Document:

Exhibit 10.29

 

EXECUTION VERSION

 

CARLOTZ, INC.

 

AMENDED AND RESTATED EXECUTIVE EMPLOYMENT
AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”) is made as of September 18, 2017 (the “Effective Date”),
by and between CarLotz, Inc., a Delaware corporation (the “Company”), and Michael W. Bor (the “Executive”).

 

WHEREAS, the Company
and the Executive previously entered into that certain Amended and Restated Executive Employment Agreement, dated on or about April 1,
2011 (the “Prior Agreement”) substantially in the form of this Agreement; and

 

WHEREAS, the Company
and the Executive desire to amend and restate the Prior Agreement in the form of this Agreement such that the Company shall continue
to employ the Executive upon the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the mutual covenants and obligations contained herein, and intending to be legally bound, the Company and the
Executive agree as follows:

 

1.           Position.
The Company agrees to employ the Executive, and the Executive agrees to serve the Company, initially as its Chief Executive Officer,
or in such other capacities as may from time to time be defined by the Company’s Board of Directors (the “Board”)
in its sole discretion. The parties intend that the Executive shall continue to so serve in the aforesaid capacity throughout
the Term (as such term is defined below).

 

2.            Term
of Employment. The term of the Executive’s employment shall be three (3) years and at the end of such term shall
renew for annual terms unless sooner terminated under the provisions of Section 5 below, unless at least three (3) months
prior to a subsequent annual anniversary thereof either the Executive or the Company gives to the other written notice that the
term shall not be renewed at such annual anniversary, in which case the term shall expire on the day before such subsequent anniversary,
as the case may be (the “Term”).

 

3.            Duties.
The Executive throughout the Term shall devote such time and attention to the business and affairs of the Company and its affiliates,
if any (“Affiliates”), as required to execute and perform the duties described in the last sentence of this
Section 3, subject to applicable Company policy regarding holidays and vacations and except for illness or incapacity. The
Executive shall not accept any proposed appointment to serve as a director, manager, trustee or the equivalent of any business,
civic, charitable or other organization without the prior written approval of the Board. The Executive shall report directly to
the Board, and shall have such duties as are set forth in the Bylaws of the Company or as the Board may assign to him from time
to time.

 

     

     

    

 

4.            Compensation.

 

(a)            Salary.
During the Term, the Executive’s salary hereunder shall be at the rate of $250,000 per year, payable in accordance the
Company’s usual payroll practices (such amount being referred to as the “Annual Salary”). The Annual
Salary does not include the deferred compensation currently being paid to Executive pursuant to that certain Deferred
Compensation Plan, made effective as of June 1, 2015 of the Company (the “Deferred Compensation
Plan”), and which shall continue to be paid to Executive pursuant to the Deferred Compensation Plan. When all such
deferred compensation has been paid to the Executive pursuant to the Deferred Compensation Plan, the Annual Salary will be
adjusted upwards such that the new Annual Salary shall be equal to the total of the former Annual Salary plus $84,792.72. The
Company shall review such salary at least annually, taking into account, among other factors, Company and individual
performance.

 

(b)            Bonuses.
The Board may define specific company- and personal-performance thresholds such that, if achieved, the Executive may earn additional
bonus compensation at or around the end of the calendar year. Any such bonus plan shall require as a condition to receiving any
bonus that the Executive be employed by the Company on the last day of the calendar year to which it applies and shall stipulate
that Executive shall not be entitled to receive any bonus that remains unpaid as of the date of Executive’s termination
for Due Cause.

 

(c)            Loyalty
Agreement. In consideration for the Executive’s employment by the Company under the terms of this Agreement (provided
that the Executive acknowledges that there can be no guaranty that he will receive any payment hereunder), the Executive hereby
agrees to enter into the Amended and Restated Loyalty Agreement in the form attached as Exhibit A hereto (the “Loyalty
Agreement”) simultaneously with his execution of this Agreement and to abide by the terms thereof.

 

(d)            Benefits.
During the Executive’s employment by the Company hereunder, the Executive shall be entitled to participate in such retirement,
health and employment benefit plans (if any) of the Company that are generally available to senior executives of the Company,
provided that such participation would not result in the non-compliance of any such benefit plan with applicable laws governing
such plans. Any participation by the Executive in any plan sponsored by the Company shall be pursuant to the terms and conditions
of such plans, as the same shall be amended from time to time. The Executive shall be entitled 20 days paid vacation per year.
Unused vacation will not carry over from calendar year to calendar year and upon termination of employment, the Executive will
not be entitled to any payment for accumulated unused vacation.

