Document:

Exhibit 10.9

 

Execution Version

 

AMENDED
AND RESTATED

 

EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”), dated as of August 31, 2020, is made and entered into by and between
Meredian Holdings Group, Inc. (dba Danimer Scientific), a Georgia corporation (the “Company”), and Phillip Van Trump (“Employee”). The Company and Employee are referred to herein collectively as the “Parties”
and individually as a “Party.”

 

RECITALS:

 

WHEREAS,
the Company and the Employee are parties to that certain Employment Agreement, dated as of September 1, 2017 (the “Employment
Agreement”), pursuant to which the Employee is employed as the Company’s Chief Science and Technology Officer;

 

 WHEREAS, the Company desires
to continue to employ the Employee as Chief Science and Technology Officer on the terms and conditions set forth herein; and

 

WHEREAS,
the Employee is willing to continue to be employed as Chief Science and Technology Officer on such terms and conditions; and

 

WHEREAS,
the Company and the Employee desire to enter into this Agreement which shall be deemed to amend, restate and replace the Employment
Agreement as of September 1, 2020.

 

NOW,
THEREFORE, for and in consideration of the promises and mutual covenants and agreements provided for herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as
follows:

 

1. Definitions.
Capitalized terms used and not otherwise defined in this Agreement, shall have the meanings set forth in Schedule 1 attached
hereto and incorporated herein by reference.

 

2. Employment
and Duties.

 

(a) Title.
The Company hereby designates and appoints Employee as the Company’s Chief Science and Technology Officer to act and perform the duties
of Chief Science and Technology Officer on behalf of the Company as provided herein. Employee hereby accepts such designation and appointment.
The employment arrangement created pursuant to the foregoing appointment is in consideration of all other terms, limitations and
restrictions set out in this Agreement.

 

(b) Status.
It is mutually agreed by the Company and Employee that the duties and responsibilities created and conferred by this Agreement
establish an employer/employee relationship between the Company and Employee, and the Chief Executive Officer and the Board of
Directors of the Company (the “Board of Directors”) shall have and retain full and complete supervisory authority
over the manner in which Employee engages in and conducts the duties and responsibilities of such employment.

 

     

     

    

 

(c) Manner
of Performance. Employee will carry out the duties and responsibilities of the foregoing appointment in a faithful, diligent
and responsible manner, subject to the direction and control of the Chief Executive Officer. Employee will devote Employee’s
full business time and attention to perform faithfully and diligently the specific duties of, and generally to provide the services
normally associated with, Employee’s position as the Chief Science and Technology Officer of the Company and/or such other duties assigned
to Employee by the Board of Directors.

 

(d) Location.
The duties to be performed by Employee hereunder shall be performed primarily at the Company’s facilities in Bainbridge,
Georgia, subject to reasonable travel requirements on behalf of the Company and its Subsidiaries, including, but not limited to,
its facilities in Winchester, Kentucky.

 

(e) Subsidiary
Offices. Employee shall also serve as an officer of any Subsidiary or Subsidiaries of the Company upon request of the Chief
Executive Officer or the Board of Directors.

 

3. Compensation
for Services. Subject to the conditions contained in this Agreement, during the Term and in exchange for Employee’s
services under this Agreement, the Company will pay or provide to Employee the following:

 

(a)
Annual Compensation. For each year Employee is employed by the Company, Employee shall receive a salary equal to Three Hundred
Thousand and No/100 U.S. Dollars ($300,000) per annum (the “Base Salary”), subject to raises as approved by
the Chief Executive Officer or the Board of Directors. Employee’s compensation shall be payable in accordance with the Company’s
regular payroll practice or upon other terms mutually agreed upon. If Base Salary is increased during the Term, then such
adjusted salary shall constitute Base Salary for the remainder of the Term.

 

(b) Annual
Bonus. In addition to the Base Salary, Employee will be eligible to receive an annual bonus pursuant to the Company’s
then current employee bonus plan, if any, or as otherwise approved by the Board of Directors.

 

(c) Stock
Incentive Plan. Employee shall be eligible to participate in the Meredian Holdings Group. Inc. 2016 Director and Executive
Officer Stock Incentive Plan, Meredian Holdings Group. Inc. 2016 Omnibus Stock Incentive Plan, or any successor stock incentive
plans. On the Effective Date, the Company shall promptly grant Employee a stock option for 10,000 shares of the Company’s
common stock, par value $.001 per share, at an exercise price of $63.00 per share, which option award: will vest in equal annual
installments of one-third, or 3,333 shares, 3,333 shares and 3,334 shares on each of the first, second and third anniversaries,
respectively, of the grant date; will, to the extent legally permissible, be issued as an incentive stock option; and, will be
subject to the other terms and conditions set forth in the definitive option award agreement granting such option.

 

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(d) Vacation
and Personal Days. Employee shall be entitled to 25 days of paid personal and vacation leave each year or such greater number
of days as may be expressly required by the Company’s written vacation policy then in effect. Employee’s use of such
leave will be subject to the Company’s prevailing vacation policies applicable to similarly situated senior executives, as
such policy may be in effect from time to time.

 

(e) Other Benefits.

 

(i) Employee
shall be eligible to participate in employee benefit programs available to similarly situated employees in accordance with the
terms and conditions of such employee benefit programs. The Company reserves the right, in its sole discretion, to alter, amend
or discontinue any of such employee benefit programs at any time.

 

(ii) Employee
agrees to adhere to the terms of any employee handbook, policy or procedures which the Company may promulgate and make available
to Employee, including via email or intranet access.

 

(iii) The Company
shall provide Employee use of a Company-owned automobile, which automobile shall be serviced and maintained at the Company’s
sole cost and expense.

 

(f) Expenses.
The Company shall reimburse Employee for all reasonable expenses incurred by Employee in the course of performing Employee’s
duties under this Agreement and that are consistent with the Company’s policies in effect at that time with respect to travel,
entertainment and other business expenses; provided, however, that: (i) such expenditures are of a nature qualifying
them as proper deductions on the federal and state income tax returns of the Company; (ii) Employee furnishes to the Company adequate
records and other documentary evidence required by federal and state statutes and regulations issued by the appropriate taxing
authorities for the substantiation of each such expenditure as an income tax deduction; and (iii) such expenditures otherwise
comply with the Company’s requirements with respect to reporting and documentation of such reimbursable expenses.

 

(g) Applicable
Withholdings. Employee’s compensation will be subject to all withholdings and deductions required by law and will be
payable in accordance with the Company’s normal periodic payroll practices.

 

4.
Effective Date and Term. The Employee’s employment with the Company will continue under the terms and conditions
of the Employment Agreement until August 31, 2020 and the Employment Agreement shall remain in full force and effect without any
amendments thereto through such date. The Employment Agreement shall be deemed to be amended, restated and replaced by this Agreement
on September 1, 2020 (the “Effective Date”). The term of Employee’s employment under this Agreement shall
commence on the Effective Date and shall, unless earlier terminated as set forth herein, end on December 31, 2023 (the “Term”).
If Employee is still employed by the Company pursuant to this Agreement as of the date that is six (6) months prior to the
end of the Term, Employee and the Company hereby agree to negotiate, in good faith, through the end of the Term an extension to
the Term or another employment agreement having terms mutually acceptable to the Company and Employee.

