Document:

Exhibit 10.1

 

GUARANTEE AND COMMITMENT AGREEMENT

 

THIS GUARANTEE AND
COMMITMENT AGREEMENT (this “Agreement”) is made as of July 25, 2019 among, KBL Merger Corp. IV, a Delaware corporation
(“KBL”), and Tyche Capital LLC, a Delaware limited liability company (“Tyche”).

 

W I T N E S S E T H:

 

WHEREAS, KBL and CannBioRx
Life Sciences Corp., a Delaware corporation (“CannBioRx”) are negotiating the terms of a Business Combination
Agreement (the “Business Combination Agreement”); and

 

WHEREAS, as a condition
to the closing (the “Closing”) of the merger contemplated by the Business Combination Agreement, KBL shall have
at least $5,000,001 of net tangible assets (as determined in accordance with Rule 3a51-1(g)(1) of the Securities Exchange Act of
1934, as amended) (“Net Tangible Assets”) at the Closing (the “Net Tangible Assets Closing Condition”);
and

 

WHEREAS, Tyche has
agreed to subscribe for securities of KBL such that at the Closing, KBL will satisfy the Net Tangible Assets Closing Condition.

 

For good and valuable
consideration the sufficiency and receipt of is hereby acknowledged and subject to the representations and covenants hereinafter
set forth, the parties hereto do hereby agree as follows:

 

ARTICLE I

SUBSCRIPTION

 

1.1 KBL
hereby agrees to use its reasonable efforts to raise at least $10,000,000.00 through the sale of common stock of KBL (the “PIPE
Shares”), it being understood and agreed that any of the funds held in a trust account pursuant to the terms and conditions
of that certain Rights Agreement, dated as of June 1, 2017, by and between KBL and Continental Stock Transfer & Trust Company,
as trustee (the “Trust Account”), upon the consummation of the Merger (as defined in the Business Combination
Agreement) shall be included in KBL’s obligation herein to use its reasonable efforts to raise at least $10,000,000.00.

 

1.2 Subject
to the satisfaction of Section 1.1, Tyche hereby guarantees to KBL the receipt by KBL at the Closing (as defined in the Business
Combination Agreement) of sufficient funds such that, at the Closing, KBL will have at least $5,000,001.00 in Net Tangible Assets.
In furtherance of the previous sentence, Tyche hereby subscribes to acquire PIPE Shares such that at the Closing, KBL will have
at least $5,000,001.00 in Net Tangible Assets (the “Subscription Amount”) immediately after the Closing (after
including or giving effect to funds raised via the sale of the PIPE shares and without including or giving effect to any of the
funds held in the Trust Account). The price per share to be purchased by Tyche pursuant to the terms of this Agreement shall be
equal to the closing price of the common stock of KBL on the Nasdaq Capital Market on the date prior to the Closing; provided,
however, that in no event shall the purchase price per share for the PIPE Shares be less than $4.23 nor greater than $10.00.

 

     

     

    

 

ARTICLE II

REPRESENTATIONS BY TYCHE

 

Tyche hereby represents,
warrants and acknowledges to KBL that:

 

2.1 Tyche
recognizes that: (i) the purchase of the PIPE Shares involves a high degree of risk, is speculative and only investors who can
afford the loss of their entire investment should consider investing in KBL and/or the PIPE Shares; (ii) Tyche may not be able
to liquidate its investment; (iii) transferability of the PIPE Shares is extremely limited; and, (iv) in the event of a disposition
of the PIPE Shares, Tyche could sustain the loss of its entire investment.

 

2.2 Tyche
understands that the PIPE Shares have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”) by reason of a claimed exemption under the provisions of the Securities Act which depends, in part, upon Tyche’s
investment intention. In this connection, Tyche hereby represents that Tyche is purchasing the PIPE Shares for Tyche’s own
account for investment purposes only and not with a view toward the resale or distribution to others and has no contract, undertaking,
agreement or other arrangement, in existence or contemplated, to sell, pledge, assign or otherwise transfer the PIPE Shares to
any other person. Tyche represents that it is an “Accredited Investor” with experience in the types of investment being
made pursuant to this Agreement.

 

2.3 Tyche
consents to the placement of a legend on any certificate or other document evidencing the PIPE Shares substantially as set forth
below, that such PIPE Shares have not been registered under the Securities Act or any state securities or “blue sky”
laws and setting forth or referring to the restrictions on transferability and sale thereof contained in this Agreement. Tyche
is aware that KBL will make a notation in its appropriate records with respect to the restrictions on the transferability of the
PIPE Shares.

