Document:

EX-10.24

 Exhibit 10.24 

TRANSACTION BONUS AGREEMENT 
 This
Transaction Bonus Agreement (“Agreement”) is effective on 04 / 02 / 2022 (the “Effective Date”), by and between Stoyan Kenderov (“Employee”) and Plastiq Inc.
(“Company”). In consideration of the mutual promises made herein, the Company and Employee agree as follows. 
 1. Purpose of
Transaction Bonus. Employee is being offered a Transaction Bonus in order to encourage Employee to remain employed with the Company in good standing through a Sale Event (as defined below) that occurs following the Effective Date and before the 18-month anniversary of the Effective Date. This Agreement shall not modify the duration of the Employee’s employment with the Company, and the Employee remains an employee-at-will during the entire time of employment with the Company. 
 For purposes of this Agreement,
“Sale Event” means the consummation of (i) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation
pursuant to which the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity (or its ultimate parent, if applicable), or
(iii) the acquisition of all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a person or group of persons. For the avoidance of doubt, an initial public offering,
acquisition of the Company by a special purpose acquisition company, another capital raising event, or a merger effected solely to change the Company’s domicile shall not constitute a “Sale Event.” 

2. Transaction Bonus Amount. The Company shall pay to Employee a one-time, lump sum, cash bonus in a total
amount of $1,500,000.00 USD (“Transaction Bonus”), less applicable state and federal taxes and withholdings, if Employee remains employed by the Company in good standing through the first Sale Event that occurs following the
Effective Date and before the 18-month anniversary of the Effective Date. 
 3. Payment Schedule. If Employee
is employed through the Sale Event, the Company shall pay in lump sum the full Transaction Bonus, less applicable state and federal taxes and withholdings, within thirty (30) days following the closing date of such Sale Event. 

4. Impact of Employee Separation on Transaction Bonus: 
  

	 	a.	 Resignation or Termination for Cause: If Employee either resigns or is terminated for Cause (as defined
below) prior to a Sale event, Employee will not be entitled to receive the Transaction Bonus. 

  

	 	i.	 Cause: For purposes of this Agreement, “Cause” is defined as (i) any act of
dishonesty, disloyalty, unethical conduct, or fraud with respect to the Company; (ii) Employee’s breach of fiduciary duty to the Company; (iii) willful misconduct or gross negligence in the performance of Employee’s job duties;
(iv) Employee’s substantial, willful, or repeated disregard of the lawful and reasonable directives of the Board of Directors of the Company or the Company’s CEO clearly

	 	
communicated in writing to Employee; (v) the coming into effect of an order, ruling, or determination by a government body, court, or self-regulatory organization that imposes a suspension,
bar or disqualification on Employee from employment with the Company; (vi) violation of the Company’s policies against unlawful discrimination, harassment, and retaliation; (vii) abandonment or gross dereliction of Employee’s job
duties; or (viii) conviction of a crime. 

  

	 	b.	 Termination Without Cause: If Employee is terminated without Cause prior to the Sale event, Employee
shall be entitled to the full Transaction Bonus, which will be paid within 30 days after the date of termination, less applicable state and federal taxes and withholdings. 

5. Shareholder Approval. If the Company (a) reasonably determines with the advice of counsel that the payment to the Employee of the Transaction
Bonus could reasonably be expected to result in the imposition of excise taxes under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) and the corresponding lost employer tax deduction under
Section 280G of the Code, and (b) desires to submit the payment of the Transaction Bonus to shareholders for approval in a manner that satisfies Section 280G(b)(5)(B) of the Code and Treas. Reg.
Section 1.280G-1, Q/A 7, the Employee agrees to reasonably cooperate with the Company in connection with the shareholder approval process and to reasonably consider the waiver of the right to the payment
of the Transaction Bonus in connection therewith. For the avoidance of doubt, any waiver requested by the Company will only apply to the extent of “parachute payments” that exceed the “Safe Harbor” under Section 280G of the
Code. 
 6. Miscellaneous. 
  

	 	a.	 This Agreement constitutes the entire agreement of the parties with regard to the Transaction Bonus. Any
modification of this Agreement will be effective only if it is in writing and signed by both the Company’s CEO and the Employee. 