 

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5. Incapacity
or Death During Employment. Both Employee and the Company acknowledge and agree that, pursuant to this Agreement, Employee
will assume a significant position with the Company which will require Employee’s constant attention and that Employee’s
regular presence at the Company’s facilities is an essential function of Employee’s position. Therefore, if Employee
is unable to perform Employee’s job duties and responsibilities with or without a reasonable accommodation or is not present
at work for more than ninety (90) consecutive days, the Company may terminate the employment of Employee upon written notice. Upon
such a termination for incapacity in accordance with the preceding sentence, or in the event of termination resulting from the
death of Employee, all obligations of the Company under this Agreement shall terminate other than unpaid Base Salary earned by
Employee up to the date of termination, accrued but unused vacation and reimbursement of approved business expenses incurred by
Employee prior to such termination subject to and in accordance with Section 3(f) above.

 

6. Termination
of Employment.

 

(a) Right
to Terminate. Subject to the provisions of this Section 6, prior to the expiration of the Term, Employee may terminate Employee’s
employment hereunder and agrees to provide the Company with at least 90 days’ notice in the event of the employee’s
resignation. Similarly, subject to the provisions of this Section 6, prior to the expiration of the Term, the Company may terminate
Employee’s employment hereunder either “With Cause” or “Without Cause” (as such terms are hereinafter
defined). If Employee is still employed upon expiration of the Term, Employee will not be entitled to any separation or additional
pay under this Agreement if Employee’s employment ends upon or after expiration of the Term.

 

(b) Termination
With Cause. If, during the Term of this Agreement, the Company terminates Employee’s employment hereunder With Cause,
or Employee’s employment terminates for any of the reasons enumerated in Section 5 above, or Employee resigns, all obligations
of the Company to provide compensation and benefits under this Agreement shall immediately cease upon such termination, and Employee
shall have no claim or right against the Company for damages or other sums. The Company’s election to terminate Employee’s
employment With Cause shall be without prejudice to any remedy the Company may have against Employee for the breach or non-performance
of any of the provisions of this Agreement, or for any non-contractual liabilities.

 

(c) Termination
Without Cause; Voluntary.

 

(i)
If, during the Term of this Agreement, the Company terminates Employee’s employment Without Cause, subject to the provisions
of Section 6(d), the Company shall be obligated to continue to pay Employee’s Base Salary in effect as of the date
of termination for twelve (12) months following the date Employee’s employment is terminated, in accordance with the Company’s
standard payroll practices and subject to applicable federal and state withholding taxes.

 

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(ii) If, during
the Term of this Agreement, the Company terminates Employee’s employment Without Cause, in connection with a Change in Control,
or within 12 months following a Change in Control, subject to the provisions of Section 6(d), the Company shall be obligated to
continue to pay Employee’s Base Salary in effect as of the date of termination for twenty four (24) months following the
date Employee’s employment is terminated, in accordance with the Company’s standard payroll practices and subject to
applicable federal and state withholding taxes.

 

(iii) If, during
the Term of this Agreement, Employee voluntarily terminates Employee’s employment, subject to the provisions of Section 6(d),
the Company may elect, in its sole discretion, to pay Employee the same severance payments described in Section 6(c)(i), above,
as if Employee had been terminated Without Cause.

 

(d)
Conditions to Severance Payments. The payments described in Section 6(c) above are expressly contingent and conditioned
upon (i) Employee’s execution of a standard separation and general release agreement, in a written form acceptable to the
Company, containing a release of any and all claims by Employee against the Company, whether such claims are actual or potential,
or known or unknown (the “Release”); and (ii) Employee’s compliance with the restrictive covenants
and all post-termination obligations to which Employee is subject, including, but not limited to, the obligations set forth in
Section 7 of this Agreement, and in that certain Confidentiality and Assignment Agreement executed by Employee in favor of the
Company attached hereto as Exhibit A (the “Employee Assignment Agreement”). The Company retains the right,
in good faith, to terminate the initiation or continuation of payments described in Section 6(c) (as well as to pursue any other
remedies available at law or in equity) if it obtains evidence that Employee breached Employee’s obligations under any of
the post-employment covenants set forth in this Agreement or in the Employee Assignment Agreement, or it is determined that Employee
engaged in conduct which would have justified termination With Cause. Further, Company may, in its sole discretion, waive Employee’s
compliance with the restrictive covenants contained in Section 7 of this Agreement, by delivering written notice of such waiver
to Employee, and upon delivery of such written waiver Company shall not be obligated to make any payments or further payments,
as the case may be, to Employee pursuant to Section 6(c)(i) above.

 

(e) Cooperation. 
Following the expiration and/or termination of this Agreement for any reason, Employee shall provide his reasonable cooperation
in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during
Employee’s employment hereunder; provided the Company shall reimburse Employee for Employee’s reasonable costs and
expenses incurred in connection therewith and such cooperation shall not unreasonably burden Employee or unreasonably interfere
with any subsequent employment that Employee may undertake.

 

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(f) Parachute
Payments. Notwithstanding any other provisions of this Agreement or any other Company plan, arrangement or agreement (“Company
Arrangement”), in the event that any payment or benefit by the Company or otherwise to or for the benefit of Employee,
whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (all such payments
and benefits, including the payments and benefits under this Section 6 above, being hereinafter referred to as the “Total
Payments”), would be subject (in whole or in part) to the excise tax (the “Excise Tax”) imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the Total Payments shall
be reduced (but not below zero) to the minimum extent necessary to avoid the imposition of the Excise Tax on the Total Payments.
Any such reduction shall be made by the Company in its sole discretion consistent with the requirements of Section 409A of
the Code (“Section 409A”). Any determination required under this Section 6(f), including whether any payments
or benefits are parachute payments, shall be made by the Company in its sole discretion. Employee shall provide the Company with
such information and documents as the Company may reasonably request in order to make a determination under this Section 6(f).
The Company’s determinations shall be final and binding on the Company and the Employee. In the event it is later determined
that to implement the objective and intent of this Section 6(f), (i) a greater reduction in the Total Payments should have been
made, the excess amount shall be returned promptly by Employee to the Company or (ii) a lesser reduction in the Total Payments
should have been made, the excess amount shall be paid or provided promptly by the Company to Employee, except to the extent the
Company reasonably determines would result in imposition of an excise tax under Section 409A.

 

(g) As used
in this Agreement:

 

(i) “With
Cause” means the termination of employment resulting from:

 

(A) Employee’s
violation of or failure to adhere to any of the material provisions, restrictions or covenants of this Agreement or the Employee
Assignment Agreement, provided Employee has received written notice from the Company of such violation and been given thirty
days in which to cure such violation (if curable), such cure period shall involve Employee’s provision of a written plan
to cure the circumstances forming the basis of the termination decision which the Company shall in good faith accept or reject;

 

(B) the commission
by Employee of any act of fraud or embezzlement against the Company or any of its affiliates;

 

(C) conduct
that is grossly negligent or willful and deliberate on Employee’s part and that is (or would reasonably be expected to be)
materially detrimental to the Company or any of its Affiliates;

 

(D) Employee’s
conviction of, or entry of a plea of guilty or no contest to, a felony or a crime of moral turpitude;

 

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(E) a failure
of Employee to adhere in any material respect to the written policies and procedures established from time to time by the Company,
including, but not limited to, any code of business conduct and ethics, and which failure is (or would reasonably be expected to
be) materially detrimental to the Company or any of its Affiliates;

 

(F) A violation
by the Employee of the Company’s Substance Abuse Policy;

 

(G) Employee’s
violation of the Company’s policies prohibiting unlawful employment discrimination, retaliation or harassment, including
sexual harassment which includes but is not limited to engaging in or aiding and abetting any act of employment discrimination,
retaliation or harassment including sexual harassment;

 

(H) Employee’s
violation of any contractual, statutory, or fiduciary duty owed by Employee to the Company or any of its affiliates; or

 

(I) Employee’s
failure to cooperate in good faith with a governmental or internal investigation of the Company, its subsidiaries or affiliates,
or their directors, officers or employees, if the Company has reasonably requested Employee’s cooperation.

