owing under any employee benefit plan, policy or
program pursuant to the terms of such plan, policy or program; and (iv) payment for unreimbursed business expenses subject to,
and in accordance with, the terms of the Company’s business expense reimbursement policy, which payment shall be made within
thirty (30) days after Employee submits the applicable supporting documentation to the Company, and in any event no later than
on or before the last day of Employee’s taxable year following the year in which the expense was incurred.

 

	 	Employee Initials:	 AP
	 	Company Initials:	 KPD

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9. Confidentiality,
Restrictive Covenants and Intellectual Property Agreement. Contemporaneously with their respective execution of this
Agreement, the Employee shall execute the Northern Swan Holdings, Inc. Confidentiality, Restrictive Covenants and
Intellectual Property Agreement (the “Confidentiality Agreement”), a copy of which is annexed hereto as Exhibit
A. The terms of the Confidentiality Agreement are hereby incorporated by reference into this Agreement, except that, to
the extent there is an irreconcilable conflict between the terms of this Agreement and those of the Confidentiality
Agreement, the terms of this Agreement shall govern. Employee’s execution and compliance with the terms of the
Confidentiality Agreement is a material term of this Agreement, upon which Employee’s employment and continued
employment with the Company is conditioned.

 

10. Cooperation.
During and after the term of this Agreement, Employee shall assist and cooperate with the Company, the Parent Company and their
respective affiliates (collectively, the “Company Group”) in connection with the defense or prosecution of any
claim that may be made against or by the Company or any other Company Group member, or in connection with any ongoing or future
investigation or dispute or claim of any kind involving the Company or any other Company Group member, including any proceeding
before any arbitral, administrative, judicial, legislative, or other body or agency, including testifying in any proceeding to
the extent such claims, investigations or proceedings relate to services performed or required to be performed by Employee, pertinent
knowledge possessed by Employee, or any act or omission by Employee. Employee will also perform all acts and execute and deliver
any documents that may be reasonably necessary to carry out the provisions of this paragraph. The Company will reimburse Employee
for reasonable expenses Employee incurs in fulfilling Employee’s obligations under this Section 12.

 

11.
Representations Regarding Prior Work and Legal Obligations.

 

11.1 Employee represents
and warrants that Employee has no agreement or other legal obligation with any prior employer, or any other person or entity, that
restricts Employee’s ability to accept employment with the Company. Employee further represents and warrants that Employee
is not a party to any agreement (including, without limitation, a non-competition, non-solicitation, no hire or similar agreement)
and has no other legal obligation that restricts in any way Employee’s ability to perform Employee’s duties and satisfy
Employee’s other obligations to the Company, including, without limitation, those under this Agreement.

 

11.2 Employee acknowledges
that the Company is basing important business decisions on these representations, agreements and warranties, and Employee affirms
that all of the statements included herein are true. Employee agrees that Employee shall defend, indemnify and hold the Company
harmless from any liability, expense (including attorneys’ fees) or claim by any person in any way arising out of, relating
to, or in connection with a breach and/or the falsity of any of the representations, agreements and warranties made by Employee
in this Section 11.

 

	 	Employee Initials:	 AP
	 	Company Initials:	 KPD

    3

     

    

 

12. Arbitration.
Employee and the Company agree that, except for claims for workers’ compensation, unemployment compensation, claims
before administrative agencies and any other claim that is non-arbitrable under applicable law, final and binding arbitration
shall be the exclusive forum for any dispute or controversy between them, including, without limitation, disputes arising
under or in connection with this Agreement, the Confidentiality Agreement, and Employee’s employment, and/or
termination of employment, with the Company. This arbitration provision includes all common-law and statutory claims (whether
arising under federal state or local law), including any claim for breach of contract, fraud unpaid wages, wrongful
termination, or discrimination/harassment on the basis of gender, age, national origin, sexual orientation, marital status,
disability, or any other protected status. Such arbitration shall be conducted in New York, New York and shall be
administered by the Judicial Arbitration and Mediation Service (“JAMS”) in accordance with the JAMS’
then current employment arbitration rules and procedures and any applicable state statute, or successor or replacement
statutes. Claims must be submitted to the JAMS for arbitration in accordance with the JAMS’s rules for commencing an
arbitration and within the time period set forth in the applicable statute of limitations. The Company and Employee hereby
agree that a judgment upon an award rendered by the arbitrator may be entered in any court having jurisdiction over the
Parties. Fees of the arbitrator shall be paid by the Company where required by applicable law. Otherwise, each Party shall be
solely responsible for paying their own costs associated with the arbitration, including their own attorneys’ fees and
expert witness fees. However, if either Party prevails on a statutory or contract claim which affords the prevailing party
their attorneys’ fees, the arbitrator may award reasonable outside attorneys’ fees to the prevailing Party. THE
PARTIES UNDERSTAND AND AGREE THAT THEY ARE WAIVING THEIR RIGHTS TO BRING SUCH CLAIMS TO COURT, INCLUDING THE RIGHT TO A JURY
TRIAL.

