Document:

Exhibit 10.9

 

FORWARD PURCHASE AGREEMENT

 

This Forward Purchase Agreement
(this “Agreement”) is entered into as of  [●], 2021, by and between Tetragon Acquisition Corporation
I, a blank check company incorporated as a Delaware corporation (the “Company”), and Tetragon Financial Group Limited, a Guernsey company limited by shares
(the “Purchaser”).

 

Recitals

 

WHEREAS, the Company was incorporated
for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
with one or more businesses or entities (a “Business Combination”);

 

WHEREAS, the Company has filed
with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 (the “Registration
Statement”) for its initial public offering (“IPO”) of 50,000,000 units (or 57,500,000 units if
the underwriters’ over-allotment option (the “IPO Option”) is exercised in full) (the “Public
Units”) at a price of $10.00 per Public Unit, each Public Unit comprised of one share of the Company’s Class A common
stock, par value $0.0001 per share (the “Class A Shares,” and the Class A Shares included in the Public Units,
the “Public Shares”), and one-third of one redeemable warrant, where each whole redeemable warrant is exercisable
to purchase one Class A Share at an exercise price of $11.50 per share (the “Warrants,” and the Warrants included
in the Public Units, the “Public Warrants”);

 

WHEREAS, the Company’s
sponsor, TFG Asset Management Sponsor LLC, a Delaware limited liability company (“Sponsor”), has agreed to purchase
an aggregate of 8,333,333 private placement warrants (or 9,333,333 private placement warrants if the IPO Option is exercised in full)
at a price of $1.50 per whole warrant in a private placement that will close contemporaneously with the closing of the IPO (the “Private
Placement Warrants”);

 

WHEREAS, following the closing
of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a Business Combination;

 

WHEREAS, the parties wish
to enter into this Agreement, pursuant to which concurrently with the closing of the Company’s initial Business Combination (the
“Business Combination Closing”), the Company shall issue and sell to the Purchaser, and the Purchaser shall
purchase from the Company, on a private placement basis, the number of units (the “Forward Purchase Units”)
determined pursuant to Sections 1(a)(ii), (iii) and (iv) hereof, each comprised of one Class A Share (each,
a “Forward Purchase Share” and, collectively, “Forward Purchase Shares”) and one-third
of one warrant (each, a “Forward Purchase Warrant”), on the terms and conditions set forth herein (the Forward
Purchase Units, the Forward Purchase Shares, the Forward Purchase Warrants underlying the Forward Purchase Units and the Class A Shares
underlying the Forward Purchase Warrants, the “Forward Purchase Securities”);

 

WHEREAS, proceeds from the
IPO and the sale of the Private Placement Warrants in an aggregate amount equal to the gross proceeds from the IPO will be deposited into
a trust account for the benefit of the holders of the Public Shares (the “Trust Account”), as described in the
Registration Statement; and

 

WHEREAS, the amounts available
to the Company from the Trust Account (after giving effect to any redemptions of Public Shares) and any other equity or debt financing
obtained by the Company in connection with the Business Combination (the “Available Cash”), together with the
proceeds from the sale of the Forward Purchase Units, will be used to satisfy the cash requirements of the Business Combination, including
funding the purchase price and paying expenses and retaining amounts specified in the definitive agreement for the Business Combination
(the “Definitive Agreement”) to be retained for use by the post-Business Combination company for working capital
or other purposes (the “Cash Requirements”);

 

     

     

    

 

NOW, THEREFORE, in consideration
of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

Agreement

 

		1.	Sale and Purchase.

 

		(a)	Forward Purchase Units.

 

		(i)	Subject to Sections 1(a)(ii), (iii) and (iv), the Company shall issue and sell
to the Purchaser, and the Purchaser shall purchase from the Company, up to a maximum of 7,500,000 Forward Purchase Units (the “Maximum
Units”) for a purchase price of $10.00 per Forward Purchase Unit (the “Forward Purchase Price”),
or up to a maximum of $75,000,000 in the aggregate. Each Forward Purchase Warrant will have the same terms as each Private Placement Warrant,
and will be subject to the terms and conditions of the Warrant Agreement to be entered into between the Company and Continental Stock
Transfer & Trust Company, as Warrant Agent, in connection with the IPO, mutatis mutandis.

 

		(ii)	The number of Forward Purchase Units to be issued and sold by the Company and purchased by the Purchaser
hereunder shall be determined as follows:

 

		(A)	As soon as reasonably practicable, but in no event less than ten (10) Business Days (as defined below)
prior to the Company’s entry into the Definitive Agreement, the Company shall provide the Purchaser with notice (the “Initial
Company Notice”) of the number of Forward Purchase Units that it desires the Purchaser to purchase pursuant to this Agreement,
which shall be equal to its good faith estimate of that number which, after payment of the aggregate Forward Purchase Price by the Purchaser,
will result in gross proceeds to the Company equal to the amount of funds necessary for the Company to satisfy the Cash Requirements less
the Available Cash; provided, however, that such number shall in no event exceed the Maximum Units. Following delivery of
the Initial Company Notice, the Company shall provide the Purchaser with such other information as the Purchaser (or any applicable Transferee
pursuant to Section 4(b) hereof) may reasonably request so that the Purchaser (or such Transferee) may seek the approval of
its board of directors, board of managers, members, investment committee or other governing body to consummate the purchase of the Forward
Purchase Units hereunder.

 

		(B)	Within five (5) Business Days after receipt of the Initial Company Notice, the Purchaser shall provide
the Company with notice (the “Initial Purchaser Notice”) of the decision of its board of directors, board of
managers, members, investment committee or other governing body as to the maximum number of Forward Purchase Units it wishes to purchase
pursuant to this Agreement, if any, which shall not exceed the Maximum Units, which notice shall constitute the binding obligation of
the Purchaser to purchase such number of Forward Purchase Units, subject to the terms and conditions of this Agreement.

 

		(iii)	At least two (2) Business Days before the Business Combination Closing, the Company shall provide the
Purchaser with an updated notice (the “Final Company Notice”) including:

 

		(A)	its determination, based on the actual number of Public Shares validly submitted for redemption or other
changes in the Cash Requirements, of the number of Forward Purchase Units that it requires the Purchaser to purchase pursuant to this
Agreement;

 

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		(B)	the anticipated date of the Business Combination Closing; and

 

		(C)	instructions for wiring the Forward Purchase Price.

 

		(iv)	In the event that any Definitive Agreement is terminated or the transaction contemplated thereby is abandoned,
the procedures completed pursuant to clause (ii) and (iii) above to determine the number of Forward Purchase Units to be purchased
by the Purchaser in connection with such Definitive Agreement shall be disregarded and the provisions of clause (ii) and clause (iii)
above must be separately completed for each Definitive Agreement entered into by the Company.

 

		(v)	The closing of the sale of Forward Purchase Units (the “Forward Closing”) shall
be held on the same date and concurrently with the Business Combination Closing (such date being referred to as the “Forward
Closing Date”). At least one (1) Business Day prior to the Forward Closing Date, the Purchaser shall deliver to the Company
the Forward Purchase Price for the Forward Purchase Units by wire transfer of U.S. dollars in immediately available funds to the account
specified by the Company in such notice to be held in escrow until the Forward Closing. Immediately prior to the Forward Closing on the
Forward Closing Date, (i) the Forward Purchase Price shall be released from escrow automatically and without further action by the Company
or the Purchaser, and (ii) upon such release, the Company shall issue the Forward Purchase Units to the Purchaser in book-entry form,
free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws), registered
in the name of the Purchaser (or its nominee in accordance with its delivery instructions), or to a custodian designated by the Purchaser,
as applicable. In the event the Business Combination Closing does not occur within five (5) Business Days of the date scheduled for closing,
the Forward Closing shall not occur and the Company shall promptly (but not later than one (1) Business Day thereafter) return the Forward
Purchase Price to the Purchaser. For purposes of this Agreement, “Business Day” means any day, other than a
Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by
law or regulation to close in the City of New York, New York.

