Document:

Exhibit 10.2

 

TERMINATION AND SEVERANCE AGREEMENT

 

THIS TERMINATION AGREEMENT
(the “Agreement”) is made and effective as of the 31st day of December, 2021, by and between SPYR, Inc. (the “Company”),
a Nevada corporation; and James R. Thompson (“Employee”).

 

Explanatory Statement

 

A. Employee is currently employed by the Company under and pursuant to a certain employment agreement dated December 22, 2014, as
amended January 20, 2020 (collectively the “Employment Agreement”).

 

B. The Company has notified Employee that Effective as of December 31, 2021 at 11:59 PM MST the Company is terminating the Employment
Agreement without cause because has been unable to pay Employee’s salary and benefits pursuant to the Employment Agreement and the
Company no longer wishes to accrue Employee’s salary and benefits.

 

C. As of December 31, 2021, there remains an unexpired term under the Employment Agreement of four years and one month.

 

D. Through the period ending December 31, 2021, the Company owes Employee the following accrued salary and benefits:

 

		a.	Accrued Unpaid Wages (2017-2021): $910,991.80 (does not include Company payroll obligations)

		b.	Accrued Unpaid HSA Contributions (July 2021-December 2021): $2,300.02

		c.	Contractual Expense Reimbursements: $52,527.82

 

E. The Company and Employee have mutually agreed that it is in their respective best interests to make certain agreements relating
to the termination of Employee’s employment relationship with the Company, as set forth herein.

 

NOW, THEREFORE, in consideration
of the Explanatory Statement and the mutual covenants, promises, agreements, representations, and warranties hereinafter contained, the
parties hereto do hereby covenant, promise, agree, represent, and warrant as follows:

 

1. Termination of Employment. Effective as of December 31, 2021 at 11:59 PM MST the Company’s employment of Employee
shall terminate. The parties acknowledge and agree that such termination constitutes a constructive termination of Employee under Sections
10.4 and or Section 10.5 of the Employment Agreement, entitling Employee to the constructive termination benefits as described therein.
The Company waives any required notice of election by Employee.

 

2.  Survival. Notwithstanding the termination of Employee’s employment with the Company, the following Sections of the
Employment Agreement shall survive termination according to their terms: Section 12 (Confidential Information and Proprietary Interests);
Section 13 (Noncompetition), Section 14 (Disputes & Remedies), and Section 15 (Survival).

 

    Page 1 of 7

     

    

 

3. Company’s Outstanding Financial Obligations to Employee as of December 31, 2021. The Company acknowledges and confirms
the following outstanding indebtedness to Employee as of December 31, 2021:

 

		a.	Accrued Unpaid Wages (2017-2021): $910,991.80 (does not include Company payroll obligations)

		b.	Accrued Unpaid HSA Contributions (July 2021-December 2021): $2,300.02

		c.	Contractual Expense Reimbursements: $52,527.82

 

The Company shall
remain liable and responsible to pay the foregoing amounts to Employee as soon as possible, including any applicable employer state and
federal tax obligations and/or employer contributions with respect thereto. Should this remain unpaid as of December 31, 2022, Employee
shall be free to pursue legal action to collect any unpaid amount hereunder.

 

4. Company’s Constructive Termination Obligations. As a result of the constructive termination of Employee by Company,
Company is further obligated to:

 

		a.	Issue to Employee 1,000,000 shares of the Company’s
common stock; and

		b.	Continue to pay Employee’s salary in the amount of
$300,000 for a period of one year; and

		c.	Continue to pay Employee’s Additional Benefits for
a period of one year, as follows:

		i.	Automobile Expenses (lease payment [$1,061.34 x 12 = 12,736.08],
insurance [$109.91/mo. X 12 = 1,318.92], others tbd).

		ii.	Life Insurance Premiums. iii. Medical, dental and vision insurance; and HSA contributions if coverage
continues under a qualifying plan.

		d.	Disability Insurance ($210.47/mo. X 12 = $2,525.64).

