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2022 Performance Unit Award Agreement
Under the W. R. Berkley Corporation 2019 Long-Term Incentive Plan
    This 2022 Performance Unit Award Agreement (this “Agreement”), effective January 1, 2022, represents an Award of Performance Units by W. R. Berkley Corporation (the “Company”), to the Participant named below, pursuant to the provisions of the W. R. Berkley Corporation 2019 Long-Term Incentive Plan (as may be amended from time to time, the “Plan”). The value of the Performance Units will be determined based on the increase in the Company’s Book Value Per Share during the Performance Period, as determined below.
    Important jurisdiction-specific modifications to this Agreement are contained in Exhibit A hereto and are binding and incorporated herein.  If there is any inconsistency between this Agreement and Exhibit A, Exhibit A shall govern.

The Plan, together with this Agreement and Exhibit A, provide a complete description of the terms and conditions governing the Award and the Performance Units, and constitute the entire agreement by and between the parties hereto with respect to the subject matter hereof, superseding all prior agreements, correspondence and understandings and all prior and contemporaneous oral agreements and understandings, among the parties with regard to that subject matter. If there is any inconsistency between the terms of this Agreement and/or of Exhibit A, on the one hand, and the terms of the Plan, on the other hand, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement and of Exhibit A. All capitalized terms in this Agreement shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.  
  
The parties hereto agree as follows:
1.    General Grant Information. The individual named below has been selected to be a Participant in the Plan and receive a grant of Performance Units, as specified below:
    (a)  Participant:
    (b)  Number of Performance Units Granted:
    (c)  Initial Value of Performance Units: $0.00
    (d)  Date of Grant: January 1, 2022
    (e)  Performance Measure: Increase in Book Value Per Share, as set forth in Section 3 below.
2.    Performance Period. The Performance Period commences on January 1, 2022, and ends on December 31, 2026; provided, however, that, in the event that the Participant dies or experiences a Qualifying Termination, the Performance Period for such Participant shall be deemed to end on December 31 of the fiscal year immediately prior to the fiscal year in which such death or Qualifying Termination occurred.
3.    Value of a Performance Unit. Each Performance Unit shall have a value determined by multiplying the Increase in Book Value Per Share by three and one hundred ninety-three 