 

THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR UNDER THE OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN
OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE
WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

ARTICLE III

REPRESENTATIONS BY AND COVENANTS OF
KBL

 

3.1 KBL
hereby represents and warrants to Tyche that (i) KBL has the requisite corporate power and authority to enter into and perform
its obligations under this Agreement and to sell and issue the PIPE Shares and perform its obligations with respect to this Agreement
in accordance with the terms hereof and (ii) when executed and delivered by KBL, this Agreement will be duly executed and delivered
by KBL.

 

3.2 KBL
is a corporation or other entity duly incorporated or organized, validly existing and in good standing under the laws of the jurisdiction
of its incorporation or organization and has the requisite corporate power to own its properties and to carry on its business as
presently conducted.

 

3.3 Upon
issuance in accordance with the terms of this Agreement, the PIPE Shares: (i) will be, free and clear of any security interests,
liens, claims or other encumbrances, subject to restrictions upon transfer under the Securities Act; (ii) will be duly and validly
authorized validly issued, fully paid and non-assessable and will not subject the holders thereof to personal liability by reason
of being holders thereof; (iii) will not have been issued or sold in violation of any preemptive or other similar rights of the
holders of any securities of KBL or rights to acquire securities of KBL; and (iv) assuming the representations and warranties of
Tyche as set forth above are true and correct, will not result in a violation of Section 5 under the Securities Act.

 

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ARTICLE IV

MISCELLANEOUS

 

4.1 This
is an absolute guarantee, subject to the condition in Section 1.1 and Tyche hereby agrees that if the Net Tangible Assets Closing
Condition is not otherwise satisfied at the Closing, Tyche shall fund an amount necessary such that KBL has the full Subscription
Amount at or prior to the Closing.

 

4.2 The
Subscription Amount shall be payable at Closing, and if not paid at Closing, the Subscription Amount shall bear interest at a rate
of 12% per year or at the highest rate permitted under the laws of the State of New York. Tyche hereby agrees to reimburse KBL
for all costs of collection pursuant to this Agreement, including, without limitation, the costs and expenses of KBL’s legal
counsel.

 

4.3 Time
shall be of the essence with respect to each and every of the various undertakings and obligations set forth in this Agreement.

 

4.4 Any
notice or other communication to KBL given hereunder shall be deemed sufficient if in writing and sent by registered or certified
mail, return receipt requested, by e-mail or delivered by hand against written receipt therefore. Notices shall be deemed to have
been given or delivered on the date of mailing, except notices of change of address, which shall be deemed to have been given or
delivered when received. The address for such notices and communications shall be as follows:

 

	 	If to KBL:	c/o KBL Merger Corp. IV
	 	 	150 West 56th Street, Suite 5901
	 	 	New York, NY 10019
	 	 	Attention: Marlene Krauss, M.D.
	 	 	Email: mkrauss@kblvc.com
	 	 	 
	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
	 	 	666 Third Avenue
	 	 	New York, NY 10016
	 	 	Attention: Kenneth R. Koch; Daniel A. Bagliebter
	 	 	E-mail: krkoch@mintz.com; dabagliebter@mintz.com
	 	 	 
	 	If to Tyche:	c/o Bonsai Capital Ltd.
	 	 	50 Grosvenor Hill
	 	 	London W1K 3WT, United Kingdom
	 	 	Attention: Ron Bauer
	 	 	E-mail: ron@bonsaicap.com
	 	 	 
	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	 	McDermott Will & Emery LLP
	 	 	340 Madison Avenue
	 	 	New York, NY 10173
	 	 	Attention: Robert Cohen
	 	 	E-mail: rcohen@mwe.com

 

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4.5 Except
as otherwise provided herein this Agreement shall not be changed, modified or amended except by a writing signed by the parties
to be charged, and this Agreement may not be discharged except by performance in accordance with its terms or by a writing signed
by the party to be charged.

 

4.6 This
Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives,
successors and assigns. This Agreement sets forth the entire agreement and understanding between the parties as to the subject
matter hereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.
Tyche may not assign its rights and/or obligations under this Agreement without the express written consent of KBL.