 

(e)            Put
Right.

 

(i)            The
Executive shall have the right to require the Company to redeem shares of the Executive’s Common Stock in the Company at
a price of $9.83 per share following the Initial Closing, as that term is defined in the Stock Purchase Agreement between the Company
and the other parties thereto, dated as of September 8, 2017 (the “Stock Purchase Agreement) (the “First
Put Right”); and a second right to require the Company to purchase shares of the Executive’s Common Stock in the
Company at a price of $9.83 per share following one of Tranche Two, Tranche Three or Tranche Four, as each of those terms are defined
in the Stock Purchase Agreement (the “Second Put Right”, and together with the First Put Right, the “Put
Rights”); provided that the aggregate cash value of the shares redeemed in the First Put Right shall not exceed $500,000
and the aggregate cash value of the shares redeemed in the Put Rights, in total, shall not exceed $1,000,000.

 

    2 

     

    

 

(ii)            Each
Put Right shall be exercised within ninety (90) days of the applicable Closing (as such term is defined in the Stock Purchase Agreement)
by the delivery of written notice from the Executive to the Company.

 

(iii)            Promptly
after the delivery of written notice, the parties will commence the redemption, and the redemption shall be consummated within
thirty (30) days of the Executives delivery of notice.

 

5.            Termination.

 

(a)            Death.
In the event of the death of the Executive during the Term, his employment shall be terminated as of the date of death and any
salary payable to him, subject to the terms of Section 4(a) above, shall be paid to his designated beneficiary, or in
the absence of such designation, to the estate or other legal representative of the Executive. Except in accordance with the terms
of the Company’s benefit programs and plans then in effect, after the date of his death, the Executive shall not be entitled
to any other compensation or benefits from the Company or hereunder.

 

(b)            Disability.
In the event of the Executive’s Disability, as hereinafter defined, the Company may terminate the employment of the Executive.
After termination of employment for Disability, except in accordance with the Company’s benefit programs and plans then
in effect, the Executive shall not be entitled to any compensation or benefits from the Company or hereunder. “Disability,”
for purposes of this Agreement, means “disability” within the meaning of Section 22(e)(3) of the Internal
Revenue Code of 1986, as amended (the “Code”). Any determination of the Executive’s Disability made in
good faith by the Board shall be conclusive and binding on the Executive, unless within 10 days after written notice to the Executive
of such determination, the Executive elects by written notice to the Company to challenge such determination, in which case determination
of Disability shall be made by arbitration pursuant to Section 11 below.

 

(c)            Termination
by the Company for Due Cause. The Company may terminate the Executive’s employment for Due Cause. The Executive shall
continue to receive the salary provided for in this Agreement only through the period ending with the date of such termination.
Any rights and benefits he may have under employee benefit plans and programs of the Company shall be determined in accordance
with the terms of such plans and programs. Except as provided in the two immediately preceding sentences, after termination of
employment for Due Cause, the Executive shall not be entitled to any compensation or benefits from the Company or hereunder. “Due
Cause,” for purposes of this Agreement, means (i) the Executive’s committing or engaging in (A) any
fraud or theft, misappropriation or embezzlement of funds or other assets of the Company or its customers, vendors, or joint venture
partners, or (B) any negligent or reckless acts resulting in or causing material reputational or other material harm or damage
to the Company or its subsidiaries, in the good faith reasonable judgment of the Board; (ii) the conviction of the Executive
for, or the Executive’s plea of guilty or nolo contendere to: (X) any felony or (Y) any other crime (whether or
not connected with the Executive’s employment); but in each of the above cases, only if such felony or crime involves fraud
or moral turpitude or has or could have the effect, in the Board’s reasonable and good faith determination, of causing material
reputational or other material harm or damage to the Company or its subsidiaries; (iii) any repeated failure of the Executive
to be actively engaged in his duties, which failure has not been cured within fifteen (15) days after written notice thereof from
the Board specifying in reasonable detail such failure; (iv) the Executive’s violation of any reasonable written direction
(including any such direction contained in the minutes of any meeting of the Board) or any rule or regulation established
by the Board, which violation has not been cured (if curable) by the Executive within fifteen (15) days after written notice thereof
from the Board specifying in reasonable detail the violation; (v) any material breach by the Executive of his obligations
to the Company (or failure of the Executive to substantially perform his duties) (including any failure to comply with any policies
of the Company or the terms of this Agreement or the Loyalty Agreement), which failure has not been cured (if curable) by the
Executive within 15 days after written notice thereof from the Board specifying in reasonable detail the failure or breach; or
(vi) the Executive’s use of (i) illegal drugs, (ii) any illegal substance, or (iii) excessive use of
alcohol; in each case only in such a manner that materially interferes with the performance of his duties under this Agreement
and includes the Executive’s failure to take steps to remedy, or seek treatment for, such use within a medically reasonable
period of time after written notice thereof from the Board.