thousandths (3.193), subject to a maximum value of one hundred dollars ($100.00) per Performance Unit.
4.    Eligibility for Payment of Performance Units. The Participant shall only be eligible for payment of the value of Performance Units  granted under this Agreement if (a) the Participant’s employment with the Company, or the applicable Subsidiary or Affiliate, continues through the end of the Performance Period; (b) the Participant has complied with the Obligations as set forth in Section 5(d) at all times up to and including the Settlement Date; and (c) the Participant has not committed Misconduct at any time up to and including the Settlement Date.
5.    Payout on Performance Units. (a) Except as set forth in Sections 5(b) or 8 below, the aggregate positive value, if any, of the Performance Units, based on the value of the Performance Units on the last day of the Performance Period as determined in accordance with this Agreement and subject to the maximum value set forth in Section 3 hereof, shall be paid to the Participant in cash following the last day of the Performance Period but in no event later than March 31, 2027 (also referred to as the Settlement Date).
    (b)    In the event of the death or Qualifying Termination of the Participant, payment of the value, if any, of the Performance Units in accordance with the terms of this Agreement shall extinguish the Company’s obligation hereunder, and the Participant shall not be entitled to any further payment or appreciation in the value of the Performance Units. In the event such payment is made due to the Participant’s death, such payment shall be made to the Participant’s beneficiary (or the Participant’s estate if no beneficiary has been chosen or if such beneficiary has predeceased the Participant).  Any payment upon death or any Qualifying Termination shall be made within ninety (90) calendar days following such death or Qualifying Termination; provided, however, that if such ninety (90) day period spans two separate taxable years, such payment shall be made in the later taxable year; provided further, however, that any payment hereunder (calculated as of the end of the fiscal year immediately prior to the fiscal year in which such Qualifying Termination occurred) upon a Qualifying Termination shall be delayed until the earlier of (x) March 31, 2027 and (y) such time as the Participant has also undergone a “separation from service” as defined in Treas. Reg. 1.409A-1(h), at which time such payment shall be made to the Participant according to the schedule set forth in this Section 5(b) as if the Participant had undergone such Qualifying Termination (under the same circumstances), solely for the purpose of the date of payment, on the date of such “separation from service.” Notwithstanding anything herein to the contrary, to the extent the Participant is a “specified employee” as defined in Treas. Reg. 1.409A-1(i), any payment to be made upon the Participant’s “separation from service” shall be delayed until and made upon the earlier of (i) the six (6) month anniversary of the Participant’s “separation from service” and (ii) the Participant’s death.
    (c)    Once a payment is made pursuant to Section 5(a) or (b) above or Section 8 below, the Company shall have no further obligation to make any payment hereunder.
    (d)    If at any time up to or including the last day of the Relevant Period, the Participant breaches one or more of Participant’s Obligations, or agrees to enter into, or has entered into, an agreement (written, oral or otherwise) to breach one or more of Participant’s Obligations, or engages in Misconduct, then (a) the Participant shall immediately forfeit all of the Performance Units that have been awarded to the Participant under this Agreement but have not been paid to him/her, and the Participant shall have no further rights with respect to such Performance Units; and (b) the Participant shall repay to the Company, upon its demand, an amount equal to the total amount that has already been paid to the Participant in respect of Performance Units awarded under this Agreement. The determination whether the Participant has breached one or more of Participant’s Obligations or has engaged in Misconduct shall be 
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made by the Committee in its sole and absolute discretion.  The Committee has sole and absolute discretion to determine whether, notwithstanding its determination that the Participant has breached one or more of Participant’s Obligations or has engaged in Misconduct, recapture or forfeiture as provided herein shall not occur. The Committee’s exercise or nonexercise of such discretion with respect to any particular event or occurrence by or with respect to the Participant or any other recipient of Performance Units under the Plan shall not in any way reduce or eliminate the authority of the Committee to (i) determine that any event or occurrence by or with respect to the Participant constitutes breaching one or more of Participant’s Obligations or engaging in Misconduct, or (ii) determine the related date of breach of the Participant’s Obligations or of Misconduct. The Participant acknowledges that the terms set forth herein with respect to breaching one or more of Participant’s Obligations, in view of the nature of the business in which the Company is engaged, is reasonable in scope (as to both the temporal and geographical limits) and necessary in order to protect the legitimate business interests of the Company. The Participant acknowledges further that breaching one or more of Participant’s Obligations or engaging in Misconduct would result in irreparable injuries to the Company and would cause loss in an amount that cannot be readily quantified. The Participant further acknowledges that repayment to the Company pursuant to this provision does not, and is not intended to, constitute actual or liquidated damages.
    (e)    The Participant’s employment per Section 4(a) will not be considered to continue if his or her employment has been terminated (regardless of the reason for such termination, regardless whether the termination was at Participant’s or Participant’s employer’s prompting, and regardless whether the termination is found to be invalid or in breach of applicable employment law or of the terms of the Participant’s employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Committee, the Participant’s eligibility for payment of the Performance Units awarded hereunder, if any, will terminate as of such date and will not be extended by any notice period arising under law or contract.  Further, the Participant’s period of employment would not include any contractual notice period (except for such period of time, as determined in the Committee’s sole and absolute discretion, that the Participant is actively providing substantial services as required by the Participant’s employer during any notice period) or any period of “garden leave” or similar period arising under applicable employment laws or the terms of Participant’s employment agreement, if any.
6.    Nontransferability. The Performance Units granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, except as otherwise expressly provided for in this Agreement and/or the Plan.
7.    Administration. This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be final and binding upon the Participant, including without limitation any determination concerning a breach of an Obligation or an instance of Misconduct. As additional consideration for the Award of Performance Units made pursuant to this Agreement, the parties agree that the definition of “Obligations” as set forth in Section 9(j) of this Agreement shall supersede, replace and be substituted for the definition of “Obligations” in Section 9(j) of the 2021 Performance Unit Award Agreement between Participant and the Company in order to correct a scrivener’s error.
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8.    Change in Control.  In the event of a Change in Control, unless otherwise specifically prohibited under applicable law or by the rules and regulations of any governmental agencies or national securities exchanges: 
    (a)    With respect to each outstanding Performance Unit that is assumed or substituted in connection with a Change in Control, in the event that the Participant’s employment with the Company or, as applicable, its Subsidiary or Affiliate, is terminated (i) by the Company or such Subsidiary or Affiliate without Cause or (ii) by the Participant for Good Reason, in each case during the eighteen (18) month period following such Change in Control, the value of all Performance Units shall be determined and fixed as of the end of the fiscal year immediately preceding the fiscal year in which such termination occurs, and such value shall be paid to the Participant in accordance with, and subject to, the provisions of Sections 4 and 5 hereof.  Following such termination, Performance Units shall not accrue any additional value for the fiscal year in which such termination occurs or for any subsequent fiscal years.
    (b)    With respect to each outstanding Performance Unit that is not assumed or substituted in connection with a Change in Control, immediately upon the occurrence of the Change in Control, which shall be deemed the end of the Performance Period, the value of all Performance Units shall be determined and fixed as of the end of the fiscal year immediately preceding the fiscal year in which such Change in Control occurs, and such value shall be paid to the Participant within ninety (90) calendar days following the date of such Change in Control; provided, however, that if such ninety (90) day period spans two separate taxable years, such payment shall be made in the later taxable year. Following such Change in Control, Performance Units shall not accrue any additional value for the fiscal year in which such Change in Control occurs or for any subsequent fiscal years.
    (c)    For purposes of this Section 8, a Performance Unit shall be considered assumed or substituted for if, following the Change in Control, the Performance Unit is assumed or substituted for with one of comparable value and remains subject to the same terms and conditions that were applicable to the Performance Units immediately prior to the Change in Control.
    (d)    For purposes of this Section 8, an event shall only constitute a Change in Control if the event constituting a Change in Control also constitutes “a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company” within the meaning of Section 409A(a)(2)(A)(v) of the Code and the regulations promulgated thereunder.
9.    Miscellaneous.
    (a)    This Agreement shall not confer upon the Participant any right to continuation of employment by the Company or any of its Subsidiaries or Affiliates, nor shall this Agreement interfere in any way with the Company’s or any Subsidiary’s or Affiliate’s right to terminate the Participant’s employment at any time.
    (b)    The Committee may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any material way adversely affect the Participant’s rights under this Agreement. 
    (c)    The Company or, as applicable, the Subsidiary or Affiliate whose employment of the Participant gives rise the Participant’s participation in the Plan, shall have the 
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authority to deduct or withhold from any payment hereunder or from any other source of the Participant’s compensation, or may require the Participant to remit to the Company or such Subsidiary or Affiliate, before payment hereunder, an amount sufficient to satisfy federal, state, and local taxes (including Participant’s FICA obligation) required by law to be withheld with respect to any taxable event arising out of this Agreement. 
    (d)    This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
    (e)    To the extent not preempted by federal law, this Agreement shall be governed by, interpreted and construed in accordance with, the laws of the State of Delaware, regardless of its conflicts of laws principles.  The jurisdiction and venue for any dispute arising under, or any action brought to enforce or otherwise relating to, this Agreement will be exclusively in the courts of the State of Delaware, including the federal courts located in Delaware in the event federal jurisdiction exists.  Participant hereby irrevocably consents to the exclusive personal jurisdiction and venue of the federal and state courts of the State of Delaware for the resolution of any disputes arising out of, or relating to, this Agreement and irrevocably waives any claim or argument that the courts of the State of Delaware are an inconvenient forum.  In any action arising under or relating to this Agreement, the court shall not have the authority to, and shall not, conduct a de novo review of any determination made by the Committee or the Company but is instead authorized to determine solely whether the determination was the result of fraud or bad faith under Delaware law.
    (f)    All obligations of the Company under the Plan and this Agreement with respect to the Performance Units shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.
    (g)    The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision or provisions of this Agreement, which shall remain in full force and effect.  If any provision of this Agreement is held to be invalid, void or unenforceable in any jurisdiction, the court shall substitute a valid, enforceable provision that preserves, to the maximum lawful extent, the terms and intent of the invalid, void, or unenforceable provision, and shall modify the Agreement so that the scope of the provision is reduced only to the minimum extent necessary to cause the modified provision to be valid, legal and enforceable.  Such substitution or modification shall not affect the remainder of the provisions or their enforceability, including in jurisdictions other than the one of the court making the substitution or modification, or as to other participants in the Plan or other agreements under the Plan.
    (h)    By accepting an Award or any other benefit under the Plan, the Participant and each person claiming under or through the Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, any action taken under the Plan by the Company, the Board or the Committee.
    (i)    TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PARTICIPANT, EVERY PERSON CLAIMING UNDER OR THROUGH THE PARTICIPANT, AND THE COMPANY HEREBY WAIVE AND RELEASE ANY CLAIM UNDER FEDERAL, STATE OR LOCAL LAW THEY HAVE OR MAY HAVE TO A JURY TRIAL WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH THE PLAN OR THIS AGREEMENT OR 
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ANY ACTIONS TAKEN OR DETERMINATIONS MADE UNDER THE PLAN OR THIS AGREEMENT.
    (j)    Definitions. The following terms shall have the meanings ascribed to them when used in this Agreement:
        (i)    “Beginning Book Value Per Share” means $39.05.
        (ii)    “Book Value Per Share” as of the end of any fiscal year shall be equal to the quotient of X divided by Z, where X is equal to the sum of A, B, C, D and E minus the sum of F, G and H, and Z is equal to the sum of W plus Y:  [((A+B+C+D+E)-(F+G+H)) ÷ (W+Y)].  For purposes of this calculation, 
(A) shall be equal to the Company’s total common stockholders’ equity as of the end of such fiscal year, as determined in accordance with generally accepted accounting principles and reported in the Company’s audited financial statements, 
(B) shall be equal to the cumulative after-tax expense of the Company from January 1, 2022 through the end of such fiscal year arising from all the Awards made under the Plan, 
(C) shall be equal to the cumulative cash dividends on the Company’s common stock declared from January 1, 2022 through the end of such fiscal year, 
(D) shall be equal to the cumulative cost of the Company’s common stock repurchased by the Company from January 1, 2022 through the end of such fiscal year, 
(E) shall represent imputed interest on the cost of the Company’s common stock repurchased by the Company and the amount of special dividends (any dividend other than the regular quarterly cash dividend) paid by the Company during the Performance Period.  Such interest shall be imputed on such repurchases and special dividends from the first day of the quarter following such repurchases and special dividends to the end of the Performance Period.  The imputed interest rate shall be equal to the average annual Increase in Book Value Per Share for the Performance Period, before consideration of this subsection E,
 (F) shall be equal to the Company’s accumulated other comprehensive income as of the end of such fiscal year, 
(G) shall be equal to the cumulative unrealized gains and losses, net of tax, on equity securities (other than securities of consolidated subsidiaries or securities accounted for on the equity method) reported in retained earnings at the end of such fiscal year as a result of Accounting Standards Update 2016-01, 
(H) shall be equal to the cumulative allowance for credit losses, net of tax, on applicable assets reported in retained earnings at the end of such fiscal year as a result of Accounting Standards Update 2016-13,  
(W) shall be equal to the number of shares of the Company’s common stock issued and outstanding, net of treasury shares, as of the end of such fiscal year, and 
(Y) shall be the cumulative number of shares of the Company’s common stock repurchased by the Company from January 1, 2022 through the end of such fiscal year.  
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Book Value Per Share shall be calculated without taking into account any forward or reverse split of the Company’s common stock or any stock dividend declared on the Company’s common stock and there shall be no adjustment to the number of Performance Units awarded hereunder in either event.  Notwithstanding anything herein to the contrary the formula to determine Book Value Per Share may be further modified to take into account any factor set forth in Section 7.2 of the Plan.
        (iii)    “Cause” means “Cause” as defined in any active employment agreement between the Participant and the Company or any Subsidiary or Affiliate, as applicable, or, in the absence of any such definition, means the occurrence of any one of the following events, in each case as determined in the Committee’s sole and absolute discretion: (A) fraud, personal dishonesty, embezzlement or acts of gross negligence or gross misconduct on the part of the Participant in the course of his or her employment or services, (B) the Participant’s engagement in conduct that is materially injurious to the Company, a Subsidiary or an Affiliate, (C) the Participant’s conviction by a court of competent jurisdiction of, or pleading “guilty” or “no contest” to, (x) a felony or (y) any other criminal charge (other than minor traffic violations) which could reasonably be expected to have a material adverse impact on the Company’s or a Subsidiary’s or an Affiliate’s reputation or business; (D) public or consistent drunkenness by the Participant or his or her illegal use of narcotics which is, or could reasonably be expected to become, materially injurious to the reputation or business of the Company, a Subsidiary or an Affiliate or which impairs, or could reasonably be expected to impair, the performance of the Participant’s duties to the Company, a Subsidiary or an Affiliate; (E) willful failure by the Participant to follow the lawful directions of a superior officer; or (F) the Participant’s continued and material failure to fulfill his or her employment obligations to the Company or any Subsidiary or Affiliate.
(iv)  “Client” means any insured, agent, broker, producer or other intermediary to or through whom the Company or any Subsidiaries or Affiliates provides insurance or reinsurance or related services.
(v)  “Confidential Information” means an item of information or a compilation of information, in any form (tangible or intangible), related to the business of the Company or of a Subsidiary or Affiliate that the Company or such Subsidiary or Affiliate has not made known to the general public or authorized disclosure to the general public, and that is not generally known to the public through proper means, including but not limited to:
(A)underwriting premiums or quotes, pricing models and formulas, income and receipts, claims records and levels, renewals, policy wording and terms, reinsurance quotas, and profit commission; 
(B)operating unit or other business projections and forecasts; 
(C)Client lists, brokers lists and price-sensitive information; 
(D)technical information, including computer programs, reports, interpretations, forecasts, corporate and business plans and accounts, business methods, financial details, projections and targets; 
(E)remuneration and confidential personnel details concerning other employees or contractors of the Company or any Subsidiary or Affiliate; 
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(F)planned products, planned services, marketing surveys, research reports, market share and pricing statistics, budgets, and fee levels; 
(G)computer passwords, the contents of any databases, tables, internal templates, know–how, and training documents or materials; 
(H)commissions, commission charges, pricing policies and all information about research and development; and
(I)the Company’s, and its Subsidiaries’ and Affiliates’, Clients’ or Prospective Clients’ names, addresses (including email addresses), telephone, facsimile or other contact numbers and contact names, the nature of such Clients’ or Prospective Clients’ business operations, such Clients’ or Prospective Clients’ requirements for services supplied by the Company or its Subsidiaries and Affiliates, and all confidential aspects of such Clients’ or Prospective Clients’ relationships with the Company and its Subsidiaries and Affiliates. 
Participant acknowledges that in the course of performing services for the Company and/or its Subsidiaries and Affiliates, the Participant has had and will have access to Confidential Information.
(vi)  “Covered Business Partner” means any person, concern or entity (including, without limitation, any Client) as to which Participant, or persons supervised by Participant, had  business-related contact or received or learned Confidential Information during the most recent two years of Participant’s employment with the Company or its Subsidiaries or Affiliates or such shorter period of time as employed (the “Look Back Period”).
        (vii)    “Disability” means the inability of the Participant to continue to perform services for the Company or any Subsidiary or Affiliate, as applicable, on account of his or her total and permanent disability as determined by the Committee in its sole and absolute discretion.
        (viii)    “Ending Book Value Per Share” means the highest Book Value Per Share determined as of the end of each fiscal year in the Performance Period.
        (ix)    “Good Reason” means “Good Reason” as defined in any active employment agreement between the Participant and the Company or any Subsidiary or Affiliate, as applicable, or, in the absence of any such definition, means the occurrence of any one of the following events (unless the Participant agrees in writing that such event shall not constitute Good Reason), in each case as determined in the Committee’s sole and absolute discretion: (A) a material reduction in the Participant’s duties or responsibilities from those in effect immediately prior to a Change in Control; (B) a material reduction in the Participant’s base salary below the levels in effect immediately prior to a Change in Control; or (C) relocation of the Participant’s primary place of employment to a location more than fifty (50) miles from its location, and further from the Participant’s primary residence, immediately prior to a Change in Control; provided, however, that with respect to any Good Reason termination, the Participant gives the Company, or the Subsidiary or Affiliate by which the Participant is employed, not less than thirty (30) days’ written notice (within sixty (60) days of the occurrence of the event constituting Good Reason) of the Participant’s intention to terminate the Participant’s employment for Good Reason, and states in detail in such notice the particular act or acts, or failure or failures to act, that constitute(s) the grounds on which the proposed termination for Good Reason is based, and 
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such termination shall be effective at the expiration of such thirty (30) day notice period only if during such period the Company has not fully cured such act or acts or failure or failures to act that otherwise would constitute Good Reason.  Further, any provision in this definition to the contrary notwithstanding, in order to constitute a termination for Good Reason, such termination must occur within six (6) months of the initial existence of the applicable condition.
        (x)    “Increase in Book Value Per Share” means the amount, if any, by which the Ending Book Value Per Share exceeds Beginning Book Value Per Share for the Performance Period.
        (xi)    “Misconduct” means the Participant’s engagement, during the Participant’s employment with the Company or any Subsidiary or any Affiliate, in an act which would, in the sole and absolute discretion of the Committee, constitute fraud that could be punishable as a crime, or embezzlement against either the Company, any Subsidiary or any Affiliate.
         (xii)    “Obligations” means to not, either directly or indirectly, whether as an employee, consultant, independent contractor, partner, joint venturer or otherwise: (A)  engage in or direct any business activities, except those which are ministerial or clerical in nature, which are competitive with any business activities conducted by the Company or any Subsidiary or Affiliate during all of or part of the Relevant Period in or directed into any geographical area (x) where the Participant had responsibilities on behalf of the Company, Subsidiary or Affiliate, or about which the Participant received Confidential Information and (y) in which the Company, Subsidiary or Affiliate has engaged in business during all of or part of the Relevant Period; (B) on behalf of any person or entity engaged in business activities competitive with the business activities of the Company or any Subsidiary or Affiliate, solicit or induce, or in any manner attempt to solicit or induce, any person employed by, or as an agent or producer of, the Company, Subsidiary or Affiliate to terminate such person's employment or agency or producer relationship, as the case may be, with the Company, Subsidiary or Affiliate; (C) divert, or attempt to divert, any Covered Business Partner from doing business with the Company or any Subsidiary or Affiliate, or attempt to induce any Covered Business Partner to cease being a customer of the Company, Subsidiary or Affiliate; (D) solicit a Covered Business Partner to do business with a competitor or prospective competitor of the Company or any Subsidiary or Affiliate; or (E) disclose, make use of, or attempt to make use of, property or Confidential Information of the Company or any Subsidiary or Affiliate, other than in the course of the performance of services to, or at the direction of, the Company, Subsidiary or Affiliate.
(xiii)  “Prospective Client” means any person, concern or entity (including, without limitation, any potential insured, agent, producer or other intermediary) with whom or which the Committee determines in its sole and absolute discretion that Participant knew or should have known that the Company or any of its Subsidiaries or Affiliates has been in negotiations during the Look Back Period to provide insurance or reinsurance or related services.  
        (xiv)    “Qualifying Termination” means the termination of the Participant’s employment with the Company and all Subsidiaries and Affiliates prior to the end of the Performance Period as a result of: (i) Disability or Retirement; (ii) an action by the Company or a Subsidiary or Affiliate, as applicable, for any reason other than Cause; or, (iii) following a Change in Control, an action by the Participant for Good Reason.
        (xvi)    “Relevant Period” means the period beginning on the date hereof through the second anniversary of the Settlement Date.
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        (xv)    “Retirement” means the Participant’s retirement from service with the Company and all Subsidiaries and Affiliates with either the written consent of the Executive Chairman of the Board of the Company or the written consent of the Committee.
        (xvi)    “Settlement Date” means the date on which the value of the Performance Units is actually paid to the Participant.
    10.    Counterparts and Signatures.  This Agreement may be signed in counterparts, each of which shall be an original, and all of which shall be construed together as a single instrument.  This Agreement may be signed with electronic or facsimile signatures, and the instrument or a counterpart of the instrument so signed shall be an original with the same validity and effect as one with a physical signature.
    11.    Protected Conduct.  Nothing in this Agreement (a) prohibits the Participant from reporting an event that the Participant reasonably and in good faith believes is a violation of law to the relevant law-enforcement agency (such as the Securities and Exchange Commission or Department of Labor), (b) requires notice to or approval from the Company before doing so, or (c) prohibits the Participant from cooperating in an investigation conducted by such a government agency.  Further Participant is hereby advised that under the Defend Trade Secrets Act of 2016 (DTSA), no individual will be held criminally or civilly liable under federal, state or local trade secret law for the disclosure of a trade secret that: (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected violation of law; or, (ii) is made in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal. Also, the DTSA further provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order.  To the extent that the Participant is covered by Section 7 of the National Labor Relations Act (NLRA) because the Participant is not in a supervisor or management role, nothing in this Agreement shall be construed to prohibit the Participant from using information the Participant acquires regarding the wages, benefits, or other terms and conditions of employment at the Company for any purpose protected under the NLRA.
[Signatures to appear on following page]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of January 1, 2022.
    W. R. Berkley Corporation

    By:    __________________________
Name:
    Title:

        ______________________________
    Participant

Please indicate the name of the Participant’s beneficiary:

    
Name

    The Participant may change his or her beneficiary hereunder only by written notice to the Company, which change will become effective only upon receipt by the Company during the Participant’s lifetime.

