Document:

ex_309900.htm

 

Exhibit 10.1

 

2021 CEO EMPLOYMENT AGREEMENT

 

 

This CEO EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of November 2018, 2021, (the “Effective Date”), by and between collectively, India Globalization Capital, Inc., (“IGC”) a corporation organized under the laws of Maryland, “Employer”), and Ram Mukunda (“Executive”) on the following terms and conditions:

 

RECITALS:

 

A. The Employer desires to be assured of the continued services of Executive; and

 

B. Executive desires to continue to be employed by the Employer as its Executive Chairman and Chief Executive Officer upon the terms, covenants and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the mutual terms, covenants and conditions hereinafter set forth, the parties hereto agree as follows:

 

1. Employment Period.  Employer hereby agrees to continue to employ Executive as its Executive Chairman and Chief Executive Officer, and Executive, agrees to accept such continued employment for the period beginning on the Effective Date and ending on the fifth anniversary of the Effective Date (the “Employment Period”). Thereafter, Executive’s employment shall continue until terminated in accordance with this Agreement.

 

2. Performance of Duties.

 

	
			2.1.  

				
			Executive agrees that during the Employment Period, and while Executive is employed by Employer, he shall devote his full normal and customary working time, energies, and talents exclusively to serving in the capacity of Executive Chairman and Chief Executive Officer of Employer and to performing such other duties consistent with his position, as may be properly assigned to him by the Board of Directors of Employer (the “Board”). He will carry out such duties faithfully, efficiently and in a professional manner.

			

 

	
			2.2.  

				
			In addition to the limitations imposed upon Executive by the Restrictive Covenants contained in Section 4, Executive shall not during the Employment Period and while he is employed by the Employer, without prior written consent from the Board:

			

 

	
			2.2.1.  

				
			serve as, be a consultant to or employee, officer, manager, agent, or director of, any corporation, partnership or other entity other than Employer (other than civic, charitable, or other public service organizations) if, as determined at the reasonable discretion of the Board, such service, employment, or position would have a material adverse effect upon the ability of Executive to perform his duties hereunder and Executive is so advised in writing and given a period of not less than ninety (90) days to cease; or

			

 

	
			2.2.2.  

				
			have more than a ten percent (10%) ownership interest in any enterprise other than Employer if such ownership interest would have a material adverse effect upon the ability of Executive to perform his duties hereunder, and the Executive is so advised in writing and given a period of not less than ninety (90) days to divest the interest.

			

 

	
			2.3.  

				
			Except in cases of emergency, Executive shall attend each annual shareholder meeting of Employer in person or by telephone or video conference.

			

 

	
			2.4.  

				
			Within thirty (30) days of the execution of this Agreement, Executive shall submit to Employer’s Audit Committee a current list of all companies in which Executive is a director, officer, and/or of which Executive owns a controlling interest. Executive shall promptly update the list when any changes occur during Executive’s tenure as an officer and/or director of Employer.

			

 

3. Compensation.  Subject to the terms and conditions of this Agreement, Executive shall be compensated by Employer for his services as follows:

 

	
			3.1.  

				
			Executive shall receive, for each consecutive twelve (12) month period beginning on the Effective Date and ending on each anniversary thereof, a rate of pay equal to Three Hundred and Sixty Thousand Dollars ($360,000.00) per year (“Base Pay”).  Such compensation shall be payable in substantially equal monthly or more frequent installments and subject to customary tax withholding.

			

 

 

 

 

	
			3.2.  

				
			Executive shall be eligible for an annual bonus and an annual grant of shares or options under the Employer’s 2018 Omnibus Incentive Plan, as modified or revised, (the “Plan”), and/or under shares approved by the shareholders as special grants from time to time with vesting as determined by an award agreement and the Compensation Committee and approved by the Board of the Employer.

			

 

	
			3.3.  

				
			As soon as practicable after the execution of this Agreement, Executive shall receive an equity award consistent with the terms for the equity grant as set out in Attachment 2. The award shall be governed by the Plan and shall contain a clawback provision consistent with Employer’s Clawback Policy.

			

 

	
			3.2.  

				
			Executive shall be entitled to participate in all executive benefit plans maintained by Employer on substantially the same terms and conditions as other executives of Employer including, but not limited to, plans as mentioned in Attachment 1.

			

 

	
			3.3.  

				
			Executive shall receive at least twenty (20) days paid vacation per year, provided, however, that such vacation shall be scheduled and taken in accordance with Employer’s standard vacation policies applicable to Employer’s other executives.  Executive shall also be entitled to all other holiday and leave pay generally available to Employer’s other executives.  Any vacation days not used in a twelve (12) month period shall accrue and carry over to subsequent years. Executive shall be eligible for vacation leave accrual payout upon termination.

			

 

	
			3.4.  

				
			Executive shall receive at least eight (8) days paid sick leave per year.  Any sick leave not used in a twelve (12) month period shall not accrue or carry over to subsequent years and Executive shall not be eligible for sick leave accrual payout upon termination unless the Employer is prohibited by state law to withhold payment.

			

 

	
			3.5.  

				
			Executive shall be reimbursed by Employer for all reasonable business, promotional, travel and entertainment expenses incurred or paid by Executive during the Employment Period in the performance of his services under this Employment Agreement.

			

 

	
			3.6.  

				
			At all times during Executive’s tenure as a director and/or officer of Employer, Executive must retain ownership of not less than 35% of the common stock Executive received upon first joining the board of directors and not less than 35% of any common stock Executive receives during Executive’s tenure on the board of directors; except that, the stock ownership requirements set forth in this Section 3.6 of this Agreement shall not apply where Executive transfers stock to a personal trust or where Executive makes a gift of stock to a third-party.

			

 

4. Restrictive Covenants.  Executive acknowledges and agrees that:

 

	
			4.1.  

				
			The agreements and covenants contained in this Section 4 are essential to protect the business interests of Employer and Employer will not enter into this Agreement but for such agreements and covenants. Accordingly, Executive covenants and agrees to the following:

			

 

	
			4.1.1.  

				
			Confidential Information.  Except as may be required by the lawful order of a court, regulatory body or similar agency of competent jurisdiction, and at the sole cost and expense of the Employer, if any, unless disclosed with the Employer’s permission, Executive agrees to keep secret and confidential, during the Employment Period and while he is employed by Employer, all confidential non-public information of Employer, and its respective affiliates that was acquired by, or disclosed to (“Confidential Information”), Executive during the course of his employment by Employer or any of its affiliates, including information relating to customers (including, without limitation, credit history, repayment history, financial information and financial statements), costs, operations, financial data and plans, employee information, and information protected by the attorney-client privilege or work product doctrine, or any other legal privilege with regard to any and all legal matters in which Employer is involved, whether past, current or planned, and not to disclose the same, either directly or indirectly, to any other person, firm or business entity, or to use it in any way; provided, however, that the provisions of this Section 4.1.1 shall not apply to information that:  (A) was, is now, or becomes generally available to the public (but not as a result of a breach of any duty of confidentiality by which Executive is bound); (B) was disclosed to Executive by a third party not subject to any duty of confidentiality to Employer prior to its disclosure to Executive; (C) is disclosed by Executive in the ordinary course of Employer’s business as a proper part of his employment in connection with communications with customers, vendors and other proper parties, provided that it is for a proper business purpose solely for the benefit of Employer.  Executive further agrees that he shall not make any statement or disclosure that is intended by Executive to be detrimental to Employer or any of its affiliates. Executive agrees to observe all reasonable policies and procedures of the Employer that are provided to him concerning such Confidential Information.

			

 

	
			4.1.2.  

				
			Non-Competition and Non-Solicitation.

			

 

 

 

 

	
			4.1.2.1.  

				
			Executive agrees that for the period commencing on the Effective Date and ending on the first anniversary of the date on which Executive’s employment with Employer is terminated for any reason or no reason (the “Non-Competition Period”), Executive shall not directly or indirectly, alone or as a partner, officer, director, manager, employee, consultant, agent, independent contractor, member or stockholder of any person or entity (“Person”), engage in any business activity in the geographic areas where the Business is located that is directly or indirectly in competition with the Business (as defined herein) of Employer or which is known by Executive to be detrimental to the Business or business plans of Employer or its affiliates; provided, however, that the record or beneficial ownership by Executive or his immediate family members of five percent (5%) or less of the outstanding publicly traded capital stock of any company for investment purposes shall not be deemed to be in violation of this Section 4.1.2.1 so long as Executive is not an officer, director, manager, employee or consultant of such Person.  

			The Employer has two lines of Business (the “Business” of Employer): Infrastructure and Life Sciences.

