Document:

Exhibit 10.10

 

CANOO
TECHNOLOGIES INC. (FKA CANOO INC.)

 

SENIOR
MANAGEMENT EMPLOYMENT AGREEMENT

for

ANDREW
WOLSTAN

 

This
Senior Manager Employment Agreement (“Agreement”) is entered into by and between Andrew Wolstan (the
“Senior Manager”) and Canoo Technologies Inc. (fka Canoo Inc.), a Delaware company incorporated under
the laws of Delaware (the “Company”).

 

Whereas,
the Company values the Senior Manager as a critical leader in Company’s organization and desires to continue to employ the
Senior Manager to provide services to the Company;

 

Whereas,
the Company wishes to provide the Senior Manager with certain
compensation and benefits in return for the Senior Manager’s continued services as set forth in this Agreement; and

 

Whereas,
the Senior Manager wishes to continue to be employed by the Company and provide services to the Company in return for certain
compensation and benefits as set forth in this Agreement;

 

Now,
Therefore, in consideration of the mutual
promises and covenants contained herein, it is hereby agreed by and between the parties hereto as follows:

 

1. Employment
by the Company.

 

1.1 Effective
Date. The effective date (“Effective Date”) of all terms in this Agreement shall be the Closing
Date, as defined below. The terms of this Agreement shall supersede and restate the offer letter by and between the Company and
the Senior Manager dated December 8, 2017, as amended and restated by a letter dated November 6, 2018, effective as of the Effective
Date.

 

1.2 Position.
The Company agrees to employ the Senior Manager in the position of In Charge of Legal and the Senior Manager hereby accepts
employment in such ongoing capacity. During the Senior Manager’s employment with the Company, the Senior Manager will devote
the Senior Manager’s best efforts and substantially all of the Senior Manager’s business time and attention to the
business of the Company, except for periods of flexible paid time off and reasonable periods of illness or other incapacities
permitted by the Company’s Flexible Paid Time Off Policy in the Company Handbook or in the Company’s other general
employment policies (collectively, “Employment Policies.”) The Senior Manager will report to the Executive
Chairman of the Board of Directors of the Company’s parent holding company (the “Board”). The
Company reserves the right to change the Senior Manager’s position, duties, and work location, from time to time in its
discretion.

 

1.3 Duties.
The Senior Manager shall serve in a senior management capacity and shall perform the customary duties of the Senior Manager’s
position, such duties as are assigned to the Senior Manager from time to time, consistent with the Bylaws and Employment Policies
of the Company, and as required by the Board.

 

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1.4 Location.
The Senior Manager’s primary office location shall be Torrance, California. The Company reserves the right to reasonably
require the Senior Manager to perform the Senior Manager’s duties at places other than its corporate headquarters from time
to time, and to require reasonable business travel, including international travel.

 

1.5 Policies
and Procedures. The employment relationship between the parties shall also be governed by the Employment Policies and practices
of the Company, including those relating to protection of confidential information and assignment of inventions, except that when
the terms of this Agreement differ from or are in conflict with the Company’s Employment Policies, this Agreement shall
control.

 

1.6 Corporate
References Following Transaction Close. Prior to the Effective Date hereof, Hennessy Capital Acquisition Corp. IV and Canoo
Holdings Ltd. entered into that Merger Agreement and Plan of Reorganization dated August 17, 2020, with HCAC IV First Merger Sub,
Ltd., an exempted company incorporated with limited liability in the Cayman Islands and HCAC IV Second Merger Sub, LLC, a Delaware
limited liability company (the “Merger Agreement”), a copy of which has been provided to the Senior
Manager. Provided the transactions contemplated by the Merger Agreement are successfully closed, the following references throughout
this Agreement shall be automatically changed, as indicated, effective immediately upon such closing date (as referred to herein,
the “Closing Date”): (i) “Company” shall refer to Canoo Technologies Inc., the contemplated
surviving employer entity of the Senior Manager; (ii) “Canoo Holdings Ltd.” shall refer to Canoo Inc. as the contemplated
surviving public parent company (the “new public parent company”); and (iii) the “Board” shall refer to
the new Board of Directors empaneled for the new public parent company. Notwithstanding the foregoing, and for the avoidance of
doubt, should the transactions contemplated by the Merger Agreement not close as anticipated, all such references shall remain
unchanged and this Agreement shall continue in full force and effect.

 

2. Compensation
and Benefits.

 

2.1 Salary.
The Senior Manager shall receive for services to be rendered hereunder a monthly base salary of $25,000 ($300,000 annualized),
as of the Effective Date. The Base Salary shall be reviewed annually and may be adjusted as approved by the Board (or any authorized
committee thereof).