 

13.
Miscellaneous Provisions.

 

13.1 IRCA Compliance.
This Agreement, and Employee’s employment with the Company, is conditioned on Employee’s establishing Employee’s
identity and authorization to work as required by the Immigration Reform and Control Act of 1986 (IRCA).

 

13.2 Assignability
and Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon the heirs, executors, administrators,
successors and legal representatives of Employee, and shall inure to the benefit of and be binding upon the Company, other members
of the Company Group and their successors and assigns, but the obligations of Employee are personal services and may not be delegated
or assigned. Employee shall not be entitled to assign, transfer, pledge, encumber, hypothecate or otherwise dispose of this Agreement,
or any of Employee’s rights and obligations hereunder, and any such attempted delegation or disposition shall be null and
void and without effect. This Agreement may be assigned by the Company to a person or entity that is an affiliate or a successor
in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of
the Company hereunder shall become the rights
and obligations of such affiliate or successor person or entity.

 

	 	Employee Initials:	 AP
	 	Company Initials:	 KPD

    4

     

    

  

13.3 Severability
and Blue Penciling. If any provision of this Agreement is held to be invalid, the remaining provisions shall remain in full
force and effect. However, if any court determines that any covenant in this Agreement, is unenforceable because the duration,
geographic scope or restricted activities thereof are overly broad, then such provision or part thereof shall be modified by reducing
the overly broad duration, geographic scope or restricted activities by the minimum amount so as to make the covenant, in its modified
form, enforceable.

 

13.4 Governing Law.
This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof (to the extent that the application of the laws of another jurisdiction would be
required thereby).

 

13.5 Notices.

 

(a) Any
notice or other communication under this Agreement shall be in writing and shall be delivered by hand, email, or mailed by overnight
courier or by registered or certified mail, postage prepaid:

 

(i) If
to Employee, to Employee’s mailing address or email address on the books and records of the Company.

 

(ii) If
to the Company, to NS US Holdings, Inc., 489 Fifth Avenue, 27th Floor,
New York, NY 10017, Attention: Kyle Detwiler, email: kyle@northernswan.com or at such other mailing address or email address as
it may have furnished in writing to Employee.

 

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

 

13.6 Survival of Terms.
All provisions of this Agreement that, either expressly or impliedly, contain obligations that extend beyond termination of Employee’s
employment hereunder, including without limitation Sections 9, 10, 11, 12, and 13 herein, shall
survive the termination of this Agreement and of Employee’s employment hereunder for any reason.

 

13.7 Interpretation.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. The language in all parts of this Agreement shall in all cases be construed according to its fair meaning, and
not strictly for or against any Party. The Parties acknowledge that both of them have participated in drafting this Agreement;
therefore, any general rule of construction that any ambiguity shall be construed against the drafter shall not apply to this Agreement.
In this Agreement, unless the context otherwise requires, the masculine, feminine and neuter genders and the singular and the plural
include one another.

 

	 	Employee Initials:	 AP
	 	Company Initials:	 KPD

    5

     

    

 

13.8 Further Assurances.
The Parties will execute and deliver such further documents and instruments and will take all other actions as may be reasonably
required or appropriate to carry out the intent and purposes of this Agreement.

 

13.9 Voluntary and
Knowing Execution of Agreement. Employee acknowledges that: (a) Employee has had the opportunity to consult an attorney regarding
the terms and conditions of this Agreement before executing it; (b) Employee fully understands the terms of this Agreement including,
without limitation, the significance and consequences of the post-employment restrictive covenants in the Confidentiality Agreement;
and (c) Employee is fully satisfied with the terms of this Agreement and is executing this Agreement voluntarily, knowingly and
willingly and without duress.

 

13.10 Entire Agreement.
This Agreement (including Exhibit A attached hereto and the recitals set forth above both of which are hereby incorporated
into this Agreement) constitutes the entire understanding and agreement of the Parties concerning the subject matter hereof, and
it supersedes all prior negotiations, discussions, correspondence, communications, understandings and agreements regarding such
subject matter. Each Party acknowledges and agrees that such Party is not relying on, and may not rely on, any oral or written
representation of any kind that is not set forth in writing in this Agreement.

 

13.11 Waivers and
Amendments. This Agreement may be altered, amended, modified, superseded or cancelled, and the terms hereof may be waived,
only by a written instrument signed by the Parties or, in the case of a waiver, by the Party alleged to have waived compliance.
Any such signature of the Company must be by an authorized signatory for the Company. No delay by any Party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any Party of any such right,
power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise
thereof or the exercise of any other such right, power or privilege.

 

13.12 Counterparts.
This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original.
Photographic copies, electronically scanned copies and other facsimiles of this Agreement (including such signed counterparts)
may be used in lieu of the originals for any purpose.

 

[The remainder of this page is intentionally
blank; signature page follows.]

 

	 	Employee Initials:	 AP
	 	Company Initials:	 KPD

    6

     

    

 

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

 

	/s/
    Amit Pandey	 
	Ms. Amit Pandey	 
	 	 
	NS US HOLDINGS, INC.	 
	 	 	 