			The Infrastructure business consists of construction. The Life Science business consists of the development of cannabinoid-based therapies for indications such as, but not limited to, Alzheimer’s disease and pain. Further, the Employer manufactures and sells products consisting of cannabinoids such as cannabidiol and tetrahydrocannabinol, among other cannabinoids. Geographically, the Infrastructure business is based in India and the Life Science business is located in the United States. In addition, the Employer works in Colombia, South America and may expand to other countries.

			Executive further agrees that during the Non-Competition Period, he shall not in any capacity, either separately or in association with others:  (1) employ or solicit for employment or endeavor in any way to entice away from employment with Employer or its affiliates (a) any current employee of Employer or its affiliates or (b) any Person who was employed by Employer or its affiliates in any preceding 12-month period; (2) solicit, induce or influence any supplier, customer, agent, consultant or other Person that has a business relationship with Employer to discontinue, reduce or modify such relationship with Employer; nor (3) solicit or enter into negotiations with any of Employer’s identified potential acquisition candidates.

			

 

	
			4.1.2.2.  

				
			Executive understands that the foregoing restrictions may limit his ability to engage in a business similar to Employer’s Business for the duration of the Non-Competition Period, but acknowledges that he will receive sufficiently high remuneration and other benefits to justify such restriction as an employee of Employer pursuant to this Agreement.

			

 

	
			4.1.2.3.  

				
			Notwithstanding the generality of any other provision of this Agreement, during the Non-Competition Period, it shall not be a violation of Section 2.2 or this Section 4 for Executive to (i) be an owner, partner, officer, director, manager, employee, consultant, agent, independent contractor, member or stockholder of any person or entity that does not compete with the Business of Employer or (ii) make unlimited investments with other family members in any person or entity that does not compete with the Business of Employer.

			

 

	
			4.1.3.  

				
			Remedies.  If Executive breaches any of the provisions contained in Sections 4.1.1 or 4.1.2 (the “Restrictive Covenants”), Employer shall have the following rights and remedies, each of which shall be enforceable, and each of which is in addition to, and not in lieu of, any other rights and remedies available to Employer at law or in equity.

			

 

	
			4.1.3.1.  

				
			Executive shall account for and pay over to Employer all compensation, profits, and other benefits which inure to Executive’s benefit which are derived or received by Executive or any person or business entity controlled by Executive, resulting from any action or transactions constituting a breach of any of the Restrictive Covenants.

			

 

	
			4.1.3.2.  

				
			Notwithstanding the provisions of Section 4.1.3.1 above, Executive acknowledges and agrees that in the event of a violation or Executive’s threatened violation of any of the Restrictive Covenants, Employer shall have no adequate remedy at law and shall therefore be entitled to enforce each such provision by temporary or permanent injunction or mandatory relief obtained in any court of competent jurisdiction without the necessity of proving damages, posting any bond or other security, and without prejudice to any other rights and remedies that may be available at law or in equity.

			

 

	
			4.1.4.  

				
			Severability.  If any of the Restrictive Covenants, or any part thereof, are held to be invalid or unenforceable, the same shall not affect the remainder of the covenant or covenants, which shall be given full effect, without regard to the invalid or unenforceable portions. Without limiting the generality of the foregoing, if any of the Restrictive Covenants, or any part thereof, are held to be unenforceable because of the duration of such provision or the area covered thereby, the parties hereto agree that the court making such determination shall have the power to reduce the duration and/or area of such provision and, in its reduced form, such provision shall then be enforceable.

			

 

	
			4.1.5.  

				
			Proprietary Rights.  Executive acknowledges and agrees that all know-how, documents, reports, plans, proposals, marketing and sales plans, client lists, employee files, client files, and any materials made by Executive or by Employer during the period of Executive’s employment are the property of Employer and shall not be used by Executive in any way adverse to Employer’s interests while he is so employed by Employer.

			

 

 

 

 

5. Termination and Compensation Due Upon Termination.  Executive’s right to compensation for the period after the date Executive’s employment with Employer terminates shall be determined in accordance with the following:

 

	
			5.1.  

				
			Termination Without Cause, Non-Renewal, or for Good Reason.  In the event Employer terminates Executive’s employment during the Employment Period without Cause, or at the end of the term, does not renew the Employment Agreement on substantially the same terms or Executive resigns his employment for Good Reason, Executive shall receive the following (only if and subject to Executive’s execution and delivery of a general release of claims):

			

 

	
			5.1.1.  

				
			1.5 times the average of the total compensation, disclosed in the 10-K filed with the SEC, calculated over the previous two 10-K filings prior to termination date, with such payments shall be made in eighteen equal monthly installments beginning on the first pay period following Executive’s delivery of the executed release;

			

 

	
			5.1.2.  

				
			immediate vesting of any equity awards under the Plan that would have vested within twelve months of the termination date had Executive’s employment not terminated;

			

 

	
			5.1.3.  

				
			provided that Executive timely elects and is eligible for COBRA coverage, reimbursement for the Executive’s cost of COBRA premiums for health insurance continuation coverage (to the extent such premiums exceed the contributory cost for the same coverage that the Employer charges active employees) for eighteen months or until his right to COBRA continuation expires, whichever is shorter.

			

 

	
			5.1.4.  

				
			The Employer shall continue, uninterruptedly, to cover the Executive with Directors and Officers insurance (D&O) coverage, consistent with the Employer’s policy and coverage of other directors, for a period of 10 years. The D&O coverage shall cover the years that the Executive served as the Chief Executive Officer of the Employer.

			
	 	 
	
			5.1.5.  

				
			If the Termination with Cause, Non-Renewal, or Good Reason resignation occurs either (a) during a period of time when the Employer is party to a fully executed letter of intent or a definitive corporate transaction agreement, the consummation of which would result in a Change in Control or (b) within twelve (12) months following the Change in Control, then the severance payment under 5.1.1 shall be 2.99 times instead of 1.5 times and shall be payable in a single cash lumpsum on the sixtieth day following Executive’s termination date or the delivery of the executed release and all unvested equity awards under the Plan shall vest immediately. “Change in Control” shall mean each of the following with respect to the Employer: (i) a sale of all or substantially all of the Employer’s assets; (ii) a sale of the voting securities of the Employer such that any person or group of persons who did not hold voting securities of the Employer prior to the transaction hold more than fifty percent (50%) of the combined voting power of the securities of the Employer after the transaction; or (iii) any merger, consolidation or other transaction of the Employer with or into another corporation or other entity, other than a transaction in which the holders of voting securities of the Employer immediately prior to such transaction continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), at least fifty percent (50%) of the combined voting power of the securities of the Employer or such surviving entity or parent thereof immediately after such transaction.

			

 

	
			5.2.  

				
			Voluntary Resignation.  Executive may terminate his employment with Employer for any reason (or no reason at all) at any time by giving Employer ninety (90) days prior written notice of voluntary resignation; provided, however, that Employer may decide that Executive’s voluntary resignation be effective immediately upon notice of such resignation. Employer shall have no obligation to make payments to Executive in accordance with the provisions of Section 3 for periods after the date on which Executive’s employment terminates due to Executive’s voluntary resignation, including in the event Employer accelerates the effectiveness of the resignation in accordance with this Section 5.2.  

			

 

	
			5.3.  

				
			For purposes of this Section 5, Good Reason shall mean the occurrence of any of the following events (a “Good Reason Condition”), subject to having complied with the Good Reason Process (as defined below), without Executive’s consent:

			

 

	
			5.3.1.  

				
			Executive is no longer the Chief Executive Officer or reports to any individual other than the Board of Directors or Executive Chairman;

			

 

	
			5.3.2.  

				
			the relocation of Executive’s office more than twenty-five (25) miles from its current headquarters in Potomac, Maryland without Executive’s consent;

			

 

	
			5.3.3.  

				
			a material breach of any of the provisions of this Agreement by the Employer.

			

 

 

 

 

	
			5.3.4.  

				
			Good Reason Process shall mean (i) Executive reasonably determines in good faith that a Good Reason Condition has occurred; (ii) Executive notifies the Employer in writing within sixty days of such determination; (iii) the Employer is afforded a period of not less than thirty days following such notice (the “Cure Period”) to remedy the Good Reason Condition; and (iv) the Good Reason Condition continues to exist at the end of the Cure Period; and (v) Executive terminates his employment for such Good Reason Condition within sixty days after the end of the Cure Period. If the Employer cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred.

			

 

	
			5.4.  

				
			Termination for Cause.  Employer shall have no obligation to make payments to Executive in accordance with the provisions of Section 3 or otherwise for periods after Executive’s employment with Employer is terminated because of Executive’s termination for Cause. For purposes of this Section 5.4, Executive shall be considered terminated for “Cause” if he is discharged by Employer on account of the occurrence of one or more of the following events:

			

 

	
			5.4.1.  

				
			his commission at any time of any act or omission that results in a conviction or plea of no contest for any felony or crime involving moral turpitude;

			

 

	
			5.4.2.  

				
			his commission at any time of any act of fraud, embezzlement, willful misappropriation of material Employer property, or willful and material misconduct;

			

 

	
			5.4.3.  