 

4.7 NOTWITHSTANDING
THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT ALL THE TERMS AND
PROVISIONS HEREOF SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAW. IN THE EVENT THAT A JUDICIAL PROCEEDING IS NECESSARY, THE EXCLUSIVE FORUMS FOR RESOLVING DISPUTES ARISING
OUT OF OR RELATING TO THIS AGREEMENT ARE EITHER THE SUPREME COURT OF THE STATE OF NEW YORK IN AND FOR THE COUNTY OF NEW YORK OR
THE FEDERAL COURTS FOR SUCH STATE AND COUNTY. THE PARTIES HEREBY IRREVOCABLY CONSENT TO THE JURISDICTION OF SUCH COURTS AND AGREE
TO SAID VENUE.

 

4.8 The
holding of any provision of this Agreement to be invalid or unenforceable by a court of competent jurisdiction shall not affect
any other provision of this Agreement, which shall remain in full force and effect. If any provision of this Agreement shall be
declared by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part, such provision
shall be interpreted so as to remain enforceable to the maximum extent permissible consistent with applicable law and the remaining
conditions and provisions or portions thereof shall nevertheless remain in full force and effect and enforceable to the extent
they are valid, legal and enforceable, and no provisions shall be deemed dependent upon any other covenant or provision unless
so expressed herein.

 

4.9 It
is agreed that a waiver by either party of a breach of any provision of this Agreement shall not operate, or be construed, as a
waiver of any subsequent breach by that same party.

 

4.10 The
parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action
as may be necessary or appropriate to carry out the purposes and intent of this Agreement.

 

4.11 This
Agreement may be executed in two or more counterparts each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

4.12 Nothing
in this Agreement shall create or be deemed to create any rights in any person or entity not a party to this Agreement.

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	KBL
    MERGER CORP. IV	 
	 	 	 
	By:	                  	 
	Name:		 
	Title:		 

 

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IN WITNESS WHEREOF,
the undersigned have caused this Agreement to be duly executed by their respective authorized signatories as of the date first
indicated above.

 

	TYCHE CAPITAL LLC	 
	 	 	 
	By:	                  	 
	Name:		 
	Title:		 

 

 

6Exhibit 10.2

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (this “Agreement”) is made as of July 23, 2019, between KBL Merger Corp. IV (the “Company”),
and Marlene Krauss (“Executive”) (collectively, the Company and Executive are the “Parties”).

 

WHEREAS,
this Agreement is being entered into in connection with that certain proposed Business Combination Agreement between the Company,
CannBioRx Life Sciences Corp., Katexco Pharmaceuticals Corp., CannBioRex Pharmaceuticals Corp., 180 Therapeutics L.P., and certain
other parties (the “Combination Agreement”). The effectiveness of this Agreement is conditioned upon the closing
of the transactions contemplated by the Combination Agreement.

 

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

 

1. Start
Date; Employment Term. Executive’s employment with the Company pursuant to this Agreement will commence on the closing
of the transactions contemplated by the Combination Agreement (the “Start Date”) and end on the third (3rd)
anniversary of the Start Date (the “Initial Term”); provided, however, that on such anniversary and on each
anniversary thereafter (each, an “Extension Date”), the term of Executive’s employment under this Agreement
shall be automatically extended for an additional one (1) year period (each, a “Renewal Term”), unless the
Company or the Executive provides the other at least ninety (90) days’ prior written notice before the next Extension Date
that the Initial Term or Renewal Term, as applicable, shall not be so extended. This Agreement shall automatically terminate without
any action on the part of any person and be void ab initio if the Combination Agreement is terminated in accordance with
its terms, and neither the Company nor any other person shall have any liability to Executive under this Agreement if the Closing
does not occur. The period of time from the Start Date through the termination of this Agreement and Executive’s employment
hereunder pursuant to its terms is hereafter referred to as the “Employment Term.”

 

2. Position;
Duties. During the Employment Term, Executive shall serve as the President and Chief Executive Officer, reporting to Board
of Directors (the “Board”). Executive shall also serve as a Director on the Company’s Board. During the
Employment Term, Executive shall perform such duties and responsibilities on behalf of the Company and its affiliates consistent
with Executive’s position and titles, including, without limitation: (a) overall responsibility for creating, planning and
integrating the strategic direction of the Company (b) the engagement and retention of advisors and all other key employees and
consultants of the Company; (c) the review and approval of the Company’s budgets; (d) review and approval of the Company’s
annual strategic plan and (e) review and approval of all mergers and acquisitions of other companies and assets including disposition
and licensing of all intellectual property and patents.