 

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(d)            Termination
by the Company Other than for Due Cause. The foregoing notwithstanding, the Company may terminate the Executive’s employment
for whatever reason or reasons it deems appropriate, or for no reason whatsoever. Without limiting the foregoing, termination
due to the Company’s election not to renew this Agreement upon the expiration of the Term shall be deemed to be termination
by the Company other than for Due Cause.

 

(e)            Termination
of Employment by the Executive for Good Reason. The Executive may terminate his employment for Good Reason. For purposes of
this Agreement, “Good Reason” as a basis for termination of the Executive’s employment shall mean (i) a
material breach by the Company of Section 4(a) or 4(d) of this Agreement (which breach is not cured within 10 days
after written notice thereof by the Executive to each of the Directors of the Company, which notice shall specifically describe
such alleged breach), (ii) a significant reduction by the Board of the Executive’s responsibilities under this Agreement,
(iii) a relocation of Executive’s place of employment and office of more than fifty (50) miles, or (iv) a significant
health problem of the Executive which materially interferes with the Executive’s ability to perform his responsibilities
hereunder. Upon the occurrence of any of the foregoing, Executive shall provide forty-five (45) days’ written notice to
Executive’s supervisor, and the Company shall have forty-five (45) days to correct any event that has given rise to the
right of Executive to resign with Good Reason, except in the case of subsection (iv) which notice shall be given within a
reasonable medical period and which the Company shall have no opportunity to correct.

 

(f)            Voluntary
Termination. In the event that the Executive terminates his employment at his own volition prior to the expiration of the
Term (except for Good Reason as provided in Section 5(e) above), including, without limitation, any termination as a
result of the Executive’s election not to renew this Agreement, such termination shall constitute a “Voluntary
Termination” and in such event the Executive shall be limited to the same rights and benefits as provided in connection
with a termination for Due Cause under Section 5(c) above.

 

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(g)            Severance.
Upon any termination by the Company other than for Due Cause, or upon any termination by the Executive for Good Reason, and provided
that such termination is not due to the death or Disability of the Executive (except as may be Good Reason pursuant to Section 5(e)(iv) above),
the Executive shall be entitled to the Termination Payment (as hereinafter defined) and shall remain subject to and bound by the
Loyalty Agreement in accordance with its terms. The term “Termination Payment” shall mean a single cash payment
equal to the Annual Salary. Provided that the Executive has been paid any salary in accordance with the terms of Section 4(a) above
prior to the effective date of the Executive’s termination, any Termination Payment shall be made within sixty (60) days
after the effective date of the Executive’s termination. Following the Executive’s termination of employment under
this Section, the Executive will have no further obligation to provide services to the Company pursuant to Sections 1 and 3. Except
for the Termination Payment and as otherwise provided in accordance with the terms of this Agreement and the Company’s benefit
programs and plans then in effect, after termination by the Company of employment for other than death, Disability or Due Cause,
the Executive shall not be entitled to any other compensation or benefits from the Company or hereunder.

 

(h)            Notice
of Termination; Resignation, Release. Any termination under Section 5(c) by the Company for Due Cause or Section 5(d) by
the Company without Due Cause or Section 5(b) for Disability, or by the Executive for Good Reason under Section 5(e),
or for a Voluntary Termination by the Executive under Section 5(f), shall be communicated by Notice of Termination to the
other party thereto given in accordance with Section 10. For purposes of this Agreement, a “Notice of Termination”
means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets
forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment
under the provision so indicated and (iii) in the case of termination pursuant to Section 5(c), (d), (e) or (f) (other
than an election not to renew), if the termination date is other than the date of receipt of such Notice, specifies the termination
date (which date shall not be prior to the date of such notice or more than 15 days after the giving of such Notice).