 

		(b)	Legends. Each register and book entry for the Forward Purchase Securities shall contain a notation,
and each certificate (if any) evidencing the Forward Purchase Securities shall be stamped or otherwise imprinted with a legend, in substantially
the following form:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND
MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS. THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY
ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FORWARD PURCHASE AGREEMENT BY AND BETWEEN THE HOLDER AND THE COMPANY. COPIES OF SUCH
AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”

 

		2.	Representations and Warranties of the Purchaser. The Purchaser represents and warrants to
the Company as follows, as of the date hereof:

 

		(a)	Organization and Power. The Purchaser is duly organized, validly existing, and in good standing
under the laws of the jurisdiction of its formation and has all requisite power and authority to carry on its business as presently conducted
and as proposed to be conducted.

 

		(b)	Authorization. The Purchaser has full power and authority to enter into this Agreement. This Agreement,
when executed and delivered by the Purchaser, will constitute the valid and legally binding obligation of the Purchaser, enforceable against
the Purchaser in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws
relating to the availability of specific performance, injunctive relief or other equitable remedies, or (iii) to the extent the indemnification
provisions contained in the Registration Rights (as defined below) may be limited by applicable federal or state securities laws.

 

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		(c)	Governmental Consents and Filings. No consent, approval, order or authorization of, or registration,
qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of
the Purchaser in connection with the consummation of the transactions contemplated by this Agreement.

 

		(d)	Compliance with Other Instruments. The execution, delivery and performance by the Purchaser of
this Agreement and the consummation by the Purchaser of the transactions contemplated by this Agreement will not result in any violation
or default (i) of any provisions of its organizational documents, (ii) of any instrument, judgment, order, writ or decree to which it
is a party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under
any lease, agreement, contract or purchase order to which it is a party or by which it is bound or (v) of any provision of federal or
state statute, rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a material
adverse effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement.

 

		(e)	Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon the
Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms,
that the Forward Purchase Securities to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own account,
not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of any state or federal
securities laws, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing
the same in violation of law. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have
any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any
third Person, with respect to any of the Forward Purchase Securities. For purposes of this Agreement, “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or any government or any department or agency thereof.

 

		(f)	Disclosure of Information. The Purchaser has had an opportunity to discuss the Company’s
business, management, financial affairs and the terms and conditions of the offering of the Forward Purchase Units, as well as the terms
of the Company’s proposed IPO, with the Company’s management.

 

		(g)	Restricted Securities. The Purchaser understands that the offer and sale of the Forward Purchase
Units to the Purchaser has not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities
Act”), by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among
other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein.
The Purchaser understands that the Forward Purchase Securities are “restricted securities” under applicable U.S. federal and
state securities laws and that, pursuant to these laws, the Purchaser must hold the Forward Purchase Securities indefinitely unless they
are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements
is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Forward Purchase Securities, or
any Class A Shares into which the Forward Purchase Securities may be converted or exercised, for resale, except for the Registration Rights.
The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various
requirements including, but not limited to, the time and manner of sale, the holding period for the Forward Purchase Securities, and on
requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation
and may not be able to satisfy. The Purchaser acknowledges that the Company filed the Registration Statement for its proposed IPO. The
Purchaser understands that the offering of the Forward Purchase Securities is not, and is not intended to be, part of the IPO, and that
the Purchaser will not be able to rely on the protection of Section 11 of the Securities Act with respect to the Forward Purchase Securities.

 

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		(h)	No Public Market. The Purchaser understands that no public market now exists for the Forward Purchase
Securities, and that the Company has made no assurances that a public market will ever exist for the Forward Purchase Securities.

 

		(i)	High Degree of Risk. The Purchaser understands that its agreement to purchase the Forward Purchase
Securities involves a high degree of risk which could cause the Purchaser to lose all or part of its investment.

 

		(j)	Accredited Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of
Regulation D promulgated under the Securities Act.

 

		(k)	No General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees,
agents, shareholders or partners has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation,
or (ii) published any advertisement in connection with the offer and sale of the Forward Purchase Units.

 

		(l)	Residence. The Purchaser’s principal place of business is the office or offices located at
the address of the Purchaser set forth on the signature page hereof.

 

		(m)	Non-Public Information. The Purchaser acknowledges its obligations under applicable securities
laws with respect to the treatment of non-public information relating to the Company.

 

		(n)	Adequacy of Financing. At the time of the Forward Closing, the Purchaser will have available to
it sufficient funds to satisfy its obligations under this Agreement.

 

		(o)	No Other Representations and Warranties; Non-Reliance. Except for the specific representations
and warranties contained in this Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser
nor any person acting on behalf of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser Parties”)
has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the Purchaser and this
offering, and the Purchaser Parties disclaim any such representation or warranty. Except for the specific representations and warranties
expressly made by the Company in Section 3 of this Agreement and in any certificate or agreement delivered pursuant hereto,
the Purchaser Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made
by the Company, any person on behalf of the Company or any of the Company’s affiliates (collectively, the “Company Parties”).

 

		3.	Representations and Warranties of the Company. The Company represents and warrants to the
Purchaser as follows:

 

		(a)	Incorporation and Corporate Power. The Company is a blank check company incorporated as a Delaware
corporation and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be
conducted. The Company has no subsidiaries.

 

		(b)	Capitalization. On the date hereof, the authorized share capital of the Company consists of:

 

		(i)	400,000,000 Class A ordinary shares, par value $0.0001, none of which are issued and outstanding.

 

		(ii)	40,000,000 Class B ordinary shares, par value $0.0001 per share (the “Class B Shares”),
14,375,000 of which are issued and outstanding. All of the outstanding Class B Shares have been duly authorized, are fully paid and nonassessable
and were issued in compliance with all applicable federal and state securities laws.

 

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		(iii)	1,000,000 preference shares, par value $0.0001 per share, none of which are issued and outstanding.

 

		(c)	Authorization. All corporate action required to be taken by the Company’s Board of Directors
and shareholders in order to authorize the Company to enter into this Agreement, and to issue the Forward Purchase Securities at the Forward
Closing, and the securities issuable upon exercise of the Forward Purchase Warrants, has been taken or will be taken prior to the Forward
Closing. All action on the part of the shareholders, directors and officers of the Company necessary for the execution and delivery of
this Agreement, the performance of all obligations of the Company under this Agreement to be performed as of the Forward Closing, and
the issuance and delivery of the Forward Purchase Securities and the securities issuable upon exercise of the Forward Purchase Warrants
has been taken or will be taken prior to the Forward Closing. This Agreement, when executed and delivered by the Company, shall constitute
the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms except (i) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating
to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Registration
Rights may be limited by applicable federal or state securities laws.

 

		(d)	Valid Issuance of Securities. The Forward Purchase Securities, when issued, sold and delivered
in accordance with the terms and for the consideration set forth in this Agreement, and the securities issuable upon exercise of the Forward
Purchase Warrants, when issued in accordance with the terms of the Forward Purchase Warrants and this Agreement, will be validly issued,
fully paid and nonassessable, as applicable, and free of all preemptive or similar rights, taxes, liens, encumbrances and charges with
respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified under this Agreement, applicable
state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser. Assuming the accuracy of the representations
of the Purchaser in this Agreement and subject to the filings described in Section 3(e) below, the Forward Purchase Securities
will be issued in compliance with all applicable federal and state securities laws.

 

		(e)	Governmental Consents and Filings. Assuming the accuracy of the representations and warranties
made by the Purchaser in this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with
the consummation of the transactions contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities
Act, and applicable state securities laws, if any, and pursuant to the Registration Rights.