  

	 	b.	 The provisions of this Agreement shall not supersede or modify the provisions of any employment agreement,
retention bonus agreement, confidentiality agreement, arbitration agreement or relationship between the Employee and the Company. This Agreement does not supersede, replace or limit the rights and obligations of the Company and the Employee with
respect to such matters imposed by law or other agreements. 

  

	 	c.	 The headings in this Agreement are intended solely for the convenience of reference and should be given no
effect in the construction or interpretation of this Agreement; and 

  

	 	d.	 Should any provision of this Agreement be held to be invalid, void or unenforceable, the remaining provisions
shall be unaffected and shall continue in full force and effect, and the invalid, void or unenforceable provision(s) shall be deemed not to be part of this Agreement. 

 7. Governing Law. This Agreement shall be governed in all respects by the laws of the State of
California. 
  

							
	IT SO AGREED.	 		 		 	
				
	DATE: 04 / 02 / 2022	 		 		 	
				
		 		 		 	 /s/ Stoyan Kenderov

		 		 		 	Stoyan Kenderov

							
	 On behalf of the Company:
	 	
		
	 Date: 04 / 02 / 2022
	 	
				
		 		 		 	 /s/ Eliot Buchanan

		 		 		 	 Name: Eliot Buchanan

		 		 		 	 Title: Chief Executive Officer

			
	

	  	Audit Trail
	  	 

  

					
	TITLE	 		  	Plastiq / Stoyan Transaction Bonus Agreement
			
	FILE NAME	 		  	Plastiq Inc. - Tr...erov (final).docx
			
	DOCUMENT ID	 		  	a3d3ff53c9a0e366d36d16fe68879db132c04f43
		
	AUDIT TRAIL DATE FORMAT	  	MM / DD / YYYY
			
	STATUS	 		  	● Signed
	 	 	 	  	 
	
	Document History
			
	 

	 	03 / 23 / 2022	  	 Sent for signature to Stoyan Kenderov (stoyan@plastiq.com)

 

	 	17:47:57 UTC-7	  	and Eliot Buchanan (eliot@plastiq.com) from
			
		 		  	sirena.roberts@plastiq.com
			
		 		  	IP: 8.39.134.158
			
	 

	 	04 / 02 / 2022	  	 Viewed by Stoyan Kenderov (stoyan@plastiq.com)
  

	 	15:03:50 UTC-7	  	IP: 157.131.222.238
			
	 

	 	04 / 02 / 2022	  	 Signed by Stoyan Kenderov (stoyan@plastiq.com)
  

	 	15:05:13 UTC-7	  	IP: 157.131.222.238
			
	 

	 	04 / 02 / 2022	  	 Viewed by Eliot Buchanan (eliot@plastiq.com)
  

	 	15:21:08 UTC-7	  	IP: 166.205.87.97
			
	 

	 	04 / 02 / 2022	  	 Signed by Eliot Buchanan (eliot@plastiq.com)
  

	 	15:21:28 UTC-7	  	IP: 166.205.87.97
			
	 

	 	04 / 02 / 2022	  	 The document has been completed.
  

	 	15:21:28 UTC-7EX-10.25

 Exhibit 10.25 

 
 

 
 OFFER LETTER Amir Jafari April 12, 2021 Doc ID: cd07c0b61134798bf2816cfec78f9541b444aab8 

 

 
 Table of ContentsOur Purpose 1 Ofer Summary 2 Equity Calculator 3Option Vesting Schedule and Early Exercise 4Employee Benefts 5 First
Week 6 Where We’re Headed 7 Things to Know about Your Offer (Legal) .8-9 Ofer Letter Acceptance 10Doc ID: cd07c0b61134798bf2816cfec78f9541b444aab8 

 

 
 Our Purpose We’re here to accelerate the growth potential of small businesses You’ll see our values in who we hire, how we
work, and what we accomplish We aim to be the greatest of all time (GOAT) Plastiq Values Get it Done Own the Outcome Adapt with Conviction Trust the Team 

 

 
 Offer Summary Initial Role Chief Financial Officer Annual Salary + Executive Management Bonus Target $350,000 + $150,000 New Hire Equity
Award1 1,061,520 Stock Options Start Date April 13, 2021 Manager Eliot Buchanan 1 Subject to Compensation Committee approval! 