 

Notwithstanding
anything in this Agreement to the contrary, in order to be eligible to receive any payments or benefits hereunder as a result
of the termination of the Executive’s employment, in addition to fulfilling all other conditions precedent to such
receipt, the Executive (if he has the legal capacity to do so and if not, his legal representative) (i) within two
(2) days after the termination date, must resign as a member of the Board if applicable, and as an officer, manager,
director and employee of the Company and its Affiliates (which resignation shall be made effective as of the termination
date), and (ii) within 30 days after the termination date, on behalf of the Executive and his estate, heirs and
representatives, execute a release in form and substance satisfactory to the Company and its legal counsel releasing the
Company, its Affiliates and each of the Company’s and such Affiliate’s respective past, present and future
officers, directors, shareholders, members, partners, equity holders, managers, employees, agents, independent contractors,
representatives, trustees, advisors, lawyers, accountants, consultants, successors and assigns and each of the
foregoing’s respective past, present and future affiliates, heirs, estates, representatives, successors and assigns
(all of which persons and entities shall be third party beneficiaries of such release with full power to enforce the
provisions thereof) from any and all known or unknown claims related to the Executive’s employment with the Company or
separation from such employment (other than with respect to compensation or benefits to be paid or provided by the Company as
specifically set forth above in this Section 5).

 

    5 

     

    

 

(i)            Earned
and Accrued Payments. The foregoing notwithstanding, but subject to Section 4(b) and Section 5(c), upon the
termination of the Executive’s employment at any time, for any reason, the Executive shall be paid all amounts that had
already been earned and accrued as of the time of termination.

 

(j)            Effective
Date of Termination. For purposes of this Agreement, the effective date of the Executive’s termination shall be deemed
to be: (i) in the case of the death of the Executive, the date of death; (ii) in the case of Disability, the date upon
which the definition of Disability is satisfied, as determined by the Board in accordance with Section 5(b) or pursuant
to arbitration, if elected; (iii) in the case of any termination by the Company under Section 5(c) or 5(d) or
by the Executive under Section 5(e) or Section 5(f), the date a Notice of Termination is received by the other
party (or such other termination date specified in the Notice of Termination in accordance with Section 5(h)); and in the
case of an election not to renew, the last day of employment.

 

6.            Successors
and Assigns.

 

(a)            Assignment
by the Company. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns.
The Company may assign this Agreement to any successor to the Company (whether by merger or otherwise) and any corporation or
other entity to which the Company may, directly or indirectly, be sold or transfer all or substantially all of its assets and
business, in which case the term “Company,” as used herein, shall mean such corporation or other successor
entity.

 

(b)            Assignment
by the Executive. The Executive may not assign this Agreement or any part hereof without the prior written consent of the
Company; provided, however, that nothing herein shall preclude the Executive from designating one or more beneficiaries to receive
any amount that may be payable following occurrence of his legal incompetency or his death and shall not preclude the legal representative
of his estate from assigning any right hereunder to the person or persons entitled thereto under his will or, in the case of intestacy,
to the person or persons entitled thereto under the laws of intestacy applicable to his estate. The term “beneficiaries,”
as used in this Agreement, shall mean a beneficiary or beneficiaries so designated to receive any such amount or, if no beneficiary
has been so designated, the legal representative of the Executive (in the event of his incompetency) or the Executive’s
estate.

 

7.            Governing
Law. This Agreement shall be governed by the laws of the Commonwealth of Virginia without reference to the choice or
conflict of law principles thereof.

 

8.            Entire
Agreement. This Agreement, along with the Loyalty Agreement, contain all of the understandings and representations
between the parties hereto pertaining to the matters referred to herein, and supersede all undertakings and agreements,
whether oral or in writing, previously entered into by them with respect thereto, including the Prior Agreement. This
Agreement may only be modified by an instrument in writing signed by all parties hereto. The terms of this Agreement and the
Loyalty Agreement shall be interpreted to be independent agreements such that the parties must comply with the terms of each
such agreement. The Loyalty Agreement contains provisions that are intended by the parties to survive and do survive
termination or expiration of this Agreement.