				
			Executive commits an act of fraud against Employer, violates a duty of loyalty to Employer, or violates an obligation owed to Employer pursuant to Sections 2 or 4 hereof;

			

 

	
			5.4.4.  

				
			willful and material breach of the Executive’s obligations under any material agreement entered into between the Executive and the Employer or any of its affiliates (including under this Agreement), or willful and material breach of the Employer’s polices or procedures which causes material damage or could be reasonably expected to cause material damage to the Employer, its business or reputation;

			

 

	
			5.4.5.  

				
			willful and repeated failure to substantially perform Executive’s material duties as are reasonably assigned to him by the Board (other than due to Executive’s illness or disability), provided that for Sections 5.4.4 and 5.4.5 and (D), if the breach reasonably may be cured, Executive has been given at least thirty (30) days after Executive’s receipt of written notice of such breach from the Employer to cure such breach. Such written notice shall state in reasonable detail the particular acts or failures to act that constitute the grounds on which the proposed termination for Cause is based. No matter may be alleged to constitute Cause unless such written notice is provided to Executive within sixty days after the Employer is in possession of the material information upon which the allegation of Cause is based. Whether or not such breach has been cured will be determined in the reasonable good faith judgment of the Board. If Executive cures, Cause shall be deemed not to have occurred.

			

 

	
			5.5.  

				
			Employer shall have no obligation to make payments to Executive in accordance with the provisions of Section 3 for periods after the date of Executive’s death, except payments due and owing as of such date.

			

 

6. Indemnification.  Executive shall be defended, held harmless by and indemnified by Employer to the fullest extent permitted by applicable law (including, but not limited to payment of all legal fees and costs and by counsel reasonably satisfactory to him) against claims asserted against him by third parties, arising out of, or related to, the business of the Employer or Executive’s services for Employer or its affiliates, where such services were within the scope of authority of Employee, or specifically authorized in advance by Employer.  However, Employer shall have no obligation to defend, indemnify or hold Executive harmless from any claims relying in whole or in part upon any intentionally tortious, grossly negligent, or fraudulent conduct by Executive.  This duty of indemnification shall survive the termination of this Agreement for a period of two years and is intended to be in addition to and not in lieu of any indemnification right of Executive that may be contained in the Bylaws or Articles of Incorporation of Employer.

 

 

 

 

7. Section 409A. The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered accordingly. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment that are considered “nonqualified deferred compensation” under Code Section 409A unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated without regard to expenses reimbursed under any arrangement covered by Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense occurred. For purposes of Code Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “within sixty (60) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Employer. If Executive is a specified employee within the meaning of Section 409A(a)(2)(B)(i) of the Code and would receive any payment sooner than 6 months after Executive’s “separation from service” that, absent the application of this Section 15(e), would be subject to additional tax imposed pursuant to Section 409A of the Code as a result of such status as a specified employee, then such payment shall instead be payable on the date that is the earliest of (i) 6 months after Executive’s “separation from service,” or (ii) Executive’s death.

 

8. Section 280G. In the event that any payments, distributions, benefits or entitlements of any type payable to Executive (the “Total Payments”) would (i) constitute “parachute payments” within the meaning of Section 280G of the Code (which will not include any portion of payments allocated to the restrictive covenant provisions of Section 10 hereof that are classified as payments of reasonable compensation for purposes of Section 280G of the Code), and (ii) but for this paragraph would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Total Payments shall be either: (a) provided in full, or (b) provided as to such lesser extent as would result in no portion of such Total Payments being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in Executive’s receipt on an after-tax basis of the greatest amount of the Total Payments, notwithstanding that all or some portion of the Total Payments may be subject to the Excise Tax. Unless the Employer and Executive otherwise agree in writing, any determination required under this Section 8 shall be made in writing in good faith based on the advice of a nationally recognized accounting firm selected by the Employer (with approval of Executive) (the “Accountants”). In the event of a reduction of benefits hereunder, benefits shall be reduced by first reducing or eliminating the portion of the Total Payments that are payable in cash under Section 7 and then by reducing or eliminating any amounts that are payable with respect to long-term incentives including any equity-based or equity-related awards (whether payable in cash or in kind). For purposes of making the calculations required by this Section 8, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of the Code, and other applicable legal authority. The Employer and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably require in order to make a determination under this Section 8, and the Employer shall bear the cost of all fees the Accountants charge in connection with any calculations contemplated by this Section 8.

 

 

 

 

9. Assignment of Intellectual Property. Executive will promptly disclose to the Employer any idea, invention, discovery, or improvement, whether patentable or not (“Creations”), conceived or made by him alone or with others at any time during his employment with the Employer. Executive agrees that the Employer owns any such Creations, and Executive hereby irrevocably, absolutely, and unconditionally assigns to the Employer all rights, title and interest in and to the Creations or portions thereof, including but not limited to, all copyrights, patents, and other proprietary and intellectual property rights and any and all goodwill associated therewith, as well as all moral rights that Executive has or may acquire in and/or to the Creations, or any of them, including but not limited to any and all rights of identification of authorship and any and all rights of approval, restriction or limitation on use or subsequent modifications relating to the Creations. Executive agrees to execute and deliver to Employer any and all applications, assignments and other instruments relating thereto which the Employer deems necessary or desirable in its discretion. These obligations shall continue beyond the termination of his employment with respect to Creations and derivatives of such Creations conceived or made during his employment with the Employer. The Employer and Executive understand that the obligation to assign Creations to the Employer shall not apply to any Creation which is developed entirely on his own time without using any of the Employer’s equipment, supplies, facilities, and/or Confidential Information (“Executive Creations”) unless such Creation (i) relates in any way to the business or to the current or anticipated research or development of the Employer; or (ii) results in any way from his work at the Employer. In any jurisdiction in which moral rights cannot be assigned, Executive hereby waives any such moral rights and any similar or analogous rights under the applicable laws of any country of the world that Executive may have in connection with the Creations, and to the extent such waiver is unenforceable, hereby covenants and agrees not to bring any claim, suit or other legal proceeding against the Employer or any of its Affiliated Entities claiming that Executive’s moral rights to the Creations have been violated. Executive agrees to reasonably cooperate with the Employer, both during and after his employment with the Employer, with respect to the procurement, maintenance and enforcement of copyrights, patents, trademarks, and other intellectual property rights (both in the United States and foreign countries) relating to Creations covered by Section 9 hereof. Executive shall sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights and powers of attorney, which the Employer, acting reasonably, may deem necessary or desirable in order to protect its rights and interests in any such Creations. Executive further agrees that if the Employer is unable, after reasonable effort, to secure Executive’s signature on any such papers, any officer of the Employer shall be entitled to execute such papers as his agent and attorney-in-fact and Executive hereby irrevocably designates and appoints each officer of the Employer as his agent and attorney-in-fact to execute any such papers on his behalf and to take any and all actions as the Employer may deem necessary or desirable in order to protect its rights and interests in any such Creations, under the conditions described in this paragraph, all to the exclusion of such Executive’s Creations.

 

10. Assignment and Successors.  This Agreement is a personal contract and Executive may not sell, transfer, assign, pledge or hypothecate his rights, interests, and obligations hereunder. Except as otherwise herein expressly provided, this Agreement shall be binding upon and shall inure to the benefit of Executive and his personal representatives and shall inure to the benefit of and be binding upon the Employer and its successors and assigns, except that the Employer may not assign this Agreement without Executive’s prior written consent, except to an acquirer of all or substantially all of the assets of the Employer.

 

11. Governing Law.  This agreement will be governed by and construed in accordance with the laws of the state of Maryland without reference to the principles of conflicts of laws or any other principle that could result in the application of the laws of any other jurisdiction. The parties agree to submit any dispute, claim or controversy relating to this Agreement, Executive’s employment, or the termination thereof to arbitration under the Employment Arbitration Rules of the American Arbitration Association, which shall have exclusive jurisdiction over such dispute. The parties agree to enter into mediation prior to arbitration.

 

12. Entire Agreement.  This Agreement embodies the entire agreement of the parties respecting the matters within its scope. This Agreement supersedes all prior agreements of the parties on this subject matter . Any prior negotiations, correspondence, agreements, proposals, or understandings relating to the subject matter shall be deemed to be merged into this Agreement and to the extent inconsistent herewith, such negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect. There are no representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter , except as set forth herein.

 

13. Modifications.  This Agreement shall not be modified by any oral agreement, either express or implied, and all modifications shall be in writing and signed by the parties.