 

3. Compensation.

 

(a) Base
Salary. Executive’s annual base salary will initially be $500,000 per year, payable in accordance with the Company’s
normal payroll procedures, less all applicable withholdings and deductions. On the first anniversary of the Effective Date and
on each anniversary thereafter, the then-current base salary shall be increased by ten-percent (10%). The base salary, as increased
in accordance with this Section 3(a), will thereinafter be referred to as the “Base Salary.”

 

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(b) Bonus.
Executive will be eligible to receive an annual bonus, with a target bonus opportunity equal to fifty-percent (50%) of Executive’s
then-current base salary, based upon the Company’s achievement of performance and management objectives as set and approved
by the Board in consultation with the Executive. The annual bonus shall be paid on or before February 15th of the year
following the year in which the bonus is earned. Executive must be employed by the Company on the date of payment in order to
earn and receive any annual bonus, unless Executive is terminated without Cause or resigns with Good Reason.

 

(c) Equity
Award. The Company shall establish, as of immediately following the closing of the transactions contemplated by the Combination
Agreement, an equity incentive pool in an amount equal to 15% of the Company’s outstanding common stock, on a fully-diluted
basis, for purposes of granting equity awards to directors, executive officers, employees and consultants of the Company. A minimum
of one quarter of such equity incentive pool will be granted to Executive as of the closing. The remainder of such equity incentive
pool shall be allocated by the Board to other directors, executive officers, employees and consultants of the Company based on
recommendations of Executive. The equity awards granted to Executive as of the closing date will vest ratably on a monthly basis
over 36 months, beginning on the last day of the month of the date of grant; provided however, that the equity awards will vest
immediately upon Executive’s death or disability (as defined in section 4(b)), termination without Cause or a termination
by Executive for Good Reason, a change in control of the Company (as defined in the Company’s equity incentive plan or agreement)
or upon a sale of the Company. Such equity awards shall be subject to such other provisions to be set forth in Company’s
equity incentive plan and the applicable grant agreement(s) to be entered into between Executive and the Company, which grant
agreement shall be no less favorable than that for other senior executives and directors of the Company.

 

(d) Benefits.
Executive will be eligible to participate in the benefits offered by the Company, including, without limitation, any health insurance,
retirement, and fringe benefits offered by the Company, in accordance with the applicable terms of the benefit program, plan,
or arrangement.

 

(e) Office.
The Company shall provide the Executive and her executive team with office space located in New York City.

 

4. Termination
of Employment. The Company or the Executive may terminate the Executive’s employment pursuant to this Section 4. Upon
any termination of the Executive’s employment, the Company shall have no further obligations to the Executive under this
Agreement other than for payment of any accrued but unpaid base salary, properly incurred but unreimbursed business expenses,
accrued but unused vacation, and severance payments, if any, required under Section 5. Rights and benefits of the Executive under
the benefit plans and programs of the Company shall be determined in accordance with the provisions of such plans and programs.

 

(a) Death.
The Executive’s employment will terminate upon the Executive’s death.

 

(b) Disability.
The Company may terminate the Executive’s employment by reason of the Executive’s becoming subject to a Disability
(as defined in the following sentence) upon the Company providing thirty (30) days’ prior notice to Executive of its intention
to terminate Executive’s employment due to his or her Disability. For purposes of this Agreement, “Disability”
means the Executive is unable to perform the essential functions of his or her position, with or without a reasonable accommodation,
for a period of ninety (90) consecutive calendar days or one-hundred and eighty (180) non-consecutive calendar days within any
rolling twelve (12) month period.

 

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(c) Cause.
The Company may terminate the Executive’s employment under this Agreement for “Cause.” For purposes of
this Agreement, “Cause” means any of the following: (i) Executive’s engaging in any acts of fraud, theft,
or embezzlement involving the Company; (ii) Executive’s conviction, including any plea of guilty or nolo contendere, of
any felony crime which is relevant to the Executive’s position with the Company; and (iii) Executive’s material violation
of this Agreement which is materially damaging to the reputation or business of the Company, provided that prior to terminating
Executive for Cause, the Board must first (A) provide notice to Executive specifying in reasonable detail the condition giving
rise to Cause for termination no later than the sixtieth (60th) day following the occurrence of that condition; (B) provide the
Executive a period of thirty (30) days to remedy the condition, if subject to remedy, and so specify in the notice; and (C) terminate
his employment for Cause within thirty (30) days following the expiration of the period to remedy if the Executive fails to remedy
the condition.

 

(d) Without
Cause. The Company may terminate the Executive’s employment without Cause on sixty (60) days’ prior written notice
to the Executive.