 

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9.            Code
Section 409A. To the extent applicable, this Agreement is intended to comply with Section 409A of the Code, and
the Company shall interpret and administer the Agreement in accordance therewith. In addition, any provision, including, without
limitation, any definition, in this Agreement that is determined to violate the requirements of Code Section 409A shall be
void and without effect and any provision, including, without limitation, any definition, that is required to appear in this Agreement
under Code Section 409A that is not expressly set forth shall be deemed to be set forth herein, and the Agreement shall be
administered in all respects as if such provisions were expressly set forth herein. In addition, the timing of payment of the
benefits provided for under this Agreement shall be revised as necessary for compliance with Code Section 409A.

 

10.          Waiver
of Breach. The waiver by any party of a breach of any condition or provision of this Agreement to be performed by such other
party shall not operate or be construed to be a waiver of a similar or dissimilar provision or condition at the same or any prior
or subsequent time.

 

11.          Notices.
All notices and other communications required or permitted hereunder or necessary or convenient in connection herewith shall be
in writing and shall be deemed to have been given when mailed by registered or certified mail, or the next business day if sent
for next day delivery by a reputable special courier such as Federal Express or United Parcel Service addressed to the party concerned
at the address indicated below or to such other address as such party may subsequently give notice of hereunder in writing.

 

If to the Company:

 

CarLotz, Inc.

406 W. Franklin Street

Richmond, VA 23220

Attn: Board of Directors

 

With a copy to each of:

 

McGuireWoods LLP

Gateway Plaza

800 East Canal Street

Richmond, VA 23219-3916

Attn: Bryce D. Jewett III

 

TRP Capital Partners, LP

2555 Telegraph Road

Bloomfield Hills, MI 48302

 

    7 

     

    

 

Attn: Steve Carrel

 

Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103

Attn: H. John Michel, Jr.

 

If to the Executive:

Michael
W. Bor

	 	 	 

	 	 	 

 

12.            Arbitration.
Any controversy or claim arising out of or relating to this Agreement (other than any claim for injunctive or other equitable
relief), or any breach thereof, shall be settled by arbitration in Richmond, Virginia in accordance with the rules of the
American Arbitration Association then in effect and judgment upon such award rendered by the arbitrators may be entered in any
court having jurisdiction thereof. The board of arbitrators shall consist of one arbitrator to be appointed by the Company, one
by the Executive, and one by the two arbitrators so chosen. The cost of arbitration shall be allocated between the parties as
determined by the arbitrators.

 

13.            Withholding.
Anything to the contrary notwithstanding, all payments required to be made by the Company hereunder to the Executive or his estate
or beneficiaries shall be subject to the withholding of such amounts relating to taxes as the Company may reasonably determine
it should withhold pursuant to any applicable law or regulation.

 

14.            Severability.
In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason,
the remaining provisions or portions of this Agreement shall be unaffected thereby and shall remain in full force and effect to
the fullest extent permitted by law.

 

15.            Titles.
Titles to the Sections in this Agreement are intended solely for convenience and no provision of this Agreement is to be construed
by reference to the title of any Section.

 

16.            Counsel.
This Agreement has been prepared in part by counsel to the Company, after full disclosure of its representation of the Company
and with the consent and direction of the Executive. The Executive has reviewed the contents of this Agreement and fully understands
its terms. The Executive acknowledges that he is fully aware of his right to seek independent advice and the risks in not seeking
such independent advice, and that he fully understands the potentially adverse interests of the Company with respect to the this
agreement. The Executive further acknowledges that he has been advised of the importance of seeking independent counsel with respect
to the tax or other consequences of this Agreement or any matters contemplated by this Agreement or the Executive’s employment
with the Company. By executing this Agreement, the Executive represents that he has either consulted independent legal counsel
or elected, notwithstanding the advisability of seeking such independent legal counsel, not to consult with such independent legal
counsel. Each party hereby agrees that in the interpretation or construction of this Agreement, the Agreement shall not be construed
against any party on the basis that such party was the drafter of this Agreement or on any other basis.