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EXHIBIT A

JURISDICTION SPECIFIC MODIFICATIONS

As used in this Exhibit A, the term “Company” includes W. R. Berkley Corporation and all of its Subsidiaries and Affiliates.

I.  States of the United States of America

A.    All States.  The Participant is advised to consult with an attorney prior to accepting the award under this Agreement.    

B.    California.  For  so long as the Participant primarily resides and works in California and is subject to the laws of California:  (i) no provision or requirement of this Agreement will be construed or interpreted in a manner contrary to the express public policy of the State of California; (ii) the Obligations in Section 9(j)(xii)(A) shall not apply; (iii) Sections 9(j)(xii)(C) and (D) shall be limited to situations where the Participant is aided in his or her conduct by the Participant’s use or disclosure of trade secrets (as defined by applicable law); and (iv) Section 9(i) shall not apply.

C.    Massachusetts.  For so long as Massachusetts General Laws Part I Title XXI Chapter  149 Section 24 L applies to the obligations of Participant under this Agreement:  (i) the Obligations in Sections 9(j)(xii)(A), (C) and (D) will only apply within any geographical area (x) where Participant had responsibilities on behalf of the Company or about which Participant received Confidential Information during the Look Back Period and (y) in which the Company is engaged in business; (ii) Section 9(j)(xii)(A) is further limited to situations where Participant is performing services that are the same as or similar in function or purpose to the services Participant performed for the Company (as appropriate) during the Look Back Period and are not enforceable if the Participant has been terminated without cause or laid off; (iii) the second and third sentences of Section 9(e) are amended to replace “Delaware” with “Massachusetts”; (iv) Section 5(d) is amended by inserting after the phrase “If at any time up to or including the last day of the Relevant Period” with the following: “and in no event longer than one year after the date the Participant terminates employment with the Company”; and (v) this Agreement is amended to add the following new Section 12:
SECTION 12.  The Company and Participant agree that the grant of Performance Units to Participant is fair and reasonable consideration for the obligations of Participant in this Agreement.  The Company and Participant agree that the grant of Performance Units is consideration for the Participant’s Obligations under Section 5(d) and Section 9(j)(xii)(A) (as applicable) of this Agreement (as such Obligations are modified by Exhibit A hereto) during the duration of such Obligations.  For the avoidance of doubt, Participant has the right to consult with an attorney prior to accepting this award.  Participant acknowledges that Participant has been given at least ten business days to accept this award.  

D.    North Dakota.  For  so long as the Participant resides in and is subject to the laws of North Dakota: (i) no provision or requirement of this Agreement shall be construed or interpreted in a manner contrary to the express public policy of the State of North Dakota; (ii) the Obligations in Section 9(j)(xii)(A) shall not apply; and (iii) Sections 9(j)(xii)(C) and (D) shall be limited to situations where the Participant is aided in his or her conduct by the  Participant’s use or disclosure of trade secrets (as defined by applicable law).

E.    Oklahoma.  For so long as the Participant resides in  and is subject to the laws of Oklahoma:  (i) the  Obligations in Section 9(j)(xii)(A) shall not apply and  (ii) “Covered 
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Business Partner” of the Company means any individual, company, or business entity (including, without limitation, any Client) with which the Company has transacted business within the Look Back Period and with which the Participant, or persons supervised by the Participant, had material business-related contact or about which the Participant had access to Confidential Information during the Look Back Period.

F.    Washington.  For so long as Participant primarily resides and works in Washington and is subject to the laws of Washington: (a) the Obligations in Section 9(j)(xii)(A) shall only apply post-employment if Participant’s annualized earnings from the Company exceed $100,000.00 per year (adjusted annually in accordance with Section 5 of Washington HP 1450); (b) the Obligations in Section 9(j)(xii)(A) shall not be enforced against Participant if Participant is terminated from employment without cause or if Participant is laid off unless the Company pays the Participant during the Relevant Period an amount equal to the Participant’s base salary at the time of termination less any compensation earned by Participant during the Relevant Period; and (c) Section 9(e) shall not apply.  Participant further understands that for the limited purposes of the application of Section 9(j)(xii)(A), “cause” to terminate Participant’s employment exists if Participant has (i) committed, admitted committing, or plead guilty to a felony or crime involving moral turpitude, fraud, theft, misappropriation, or dishonesty, (ii) violated a material term of this Agreement or Company policy, (iii) engaged in insubordination, or failed or refused to perform assigned duties of Participant’s position despite reasonable opportunity to perform, (iv) failed to exercise reasonable care and diligence in the exercise of Participant’s duties for the Company, or (iv) engaged in conduct or omissions that Participant knew, or should have known (with the exercise of reasonable care), would cause, or be likely to cause, harm to the Company or its reputation in the business community. Participant agrees that this grant of Performance Units is independent consideration for the Obligations. 

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II.  Countries Other than the United States of America

A.    Argentina. For an Argentinian resident, for so long as the Participant resides in Argentina and is subject to the laws of Argentina: 
(i)Section 9(e) shall be deleted in its entirety and replaced with the following:  

“(e)   This Agreement shall be construed and interpreted in accordance with the laws of Argentina.  The Participant hereby irrevocably consents to the exclusive personal jurisdiction of the Argentine courts for the resolution of any disputes arising out of, or relating, to this Agreement.” 
(ii)       This Agreement shall not be effective unless the Participant physically signs an original Agreement.

B.    Australia. For an Australian resident, for so long as the Participant resides in Australia and is subject to the laws of Australia: 

(i)Section 9(e) shall be deleted in its entirety and replaced with the following:

“(e) This Agreement shall be construed and interpreted in accordance with the laws of the State of New South Wales in Australia.  The Participant hereby irrevocably consents to the personal jurisdiction of the federal and state courts of the State of New South Wales in Australia for the resolution of any disputes arising out of, or relating to, this Agreement.”

(ii)The provisions in “Addendum for Australia, Canada, Hong Kong and Singapore” set forth below shall be applicable.
C.    Canada. For a Canadian resident, for so long as the Participant resides in Canada and is subject to the laws of Canada:
 
      The provisions in “Addendum for Australia, Canada, Hong Kong and Singapore” set forth below shall be applicable.

D.    Colombia. For a Colombian resident, for so long as the Participant resides in Colombia and is subject to the laws of Colombia:  
The Participant agrees that the Performance Units rights derived from this Agreement are not consideration for the services rendered by the Participant in Colombia.  For this Agreement to be effective, the Participant must enter into a local agreement, governed by Colombian laws, with the Participant’s current employer in which the Participant agrees to the statement in the prior sentence. 
E.    Hong Kong. For a Hong Kong resident, for so long as the Participant resides in Hong Kong and is subject to the laws of Hong Kong:  

(i)Section 6 shall be deleted in its entirety and replaced with the following:  

SECTION 6.  Non-Transferability.  (a)  Subject to Section 6(b) below and except as specifically consented to by the Committee, the Participant may not sell, transfer, pledge, or otherwise encumber or dispose of the Performance Units other than by will, the laws of descent and distribution, or as otherwise provided for in the Plan. 
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(b) Notwithstanding any other provisions of this Agreement, if the Participant resides in, or received this offer in Hong Kong, the Participant shall have no rights or entitlement to sell, transfer or otherwise dispose of the Performance Units, except if such sale, transfer or disposal is permitted pursuant to the Plan and specifically consented to by the Committee. 

(ii)The provisions in “Addendum for Australia, Canada, Hong Kong and Singapore” set forth below shall be applicable.

F.    Norway. For a Norwegian resident, for so long as Participant resides in Norway and is subject to the laws of Norway:  
(i)In Section 5(d), the words “or Solicitation” shall be added, in each instance after the word “Obligation(s)”;

(ii)In Section 5(d), in the first sentence, solely with respect to Solicitation, the phrase “Relevant Period” shall be replaced with “the first anniversary of the Settlement Date”;

(iii)In Section 9(j)(xii), subsections (C) and (D) shall be deleted and subsection (E) shall be renumbered as subsection (C); and

(iv)In Section 9(j), the following new subsection (xvii) shall be added: 
“(xvii) ”Solicitation”.  For purposes of this Agreement, the Participant has engaged in "Solicitation" if the Participant from the date hereof through the first anniversary of the Settlement Date, directly or indirectly (i) diverts, or attempts to divert, any person, concern or entity from doing business with the Company or attempts to induce any such person, concern or entity to cease being a customer of the Company, (ii) solicits the business of the Company or (iii) influences customers, suppliers and/or other business associates/contract parties of the Company  to limit or  terminate their relationship with the Company . With respect to customers, the preceding sentence only applies to customers which the Participant has had contact with and/or responsibility for during the last 12 months prior to the time of the written statement as mentioned below.

(v)    In Section 5, a new subsection (f) shall be added:

(f)  The Company may, upon the request from the Participant and in connection with termination, summary dismissal or other cessation of employment, decide whether and to what extent the Participant’s obligation to refrain from Solicitation shall be invoked. With respect to customers, the procedure in connection with such a decision shall comply with the mandatory provisions of Chapter 14A in the Norwegian Working Environment Act, including the specification of which customers are covered by the Participant’s obligation to refrain from Solicitation in a written statement.”

G.    Singapore. For a Singaporean resident, for so long as the Participant resides in Singapore and is subject to the laws of the Republic of Singapore: 

(i)In first sentence of Section 5(d), the phrase “that, in the Committee’s sole and absolute discretion, reflects the seriousness of the breach of the Obligation(s) and/or 
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Misconduct; the maximum amount that the Company may demand from the Participant is” shall be added after the words “an amount” ;

 
(ii)  In Section 5(d), in the last sentence, all words following the phrase “pursuant to this provision” shall be deleted and replaced with “are reasonable.”

(iii)  Section 9(e) shall be deleted in its entirety and replaced with the following:
“(e)  This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware.  The Participant hereby irrevocably consents to the personal jurisdiction of the courts of the Republic of Singapore for the resolution of any disputes arising out of, or relating to, this Agreement.”
 
(iv)  The provisions in “Addendum for Australia, Canada, Hong Kong and Singapore” set forth below shall be applicable.

H.    United Kingdom.  For a United Kingdom resident, for so long as the Participant resides in the United Kingdom and is subject to the laws of England and Wales or if the Participant is employed under an employment contract which is governed by English law at the time of grant of the Performance Units: (i) in Section 4(b) the phrase “the Obligations set forth in Section 5(d)” shall be deleted and replaced with “the Obligations set forth in Exhibit A II. Countries other than the United States of America:  United Kingdom” and (ii) the following terms and provisions shall amend and supersede the terms and provisions of Section 5(d), Section 9(e), Section 9(j)(iv), Section 9(j)(v), Section 9(j)(vi), Section 9(j)(xi), Section 9(j)(xii) and Section 9(j)(xiii) of this Agreement as follows:

1.     TERMINATION OF EMPLOYMENT
     With effect from the earlier of the date of termination of the Participant’s employment or the date that the Participant gives or receives notice of termination of the Participant’s employment for any reason, any unsettled Performance Units shall lapse and be forfeited (except as set out in Section 5(b) of this Agreement and subject to the forfeiture provisions in paragraph 3 below) and the Participant shall have no further rights with respect to any such unsettled Performance Units.