 

2.2 Benefits.
The Senior Manager shall be entitled to all rights and benefits for which the Senior Manager is eligible under the terms and
conditions of the standard Company benefits and compensation practices which may be in effect from time to time and provided by
the Company to its employees generally. The Company may change employee benefits from time to time in its discretion.

 

2.3 Lump
Sum Payment. Contingent upon the Senior Manager’s continued employment through the Closing Date, the Senior Manager
shall be eligible to receive a lump sum cash payment in the amount of $525,000 at the effective time of the consummation of the
transactions contemplated by the Merger Agreement (the “Lump Sum Payment”). The Lump Sum Payment shall
be made as soon as practicable following the Closing Date, but in no event later than sixty (60) days following the Closing Date.

 

2.4 Business
Expenses. The Company will pay or reimburse the Senior Manager for all reasonable business expenses incurred or paid by the
Senior Manager in the performance of the Senior Manager’s duties and responsibilities for the Company in accordance with
the Company’s Expense Reimbursement Policy.

 

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3. Proprietary
Information Obligations.

 

3.1 Agreement.
As a condition of the Senior Manager’s ongoing employment, the Senior Manager hereby reaffirms and agrees to continue to
abide by the Employee Confidential Information and Invention Assignment Agreement dated December 12, 2017, attached hereto as
Exhibit A.

 

3.2 Third
Party Agreements and Information. The Senior Manager represents and warrants that the Senior Manager’s employment by
the Company will not conflict with any prior employment or consulting agreement or other agreement with any third party, and that
the Senior Manager will perform the Senior Manager’s duties to the Company without violating any such agreement. The Senior
Manager represents and warrants that the Senior Manager does not possess confidential information arising out of prior employment,
consulting, or other third party relationships, which would be used in connection with the Senior Manager’s employment by
the Company, except as expressly authorized by that third party. During the Senior Manager’s employment by the Company,
the Senior Manager will use in the performance of the Senior Manager’s duties only information which is generally known
and used by persons with training and experience comparable to the Senior Manager’s own, common knowledge in the industry,
otherwise legally in the public domain, or obtained or developed by the Company or by the Senior Manager in the course of the
Senior Manager’s work for the Company.

 

4. Outside
Activities During Employment.

 

4.1 Exclusive
Employment. Except with the prior written consent of the Board, the Senior Manager will not during employment with the Company
undertake or engage in any other employment, occupation or business enterprise. The Senior Manager may engage in civic and not-for-profit
activities so long as such activities do not materially interfere with the performance of the Senior Manager’s duties hereunder.

 

4.2 No
Adverse Interests. Except as permitted by Section 4.3, the Senior Manager agrees, during the Senior Manager’s employment
with the Company, not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known
by the Senior Manager to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise.

 

4.3 Noncompetition.
During the Senior Manager’s employment by the Company, except on behalf of the Company or with the prior written consent
of the Board, the Senior Manager will not directly or indirectly, whether as an officer, director, stockholder, partner, proprietor,
associate, representative, consultant, or in any capacity whatsoever engage in, become financially interested in, be employed
by or have any business connection with any other person, corporation, firm, partnership or other entity whatsoever which were
known by the Senior Manager to compete directly with the Company, throughout the world, in any line of business engaged in (or
planned to be engaged in) by the Company.

 

5. Noninterference.
While employed by the Company the Senior Manager agrees not to interfere with the business of the Company by directly
or indirectly: (a) soliciting, attempting to solicit, inducing, or otherwise causing any employee of the Company, with whom the
Senior Manager worked while employed by the Company, to terminate employment in order to become an employee, consultant or independent
contractor to or for any other person or entity; or (b) soliciting the business of any customer of the Company which at the time
of the solicitation, or during the year immediately prior thereto, was listed on the Company’s customer list.

 

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6. Termination
Of Employment.

 

6.1 At-Will
Relationship. The Senior Manager’s employment relationship is at-will. Either the Senior Manager or the Company may
terminate the employment relationship at any time, with or without Cause, as defined below, or advance notice.

 

6.2 Wage
Payments upon Termination. Upon termination of the Senior Manager’s employment for any reason, the Senior Manager shall
be paid all accrued but unpaid Base Salary (“Accrued Salary”).