 

		(f)	Compliance with Other Instruments. The execution, delivery and performance of this Agreement and
the consummation of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions
of the Company’s certificate of incorporation, as it may be amended from time to time (the “Charter”),
bylaws or other governing documents of the Company, (ii) of any instrument, judgment, order, writ or decree to which the Company is a
party or by which it is bound, (iii) under any note, indenture or mortgage to which the Company is a party or by which it is bound, (iv)
under any lease, agreement, contract or purchase order to which the Company is a party or by which it is bound or (v) of any provision
of federal or state statute, rule or regulation applicable to the Company, in each case (other than clause (i)) which would have
a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement.

 

		(g)	Operations. As of the date hereof, the Company has not conducted, and prior to the IPO Closing
the Company will not conduct, any operations other than organizational activities and activities in connection with offerings of its securities.

 

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		(h)	No General Solicitation. Neither the Company, nor any of its officers, directors, employees, agents
or shareholders has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii)
published any advertisement in connection with the offer and sale of the Forward Purchase Units.

 

		(i)	No Other Representations and Warranties; Non-Reliance. Except for the specific representations
and warranties contained in this Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Company
Parties has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the Company,
this offering, the proposed IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty.
Except for the specific representations and warranties expressly made by the Purchaser in Section 2 of this Agreement and
in any certificate or agreement delivered pursuant hereto, the Company Parties specifically disclaim that they are relying upon any other
representations or warranties that may have been made by the Purchaser Parties.

 

		4.	Registration Rights; Transfer.

 

		(a)	Registration Rights. The Purchaser shall be granted registration rights by the Company with respect
to the Forward Purchase Securities underlying the Forward Purchase Units pursuant to a registration rights agreement to be entered into
with the Company, a form of which has been filed with the registration statement relating to the Company’s IPO (the “Registration
Rights”).

 

		(b)	Transfer. This Agreement and all of the Purchaser’s rights and obligations hereunder (including
the Purchaser’s obligation to purchase the Forward Purchase Units) may be transferred or assigned, at any time and from time to
time, in whole or in part, to one or more affiliates of the Purchaser (each such transferee, a “Transferee”).
Upon any such assignment:

 

		(i)	the applicable Transferee shall execute a signature page to this Agreement, substantially in the form
of the Purchaser’s signature page hereto (the “Joinder Agreement”), which shall reflect the number of
Forward Purchase Units to be purchased by such Transferee (the “Transferee Securities”), and, upon such execution,
such Transferee shall have all the same rights and obligations of the Purchaser hereunder with respect to the Transferee Securities, and
references herein to the “Purchaser” shall be deemed to refer to and include any such Transferee with respect
to such Transferee and to its Transferee Securities; provided, that any representations, warranties, covenants and agreements of the Purchaser
and any such Transferee shall be several and not joint and shall be made as to the Purchaser or any such Transferee, as applicable, as
to itself only; and

 

		(ii)	upon a Transferee’s execution and delivery of a Joinder Agreement, the number of Forward Purchase
Units to be purchased by the Purchaser hereunder shall be reduced by the total number of Forward Purchase Units to be purchased by the
applicable Transferee pursuant to the applicable Joinder Agreement, which reduction shall be evidenced by the Purchaser and the Company
amending Schedule A to this Agreement to reflect each transfer and updating the “Number of Forward Purchase Units”
and “Aggregate Purchase Price for Forward Purchase Units” on the Purchaser’s signature page hereto to
reflect such reduced number of Forward Purchase Units, and the Purchaser shall be fully and unconditionally released from its obligation
to purchase such Transferee Securities hereunder. For the avoidance of doubt, this Agreement need not be amended and restated in its entirety,
but only Schedule A and the Purchaser’s signature page hereto need be so amended and updated and executed by each of
the Purchaser and the Company upon the occurrence of any such transfer of Transferee Securities.

 

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		5.	Additional Agreements, Acknowledgements and Waivers of the Purchaser.

 

		(a)	Lock-up; Transfer Restrictions. The Purchaser agrees that it shall not Transfer any Forward Purchase
Units (or the Forward Purchase Shares and Forward Purchase Warrants, including the Class A Shares issued or issuable upon the exercise
of any such Forward Purchase Warrants) until 30 days after the completion of the initial Business Combination. Notwithstanding the foregoing,
Transfers of the Forward Purchase Units (and the underlying Class A Shares and Warrants, including the Class A Shares issued or issuable
upon the exercise of any such warrants) are permitted (any such transferees, the “Permitted Transferees”): (A)
to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any
members of the Purchaser, or any affiliates of the Purchaser; (B) in the case of an individual, by gift to a member of the individual’s
immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such
person, or to a charitable organization; (C) in the case of an individual, by virtue of laws of descent and distribution upon death of
the individual; (D) in the case of an individual, pursuant to a qualified domestic relations order; (E) by private sales or transfers
made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation of the Company’s
Business Combination at prices no greater than the price at which the securities were originally purchased; (F) by virtue of the Sponsor’s
organizational documents upon liquidation or dissolution of the Sponsor; (G) to the Company for no value for cancellation in connection
with the consummation of the Company’s initial Business Combination; (H) in the event of the Company’s liquidation prior to
the completion of the Company’s Business Combination; or (I) in the event of the Company’s liquidation, merger, share exchange
or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A Shares
for cash, securities or other property subsequent to the completion of the Company’s Business Combination; (J) as a distribution
to limited partners, members or shareholders of the Purchaser; (K) to the Purchaser’s affiliates, to any investment fund or other
entity controlled or managed by the Purchaser or any of its affiliates, or to any investment manager or investment advisor of the Purchaser
or an affiliate of any such investment manager or investment advisor; (L) to a nominee or custodian of a person or entity to whom a disposition
or transfer would be permissible under clauses (A) through (K) above; (M) to the Purchaser or any Transferee hereunder; (N) by virtue
of the laws of the Purchaser’s jurisdiction of formation or its organizational documents upon dissolution of the Purchaser; and
(O) pursuant to an order of a court or regulatory agency; provided, however, that in the case of clauses (A) through
(F) and (J) through (N), these Permitted Transferees must enter into a written agreement agreeing to be bound by these transfer restrictions.
“Transfer” shall mean the (x) sale or assignment of, offer to sell, contract or agreement to sell, hypothecation,
pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or
increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position (within the meaning of
Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder) with
respect to, any of the Forward Purchase Securities (excluding any pledges in the ordinary course of business for bona fide financing purposes
or as part of prime brokerage arrangements), (y) entry into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of any of the Forward Purchase Securities, whether any such transaction is to be settled
by delivery of such Forward Purchase Securities, in cash or otherwise, or (z) public announcement of any intention to effect any transaction
specified in clause (x) or (y).

 

		(b)	Trust Account.

 

		(i)	The Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for
the benefit of its public shareholders upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that it has no
right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the Company as a result
of any liquidation of the Company, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public
Shares held by it.

 

		(ii)	The Purchaser hereby agrees that it shall have no right of set-off or any right, title, interest or claim
of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to,
or to any monies in, the Trust Account that it may have now or in the future, except for redemption and liquidation rights, if any, the
Purchaser may have in respect of any Public Shares held by it. In the event the Purchaser has any Claim against the Company under this
Agreement, the Purchaser shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the
property or any monies in the Trust Account, except for redemption and liquidation rights, if any, the Purchaser may have in respect of
any Public Shares held by it.

 

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		6.	Nasdaq Listing. The Company will use commercially reasonable efforts to effect the listing
of the Class A Shares and Public Warrants on the Nasdaq Capital Market (“Nasdaq”) (or another national securities
exchange) at the time of the Business Combination Closing.