 

5. Severance Payments to Employee; Continuation of Medical Insurance. In lieu of its obligations under Section 4 above, the
right to which Employee waives, and to additionally compensate Employee for the Company’s actions in terminating Employee, Company
shall pay a severance to Employee as follows:

 

		a.	Company shall issue Employee five million (5,000,000) shares
of the Company’s Rule 144 Restricted Common Stock at par value.

		b.	Until June 30, 2022 or such earlier date as Employee obtains
substitute coverage, the Company shall, at the sole cost and expense of the Company, continue for the benefit of Employee the medical,
dental and vision insurance coverage in existence on the date hereof or such reasonably comparable coverages as the Company may have
in effect for its employees.

 

    Page 2 of 7

     

    

 

6.  No Gating Provision. There shall not be any gating provision applicable to any SPYR common stock issued to Employee hereunder
and Employee is hereby released from the gating provision contained in the Employment Agreement and shall be free to dispose of Employee’s
SPYR common stock in accordance with any applicable legal requirements.

 

7. Legal Opinion Letters. Company shall cause to be issued to Employee a legal opinion letter regarding the clearing and free-trading
nature of the restricted stock issued to Employee during the term of Employee’s employment by Company on or before February 14,
2022.

 

8. Employee’s Furniture/Office Equipment. Employee shall retain as Employee’s property all furniture and office
equipment currently being used by Employee including but not limited to Employee’s previously owned office furniture (L-shaped desk
with leather inlay, matching lateral file cabinet and credenza storage cabinet, hp laserjet 1020 printer), office chair, 2 side chairs,
Xerox Workcentre 6655 printer and stand, Dell laptop, monitors and docking station.

 

9. Storage. The Company has two storage units at a Public Storage facility that contain various corporate records, furniture
and equipment. Employee has been working to sell the furniture on behalf of the Company and will continue to do so. The Company will continue
to pay the monthly rental on these storage units until the property is sold or a decision is made to abandon or dispose of any remaining
items.

 

10. Representations and Warranties of Employee. Employee represents and warrants the following to the Company, on and as of
the date of this Agreement:

 

		a.	Employee has the full authority to enter into this Agreement.

		b.	Employee has not assigned any of his rights under the Employment
Agreement.

		c.	Employee, to the best of Employee’s knowledge, information
and belief, has complied with and not violated any of Employee’s fiduciary duties.

 

11. Representations and Warranties of the Company. The Company represents and warrants the following to Employee on and as of
the date of this Agreement:

 

		a.	The Company is a corporation duly formed, validly existing,
and in good standing under the laws of the State of Nevada.

		b.	The Company has full corporate right, power, and authority
to execute, seal, acknowledge, and deliver this Agreement.

		c.	This Agreement has been duly and validly executed, sealed,
acknowledged, and delivered by the Company and is the legal and binding obligation of the Company enforceable against the Company in
accordance with its terms, except as enforceability may be limited by the application of bankruptcy and insolvency laws and other laws
generally affecting creditors’ rights and, to the extent remedies require enforcement by courts of equity, to the application of
equitable principles.

 

    Page 3 of 7

     

    

 

12.  Mutual Nondisparagement. Employee agrees to refrain from any disparagement, defamation, libel, or slander of the Company
and its officers, directors and employees, and agrees to refrain from any tortious interference with the contracts and relationships of
the Company. The Company agrees to instruct employees, officers, and directors of the Company and its subsidiaries and affiliates to refrain
from any disparagement, defamation, libel, or slander of Employee, and agrees to refrain from any tortious interference with the contracts
and relationships of Employee. Notwithstanding the foregoing, nothing in this Agreement shall prevent Employee or the Company from responding
accurately and fully to any question, inquiry or request for information when response is required by legal process.

 

13. Release
of Company by Employee. Except for the obligations of the Company set forth this Agreement and the indemnities made by the
Company in this Agreement, Employee hereby fully and forever releases, acquits, and discharges the Company, its successors, assigns,
and legal representatives, the Company’s Affiliates and their respective successors, assigns, heirs, personal and legal
representatives (all of the foregoing persons or entities are hereinafter individually, jointly, severally, and collectively
referred to as the “Company Releasees”) of and from any and all contracts, agreements, promises, covenants,
debts, obligations, duties, claims, actions, suits, proceedings, causes of action, demands, damages, liabilities, losses, costs, and
expenses, including attorneys’ and experts’ fees (hereinafter collectively referred to as “Employee
Claims”) of each and every kind, nature, and description whatsoever, whether at law or in equity, which are currently
known which Employee ever had, now has, or which Employee hereinafter can, shall, or may have against Company Releasees or any
Company Releasee arising out of or in connection with any matter, cause, or thing from the beginning of the world to the date of
this Agreement.