 

14. Waiver.  Failure to insist upon strict compliance with any of the terms, covenants or conditions shall not be deemed a waiver of such terms, covenant, or condition, nor shall any waiver or relinquishment of, or failure to insist upon strict compliance with, any right or power at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times. All waivers shall be in writing and signed by Executive and Employer.

 

15. Number and Gender.  Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other genders.

 

16. Headings.  The section and Section headings in this Agreement are for the purpose of convenience only and shall not limit or otherwise affect any of its terms .

 

 

 

 

17. Attorneys’ Fees.  Executive and the Employer agree that in any dispute resolution proceedings arising out of this Agreement, the prevailing party shall be entitled to its or his reasonable attorneys’ fees and costs incurred by it arising out of or in any way related to such dispute.

 

18. Severability.  In the event that it is determined that any portion of this Agreement is in violation of any statute or public policy, then only the portions of this Agreement which violate such statute or public policy shall be stricken, and all portions of this Agreement which do not violate any statute or public policy shall continue in full force and effect. Furthermore, any determination striking any portion of this Agreement shall be done as narrowly as possible so as to give as much effect as possible to the intentions of the parties under this Agreement.

 

19. Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same document .

 

20. Notices.  All notices and other communications provided for in the Agreement shall be in writing and will be deemed duly given (a) when delivered by hand or electronic mail, (b) two (2) days after being given to an express courier with a reliable system for tracking delivery, (c) when sent by confirmed facsimile with a copy sent by another means specified in this provision or (d) five (5) days after the day of mailing, when mailed by registered or certified mail, return receipt requested, postage prepaid, and addressed as set forth below. A party may from time to time change its address or designee for notification purposes by giving the other written notice of the new address or designee and the date upon which it will become effective.. The addresses for such notices shall be:

 

20.1.     if to Executive:     

8909 Tuckerman Lane

Potomac, Md.  20854

Attention:  Ram Mukunda

 

20.2.     If to Employer: 

P. O. BOX 60642

Potomac, MD 20859

Attention:  Board

 

21. Time of the Essence.  Time is expressly made of the essence with respect to each and every provision of the Agreement.

 

22. Inurement.  Except as otherwise specified herein, no Person, other than the parties (and Executive’s estate upon his death, including his personal representative, administrator, or heirs), shall have any rights under or interest in this Agreement or its subject matter.

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

 

IN WITNESS WHEREOF, the undersigned have executed this Employment Agreement as of the Effective Date.

 

 

India Globalization Capital Inc.

 

 

 

By: /s/ Richard Prins                                                /s/ Ram Mukunda         

Name: Richard Prins                                               Name: Ram Mukunda

Title:  ChairmanExhibit 10.1

 

PORCH
GROUP, INC.

2020 STOCK INCENTIVE PLAN

Performance-Based Restricted Stock Unit Award Notice

 

You, the holder named below
(the “Holder”) have been awarded a performance-based restricted stock unit (“PRSU”) award from
Porch Group, Inc., a Delaware corporation (the “Company”) pursuant to the terms and conditions of the Porch Group, Inc.
2020 Stock Incentive Plan (the “Plan”) and the Performance-Based Restricted Stock Unit Award Agreement (the “PRSU
Agreement”, and together with this Award Notice, the “Agreement”). Copies of the Plan and the PRSU Agreement
are attached hereto. Capitalized terms not defined herein shall have the meanings specified in the Plan or the Agreement.

 

	Name of Holder:	[________]
	 	 
	Grant Date:	[________]
	 	 
	Vesting Commencement Date:	[________]
	 	 
	PRSUs Granted:	[____] PRSUs, subject to adjustment as
        provided in Section 7.2 of the PRSU Agreement.

     

	Earned/Vesting Schedule:	Except as otherwise provided in the Plan,
        the Agreement or any Related Agreement, the PRSUs shall be earned as follows:

                                                           

                                                          (a)           One-third
    of the PRSUs will be earned upon the Closing Price of a share of Common Stock equaling $[____] or greater over any 20 Trading Days
    within any 30 consecutive Trading Day period during the Achievement Period;

                                                           

    (b)       One-third
    of the PRSUs will be earned (i) upon the Closing Price of a share of Common Stock equaling $[____] or greater over any twenty
    (20) Trading Days within any thirty (30) consecutive Trading Day period during the Achievement Period; and

     

    (c)       One-third
    of the PRSUs will be earned (i) upon the Closing Price of a share of Common Stock equaling $[____] or greater over any twenty
    (20) Trading Days within any thirty (30) consecutive Trading Day period during the Achievement Period;

     

    The Award shall vest [_______] (each, a “Vesting
    Date”); provided that if the Holder is, and has been, continuously (except for any absence for vacation, leave, etc.
    in accordance with the Company’s or its Subsidiaries’ policies): (x) employed by the Company or any of its Subsidiaries;
    (y) serving as a Non-Employee Director; or (z) providing services to the Company or any of its Subsidiaries as an advisor
    or consultant, in each case, from the Grant Date through and including the applicable Vesting Date.

     

    Earned and vested PRSUs shall be settled
    in accordance with Section 4 of the PRSU Award Agreement.

    

 

    1

     

    

 

	Definitions:	“Achievement
                           Period” means the period commencing on the Grant Date and ending on the third anniversary thereof (immediately
                           following any vesting on such date).

     

    “Closing
    Price” means, on any day of determination, the closing price on Nasdaq (or other national securities exchange on which
    the Common Stock is then listed) for a share of Common Stock.

     

    “Trading
    Day” means any day on which the shares of Common Stock are actually traded on Nasdaq (or other national securities exchange
    on which the Common Stock is then listed).

     

 

    2

     

    

 

This Award Notice may be executed by facsimile
or electronic means (including, without limitation, PDF or, for Holder, by electronically accepting it on the Company’s third-party
stock plan administrator’s platform) and in one or more counterparts, each of which shall be considered an original instrument,
but all of which together shall constitute one and the same agreement, and shall become binding when one or more counterparts have been
signed by each of the parties hereto and delivered to the other party hereto.

 

	 	PORCH
    GROUP, INC.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

Acknowledgment,
Acceptance and Agreement:

 

By executing below and returning this Award Notice
to Porch Group, Inc. or electronically accepting it on the Company’s third-party stock plan administrator’s platform
(which must be performed within 30 days from the Grant Date for this Agreement to be effective), I hereby acknowledge receipt of
the Agreement and the Plan, accept the PRSUs granted to me, agree to be bound by the terms and conditions of the Agreement and the Plan
and acknowledge that my agreement to the covenants set forth
in Section 5 and Attachment A of the PRSU Agreement is a material inducement to the Company in granting me the PRSUs.

	 	 
	 	HOLDER
	 	 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
page to Performance-Based Restricted Stock Unit Award Notice]

 

    3

     

    

 

PORCH
GROUP, INC.

2020 STOCK INCENTIVE PLAN

Performance-Based Restricted Stock Unit Award Agreement

 

Porch
Group, Inc., a Delaware corporation (the “Company”), hereby grants to the individual (the “Holder”)
named in the award notice attached hereto (the “Award Notice”) as of the grant date set forth in the Award Notice
(the “Grant Date”), pursuant to the provisions of the Porch Group, Inc. 2020 Stock Incentive Plan (the “Plan”),
a performance-based restricted stock unit award (the “Award”) with respect to the number of performance-based restricted
stock units (“PRSUs”) set forth in the Award Notice, upon and subject to the restrictions, terms and conditions set
forth below in this Performance-Based Restricted Stock Unit Award Agreement (the “PRSU Agreement”, and together
with this Award Notice, the “Agreement”), in the Award Notice and in the Plan. Capitalized terms not defined herein
shall have the meanings specified in the Plan.

 

1.            Award
Subject to Acceptance of Agreement. The Award shall be null and void unless the Holder accepts this Agreement by executing the Award
Notice in the space provided therefor and returning the Award Notice to the Company or electronically accepting this Agreement on the
Company’s third-party stock plan administrator’s platform (which must be performed within 30 days from the Grant Date for
this Agreement to be effective). The Holder also hereby agrees to abide by all administrative procedures established by the Company or
its stock plan administrator.

 

2.            Rights
as a Stockholder. Except as otherwise provided in this Agreement, until and if shares of Common Stock are issued in settlement of
earned and vested PRSUs, the Holder shall not have any rights of a stockholder (including voting and dividend rights) in respect of the
Common Stock underlying the PRSUs.

 

3.            Vesting.

 

3.1            Vesting
Conditions. Except as otherwise provided in any written employment, offer letter, severance, change in control, or similar agreement
between the Company or any of its Subsidiaries and Holder that is effective as of the applicable event (each, a “Related Agreement”),
the Award shall be earned and vest in accordance with the Vesting Schedule set forth in the Award Notice.