 

 
 Equity Calculator New Hire Equity Award1 Strike Price2 Preferred Price3 1,061,520 Stock Options $2.46 $5.88 Your Potential Net Equity
Value (at Current, 2x, 6x, 20x)* This is purely a hypothetical example and not a promise or guarantee of the value of your equity 1 Subject to Compensation Committee approval 2 Based on our latest 409A valuation, subject to change 3 Based on our
latest preferred price, subject to change 3 All potential equity values are hypothetical The model above is based on 84.9M CSO and an assumed additional round of funding $6,249,994, $10,749,990 $32,249,971 $92,449,916 $2,611,339 #2,611,339
$2,611,339 $2,611,339 $3,638,655 $8,138,651 $29,638,632 $89,838,577 $1,346,302 $3,011,301 $10,966,294 $ 33,240,273 $727,731 $1,627,730 $5,927,726 $17,967,715 $618,571 $1,383,571 $5,038,567 $15,272,558 Hypothetical potential equity value (cost to
exercise)Hypothetical potential net value Hypothetical regular ta (37%) Hypothetical earl ta (20%) Hypothetical potential savings 

 

 
 Option Vesting Schedule & Early Exercise The options you’re being awarded will vest over four years As you can see in the
example schedule below, your options start vesting one year from your start date, meaning 25% of your options will vest on your one-year anniversary After that, 1/36th of the remaining options will vest each
month You will also have the ability to exercise your equity award early so you can start the holding requirement for long-term capital gains tax treatment Options exercised early become restricted shares and will follow the same vesting schedule
Vesting schedule options granted 1,061,520 Vesting commence date 4/13/2021 1-year cliff 265,380 monthly vesting 1/36 endof 2nd year 530,760 monthly vesting 1/36 end of 3rd year 796,140 monthly vesting 1/36 end of 4th year 1,061,520 

 

 
 Employee Benefits Full Healthcare Coverage Premiums covered at 100% Dependents at 75% Time Off For Exempt employees, there’s no
policy on vacation Take paid time away to recharge and stay at peak productivity For Non-Exempt employees, there are three (3) weeks of PTO Parental Leave 12 weeks of paid leave for the birth or adoption
of a child and phased-in return to work for those who have given birth 401(k) Administered through ADP Use Plastiq for Free Use your Plastiq account for free and earn rewards, cash back, plane tickets, or even
hotel stays Commuter Pre-tax transit savings card and more 

 

 
 First Week You’ll start on a Tuesday because we think it’s nice to have a long weekend before you join us Tuesday Welcome Plan
to begin remotely at 9:30am PT and we’ll get you set up with a laptop and all of our systems You’ll meet and greet with your new Manager and team and learn our Plastiq Way of Working Later, expect Introductions to Engineering, Product,
Customer Support, Risk, Sales, Analytics, Partnerships, FinOps & Marketing Also, plan to join Eliot’s Open Office Hours, an informal time to share your feedback, ideas, concerns, questions, or just hang out ...and onto Friday, your
First Show and Tell! 

 

 
 Where We’re Headed The world’s economy is formed by small business owners As small businesses thrive, the world thrives Lives
are made better, richer, and more connected on a global scale Over 30 million small businesses employ nearly 60 million workers; in other words, half of the US workforce is employed by small businesses Despite this fact, when it comes to
financial services, small and medium-sized businesses (SMBs) are always and consistently left behind It’s time someone fought for them first If SMBs are the engine, cash flow is the fuel SMBs often
struggle with maintaining a healthy cash flow position to grow their business due to limited access to credit, restrictions on current credit instruments, seasonal sales cycles, and limited expertise in cash flow management Millions of SMBs fail to
reach that next step of growth, and many fall apart With the average SMB having less than 30 days of cash on hand, adequate cash flow is the inhibitor of success It also represents their greatest opportunity At Plastiq, our mission is to help small
businesses achieve their growth potential by helping them best manage their cash flow Our vision is to be the trusted financial partner that gives an immediate, digital picture of the health of their business and a wide range of curated options to
manage and grow it 

 