 

		7.	Forward Closing Conditions.

 

		(a)	The obligation of the Purchaser to purchase the Forward Purchase Units at the Forward Closing under this
Agreement shall be subject to the fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to
the extent permitted by applicable laws, may be waived by the Purchaser:

 

		(i)	The Business Combination shall be consummated substantially concurrently with the purchase of the Forward
Purchase Units;

 

		(ii)	The Purchaser and any applicable Transferee shall have obtained the approval of its board of directors,
board of managers, members, investment committee or other governing body to consummate the purchase of the Forward Purchase Units hereunder
as contemplated by Section 1(a)(ii) hereof;

 

		(iii)	The Company shall have delivered to the Purchaser a certificate evidencing the Company’s good standing
as a company incorporated as a Delaware corporation;

 

		(iv)	The representations and warranties of the Company set forth in Section 3 of this Agreement
shall have been true and correct as of the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with
the same effect as though such representations and warranties had been made on and as of such date (other than any such representation
or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where
the failure to be so true and correct would not have a material adverse effect on the Company or its ability to consummate the transactions
contemplated by this Agreement;

 

		(v)	The Company shall have performed, satisfied and complied in all material respects with the covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Forward
Closing; and

 

		(vi)	No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with
any governmental, regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint
or prohibition shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Units.

 

		(b)	The obligation of the Company to sell the Forward Purchase Units at the Forward Closing under this Agreement
shall be subject to the fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to the extent
permitted by applicable laws, may be waived by the Company:

 

		(i)	The Business Combination shall be consummated substantially concurrently with the purchase of Forward
Purchase Units;

 

		(ii)	The representations and warranties of the Purchaser set forth in Section 2 of this Agreement
shall have been true and correct as of the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with
the same effect as though such representations and warranties had been made on and as of such date (other than any such representation
or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where
the failure to be so true and correct would not have a material adverse effect on the Purchaser or its ability to consummate the transactions
contemplated by this Agreement;

 

    9

     

    

 

		(iii)	The Purchaser shall have performed, satisfied and complied in all material respects with the covenants,
agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Forward
Closing; and

 

		(iv)	No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with
any governmental, regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint
or prohibition shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Units.

 

		8.	Termination. This Agreement may be terminated at any time prior to the Forward Closing:

 

		(a)	by mutual written consent of the Company and the Purchaser;

 

		(b)	automatically

 

		(i)	if the IPO is not consummated on or prior to twelve months from the date of this Agreement; or

 

		(ii)	if the Business Combination is not consummated within 24 months from the closing of the IPO, or such later
date as may be approved by the Company’s shareholders.

 

In the event of any termination of this
Agreement pursuant to this Section 8, the Forward Purchase Price (and interest thereon, if any), if previously paid, and all
Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser, and thereafter this Agreement shall forthwith
become null and void and have no effect, without any liability on the part of the Purchaser or the Company and their respective directors,
officers, employees, partners, managers, members, or shareholders and all rights and obligations of each party shall cease; provided,
however, that nothing contained in this Section 8 shall relieve either party from liabilities or damages arising out
of any fraud or willful breach by such party of any of its representations, warranties, covenants or agreements contained in this Agreement.

 

		9.	General Provisions.

 

		(a)	Notices. All notices and other communications given or made pursuant to this Agreement shall be
in writing and shall be deemed effectively given upon the earlier of actual receipt, or (i) personal delivery to the party to be notified,
(ii) when sent, if sent by electronic mail or facsimile (if any) during normal business hours of the recipient, and if not sent during
normal business hours, then on the recipient’s next Business Day, (iii) five (5) Business Days after having been sent by registered
or certified mail, return receipt requested, postage prepaid, or (iv) one (1) Business Day after deposit with a nationally recognized
overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt. All communications sent
to the Company shall be sent to: c/o Tetragon Acquisition Corporation I, 399 Park Avenue, 22nd Floor, New York, NY 10022, email: legal@tetragoninv.com,
with a copy to the Company’s counsel at: David J. Goldschmidt, Esq., Skadden, Arps, Slate, Meagher & Flom LLP, One Manhattan
West, New York, New York 10001, email: David.Goldschmidt@skadden.com.

 

All communications to the Purchaser shall
be sent to the Purchaser’s address as set forth on the signature page hereof, or to such e-mail address, facsimile number (if any)
or address as subsequently modified by written notice given in accordance with this Section 9(a).

 

    10

     

    

 

		(b)	No Finder’s Fees. Each party represents that it neither is nor will be obligated for any
finder’s fee or commission in connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company
from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction
(and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers,
employees or representatives is responsible. The Company agrees to indemnify and hold harmless the Purchaser from any liability for any
commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and
expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives
is responsible.

 

		(c)	Survival of Representations and Warranties. All of the representations and warranties contained
herein shall survive the Forward Closing.

 

		(d)	Entire Agreement. This Agreement, together with any documents, instruments and writings that are
delivered pursuant hereto or referenced herein, constitutes the entire agreement and understanding of the parties hereto in respect of
its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or
oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

 

		(e)	Successors. All of the terms, agreements, covenants, representations, warranties, and conditions
of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors.
Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided
in this Agreement.

 

		(f)	Assignments. Except as otherwise specifically provided herein, no party hereto may assign either
this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party.

 

		(g)	Counterparts. This Agreement may be executed in two or more counterparts, each of which will be
deemed an original but all of which together will constitute one and the same instrument.

 

		(h)	Headings. The section headings contained in this Agreement are inserted for convenience only and
will not affect in any way the meaning or interpretation of this Agreement.

 

		(i)	Governing Law. This Agreement, the entire relationship of the parties hereto, and any dispute between
the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted
pursuant to the laws of the State of New York, without giving effect to its choice of laws principles.

 

		(j)	Jurisdiction. The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction
of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for
the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (ii) agree not to commence any suit,
action or other proceeding arising out of or based upon this Agreement except in state courts of New York or the United States District
Court for the Southern District of New York, and (iii) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise,
in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that
its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum,
that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in
or by such court.

 

		(k)	WAIVER OF JURY TRIAL. THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION
WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    11

     

    

 

		(l)	Amendments. This Agreement may not be amended, modified or waived as to any particular provision
except with the prior written consent of the Company and the Purchaser.

 

		(m)	Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability
of any provision will not affect the validity or enforceability of the other provisions hereof; provided, that if any provision of this
Agreement, as applied to any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not
to be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making
such determination will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable,
and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

		(n)	Expenses. Each of the Company and the Purchaser will bear its own costs and expenses incurred in
connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby,
including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible
for the fees of its transfer agent; stamp taxes and all of The Depository Trust Company’s fees associated with the issuance of the
Forward Purchase Securities and the securities issuable upon conversion or exercise of the Forward Purchase Securities.

 

		(o)	Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the
parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of
any provision of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended
and all rules and regulations promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter
genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice
versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly
so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance.
If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists
another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which
such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation,
warranty, or covenant.

 

		(p)	Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of warranty
or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach
of warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent occurrence.

 

		(q)	Specific Performance. The Purchaser agrees that irreparable damage may occur in the event any provision
of this Agreement was not performed by the Purchaser in accordance with the terms hereof and that the Company shall be entitled to specific
performance of the terms hereof, in addition to any other remedy at law or equity.

 

[Signature Page Follows]

 

    12

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement to be effective as of the date first set forth above.