 

6.3 Treatment
of Restricted Shares issued Under Restricted Share Purchase Agreement upon Termination.

 

(i) The
Senior Manager previously entered those certain Restricted Share Purchase Agreements with Company dated as of November 6, 2018,
November 15, 2018, December 18, 2018, March 4, 2019 and May 6, 2019, as amended by the Amendment and Waiver Agreement with Company
(collectively, the “RSPA.”) In the event the Company terminates the Senior Manager’s employment without Cause
(as defined below), or the Senior Manager resigns from his employment for Good Reason (as defined below), Canoo Holdings Ltd.
shall have the right to repurchase, in a lump sum cash payment, any unvested Restricted Shares issue under the Senior Manager’s
RSPA at the Senior Manager’s original per share purchase price.

 

(ii) In
the event the Senior Manager’s employment with the Company is terminated for Cause (as defined below), Canoo Holdings Ltd.
shall have the right to repurchase, in a lump sum cash payment, all Restricted Shares held by the Senior Manager under the RSPA
at the par value for the shares, whether such shares have vested or remain unvested.

 

(iii) For
purposes of this Agreement, “Cause” shall mean: (1) the Senior Manager’s conviction or plea of guilty or nolo
contendere in a court of law of a felony or a conviction or plea of guilty or nolo contendere for any crime involving an act of
moral turpitude, fraud or dishonesty or any conduct by the Senior Manager that would reasonably be expected to result in material
injury or reputational harm to the Company or any of its subsidiaries and affiliates if the Senior Manager were retained in his
position; (2) a good faith determination by the Board that the Senior Manager has engaged in acts of willful fraud, breach of
fiduciary duty, and/or breach of the Senior Manager’s duty of loyalty to the Company or Canoo Holdings Ltd., in any such
case, which is materially injurious to the Company or Canoo Holdings Ltd.; or (3) the Senior Manager’s (A) material breach
of this Agreement, the Company’s Confidential Information and Invention Assignment Agreement and any other of the Company’s
lawful policies that have been provided to the Senior Manager in writing or otherwise made available to the Senior Manager through
the Company’s intranet, which breach is materially injurious to the Company or Canoo Holdings Ltd. and/or (B) willful and
continued failure or refusal by the Senior Manager to substantially perform the Senior Manager’s duties to the Company;
provided, however, that no termination shall be deemed for Cause unless the Senior Manager has first received written notice from
the Board advising the Senior Manager of the specific acts or omissions alleged to constitute a violation, failure, and/or breach
as set forth in this Section and (B) the Senior Manager shall have failed to correct the acts or omissions so complained of to
the good faith satisfaction of the Board within 30 days thereafter.

 

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(iv) For
purposes of this Agreement, “Good Reason” shall mean (unless the Senior Manager has expressly agreed to such event
in a signed writing): (1) a reduction in the Senior Manager’s current base salary of 10% or more unless such reduction is
part of a generalized salary reduction affecting all of the Senior Manager officers of the Company; (2) a material diminution
in the Senior Manager’s authority, duties, or responsibilities, (3) a material change in the geographic location at which
the Senior Manager must perform services; or (4) the Company’s material breach of the terms of the Senior Manager’s
employment as set forth in this Agreement. No termination by the Senior Manager shall constitute a termination for Good Reason
unless the Senior Manager give the Company notice of the condition constituting Good Reason within 30 days following the initial
occurrence thereof (such notice must be signed by the Senior Manager, specifically identify the alleged breach and specifically
refer to this Section, the Company does not remedy the condition within 45 days of receiving such notice, and the Senior Manager
actually terminates his employment within 30 days following the expiration of the Company’s cure period.

 

(v) In
the event the Senior Manager is terminated without Cause or terminates for Good Reason, any amounts paid for the repurchase of
the Senior Manager’s Restricted Shares shall be contingent upon the Senior Manager’s execution of a full waiver and
release of all claims in a form acceptable to the Company prior to the Company being obligated to provide the Senior Manager with
such payments and benefits. The release of claims will be provided to the Senior Manager with five (5) days following the Senior
Manager’s termination of employment. Notwithstanding the foregoing, the Company may, with the consent of the Board, make
additional payments other than severance payments to effect the waiver and release as described in the first sentence of this
paragraph.