2.     PARTICIPANT OBLIGATIONS

2.1    The Participant covenants with the Company and the Group that the following acts constitute a breach of Participant’s Obligations unless authorized by the Company:

2.1.1.    during the Relevant Period directly or indirectly being employed, engaged or retained by or otherwise concerned or interested in any Competing Business. For this purpose, the Participant is directly or indirectly employed, engaged or retained by or concerned or interested in a Competing Business if: 
(a)    the Participant carries it on as principal or agent; or
(b)    the Participant is a partner, director, employee, secondee, consultant or agent in, of or to any person who carries on the Competing Business;
(c)    the Participant has any direct or indirect financial interest (as shareholder, creditor or otherwise) in any person who carries on the Competing Business; and/or
(d)    the Participant is a partner, director, employee, secondee, consultant or agent in, of or to any person who has a direct or indirect financial interest (as shareholder, creditor or otherwise) in any person who carries on the Competing Business,
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disregarding any financial interest the Participant may have in securities which are listed or dealt in on a recognised investment exchange if the Participant is interested in securities which amount to less than 3% of the issued securities of that class and which, in all circumstances, carry less than 3% of the voting rights (if any) attaching to the issued securities of that class;

2.1.2    during the Relevant Period and whether directly or indirectly, either alone or with or on behalf of any person, firm, company or entity and whether on his or her own account or as principal, partner, shareholder, director, employee, consultant or in any other capacity whatsoever, having any business dealings with any Client or Prospective Client in relation to or for the benefit of a Competing Business;    

2.1.3    during the Relevant Period and whether directly or indirectly, either alone or with or on behalf of any person, firm, company or entity and whether on his or her own account or as principal, partner, shareholder, director, employee, consultant or in any other capacity whatsoever, canvassing or soliciting business or custom from or seek to entice away any Client or Prospective Client from the Company or any Group Company in relation to or for the benefit of a Competing Business; 

2.1.4    during the Relevant Period, directly or indirectly, soliciting or endeavouring to solicit the employment or engagement of any Key Employee (whether or not such person would thereby breach their contract of employment or engagement);

2.1.5    at any time after the Termination Date representing himself as being in any way connected with (other than as a former employee) or interested in the business of the Company or any Group Company or using any registered names, domain names or trading names the same as or that could reasonably be expected to be confused with any such names used by the Company or any Group Company.

2.1.6     before or after the Termination Date, and except in the proper performance of his or her duties of employment by the Company or any Group Company, directly or indirectly using for his or her own purposes or those of a third party or disclosing to any third party any Confidential Information. The Participant will use his or her best endeavours to prevent any unauthorised use or disclosure of Confidential Information. The obligations contained in this clause 2.1.6 will not apply to any disclosures required by law or to any information or documents which after the Termination Date are in the public domain other than by way of unauthorised disclosure.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

2.2    The Participant gives the covenants above to the Company as trustee for itself (and any company forming part of the Group). 

2.3    Each Obligation contained in this clause 2 is an entirely separate and independent Obligation, despite the fact that they may be contained in the same phrase, and if any part is found to be unenforceable the remainder will remain valid and enforceable. 

2.4    While the Obligation in this clause 2 are considered by the parties to be fair and reasonable in the circumstances, it is agreed that if any such Obligation restriction should be held to be void or ineffective for any reason but would be treated as valid and effective if some part of parts for the Obligation were deleted, the Obligation in question will apply with such deletion as may be necessary to make it valid and effective. 

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2.5    If, during the Participant’s employment or any period during which these Obligations apply, any person, firm, company or entity offers the Participant any employment, engagement, arrangement or contract which might or would cause him or her to breach any of the Obligations, he or she will notify that person, firm, company or entity of the terms of these Obligations. 

2.6    The length of time concerning any Relevant Period concerning the Participant’s activities after the Termination Date imposed pursuant to clauses 2.1.1 to 2.1.4 shall be reduced pro rata by any period of garden leave served by the Participant pursuant to his or her service agreement with the Company or any Group Company.

2.7    If the Compensation Committee determines in its sole and absolute discretion that Participant has breached any of the covenants contained in clauses 2.1.1 to 2.1.6, then any unsettled Performance Units will lapse with immediate effect and the Compensation Committee may exercise its discretion to direct the Participant  to return all amounts paid to the Participant in respect of the Performance Units within the Relevant Period to the Company within 14 days of being notified by the Company of its discovery of the breach.

2.8    In this clause, the following definitions shall apply:

						
	“Client”	means any person, firm, company or other business entity whom or which during the Relevant Business Period: 
(a) to whom the Company or any Group Company provided insurance or reinsurance; or 
(b) was an insurance intermediary which introduced such insurance or reinsurance business to the Company or any Group Company, 
and in each case with whom or which during the Relevant Business Period: 
i)the Participant (or any person reporting to the Participant) had Material Dealings in relation to Relevant Business; or
ii)about whom or which the Participant has had Confidential Information during the course of his or her employment.

	“Competing Business”	means any business which at any time is in or which intends to be in competition with any Relevant Business.

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	“Confidential Information”	means any and all information which is of a confidential nature or which the Company reasonably regards as being confidential or a trade secret concerning the business, business performance or prospective business, financial information or arrangements, plans or internal affairs of the Company, any Group Company or any of their respective Clients or Prospective Clients including without prejudice to the generality of the foregoing all information, records and materials relating to:
(1)underwriting premiums or quotes, pricing models and formulas, income and receipts, claims records and levels, renewals, policy wording and terms, reinsurance quotas, and profit commission; 
(2)syndicate or other business projections and forecasts; 
(3)Client lists, brokers lists and price sensitive information; 
(4)technical information, including computer programs, reports, interpretations, forecasts, corporate and business plans and accounts, business methods, financial details, projections and targets; 
(5)remuneration and personnel details concerning other Company employees or contractors; 
(6)planned products, planned services, marketing surveys, internal templates, training materials, research reports, market share and pricing statistics, budgets, fee levels; 
(7)computer passwords, the contents of any databases, tables, know how documents or materials; 
(8)commissions, commission charges, pricing policies and all information about research and development; and
(9)the Company’s or any Group Company’s Clients’ or Prospective Clients’ names, addresses (including email addresses), telephone, facsimile or other contact numbers and contact names, the nature of their business operations, their requirements for services supplied by the Company or any Group Company and all confidential aspects of their relationship with the Company or any Group Company.

	“directly or indirectly”	means (without prejudice to the generality of the expression) either alone or jointly with or on behalf of any other person and whether on his or her own account or in partnership with another or others or as the holder of any interest in or as officer, employee or agent of or consultant to any other person.
	“Group”	means the Company, its subsidiaries or holding companies from time to time and any subsidiary of any holding company from time to time; and “Group Company” means any company within the Group.

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	“Key Employee”	means any director or officer of the Company or any Group Company and/or any employee (other than administrative or clerical personnel) of the Company or any Group Company, in each case who, at any time during the Relevant Business Period: 
i)was employed by the Company or any Group Company; and
ii)with whom the Participant has had Material Dealings or exercised control or had management responsibility for; and/or 
iii)has had access to or has obtained Confidential Information during the Relevant Business Period.

	“Material Dealings”	means receiving orders, instructions or enquiries from, contracting or making preparations to contract with, making sales or presenting to or with, tendering for business from, having responsibility with or for, having personal knowledge of or otherwise having significant other contact.
		
	“Prospective Client”	means any person, firm, company or other business entity who was at any time during the Relevant Business Period: 
(a) in negotiations with the Company or any Group Company for the provision of insurance or reinsurance; or 
(b) an insurance intermediary who may introduce such insurance or reinsurance business to the Company or any Group Company, 
and in each case with whom or which during the Relevant Business Period: 
i)the Participant (or any person reporting to the Participant) had Material Dealings in relation to Relevant Business; or
ii)about whom or which the Participant has had Confidential Information during the course of Participant’s employment.
Provided that this definition shall not apply to any such person, firm, company or other business entity which has withdrawn from or discontinued such negotiations or discussions, having stated its intention to do so (other than through any unlawful activity by the Participant).

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	“Relevant Business”	means any class or classes of insurance or reinsurance business which was underwritten in the twelve months immediately prior to the Termination Date by the Company or any Group Company and with which the Participant was directly or indirectly materially concerned or involved or had personal knowledge in the course of Participant’s duties during the Relevant Business Period.
	“Relevant Business Period”	means (1) during employment, the twelve month period immediately prior to the action or activity that may be in breach of clauses 2.1.1 to 2.1.4 and (2) after termination of employment, the twelve month period immediately prior to the Termination Date.  This defined term shall replace the term “Look Back Period” in the body of this Agreement
	“Relevant Period”	means the period beginning on the date hereof and ending two years following the Settlement Date.
	“Termination Date”
	means the date on which the Participant’s employment or engagement with the Company terminates for any reason.

3.    CLAWBACK

3.1    If at any time under the terms of this Agreement the Committee becomes aware of any material wrongdoing, negligence or misconduct on the part of the Participant that would have entitled the Company to terminate the Participant's employment with or without notice for Cause, the Compensation Committee shall have the sole and absolute discretion to find breach and (x) if such material wrongdoing, negligence or misconduct occurred prior to the Settlement Date, all Performance Units will lapse with immediate effect or (y) if such material wrongdoing, negligence or misconduct occurred on or after the Settlement Date or occurred prior to the Settlement Date but was not discovered until after the Settlement Date, the Compensation Committee shall have the sole and absolute discretion, to recover from the Participant up to 100% of the amount paid on the Settlement Date to the Participant in respect of  the Performance Units (which have been settled within the 2 years prior to such determination by the Committee)  to the Company within 14 days of being notified in writing by the Company of its discovery of the material wrongdoing, negligence or misconduct. 

3.2    Clause 3.1 is without prejudice to the Company's other remedies under any other agreements with Participant or any other clawback policy that the Company may adopt from time to time as required by applicable laws or the applicable listing rules of any securities exchange or its remedies under other applicable law.

3.3    The Committee may review any Performance Units granted to the Participant under the terms of this Agreement, in light of:  
a.there being a significant deterioration in the financial health of the Company, the Group or the business area or team in which the Participant worked; 
b.the Participant having caused harm to the reputation of the Company or the Group;
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c.the Participant having deliberately misled the Company in relation to the financial performance of the Company, the Group or the business area or team in which he or she worked; and/or
d.the Participant’s actions having amounted to gross misconduct, incompetence or negligence.
Following a review, the Committee may, in its sole discretion, (x) if prior to the Settlement Date, determine that up to 100% of any unsettled Performance Units granted under this Agreement will lapse with immediate effect or, (y) if on or after the Settlement Date, the Company will be entitled in its absolute discretion to recover from the Participant up to 100% of the amount paid to the Participant in respect of the Performance Units granted under this Agreement (which have been settled within the 2 years prior to such determination by the Committee). 

3.4    The Participant agrees that any sums owed to the Company or any Group Company under this Agreement including any adjustment, forfeiture or repayment may be deducted from any sums due to the Participant from the Company or any Group Company. For the avoidance of doubt, this is without prejudice to any right the Company or the Group may have at any time to recover any sums from the Participant and the Participant agrees that such sums are recoverable by the Company or any Group Company as a debt.

3.5    In this Clause 3, “Cause” means:
a.any serious negligence or gross misconduct by the Participant in connection with or affecting the business or affairs of the Company or any member of the Group;
b.the Participant being convicted of any arrestable offence other than an offence under road traffic legislation in the UK; or
c.the Participant being convicted of an offence under any statutory enactment or regulation relating to insider dealing or market abuse.

4.     CHOICE OF LAW

4.1    Any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this Agreement or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales.