	By:	/s/ Kyle Detwiler	 
	 	Kyle Detwiler, Chief Executive OfficerExhibit 10.2

 

Clever Leaves International, Inc.

 

	 	December 11, 2020

 

Mr. Amit Pandey

 

		Re:	Promotion

 

Clever Leaves International
Inc. (the “Company”), on behalf of itself and its subsidiaries, is pleased to promote you to Senior Vice President
- Interim Chief Financial Officer, effective upon the Closing (as defined below), of the Company, its subsidiaries and Clever Leaves
Holdings Inc. (“Clever Leaves Holdings”), the parent company of the Company following the closing of the transactions
contemplated by that certain Amended and Restated Business Combination Agreement, dated as of November 9, 2020 (the “Business
Combination Agreement”), among the Company, Schultze Special Purpose Acquisition Corp., Novel Merger Sub Inc., and Clever
Leaves Holdings, as amended from time to time (the “Closing”).

 

In connection with
your promotion, you will receive a special bonus of $35,000 for 2021, prorated based on the time period that you remain as Interim
Chief Financial Officer during such year. Such special bonus will be paid no later than March 15, 2022 and is contingent on your
continued employment in good standing through the payment date.

 

You shall also receive
a special bonus of $25,000, paid not later than the end of the 2020 fiscal year, subject to all applicable tax withholdings.

 

In addition, you will
be granted three restricted share unit grants with respect to common shares of Clever Leaves Holdings following the Closing.

 

The first grant, a
transaction bonus grant, will be made under the 2020 Incentive Award Plan of Clever Leaves Holdings (the “2020 Plan”)
and an award agreement thereunder, and will be for a number of restricted share units equal to 12,335 multiplied by the exchange
ratio determined pursuant to the Business Combination Agreement (the “Exchange Ratio”). Such restricted share
units will cliff-vest on the first anniversary of the Closing, subject to your continued employment in good standing with Clever
Leaves Holdings or any of its subsidiaries through such first anniversary.

 

The second grant and
third grants will be made under the 2020 Earnout Award Plan of Clever Leaves Holdings (the “Earnout Plan”) and
an award agreement thereunder, and will each be subject to both performance- and time- vesting, both of which must be satisfied
in order for you to vest in any portion of the restricted share units. Upon employment termination, you will forfeit any restricted
share units that are not yet performance- or time-vested.

 

The second grant (the
“First Level Earnout Grant”) is for 13,875 restricted share units. The First Level Earnout Grant will performance-vest
only if the closing price per Clever Leaves Holdings common share equals or exceeds $12.50 per share for any 20 trading days within
any consecutive 30 trading day period on or before the second anniversary of the Closing, subject to your continued employment
in good standing through the date such price target is met. If, as of the second anniversary of the Closing, such price targets
are not hit, you will forfeit the First-Level Earnout Grant. The First-Level Earnout Grant will time-vest 25% on each anniversary
of Closing, with complete time-vesting on the fourth anniversary of Closing, subject to your continued employment in good standing
through the applicable anniversary.

 

     

     

    

 

The third grant (the
“Second Level Earnout Grant”) is for 13,875 restricted share units. The Second Level Earnout Grant will performance-vest
only if the closing price per Clever Leaves Holdings common share equals or exceeds $15.00 per share for any 20 trading days within
any consecutive 30 trading day period on or before the fourth anniversary of the Closing, subject to your continued employment
in good standing through the date such price target is met. If, as of the fourth anniversary of the Closing, such price targets
are not hit, you will forfeit the Second-Level Earnout Grant. The Second-Level Earnout Grant will time-vest 25% on each anniversary
of Closing, with complete time-vesting on the fourth anniversary of Closing, subject to your continued employment in good standing
through the applicable anniversary.

 

The restricted share
units will be settled in common shares of Clever Leaves Holdings within 30 days following vesting.

 

Each grant of restricted
share unit grants is conditioned upon (i) the occurrence of the Closing, (ii) approval of the equity grant described herein by
the Compensation Committee of the Board of Directors of Clever Leaves Holdings, and (iii) the filing of a registration statement
on Form S-8 by Clever Leaves Holdings with respect to the 2020 Plan.

 

In addition, you will
be eligible to enter into an indemnity agreement with Clever Leaves Holdings, providing indemnification to you from claims and
losses arising out of the good faith performance of your services to Clever Leaves Holdings during your time of employment. Such
agreement shall be in the form approved by the Board of Directors of Clever Leaves Holdings and have the same terms and conditions
as other similarly situated officers and directors.

 

Except as otherwise
set forth herein, the terms and conditions of your Employment Agreement, dated May 13, 2019, will continue to apply. This agreement
supersedes any prior agreement regarding the subject matter hereof, including any transaction bonus.

 

IN WITNESS WHEREOF,
the Parties have executed and delivered this agreement as of the date first above written.

 

	 	/s/ Amit Pandey
	 	Amit Pandey
	 	 
	 	Clever Leaves International, Inc.
	 	 	 
	 	By:	/s/ Kyle Detwiler
	 	Name: 	Kyle Detwiler
	 	Title:	Chief Executive Officer

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