 

3.2            Termination
of Employment. The earning and/or vesting of unvested PRSUs under this Section 3.2 or Section 3.3(a) hereof
is conditioned upon the Holder signing and delivering to the Company, and there becoming irrevocable, within 60 days after the date of
such employment termination, a general release of claims (in form and substance reasonably acceptable to the Company) by which the Holder
releases the Company, its Subsidiaries and their affiliated entities and individuals from any and all claims, including claims arising
from the Holder’s employment by, and termination of employment with, the Company and/or any of its Subsidiaries, in consideration
for the receipt and earning and/or vesting of the PRSUs. Any PRSUs that would have otherwise earned and/or vested under this Section 3.2
or Section 3.3(a) hereof shall be forfeited if the general release does not become effective and irrevocable on
or before the 60th day following the Holder’s termination of employment.

 

    1

     

    

 

(a)            Termination
without Cause or for Good Reason. If the Holder’s employment with the Company or any Subsidiary terminates by reason of the
Company’s termination of the Holder’s employment without Cause or as a result of the Holder’s resignation for Good
Reason prior to the end of the Achievement Period, then the Award will remain outstanding and vest when it is earned in accordance with
the Vesting Schedule set forth in the Award Notice excluding the proviso requiring continued employment or service during the Achievement
Period and shall be settled pursuant to Section 4 hereof; provided that such vesting date shall be no earlier than the 61st
day following the Holder’s termination of employment.

 

(1)            “Cause”
shall have the meaning set forth in any Related Agreement or, if no such Related Agreement defines such term, “Cause”
shall mean: (v) the Holder’s conviction or plea of no contest to a felony; (w) the Holder’s willful malfeasance
or gross misconduct in connection with the Holder’s employment; (x) a substantial, willful and continual refusal by the Holder
to perform the duties, responsibilities or obligations assigned to the Holder by the Company or applicable Subsidiary, following receipt
of written notice of such deficiency from the Company or applicable Subsidiary; (y) the Holder’s material failure to fully
cooperate with a regulatory investigation involving the Company or any of its Subsidiaries or affiliates; or (z) any one or more
acts by the Holder of dishonesty, theft, larceny, embezzlement or fraud from or with respect to the Company or any Subsidiary or affiliate.

 

(2)            “Good
Reason” shall have the meaning set forth in any Related Agreement or, if no such Related Agreement defines such term, “Good
Reason” shall mean the occurrence of any of the following events, without the Holder’s written consent: (i) material
diminution in the Holder’s base salary or annual target incentive opportunity (unless the base salary or annual target incentive
opportunity, as applicable, is similarly reduced for other employees of a similar level of authority or title); (ii) material diminution
in the Holder’s authority or duties; (iii) a requirement by the Company or applicable Subsidiary that the Holder be based
more than 50 miles from the Holder’s office location as of the date of this Agreement (or from such other office to which the Holder
later agrees to move), excluding any new location closer to the Holder’s residence, any temporary assignment, and ordinary business
travel; or (iv) material breach by the Company or applicable Subsidiary of any provision of this Agreement or any Related Agreement
entered into with the Holder. Notwithstanding the foregoing, none of the events described above shall constitute Good Reason unless the
Holder first provides the Company or applicable Subsidiary with written notice of the event within 30 days of the event’s occurrence
and a period of 30 days from such notice to cure such event, and further provided that the Holder must terminate employment within 60
days following the end of the cure period.

 

(b)            Other
Termination. Except as provided in Section 3.2(a) or Section 3.3 hereof, if the Holder’s employment
with the Company or any Subsidiary terminates for any reason, then the portion of the Award that was not earned and vested immediately
prior to such termination of employment shall be immediately forfeited by the Holder and cancelled by the Company.

 

    2

     

    

 

3.3            Change
in Control. Except as otherwise provided in any Related Agreement, in the event of a Change in Control (with definitions of “Cause”
and “Good Reason” to be amended by substituting the Company with the surviving entity or other successor in interest to the
Company) and:

 

(a)            the
Award is assumed or reasonably substituted on an equitable basis to the Holder by the surviving entity or other successor in interest
to the Company as of the Change in Control, any earned portion of the Award (in which the stock price hurdles set forth in the Vesting
Schedule were achieved, including the Change in Control date based on the Fair Market Value of each share of Common Stock sold in such
Change in Control) will remain issued and outstanding as restricted stock units (“RSUs”), subject to a vesting period
commencing on the closing date of such Change in Control (the “Closing Date”) and ending on the earlier of (a) the
one-year anniversary of the Closing Date or (b) the 61st day following such date the Holder’s employment is terminated without
Cause or the Holder resigns the Holder’s employment for Good Reason. If the Holder’s employment is terminated prior to the
one-year anniversary of the Closing Date for any reason other than as set forth in clause (b), then the full Award shall be immediately
forfeited by the Holder and cancelled by the Company or the surviving entity or other successor in interest to the Company.

 

(b)            the
Award is not assumed or reasonably substituted on an equitable basis to the Holder by the surviving entity or other successor in interest
to the Company as of the Change in Control, the Award shall fully be earned and vest immediately prior to the consummation of such Change
in Control and the Holder shall receive a cash payment, at closing of the of the Change in Control transaction, for each earned and vested
PRSU equal to the acquisition price per share of Common Stock, less any withholding taxes thereon (as described in Section 7.1
hereof).

 

4.            Settlement
of PRSUs. Subject to the withholding tax provisions of Section 7.1 hereof, within 45 days after the date upon which a
PRSU becomes earned and vested in accordance with the terms of the Agreement, the Company shall issue or transfer to the vested Holder
one share of Common Stock per each vested PRSU; provided, however, if earned PRSUs vest in accordance with Section 3.3(a) hereof,
the Company (or a successor thereto) shall issue or transfer to the Holder such shares of Common Stock or common stock of the successor
having approximately equivalent value (and references herein to Common Stock issued on vesting shall include such successor common stock,
if applicable), or the cash equivalent of such shares of Common Stock or common stock if neither security is listed on a U.S. national
securities exchange (including Nasdaq or the New York Stock Exchange).

 

Notwithstanding anything to the contrary herein,
in the event that (i) the Holder is otherwise prohibited from selling Common Stock in the public market (including Nasdaq or other
national securities exchange on which the Common Stock is then listed) when any Common Stock underlying the PRSUs are scheduled to be
delivered on a settlement date (the “Original Settlement Date”) due to (w) applicable law (including Section 6.2
hereof), (x) the rules related to a blackout period declared by the Company under an insider trading policy or similar
policy, (y) any agreed to lock-up arrangement, or (z) other similar circumstance and (ii) the Company elects not to satisfy
the Holder’s tax withholding obligations by withholding Common Stock from the Holder’s distribution, then such
Common Stock shall not be delivered on such Original Settlement Date and shall instead be delivered, as applicable, on (x) the first
business day of the next occurring open “window period” applicable to the Holder as determined by the Company, or (y) the
next business day on which the Holder is not otherwise prohibited from selling Common Stock in such public market, but in no event later
than March 15th of year following the year in which the PRSUs vest.

 

    3

     

    

 

5.            Compliance
with Restrictive Covenants and Clawback.

 

5.1            Clawback
of Proceeds. The Holder agrees to the restrictive covenants set forth on Attachment A (the “Restrictive Covenants”).
If the Holder materially breaches or materially violates the Restrictive Covenants or any other agreement between the Holder and the
Company or its Subsidiaries (including any Related Agreement) with respect to non-competition, non-solicitation, non-hire, non-disparagement,
confidentiality, or non-use or non-disclosure of confidential or proprietary information: (i) the Award shall be forfeited and (ii) the
Holder shall immediately remit a cash payment to the Company equal to (x) the Fair Market Value of a share of Common Stock on the
date on which the Company first became aware of such violation or the date of the Holder’s termination of employment, whichever
is greater, multiplied by (y) the number of shares of Common Stock that earned and vested with respect to the Award. The remedy
provided by this Section 5 shall be in addition to and not in lieu of any rights or remedies which the Company or any Subsidiary
may have against the Holder in respect of a breach by the Holder of any duty or obligation to the Company or any Subsidiary. The
Holder’s agreement to the restricted covenants set forth in this Section 5 and in Attachment A was a material
inducement for the Company’s grant of this Award. Notwithstanding the terms of this Section 5.1, if the parties
agree to amend this Section 5.1 in any amendment to this Agreement or in any Related Agreement, such revised terms shall
apply herein on a retroactive basis as of Grant Date.