 

(ii) “Without
Cause” means the termination of employment by the Company other than resulting from any reason enumerated in Section
6(g)(i) above or Section 5 of this Agreement.

 

7.
Confidentiality; Noncompetition and Nonsolicitation. For purposes of this Section 7, all references to the
Company shall be deemed to include the Company’s and its Subsidiaries, whether now existing or hereafter established or acquired.
In consideration for the compensation and benefits provided to Employee pursuant to this Agreement, Employee agrees with the provisions
of this Section 7.

 

(a) Confidentiality.
Employee acknowledges that as a result of his retention by the Company, Employee has and will continue to have knowledge of, and
access to, proprietary and confidential information of the Company including, without limitation, research and development plans
and results, software, databases, technology, inventions, trade secrets, technical information, know-how, plans, specifications,
methods of operations, product and service information, product and service availability, pricing information (including pricing
strategies), financial, business and marketing information and plans, and the identity of customers, clients and suppliers (collectively,
the “Confidential Information”), and that the Confidential Information, even though it may be contributed, developed
or acquired by the Employee, constitutes valuable, special and unique assets of the Company developed at great expense which are
the exclusive property of the Company. Accordingly, Employee shall not, at any time, either during or subsequent to the Term of
this Agreement, use, reveal, report, publish, transfer or otherwise disclose to any person, corporation, or other entity, any of
the Confidential Information without the prior written consent of the Company, except to responsible officers and employees of
the Company and other responsible persons who are in a contractual or fiduciary relationship with the Company and who have a need
for such Confidential Information for purposes in the best interests of the Company, and except for such Confidential Information
which is or becomes of general public knowledge from authorized sources other than by or through Employee. Employee acknowledges
that the Company would not enter into this Agreement without the assurance that all the Confidential Information will be used for
the exclusive benefit of the Company.

 

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(b) Noncompetition.
In partial consideration of, and subject to, the Company’s payment of the amounts described in Section 6(c)(i) above and
as an inducement to the Company entering into this Agreement, Employee accordingly covenants and agrees that, during Employee’s
employment with and service as an employee to the Company and its Business Affiliates as provided in this Agreement, and for a
period of twelve (12) months following any termination of such employment, except if severance is being paid in accordance with
Section 6(c)(ii) in which case the period shall be 24 months (the “Noncompete Period”), Employee shall not for
Employee’s own behalf or on behalf of any Person (other than the Company or any of its Business Affiliates), directly or
indirectly (either individually or as an agent, advisor, partner, joint venturer, trustee, shareholder, officer, manager, investor,
director, consultant, employee or in any other capacity):

 

(i) engage
in any Competitive Activity within the Prohibited Territory; or

 

(ii) assist
others in engaging in any Competitive Activity within the Prohibited Territory;

 

provided,
however, that nothing in this Section 7 shall restrict Employee from the passive ownership of two percent (2%) or less of
the publicly traded securities of any entity.

 

(c) Nonsolicitation.
In partial consideration of, and subject to, the Company’s payment of the amounts described in Section 6(c)(i) above and
as an inducement to the Company entering into this Agreement, Employee accordingly covenants and agrees that unless specifically
authorized by the Board of Directors in writing, during the Noncompete Period, Employee shall not:

 

(i) solicit,
encourage, support or cause any employee or consultant of the Company or any Business Affiliate thereof to leave the employment
of the Company or any Business Affiliate thereof;

 

(ii) solicit,
encourage, support or cause any supplier of goods, services or property (including intangible or other intellectual property) to
the Company or any Business Affiliate thereof, or any licensor or licensee of the Company or any Business Affiliate thereof, to
not do business with, to discontinue doing business with, or to materially reduce all or any part of such supplier’s or licensor’s
or licensee’s business with the Company or any Business Affiliate thereof;

 

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(iii) solicit
any Customer for the purposes of offering or providing any product or service of the type provided or conducted by the Company
or any Business Affiliate thereof during the Noncompete Period; or

 

(iv) solicit
or encourage any Customer to terminate, curtail or otherwise limit its business relationship with the Company or any Business Affiliate
thereof.

 

(d) Remedies.
The restrictions set forth in this Section 7 are considered by the Parties to be fair and reasonable. Employee acknowledges that
the restrictions contained in this Section 7 will not prevent him from earning a livelihood. Employee further acknowledges that
the Company would be irreparably harmed and that monetary damages would not provide an adequate remedy in the event of a breach
of the provisions of this Section 7. Accordingly, Employee agrees that, in addition to any other remedies available to the Company,
the Company shall be entitled to injunctive and other equitable relief to secure the enforcement of these provisions. In connection
with seeking any such equitable remedy, including, but not limited to, an injunction or specific performance, the Company shall
not be required to post a bond as a condition to obtaining such remedy. In any such litigation, the prevailing party shall be entitled
to receive an award of reasonable attorneys’ fees and costs. If any provisions of this Section 7 relating to the time period,
scope of activities or geographic area of restrictions is declared by a court of competent jurisdiction to exceed the maximum permissible
time period, scope of activities or geographic area, the maximum time period, scope of activities or geographic area, as the case
may be, shall be reduced to the maximum which such court deems enforceable. If any provisions of this Section 7 other than those
described in the preceding sentence are adjudicated to be invalid or unenforceable, the invalid or unenforceable provisions shall
be deemed amended (with respect only to the jurisdiction in which such adjudication is made) in such manner as to render them enforceable
and to effectuate as nearly as possible the original intentions and agreement of the parties. Nothing herein shall be construed
as prohibiting a Party from pursuing other remedies available to it for such breach or threatened breach. Employee also agrees
that the Company may disclose this Agreement to any Person that, at any time during Employee’s employment with the Company
or during the period the restrictive covenants set forth herein or in the Employee Assignment Agreement are in effect, employs
or considers employing Employee.

 

8. Corporate
Opportunities. During Employee’s employment with the Company, Employee shall bring all investment or business opportunities
to the Company of which the Employee is aware and which Employee believes are, or would reasonably be, within the scope and objectives
of the business of the Company and its Business Affiliates. If Employee is engaged in or associated with the planning or implementing
of any project, program or venture involving the Company or its Business Affiliates and any third parties, all rights in such project,
program or venture shall belong exclusively to the Company (or the third party, to the extent provided in any agreement between
the Company and the third party). Except as formally approved in advance and in writing by the Company, Employee shall not be entitled
to any interest in such project, program or venture or to any commission, finder’s fee or other compensation in connection
therewith other than the salary or other compensation to be paid to Employee as provided in this Agreement.

 

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9. Nondisparagement.
During Employee’s employment with the Company, and at all times thereafter, (i) Employee will not make any public statement
that is disparaging about the Company, any of its Business Affiliates, any of its or their respective officers or directors, including,
but not limited to, any statement that disparages the products, services, finances, financial condition, capabilities or other
aspects of the business of the Company or any of its Business Affiliates and (ii) the Company will not make any public statement
that is disparaging about Employee. The immediately preceding sentence shall not apply to or limit any statement made in any judicial
proceeding relating to any dispute under this Agreement.

 

10. Confidentiality
of Agreement. Employee agrees to keep the terms and conditions of this Agreement confidential except as may be required
by law or legal proceeding, and except that Employee may discuss this Agreement with Employee’s attorney, accountant, financial
adviser or members of Employee’s immediate family, provided, in all cases, that Employee shall direct each such person to
keep the information confidential and not to disclose it to others. Notwithstanding the foregoing, it shall not be a violation
of this Section 10 for Employee to disclose the terms of the covenants contained in Section 7 to any prospective employer, entity
or person with whom Executive is considering engaging.