 

	 	PURCHASER:
	 	 	 	 
	 	TETRAGON FINANCIAL
                                            GROUP LIMITED

	 	 	 	 
	 	By:	                     
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Address for Notices:  [_____]
	 	                                       [_____]
	 	E-mail: [________________]
	 	 	 	 
	 	COMPANY:
	 	 
	 	TETRAGON ACQUISITION CORPORATION I
	 	 	 	 
	 	By:	                                      
	 	 	Name: 	                                             
	 	 	Title:	 

 

[Signature Page to Forward Purchase Agreement]

  

     

     

    

 

TO BE EXECUTED UPON ANY
ASSIGNMENT AND/OR REVISION IN ACCORDANCE WITH THIS AGREEMENT TO “NUMBER OF FORWARD PURCHASE UNITS” AND “AGGREGATE PURCHASE
PRICE FOR FORWARD PURCHASE UNITS” SET FORTH BELOW

 

	Number of Forward Purchase Units:	 	 	 	 
	Aggregate Purchase Price for Forward Purchase Units:	 	$	      	 

 

Number of Forward Purchase
Units and Aggregate Purchase Price for Forward Purchase Units as of , 202[ ], accepted and agreed to as of this day of , 202[  ].

 

	 	[                     ]
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	TETRAGON ACQUISITION CORPORATION I
	 	 	 	 
	 	By:	             
	 	 	Name:	                          
	 	 	Title:	 

 

     

     

    

 

SCHEDULE A

 

SCHEDULE OF TRANSFERS OF FORWARD PURCHASE
UNITS

 

The following transfers of
a portion of the original number of Forward Purchase Units have been made:

 

	Date of Transfer	 	Transferee	 	Number of Forward Purchase Units Transferred	 	Purchaser Revised Forward Purchase Units Amount
	 	 	 	 	 	 	 

 

    A-1

     

    

 

TO BE EXECUTED UPON ANY
ASSIGNMENT OR FINAL DETERMINATION OF FORWARD PURCHASE UNITS:

 

Schedule A as
of , 202[ ], accepted and agreed to as of this day of , 202[ ] by:

 

	 	[                     ]
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	TETRAGON ACQUISITION CORPORATION I
	 	 	 	 
	 	By:	             
	 	 	Name:	                          
	 	 	Title:	 

 

  

A-2Document

EXHIBIT 10.1
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of April 12, 2021 by and between Ontrak, Inc., a Delaware corporation (“Employer” or “Company”), and Jonathan Mayhew, an individual (“Employee”).
RECITALS
A.    WHEREAS, Employee has experience and expertise applicable to employment with Employer to perform as a Chief Executive Officer of Employer, Employer has agreed to employ Employee and Employee has agreed to enter into such employment, on the terms set forth in this Agreement.
B.    WHEREAS, Employee acknowledges that this Agreement is necessary for the protection of Employer’s investment in its business, good will, products, methods of operation, information, and relationships with its customers and other employees.
C.    WHEREAS, Employer acknowledges that Employee desires definition of his compensation and benefits, and other terms of his employment.
NOW, THEREFORE, in consideration thereof and of the covenants and conditions contained herein, the parties agree as follows:
AGREEMENT
1.TERM OF AGREEMENT
1.1    Term.  The initial term of this Agreement shall begin on April 12, 2021 (the “Commencement Date”) and shall continue until the earlier of: (a) the date on which it is terminated pursuant to Section 5 of this Agreement; or (b) three (3) years following the Commencement Date (“Initial Term”).  After the expiration of the Initial Term, this Agreement will renew for another three (3) year term (the “Renewal Term,” together with the Initial Term, the “Term”), unless either party provides written notice of termination of the Agreement within ninety (90) days of the end of the Initial Term.  As used herein, the “Employment Period” means the period of Employee’s employment hereunder (regardless of whether such period ends prior to the end of the Term and regardless of the reason for Employee’s termination of employment hereunder).
2.EMPLOYMENT
2.1    Employment of Employee.  Employer agrees to employ Employee to render services on the terms set forth herein.  Employee hereby accepts such employment on the terms and conditions of this Agreement.  Notwithstanding, this Agreement shall become effective only if Employee completes to the satisfaction of Employer in its sole discretion Employer’s standard background investigation (it shall be deemed completed to Employer’s satisfaction if Employer has not notified Employee to the contrary before the Commencement Date).
18700759.1
228840-10007

Jonathan Mayhew – Employment Agreement 

2.2    Position and Duties.  Employee shall serve as Chief Executive Officer of Employer, reporting to the Chairman of the Board and shall have the general powers, duties and responsibilities of management usually vested in that office in a corporation and such other powers and duties as may be prescribed from time to time by the Company.
2.3    Standard of Performance.  Employee agrees that he will at all times faithfully and industriously and to the best of his ability, experience, and talents perform all the duties that may be required of and from him pursuant to the terms of this Agreement and consistent with his position.  Such duties shall be performed at Employee’s residences in Connecticut or Florida, or upon mutual agreement at such place or places as the interests, needs, business, and opportunities of Employer shall reasonably require or render advisable.
2.4    Exclusive Service.  
                 (a) Employee shall devote substantially all of his business energies and abilities and substantially all of his productive time to the performance of his duties under this Agreement (reasonable absences during holidays and vacations excepted), and shall not, without the prior written consent of Employer, render to others any service of any kind (whether or not for compensation) that, in the opinion of Employer, would materially interfere with the performance of his duties under this Agreement, and 
                    (b) Employee shall not, without the prior written consent of Employer, maintain any affiliation with, whether as an agent, consultant, employee, officer, director, trustee or otherwise, nor shall he directly or indirectly render any services of an advisory nature or otherwise to, or participate or engage in, any other business activity. 
3.COMPENSATION
3.1    Compensation.  During the Employment Period only, Employer shall pay the amounts and provide the benefits described in this Section 3, and Employee agrees to accept such amounts and benefits in full payment for Employee’s services under this Agreement.
3.2    Base Salary.  Employer shall pay to Employee a base salary of five hundred twenty-five thousand dollars ($525,000) annually in equal bi-weekly installments, less applicable taxes.  Employee’s compensation (including his base salary and discretionary bonus set forth in Section 3.3 below) shall be subject to annual review by Employer based on, among other things, Employee’s performance and Employer’s progress towards its milestones and profitability. 
3.3    Discretionary Bonus.  Employee is eligible to receive an annual bonus in the sole discretion of Employer.  This discretionary bonus will be targeted at one hundred percent (100%) of Employee’s annual base salary less any Target Bonus Adjustment (as defined below) and will be based on Employee achieving individual goals and milestones, and the overall performance and profitability of the Company. Except as described in Sections 5.2 and 5.4 below, any such bonus shall be payable in the calendar year following the performance year subject to the Employee’s continued employment with Employer through the last day of the applicable performance year.  For clarity, any such bonus cannot be less than zero dollars ($0).  If the closing price of the Employer’s common stock on December 31 of a given calendar year is lower than the closing price of such stock on January 1 of such calendar year, the “Target Bonus Adjustment” for such calendar year 
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Jonathan Mayhew – Employment Agreement 