 
 Things to Know about Your Offer Your compensation is subject to taxes and withholdings and will be paid on the Company’s normal
payroll cycle 2.Your option grant, including the terms and exercise price, is subject to, and will be determined by, Compensation Committee approval 3.Your option grant will be made pursuant and subject to the terms of Plastiq’s option Plan
Document 4.Your employment is at will and either you or Plastiq may terminate your employment at any time, with or without notice No manager or supervisor at Plastiq has the authority to change, modify, or alter this
at-will nature of the relationship except for the CEO who may only do so upon written agreement signed by both you and the CEO 5.Termination Benefits In the event of you are terminated by the Company within
the first twelve months of the date you started employment (“Start Date”) for any reason other than“Cause” (as defined below), the Company shall pay you (a) your base salary through your last day of employment (the
“Date of Termination”), (b) the amount of any documented expenses properly incurred by you on behalf of the Company prior to any such termination and not yet reimbursed (the “Accrued Obligations”), and (c) a lump sum
severance equal to four and a half (4.5) months of your Salary, less applicable withholdings, if you sign a release agreement acceptable to the Company If you are terminated for Cause or if you resign your employment, or if you are terminated for
any reason after the end of the twelfth month after your Start Date, you will receive your base salary through your Date of Termination and any Accrued Obligations “Cause” as used in this Offer Letter shall mean (i) dishonest
statements or acts with respect to the Company or any Affiliate of the Company, or any current or prospective customers,suppliers vendors or other third parties with which such entity does business; (ii) commission of (A) a felony or
(B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; gross negligence, willful misconduct or insubordination with respect to the Company or any Affiliate of the Company; or (iv) material violation ofany provision of
any agreement(s) between you and the Company relating to noncompetition, nonsolicitation, nondisclosure and/or assignment of inventions 

 

 
 Things to Know about Your Offer (cont’d) Plastiq may change or discontinue the Company’s benefits provided to you and/or your
dependents at any time with or without notice Your starting employment with Plastiq is conditioned upon and subject to a background check and proof of your eligibility to be legally employed in the US As a condition of your employment, you are also
required to sign and comply with an Employee Confidentiality and Assignment Agreement and Arbitration Agreement that requires, among other provisions, the assignment of rights to any invention made during your employment at the Company proprietary
information and arbitration of any claims you or the Company may have with each other You hereby represent and warrant that you are not party to any written or oral agreement with any third party that would restrict your ability to accept employment
with the Company You also agree that you will not disclose to the Company any information that you acquired from any prior employer or third party that could be considered protected from disclosure under any existing covenant or agreement relating
to confidential and proprietary information This offer document, together with your Employee Confidentiality and Assignment Agreement forms the complete and exclusive agreement with the Company It supersedes any other agreement or promises made to
you by anyone, whether oral or written Changes in your employment terms, other than those changes expressly reserved to the Company’s discretion in this letter require a written modification signed by the Head of People of the Company If any
provision of this offer document is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this offer document and the provision in question shall be modified so as to be rendered
enforceable in a manner consistent with the intent of the parties insofar as possible under applicable law 

 

 
 Offer Letter Acceptance Congratulations! We’re excited to have you join the team Sincerely, Plastiq Inc By: Angela Loeffler, Head
of People By signing below, I confirm that I’ve read this offer in its entirety and accept this offer of employment Signature: 04 / 12 / 2021 Date: 

 

 
 Welcome! 

 

 
 Offer letter with updated start date Jafari Amir Plastiq Offer 04022021.pdf cd07c0b61134798bf2816cfec78f9541b444aab8 / DD / YYYY
[GRAPHIC APPEARS HERE] Completed 04 / 12 / 2021 20:16:12 UTC-8 Sent for signature to Angela Loeffler (angela@plastiq.com) and Amir Jafari (ajafari4@yahoo.com) from stephanie@plastiq.com IP: 148.64.110.82 04 /
12 / 2021 20:44:29 UTC-8 Viewed by Angela Loeffler (angela@plastiq.com) IP: 24.43.192.3 04 / 12 / 2021 20:45:21 UTC-8 Signed by Angela Loeffler (angela@plastiq.com) IP:
24.43.192.3 04 / 12 / 2021 21:29:00 UTC-8 Viewed by Amir Jafari (ajafari4@yahoo.com) IP: 73.170.85.221 04 / 12 / 2021 21:32:20 UTC-8 Signed by Amir Jafari
(ajafari4@yahoo.com) IP: 73.170.85.221 04 / 12 / 2021 The document has been completed 21:32:20 UTC-8

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