 

11. Notices.
Any notice required or permitted to be given under the terms of this Agreement shall be in writing and shall be deemed to have
been duly given and received (a) when delivered or sent if delivered in person, (b) on the fifth (5th) Business Day
after dispatch by prepaid registered or certified mail, return receipt requested, or (c) on the next Business Day if transmitted
by national overnight courier, in the case of Employee, to Employee’s place of residence as currently shown on the records
of the Company, or in the case of the Company, to 140 Industrial Boulevard, Bainbridge, Georgia 39817, Attention: Board of Directors.

 

12. Amendment;
Waiver. No change or modification of this Agreement shall be valid or binding unless signed by both the Company and Employee.
No waiver of any provisions of this Agreement shall be valid unless in writing and signed by the Party against whom the waiver
is sought to be enforced. A valid waiver of any provision of this Agreement shall be limited to the instance received in such writing
and, unless otherwise expressly stated, shall not be effective as a continuing waiver or repeal of such provision.

 

13. Governing
Law. This Agreement shall be construed in accordance with the laws of the State of Georgia applicable to contracts made
and to be wholly performed within that State without regard to its conflict of laws provisions that could cause the application
of the laws of another state or jurisdiction.

 

14. Employee
Representations. Employee warrants that he is free to execute this Agreement and the Employee Assignment Agreement, and
that he has no agreements or commitments that will prevent or interfere with the performance of the services required of Employee
hereunder, including but not limited to agreements related to previous employment containing confidentiality or noncompetition
covenants. Employee further represents and warrants that he is not presently nor has he ever been the subject of or a party to
any charge, complaint, government agency investigation or proceeding, disciplinary action, arbitration or litigation involving
a claim of employment discrimination, retaliation or harassment, including sexual harassment.

 

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15. Representation.
The Parties waive the application of any law, regulation, holding or rule of construction providing that ambiguities in the Agreement
will be construed against the Party drafting such agreement. The language used in this Agreement shall be deemed to be the language
chosen by the Parties to express their mutual agreement, and this Agreement shall not be deemed to have been prepared by any single
Party.

 

16. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefits of the Parties and their respective successors,
assigns, heirs and personal representatives; provided, however, that (i) Employee may not assign or delegate any
of Employee’s rights, obligations, title or interest in or under this Agreement without the prior written consent of the
Company and any purported assignment of such right, obligation, title or interest without such consent shall be null and void and
(ii) the Company may not assign or delegate any of its obligations under this Agreement without the prior written consent of Employee
and any purported assignment of such obligation without such consent shall be null and void.

 

17. Severability.
If any provision of this Agreement is deemed invalid or unenforceable, the validity of the other provisions of this Agreement shall
not be impaired. If any provision of this Agreement shall be deemed invalid as to its scope, then notwithstanding such invalidity,
that provision shall be deemed valid to the fullest extent permitted by law, and the Parties agree that, if any court makes such
a determination, it shall have the power to reduce the duration, scope or area of such provisions and to delete specific words
and phrases by “blue penciling” and, in its reduced or blue-penciled form, such provisions shall then be enforceable
as allowed by law.

 

18. Entire Agreement.
This Agreement contains the entire agreement and understanding between the Company and Employee with respect to the subject matter
of this Agreement, and supersedes and preempts any prior understandings, agreements or representations by or among the Parties,
written or oral, which may have related to the subject matter hereof in any way.

 

19. Facsimiles
and Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but
all of which together shall constitute one instrument. Any signature delivered by a facsimile machine or by electronic transmission
shall be binding to the same extent as an original signature page with regard to this Agreement. A Party that delivers a signature
page in this manner agrees to later deliver an original counterpart signature page to the other Parties.

 

20. Section 409A.

 

(a) General.
The parties to this Agreement intend that the Agreement complies with Section 409A, where applicable, and this Agreement shall
be interpreted in a manner consistent with that intention. Except as otherwise permitted under Section 409A, no payment hereunder
shall be accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to
Section 409A.

 

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(b) Separation
from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement
that is considered nonqualified deferred compensation under Section 409A and is designated under this Agreement as payable upon
Employee’s termination of employment shall be payable only upon Employee’s “separation from service” with
the Company within the meaning of Section 409A (a “Separation from Service”).

 

(c) Specified
Employee. Notwithstanding anything in this Agreement to the contrary, if Employee is deemed by the Company at the time of Employee’s
Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement
of any portion of the benefits to which Employee is entitled under this Agreement is required in order to avoid a prohibited distribution
under Section 409A, such portion of Employee’s benefits shall not be provided to Employee prior to the earlier of (A) the
expiration of the six (6)-month period measured from the date of Employee’s Separation from Service with the Company or (B)
the date of Employee’s death. Upon the first business day following the expiration of the applicable Section 409A period,
all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Employee (or Employee’s estate or
beneficiaries), and any remaining payments due to Employee under this Agreement shall be paid as otherwise provided herein.

 

(d) Expense
Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements
payable to Employee shall be paid to Employee no later than December 31st of the year following the year in which the
expense was incurred; provided, that Employee submits Employee’s reimbursement request promptly following the date
the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in
any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and Employee’s right to reimbursement
under this Agreement will not be subject to liquidation or exchange for another benefit.

 

(e) Installments.
Employee’s right to receive any installment payments under this Agreement, including without limitation any continuation
salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments
and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under
Section 409A.

 

(f) Release.
Notwithstanding anything to the contrary in this Agreement, to the extent that any payments due under this Agreement as a result
of Employee’s termination of employment are subject to Employee’s execution and delivery of a Release, in any case
where Employee’s date of termination and Release Expiration Date (as defined below) fall in two separate taxable years, any
payments required to be made to Employee that are conditioned on the Release and are treated as nonqualified deferred compensation
for purposes of Section 409A shall be made in the later taxable year. For purposes hereof, “Release Expiration Date”
shall mean the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to Employee,
or, in the event that Employee’s termination of employment is “in connection with an exit incentive or other employment
termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five
(45) days following such delivery date. To the extent that any payments of nonqualified deferred compensation (within the meaning
of Section 409A) due under this Agreement as a result of Employee’s termination of employment are delayed pursuant to
this Section 9(m)(v), such amounts shall be paid in a lump sum on the first payroll period to occur in the subsequent taxable year.

 

21. Survival.
The Parties acknowledge that the provisions of this Agreement which by their terms extend beyond termination shall survive in accordance
with the terms thereof, including Sections 6, 7, 8, 9, 10, 11, 12, 13 and 16 through 21 shall survive any termination of this Agreement.

 

[Signature
Page Follows]

  

    12

     

    

 

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

 

	 	COMPANY:
	 	 
	 	MEREDIAN HOLDINGS GROUP, INC.
	 	 	 
	 	By:	/s/ Stephen E. Croskrey
	 	 	 
	 	Name: 	Stephen E. Croskrey
	 	 	 
	 	Title:	CEO
	 	 	 
	 	EMPLOYEE:
	 	 
	 	/s/
Phillip Van Trump
	 	phillip
van trump

 

[Signature Page to Employment Agreement]

 

     

     

    

 

SCHEDULE 1

 

DEFINITIONS

 

(a) “Affiliate”
means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct
or indirect common control with such specified Person.

 

(b) “Business
Affiliate” means the Company or any Subsidiary or Affiliate of the Company; provided that notwithstanding the foregoing,
companies which are deemed to be Affiliates solely due to the control of such entity by a shareholder of the Company (including
portfolio companies in which a shareholder of the Company holds an investment) shall not be deemed to be Affiliates of the Company.

 

(c) “Business
Day” means any day other than a Saturday, Sunday or other day on which the national or state banks located in the State
of Georgia are authorized to be closed.