5.    ARBITRATION 
5.1    If at any time any dispute or question shall arise between the parties arising out of or in connection with this Agreement or its or their validity, construction or performance then the same shall be referred to and finally resolved by arbitration under the London Court of International Arbitration Rules, which Rules are deemed to be incorporated by reference into this clause.
The number of arbitrators shall be three.
The seat, or legal place, of arbitration shall be London, England.
The language to be used in the arbitral proceedings shall be English.
The governing law of the contract shall be the substantive law of England and Wales.
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I.    Addendum for Australia, Canada, Hong Kong and Singapore. For residents of Australia, Canada, Hong Kong or Singapore, for so long as Participant resides in his or her respective country and is subject to the laws of such country, Sections 9(j)(iv), 9(j)(v), 9(j)(vi), 9(j)(xii) and 9(j)(xiii) shall be deleted and the remaining subsections in Section 9(j) shall be renumbered accordingly.

In Section 5 a new subsection (f) shall be added as follows

(f)    The Participant covenants with the Company and the Group that it shall be a breach of Participant’s Obligations if the Participant, save with the prior written consent of the Committee (in its absolute discretion):

A.    during the Relevant Period, directly or indirectly, is employed, engaged or retained by or otherwise concerned or interested in any Competing Business. For this purpose, the Participant is directly or indirectly employed, engaged or retained by or concerned or interested in a Competing Business if: 
(i)    the Participant carries it on as principal or agent; or
(ii)    the Participant is a partner, director, employee, secondee, consultant or agent in, of or to any person who carries on the Competing Business;
(iii)    the Participant has any direct or indirect financial interest (as shareholder, creditor or otherwise) in any person who carries on the Competing Business; and/or
(iv)    the Participant is a partner, director, employee, secondee, consultant or agent in, of or to any person who has a direct or indirect financial interest (as shareholder, creditor or otherwise) in any person who carries on the Competing Business,
disregarding any financial interest the Participant may have in securities which are listed or dealt in on a recognised investment exchange if the Participant is interested in securities which amount to less than 3% of the issued securities of that class and which, in all circumstances, carry less than 3% of the voting rights (if any) attaching to the issued securities of that class;

B.    during the Relevant Period and whether directly or indirectly, either alone or with or on behalf of any person, firm, company or entity and whether on his or her own account or as principal, partner, shareholder, director, employee, consultant or in any other capacity whatsoever, having any business dealings with any Client or Prospective Client in relation to or for the benefit of a Competing Business;    

C.    during the Relevant Period and whether directly or indirectly, either alone or with or on behalf of any person, firm, company or entity and whether on his or her own account or as principal, partner, shareholder, director, employee, consultant or in any other capacity whatsoever, canvassing or soliciting business or custom from or seeking to entice away any Client or Prospective Client from the Company or any Group Company in relation to or for the benefit of a Competing Business; 

D.    during the Relevant Period, directly or indirectly, soliciting or endeavouring to solicit the employment or engagement of any Key Employee (whether or not such person would thereby breach their contract of employment or engagement);

E.    at any time after the Termination Date representing himself or herself as being in any way connected with (other than as a former employee) or interested in the business of the Company or any Group Company or use any registered names, domain names or trading 
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names the same as or that could reasonably be expected to be confused with any such names used by the Company or any Group Company.

F.     before or after the Termination Date and except in the proper performance of his or her duties of employment for the Company or Group Company directly or indirectly using for his or her own purposes or those of a third party or disclosing to any third party any Confidential Information. The Participant will use his or her best endeavours to prevent any unauthorised use or disclosure of Confidential Information. The obligations contained in this subsection F will not apply to any disclosures required by law or to any information or documents which after the Termination Date are in the public domain other than by way of unauthorised disclosure.

The Participant gives the covenants above to the Company as trustee for itself (and any company forming part of the Group). 

Each Obligation contained in this Section 5(f) is an entirely separate and independent Obligation, despite the fact that they may be contained in the same phrase, and if any part is found to be unenforceable the remainder will remain valid and enforceable. 

While the Obligations in this Section 5(f) are considered by the parties to be fair and reasonable in the circumstances, it is agreed that if any such Obligation should be held to be void or ineffective for any reason but would be treated as valid and effective if some part of parts of the Obligation were deleted, the Obligation in question will apply with such deletion as may be necessary to make it valid and effective. 

The Length of period of any Relevant Period concerning the Participant’s activities after the Termination Date imposed pursuant to sub-section A to D of Section 5(f) shall be reduced pro rata by any period of garden leave served by the Participant pursuant to his or her service agreement with the Company or any Group Company.

The determination as to whether the Participant has breached an Obligation shall be made by the Committee in its sole and absolute discretion.  The Committee has sole and absolute discretion to determine whether, notwithstanding its determination that Participant has breached an Obligation, repayment or forfeiture as provided herein shall not occur.  The Committee’s exercise or nonexercise of its discretion with respect to any particular event or occurrence by or with respect to the Participant or any other recipient of restricted stock units shall not in any way reduce or eliminate the authority of the Committee to (i) determine that any event or occurrence by or with respect to the Participant constitutes breaching an Obligation or (ii) determine the related  date of breach of an Obligation.

In this Agreement, the following definitions shall apply:

12

						
	“Client”	means any person, firm, company or other business entity whom or which during the Relevant Business Period: 
(a) to whom the Company or any Group Company provided insurance or reinsurance; or 
(b) was an insurance intermediary which introduced such insurance or reinsurance business to the Company or any Group Company, 
and in each case with whom or which during the Relevant Business Period: 
i)the Participant (or any person reporting to the Participant) had Material Dealings in relation to Relevant Business; or
ii)about whom or which the Participant has had Confidential Information during the course of his or her employment.

	“Obligation”	means any of the activities, individually or in the aggregate, described in sub-sections A through F of Section 5(f).
	“Competing Business”	means any business which at any time is in or which intends to be in competition with any Relevant Business.

13

						
	“Confidential Information”	means any and all information which is of a confidential nature or which the Company reasonably regards as being confidential or a trade secret concerning the business, business performance or prospective business, financial information or arrangements, plans or internal affairs of the Company, any Group Company or any of their respective Clients or Prospective Clients including without prejudice to the generality of the foregoing all information, records and materials relating to:
(1)underwriting premiums or quotes, pricing models and formulas, income and receipts, claims records and levels, renewals, policy wording and terms, reinsurance quotas, and profit commission; 
(2)syndicate or other business projections and forecasts; 
(3)Client lists, brokers lists and price sensitive information; 
(4)technical information, including computer programs, reports, interpretations, forecasts, corporate and business plans and accounts, business methods, financial details, projections and targets; 
(5)remuneration and personnel details; 
(6)planned products, planned services, marketing surveys, internal templates, training materials, research reports, market share and pricing statistics, budgets, fee levels; 
(7)computer passwords, the contents of any databases, tables, know how documents or materials; 
(8)commissions, commission charges, pricing policies and all information about research and development; and
(9)the Company’s or any Group Company’s Clients’ or Prospective Clients’ names, addresses (including email addresses), telephone, facsimile or other contact numbers and contact names, the nature of their business operations, their requirements for services supplied by the Company or any Group Company and all confidential aspects of their relationship with the Company or any Group Company.

	“directly or indirectly”	means (without prejudice to the generality of the expression) either alone or jointly with or on behalf of any other person and whether on his or her own account or in partnership with another or others or as the holder of any interest in or as officer, employee or agent of or consultant to any other person.

14

						
	“Group”	means the Company, its subsidiaries or holding companies from time to time and any subsidiary of any holding company from time to time; and “Group Company” means any company within the Group.
	“Key Employee”	means any director or officer of the Company or any Group Company and/or any employee (other than administrative or clerical personnel) of the Company or any Group Company, in each case who, at any time during the Relevant Business Period: 
i)was employed by the Company or any Group Company; and
ii)with whom the Participant has had Material  Dealings or exercised control or had management responsibility for; and/or 
iii)has had access to or has obtained Confidential Information during the Relevant Business Period.

	“Material Dealings”	means receiving orders, instructions or enquiries from, contracting or making preparations to contract with, making sales or presenting to or with, tendering for business from, having responsibility with or for, having personal knowledge of or otherwise having significant other contact.
	“Prospective Client”	means any person, firm, company or other business entity who was at any time during the Relevant Business Period: 
(a) in negotiations with the Company or any Group Company for the provision of insurance or reinsurance; or 
(b) an insurance intermediary who may introduce such insurance or reinsurance business to the Company or any Group Company, 
and in each case with whom or which during the Relevant Business Period: 
i)the Participant (or any person reporting to the Participant) had Material Dealings in relation to Relevant Business; or
ii)about whom or which the Participant has had Confidential Information during the course of Participant’s employment.
Provided that this definition shall not apply to any such person, firm, company or other business entity which has withdrawn from or discontinued such negotiations or discussions, having stated its intention to do so (other than through any unlawful activity by the Participant).

15

						
	“Relevant Business”	means any class or classes of insurance or reinsurance business which was underwritten in the twelve months immediately prior to the Termination Date by the Company or any Group Company and with which the Participant was directly or indirectly materially concerned or involved or had personal knowledge in the course of Participant’s duties during the Relevant Period.
	“Relevant Business Period”	means (1) during employment, the twelve month period immediately prior to the action or activity that may be in breach of clauses A to D of Section 5(f) and (2) after termination of employment, the twelve month period immediately prior to the Termination Date.  The term “Look Back Period” in the main Agreement shall be replaced with the defined term “Relevant Business Period”.
	“Termination Date”
	means the date on which the Participant’s employment or engagement with the Company terminates for any reason.

16Exhibit 10.16

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”) is
made and entered into as of April 29, 2022 (effective May 1, 2022), by and between William J. Caragol (the “Employee”)
and Mainz Biomed N.V. (the “Company”).

 

WHEREAS, the Company desires to employ the Employee on the
terms and conditions set forth herein; and

 

WHEREAS, the Employee desires to be employed by the Company
on such terms and conditions.

 

NOW, THEREFORE, in consideration of the mutual covenants, promises,
and obligations set forth herein, the parties agree as follows:

 

1. Term.
The Employee’s employment hereunder shall be at will and shall be effective as of May 1, 2022 (the “Effective Date”)
.. The period during which the Employee is employed by the Company hereunder is hereinafter referred to as the “Employment Term.”

 

2. Position
and Duties.

 

2.1 Position. During the Employment
Term, the Employee shall serve as the Chief Financial Officer of the Company, reporting to the Chief Executive Officer (the “CEO”)of
the Company. In such positions, the Employee shall have such duties, authority, and responsibilities as shall be determined from time
to time by the CEO or the Board of Directors of the Company (the “Board”), which duties, authority, and responsibilities
are consistent with the Employee’s position and those assigned to Chief Financial Officers of companies listed on the Nasdaq Capital
Market. The Employee shall, if requested, also serve as an officer or director of any affiliate of the Company for no additional compensation.
Employee will be given an indemnification agreement with terms reasonably satisfactory to the Employee. In addition, the Company and
any such affiliate shall at all times maintain directors and officers insurance and such other insurance as is customary for similarly
situated businesses.

 

2.2 Duties. During the Employment
Term, the Employee shall devote substantially all of Employee’s business time and attention to the performance of the Employee’s
duties hereunder; provided that you may spend up to twenty percent (20%) of your business time as a director and/or consultant to entities
that are not directly competitive with the Company and will not otherwise engage in any other business, profession, or occupation for
compensation or otherwise which would conflict or interfere with the performance of such services either directly or indirectly without
the prior written consent of the Board (it being acknowledged by the Company, that all directorships in other entities held by the Employee
on the date hereof shall not be deemed to cause such a conflict or interference). The Employee will not be permitted without the written
consent of a majority of the Board members, which shall not be unreasonably conditioned or denied (a) act or serve as a director, trustee,
committee member, or principal of any type of company, entity or business, civic, or charitable organization and (b) purchase or own
five percent (5%) of more of the publicly traded securities of any corporation or have any such ownership position in such an entity
that does not represent a passive investment or that makes the Employee a controlling person of, or a member of a group that controls,
such entity. For absence of doubt, any directorship (current or nominee), consulting/advisory agreement, of ownership position held by
the Employee (as detailed in Annex A) in place as of the date of this agreement shall be considered approved (or consented to) pursuant
to this Section 2.2.

 

3. Place
of Performance. Until such time as the Company establishes offices for its operations, the Employee shall be responsible for the
cost of maintaining his workspace or office and the costs of operating such office.