 

14. Release of Employee by Company. Except for the covenants, promises, agreements, representations, warranties, obligations,
and duties of Employee set forth in this Agreement, the Company, for itself and for and on behalf of the Company Releasees, hereby fully
and forever releases, acquits, and discharges Employee and his assigns, heirs, personal and legal representatives, and guardians (hereinafter
individually, jointly, severally, and collectively referred to as “Employee Releasees”) of and from any and all contracts,
agreements, promises, covenants, counterclaims, debts, obligations, duties, claims, actions, suits, proceedings, causes of action, demands,
damages, liabilities, losses, costs, and expenses, including attorneys’ and experts’ fees (hereinafter collectively referred
to as “Company Claims”) of each and every kind, nature, and description whatsoever, whether at law or in equity, known
or unknown, foreseen or unforeseen, real or imaginary, actual or potential, which Company and the Company Releasees ever had, now have,
or which Company and or the Company Releasees hereinafter can, shall, or may have against Employee or any Employee Releasee arising out
of or in connection with any matter, cause, or thing from the beginning of the world to the date of this Agreement.

 

15. Indemnification of Employee by Company. Company hereby agrees to indemnify and hold harmless Employee and the Company Releasees
of, from, and against any and all Claims, threats, and demands and all attorneys’ and experts’ fees arising out of or in connection
with (a) any negligent, tortious, intentional, malicious, wanton, or reckless act or omission of Employee prior to or on the date hereof;
(b) any breach of or default by Employee under any agreement, covenant, promise, representation, or warranty made by Employee in this
Agreement; and (c) any breach of any fiduciary duty owed by Employee to Company and/or any one or more Company Releasees, prior to or
on the date hereof.

 

    Page 4 of 7

     

    

 

16.  Remedies. In the event of a breach of this Agreement, any non breaching party hereto may maintain an action for specific
performance against the party hereto who or which is alleged to have breached any of the terms, conditions, covenants, promises, agreements,
representations, or warranties herein contained, provided that this Section shall not be construed to limit in any manner whatsoever any
other rights, powers, or remedies an aggrieved party may have by virtue of any breach of this Agreement. Each of the parties hereto shall
have the right to waive compliance with or the fulfillment, satisfaction, or enforcement of any covenant, promise, agreement, representation,
warranty, or condition herein set forth, but any such waiver shall not be deemed a waiver of compliance with or fulfillment, satisfaction,
or enforcement of any other covenant, promise, agreement, representation, warranty, or condition herein set forth or to seek redress for
any breach thereof on any subsequent occasion, nor shall any such waiver be deemed effective unless in writing and signed by the party
so waiving.

 

17. Notices. All notices, requests, demands, consents, and other communications which are required or may be given under this
Agreement (collectively, the “Notices”) shall be in writing and shall be given either by (a) personal delivery against
a receipted copy; (b) by certified or registered U.S. mail, return receipt requested, postage prepaid; or (c) by email with a read receipt
requested to the following addresses:

 

If to the Company:

 

Board of Directors

SPYR, Inc. c/o Timothy Matula

3639 - 211th Place, N.E.

Sammamish, WA 98074-9345

(425) 466-0212

Email:
timmatula@comcast.net

 

With a copy to:

 

Mailander Law
Office, Inc.

Tad Mailander,
Esq.

4811 49th Street

San Diego, CA
92115

(619) 549-1442

Email: tad@mailanderlaw.net

 

If to the Employee:

 

James R. Thompson

9312 E. Arbor Drive

Englewood, CO 80111

(303) 319-5509

Email: jrt4@comcast.net

 

or to such other address
of which written notice in accordance with this Section shall have been provided by such party. Notices may only be given in the manner
hereinabove described in this Section and shall be deemed received when given in such manner.