 

(d) “Change
in Control” shall mean the occurrence of any of the following after the Effective Date:

 

i.
the date any entity or person shall have become the beneficial owner of, or shall have obtained voting control over, more
than fifty percent (50%) of the total voting power of the Company’s then outstanding voting stock;

 

ii.
the date of the consummation of (A) a merger, consolidation or reorganization of the Company (or similar transaction involving
the Company), in which the holders of the stock of the Company outstanding immediately prior to the transaction do not have voting
control over more than fifty percent (50%) of the voting securities of the surviving corporation immediately after such transaction,
or (B) the sale or disposition of all or substantially all the assets of the Company; or

 

iii.
the date there shall have been a change in a majority of the Board within a 12-month period unless the nomination for election
by the Company’s shareholders of each new Director was approved by the vote of two-thirds of the members of the Board (or
a committee of the Board, if nominations are approved by a Board committee rather than the Board) then still in office who were
in office at the beginning of the 12-month period; provided, however, that notwithstanding any of the foregoing, any business combination
with the Company pursuant to an acquisition agreement (including without limitation any merger agreement or purchase agreement)
executed at any time prior to December 31, 2020 shall not be deemed to be a Change in Control.

 

    Schedule 1, Pg. 1

     

    

 

(e) “Competitive
Activity” means the design, development, manufacturing, production, marketing, distribution and/or sale or provision
of, or the provision of consulting services related to, products or services that are substantially similar to, identical to, or
are otherwise competitive with those offered by the Company during the twelve (12) month period prior to the termination date of
Employee’s employment hereunder, including, without limitation, the design, development, manufacturing, production, marketing,
distribution and/or sale or provision of, or the provision of consulting services related to, (i) PHA, Levan or other products
that are compostable and/or biodegradable substitutes for non-biodegradable plastics and (ii) the reactive extrusion of PHA, Levan
or other products that are compostable and/or biodegradable substitutes for non-biodegradable plastics.

 

(f)
“control” “controlling” “controlled” means, when used with respect
to any specified Person, the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise.

 

(g) “Customer”
means any Person that is now, or during the Noncompete Period becomes, a customer of the Company or any Business Affiliate with
whom Employee had a business relationship.

 

(h) “Levan”
means levan polysaccharide.

 

(i) “Person”
means an individual (including Employee), a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political
subdivision thereof.

 

(j)
“PHA” means polyhydroxyalkanoate.

 

(k)
“Prohibited Territory” means North America, South America, Europe, Asia, Australia and Africa.

 

(l) “Subsidiary”
means, with respect to any specified Person, any other Person of which (or in which) such specified Person will, at the time, directly
or indirectly through one or more subsidiaries, (a) own at least 50% of the outstanding capital stock or equity interests having
ordinary voting power to elect a majority of the board of directors or other similar governing body, (b) hold at least 50% of the
interests in the capital or profits, (c) hold at least 50% of the beneficial interest (in the case of any such Person that is a
trust or estate), or (d) be a general partner (in the case of a partnership) or a managing member (in the case of a limited liability
company). 

 

    Schedule 1, Pg. 2

     

    

 

EXHIBIT A

 

Employee Assignment Agreement

(see attached)

 

 

Ex. A, Page 1Exhibit 10.10

 

WARRANT
SALE AND SUPPORT Agreement

 

This WARRANT SALE AND
SUPPORT AGREEMENT (this “Agreement”) is made as of October 2, 2020, between Live Oak Sponsor Partners, LLC,
a Delaware limited liability company (“Sponsor”), Valfund Plastics, LLC, a Florida limited liability company
(“Valfund Plastics”) and Michael Ashton Hudson (“Hudson”), James H. Dahl (“Dahl”) and
Andrew F. Cates (“Cates”, and together with Hudson and Dahl, the “Company Shareholders”). Sponsor, Valfund
Plastics and the Company Shareholders are each sometimes referred to in this Agreement as a “Party,” and collectively
as the “Parties.” Capitalized terms used and not defined herein have the respective meanings ascribed to them
in the Merger Agreement (as defined below).

 

WHEREAS, Sponsor owns
6,000,000 warrants (the “Warrants”) to purchase 6,000,000 shares of Class A common stock, par value $0.0001
per share, of Live Oak Acquisition Corp., a Delaware corporation (“Live Oak”).

 

WHEREAS, Sponsor, as
representative for certain purposes described in the Merger Agreement (as defined below), Live Oak, Green Merger Corp., a Georgia
corporation and a wholly-owned Subsidiary of Sponsor (“Merger Sub”), Meridian Holdings Group, Inc. (d/b/a/ Danimer
Scientific), a Georgia corporation (the “Company”), and John A. Dowdy, jr., as representative of the shareholders
of the Company (the “Shareholder Representative”) are discussing entering into an Agreement and Plan of Merger
(or such other definitive agreement relating to a business combination, the “Merger Agreement”) pursuant to
which, among other things, Merger Sub will be merged (the “Merger”) with and into the Company, with the Company
continuing as the Surviving Corporation and as a wholly-owned Subsidiary of Live Oak (the “Merger”).

 

WHEREAS, as of the
date hereof, the Company Shareholders are the record or beneficial owner (within the meaning of Rule 13d-3 under
the Securities Exchange Act of 1934, as amended, which meaning will apply for all purposes of this Agreement whenever the term
“beneficial owner” or “beneficially own” is used) of shares of common stock, $0.001 par value, of the Company
set forth on the signature page to this Agreement (the “Shares”).

 

WHEREAS, as of the
date hereof, the Company Shareholders are the sole members of Valfund Plastics.

 

WHEREAS, as an inducement
to and in consideration of Sponsor’s willingness to enter into the Merger Agreement, and having reviewed the Merger Agreement
and the terms of the proposed Merger, Valfund Plastics and the Company Shareholders have agreed to enter into this Agreement.

 

WHEREAS, as an inducement
to and in consideration of Valfund Plastics’ and the Company Shareholders’ willingness to enter into this Agreement,
Sponsor has agreed to sell to Valfund Plastics 3,000,000 Warrants (the “Subject Warrants).

 

     

     

    

 

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

 

Section 1.  Sale
and Purchase of the Subject Warrants. On the terms and subject to the conditions contained in this Agreement, at the Closing
(as defined below) and subject to the closing of the Merger Agreement, Sponsor shall sell to Valfund Plastics, and Valfund Plastics
shall purchase from Sponsor, all of Sponsor’s right, title, and interest in the Subject Warrants, free and clear of any lien
(other than restrictions on transfer imposed under applicable securities laws), for an aggregate purchase price of $30,000 in cash
(the “Purchase Price”).

 

Section 2.  Closing.

 

(a) The
consummation of the transactions contemplated by Section 1 of this Agreement (the “Closing”) shall take
place at the same location and time as, and subject to, the closing of the transactions contemplated by the Merger Agreement. The
date on which the Closing occurs is referred to in this Agreement as the “Closing Date.”

 

(b) At
the Closing, Valfund Plastics shall pay to Sponsor the Purchase Price by wire transfer of immediately available funds to the account
Sponsor designates in writing to Valfund Plastics at least three (3) business days prior to the Closing Date.

 

(c) At
the Closing, Sponsor shall deliver to Valfund Plastics a certificate representing the Subject Warrants duly signed by Live Oak.

 

Section 3.  Attendance
at Shareholders Meeting; Voting of Shares.

 

(a) Upon
the request of the Company or Live Oak, each of the Company Shareholders shall execute and deliver to the Company, or cause to
be executed and delivered to the Company, the Written Consent in the form attached to the Merger Agreement, voting all Shares beneficially
owned by them in favor of adopting and approving the Merger Agreement, the Merger and the other transactions contemplated by the
Merger Agreement, in accordance with the GBCC and the Organizational Documents of the Company.