 

5.2            Right
of Setoff. To the fullest extent permitted by applicable law, the Holder agrees that by accepting the Award Notice the Holder authorizes
the Company, its Subsidiaries and its affiliates to deduct any amount or amounts owed by the Holder pursuant to this Section 5
from any amounts payable by or on behalf of the Company, its Subsidiaries or any affiliate to the Holder, including, without limitation,
any amount payable to the Holder as salary, wages, vacation pay, bonus or the settlement of the Award or any stock-based award. This
right of setoff shall not be an exclusive remedy and the Company’s, its Subsidiaries’ or an affiliate’s election not
to exercise this right of setoff with respect to any amount payable to the Holder shall not constitute a waiver of this right of setoff
with respect to any other amount payable to the Holder or any other remedy.

 

6.            Transfer
Restrictions and Securities Laws Representation.

 

6.1            Nontransferability
of Award. Prior to an Award being earned and vested, this Award and the underlying PRSUs may not be offered, sold, transferred, assigned,
pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment
or similar process, other than by will, the laws of descent and distribution or pursuant to beneficiary designation procedures approved
by the Company; provided, however, that any transferred Award or underlying PRSUs so permitted will be subject to
all of the same terms and conditions as provided in the Plan and this Agreement and the Holder’s estate or beneficiary appointed
shall remain liable for any withholding tax that may be imposed by any federal, state or local tax authority. Upon any attempt to so
offer, sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the PRSUs, the Award and underlying PRSUs and all
rights hereunder shall immediately become null and void.

 

    4

     

    

 

6.2            Investment
Representation. The Holder hereby represents and covenants that: (a) any shares of Common Stock acquired upon the earning and
vesting of the Award will be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities
Act of 1933, as amended (the “Securities Act”), unless such acquisition has been registered under the Securities Act
and any applicable state securities laws; (b) any subsequent sale of any such shares shall be made either pursuant to an effective
registration statement under the Securities Act and any applicable state securities laws, or pursuant to an exemption from registration
under the Securities Act and such state securities laws; and (c) if requested by the Company, the Holder shall submit a written
statement, in form satisfactory to the Company, to the effect that such representations (x) are true and correct as of the date
of earning and vesting of any shares of Common Stock hereunder or (y) are true and correct as of the date of any sale of any such
shares, as applicable. As a further condition precedent to the delivery to the Holder of any shares of Common Stock subject to the Award,
the Holder shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance
or delivery of the shares and, in connection therewith, shall execute any documents which the Board or the Committee shall in its sole
discretion deem necessary or advisable.

 

7.            Additional
Terms and Conditions of Award.

 

7.1            Withholding
Taxes. As a condition precedent to the delivery of the Common Stock, the Holder shall, upon request by the Company, pay to the Company
such amount as the Company may be required, under all applicable federal, state, local or other laws or regulations, to withhold and
pay over as income or other withholding taxes (the “Required Tax Payments”) with respect to the Award. If the Holder
shall fail to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any Required
Tax Payments from any amount then or thereafter payable by the Company to the Holder. The Holder may elect to satisfy his or her obligation
to advance the Required Tax Payments by any of the following means: (i) a cash payment to the Company; (ii) if permitted by
the Company, delivery to the Company (either actual delivery or by attestation procedures established by the Company) of previously owned
whole shares of Common Stock having an aggregate Fair Market Value, determined as of the date on which such withholding obligation arises
(the “Tax Date”), equal to the Required Tax Payments; (iii) if permitted by the Company, authorizing the Company
to withhold whole shares of Common Stock which would otherwise be delivered to the Holder having an aggregate Fair Market Value, determined
as of the Tax Date, equal to the Required Tax Payments; (iv) to the extent permitted by applicable law, a cash payment by a broker-dealer
acceptable to the Company to whom the Holder has submitted an irrevocable notice of same-day sale; or (v) any combination of (i),
(ii) or (iii). Shares of Common Stock to be delivered or withheld may not have a Fair Market Value in excess of the minimum amount
of the Required Tax Payments (or such higher withholding amount permitted by the Committee and which does not result in adverse accounting
consequences to the Company). Any fraction of a share of Common Stock which would be required to satisfy any such obligation shall be
disregarded and the remaining amount due shall be paid in cash by the Holder. No share of Common Stock or certificate representing a
share of Common Stock shall be delivered until the Required Tax Payments have been satisfied in full. Any determination by the Company
with respect to the tendering or withholding of shares of Common Stock to satisfy the Required Tax Payments shall be made by the Committee
if the Holder is subject to Section 16 of the Exchange Act.

 

    5

     

    

 

7.2            Adjustment.
In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification
Topic 718, Compensation—Stock Compensation, or the equivalent standard) that causes the per share value of shares of Common Stock
to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary dividend, the
terms of this Award, including the number and class of securities subject hereto, shall be appropriately adjusted by the Committee, and
such adjustment shall be made in accordance with Section 409A of the Code. In the event of any other change in corporate capitalization,
including a merger, consolidation, reorganization, or partial or complete liquidation of the Company, such equitable adjustments described
in the foregoing sentence may be made as determined to be appropriate and equitable by the Committee (or, if the Company is not the surviving
corporation in any such transaction, the board of directors of the surviving corporation) to prevent dilution or enlargement of rights
of the Holder. The decision of the Committee regarding any such adjustment shall be final, binding and conclusive.

 

7.3            Compliance
with Applicable Law. The Award is subject to the condition that if the listing, registration or qualification of the shares of Common
Stock subject to the Award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the
taking of any other action is necessary or desirable as a condition of, or in connection with, the vesting or delivery of shares hereunder,
the shares of Common Stock subject to the Award shall not vest or be delivered, in whole or in part, unless such listing, registration,
qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company.
The Company agrees to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent, approval or
other action.

 

7.4            Award
Confers No Rights to Continued Employment or Service. In no event shall the granting of the Award or its acceptance by the Holder,
or any provision of the Agreement or the Plan, give or be deemed to give the Holder any right to continued employment, or in the case
of a consultant or director, any right to continued service by the Company, any Subsidiary or any affiliate of the Company or affect
in any manner the right of the Company, any Subsidiary or any affiliate of the Company to terminate the employment or service, respectively,
of any person at any time.

 

7.5            Decisions
of Board or Committee. The Board or the Committee shall have the right to resolve all questions which may arise in connection with
the Award. Any interpretation, determination or other action made or taken by the Board or the Committee regarding the Plan or this Agreement
shall be final, binding and conclusive.

 

7.6            Successors.
This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any person or persons
who shall, upon the death of the Holder, acquire any rights hereunder in accordance with this Agreement or the Plan.

 

7.7            Notices.
All notices, requests or other communications provided for in this Agreement shall be made, if to the Company, to Porch Group, Inc.,
Attn: Stock Plan Administrator, 2200 1st Avenue South, Suite 300, Seattle, Washington 98134; stock@porch.com, and if to the Holder,
to the last known mailing address of the Holder contained in the records of the Company. All notices, requests or other communications
provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail
with confirmation of receipt, (c) by mailing in the United States mails or (d) by express courier service. The notice, request
or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic
mail transmission or upon receipt by the party entitled thereto if by United States mail or express courier service; provided,
however, that if a notice, request or other communication sent to the Company is not received during regular business hours, it
shall be deemed to be received on the next succeeding business day of the Company.

 

    6

     

    

 

7.8            Governing
Law; Personal Jurisdiction. This Agreement, the Award and all determinations made and actions taken pursuant hereto and thereto,
to the extent not governed by the laws of the United States, shall be governed by the laws of the State of Delaware and construed in
accordance therewith without giving effect to principles of conflicts of laws. The Holder hereby consents to personal jurisdiction in
any action brought in any court, federal or state, within the State of Delaware having subject matter jurisdiction in the matter.

 

7.9            Agreement
Subject to the Plan. This Agreement is subject to the provisions of the Plan and shall be interpreted in accordance therewith. In
the event that the provisions of this Agreement and the Plan conflict, the Plan shall control. The Holder hereby acknowledges receipt
of a copy of the Plan.

 

7.10          Entire
Agreement. This Agreement and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof and
supersede in their entirety all prior undertakings and agreements of the Company and the Holder with respect to the subject matter hereof.

 

7.11          Partial
Invalidity; Headings. The invalidity or unenforceability of any particular provision of this Agreement by a court of law of competent
jurisdiction shall not affect the other provisions hereof and, to the fullest extent permitted by applicable law, this Agreement
shall be construed in all respects as if such invalid or unenforceable provisions had never been contained herein, and such provision
or part thereof shall be reformed or construed so that it would be enforceable to the maximum extent legally possible. Headings are for
convenience only and are not deemed to be part of this Agreement.