 

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17.            Amendment
of Prior Agreement. The Prior Agreement is hereby amended, restated, terminated and superseded in its entirety and
restated herein. Such amendment and restatement is effective upon the execution of this Agreement by the Company and the
Executive. Upon such execution, all provisions of, rights granted and covenants made in the Prior Agreement are hereby
waived, released and superseded in their entirety and shall have no further force or effect.

 

[Signature Page Follows]

 

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

 

	 	COMPANY:
	 	 
	 	CARLOTZ, INC.
	 	 
	 	/s/ Michael W. Bor
	 	By: Michael W. Bor
	 	Its: President and Chief Executive Officer
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Michael W. Bor
	 	Michael W. Bor

 

    10Exhibit 10.30

 

 

 

406 W Franklin Street •
Richmond, VA 23220 • Phone: +1 (804) 728-3833

E-Mail: amontgomery@CarLotz.com Web:
www.CarLotz.com

 

10/16/2017

 

John Foley

411 37th Street

Norfolk, VA 23508

 

Dear John:

 

Congratulations! CarLotz, Inc. is
pleased to offer you employment on the following terms:

 

1.      Position.
You will serve in a full-time capacity as the Director of Sales Operations and report to Aaron Montgomery, COO. By signing this
offer letter, you represent and warrant to the Company that you are under no contractual commitments inconsistent with your obligations
to the Company.

 

2.      Compensation.
Your starting salary will be $5,769.23 per pay period (equivalent to $150,000 per year), payable in bi-weekly installments in
accordance with the Company's standard payroll practices for salaried employees. This compensation will be subject to adjustment
pursuant to the Company's employee compensation policies in effect from time to time. You will be entitled to twelve (12) days
of paid time off (PTO) per year. You will also be eligible to receive a quarterly bonus of up to $6,250 per quarter (up to $25,000
per year) for meeting defined performance metrics. This position is considered an exempt position for purposes of federal wage-hour
law, which means that you will not be eligible for overtime pay for hours actually worked in excess of 40 in a given workweek.

 

3.      Options.
In addition to your cash compensation, you will be granted options representing 1% ownership of the Company over a four-year period
(0.25% per year over four years). The options will vest: i) annually over a four-year period or ii) upon a liquidity event, whichever
comes first. Any vesting event will only occur if you are still employed by CarLotz. Further details regarding the options are
specified in the options grant.

 

4.      Benefits.
You will retain your eligibility for the Company's healthcare program. Further details concerning the Company's benefits program
can be found in the Employee Handbook.

 

5.      Restrictive
Covenants. As a condition to your employment with the Company, you are required to sign the Non-Compete, Non-Solicit, and Confidentiality
Agreement, a copy of which is attached hereto as Exhibit A.

 

6.      Period
of Employment. Your employment with the Company will be at will, meaning that either you or the Company will be entitled to terminate
your employment at any time and for any reason, with or without cause. Any contrary representations, which may have been made
to you, are superseded by this offer. This is the full and complete agreement between you and the Company on this term. Although
your job duties, title, compensation and benefits, as well as the Company's personnel policies and procedures, may change from
time to time, the at will nature of your employment may only be changed in an express written agreement signed by you and a duly
authorized officer of the Company.

 

    1 

    

    

 

7.      Outside
Activities. While you render services to the Company, you will not engage in any other gainful employment, business or activity
without the written consent of the Company.

 

8.     Withholding
Taxes. All forms of compensation referred to in this letter are subject to reduction to reflect applicable withholding and payroll
taxes.

 

9.      Entire
Agreement. This letter and the Exhibit attached hereto contain all of the terms of your employment with the Company and supersede
any prior understandings or agreements, whether oral or written, between you and the Company.

 

10.    Amendments
and Governing Law. This offer letter may not be amended or modified except by an express written document signed by you and a
duly authorized officer of the Company. The terms of this offer letter and the resolution of any disputes will be governed by
Virginia law. Venue for any action brought under this agreement shall be in the courts for the County of Chesterfield, Virginia
or, if applicable, the U.S. District Court for the Eastern District of Virginia, Richmond Division.

 

We hope that you
find the foregoing terms acceptable. You may indicate your agreement with these terms and accept this offer by signing and dating,
both this letter and the Non-Compete, Non-Solicit, and Confidentiality Agreement and returning them to me. Your employment with
the company is contingent upon successful completion of applicable reference, driving and background checks, and as required by
law, providing legal proof of your identity and authorization to work in the United States.