 

6.4 Section
409A. The payments and benefits under this Agreement are intended to qualify for exemptions from the application of
Section 409A of the Internal Revenue Code (“Section 409A”), and this Agreement will be construed to
the greatest extent possible as consistent with those provisions, and to the extent not so exempt, this Agreement (and any definitions
hereunder) will be construed in a manner that complies with Section 409A to the extent necessary to avoid adverse taxation under
Section 409A. Notwithstanding anything to the contrary herein, to the extent required to comply with Section 409A, a termination
of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of
amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service”
within the meaning of Section 409A. The Senior Manager’s right to receive any installment payments will be treated as a right
to receive a series of separate payments and, accordingly, each installment payment shall at all times be considered a separate
and distinct payment. Notwithstanding any provision to the contrary in this Agreement, if the Senior Manager is deemed by the
Company at the time of the Senior Manager’s separation from service to be a “specified employee” for purposes of Section
409A, and if any of the payments upon separation from service set forth herein and/or under any other agreement with the Company
are deemed to be “deferred compensation,” then, to the extent delayed commencement of any portion of such payments
is required in order to avoid a prohibited distribution under Section 409A and the related adverse taxation under Section 409A,
such payments shall not be provided to the Senior Manager prior to the earliest of (a) the expiration of the six-month period
measured from the date of separation from service, (b) the date of the Senior Manager’s death or (c) such earlier date as permitted
under Section 409A without the imposition of adverse taxation. With respect to payments to be made upon execution of an effective
release, if the release revocation period spans two calendar years, payments will be made in the second of the two calendar years
to the extent necessary to avoid adverse taxation under Section 409A. With respect to reimbursements or in-kind benefits provided
to the Senior Manager hereunder (or otherwise) that are not exempt from Section 409A, the following rules shall apply: (x) the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during any one of the Senior Manager’s taxable years
shall not affect the expenses eligible for reimbursement, or in-kind benefit to be provided in any other taxable year, (y) in
the case of any reimbursements of eligible expenses, reimbursement shall be made on or before the last day of the Senior Manager’s
taxable year following the taxable year in which the expense was incurred and (z) the right to reimbursement or in-kind benefits
shall not be subject to liquidation or exchange for another benefit.

 

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7. Cooperation
with Company.

 

7.1 Cooperation
Obligation. During and after the Senior Manager’s employment, the Senior Manager will cooperate with the Company in
responding to the reasonable requests of the Company’s Executive Chairman of the Board, Chief Executive Officer, or General
Counsel, in connection with any and all existing or future litigation, arbitrations, mediations or investigations brought by or
against the Company, or its affiliates, agents, officers, directors or employees, whether administrative, civil or criminal in
nature, in which the Company reasonably deems the Senior Manager’s cooperation necessary or desirable. In such matters,
the Senior Manager agrees to provide the Company with reasonable advice, assistance, and information, including offering and explaining
evidence, providing sworn statements, and participating in discovery and trial preparation and testimony. The Senior Manager also
agrees to promptly send the Company copies of all correspondence (for example, but not limited to, subpoenas) received by the
Senior Manager in connection with any such legal proceedings, unless the Senior Manager is expressly prohibited by law from so
doing.

 

7.2 Expenses
and Fees. The Company will reimburse the Senior Manager for reasonable out-of-pocket expenses actually incurred by the Senior
Manager as a result of the Senior Manager’s cooperation with the obligations described in Section 7.1, in accordance with
the Company’s Expense Reimbursement Policy.

 

8. Dispute
Resolution.

 

8.1 To
ensure the rapid and economical resolution of disputes that may arise in connection with the Senior Manager’s employment
with the Company, the Senior Manager and the Company agree that any and all disputes, claims, or causes of action, in law or equity,
including but not limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation
of this Agreement, the Senior Manager’s employment with the Company, or the termination of the Senior Manager’s employment,
shall be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. § 1-16, to the fullest extent permitted by law, by final,
binding and confidential arbitration conducted by JAMS or its successor, under JAMS’ then applicable rules and procedures
for employment disputes before a single arbitrator (available upon request and also currently available at http://www.jamsadr.com/rules-employment-arbitration/),
in Los Angeles (Century City), California. The Senior Manager acknowledges that by agreeing to this arbitration procedure,
both the Senior Manager and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative
proceeding.

 

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8.2 All
claims, disputes, or causes of action under this arbitration agreement, whether by the Senior Manager or the Company, must be
brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class
or representative proceeding, nor joined or consolidated with the claims of any other person or entity. The arbitrator may not
consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding.
To the extent that the preceding sentences regarding class claims or proceedings are found to violate applicable law or are otherwise
found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration.