 

(b) For
the avoidance of doubt, at any and every meeting of the Shareholders of the Company, and at every adjournment or postponement thereof,
and on every action or approval by written consent or resolution of the Shareholders of the Company, each of the Company Shareholders
shall, unless otherwise directed in writing by Live Oak or Sponsor:

 

(i) appear
(in person or by proxy) at any such meeting (or any adjournment or postponement thereof);

 

(ii) cause
the Shares to be counted at any such meeting as present for purposes of calculating a quorum; and

 

(iii) cause
the Shares to be voted (A) in favor of approval of the adoption of the Merger Agreement and approval of the Merger and the other
transactions contemplated by the Merger Agreement, (B) in favor of any proposal to adjourn the meeting to solicit additional proxies
in favor of the adoption of the Merger Agreement and approval of the Merger and the other transactions contemplated by the Merger
Agreement if (but only if) there are not sufficient votes to adopt the Merger Agreement on the date on which such meeting is held,
(C) against any Competing Transaction, and (D) against any action, proposal, transaction, or agreement that could result in a breach
of, inaccuracy in, or failure to perform any representation, warranty, covenant, or agreement of the Company contained in the Merger
Agreement or of the Company Shareholders contained in this Agreement or that could prevent, delay, or adversely affect the consummation
of the Merger or the satisfaction of Sponsor’s, Live Oak’s, Merger Sub’s, or the Company’s conditions to
closing contained in the Merger Agreement.

 

    2

     

    

 

(c) Any
shares of capital stock of the Company that a Company Shareholders acquires after the date of this Agreement, including by reason
of any stock split, stock dividend (including any dividend or distribution of securities convertible into capital stock), reorganization,
recapitalization, reclassification, combination, exchange of shares, or other similar transaction, shall be deemed to be Shares
for purposes of this Agreement and shall be subject to the terms and conditions of this Agreement to the same extent as if they
constituted Shares on the date of this Agreement.

 

(d) VALFUND
PLASTICS HEREBY IRREVOCABLY AND UNCONDITIONALLY GRANTS TO AND APPOINTS SPONSOR AS VALFUND PLASTICS’ PROXY AND ATTORNEY-IN-FACT (WITH
FULL POWER OF SUBSTITUTION AND RESUBSTITUTION), FOR AND IN THE NAME, PLACE AND STEAD OF VALFUND PLASTICS (IN VALFUND PLASTICS’
CAPACITY AS A BENEFICIAL OR RECORD HOLDER OF THE SUBJECT SHARES), TO REPRESENT, VOTE AND OTHERWISE ACT (BY VOTING AT ANY MEETING
OF COMPANY STOCKHOLDERS, BY WRITTEN CONSENT IN LIEU THEREOF OR OTHERWISE) WITH RESPECT TO THE SHARES OWNED OR HELD (BENEFICIALLY
OR OF RECORD) BY VALFUND PLASTICS REGARDING THE MATTERS REFERRED TO IN SECTION 3(b), TO THE SAME EXTENT AND WITH
THE SAME EFFECT AS SUCH VALFUND PLASTICS MIGHT OR COULD DO UNDER APPLICABLE LAW, RULES AND REGULATIONS. THE PROXY GRANTED PURSUANT
TO THIS SECTION 3(d) IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE. VALFUND PLASTICS WILL TAKE SUCH
FURTHER ACTION AND WILL EXECUTE SUCH OTHER INSTRUMENTS AS MAY BE NECESSARY TO EFFECTUATE THE INTENT OF THIS PROXY. VALFUND
PLASTICS HEREBY REVOKES ANY AND ALL PREVIOUS PROXIES OR POWERS OF ATTORNEY GRANTED WITH RESPECT TO ANY SHARES THAT MAY HAVE
HERETOFORE BEEN APPOINTED OR GRANTED WITH RESPECT TO THE MATTERS REFERRED TO IN THIS SECTION 3, AND NO SUBSEQUENT
PROXY (WHETHER REVOCABLE OR IRREVOCABLE) OR POWER OF ATTORNEY SHALL BE GIVEN BY SUCH VALFUND PLASTICS, EXCEPT AS REQUIRED BY ANY
ELECTION FORM OR LETTER OF TRANSMITTAL IN CONNECTION WITH THE MERGER. NOTWITHSTANDING THE FOREGOING, THIS PROXY SHALL TERMINATE
UPON TERMINATION OF THIS AGREEMENT IN ACCORDANCE WITH ITS TERMS.

 

    3

     

    

 

Section 4.  Representations
and Warranties of Sponsor. Sponsor represents and warrants to Valfund Plastics and the Company Shareholders as follows:

 

(a) Sponsor
is validly existing and in good standing as a limited liability company under the laws of the State of Delaware. Sponsor has all
requisite limited liability company power and authority to execute, deliver, and perform this Agreement and to consummate the transactions
contemplated by this Agreement. The execution, delivery, and performance by Sponsor of this Agreement and the consummation by Sponsor
of the transactions contemplated by this Agreement have been validly authorized by all necessary action by Sponsor. Sponsor has
validly executed and delivered this Agreement. This Agreement constitutes a legal, valid, and binding obligations of Sponsor, enforceable
against Sponsor in accordance with its terms, subject to the imitations on enforcement and other remedies imposed by or arising
under or in connection with applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and other similar
laws relating to or affecting creditors’ rights generally from time to time in effect or general principles of equity (including
concepts of materiality, reasonableness, good faith, and fair dealing with respect to those jurisdictions that recognize such concepts).

 

(b) Sponsor
owns, beneficially and of record, and has good and valid title to the Subject Warrants, free and clear of any lien (other than
restrictions on transfer imposed under applicable securities laws).

 

(c) The
execution, delivery, and performance by Sponsor of this Agreement, and the consummation by Sponsor of the transactions contemplated
by this Agreement, do not and will not require any consent of or with any governmental authority, other than (i) any consent the
failure of which to be obtained would not prevent or delay the consummation by Sponsor of the transactions contemplated by this
Agreement and (ii) any consent that is required as a result of any facts or circumstances relating solely to Valfund Plastics or
any of its affiliates.

 

(d) The
execution, delivery, and performance by Sponsor of this Agreement, and the consummation by Sponsor of the transactions contemplated
by this Agreement, do not and will not violate, conflict with, result in a breach, cancellation, or termination of, constitute
a default under, or result in a circumstance that, with or without notice or lapse of time or both, would constitute any of the
foregoing under (i) any law or order applicable to or binding on Sponsor or any of Sponsor’s properties or assets, including
the Subject Warrants, (ii) any contract to which Sponsor is a party or by which Sponsor or any of Sponsor’s properties or
assets, including the Subject Warrants, is bound, or (iii) or any of the organizational documents of Sponsor, except, in the case
of each of clauses (i) and (ii), where such violation, conflict, breach, cancellation, termination, or default would not, individually
or in the aggregate, prevent or delay the consummation by Sponsor of the transactions contemplated by this Agreement.

 

(e) There
are no proceedings pending or, to Sponsor’s knowledge, threatened by or against sponsor or any of its affiliates with respect
to this Agreement or the transactions contemplated by this Agreement or that, if determined adversely to Sponsor, would prevent
or delay the consummation by Sponsor of the transactions contemplated by this Agreement.