 

(e) By
the Executive for Good Reason. The Executive may terminate his employment for Good Reason by (A) providing notice to the Company
specifying in reasonable detail the condition giving rise to the Good Reason no later than the sixtieth (60th) day following the
occurrence of that condition; (B) providing the Company a period of thirty (30) days to remedy the condition if subject to remedy,
and so specifying in the notice; and (C) terminating his employment for Good Reason within thirty (30) days following the expiration
of the period to remedy if the Company fails to remedy the condition. The following, if occurring without the Executive’s
consent, shall constitute “Good Reason” for termination by the Executive: (i) a material diminution in the
nature or scope of the Executive’s title, authority or responsibilities; (ii) a material adverse change in the Executive’s
duties, including, without limitation, such duties set forth in Section 2; (iii) a requirement that the Executive report to any
person other than the Board; (iv) a material reduction in Base Salary or target bonus opportunity; or (v) the Company’s
breach of a material provision of this Agreement.

 

(f) By
the Executive without Good Reason. The Executive may terminate his employment hereunder at any time upon thirty (30) days’
prior written notice to the Company.

 

(g) Expiration.
Executive’s employment will terminate automatically upon the expiration of the Initial Term or Renewal Term, as applicable,
if either party has elected not to extend the Initial Term or Renewal Term in accordance with Section 1.

 

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5. Payments
on Termination.

 

(a) Termination
Without Cause; For Good Reason. Subject to Section 5(b), in the event the Company terminates the employment of Executive without
Cause pursuant to Section 4(d), Executive resigns for Good Reason pursuant to Section 4(e), or the Executive’s employment
terminates due to expiration of the Employment Term in accordance with Section 4(g) following the Company’s delivery to
Executive of a notice of intent not to renew pursuant to Section 1, then the Company shall pay to the Executive, in addition to
any amounts payable under Section 4, (i) severance payments in the form of continued Base Salary, at Executive’s Base Salary
as then in effect, for the thirty-six (36) month period following the effective date of the Executive’s termination if such
termination happens during the first year of the Executive’s employment, twenty four months (24) if termination happens
in the second year of the Executive’s employment, and twelve (12) months if the termination happens in the third year of
the Executive’s employment or thereafter; (ii) payment of any accrued and unpaid annual bonus for any year preceding the
year in which Executive’s employment terminates; (iii) payment of a pro rata annual bonus for the year in which Executive’s
employment terminates calculated by multiplying the target bonus amount by a fraction, the numerator of which is the number of
calendar days elapsed in the year as of the effective date of Executive’s termination of employment and the denominator
of which is 365; and (iv) payment by the Company of Executive’s monthly health insurance premiums for a period matching
the period that Executive is entitled to severance payments pursuant to section 5(a)(i) hereof. The severance in 5(a)(i) and (iv)
will be paid pursuant to the Company’s payroll schedule then in effect commencing on the sixtieth (60th) day following the
last day of employment and the payments in 5(a)(ii) and (iii) will be paid on the sixtieth (60th) day following the last day of
empoyment.

 

(b) Requirement
of Release. As a condition precedent to receiving any of the severance payments pursuant to Section 5(a), Executive must execute
(without revocation) a general release of claims in a form mutually agreed to by the Company and the Executive (the “Release”).
The Release must be effective and irrevocable prior to the sixtieth (60th) day following the Executive’s last day of employment.
If the Executive fails to execute the Release pursuant to this Section 5(b), the Executive shall forfeit and not be entitled to
any severance payments under Sections 5(a).

 

6. Section
409A Compliance. This Agreement and any payments or benefits provided hereunder shall be interpreted, operated and administered
in a manner intended to avoid the imposition of additional taxes under Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”). Further, the Company and Executive hereto acknowledge and agree that the form and timing of the
payments and benefits to be provided pursuant to this Agreement are intended to be exempt from, or to comply with, one or more
exceptions to the requirements of Section 409A of the Code. Notwithstanding anything contained herein to the contrary, to the
extent required to avoid accelerated taxation or tax penalties under Section 409A of the Code, Executive shall not be considered
to have terminated employment for purposes of this Agreement and no payments shall be due to Executive under this Agreement that
are payable upon Executive’s termination of employment until Executive would be considered to have incurred a “separation
from service” from the Company within the meaning of Section 409A of the Code. In addition, for purposes of this Agreement,
each amount to be paid or benefit to be provided to Executive pursuant to this Agreement shall be construed as a separate identified
payment for purposes of Section 409A of the Code. If the Executive is deemed on the date of termination to be a “specified
employee” within the meaning of that term under Section 409A(a)(2)(B), then with regard to any payment or the provision
of any benefit that is considered deferred compensation under Section 409A payable on account of a “separation from service,”
such payment or benefit shall not be made or provided until the date which is the earlier of (i) the expiration of the six (6)-month
period measured from the date of such “separation from service” of the Executive, and (ii) the date of the Executive’s
death, to the extent required under Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits
delayed pursuant to this Section 6 (whether they would have otherwise been payable in a single sum or in installments in the absence
of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this
Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. With respect to expenses
eligible for reimbursement under the terms of this Agreement: (i) the amount of such expenses eligible for reimbursement in any
taxable year shall not affect the expenses eligible for reimbursement in another taxable year; and (ii) any reimbursements of
such expenses shall be made no later than the end of the calendar year following the calendar year in which the related expenses
were incurred, except, in each case, to the extent that the right to reimbursement does not provide for a “deferral of compensation”
within the meaning of Section 409A of the Code.