 

8.3 This
arbitration agreement shall not apply to any action or claim that cannot be subject to mandatory arbitration as a matter of law,
including, without limitation, claims brought pursuant to the California Private Attorneys General Act of 2004, as amended, the
California Fair Employment and Housing Act, as amended, and the California Labor Code, as amended, to the extent such claims are
not permitted by applicable law(s) to be submitted to mandatory arbitration and the applicable law(s) are not preempted by the
Federal Arbitration Act or otherwise invalid (collectively, the “Excluded Claims”). In the event the
Senior Manager intends to bring multiple claims, including one of the Excluded Claims listed above, the Excluded Claims may be
filed with a court, while any other claims will remain subject to mandatory arbitration. The Senior Manager will have the right
to be represented by legal counsel at any arbitration proceeding.

 

8.4 Questions
of whether a claim is subject to arbitration under this agreement shall be decided by the arbitrator. Likewise, procedural questions
which grow out of the dispute and bear on the final disposition are also matters for the arbitrator. The arbitrator shall: (a)
have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise
be permitted by law; and (b) issue a written statement signed by the arbitrator regarding the disposition of each claim and the
relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions
on which the award is based. The arbitrator shall be authorized to award all relief that the Senior Manager or the Company would
be entitled to seek in a court of law. The Company shall pay all JAMS arbitration fees in excess of the administrative fees that
the Senior Manager would be required to pay if the dispute were decided in a court of law. Nothing in this arbitration agreement
is intended to prevent either the Senior Manager or the Company from obtaining injunctive relief in court to prevent irreparable
harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations may be entered and enforced as
judgments in the federal and state courts of any competent jurisdiction.

 

9. Indemnification.

 

9.1 Definitions.
For purposes of this Section 9, the following terms shall have the following meanings:

 

“Action”
means any civil, criminal, administrative, or regulatory action, arbitration, claim, demand, investigation, litigation, mediation,
proceeding, or suit, in each instance, of whatever nature, known or unknown, liquidated or unliquidated.

 

“Company
Action”, means any Action that directly or indirectly involves the Senior Manager, or with which the Senior Manager
may be threatened, in each instance relating to or arising from or out of the business and affairs of the Company or its affiliates.

 

“Parent”
means (a) before the closing of the transactions contemplated by the Merger Agreement, Canoo Holdings Ltd.; and (b) after the
closing of the transactions contemplated by the Merger Agreement, Canoo Inc.

 

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“Prior
Employer Action”, means any Action that directly or indirectly involves the Senior Manager, or with which the Senior
Manager may be threatened, in each instance relating to, or arising from our out of (i) any act or omission by the Senior Manager,
regardless of when taken (or failed to be taken) to the extent any such act or omission directly or indirectly benefitted (or
was anticipated or expected by the Senior Manager, Parent and/or the Company to benefit, and/or was alleged to have benefitted)
Parent, the Company or their affiliates, or (ii) any act or omission by the Senior Manager in connection with the Senior Manager’s
anticipated, expected, or actual employment with Parent, the Company, or their affiliates to the extent such act or omission directly
or indirectly benefitted (or was anticipated or expected by the Senior Manager, Parent, and/or the Company to benefit, and/or
was alleged to have benefitted) Parent, the Company, or their affiliates. By way of example only, any action by the Senior Manager’s
immediately preceding employer and any related or required counterclaims (e.g., breach of a confidentiality agreement, breach
of a non-competition agreement, breach of a non-solicitation agreement, breach of the duty of loyalty, breach of fiduciary duty,
unfair competition, misappropriation of trade secret, misappropriation of confidential information, or other claims relating in
any way to the Senior Manager’s former employment) shall be included as a Prior Employer Action. By further way of example
only, a Prior Employer Action includes an Action involving the Senior Manager’s immediately preceding employer alleging,
among others a breach of a non-solicitation arrangement or agreement, or a breach of a confidentiality arrangement or agreement.

 

“Liability”
means any claim, cost (including but not limited to attorneys’ fees), damage, debt, demand, expense, liability, loss, or
obligation, in each instance, whether incurred, known or unknown, asserted or unasserted, determined or determinable, absolute
or contingent, accrued or unaccrued, liquidated or unliquidated, incurred, paid or payable, in each instance whether in connection
with the satisfaction of any defense, disposition, judgment, settlement, award, or compromise.

 

“Prior
Employer Covered Claims” means any Action or Liability brought by, or directly or indirectly involving or relating
to, or arising from, the Senior Manager’s previous employer, or any of the Senior Manager’s prior employer’s
shareholders, officers, successors or assigns, whether relating to the Senior Manager’s duties as an employee or otherwise,
to the extent such Action or Liability is fully covered and actually paid by an insurance policy (e.g., D&O insurance
previously purchased by such prior employer) for which the Senior Manager is included as an insured or additional insured.