 

7.12          Amendment
and Waiver. The Company may amend the provisions of this Agreement at any time; provided that an amendment that would materially
impair the Holder’s rights under this Agreement shall be subject to the written consent of the Holder. No course of conduct or
failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement.
Waiver by any party of any breach of this Agreement or failure to exercise any right hereunder shall not be deemed to be a waiver of
any other breach or right whether or not of the same or a similar nature.

 

7.13          Code
Section 409A.   It is intended that this Award be exempt from or comply with Section 409A of
the Code and this Agreement shall be interpreted and administered in a manner which effectuates such intent; provided, however,
that in no event shall the Company or any Subsidiary be liable for any additional tax, interest or penalty imposed upon or other damage
suffered by the Holder on account of this Award being subject to but not in compliance with Section 409A of the Code.

 

7.14           Section 280G
of the Code.

 

(a)            To
the extent that the Holder would otherwise be eligible to receive a payment or benefit pursuant to the terms of this Agreement, any Related
Agreement or otherwise in connection with, or arising out of, the Holder’s employment with the Company or any Subsidiary or a change
in ownership or effective control of the Company or of a substantial portion of its assets (any such payment or benefit, a “Parachute
Payment”), that a nationally recognized United States public accounting firm selected by the Company (the “Accountants”)
determines, but for this sentence would be subject to excise tax imposed by Section 4999 of the Code (the “Excise Tax”),
subject to clause (c) below, then the Company shall pay to the Holder whichever of the following two alternative forms of payment
would result in the Holder’s receipt, on an after-tax basis, of the greater amount of the Parachute Payment notwithstanding that
all or some portion of the Parachute Payment may be subject to the Excise Tax: (1) payment in full of the entire amount of the Parachute
Payment (a “Full Payment”), or (2) payment of only a part of the Parachute Payment so that the Holder receives
the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”).

 

    7

     

    

 

(b)            If
a Reduced Payment is necessary pursuant to clause (a), then the reduction shall occur in the following order: (1) cancellation
of acceleration of vesting on any equity awards for which the exercise price exceeds the then fair market value of the underlying equity;
(2) reduction of cash payments (with such reduction being applied to the payments in the reverse order in which they would otherwise
be made, that is, later payments shall be reduced before earlier payments); and (3) cancellation of acceleration of vesting of equity
awards not covered under (1) above; provided, however, that in the event that acceleration of vesting of equity
awards is to be cancelled, acceleration of vesting of full value awards shall be cancelled before acceleration of options and stock appreciation
rights and within each class such acceleration of vesting shall be cancelled in the reverse order of the grant date of such equity awards,
that is, later equity awards shall be canceled before earlier equity awards; and provided,  further, that to
the extent permitted by Section 409A of the Code and Sections 280G and 4999 of the Code, if a different reduction procedure would
be permitted without violating Section 409A of the Code or losing the benefit of the reduction under Sections 280G and 4999 of the
Code, the Holder may designate a different order of reduction.

 

(c)            For
purposes of determining whether any of the Parachute Payments (collectively the “Total Payments”) will be subject
to the Excise Tax and the amount of such Excise Tax, (i) the Total Payments shall be treated as “parachute payments”
within the meaning of Section 280G(b)(2) of the Code, and all “parachute payments” in excess of the “base
amount” (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and except
to the extent that, in the opinion of the Accountants, such Total Payments (in whole or in part):  (1) do not constitute
 “parachute payments,” including giving effect to the recalculation of stock options in accordance with Treasury Regulation
Section 1.280G-1, Q&A 33; (2) represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of
the Code in excess of the “base amount” or (3) are otherwise not subject to the Excise Tax, and (ii) the value
of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles
of Section 280G of the Code.

 

(d)           All
determinations hereunder shall be made by the Accountants, which determinations shall be final and binding upon the Company and the Holder.

 

(e)            The
federal tax returns filed by the Holder (and any filing made by a consolidated tax group which includes the Company) shall be prepared
and filed on a basis consistent with the determination of the Accountants with respect to the Excise Tax payable by the Holder.  The
Holder shall make proper payment of the amount of any Excise Tax, and at the request of the Company, provide to the Company true and
correct copies (with any amendments) of his or her federal income tax return as filed with the Internal Revenue Service, and such other
documents reasonably requested by the Company, evidencing such payment (provided that the Holder may delete information unrelated
to the Parachute Payment or Excise Tax and provided,  further that the Company at all times shall treat
such returns as confidential and use such return only for purpose contemplated by this paragraph).

 

(f)             In
the event of any controversy with the Internal Revenue Service (or other taxing authority) with regard to the Excise Tax, the Holder
shall permit the Company to control issues related to the Excise Tax (at its expense), provided that such issues do not potentially
materially adversely affect the Holder, and the Holder shall control any other issues.  In the event that the issues are interrelated,
the Holder and the Company shall in good faith cooperate so as not to jeopardize resolution of either issue.  In the event
of any conference with any taxing authority as to the Excise Tax or associated income taxes, the Holder shall permit the representative
of the Company to accompany the Holder, and the Holder and his representative shall cooperate with the Company and its representative.

 

(g)           The
Company shall be responsible for all charges of the Accountants.

 

(h)           The
Company and the Holder shall promptly deliver to each other copies of any written communications, and summaries of any verbal communications,
with any taxing authority regarding the Excise Tax covered by this Section 7.14.

 

    8

     

    

 

(i)             Nothing
in this Section 7.14 is intended to violate the Sarbanes-Oxley Act of 2002 and to the extent that any advance or repayment
obligation hereunder would do so, such obligation shall be modified so as to make the advance a nonrefundable payment to the Holder and
the repayment obligation null and void.

 

(j)             Notwithstanding
the foregoing, any payment or reimbursement made pursuant to this Section 7.14 shall be paid to the Holder promptly
and in no event later than the end of the calendar year next following the calendar year in which the related tax is paid by the Holder
or where no taxes are required to be remitted, the end of the Holder’s calendar year following the Holder’s calendar year
in which the audit is completed or there is a final and nonappealable settlement or other resolution of the litigation.

 

(k)            The
provisions of this Section 7.14 shall survive the termination of the Holder’s employment or service with
the Company or any Subsidiary for any reason and the termination of the Agreement.

 

7.15            Data
Privacy Notice.

 

(a)            Holder
hereby acknowledges that the collection, use and transfer, in electronic or other form, of Holder’s personal data as described
in this Agreement and any other PRSU grant materials by the Company and its Subsidiaries is necessary for the purpose of implementing,
administering and managing Holder’s participation in the Plan. The Holder authorizes, agrees and unambiguously consents to the
transmission by the Company and its Subsidiaries of any personal data information related to this Award for legitimate business purposes
(including, without limitation, the administration of the Plan). This authorization and consent is freely given by the Holder.

 

(b)            Holder
understands that the Company and its Subsidiaries may hold certain personal information about Holder, including, but not limited to,
Holder’s name, home address and telephone number, email address, date of birth, social security, insurance, passport or other identification
number (e.g., resident registration number), salary, nationality, job title, details of all PRSUs or any other entitlement to shares
of Common Stock awarded, canceled, exercised, vested, unvested or outstanding in Holder’s favor (“Data”), for
the purpose of implementing, administering and managing the Plan.

 

(c)            Holder
understands that Data will be transferred to eShares, Inc. DBA Carta, Inc. and its related companies (“Carta”)
or any stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation,
administration and management of the Plan. Holder understands that the recipients of the Data may be located in the United States or
elsewhere, and that the recipients’ country of operation (e.g., the United States) may have different data privacy laws and protections
than Holder’s country. Holder understands that if he or she resides outside the United States, he or she may request a list with
the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Company,
Carta, any stock plan service provider selected by the Company in the future and any other possible recipients which may assist the Company
(presently or in the future) with implementing, administering and managing the Plan may receive, possess, use, retain and transfer the
Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan.
Holder understands that Data will be held only as long as is necessary to implement, administer and manage Holder’s participation
in the Plan plus any required period thereafter for purposes of complying with data retention policies and procedures. Holder understands
that based on where s/he resides, s/he may have additional rights with respect to personal data collected, used or transferred in connection
with this Agreement or any other PRSU grant materials by the Company and its Subsidiaries, and Holder may contact in writing his or her
local human resources representative.

 

    9

     

    

 

Attachment A – Restrictive Covenants

 

For purposes of this Attachment
A, references to “Company” shall include the Company and/or any of its Subsidiaries, as applicable.