 

     

     

    

 

4. Compensation.

 

4.1 Base Salary. The Company
shall pay the Employee an annual rate of base salary of US$350,000. The Company shall pay the Base Salary due hereunder in periodic installments
in accordance with the Company’s customary payroll practices and applicable wage payment laws, but no less frequently than monthly.
The Employee’s Base Salary shall be reviewed at least annually by the Board’s Compensation Committee or, in its absence,
the Board (the “Compensation Committee”) and the Compensation Committee may, but shall not be required to, increase
the base salary during the Employment Term. However, the Employee’s base salary may not be decreased during the Employment Term
other than as part of an across-the-board salary reduction that applies in the same manner to all senior employees. The Employee’s
annual base salary, as in effect from time to time, is hereinafter referred to as “Base Salary”.

 

4.2 Annual Bonus.

 

(a) For
each year of the Employment Term, the Employee shall be eligible to receive an annual bonus (the “Annual Bonus”) equal
to 50% of the Base Salary. The Employee and the Compensation Committee shall use reasonable efforts to mutually agree upon milestones
and associated and commensurate payment amounts for any such Annual Bonus.

 

(b) The
Annual Bonus, if any, will be paid within the applicable current fiscal year as determined by the Compensation Committee.

 

4.3 Equity Awards.

 

(a) In consideration
of the Employee entering into this Agreement and as an inducement to join the Company, the Company will grant 80,000 stock options pursuant
to the Company’s 2021 Omnibus Incentive Plan, which options shall vest over four years pursuant to the standard Company policy.

 

4.4 Health Benefit Payment.
The Company shall reimburse the Employee for payments to participate in any one U.S. health insurance plan and one U.S. dental plan (if
not included in the U.S. Health Insurance Plan) for the benefit of the Employee and any spouse or dependents eligible under such plan
in an amount of up to $2,500 per month; provided that if the Employee provides sufficient information for such payments, the Company
will make such payments directly on the Employee’s behalf when due. Such amount shall not be cumulative, and if such payments are
less than $2,500 per month, the difference shall not be available for future or prior months.

 

4.5 Employee Benefits.
During the Employment Term, the Employee shall be entitled to participate in all employee benefit plans, practices, and programs maintained
by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”) to the extent consistent with
applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or terminate any Employee
Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

 

4.6 Vacation; Paid Time-Off.
During the Employment Term, the Employee shall be entitled to twenty- (20) paid vacation days per calendar year (prorated for partial
years) in accordance with the Company’s vacation policies, as in effect from time to time. Unused vacation time will rollover into
future years.

 

4.8 Business Expenses. The
Employee shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment, and travel expenses
incurred by the Employee in connection with the performance of the Employee’s duties hereunder in accordance with the Company’s
expense reimbursement policies and procedures, to be approved by the Company’s CEO prior to reimbursement. The Company will reimburse
the Employee for maintaining a remote office, up to $1,500 per month.

 

    2

     

    

 

4.9 Indemnification. In
the event that the Employee is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil, criminal,
administrative, or investigative (a “Proceeding”), other than any Proceeding initiated by the Employee or the Company
related to any contest or dispute between the Employee and the Company or any of its affiliates with respect to this Agreement or the
Employee’s employment hereunder, by reason of the fact that the Employee is or was a director or officer of the Company, or any
affiliate of the Company, or is or was serving at the request of the Company as a director, officer, member, employee, or agent of another
corporation or a partnership, joint venture, trust, or other enterprise, the Employee shall be indemnified and held harmless by the Company
to the fullest extent applicable to any other officer or director of the Company from and against any liabilities, costs, claims, and
expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys’ fees). Such obligation shall
be further documented pursuant to an indemnification agreement with customary terms and conditions that are acceptable to the Employee.

 

5. Termination of Employment.
The Employment Term and the Employee’s employment hereunder may be terminated by either the Company or the Employee at any time
and for any reason; provided that, unless otherwise provided herein, either party shall be required to give the other party at least
ten (10) days advance written notice of any termination of the Employee’s employment. Upon termination of the Employee’s
employment during the Employment Term, the Employee shall be entitled to the compensation and benefits described in this Section 5 and
shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates.

 

5.1 Expiration of
the Term, For Cause or Without Good Reason.

 

(a) The
Employee’s employment hereunder may be terminated upon either party’s failure to renew the Agreement in accordance with Section
1, by the Company for Cause or by the Employee without Good Reason. If the Employee’s employment is terminated upon either party’s
failure to renew the Agreement, by the Company for Cause or by the Employee without Good Reason, the Employee shall be entitled to receive
within two (2) weeks following the Termination Date (as defined below):

 

		(i)	any accrued but unpaid Base Salary and accrued but unused vacation
which shall be paid;

 

		(ii)	reimbursement for unreimbursed business expenses properly incurred
by the Employee, which shall be subject to and paid in accordance with the Company’s expense reimbursement policy; and

 

		(iii)	such employee benefits (including equity compensation), if any,
to which the Employee may be entitled under the Company’s employee benefit plans as of the Termination Date; provided that, in
no event shall the Employee be entitled to any payments in the nature of severance or termination payments except as specifically provided
herein.

 

Items 5.1(a)(i) through 5.1(a)(iv) are
referred to herein collectively as the “Accrued Amounts”.

 

(b) For purposes of this
Agreement, “Cause” shall mean:

 

		(i)	the willful, substantial and continuing
                                            failure of the Employee, after specific written notice thereof, to render services to the
                                            Company in accordance with the terms or requirements of employment, which is not cured within
                                            thirty (30) days of such notice;

 

 

		(ii)	the Employee’s willful failure to
                                            attempt in good faith to implement a clear, reasonable valid and legal directive of the Board;

 

		(iii)	the Employee’s engagement in dishonesty,
                                            illegal conduct, or misconduct, which is, in each case, materially injurious to the Company
                                            or its affiliates;

 

		(iv)	the Employee’s embezzlement, misappropriation,
                                            or fraud related to the Employee’s employment with the Company;

 

    3

     

    

 

		(v)	the Employee’s conviction of or plea
                                            of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent)
                                            or a crime that constitutes a misdemeanor involving moral turpitude;

 

		(vi)	the Employee’s deliberate disregard
                                            of the written rules or policies of the Company which is, in each case, materially injurious
                                            to the Company or its affiliates;

 

		(vii)	the Employee’s willful unauthorized
                                            disclosure of Confidential Information (as defined below) in a manner not reasonably believed
                                            to be in furtherance of the interests of the Company, and which is, in each case, materially
                                            injurious to the Company or its affiliates; or

 

		(viii)	the Employee’s willful and material
                                            breach of any material obligation under this Agreement or any other written agreement between
                                            the Employee and the Company, which breach is not cured in all material respects within 30
                                            days of specific written notice with respect thereto.r

 

(c) For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during the
Employment Term without the Employee’s written consent:

 

		(i)	a material decrease in the Employee’s
                                            Base Salary (other than a general reduction in Base Salary that affects all similarly situated
                                            employees in substantially the same proportions);

 

		(ii)	a material reduction in your authority,
                                            duties or responsibilities;

 

		(iii)	a relocation of your principal place of
                                            employment with the Company to a place that increases your one-way commute by more than fifty
                                            (50) miles as compared to your then-current principal place of employment immediately prior
                                            to such relocation (excluding regular travel in the ordinary course of business);

 

		(iv)	any material breach by the Company of any
                                            material provision of this Agreement or any material provision of any other agreement between
                                            the Employee and the Company;

 

The Employee cannot terminate Employee’s
employment for Good Reason unless Employee has provided written notice to the Company of the existence of the circumstances providing
grounds for termination for Good Reason within ninety (90) days of learning of the initial existence of such grounds and the Company
has thirty (30) days from the date on which such notice is provided to cure such circumstances. If the Employee does not terminate Employee’s
employment for Good Reason within t ninety (90) days after the first occurrence of the applicable grounds, then the Employee will be
deemed to have waived Employee’s right to terminate for Good Reason with respect to such grounds.

 

    4

     

    

 

5.2 Termination Without Cause
or for Good Reason. The Employment Term and the Employee's employment hereunder may be terminated by the Employee
for Good Reason or by the Company without Cause. In the event of such termination, the Employee shall be entitled to receive the Accrued
Amounts and subject to the Employee's compliance with Section 6, Section 7, Section 8, and Section 9 of this Agreement and
the Employee’s execution of a release of claims in favor of the Company, its affiliates and their respective officers and directors
in a form provided by the Company (the "Release") and such Release becoming effective within 60 days following the Termination
Date (such 60-day period, the "Release Execution Period"), the Employee shall be entitled to receive the following:

 

 (a) equal installment payments payable in accordance with the Company's normal payroll practices, but no less frequently than monthly, which are in the aggregate equal to the Employee's Base Salary for the year in which the Termination Date occurs, which shall begin within ten (10) days following the Termination Date; provided that, the first installment payment shall include all amounts that would otherwise have been paid to the Employee during the period beginning on the Termination Date and ending twelve (12) months thereafter;

 

 (b) An amount equal to Employee’s target Annual Bonus for the year in which the termination takes place, with all criterion for such Annual Bonus deemed to be achieved

 

 (c) Vesting of (i) an additional 12 months (removing any cliff) under all time-based vesting schedules for equity based incentives held by Employee and (III) 25% of any shares underlying equity incentives, the vesting of which is based on meeting specific milestones;

 

(d) the Company shall reimburse the Employee
for up to $2,500 of the monthly U.S. health insurance premium paid by the Employee for himself and his dependents. Such reimbursement
shall be paid to the Employee on the tenth of the month immediately following the month in which the Employee timely remits the premium
payment. the Employee shall be eligible to receive such reimbursement until the earliest of: (i) the 2-month anniversary of the Termination
Date; (ii) the date the Employee is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Employee
becomes eligible to receive health insurance coverage from another employer or other source. Notwithstanding the foregoing, if the Company's
making payments under this Section 5.2(d) would violate the nondiscrimination rules applicable to non-grandfathered plans under
the Affordable Care Act (the "ACA"), or result in the imposition of penalties under the ACA and the related regulations
and guidance promulgated thereunder), the parties agree to reform this Section 5.2(b) in a manner as is necessary to comply
with the ACA.

 

5.3 Death or Disability.

 

(a) The
Employee’s employment hereunder shall terminate automatically upon the Employee’s death during the Employment Term, and the
Company may terminate the Employee’s employment on account of the Employee’s Disability.

 

(b) If
the Employee’s employment is terminated during the Employment Term on account of the Employee’s death or Disability, the
Employee (or the Employee’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the Accrued Amounts.
Notwithstanding any other provision contained herein, all payments made in connection with the Employee’s Disability shall be provided
in a manner which is consistent with federal and state law.

 

(c) For
purposes of this Agreement, “Disability” shall mean the Employee’s inability, due to physical or mental incapacity,
to perform the essential functions of Employee’s job, with or without reasonable accommodation, for one hundred eighty (180) days
out of any three hundred sixty-five (365) day period or one hundred twenty (120) consecutive days. Any question as to the existence of
the Employee’s Disability as to which the Employee and the Company cannot agree shall be determined in writing by a qualified independent
physician mutually acceptable to the Employee and the Company. If the Employee and the Company cannot agree as to a qualified independent
physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing.
The determination of Disability made in writing to the Company and the Employee shall be final and conclusive for all purposes of this
Agreement.

 

    5

     

    

 

5.4 Notice of Termination.
Any termination of the Employee’s employment hereunder by the Company or by the Employee during the Employment Term (other than
termination pursuant to Section 5.3(a) on account of the Employee’s death) shall be communicated by written notice of termination
(”Notice of Termination”) to the other party hereto in accordance with Section 27. The Notice of Termination shall
specify:

 

(a) The
termination provision of this Agreement relied upon;

 

(b) To
the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under
the provision so indicated; and

 

(c) The
applicable Termination Date.