 

9.2 Company
Action. Parent and the Company shall, to the fullest extent permitted by law, indemnify, defend, hold harmless, and release
the Senior Manager for, from, and against all Liabilities arising from any Company Action, other than any Company Action which
is finally determined (whether by admission in a settlement or as determined by a final, non-appealable judgment by a court of
competent jurisdiction) to have resulted from (a) an act of fraud perpetrated by the Senior Manager against Parent or the Company,
(b) the Senior Manager’s gross negligence or willful misconduct in the performance of the Senior Manager’s duties
towards Parent or the Company or (c) an act of the Senior Manager’s resulting in a conviction or plea of guilty or nolo
contendere for any crime involving an act of moral turpitude, fraud or dishonesty.

 

9.3 Prior
Employer Action. Except to the extent covered as a Prior Employer Covered Claim, Parent and the Company shall, to the fullest
extent permitted by law, indemnify, hold harmless, and release the Senior Manager for, from and against all Liabilities arising
from any Prior Employer Action.

 

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9.4 General.
Any right to indemnification the Senior Manager may have pursuant to this Section 9 shall be cumulative with, and in addition
to, any and all rights to which the Senior Manager may otherwise be entitled, and shall extend to the Senior Manager’s heirs,
successors, and assigns. In any such Action, the Senior Manager shall have the right to engage, at the Company’s reasonable
expense, separate counsel of the Senior Manager’s own choice. Any amounts payable to the Senior Manager pursuant to this
Section 9 shall be increased such that (i) after the Senior Manager pays any taxes on the amounts received by the Senior Manager
pursuant to this Section 9, and (ii) after the Senior Manager pays any Liabilities relating to such Action, the Senior Manager
shall not be in a worse position than the Senior Manager would have been had such Action never commenced.

 

9.5 Cooperation.

 

(i) In
the course or pursuit of the resolution, negotiation, or settlement with respect to an Action for which the Senior Manager may
be indemnified pursuant to this Section 9, the Senior Manager, Parent and the Company will:

 

(A) reasonably
cooperate with one another in diligently and actively pursuing the defense or settlement of such Action,

 

(B) permit
the other to participate in all decision making and other aspects of such Action,

 

(C) keep
each other fully informed regarding the status and progress of such Action,

 

(D) provide
copies of written communications relating to such Action, and

 

(E) not
settle such Action without the prior written consent of the other, which consent shall not be unreasonably withheld, conditioned,
or delayed.

 

(ii) As
an example of a matter falling within the parameters of Section 10.5(i)(E), neither Parent nor the Company may settle a Prior
Employer Claim without the Senior Manager’s prior written consent, not to be unreasonably withheld, if such settlement:
(a) includes a concession, stipulation, or admission that the Senior Manager engaged in any fraud, misconduct, or gross negligence
or could otherwise reasonably be expected to cause damage to the Senior Manager’s reputation, or hinder the Senior Manager’s
reasonable prospects for future employment, (b) other than as contemplated in the immediately preceding clause (a), imposes any
restriction or injunction on, or any liability to the Senior Manager, and/or (c) fails to include a general release of all claims.
Whether a consent is unreasonably withheld by the Senior Manager shall be determined in light of, among others, the legitimate
interests of the Company having an interest to settle the Company’s matters related to such an Action, rather than solely
the Senior Manager’s financial interest in such settlement.

 

(iii) Notwithstanding
anything in Section 10.5(ii) to the contrary, if the Senior Manager (a) unreasonably withholds the Senior Manager’s consent
to a global and comprehensive settlement of a Prior Employer Action, and (b) the Senior Manager is fully indemnified by Parent
or the Company respecting any monetary damages arising from, or relating to such settlement, then Parent and the Company may (x)
settle the Company’s interests in such Action without the Senior Manager’s consent, (y) request reimbursement of all
expenses (including attorneys’ fees) that were previously paid by the Company in defense of such Action and (z) may elect
to no longer be responsible for any further indemnification obligations respecting such Action.

 

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9.6 Matters
Involving the Company.

 

(i) If
the Company, or its affiliates becomes a party to any Action that may give rise to a Liability pursuant to this Section 9, then:

 

(A) the
Company shall give written notice to the Senior Manager respecting such matter; and

 

(B) the
Company and its affiliates, shall keep the Senior Manager and the Senior Manager’s counsel reasonably and timely informed
of all developments relating to such Action, and shall timely provide the Senior Manager and the Senior Manager’s counsel
with copies of all material correspondence with respect thereto.