 

Section 5. Representations
and Warranties of Valfund Plastics and the Company Shareholders. Valfund Plastics and the Company Shareholders, jointly and
severally, represent and warrant to Sponsor as follows:

 

(a) Valfund
Plastics is validly existing and in good standing as a limited liability company under the laws of the State of Florida. Valfund
Plastics has all requisite limited liability company power and authority to execute, deliver, and perform this Agreement and to
consummate the transactions contemplated by this Agreement. The execution, delivery, and performance by Valfund Plastics of this
Agreement and the consummation by Valfund Plastics of the transactions contemplated by this Agreement have been validly authorized
by all necessary action by Valfund Plastics. Valfund Plastics has validly executed and delivered this Agreement. This Agreement
constitutes a legal, valid, and binding obligation of Valfund Plastics, enforceable against Valfund Plastics in accordance with
its terms, subject to the imitations on enforcement and other remedies imposed by or arising under or in connection with applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and other similar laws relating to or affecting creditors’
rights generally from time to time in effect or general principles of equity (including concepts of materiality, reasonableness,
good faith, and fair dealing with respect to those jurisdictions that recognize such concepts).

 

    4

     

    

 

(b) Each
of the Company Shareholders has the requisite capacity to execute, deliver, and perform this Agreement and to consummate the transactions
contemplated by this Agreement. Each Company Shareholder has validly executed and delivered this Agreement. This Agreement constitutes
a legal, valid, and binding obligation of each Company Shareholder, enforceable against such Company Shareholder in accordance
with its terms, subject to the imitations on enforcement and other remedies imposed by or arising under or in connection with applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium, and other similar laws relating to or affecting creditors’
rights generally from time to time in effect or general principles of equity (including concepts of materiality, reasonableness,
good faith, and fair dealing with respect to those jurisdictions that recognize such concepts).

 

(c) Each
Company Shareholder owns, directly or indirectly, and has good and valid title to the Shares, free and clear of any lien (other
than restrictions on transfer imposed under applicable securities laws). There are no outstanding options, warrants, rights, calls,
convertible securities, or other agreements obligating any Company Shareholder to transfer or sell or redeem any of the Shares.
Except for this Agreement, there are no voting trusts, stockholder agreements, proxies, or other agreements or understandings in
effect to which any Company Shareholder is a party with respect to the voting or transfer of any of the Shares.

 

(d) The
execution, delivery, and performance by Valfund Plastics of this Agreement, and the consummation by Valfund Plastics of the transactions
contemplated by this Agreement, do not and will not require any consent of or with any governmental authority, other than (i) any
consent the failure of which to be obtained would not prevent or delay the consummation by Valfund Plastics of the transactions
contemplated by this Agreement and (ii) any consent that is required as a result of any facts or circumstances relating solely
to Sponsor or any of its affiliates.

 

(e) The
execution, delivery, and performance by Valfund Plastics and the Company Shareholders of this Agreement, and the consummation by
Valfund Plastics and the Company Shareholders of the transactions contemplated by this Agreement, do not and will not violate,
conflict with, result in a breach, cancellation, or termination of, constitute a default under, or result in a circumstance that,
with or without notice or lapse of time or both, would constitute any of the foregoing under (i) any law or order applicable to
or binding on Valfund Plastics, any Company Shareholder or any of Valfund Plastics’ or any Company Shareholder’s properties
or assets, including the Shares, (ii) any contract to which Valfund Plastics or any Company Shareholder is a party or by which
Valfund Plastics, any Company Shareholder or any of Valfund Plastics’ or any Company Shareholder’s properties or assets,
including the Shares, is bound, or (iii) or any of the organizational documents of Valfund Plastics, except, in the case of each
of clauses (i) and (ii), where such violation, conflict, breach, cancellation, termination, or default would not, individually
or in the aggregate, prevent or delay the consummation by Valfund Plastics or any Company Shareholder of the transactions contemplated
by this Agreement.

 

    5

     

    

 

(f) There
are no proceedings pending or, to Valfund Plastics’ or any Company Shareholder’s knowledge, threatened by or against
Valfund Plastics or any Company Shareholder or any of their respective affiliates with respect to this Agreement or the transactions
contemplated by this Agreement or that, if determined adversely to Valfund Plastics or any Company Shareholder, would prevent or
delay the consummation by Valfund Plastics or any Company Shareholder of the transactions contemplated by this Agreement.

 

(g) Each
Company Shareholder has received and reviewed the Merger Agreement and this Agreement and has had an opportunity to obtain the
advice of counsel prior to executing this Agreement, and fully understands, accepts, and agrees to comply with all of the provisions
of this Agreement. Each Company Shareholder acknowledges that Sponsor and Merger Sub are entering into the Merger Agreement in
reliance upon the Company Shareholders’ execution, delivery, and performance of this Agreement.

 

Section 6. Additional
Agreements Relating to the Merger Agreement and the Merger.

 

(a) From
the date of this Agreement until the effective time of the Merger, without the prior written consent of Sponsor, no Company Shareholder
shall, directly or indirectly, (i) offer to sell, sell, assign, transfer (including by operation of law), or otherwise dispose
of, or incur any lien on, any of the Shares, (ii) deposit any of the Shares into a voting trust, enter into any voting agreement,
stockholder agreement, or other agreement or understanding with respect to any of the Shares, or grant any proxy or power of attorney
with respect thereto, (iii) enter into any Contract, option, or other arrangement or undertaking with respect to the direct or
indirect sale, assignment, transfer (including by operation of law), or other disposition of, transfer of any interest in, or the
voting of any of the Shares, or (iv) agree to do, approve, or authorize any of the foregoing.

 

(b) Each
Company Shareholder hereby waives, and agrees not to assert or perfect (and agrees to cause not to be asserted and perfected),
any appraisal or dissenters’ rights with respect to any of the Shares in connection with the Merger.

 

(c) From
the date of this Agreement until the Effective Time, no Company Shareholder shall, directly or indirectly, (i) solicit, initiate,
or encourage the submission of any proposal or offer from any other person relating to a Competing Transaction, (ii) participate
in or continue any activities, discussions, or negotiations regarding a Competing Transaction, or (iii) provide information regarding
the Company or the Business to, or enter into or agree to enter into any Contract with, any Person, other than Sponsor and its
representatives, in connection with a possible Competing Transaction with such Person. Each Company Shareholder shall, and shall
cause its representatives to, immediately cease any existing activities, discussions, and negotiations with any other Person with
respect to any of the foregoing. Each Company Shareholder shall immediately advise Sponsor orally and in writing of the receipt
by such Company Shareholder or any of its Representatives of any oral or written communication, proposal, offer, or inquiry from
any other person regarding a Competing Transaction, including the identity of the person making the same and the material terms
and conditions of any proposal or offer.

 

    6

     

    

 

(d) No
Company Shareholder will make any press release or other public disclosure or announcement related to or regarding this Agreement,
the Merger Agreement or the transactions contemplated in the Merger Agreement, its or their contents, or the transactions contemplated
by this Agreement or the Merger Agreement without the written Consent of Sponsor, in any case, as to the form, content, and timing
and manner of distribution or publication of such press release or other public disclosure. Each Company Shareholder shall hold
confidential the terms and provisions of this Agreement, the Merger Agreement and the terms of the transactions contemplated by
this Agreement and the Merger Agreement.

 

Section 7. Termination.
This Agreement will automatically terminate if (i) the Merger Agreement is not signed on or before 5:00 p.m. on October 15, 2020
or (ii) the Merger Agreement is terminated for any reason in accordance with its terms; provided, however, that (i)
Section 6(e), this Section 8, Section 9, and Section 10 will survive such termination and (ii) no such
termination shall relieve Valfund Plastics or any Company Shareholder from Liability for any fraud, intentional misrepresentation,
or intentional or willful breach of this Agreement by Valfund Plastics or such Company Shareholder, as the case may be, prior to
such termination.