 

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7. Representations.
Executive represents and warrants to the Company that (a) the execution, delivery and performance of this Agreement by Executive
does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment
or decree to which Executive is a party or by which Executive is bound, (b) Executive is not a party to or bound by any employment
agreement, noncompetition agreement or confidentiality agreement with any other person or entity (other than any such agreement
with any subsidiary or predecessor of the Company) and (c) upon the execution and delivery of this Agreement by the Company, this
Agreement shall be the valid and binding obligation of Executive, enforceable in accordance with its terms.

 

8. Survival.
Executive acknowledges and agrees that Sections 5-10 of this Agreement shall survive the separation of Executive’s employment
for any reason.

 

9. Severability.
The Parties intend for this Agreement to be enforced as written. However, if any section or portion of a section of this Agreement
shall to any extent be declared illegal or unenforceable by a duly authorized court having jurisdiction, (a) then the remainder
of this Agreement, or the application of such section or portion of such section in circumstances other than those as to which
it is so declared illegal or unenforceable, shall not be affected thereby, and each section or portion of such section of this
Agreement shall be valid and enforceable to the fullest extent permitted by law; and/or (b) because of the scope of a section
or portion of such section is found to be unreasonable, the Company and Executive agree that the court making such determination
shall have the power to “blue-pencil” the Agreement as necessary to make it reasonable in scope; and in its reduced
or blue-penciled form such section or portion of such section shall then be enforceable and shall be enforced.

 

10. Miscellaneous.

 

(a) Deductions
and Withholding. Executive agrees that the Company and/or its subsidiaries or affiliates shall withhold from any and all compensation
paid to or required to be paid to Executive pursuant to this Agreement all federal, state, local and/or other taxes which the
Company determines are required to be withheld in accordance with applicable statutes and/or regulations from time to time in
effect and all amounts required to be deducted in respect of Executive’s coverage under applicable employee benefit plans.

 

(b) Integration.
This Agreement embodies the entire agreement and understanding between the Parties with respect to the subject matter hereof and
supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation,
warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change
or restrict, the express terms and provisions of this Agreement.

 

(c) Successors.
This Agreement shall inure to the benefit of and be enforceable by Executive’s personal representatives, executors, administrators,
heirs, distributees, devisees and legatees. The Company shall take commercially reasonable efforts to require any successor to
the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform it if no such succession had taken place. Executive’s rights and obligations under this Agreement
may not be assigned by Executive without the prior written consent of the Company.

 

(d) Waiver.
No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any
party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this
Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

(e) Amendment.
This Agreement may be amended or modified only by a written instrument signed by Executive and by a duly authorized representative
of the Company.

 

(f) Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware
without regard to principles of conflict of laws.

 

(g) Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be
an original; but such counterparts shall together constitute one and the same document.

 

[Signature
Page Follows]

 

    5

     

    

 

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

 

	 	KBL
    Merger Corp. IV
	 	 	 
	 	By:	/s/
    Sherrill Neff 
	 	Name:	Sherrill Neff
	 	Title:	Independent Director
	 	 	 
	 	By:	/s/
    Andrew Sherman 
	 	Name:	Andrew Sherman
	 	Title:	Independent Director
	 	 	 
	 	By:	/s/
    Joseph Williamson 
	 	Name:	Joseph Williamson
	 	Title:	Independent Director
	 	 	 
	 	EMPLOYEE
	 	 	/s/
    Marlene Krauss 
	 	 	Marlene Krauss

 

 

6

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