 

(ii) If
the Company, or its affiliates, are or become involved in any matter relating, directly or indirectly, with an Action, the Company,
and its affiliates shall not settle, compromise, enter into any arrangement relating to the resolution of such matter, agree to
or accept any finding relating thereto, or enter into any obligation or arrangement unless such settlement, compromise, arrangement,
resolution, finding, or obligation is consulted upon with the Senior Manager.

 

9.7 Expenses.
Expenses incurred by the Senior Manager in connection with any Action (including the defense or settlement thereof) that may be
subject to a right of indemnification pursuant to this Section 9 shall be advanced to the Senior Manager by the Company as such
amounts are incurred, or are reasonably expected to be incurred by the Senior Manager.

 

9.8 Insurance.
Parent or the Company covenants to pay for, and maintain, adequate D&O insurance respecting any liabilities that may arise
pursuant to this Section 9 and provide proof of such insurance for (i) any Action arising after the date of this agreement and
(ii) any Prior Employer Action.

 

9.9 Survival.
The obligations contemplated in this Section 9 shall survive the expiration of the term, or termination, of the Senior Manager’s
employment.

 

10. General
Provisions.

 

10.1 Notices.
Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of personal delivery or the
next day after sending by overnight courier, to the Company at its primary office location and to the Senior Manager at the Senior
Manager’s address as listed on the Company payroll.

 

10.2 Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision
or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction to the extent possible
in keeping with the intent of the parties.

 

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10.3 Waiver.
Any waiver of any party’s rights under this Agreement may be made only in a writing signed by such party. If either
party should waive any breach of any provisions of this Agreement, the party shall not thereby be deemed to have waived any preceding
or succeeding breach of the same or any other provision of this Agreement.

 

10.4 Complete
Agreement. This Agreement and its Exhibit constitute the entire agreement between the Senior Manager and the Company,
and it is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter. It is entered into
without reliance on any promise or representation other than those expressly contained herein.

 

10.5 Modification.
Changes in the Senior Manager’s employment terms, other than those changes expressly reserved to the Company’s or
Board’s discretion in this Agreement, require a written modification approved by the Board or signed by a duly authorized
Officer of the Company.

 

10.6 Counterparts.
This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party,
but all of which taken together will constitute one and the same Agreement, and pdf or other facsimile signatures shall be equivalent
to original signatures.

 

10.7 Headings.
The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof
nor to affect the meaning thereof.

 

10.8 Successors
and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Senior Manager and the
Company, and their respective successors, assigns, heirs, executors and administrators, except that the Senior Manager may not
assign any of the Senior Manager’s rights, obligations, or duties hereunder without the written consent of the Company,
which shall not be withheld unreasonably. The Company may assign its rights and obligations under this Agreement to any parent
entity of the Company.

 

10.9 Survival.
The Senior Manager’s duties under the Employee Confidential Information and Invention Assignment Agreement, and Sections
6, 7, 8, and 9, shall survive termination of the Senior Manager’s employment with the Company.

 

10.10 Remedies.
The Senior Manager acknowledges that a remedy at law for any breach or threatened breach by the Senior Manager of the provisions
of this Agreement, or the Employee Confidential Information and Invention Assignment Agreement, would be inadequate, and the Senior
Manager therefore agrees that the Company shall be entitled to injunctive relief in case of any such breach or threatened breach,
in addition to any other remedies available to the Company.

 

10.11 Attorneys’
Fees. If either party hereto brings any action to enforce the Senior Manager’s or its rights hereunder, the party successful
in enforcing this Agreement shall be entitled to recover its reasonable attorneys’ fees and costs incurred in connection
with such action.

 

10.12 Choice
of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law
of the State of California, without giving effect to choice of law principles.

 

    11

     

    

  

In
Witness Whereof, the parties have executed
this Agreement on the day and year first written above.

 

	 	Canoo Technologies Inc. (fka Canoo Inc.)
	 	 	 
	 	By:	 /s/ Anthony Aquila
	 	 	Anthony Aquila 
	 	 	Executive Chairman
	 	 	
	 	 	 
	 	Date:	 December 20, 2020

 

	Accepted and agreed this	 
	20th day of December, 2020.	 
	 	 