 

5.5 Termination Date.
The Employee’s “Termination Date” shall be:

 

(a) If the Employee’s
employment hereunder terminates on account of the Employee’s death, the date of the Employee’s death;

 

(b) If
the Employee’s employment hereunder is terminated on account of the Employee’s Disability, the date that it is determined
that the Employee has a Disability;

 

(c) If the Company terminates
the Employee’s employment hereunder for Cause, the date the Notice of Termination is delivered to the Employee;

 

(d) If
the Company terminates the Employee’s employment hereunder without Cause, the date specified in the Notice of Termination, which
shall be no less than ten (10) days following the date on which the Notice of Termination is delivered; provided that, the Company shall
have the option to provide the Employee with a lump sum payment equal to five (5) days’ Base Salary in lieu of such notice, which
shall be paid in a lump sum on the Employee’s Termination Date and for all purposes of this Agreement, the Employee’s Termination
Date shall be the date on which such Notice of Termination is delivered;

 

(e) If
the Employee terminates Employee’s employment hereunder with or without Good Reason, the date specified in the Employee’s
Notice of Termination, which shall be no less than ten (10) days following the date on which the Notice of Termination is delivered;
provided that, the Company may waive all or any part of the notice period for no consideration by giving written notice to the Employee
and for all purposes of this Agreement, the Employee’s Termination Date shall be the date determined by the Company; and

 

Notwithstanding anything contained herein,
the Termination Date shall not occur until the date on which the Employee incurs a “separation from service” within the meaning
of Section 409A.

 

5.6 Resignation of
All Other Positions. Upon termination of the Employee’s employment hereunder for any reason, the Employee shall be deemed to
have resigned from all positions that the Employee holds as an officer or member of the Board (or a committee thereof) of the Company
or any of its affiliates (unless otherwise agreed to by a majority of the Board).

 

5.9 Section 280G.

 

(a) If
any of the payments or benefits received or to be received by the Employee (including, without limitation, any payment or benefits received
in connection with a Change in Control or the Employee’s termination of employment, whether pursuant to the terms of this Agreement
or any other plan, arrangement, or agreement, or otherwise) (all such payments collectively referred to herein as the ”280G
Payments”) constitute “parachute payments” within the meaning of Section 280G of the Code and would, but for this
Section 5.9, be subject to the excise tax imposed under Section 4999 of the Code (the ”Excise Tax”), then such 280G
Payments shall be reduced in a manner determined by the Company (by the minimum possible amounts) that is consistent with the requirements
of Section 409A solely to the extent that, and only until, the amount to be received by the Executive after giving effect to such Excise
Tax is greater than the amount that would be received by the Executive as a result of additional reductions in the payment (e.g. a valley
provision)

 

    6

     

    

 

(b) All
calculations and determinations under this Section 5.9 shall be made by an independent accounting firm or independent tax counsel appointed
by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding on the Company and the Employee
for all purposes. For purposes of making the calculations and determinations required by this Section 5.9, the Tax Counsel may rely on
reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Company
and the Employee shall furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request in order
to make its determinations under this Section 5.9. The Company shall bear all costs the Tax Counsel may reasonably incur in connection
with its services.

 

6. Cooperation. The parties
agree that certain matters in which the Employee will be involved during the Employment Term may necessitate the Employee’s cooperation
in the future. Accordingly, following the termination of the Employee’s employment for any reason, to the extent reasonably requested
by the Board, the Employee shall cooperate with the Company in connection with matters arising out of the Employee’s service to
the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Employee’s other activities.
The Company shall reimburse the Employee for reasonable expenses incurred in connection with such cooperation and, to the extent that
the Employee is required to spend substantial time on such matters, the Company shall compensate the Employee at an hourly rate based
on the Employee’s Base Salary on the Termination Date.

 

7. Confidential Information.
The Employee understands and acknowledges that during the Employment Term, Employee will have access to and learn about Confidential
Information, as defined below.

 

7.1 Confidential Information
Defined.

 

(a) Definition.

 

For purposes of this Agreement, “Confidential
Information” includes, but is not limited to, all information not generally known to the public, in spoken, printed, electronic
or any other form or medium, including that relating directly or indirectly to: business processes, practices, methods, policies, plans,
publications, documents, research, operations, services, strategies, techniques, agreements, contracts, terms of agreements, transactions,
potential transactions, negotiations, pending negotiations, know-how, trade secrets, computer programs, computer software, applications,
operating systems, software design, web design, work-in-process, databases, manuals, records, articles, systems, material, sources of
material, supplier information, vendor information, financial information, results, accounting information, accounting records, legal
information, marketing information, advertising information, pricing information, credit information, design information, payroll information,
staffing information, personnel information, employee lists, supplier lists, vendor lists, developments, reports, internal controls,
security procedures, graphics, drawings, sketches, market studies, sales information, revenue, costs, formulae, notes, communications,
algorithms, product plans, designs, styles, models, ideas, audiovisual programs, inventions, unpublished patent applications, original
works of authorship, discoveries, experimental processes, experimental results, specifications, customer information, customer lists,
client information, client lists, manufacturing information, factory lists, distributor lists, and buyer lists of the Company Group or
its businesses or any existing or prospective customer, supplier, investor or other associated third party, or of any other person or
entity that has entrusted information to the Company Group in confidence.

 

The Employee understands that the above
list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise identified as confidential
or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances
in which the information is known or used.

 

The Employee understands and agrees
that Confidential Information includes information developed by Employee in the course of Employee’s employment by the Company
as if the Company furnished the same Confidential Information to the Employee in the first instance. Confidential Information shall not
include information that is generally available to and known by the public at the time of disclosure to the Employee; provided that,
such disclosure is through no direct or indirect fault of the Employee or person(s) acting on the Employee’s behalf.

 

    7

     

    

 

(b) Company Creation
and Use of Confidential Information.

 

The Employee understands and acknowledges
that the Company and its affiliates (the “Group”) have invested, and continue to invest, substantial time, money, and specialized
knowledge into developing their resources, creating a customer base, generating customer and potential customer lists, training its employees,
and improving its offerings and business. The Employee understands and acknowledges that as a result of these efforts, the they have
created, and continue to use and create Confidential Information. This Confidential Information provides them with a competitive advantage
over others in the marketplace.

 

(c) Disclosure and
Use Restrictions.

 

The Employee agrees and covenants: (i)
to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate, or
make available Confidential Information, or allow it to be disclosed, published, communicated, or made available, in whole or part, to
any entity or person whatsoever (including other employees of the Group) not having a need to know and authority to know and use the
Confidential Information in connection with the business of the Group and, in any event, not to anyone outside of the direct employ of
the Group except as required in the performance of the Employee’s authorized employment duties to the Company or with the prior
consent of the Board acting on behalf of the Group in each instance (and then, such disclosure shall be made only within the limits and
to the extent of such duties or consent); and (iii) not to access or use any Confidential Information, and not to copy any documents,
records, files, media, or other resources containing any Confidential Information, or remove any such documents, records, files, media,
or other resources from the premises or control of the Group, except as required in the performance of the Employee’s authorized
employment duties to the Company or with the prior consent of the Board acting on behalf of the Group in each instance (and then, such
disclosure shall be made only within the limits and to the extent of such duties or consent). Nothing herein shall be construed to prevent
disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court
of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required
by such law, regulation, or order. The Employee shall promptly provide written notice of any such order to the Board.

 

8. Restrictive Covenants.

 

8.1 Acknowledgement.
The Employee understands that the nature of the Employee’s position gives Employee access to and knowledge of Confidential Information
and places Employee in a position of trust and confidence with the Group. The Employee understands and acknowledges that the intellectual
or artistic and other services Employee provides to the Group are unique, special, or extraordinary because of the unique nature of the
automotive and manufacturing industries.

 

The Employee further understands and
acknowledges that the Group’s ability to reserve these for the exclusive knowledge and use of the Group is of great competitive
importance and commercial value to the Group, and that improper use or disclosure by the Employee is likely to result in unfair or unlawful
competitive activity.

 

8.2 Generally unenforceable in CA

 

Nothing herein shall prohibit the Employee
from purchasing or owning less than five percent (5%) of the publicly traded securities of any corporation, provided that such ownership
represents a passive investment and that the Employee is not a controlling person of, or a member of a group that controls, such corporation.

 

    8

     

    

 

This Section 8 does not, in any way,
restrict or impede the Employee from exercising protected rights to the extent that such rights cannot be waived by agreement or from
complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency,
provided that such compliance does not exceed that required by the law, regulation, or order. The Employee shall promptly provide written
notice of any such order to the Board.

 

8.3 Non-Solicitation of
Employees. The Employee agrees and covenants not to directly or indirectly solicit, hire, recruit, attempt to hire or recruit, or
induce the termination of employment of any employee of the Group during eighteen (18) months, to run consecutively, beginning on the
last day of the Employee’s employment with the Company; provided however that this Section 8.3 does not apply to any such employee
that responds to a position opening that is generally advertised and not targeted towards such individual or any employee that contacts
Employee without first being directly or indirectly contacted by Employee.

 

8.4 Non-Solicitation of
Customers. The Employee understands and acknowledges that because of the Employee’s experience with and relationship to the
Group, Employee will have access to and learn about much or all of the Group’s customer information. “Customer Information”
includes, but is not limited to, names, phone numbers, addresses, e-mail addresses, order history, order preferences, chain of command,
pricing information, and other information identifying facts and circumstances specific to the customer and relevant to sales and/or
services.

 

The Employee understands and acknowledges
that loss of this customer relationship and/or goodwill will cause significant and irreparable harm.

 

The Employee agrees and covenants, during
eighteen (18) months, to run consecutively, beginning on the last day of the Employee’s employment with the Company, not to directly
or indirectly solicit, contact (including but not limited to e-mail, regular mail, express mail, telephone, fax, and instant message),
attempt to contact, or meet with the Company’s current, customers for purposes of offering or accepting goods or services similar
to or competitive with those offered by the Company.

 

9. Non-Disparagement. The
Employee and Company each agree and covenants that such party will not at any time make, publish or communicate to any person or entity
or in any public forum any defamatory or disparaging remarks, comments, or statements concerning the Group or its businesses, or any
of its employees, officers, and investors and other associated third parties or the Employee.

 

This Section 9 does not, in any way, restrict
or impede the Employee from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying
with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided
that such compliance does not exceed that required by the law, regulation, or order. The Employee shall promptly provide written notice
of any such order to the Board.

 

10. Acknowledgement. The
Employee acknowledges and agrees that the services to be rendered by Employee to the Company are of a special and unique character; that
the Employee will obtain knowledge and skill relevant to the Company’s industry, methods of doing business and marketing strategies
by virtue of the Employee’s employment; and that the restrictive covenants and other terms and conditions of this Agreement are
reasonable and reasonably necessary to protect the legitimate business interest of the Group.

 

The Employee further acknowledges that the amount
of Employee’s compensation reflects, in part, Employee’s obligations and the Company’s rights under Section 7, Section
8, and Section 9 of this Agreement; that Employee has no expectation of any additional compensation, royalties or other payment of any
kind not otherwise referenced herein in connection herewith; and that Employee will not be subject to undue hardship by reason of Employee’s
full compliance with the terms and conditions of Section 7, Section 8, and Section 9 of this Agreement or the Company’s enforcement
thereof.

 

    9

     

    

 

11. RESERVED

 

12. Arbitration. Any dispute,
controversy, or claim arising out of or related to this Agreement or any breach of this Agreement shall be submitted to and decided by
binding arbitration. Arbitration shall be administered exclusively by the American Arbitration Association under its Employment Arbitration
Rules and Mediation Procedures and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof.. Any arbitral award determination shall be final and binding upon the parties.

 

13. Proprietary Rights.

 

13.1 Work Product.
The Employee acknowledges and agrees that all right, title, and interest in and to all writings, works of authorship, technology, inventions,
discoveries, processes, techniques, methods, ideas, concepts, research, proposals, materials, and all other work product of any nature
whatsoever, that are created, prepared, produced, authored, edited, amended, conceived, or reduced to practice by the Employee individually
or jointly with others during the period of Employee’s employment by the Company and relate in any way to the business or contemplated
business, products, activities, research, or development of the Company or result from any work performed by the Employee for the Company
(in each case, regardless of when or where prepared or whose equipment or other resources is used in preparing the same), all rights
and claims related to the foregoing, and all printed, physical and electronic copies, and other tangible embodiments thereof (collectively,
“Work Product”), as well as any and all rights in and to US and foreign (a) patents, patent disclosures and inventions
(whether patentable or not), (b) trademarks, service marks, trade dress, trade names, logos, corporate names, and domain names, and other
similar designations of source or origin, together with the goodwill symbolized by any of the foregoing, (c) copyrights and copyrightable
works (including computer programs), mask works, and rights in data and databases, (d) trade secrets, know-how, and other confidential
information, and (e) all other intellectual property rights, in each case whether registered or unregistered and including all registrations
and applications for, and renewals and extensions of, such rights, all improvements thereto and all similar or equivalent rights or forms
of protection in any part of the world (collectively, “Intellectual Property Rights”), shall be the sole and exclusive
property of the Company.