shall be zero (0).  If the closing price of the Employer’s common stock on December 31 of a given calendar year is higher than the closing price of such stock on January 1 of such calendar year, the “Target Bonus Adjustment” for such calendar year shall equal the product of the following three numbers:  (i) the difference between such two closing prices, (ii) one-fifth (1/5), and (iii) the number of vested shares of Employer’s common stock that Employee has as of December 31 of such calendar year.  
3.4    Equity Incentive Plan.  In connection with this Agreement and upon his Commencement Date, Employee shall receive an option to purchase four hundred thousand (400,000) shares of Employer’s common stock (the “Option”), with a per share exercise price equal to the closing price of a share of the Employer’s common stock on the date the Option is granted, under and subject to all of the provisions of Employer’s 2017 Stock Incentive Plan (the “Plan”) and applicable award agreement, upon and subject to approval by Employer’s Board of Directors (the “Board”).  The Option will vest over three years from date of its grant with one-third (1/3) of the Option vesting one year from the Commencement Date, and the remainder of the Option vesting in equal monthly installments thereafter according to the terms of the Plan and applicable award agreement. Notwithstanding the foregoing, in the event of a Change of Control (as defined in the Plan), 100% of the Shares which would have vested in each vesting installment remaining under the Option will be vested and exercisable unless the Option has otherwise expired or been terminated pursuant to its terms or the terms of the Plan. Except as otherwise set forth herein or in the Plan and applicable award agreement, vesting of the Option will cease upon the termination of Employee’s employment with Employer for any reason.
3.5    Fringe Benefits.  Subject to Section 3.7 below, Employee will be entitled:
(a)    to participate, on the same basis as other employees of the Company, in any medical, dental, vision, life, short-term and long-term disability insurance and flexible spending accounts (subject to certain co-payments by Employee).  Employee’s participation in such plans shall be subject to all terms and conditions of such plans, including Employee’s ability to satisfy any medical or health requirements imposed by the underwriters of any insurance policies paid to fund the plans; and  
(b)    to participate after two full calendar months of employment with Employer, on the same basis as other employees of the Company, in the Company’s 401(k) plan, with said participation subject to all terms and conditions of such plans.
3.6    Paid Time Off.  Employee shall be entitled to participate in Employer’s flexible vacation policy after 90 days of employment with Employer, subject and pursuant to the terms of such policy as set forth in Employer’s then current employee handbook.
3.7    Deduction from Compensation.  Employer shall deduct and withhold from all compensation payable to Employee all amounts required to be deducted or withheld pursuant to any present or future law, ordinance, regulation, order, writ, judgment, or decree requiring such deduction and withholding.
4.REIMBURSEMENT OF EXPENSES
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Jonathan Mayhew – Employment Agreement 

4.1    Travel and Other Expenses.  Employer shall pay to or reimburse Employee for those travel, promotional, professional continuing education and licensing costs (to the extent required), professional society membership fees, seminars and similar expenditures incurred by Employee that Employer determines are reasonably necessary for the proper discharge of Employee’s duties under this Agreement and for which Employee submits appropriate receipts and indicates the amount, date, location and business character in a timely manner.
4.2    Liability Insurance.  Employer shall provide Employee with officers and directors’ insurance, or other liability insurance, consistent with its usual business practices, to cover Employee against all insurable events related to his employment with Employer. 
4.3    Indemnification.  Promptly upon written request from Employee, Employer shall indemnify, and advance expense to, Employee, to the fullest extent under applicable law, for all judgments, fines, settlements, losses, costs or expenses (including attorneys’ fees and costs), arising out of Employee’s activities as an agent, employee, officer or director of Employer, or in any other capacity on behalf of or at the request of Employer.  Such agreement by Employer shall not be deemed to impair any other obligation of Employer respecting indemnification of Employee otherwise arising out of this or any other agreement or promise of Employer or under any statute.
5.TERMINATION
5.1    Termination by Employer With Good Cause; Employee Resignation.  Employer may terminate Employee’s employment at any time, with notice for Good Cause (as defined below).  Similarly, Employee may resign his employment with Employer at any time, with notice and without Good Reason (as defined below).  If Employer terminates Employee’s employment with Good Cause, or if Employee resigns without Good Reason, then Employer shall pay Employee his base salary prorated through the date of termination within thirty (30) days of termination, at the rate in effect at the time notice of termination is given, together with any benefits accrued through the date of termination (collectively the “Accrued Benefits”).  In addition, the stock option award agreements (the “Option Agreements”) for all options to purchase the common stock of the Company granted to Employee during his employment with the Company (the “Options”) shall provide that, notwithstanding any contrary provisions in the Plan, in the event Employee’s employment is terminated by Employer with Good Cause, the Options to the extent then vested and exercisable as of the date Employee’s employment is terminated, and not previously terminated in accordance with the Option Agreements and the Plan, may be exercised within twelve (12) months after such termination date, or on or prior to the Option Expiration Date (as specified and defined in the respective Stock Option Grant Notices for the Options), whichever is earlier. Except with respect to any outstanding equity compensation agreements and the provisions of Section 4, Employer shall have no further obligations to Employee under this Agreement or any other agreement relating to or arising out of Employee’s status as an employee of Employer (as opposed to some other status with respect to Employer, such as a shareholder or holder of a stock option).
5.2    Termination Without Good Cause or for Good Reason.  Employer shall have the right to terminate Employee’s employment (with notice) without Good Cause and Employee shall have the right to terminate Employee’s employment (with notice) for Good Reason (each a “Qualifying Termination”).  If there is a Qualifying Termination then the following provisions in this Section 5.2 shall apply:
    - 4 -

Jonathan Mayhew – Employment Agreement 

(a)    Employer shall provide Employee with the Accrued Benefits;
(b)    On the six (6) month anniversary of the date Employee’s termination becomes effective, Employer shall pay Employee in a lump sum an amount equal to (12) months’ base salary (at the rate in effect at the time of termination, but disregarding any reduction that constitutes Good Reason), plus a pro-rata share of any bonus earned for the year of termination; employee acknowledges that any and all bonuses are at the discretion of the Board and at the advice of the Compensation Committee. 
(c)    If Employee timely elects continued coverage under COBRA, Employer will pay Employee’s COBRA premiums necessary to continue Employee’s coverage (including coverage for eligible dependents, if applicable) (“COBRA Premiums”) through the period (the “COBRA Premium Period”) starting on the date of termination and ending on the earliest to occur of: (i) twelve months following the date of termination or (ii) the date Employee and Employee’s eligible dependents, if applicable, become eligible for group health insurance coverage through a new employer. In the event Employee becomes covered under another employer’s group health plan during the COBRA Premium Period, Employee must immediately notify Employer of such event.
(d)    Notwithstanding Section 3.4, the award agreements (the “Stock Agreements”) for all common stock granted to Employee by the Company prior to the termination date (collectively, the “Granted Stock”) and the Option Agreements for the Options shall provide that the Granted Stock and Options will continue to vest (and become exercisable) for a period of twelve (12) months following the date of termination.  In addition, the Option Agreements for the Options shall provide that, notwithstanding any contrary provisions in the Plan, any vested portion of the Options not previously terminated in accordance with the Option Agreements and the Plan, may be exercised within twenty-four (24) months after such termination date, or on or prior to the Option Expiration Date (as specified and defined in the respective Stock Option Grant Notices for the Options), whichever is earlier.
To be eligible for the severance payment provided for in this Section 5.2, Employee must have executed and not revoked a full and complete general release of any and all claims against Employer and related persons and entities in the standard form then used by Employer (“Release”), within 60 days of the date of termination.  Upon making all of the applicable severance payments and benefits, except with respect to any outstanding equity compensation agreements and the provisions of Section 4, Employer shall have no further obligations to Employee under this Agreement or any other agreement relating to or arising out of Employee’s status as an employee of Employer (as opposed to some other status with respect to Employer, such as a shareholder or holder of a stock option).
5.3    Good Cause. For purposes of this Agreement, a termination shall be for “Good Cause” if Employee, in the subjective, good faith opinion of Employer, shall:
(a) Commit an act of fraud, moral turpitude, misappropriation of funds or embezzlement in connection with his duties;
(b) Breach Employee’s fiduciary duty to Employer, including, but not limited to, acts of self-dealing (whether or not for personal profit);
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Jonathan Mayhew – Employment Agreement 