 

1.            Confidentiality.
Holder acknowledges that, during Holder’s employment with the Company, Holder will be exposed to confidential and/or proprietary
information, know-how and trade secrets of the Company and its clients, service providers and other business partners (collectively,
 “Confidential Information”), which are essential to the Company’s business and the continued confidentiality
of which is critical to the Company’s economic well-being. Confidential Information includes, but is not limited to, financial
information (including but not limited to earnings, revenue and other financial performance information, forecasts and budgets), business
plans, product development information, strategies, prospects, existing and potential products, technical information and know-how, data,
inventions (whether or not patentable), developments, intellectual property (including but not limited to undisclosed patents, patent
applications and unpublished works) techniques, processes, algorithms, software, designs, engineering, research, client lists, personnel
information (including, without limitation, skills and compensation), and information regarding possible acquisitions or sales of businesses
or facilities. Confidential Information also includes the details behind the founding of the Company (date, people involved, discussions
leading to the creation of the Company, etc.). Confidential Information does not include any information that has become publicly
known and made generally available through no wrongful act of Holder or of others who were under confidentiality obligations as to the
item involved. Holder agrees that, during Holder’s employment or at any time thereafter, Holder will not disclose Confidential
Information to any third party for any reason, except as authorized by the Company and necessary in the good faith performance of Holder’s
job (and, in the case of Confidential Information of a Company client or business partner, consistent with the Company's agreement with
such client or business partner).

 

2.            Non-Disparagement.
Holder agrees that, during Holder’s employment or at any time thereafter, Holder will not make any statements with regard to the
Company or any of its officers, directors, employees, consultants, stockholders or agents that are false, misleading or disparaging or
otherwise likely to be harmful to them or their business, business reputation or personal reputation; provided, however, that Holder
may respond accurately and fully to any question, inquiry or request for information in the course of a government investigation or when
required by legal process (including in response to a subpoena).

 

3.            Return
of Company Property. Holder agrees that, upon the termination of Holder’s employment
for any reason or at any time upon the Company’s request, Holder will immediately return to the Company (and will not keep in Holder’s
possession, recreate or deliver to anyone else) all Company property in Holder’s possession, custody, or control, including, but
not limited to Confidential Information and Inventions (defined below) in any medium, marketing and sales literature, and other documents
and data developed by or on behalf of the Company.

 

    10

     

    

 

4.            Non-Solicitation;
Non-Competition. Holder agrees that, during Holder’s employment and for a period of
12 months following termination of Holder’s employment with the Company for any reason, Holder will not, directly or indirectly:
(a) solicit the employment of, recruit, hire or otherwise seek to hire any person who is then employed by the Company or who was
employed by the Company during the last 12 months of Holder’s employment with the Company, or encourage any employee of the Company
to terminate his/her employment with Company for any reason; (b) solicit business on behalf of a competitor from any customer or
prospect that (i) was serviced by the Company during the last 12 months of Holder’s employment with the Company, and (ii) with
whom Holder had business-related contact in the last 12 months of Holder’s employment with the Company; (c) solicit or attempt
to induce any customer, service provider, supplier or other person or entity with whom the Company has, or is attempting to establish,
a commercial relationship to cease or refrain from doing business with the Company or to alter its relationship with the Company in any
way adverse to the Company; and/or (d) seek or accept employment from or engagement as a consultant by any competitor of the Company,
or engage in, own, work on, supervise, manage or contribute Holder’s knowledge to any work that involves a product or service that
is competitive with a product or service offered or being developed or pursued by the Company. For the purposes of this Agreement, competitors
and competing products and services of the Company include, without limitation, the sale of home owner insurance, development of software
and/or other tools geared towards aggregating home, home project, and local home improvement/repair/maintenance service professional
data, scoring, ranking, and pricing algorithms related to home improvement/repair/maintenance, classified listings related to home improvement/repair/maintenance,
sharing and inspiration for home improvement/repair/maintenance, yield management, revenue generation and marketing for the home improvement/repair/maintenance
professional service and contractor industries, and consumer rating and referral services for the home improvement/repair/maintenance
professional service and contractor industries, in each case within the United States. Notwithstanding the foregoing, the restrictions
set forth in subsections (b) and (d) above shall only apply upon, and as a condition of, Holder’s receipt of at least
one share of Common Stock in accordance with Section 4 of the Agreement. Holder agrees that should a court exercising jurisdiction
with respect to this Agreement find any such restriction invalid or unenforceable due to unreasonableness, either in period of time,
geographical area, or otherwise, then in that event, such restriction will be interpreted and enforced to the maximum extent that such
court deems reasonable. If the Company, in its sole discretion, decides to waive a provision of this Section, no such waiver will constitute
a waiver of any other provision in this Agreement or any other agreement between Holder and the Company.

 

5.            Assignment
of Inventions.

 

(a)            The
Company shall be the sole and exclusive owner of, and shall own all right, title and interest (including patent rights, copyrights, trade
secret rights, mask work rights, moral rights, sui generis database rights and all other intellectual and industrial property
rights of any sort throughout the world) relating to, any and all inventions, works of authorship, domain names, mask works, designs,
know-how, ideas, improvements, processes, methods, trade secrets and other information, whether or not patentable or registrable under
copyright or similar laws, that Holder solely or jointly makes, conceives, develops or reduces to practice (or cause to be made, conceived,
developed or reduced to practice) during the term of Holder’s employment with Company (including any of the foregoing that pre-date
Holder’s execution of this Agreement) that (i) relate to the business of the Company, (ii) relate to the Company’s
actual or demonstrably anticipated research or development, (iii) result from any work performed by Holder for the Company, or (iv) are
developed using the time, equipment, supplies, facilities or Confidential Information of the Company (collectively “Inventions”).
Holder will promptly disclose all Inventions to the Company. To the extent that ownership of the Inventions is not deemed to have vested
automatically in the Company under applicable law, Holder hereby assigns and shall assign all of Holder’s right, title and interest
in such Inventions to the Company, except as provided in the following notice.

 

    11

     

    

 

Notice: Notwithstanding any provision
of this Agreement to the contrary, this Agreement does not obligate Holder to assign any of Holder's rights in an invention for which
no equipment, supplies, facilities or trade secret information of the Company was used and which was developed entirely on Holder’s
own time, unless (a) the invention relates (i) directly to the business of the Company or (ii) to the Company’s
actual or demonstrably anticipated research or development, or (b) the invention results from any work performed by Holder for the
Company. This provision constitutes the written notice and other requirements of Section 49.44.140 of the Revised Code of Washington.

 

(b)            Holder
agrees to assist the Company in all proper respects (including, but not limited to, the execution of such instruments or documents as
the Company may request), at the Company’s expense, to further secure the Company’s rights in, and to evidence, record and
perfect the ownership or assignment of, the Inventions and any intellectual property rights therein and thereto, and to maintain, enforce,
and defend any rights specified to be so owned or assigned. Holder further agrees that Holder’s obligation to provide such assistance
shall continue after the termination of this Agreement. Holder hereby irrevocably designates and appoints the Company as Holder’s
agent and attorney-in-fact to act for and on Holder’s behalf to execute and file any document and to do all other lawfully permitted
acts to further the purposes of the foregoing with the same legal force and effect as if executed by Holder. The designation and appointment
of the Company and its duly authorized officers and agents as Holder’s agent and attorney in fact shall be deemed to be coupled
with an interest and therefore irrevocable.

 

(c)            If
Holder uses or discloses any all original works of authorship, inventions, developments, improvements, trademarks, designs, domain names,
processes, methods, trade secrets or other intellectual property that were made by Holder (solely or jointly) prior to Holder’s
employment with the Company, that are owned by Holder or in which Holder has an interest, that relate to the Company’s actual or
proposed business and that are not assigned by Holder to the Company under this Agreement (“Prior Inventions”) in
the course of Holder’s employment or otherwise on behalf of the Company or incorporate any Prior Inventions into any Company property,
the Company will have and Holder hereby grants the Company a perpetual, irrevocable, worldwide, royalty-free, non-exclusive, sublicensable
right and license to make, have made, modify, use, sell and otherwise exploit such Prior Inventions.

 

6.            Remedies.
Holder agrees that Holder’s violation of this Attachment A would cause the Company irreparable harm which would not be adequately
compensated by monetary damages and that injunctive relief, specific performance and other equitable relief may be granted by any court
or courts having jurisdiction, restraining Holder from violation of the terms of this Attachment A, upon Holder’s breach
or threatened breach of any obligations set forth in this Attachment A. Holder further agrees that no bond or other security shall
be required in obtaining such equitable relief and Holder hereby consents to the issuance of such injunction and to the ordering of specific
performance. This Section 6 shall not be construed to limit the Company from any other relief or damages to which it may
be entitled as a result of Holder’s breach of any provision of this Attachment A. If Holder breaches his or her obligations
under Section 4 of this Attachment A, then the applicable restricted period shall be extended to account for the period
during which Holder was in breach, and Holder shall be required to reimburse the Company for its costs and fees, including reasonable
attorneys’ fees, incurred in connection with any enforcement effort.

 

    12

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