Document:

EX-10.6

 Exhibit 10.6 

EXECUTION COPY 
 B. Riley
Principal 150 Merger Corp. 
 299 Park Avenue, 21st Floor 

New York, NY 10171 
 July 19, 2022 

FaZe Clan Inc. 
 720 N. Cahuenga Blvd. 

Los Angeles, CA 90038 
 Attn: Lee Trink 

 

	 	Re:	 Sponsor PIPE Backstop and Release 

Dear Mr. Trink: 
 We refer to the Sponsor Support Agreement
(“Sponsor Support Agreement”), dated as of October 24, 2021, by and between B. Riley Principal 150 Merger Corp., a Delaware corporation (prior to the Merger, “BRPM”, and following the Merger,
“New FaZe”), B. Riley Principal 150 Sponsor Co., LLC, a Delaware limited liability company (the “Sponsor”), and FaZe Clan Inc., a Delaware corporation (“FaZe”), entered into in
connection with the Merger. In accordance with the terms of the Sponsor Support Agreement, Sponsor agreed to provide a backstop to the subscriptions made by third-party subscribers (“Third Party PIPE Subscribers”) for the
purchase in a private placement (the “PIPE Investment”) of an aggregate of $118,000,000 of BRPM’s Class A Common Stock, par value $0.0001 per share (the “BRPM Class A
Common Stock”), by committing to purchase the portion of the PIPE Investment, up to $100,000,000 (other than the $20,000,000 PIPE Investment made by the Sponsor as contemplated in the Sponsor Support Agreement (the “Sponsor
PIPE Amount”)), not funded by Third Party PIPE Subscribers by the closing of the Merger (the “Closing”) (such portion of the PIPE Investment not funded by the Closing, the “Closing
Backstop”). As set forth in Section 2(c) of the Sponsor Support Agreement, the parties agreed that they would execute and deliver such additional documents and take such additional actions as the parties hereto reasonably deem
practical and necessary in order to consummate the Closing Backstop. This letter agreement sets forth the actions that BRPM, the Sponsor and FaZe deem practical and necessary in order to consummate the Closing Backstop. Capitalized terms used but
not defined herein have the meanings assigned to them in the Sponsor Support Agreement. 
  

	 	1.	 Assignment of Claims under Subscription Agreements. 

 

	 	(a)	 Section 8(f) of the Subscription Agreements, dated as of October 24, 2021, by and between BRPM and
the subscribers party thereto (each, a “Subscription Agreement”, and collectively, the “Subscription Agreements”), provides, among other things, that neither the Subscription Agreements nor any rights
that may accrue to BRPM thereunder may be transferred or assigned by BRPM without the prior written consent by the subscribers in the PIPE Investment (the “PIPE Subscribers”) or FaZe, other than in connection with the
transactions contemplated by the Merger Agreement. The parties hereto acknowledge that the PIPE Investment is specifically contemplated under the terms of the Merger Agreement, including Sections 6.13 and 8.9 thereof. In accordance with
Section 8(f) of the Subscription Agreement, contingent upon, and in consideration for, the Sponsor funding the Closing Backstop, BRPM hereby transfers, conveys, assigns and delivers to the Sponsor and any of the Sponsor’s assignees as
contemplated in Section 4(c) herein, and the Sponsor hereby 

	 	
accepts, acquires and assumes from BRPM, all of BRPM’s present and future rights, title and interest in, to and under the Subscription Agreements of Third Party PIPE Subscribers who did not
satisfy their obligations under their respective Subscription Agreements (the “Breaching PIPE Subscribers”). Solely at its own cost and expense, subject to the immediately following sentence, the Sponsor shall use its
commercially reasonable efforts to take, or to cause to be taken, such actions as the Sponsor deems to be proper or advisable to consummate the transactions contemplated by the Subscription Agreements on the terms described therein, including to
enforce its rights under the Subscription Agreements against the Breaching PIPE Investors. The Sponsor shall keep New FaZe reasonably informed with respect to the status of the actions taken in connection with the immediately preceding sentence.