(c ) Materially breach this Agreement, the Confidentiality Agreement (defined below), or Employer’s written Codes of Ethics as adopted by the Board; 
(d) Willfully, recklessly or negligently violate any material provision of Employer’s written Employee Handbook, or any applicable state or federal law or regulation;
(e) Fail or refuse (whether willfully, recklessly or negligently) to materially comply with all relevant and material obligations, assumable and personally chargeable to an executive of his corporate rank and responsibilities, under the Sarbanes-Oxley Act and the regulations of the Securities and Exchange Commission promulgated thereunder (for avoidance of doubt any failure by the Company to comply with foregoing laws and regulations shall not be imputed on to Employee for purposes of this provision);
(f) Fail to or refuse to (whether willfully, recklessly or negligently) to perform the responsibilities and duties specified herein (other than a failure caused by temporary disability and provided further that the mere failure to achieve certain goals or objectives (provided Employee has attempted in good faith to achieve such goals and objectives) shall not constitute Good Cause);
(g) Be convicted of, or enter a plea of guilty or no contest to, a felony or misdemeanor under state or federal law in a court of competent jurisdiction, other than a traffic violation or misdemeanor not involving dishonesty or moral turpitude;
(h) Become listed on the federal debarment list prohibiting participation in Medicare or Medicaid; or
(i) Fail to return any compensation amount required to be clawed back or returned to Employer by application of any applicable law or regulation.
The foregoing is an exhaustive list of the items that constitute Cause under this Agreement.  Notwithstanding the foregoing, other than with respect to clause (g), “Good Cause” shall only be found to exist if, prior to Employee’s termination and within ninety (90) days after the Company’s initial awareness of an event of Good Cause, Employer has provided written notice to the Employee describing such Good Cause event(s), and the Employee does not cure such event within ten (10) days following the Employee’s receipt of such notice from the Company, and the date of Employee’s termination of employment due to such Good Cause occurs within ninety (90) days after the expiration of the foregoing ten (10) day cure period.  
5.4    Death or Disability.  To the extent consistent with federal and state law, upon written notice to Employee, Employer may terminate Employee’s employment due to Employee’s Disability.  Additionally, Employee’s employment shall terminate on Employee’s death.  “Disability” means (i) Employee’s inability to engage in any substantial, gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) Employee is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident or health plan covering Employer’s employees.  In the event of termination due to death or Disability, 
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Jonathan Mayhew – Employment Agreement 

Employer shall pay Employee (or his legal representative) his base salary prorated through the date of termination, at the rate in effect at the time of termination, together with any benefits accrued, including, but not limited to, a pro-rata share of any bonus earned for the year of termination, through the date of termination.  Any such bonus shall be payable in the calendar year following the performance year.  Notwithstanding Section 3.4, the Stock Agreements for the Granted Stock and the Option Agreements for the Options shall provide that, notwithstanding any contrary provisions in the Plan, in the event Employee’s employment is terminated due to Employee’s death or Disability, all then unvested portions of the Granted Stock and Options will immediately vest in full and, in the case of the Options, be exercisable as of the termination date.  In addition, the Option Agreements for the Options shall provide that, notwithstanding any contrary provisions in the Plan, in the event Employee’s employment is terminated due to Employee’s death or Disability, any vested portion of the Options not previously terminated in accordance with the Option Agreements and the Plan, may be exercised within five (5) years after the termination date, or on or prior to the Option Expiration Date (as specified and defined in the respective Stock Option Grant Notices for the Options), whichever is earlier.
5.5    Return of Employer Property.  Within five (5) days after the Employees termination of employment, Employee shall return to Employer all products, books, records, forms, specifications, formulae, data processes, designs, papers and writings relating to the business of Employer including without limitation proprietary or licensed computer programs, customer lists and customer data, and/or copies or duplicates thereof in Employee’s possession or under Employee’s control.  Employee shall not retain any copies or duplicates of such property and all licenses granted to him by Employer to use computer programs or software shall be revoked on the termination date.
5.6    Good Reason.  For purposes of this Agreement, a termination shall be for “Good Reason” if Employer:
(a) Materially reduced the material duties and responsibilities assigned to Employee under this Agreement;
(b) Reduced Employee’s base salary; or
(c ) Materially breached this Agreement or any other written agreement with Employee.
(d) Required relocation of Employee greater than 50 miles from his current residence.
(e) Require Employee to report to anyone other than the Chairman of the Board or the Board of Directors.
Notwithstanding the foregoing, “Good Reason” shall only be found to exist if, prior to Employee’s resignation and within ninety (90) days after the initial existence of an event of Good Reason, Employee has provided written notice to the Company describing such alleged Good Reason event(s), and the Company does not cure such event within thirty (30) days following the Company’s receipt of such notice from Employee, and the date of Employee’s termination of employment due to 
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Jonathan Mayhew – Employment Agreement 

Employee’s resignation for Good Reason occurs within ninety (90) days after the expiration of the foregoing thirty (30) day cure period.  
6.DUTY OF LOYALTY
6.1    During the Employment Period, Employee shall not, without the prior written consent of Employer, directly or indirectly render services of a business, professional, or commercial nature to any person or firm, whether for compensation or otherwise, or engage in any activity directly or indirectly competitive with or adverse to the business or welfare of Employer, whether alone, as a partner, or as an officer, director, employee, consultant, or holder of more than one percent (1%) of the capital stock of any other corporation.  Otherwise, Employee may make personal investments in any other business so long as these investments do not require him to participate in the operation of the companies in which he invests.
7.CONFIDENTIAL INFORMATION
7.1    Trade Secrets of Employer.  Employee, during the Employment Period, will develop, have access to and become acquainted with various trade secrets and confidential information which are owned by Employer and/or its affiliates and which are regularly used in the operation of the businesses of such entities.  Employee shall not disclose such trade secrets or confidential information, directly or indirectly, or use them in any way, either during the Employment Period or at any time thereafter, except as required in the course of his employment by Employer, provided that the foregoing provisions shall not apply to information that is or becomes public at any time due to no fault of Employee, or which Employee is required to disclose in direct response to a judicial or regulatory order or process.  All files, contracts, manuals, reports, letters, forms, documents, notes, notebooks, lists, records, documents, customer lists, vendor lists, purchase information, designs, computer programs and similar items and information, relating to the businesses of such entities, whether prepared by Employee or otherwise and whether now existing or prepared at a future time, coming into his possession shall remain the exclusive property of such entities, and shall not be removed for purposes other than work-related from the premises where the work of Employer is conducted, except with the prior written authorization by Employer.
7.2    Confidential Data of Customers of Employer.  Employee, in the course of his duties, will have access to and become acquainted with financial, accounting, statistical and personal data of customers of Employer and of their affiliates.  All such data is confidential and shall not be disclosed, directly or indirectly, or used by Employee in any way, either during the Employment Period (except as required in the course of employment by Employer) or at any time thereafter, provided that the foregoing provisions shall not apply to information that is or becomes public at any time due to no fault of Employee, or which Employee is required to disclose in direct response to a judicial or regulatory order or process.
7.3    Inevitable Disclosure.  After Employee’s employment has terminated, Employee shall not accept employment with any competitor of Employer, where the new employment is likely to result in the inevitable disclosure of Employer’s trade secrets or confidential information, or it would be impossible for Employee to perform his new job without using or disclosing trade secrets or confidential information.
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Jonathan Mayhew – Employment Agreement 