 

Very truly yours,

 

CarLotz, Inc.

 

	By:	 
	 	 
	/s/
    Aaron
    Montgomery 	 
	Aaron
    Montgomery, Chief Operating Officer	 

 

    2 

    

    

 

I have read and accept this employment
offer:

 

	DocuSigned
    by:	 
	/s/
    John Foley	 
	3D4C5A7BF3BC482	 

 

 

	Date:	10/16/2017       9:04 AM EDT	 

 

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Performance Metrics –
Initial Bonus Plan (effective 10/1/2017)
 

Consolidated Existing 5 Stores (applies only to existing 5 stores):

 

-Total
number of vehicles sold increase of 10% LTM YoY; no single store declines by more than 10%

 

-Total
LTM EBITDA, pre-corporate expenses, of $1.5mm

 

    4 

     

    

 

NON-COMPETE,
NON-SOLICIT, AND CONFIDENTIALITY AGREEMENT

 

THIS
NON-COMPETE, NON-SOLICIT, AND CONFIDENTIALITY AGREEMENT ("Agreement") is made as of this 4th day of December, 2014,
between Carlotz, Inc., a Delaware Corporation ("Employer"), and John Foley ("Employee").

 

In
consideration of Employee's employment by Employer as memorialized in the offer letter dated December 4, 2014 and
referencing this Agreement as Exhibit A thereto, and for other good and valuable consideration, with the intention that
this Agreement shall apply to the entire period of Employee's employment with Employer, and for the periods of time
thereafter as set forth in more detail below, Employee hereby agrees as follows:

 

1.            Employment.
Employee and Employer acknowledge: that Employee's employment by Employer is "at will" employment and
nothing in this Agreement shall in any way affect the "at will" nature. of Employee's employment with
Employer. This Agreement is' referenced as Exhibit A to the letter agreement between. Employer and Employee dated
December 4, 2014 (the "Letter Agreement").

 

2.            Non-Competition.
Employee specifically agrees that during Employee's employment with Employer and for a period of one (1) year after
Employee's employment with Employer ceases, for whatever reason (the "Employment Cessation Date"), or for a period
of one (1) year from the date of entry by a court of competent jurisdiction of a final judgment enforcing this covenant
in the event of a breach by Employee, whichever is later, Employee covenants and agrees that Employee shall not, directly or
indirectly, whether as proprietor, stockholder, partner, member officer, consultant, employee or for the benefit of another
engage in any Competitive Services (as that term is defined below) within a fifty (50) mile radius of any of Employer's
stores in which Employee performed Competitive Services or duties on behalf of Employer. For the purposes of this Agreement,
the term Competitive Services shall be defined as those services rendered by Employee dining the term of his employment with
Employer including the provision of automotive consignment services.

 

3.            Non-Solicitation
of other Employees. Employee specifically agrees that during Employee's employment with Employer and for a
period of one (1) year  after the Employment. Cessation Date, Employee shall not, directly or indirectly, whether as
proprietor, stockholder, partner, member officer, consultant, employee or for the benefit of another solicit for employment
or hire, assist in the solicitation or hiring, induce of influence, or attempt to induce or influence, any person
who was an employee, agent, independent contractor, services vendor, partner, officer, or director of the Employer or any
of its affiliates, during the one (1) year period preceding the Employment Cessation Date, to terminate his
relationship with the Employer or any of its affiliates, or to cease providing services to or on behalf of the Employer or
any of its affiliates, as the case may be.

 

    	 	 	Page 1 of 4

     

    

 

4.            Confidential
Information Disclosure Prohibition. Employee acknowledges that, in the course of performing his duties, he has and
shall become acquainted and entrusted with certain confidential information and trade secrets, which confidential information
includes all information disclosed to Employee, or known to him as a consequence or through his employment with Employer,
where such information is not generally known by the public or was regarded as treated as proprietary by the Employer or its
affiliates (including, without limitation, customer information, financial data, referral source information, processes
relating to the performance and sales of Competitive Services, methods, systems, designs, client records, business plans, or
any other non-public information which, if uses, divulged, published or disclosed by Employee would be reasonably likely to
provide a competitive advantage to a competitor)(the "Confidential Information). Employee agrees that he shall not cause
or allow the Confidential Information to be exposed to unauthorized persons and that he will not, without the prior written
consent of Employer, divulge or make any use of such Confidential Information during the term of his employment with Employer
or any time thereafter, except as directed by Employer in connection with Employee's job duties and as may be required by
law. Employee further agrees to identify for Employer immediately any third party whom Employee knows or discovers to be in
possession of such Confidential Information.