  

	 	(b)	 In the event of the issuance of shares of common stock of New FaZe, par value $0.0001 per share
(“New FaZe Common Stock”), upon the funding by the Breaching PIPE Subscriber to New FaZe pursuant to specific performance or otherwise, New FaZe shall remit as promptly as practicable all of the funding proceeds received by
New FaZe from such Breaching PIPE Subscriber to the Sponsor (by wire transfer of immediately available funds to one or more bank accounts designated in writing by the Sponsor), in exchange for the Sponsor returning such shares of New FaZe Common
Stock purchased by the Sponsor (or its assignee(s)) pursuant to the Closing Backstop in an amount equal to the amount of shares of New FaZe Common Stock issued to such Breaching PIPE Subscriber; provided, however, in no event shall New
FaZe remit to the Sponsor an amount exceeding, in the aggregate, the Closing Backstop. Any funds collected directly by the Sponsor from Breaching PIPE Subscribers, up to the amount of the Closing Backstop, will be retained by the Sponsor. Any funds
collected in excess of the Closing Backstop will be paid as promptly as practicable to New FaZe. Notwithstanding anything to the contrary in this Section 1(b), New FaZe or FaZe shall not be required to take any action that
would result in non-compliance under applicable law. Any and all reasonable costs and expenses in connection with this Section 1(b) shall be borne solely by the Sponsor.

  

	 	2.	 FaZe’s Cooperation. Upon the Sponsor’s written request and at the sole cost and expense of the
Sponsor, FaZe and, following the Closing, New FaZe, shall use commercially reasonable efforts to assist the Sponsor in pursuing the claims assigned to the Sponsor under Section 1 of this letter agreement. Based on the
nature and the extent of the Sponsor’s request, at the time of such request, the Sponsor will communicate to New FaZe the amount of total expenses which may be incurred by New FaZe as part of its efforts to comply with this
Section 2. The Sponsor will reimburse New FaZe as promptly as practicable for agreed upon expenses upon New FaZe’s submitting documentary evidence of such incurred expenses acceptable to the Sponsor acting reasonably.

  

	 	3.	 Release. In consideration for timely funding the Closing Backstop, FaZe, on behalf of itself and its
officers, directors, affiliates, stockholders, successors and assigns (collectively, “Releasors”), does hereby release, waive and forever discharge BRPM, the Sponsor and the Placement Agent (as defined in the Subscription
Agreement) and each of its and their respective parents, subsidiaries, affiliates, predecessors, successors and assigns, and all of their respective past, present and future officers, directors, employees, shareholders, owners, trustees, partners
and agents, in their corporate and individual capacities (collectively, the 

  
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“Releasees”) from, and does fully waive any obligations of Releasees to Releasors for, any and all liability, actions, charges, causes of action, demands, damages, or
claims for relief, remuneration, sums of money, accounts or expenses (including attorneys’ fees and costs) of any kind whatsoever, whether known or unknown or contingent or absolute, which heretofore have been or which hereafter may be suffered
or sustained, directly or indirectly (“Claims”), by Releasors in consequence of, arising out of, or in any way relating to: (i) the assignment set forth in Section 1 of this letter agreement,
including any actions or efforts taken or not taken by the Releasees in connection with the PIPE Investment, to seek or not seek any remedy from one or more Breaching PIPE Subscribers, or to enforce or not enforce the terms of the Subscription
Agreement(s) against one or more Breaching PIPE Subscribers as long as the Sponsor or its affiliates have funded the Closing Backstop; (ii) the aggregate purchase price in cash actually received by BRPM at Closing being less than $118,000,000;
or (iii) the breach of the Subscription Agreement(s) by one or more PIPE Subscribers prior to Closing,; provided, however, with respect to this clause (iii), to the extent any Releasee is a PIPE Subscriber, this release shall not apply
to such Releasee in their capacity as a PIPE Subscriber. Each of the Releasees shall be a third-party beneficiary of the release of Claims in this letter agreement. Notwithstanding the foregoing, the Sponsor shall not be released from its obligation
to fund, or cause an affiliate or designee to fund, the Closing Backstop, or obligation to comply with the terms of this letter agreement or the Sponsor Support Agreement. 
  

	 	4.	 Miscellaneous. 

 

	 	(a)	 The provisions of Sections 12(a), and 12(d) through 12(i) of the Sponsor Support Agreement shall apply to this
letter agreement, mutatis mutandis. 

  

	 	(b)	 The parties hereto agree that irreparable damage could occur in the event that any of the provisions of this
letter agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this letter agreement
and to specific enforcement of the terms and provisions of this letter agreement, in addition to any other remedy to which any party is entitled at law or in equity. In the event that any action shall be brought in equity to enforce the provisions
of this letter agreement, no party shall allege, and each party hereby waives the defense, that there is an adequate remedy at law, and each party agrees to waive any requirement for the securing or posting of any bond in connection therewith.