 

For purposes of this Agreement, Work
Product includes, but is not limited to, Group information, including plans, publications, research, strategies, techniques, agreements,
documents, contracts, terms of agreements, negotiations, know-how, computer programs, computer applications, software design, web design,
work in process, databases, manuals, results, developments, reports, graphics, drawings, sketches, market studies, formulae, notes, communications,
algorithms, product plans, product designs, styles, models, audiovisual programs, inventions, unpublished patent applications, original
works of authorship, discoveries, experimental processes, experimental results, specifications, customer information, client information,
customer lists, client lists, manufacturing information, marketing information, advertising information, and sales information.

 

13.2 Work Made for
Hire; Assignment. The Employee acknowledges that, by reason of being employed by the Company at the relevant times, to the extent
permitted by law, all of the Work Product consisting of copyrightable subject matter is “work made for hire” as defined in
17 U.S.C. § 101 and such copyrights are therefore owned by the Company. To the extent that the foregoing does not apply, the Employee
hereby irrevocably assigns to the Company, for no additional consideration, the Employee’s entire right, title, and interest in
and to all Work Product and Intellectual Property Rights therein, including the right to sue, counterclaim, and recover for all past,
present, and future infringement, misappropriation, or dilution thereof, and all rights corresponding thereto throughout the world. Nothing
contained in this Agreement shall be construed to reduce or limit the Company’s rights, title, or interest in any Work Product
or Intellectual Property Rights so as to be less in any respect than that the Company would have had in the absence of this Agreement.

 

    10

     

    

 

13.3 Further Assurances;
Power of Attorney. During and after Employee’s employment, the Employee agrees to reasonably cooperate with the Company to
(a) apply for, obtain, perfect, and transfer to the Company the Work Product as well as any and all Intellectual Property Rights in the
Work Product in any jurisdiction in the world; and (b) maintain, protect and enforce the same, including, without limitation, giving
testimony and executing and delivering to the Company any and all applications, oaths, declarations, affidavits, waivers, assignments,
and other documents and instruments as shall be requested by the Company. The Employee hereby irrevocably grants the Company power of
attorney to execute and deliver any such documents on the Employee’s behalf in Employee’s name and to do all other lawfully
permitted acts to transfer the Work Product to the Company and further the transfer, prosecution, issuance, and maintenance of all Intellectual
Property Rights therein, to the full extent permitted by law, if the Employee in physically unable to cooperate with the Company’s
request (without limiting the rights the Company shall have in such circumstances by operation of law). The power of attorney is coupled
with an interest and shall not be affected by the Employee’s subsequent incapacity.

 

13.4 No License.
The Employee understands that this Agreement does not, and shall not be construed to, grant the Employee any license or right of any
nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information, materials, software, or other
tools made available to Employee by the Company.

 

14. Security.

 

14.1 Security and
Access. The Employee agrees and covenants (a) to comply with all Group security policies and procedures as in force from time to
time including without limitation those regarding computer equipment, telephone systems, voicemail systems, facilities access, monitoring,
key cards, access codes, Group intranet, internet, social media and instant messaging systems, computer systems, e-mail systems, computer
networks, document storage systems, software, data security, encryption, firewalls, passwords and any and all other Group facilities,
IT resources and communication technologies (”Facilities and Information Technology Resources”); (b) not to access
or use any Facilities and Information Technology Resources except as authorized by the Company; and (iii) not to access or use any Facilities
and Information Technology Resources in any manner after the termination of the Employee’s employment by the Company, whether termination
is voluntary or involuntary. The Employee agrees to notify the Company promptly in the event Employee learns of any violation of the
foregoing by others, or of any other misappropriation or unauthorized access, use, reproduction, or reverse engineering of, or tampering
with any Facilities and Information Technology Resources or other Group property or materials by others.

 

14.2 Exit Obligations.
Upon (a) voluntary or involuntary termination of the Employee’s employment or (b) the Company’s request at any time during
the Employee’s employment, the Employee shall (i) provide or return to the Company any and all Group property, including keys,
key cards, access cards, identification cards, security devices, employer credit cards, network access devices, computers, cell phones,
smartphones, PDAs, pagers, fax machines, equipment, speakers, webcams, manuals, reports, files, books, compilations, work product, e-mail
messages, recordings, tapes, disks, thumb drives or other removable information storage devices, hard drives, negatives, and data and
all Group documents and materials belonging to the Company and stored in any fashion, including but not limited to those that constitute
or contain any Confidential Information or Work Product, that are in the possession or control of the Employee, whether they were provided
to the Employee by the Group or any of its business associates or created by the Employee in connection with Employee’s employment
by the Company; and (ii) delete or destroy all copies of any such documents and materials not returned to the Company that remain in
the Employee’s possession or control, including those stored on any non- Group devices, networks, storage locations, and media
in the Employee’s possession or control.

 

    11

     

    

 

15. Publicity. The Employee
hereby irrevocably consents to any and all good faith, reasonable uses and displays, by the Group and its agents, representatives and
licensees, of the Employee’s name, voice, likeness, image, appearance, and biographical information in, on or in connection with
any pictures, photographs, audio and video recordings, digital images, websites, television programs and advertising, other advertising
and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes, and all other printed and electronic
forms and media throughout the world, at any time during or after the period of Employee’s employment by the Company, for all legitimate
commercial and business purposes of the Group (”Permitted Uses”) without further consent from or royalty, payment,
or other compensation to the Employee. The Employee hereby forever waives and releases the Group and its directors, officers, employees,
and agents from any and all claims, actions, damages, losses, costs, expenses, and liability of any kind, arising under any legal or
equitable theory whatsoever at any time during or after the period of Employee’s employment by the Company, arising directly or
indirectly from the Group’s and its agents’, representatives’, and licensees’ exercise of their rights in connection
with any Permitted Uses.

 

16. Governing Law: Jurisdiction
and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of California without regard to conflicts
of law principles. To the extent that any action or proceeding by either of the parties to enforce this Agreement is not brought in accordance
the arbitration provisions of Section 12 hereof, they shall be brought exclusively in a state or federal court located in Santa Clara
County, CA. The parties hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient
forum to the maintenance of any such action or proceeding in such venue.

 

17. Entire Agreement. Unless
specifically provided herein, this Agreement contains all of the understandings and representations between the Employee and the Company
pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and
warranties, both written and oral, with respect to such subject matter. The parties mutually agree that the Agreement can be specifically
enforced in court and can be cited as evidence in legal proceedings alleging breach of the Agreement.

 

19. Modification and Waiver.
No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by
the Employee and by the Chairman of the Company’s Board of Directors as directed by the Board and/or the Compensation Committee.
No waiver by either of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed
by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent
time, nor shall the failure of or delay by either of the parties in exercising any right, power, or privilege hereunder operate as a
waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power, or privilege.

 

20. Severability. Should
any provision of this Agreement be held by a court of competent jurisdiction (or pursuant to arbitration under Section 12) to be enforceable
only if modified, or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect
the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification
to become a part hereof and treated as though originally set forth in this Agreement.

 

The parties further agree that any such court
is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision
from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding
additional language to this Agreement, or by making such other modifications as it deems warranted to carry out the intent and agreement
of the parties as embodied herein to the maximum extent permitted by law.

 

The parties expressly agree that this Agreement
as so modified shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this
Agreement be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not
affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed
as if such invalid, illegal, or unenforceable provisions had not been set forth herein.

 

21. Captions. Captions
and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement
is to be construed by reference to the caption or heading of any section or paragraph.

 

    12

     

    

 

22. Counterparts. This
Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument.

 

23. Tolling. Should the
Employee violate any of the terms of the restrictive covenant obligations articulated herein, the obligation at issue will run from the
first date on which the Employee ceases to be in violation of such obligation.

 

24. Section 409A.

 

24.1 General Compliance.
This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered in accordance
with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon
an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded
from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded
from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement
shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made
upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations
that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for
all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Employee on account of non-compliance
with Section 409A.

 

24.2 Specified Employees.
Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Employee in connection with Employee’s
termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section
409A and the Employee is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i), then such payment
or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Termination Date or, if
earlier, on the Employee’s death (the “Specified Employee Payment Date”). The aggregate of any payments that
would otherwise have been paid before the Specified Employee Payment Date and interest on such amounts calculated based on the applicable
federal rate published by the Internal Revenue Service for the month in which the Employee’s separation from service occurs shall
be paid to the Employee in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without
delay in accordance with their original schedule.

 

24.3 Reimbursements. To
the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance
with the following:

 

(a) the amount of expenses
eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement,
or in-kind benefits to be provided, in any other calendar year;

 

(b) any reimbursement of
an eligible expense shall be paid to the Employee on or before the last day of the calendar year following the calendar year in which
the expense was incurred; and

 

(c) any right to reimbursements
or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

 

24.4 Tax Gross-ups. Any
tax gross-up payments provided under this Agreement shall be paid to the Employee on or before December 31 of the calendar year immediately
following the calendar year in which the Employee remits the related taxes.

 

    13

     

    

 

25. Notification to Subsequent
Employer. When the Employee’s employment with the Company terminates, the Employee agrees to notify any subsequent employer
of the restrictive covenants sections contained in this Agreement. The Employee will also deliver a copy of such notice to the Company
before the Employee commences employment with any subsequent employer. In addition, the Employee authorizes the Company to provide a
copy of the restrictive covenants sections of this Agreement to third parties, including but not limited to, the Employee’s subsequent,
anticipated, or possible future employer.

 

26. Successors and Assigns.
This Agreement is personal to the Employee and shall not be assigned by the Employee. Any purported assignment by the Employee shall
be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any successor or assign
(whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets
of the Company. This Agreement shall inure to the benefit of the Company and permitted successors and assigns.

 

27. Notice. Notices and
all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent by registered or
certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such other addresses
as specified by the parties by like notice):

 

If to the Company:

 

Mainz Biomed N.V.

Sirius GutenburgPark, Robert-Koch-Straße 50

55129 Mainz, Germany

 

guido.baechler@mainzbiomed.com

Attn: Guido Baechler, CEO

 

If to the Employee:

 

William J. Caragol

bill@quidemllc.com

 

28. Representations of the
Employee. The Employee represents and warrants to the Company that:

 

The Employee’s acceptance of employment
with the Company and the performance of Employee’s duties hereunder will not conflict with or result in a violation of, a breach
of, or a default under any contract, agreement, or understanding to which Employee is a party or is otherwise bound. The Employee’s
acceptance of employment with the Company and the performance of Employee’s duties hereunder will not violate any non-solicitation,
non-competition, or other similar covenant or agreement of a prior employer.

 

29. Withholding. The Company
shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes in order for the Company to satisfy
any withholding tax obligation it may have under any applicable law or regulation.

 

30. Survival. Upon the expiration
or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive such expiration or
other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

31. Acknowledgement of Full Understanding.
THE EMPLOYEE ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EMPLOYEE
ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF EMPLOYEE’S CHOICE
BEFORE SIGNING THIS AGREEMENT.

 

32. Expenses. Should Employee reasonably determine
in the future that any request by the Company makes it desirable for the Employee to obtain individual counsel, Company shall reimburse
the reasonable fees and expenses incurred by the Employee for any such advice.

 

[Signature Page Follows]

 

    14

     

    

 

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

 

	 	Mainz Biomed
    N.V.

 

	 	By:	/s/ Guido Baechler
	 	Name: 	Guido Baechler
	 	Title:	 Chief Executive Officer

 

EMPLOYEE

 

	Signature: 	/s/ William Caragol	 
	Print Name: 	William J. Caragol	 

 

 

15

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