 

Section 8. Remedies.
Each of Valfund Plastics the Company Shareholders acknowledges that (a) money damages would be an insufficient remedy for any actual
or threatened breach of this Agreement by Valfund Plastics or any Company Shareholder, (b) any such breach would cause Sponsor
irreparable harm, and (c) in addition to any other remedies available at law or in equity, Sponsor will be entitled to equitable
relief by way of injunction, specific performance, or otherwise, without posting any bond or other undertaking, for any actual
or threatened breach of this Agreement by Valfund Plastics or any Company Shareholder. None of Valfund Plastics or any Company
Shareholder will contest the appropriateness of an injunction or specific performance as a remedy for a breach of this Agreement.
If litigation relating to this Agreement occurs, the non-prevailing Party shall reimburse the prevailing Party for its reasonable
expenses (including legal fees and expenses) incurred in connection with such litigation.

 

Section 9. Miscellaneous.

 

(a) The
Parties may amend or modify or supplement this Agreement only by a written agreement signed by all Parties.

 

(b) Any
notice, request, instruction, or other communication to be given under this Agreement by a Party shall be in writing and shall
be deemed to have been given to the other Party (i) when delivered, if delivered in person or by overnight delivery service (charges
prepaid), (ii) when sent, if sent via email, provided however that no undeliverable message is received by the sender, or (iii)
when received, if sent by registered or certified mail, return receipt requested, in each case to the address, or email address
of such Party set forth below and marked to the attention of the designated individual:

 

If to Sponsor or Merger Sub, to:

Live Oak Sponsor Partners, LLC

774A Walker Road

Great Falls, Virginia 22066

Attention: Gary Wunderlich

E-mail: gwunderlich@liveoakmp.com

 

    7

     

    

 

 with a copy (which shall not
constitute notice) to:

Mayer Brown LLP

71 South Wacker Drive

Chicago, Illinois 60606

Attention: Edward S. Best 

Email: ebest@mayerbrown.com

 

 If to Valfund Plastics or a
Company Shareholder, to:

9995 Gate Parkway, Suite 330

Jacksonville, FL 32233

Attention: Ashton Hudson  

Email: ashton@rockcreekcapital.com

 

(c) No
failure or delay by Sponsor in enforcing any of its rights under this Agreement will be deemed to be a waiver of such rights. No
single or partial exercise of Sponsor’s rights will be deemed to preclude any other or further exercise of Sponsor’s
rights under this Agreement. No waiver of any of Sponsor’s rights under this Agreement will be effective unless it is in
writing and signed by Sponsor.

 

(d) This
Agreement will be binding on and inure to the benefit of the Parties and their respective successors and permitted assigns. No
Party may, by operation of law or otherwise, assign this Agreement or any of its obligations under this Agreement without the other
Party’s written consent, except that Sponsor may, without the consent of Valfund Plastics or any Company Shareholder, assign
any of its rights under this Agreement to any Affiliate of Sponsor to which Sponsor assigns its rights under the Merger Agreement.

 

(e) This
Agreement is solely for the benefit of the Parties and their respective successors and permitted assigns, and nothing in this Agreement,
express or implied, is intended to or will confer on any other person any legal or equitable right, benefit, or remedy of any nature
whatsoever under or by reason of this Agreement.

 

(f) Upon
the request of Sponsor, Valfund Plastics and/or a Company Shareholder shall execute and deliver such further documents and other
instruments as may be reasonably requested by Sponsor in order to evidence and effectuate the transactions contemplated by this
Agreement.

 

(g) If
any provision of this Agreement is declared invalid, illegal, or unenforceable, (i) all other provisions of this Agreement will
remain in full force and effect and (ii) the Parties shall negotiate in good faith to amend or modify this Agreement to replace
such invalid, illegal, or unenforceable provision with a valid, legal, and enforceable provision giving effect to the Parties’
intent to the maximum extent permitted by law.

 

    8

     

    

 

(h) This
Agreement contains the entire agreement between the Parties and supersedes all prior agreements, arrangements, and understandings,
written or oral, between the Parties relating to the subject matter of this Agreement.

 

(i) The
Parties have each participated in the negotiation and drafting of the terms of this Agreement. The Parties agree that any rule
of legal interpretation to the effect that any ambiguity is to be resolved against the drafting Party will not apply in interpreting
this Agreement.

 

(j) This
Agreement, and all claims or causes of action that are based on, arise out of or relate to this Agreement, will be governed by
and construed in accordance with the laws of the State of New York without regard to its conflicts of law rules and any other law
that would cause the application of the Laws (including the statute of limitations) of any jurisdiction other than the State of
New York.

 

(k) Each
Party agrees: (i) to submit to the exclusive jurisdiction of the state and federal courts seated in New York County, New York (and
any appellate courts thereof) (such courts, including appellate courts therefrom, the “Specified Courts”) for
any action or proceeding arising out of or relating to this Agreement or the transactions contemplated by this Agreement; (ii)
to commence any action or proceeding arising out of or relating to this Agreement or the transactions contemplated by this Agreement
only in the Specified Courts; (iii) that service of any process, summons, notice or document by United States registered mail to
such Party’s address set forth in Section 9(b) will be effective service of process for any action or proceeding brought
against such Party in any of the Specified Courts; (iv) to waive any objection to the laying of venue of any action or proceeding
arising out of or relating to this Agreement or the transactions contemplated by this Agreement in the Specified Courts; and (v)
to waive and not to plead or claim that any such action or proceeding brought in any of the Specified Courts has been brought in
an inconvenient forum.

 

(l) EACH
OF THE PARTIES WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER, (B) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER
VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 9(l).

 

(m) This
Agreement may be signed in any number of counterparts, each of which is an original and all of which taken together shall constitute
one and the same instrument. The delivery of an electronic signature by means of .pdf, .tif, .gif, .jpeg or similar attachment
to e-mail, as well as electronic signatures complying with the U.S. federal ESIGN Act of 2000, the Uniform Electronic Transactions
Act or other applicable Law (e.g., www.docusign.com), to, or a copy/scan of a manual signature on a counterpart to, this Agreement
by facsimile, email or other electronic transmission shall be treated in all manner and respects as an original contract and shall
be considered to have the same binding legal effects as if it were the original signed version thereof delivered in person. No
party hereto or to any such contract shall raise the use of electronic transmission by means of .pdf, .tif, .gif, .jpeg or similar
attachment to e-mail to deliver a signature or the fact that any signature or contract was transmitted or communicated by .pdf,
..tif, .gif, .jpeg or similar attachment to e-mail as a defense to the formation of a contract, and each such party forever waives
any such defense.

 

[Remainder of page intentionally left blank;
signature page follows.]

 

    9

     

    

 

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

 

	 	LIVE OAK SPONSOR PARTNERS, LLC
	 	 	 
	 	By:	/s/ Richard J. Hendrix
	 	Name: 	Richard J. Hendrix
	 	Title:	Managing Member
	 	 	 
	 	 	 
	 	By:	/s/ Gary K. Wunderlich, Jr.
	 	Name:	Gary K. Wunderlich, Jr.
	 	Title:	Managing Member

 

[Signature page to Warrant Sale and Support
Agreement]

 

     

     

    

 

	 	Valfund Plastics, LLC
	 	 	 
	 	By:	/s/ Matt Uselton
	 	Name:	Matt Uselton
	 	Title:	Manager
	 	 	 
	 	/s/ Michael Ashton Hudson
	 	Name:	Michael Ashton Hudson
	 	 	 
	 	/s/ James H. Dahl
	 	Name:	James H. Dahl
	 	 	 
	 	/s/ Andrew F. Cates
	 	Name:	Andrew F. Cates

 

[Signature page to Warrant Sale and Support
Agreement]

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