  

	 	(c)	 This letter agreement and all of the terms hereof are binding on and shall inure to the benefit of the parties
hereto and their respective beneficiaries, heirs, legatees and other statutorily designated representatives and permitted successors and assigns. FaZe, New FaZe and BRPM may not assign this letter agreement nor any rights or obligations hereunder,
in whole or in part, to any other person without the prior written consent of the other parties hereto. Sponsor may freely assign any or all of its rights under this letter agreement, in whole or in part, to any of its affiliates or to any successor
entity (whether by liquidating dissolution, merger, consolidation, equity or asset sale, or otherwise) without obtaining the consent or approval of BRPM, FaZe or New FaZe. 

 

	 	(d)	 All of the agreements made by each party hereto shall survive the Closing. 

  
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	 	(e)	 In the event that the assignment set forth in Section 1 to this letter agreement is
deemed invalid, unenforceable or cancelled for any reason, (i) the Sponsor’s obligation to fund the Closing Backstop shall not be impacted in any respect and (ii) the parties to this letter agreement shall negotiate in good faith to
modify this letter agreement so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest
extent possible. 

 [Signature Page Follows] 

  
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 If the foregoing correctly sets forth the understanding among BRPM, the Sponsor and FaZe with respect to the
foregoing, please so indicate your agreement by signing in the place provided below, at which time this letter shall become binding. 
  

			
	B. RILEY PRINCIPAL 150 MERGER CORP.
		
	By:	 	 /s/ Daniel Shribman

	Name:	 	Daniel Shribman
	Title:	 	Chief Executive Officer and Chief Financial Officer

 AGREED AND ACCEPTED BY: 

B. RILEY PRINCIPAL 150 SPONSOR CO., LLC 
  

					
	BY:	 	B. RILEY PRINCIPAL INVESTMENTS, LLC, its Managing Member
			
		 	By:	 	 /s/ Kenneth Young

		 	Name:	 	Kenneth Young
		 	Title:	 	Chief Executive Officer

 FAZE CLAN, INC. 
  

			
	By:	 	 /s/ Lee Trink

	Name:	 	Lee Trink
	Title:	 	President and Chief Executive OfficerEX-10.1

  Exhibit 10.1

  SCIENTIFIC ADVISORY BOARD MEMBER AGREEMENT 

  This Scientific Advisory Board Member Agreement, effective 1st August, 2022 (the Effective Date), is between PepGen Inc., a Delaware corporation, and Caroline Godfrey, an individual residing at the address set forth on the signature page hereto (Advisor).  In light of Advisor's expertise in areas consistent with Company's research and development, business and product strategy, Company and Advisor agree as follows: 

  1.Services.  Advisor agrees to contribute to Company's success by attending informal and formal meetings of the Company’s Scientific Advisory Board (SAB) and to provide such consulting, advisory and related services to and for the Company from time to time, at Company's request (the Services).  Services may be rendered in person, or by telephone, electronic mail or other means.  While this Agreement is in effect, Advisor will not provide engage in any other activities that conflict with Advisor’s obligations hereunder or the interests of the Company, and [he/she] shall not directly and knowingly assist any other person or organization to engage in activities that conflict with Advisor’s obligations hereunder or the interests of the Company. 

  2.Time Commitment.  Advisor commits to be available to attend four SAB meetings per year and a half a day each week to for company related activities. 

  3.Compensation.   

  (a)As the only consideration due to Advisor regarding the subject matter of this Agreement, and in accordance with Company's usual accounts payable procedures, the Company will pay Advisor an advisory fee at the rate of $64,000 per year for Services satisfactorily performed and delivered, payable in arrears on the last day of each fiscal quarter.  Advisor shall deliver to the Company a properly completed and duly executed Department of the Treasury Internal Revenue Service Form W-9 or, if Advisor is a non-U.S. person, a Department of the Treasury Internal Revenue Service Form W-8BEN (or other appropriate Form W-8).  

  4.Cooperation. Advisor shall use Advisor’s best efforts in the performance of [his/her] obligations under this Agreement.  The Company shall provide such access to its information and property as may be reasonably required in order to permit Advisor to perform Advisor’s obligations hereunder. Advisor shall cooperate with the Company’s personnel, shall not interfere with the conduct of the Company’s business and shall observe all rules, regulations and security requirements of the Company concerning the safety of persons and property. 