 

5.            Employee
Acknowledgement. Employee recognizes that the restrictions contained in this Agreement are of mutual benefit to
Employee and Employer and are supported by full and adequate consideration, that the restrictions and covenants set forth in
this Agreement are reasonable and necessary for the protection of Employer's legitimate business interest and that Employer
will suffer irreparable harm in the event of a breach by Employee of any of the restrictive provisions of this Agreement.
Accordingly, the parties agree that in the event of any breach or attempted breach by Employee of any of the restrictive
provisions of this Agreement, Employer shall be entitled to institute and prosecute judicial proceedings with respect to
such breach, and to recover such costs, expenses, and reasonable attorney's fees as may be incurred by Employer in connection
with such proceedings. The parties further recognize that because a remedy at law for any breach or attempted or threatened
breach by Employee shall be inadequate, that, in addition to any other relief or damages available, Employer shall be
entitled to enjoin Employee, without requirement of bond, from engaging in any conduct in violation of this Agreement and
seek any other injunctive or equitable relief as may be appropriate in case of any such breach or attempted
breach.

 

6.            Assignment.
This Agreement may be assigned by Employer to a successor entity in the event of a merger or consolidation of the Employer
or in connection with the sale of all or substantially all of Employer's business or assets.

 

7.            Severability
and Reformation. The covenants and restrictions of this Agreement shall be severable, and if any of them is held
invalid because of its duration, scope of area or activity, or any other reason, the parties agree that such covenant shall
be adjusted or modified by the court to the extent necessary to cure that invalidity, and the modified covenant shall
thereafter be enforceable as if originally made in this Agreement.

 

    	 	 	Page 2 of 4

     

    

 

8.            Applicable
Law. The parties hereto submit to the jurisdiction of the courts of Virginia with respect to this Agreement and all
matters arising hereunder and they agree that venue for resolution of any dispute arising hereunder shall be the appropriate
state court within Chesterfield County, Virginia or, if applicable, the U.S. District Court for the Eastern District of Virginia,
Richmond Division. Questions with respect to the construction and performance of this Agreement and the rights and liabilities
of the parties hereunder shall be determined in accordance with the laws of the Commonwealth of Virginia, without regard to its
conflicts of laws provisions.

 

9.            Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter
hereof and supersedes all prior and contemporaneous agreements and understandings of the parties, and there are no warranties,
representations or other agreements between the parties in connection with the subject matter hereof except as specifically set
forth in this Agreement. No supplement, modification, waiver or termination of this Agreement shall be binding unless executed
in writing by both Employer and Employee. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver or continuing waiver of any other provision hereof. Notwithstanding this paragraph 9 of the Agreement, this Agreement
shall be considered an exhibit to the Letter Agreement and therefore neither the Letter Agreement nor this Agreement shall supersede
on another. To the extent a conflict arises between the Letter Agreement and this Agreement, the terms of this Agreement shall
control for all matters relating to the non-competition, non-solicitation, and confidentiality.

 

10.           Titles
and Headings. Titles and headings to provisions of this Agreement
are for the purpose of reference only and shall in no way limit, define or otherwise affect the interpretation or construction
of such provisions.

 

11.          Modification
of Agreement. No provision of this Agreement, including the provisions of this paragraph, may be modified, deleted or
amended in any manner except by an agreement in writing executed by the parties hereto.

 

12.           Original
Copies. This Agreement may be executed in more than one counterpart, each of which shall be deemed an original.

 

(Signature Page Follows)

 

    	 	 	Page 3 of 4

     

    

 

 

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

 

	John Foley	 	Carlotz, Inc.
	 	 	 	 	 	 
	By:	/s/ John W. Foley II	 	By:	/s/ Aaron Montgomery	 
	 	 	 	 	 	 
	Date:	12/5/2014 11:56 AM ET	 	Its:	Chief Operating Officer	 
	 	 	 	 	 	 
	 	 	 	Date:	December 4, 2014	 

 

    	 	 	Page 4 of 4

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