	Andrew Wolstan	 
	 	 
	/s/ Andrew Wolstan	 

 

    12

     

    

 

Exhibit
A

 

Employee
Confidential Information and Invention Assignment Agreement

 

 

A-1Exhibit 10.11

 

September 3, 2020

 

Peter Savagian

 

	Re:	Offer of Employment

 

Dear Peter:

 

Canoo Inc.
(f.k.a. EVelozcity Inc.) (the “Company”
or “Canoo”) is pleased to extend this offer of employment to you (“you”) for
the full-time role of Chief Technology Officer, on the terms and conditions set forth in this letter. Should you accept this
offer, you will report to the Company’s Chief Executive Officer, Ulrich Kranz, but you will also have interim reporting
obligations to the Company’s Board of Directors (the “Board”) at
least until year end. In this interim role, you will be expected to provide advisory services at the request of the Board and
to establish a Program Management Office for the Board. This offer is fully contingent on your satisfaction of the new hire
screening conditions described in this letter.

 

It is anticipated
that you will work primarily out of our facility located at 19951 Mariner Ave, Torrance, 90503. Normal business hours are from
9:00 a.m. to 5:00 p.m., Monday through Friday, though, as an exempt employee, you should discuss your specific schedule with your
supervisor. As with any dynamic working environment, the Company may change your position, duties, reporting structure, schedule
and work location from time to time, at its discretion.

 

Your annual
salary will be $450,000 per year, less payroll deductions and withholdings, paid on the Company’s normal payroll schedule.

 

Subject
to the approval of the Board of Directors, following your commencement of employment, you shall be granted an award of 200,000
restricted stock units (the “RSUs”) under the Company’s then-effective equity incentive plan. The RSUs shall reflect
the Company’s standard terms and conditions for grants of restricted stock units.

 

During
your employment, you will be eligible to participate in the standard benefits plans offered to similarly situated employees by
Canoo, subject to plan terms and applicable Canoo policies. A full description of these plans and benefits is available upon request.
All full-time employees are eligible to take flexible paid time off subject to the terms of Canoe’s Flexible Paid Time Off Policy.
The Company may change compensation and benefits from time to time at its sole discretion.

 

This offer is contingent
upon you providing satisfactory proof of your right to work in the United States. Due to the critical nature of this position,
this offer is also fully contingent upon your successful completion of a background and reference check. A Background Check Notice
and Consent Form will be separately provided for your completion and signature to the extent applicable for the type of verification
being performed.

 

     

     

    

 

As a Company
employee, you will be expected to abide by all Company rules and policies. As a condition of employment, you must also sign and
comply with the attached Employee Confidential Information and Inventions Assignment Agreement which prohibits unauthorized use
or disclosure of the Company’s proprietary information, among the other obligations set forth therein.

 

In your work
for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former
employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information
which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in
the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. You agree that
you will not bring onto Company premises any unpublished documents or property belonging to any former employer or other person
to whom you have an obligation of confidentiality. You hereby represent that you have disclosed to the Company any contract you
have signed that may restrict your activities on behalf of the Company.

 

While we look
forward to a productive and mutually beneficial work relationship, you should be advised that this letter does not constitute a
contract of employment for any specific period of time but will create an “employment at will” relationship. This means
that you may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company.
Likewise, the Company may terminate your employment at any time, with or without cause or advance notice. Your employment at-will
status can only be modified in a written agreement signed by you and an officer of the Company.

 

This letter,
together with the Company’s policies and procedures, your Employee Confidential Information and Inventions Assignment
Agreement and your Employment Arbitration Agreement, form the complete and exclusive statement of your employment terms and
conditions with the Company, and supersedes any other agreements or promises made to you by anyone, whether oral or written.
Changes in your employment terms and conditions, other than those changes expressly reserved to the Company’s
discretion in this letter, require a written modification signed by an officer of the Company. If any provision of this offer
letter is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other
provision of this offer letter, and the provision in question shall be modified so as to be rendered enforceable in a manner
consistent with the intent of the parties insofar as reasonably possible under applicable law.

 

If you
choose to accept our offer under the terms and conditions described above, please sign and date this letter, and the enclosed Employee
Confidential Information and Inventions Assignment Agreement and return them to me by September 8, 2020. If we do not receive these
items from you by such deadline, this offer will expire and no longer be in effect. If you accept our offer, we would like you
to start on September 21, 2020 pending US work authorization. This start date may be subject to change with your consent and prior
approval in writing from the Company.

 

We look
forward to your favorable reply and to a productive and enjoyable work relationship.

 

	Sincerely,	 
	 	 
	/s/ Ulrich Kranz	 
	Ulrich Kranz	 
	CEO	 

 

	Understood and Accepted:	 	 
	 	 	 
	/s/ Peter Savagian	 	Sept 3, 2020
	Peter Savagian	 	Date

 

Attachments: Employee
Confidential Information and Inventions Assignment Agreement; Employment Arbitration Agreement

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