  5.Independent Contractor Relationship.  Notwithstanding any provision herein to the contrary, each party shall be and act as an independent contractor and not as a partner, joint venturer, employer, employee or agent of the other and shall not bind or attempt to bind the other to any contract.  Advisor will not be eligible to participate in any benefit programs, coverages or privileges, including, without limitation, health insurance, social security, unemployment, medical or pension payments, made available to employees of the Company.  Advisor hereby waives any right to participate in any of the Company’s benefit plans.  The Company will not make deductions from payments made to Advisor for employment or income taxes, all of which will be Advisor’s responsibility.  Advisor agrees to indemnify and hold the Company harmless from any liability for, or assessment of, any such taxes imposed on the Company by relevant taxing authorities.  Advisor warrants that: none of the Services or any part of this Agreement is or will be inconsistent with any of Advisor's other obligations; all Services and Work Products will be Advisor's original work and [his/her] use will not violate the rights of any person or entity; and Advisor will not disclose to Company or use for its benefit any proprietary, confidential or trade secret information of any third party.  Company may use and authorize the use of Advisor's name, likeness and biographical information in promotional materials, websites and the like.  

  6.Work Products.  Advisor anticipates that, during meetings and occasional counseling, [he/she] may make suggestions, have ideas, or learn of matters that may constitute or lead to Inventions (as defined below) of value to the Company.  Moreover, Advisor recognizes that the Company may commit significant resources to 

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  developing discoveries relevant to [his/her] role as SAB Member, that Inventions may be stimulated because of the interactions among SAB Members, or other personnel working on behalf of the Company, and that the Company may wish to file for and receive patents on such Inventions of commercial value to the Company's business.  Accordingly, Advisor agrees that Company shall own all rights, title and interests (including patent rights, copyright rights, trade secret rights, trademark rights, sui generis database rights and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all relating to any and all Inventions (whether or not patentable), technologies, works of authorship, software, designs, plans, know-how, ideas, data and other results, work products and information that are made, conceived or reduced to practice, in whole or in part, by Advisor, and that arise out of the Services or that are based on or otherwise reflect any Proprietary Information (as defined below) (collectively, Work Products).  Advisor will promptly provide and fully disclose all Work Products to Company.  Advisor understands the "Inventions" include inventions, improvements, formulae, processes, techniques, biological materials, know-how, data, and other innovations and proprietary information (whether or not patentable) made, conceived, reduced to practice or learned by Advisor that arise out of the Services or that are based upon Proprietary Information of the Company. Advisor agrees to assist the Company, or its designee, at its expense, in every proper way to secure the Company’s, or its designee’s, rights in the Work Products and any copyrights, patents, trademarks, mask work rights, moral rights, or other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company or its designee of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments, and all other instruments which the Company or its designee shall deem necessary in order to apply for, obtain, maintain and transfer such rights, or if not transferable, waive such rights, and in order to assign and convey to the Company or its designee and any successors, assigns and nominees the sole and exclusive rights, title and interest in and to such Work Products, and any copyrights, patents, mask work rights or other intellectual property rights relating thereto.  Advisor further agrees that [his/her] obligation to execute or cause to be executed, when it is in [his/her] power to do so, any such instrument or papers shall continue after the termination of this Agreement until the expiration of the last such intellectual property right to expire in any country of the world. 

  7.Proprietary Information. 

  (a)Confidentiality.  Advisor understands that [he/she] will be privy to Proprietary Information (as defined below) of competitive value to the Company, and that such Proprietary Information will be among the principal assets of the Company, and that improper dissemination of this Proprietary Information would materially damage the Company.  Accordingly, Advisor agrees to maintain in confidence and not publish or otherwise disclose to third parties or use for any purpose other than providing the Services any Proprietary Information, except with written consent to the contrary from the Company, or until such Proprietary Information comes into the public domain. “Proprietary Information” shall mean any information or other subject matter disclosed to Advisor by the Company in connection with Advisor’s performance of the Services, and may include, by way of example, nonpublic information relating to Work Products and other financial, business, regulatory, clinical, scientific and technical information (including without limitation, information and data relating to Company's products, plans, customers and employees) that Advisor develops, learns or obtains in connection with the Services. However, Advisor shall not be so obligated with respect to information that Advisor can document (a) is or becomes readily publicly available without restriction through no fault of Advisor or (b) Advisor rightfully knew without restriction prior to its disclosure by Company.  The confidentiality obligations and restrictions in this Agreement, as they apply to Proprietary Information disclosed prior to termination, will survive termination for a period of 5 years; provided, Advisor's obligations hereunder shall survive and continue in effect thereafter with respect to any Proprietary Information that is a trade secret under applicable law.

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  (b)DTSA Notice.  This Agreement does not affect any immunity under 18 USC Sections 1833(b)(1) or 1833(b)(2), which read as follows (note that for purposes of this statute only, individuals performing work as contractors or consultants are considered to be employees): 

  (1)An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

  (2)An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order. 