7.4    Continuing Effect.  The provisions of this Section 7 shall remain in effect after the end of the Employment Period.
8.NO SOLICITATION
8.1    No Solicitation of Employees.  Employee agrees that he will not, during his employment with Employer, and for one (1) year thereafter, encourage or solicit any other employee of Employer to terminate his or her employment for any reason, nor will he assist others to do so (provided however that former Company employees and/or Company employees responding to general ads or solicitations shall not be covered by this Section 8.1).  
8.2    No Solicitation of Customer.  Employee agrees that he will not, during his employment with Employer, and for one (1) year thereafter, directly or indirectly, utilize any Company information protected under the Confidentiality Agreement to solicit any client or customer of Employer known to him with respect to any business, products or services that are competitive to the products or services offered by Employer, or under development as of the date of the termination of Employee’s employment with Employer for any reason.  
8.3    No Competition.  The Employee specifically agrees that during the term of this Agreement and for a period of one (1) year after Employee is terminated or ceases to be employed by Employer for any reason, the Employee will not, directly or indirectly, whether individually or through any entity controlled by Employee, on his own behalf or in the service or on behalf of others, whether or not for compensation, engage in any business activity, or have any interest in any person, firm, corporation or business, through a subsidiary or parent entity or other entity (whether as a shareholder, agent, joint venturer, security holder, trustee, partner, consultant, creditor lending credit or money for the purpose of establishing or operating any such business, partnership or otherwise) which is competitive with the then existing business of the Employer. Notwithstanding the foregoing, Employee may own shares of competing companies whose securities are publicly traded, so long as such securities do not constitute five percent or more of the outstanding securities of any such company.
9.INTELLECTUAL PROPERTIES.
To the extent permissible under applicable law, all intellectual properties made or conceived by Employee during the term of this employment by Employer shall be the right and property solely of Employer, whether developed independently by Employee or jointly with others. The Employee will sign the Employer’s standard Employee Innovation, Proprietary Information and Confidentiality Agreement (“Confidentiality Agreement”).
10.OTHER PROVISIONS
10.1    Compliance With Other Agreements.  Employee represents and warrants to Employer that the execution, delivery and performance of this Agreement will not conflict with or result in the violation or breach of any term or provision of any order, judgment, injunction, contract, agreement, commitment or other arrangement to which Employee is a party or by which he is bound.  
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Jonathan Mayhew – Employment Agreement 

10.2    Injunctive Relief.  Employee acknowledges that the services to be rendered under this Agreement and the items described in Sections 6, 7, 8 and 9 of this Agreement are of a special, unique and extraordinary character, that it would be difficult or impossible to replace such services or to compensate Employer in money damages for a breach of this Agreement.  Accordingly, Employee agrees and consents that if he violates any of the provisions of this Agreement, Employer, in addition to any other rights and remedies available under this Agreement or otherwise, shall be entitled to temporary and permanent injunctive relief, without the necessity of posting any bond or other undertaking in connection therewith.
10.3    Attorneys’ Fees.  The prevailing party in any suit or other proceeding brought to enforce, interpret or apply any provisions of this Agreement, shall be entitled to recover all costs and expenses (not limited to court costs and including, without limitation, all attorneys’ fees) it incurred in connection with the proceeding and the underlying dispute.
10.4    Counsel. The parties acknowledge and represent that, prior to the execution of this Agreement, they have had an opportunity to consult with their respective counsel concerning the terms and conditions set forth herein.  Additionally, Employee represents that he has had an opportunity to receive independent legal advice concerning the taxability of any consideration received under this Agreement.  Employee has not relied upon any advice from Employer and/or its attorneys with respect to the taxability of any consideration received under this Agreement.  Employee further acknowledges that Employer has not made any representations to him with respect to tax issues.
10.5    Nondelegable Duties.  This is a contract for Employee’s personal services.  The duties of Employee under this Agreement are personal and may not be delegated or transferred in any manner whatsoever, and shall not be subject to involuntary alienation, assignment or transfer by Employee during his life.
10.6    Governing Law.  The validity, construction and performance of this Agreement shall be governed by the laws, without regard to the laws as to choice or conflict of laws, of the State of Connecticut.
10.7    Venue.  If any dispute arises regarding the application, interpretation or enforcement of any provision of this Agreement, including fraud in the inducement, such dispute shall be resolved by final and binding arbitration in Hartford, Connecticut, or such other place as Employer and Employee agree, pursuant to the terms set forth in Employer’s employee handbook.
10.8    No Punitive Damages. If any dispute arises regarding the application, interpretation or enforcement of any provision of this Agreement, including fraud in the inducement, the parties hereby waive their right to seek punitive damages in connection with said dispute.
10.9    Severability.  The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions, and this Agreement shall be construed in all respects as if any invalid or unenforceable provision were omitted.
10.10    Binding Effect.  The provisions of this Agreement shall bind and inure to the benefit of the parties and their respective successors and permitted assigns.
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Jonathan Mayhew – Employment Agreement 

10.11    Notice.  Any notices or communications required or permitted by this Agreement shall be deemed sufficiently given if in writing and when delivered personally or forty-eight (48) hours after deposit with the United States Postal Service as registered or certified mail, postage prepaid and addressed as follows:
(a) If to Employer, to the principal office of Employer in the State of California, marked “Attention: General Counsel”; or
(b) If to Employee, to the most recent address for Employee appearing in Employer’s records.
10.12    Headings.  The Section and other headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
10.13    Section 409A Compliance.
(a) This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code (“Section 409A”), and, to the extent practicable, this Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements of Section 409A and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder. Terms used in this Agreement shall have the meanings given such terms under Section 409A if, and to the extent required, in order to comply with Section 409A.
(b) For purposes of amounts payable under this Agreement, the termination of employment shall be deemed to be effective upon “separation from service” with Employer, as defined under Section 409A and the guidance issued thereunder.  Any payments subject to Section 409A that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment) occurs shall commence payment only in such following calendar year as necessary to comply with Section 409A.
(c ) Notwithstanding anything to the contrary in this Agreement, to the extent required to avoid additional taxes and interest charged under Section 409A, if any of Employer’s stock is publicly traded and Employee is deemed to be a “specified employee” as determined by Employer for purposes of Section 409A, Employee agrees that any non-qualified deferred compensation payments due to him under this agreement in connection with a termination of employment that would otherwise have been payable at any time during the six (6)-month period immediately following such termination of employment shall not be paid prior to, and shall instead be payable in a lump sum on the first day of the seventh (7th) month following Employee’s separation from service (or, if Employee dies during such period, within 30 days after Employee’s death).
(d) Neither Employer nor Employee shall have the right to accelerate or defer the delivery of, offset or assign any payment under this Agreement that constitutes “nonqualified deferred compensation” subject to Section 409A of the Code, except to the extent specifically permitted or required by Section 409A of the Code.
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Jonathan Mayhew – Employment Agreement 

(e) If Employee is entitled to be paid or reimbursed for any taxable expenses under this Agreement, and such payments or reimbursements are includible in Employee’s federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred. No right of Employee to reimbursement of expenses under this Agreement shall be subject to liquidation or exchange for another benefit.
(f) Notwithstanding the foregoing, the tax treatment of the payments and benefits provided under this Agreement is not warranted or guaranteed. To the extent that this Agreement or any payment or benefit hereunder shall be deemed not to comply with Section 409A, neither Employer, nor the Board, nor any member of its Compensation Committee, nor any of their successors shall be liable to Employee or to any other person for any taxes, interest, penalties or other monetary amounts owed by Employee as a result of the application of Section 409A or for reporting in good faith any amounts as subject thereto.
10.14    Amendment and Waiver.  This Agreement may be amended, modified or supplemented only by a writing executed by each of the parties, which in the case of Employer must be Employer’s Chairman of the Board.  Either party may in writing waive any provision of this Agreement to the extent such provision is for the benefit of the waiving party.  Any such waiver by Employer must be signed by Employer’s Chairman of the Board.  No waiver by either party of a breach of any provision of this Agreement shall be construed as a waiver of any subsequent or different breach, and no forbearance by a party to seek a remedy for noncompliance or breach by the other party shall be construed as a waiver of any right or remedy with respect to such noncompliance or breach.
10.15    Entire Agreement.  This Agreement is the only agreement and understanding between the parties pertaining to the subject matter of this Agreement, and supersedes all prior agreements, summaries of agreements, descriptions of compensation packages, discussions, 
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Jonathan Mayhew – Employment Agreement 

negotiations, understandings, representations or warranties, whether verbal or written, between the parties pertaining to such subject matter.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement with effectiveness as of the day and year first above written.
EMPLOYEE:
/s/ Jonathan Mayhew                            
     Jonathan Mayhew                        
EMPLOYER:
ONTRAK, INC.
By /s/ Terren Peizer        
Terren Peizer
Chairman and Chief Executive Officer
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