  8.Ownership and No Improper Use of Materials; No Improper Use of Materials.   All documents, data, records, equipment and other physical property, whether or not pertaining to Proprietary Information, furnished to Advisor by the Company or provided by Advisor or others in connection with carrying out the Services shall remain the property of the Company, and Advisor shall deliver all such materials to the Company upon the expiration or termination of this Agreement, or earlier if so requested by the Company. Advisor agrees not to bring to the Company or to use in the performance of Services for the Company any materials or documents of a present or former employer of Advisor, or any materials or documents obtained by Advisor from a third party under an obligation of confidentiality, unless such materials or documents are generally available to the public or Advisor has authorization from such present or former employer or third party for the possession and unrestricted use of such materials.  Advisor understands that [he/she] is not to breach any obligation of confidentiality that Advisor has to present or former employers or clients, and agrees to fulfill all such obligations during and after the term of this Agreement. 

  9.Non Interference.  During the term of this Agreement and for 1 year thereafter, Advisor agrees not to induce, encourage or solicit any employee, contractor or consultant to leave Company for any reason, and not to divert, entice or otherwise take away from Company the business or patronage of any of the clients, customers, accounts, or suppliers or prospective clients, customers, accounts, or suppliers of the Company that were contacted, solicited or served by Advisor on behalf of the Company during the term of Advisor’s engagement with the Company. 

  10.No Conflicts.  Advisor represents that Advisor’s compliance with the terms of this Agreement and provision of the Services will not violate any duty which Advisor may have to any other person or entity (such as a present or former employer), including obligations concerning providing services to others, confidentiality of proprietary information and assignment of inventions, ideas, patents or copyrights, and Advisor agrees that Advisor will not do anything in the performance of Services hereunder that would violate any such duty.  

  11.Exclusivity. Advisor will not contract with other companies or entities for one year from the first anniversary of the Effective Date. The Company retains a right to contract with other companies and/or individuals for consulting services without restriction. 

  12.Term and Termination.  The term of this Agreement shall begin on the Effective Date and shall continue until the first anniversary of the Effective Date. The Agreement may be renewed by mutual agreement of the parties; provided, however, that either party may terminate this Agreement at any time, for any or no reason, by giving the other party 5 days prior written notice.  Sections 3 through 13 of this Agreement and any remedies for breach of this Agreement shall survive any termination or expiration of this Agreement for any reason. 

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  13.General.  This Agreement, including any exhibits hereto, is the entire agreement, and supersedes all prior negotiations, understandings or agreements (oral or written), between the parties concerning the subject matter hereof.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together will constitute one and the same instrument.  Execution of a facsimile copy (including PDF) shall have the same force and effect as execution of an original, and a facsimile signature shall be deemed an original and valid signature.  No modification, consent or waiver will be effective unless in writing and signed by the party against which enforcement is sought.  Either party's failure to enforce its rights under this Agreement at any time for any period shall not be construed as a waiver of such rights.  If any provision of this Agreement is determined to be illegal or unenforceable, that provision will be limited or eliminated to the minimum extent necessary so that the Agreement shall otherwise remain in full force and effect and enforceable.  This Agreement and the Services are personal to Advisor, and Advisor shall have no right or ability to subcontract, delegate, assign or otherwise transfer any rights or obligations under this Agreement without the prior written consent of Company.  Any attempt to do otherwise shall be void.  Company may transfer any of its rights under this Agreement to any third party.  Any breach of Section 7, 8 or 10 will cause irreparable harm to Company for which damages will not be an adequate remedy, and therefore, Company shall be entitled to injunctive relief with respect thereto in addition to any other remedies.  This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to the conflicts of law provisions thereof.  In any action or proceeding to enforce rights under this Agreement, the prevailing party shall be entitled to recover its reasonable costs and attorneys’ fees.  Any notice hereunder will be effective upon receipt and shall be given in written English, and delivered to the other party at its address given herein or at such other address designated by written notice. 

    

  [Signature Page Follows] 

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  The parties have executed this Agreement as of the date first written above. 

   

  					
	PEPGEN INC.
	 
	ADVISOR
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	By:  /s/ James McArthur
	 
	/s/ Caroline Godfrey
	 

	 
	 
	Signature
	 

	Name: James McArther
	 
	 
	Address:   40 Meadow
Prospect, Wolvercote, Oxford,
OX2 8PP, United Kingdom

	Title: Chief Executive Officer
	 
	 
	 
	 

   

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