 

    Page 5 of 7

     

    

 

18.
Miscellaneous.

 

		a.	The Explanatory Statement is a substantive part of this Agreement.
The Section headings contained in this Agreement are for convenience only and shall not affect in any way the meaning or interpretation
of this Agreement.

		b.	This Agreement shall be governed by and construed and enforced
in accordance with the laws of the State of Colorado. The exclusive venue and jurisdiction for any litigation brought pursuant to this
Agreement shall be in the courts located in Denver, Colorado and the Parties expressly acknowledge that such courts have personal jurisdiction
over them and waive any right to object to the same.

		c.	This Agreement represents the entire, integrated agreement
among the Company and Employee with respect to outstanding obligations of the Company to Employee and the payment of money to Employee
in connection with the termination of the Company’s employment of Employee.

		d.	This Agreement may not be modified, amended, waived, discharged,
or terminated orally, but only by an instrument in writing signed by the parties hereto.

		e.	This Agreement shall inure to the benefit of and be binding
upon the Company and Company Releasees, and Employee and Employee Releasees.

		f.	Neither this Agreement nor any interest herein or right hereunder
shall or may be assigned by Employee, and any purported assignment in contravention of such restriction, including any assignment by
operation of law, shall be null and void.

		g.	All of the covenants, promises, agreements, representations,
and warranties of the parties contained in this Agreement shall survive the execution, acknowledgment, sealing, and delivery of this
Agreement.

		h.	From and after the date of this Agreement, without additional
consideration, the parties shall at all reasonable times, upon reasonable notice from the other, execute, acknowledge, seal, and deliver
such further assurances, instruments, and documents, and take such further action, as the other may reasonably request to fulfill the
intent of this Agreement and the transactions contemplated hereby.

		i.	If any provision of this Agreement is held to be invalid
or unenforceable, the remaining provisions shall not be affected, but shall continue in full force and effect.

 

    Page 6 of 7

     

    

 

		j.	Whenever used in this Agreement, the singular shall include
the plural and vice versa, and the use of any gender shall include all genders and the neuter.

		k.	For purposes of this Agreement, the term “Affiliate”
shall include all officers, directors, stockholders, partners, subsidiaries, agents, and employees of the Company and each person or
entity that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the
Company.

 

IN WITNESS WHEREOF, the
parties have executed, acknowledged, sealed, and delivered this Agreement on the date first above written.

 

	THE COMPANY:	 	THE EMPLOYEE:
	 	 	 
	SPYR, Inc.	 	James R. Thompson
	 	 	 
	/s/ Timothy Matula	 	/s/ James R. Thompson
	Timothy Matula	 	James R. Thompson
	Chief Executive Officer as of  	 	 
	January 1, 2022	 	 

 

    Page 7 of 7Exhibit 10.9

 

DATED 1 October 2021

 

 

 

LOAN
AGREEMENT

 

 

 

Between

 

 

 

 (1) ClimateRock ‘The Borrower’

 

and

 

 (2) Eternal BV ‘The Lender’

 

    
		Long Form Loan Agreement - Unsecured	1

     

    

 

THIS AGREEMENT is dated and made on the
1 day of October 2021.

 

BETWEEN:

 

		(1)	ClimateRock (the “Borrower”), 50 Sloane Avenue,
London, SW3 3DD, The United Kingdon and

 

		(2)	Eternal BV (the “Lender”), Mariëndaal 8, 6861
WN Oosterbeek, The Netherlands.

 

NOW IT IS HEREBY AGREED as follows:

 

BACKGROUND

 

The Lender has agreed to provide
the Borrower with a loan facility of USD 500.000 on an unsecured basis (the “Loan”).

 

		1.	Definitions and Interpretation

 

		1.1	In this agreement:-

 

	
    “Advance”

     

     

    “Business Day”
	
    means an advance made or to be made by the Lender
    to the Borrower under this Agreement;

     

    a day other than a Saturday, Sunday or public
    holiday in England when banks in London are open for business;

	 	 
	
    “Commencement Date”

     

    “Drawdown Date”

     

    “Drawdown Notice”

    
	
    means the date of this Agreement;

     

    means the date on which an Advance is made;

     

    means a notice for the drawdown substantially
    as per the Schedule 1;

	 	 
	“Event of Default”	means any event or circumstance as specified in clause 12;
	 	 
	“Final Repayment Date”	means 31 March 2024;
	 	 
	
    “Finance Documents”

    
	
    means this agreement, the Security Documents and
    any other document designated as such by the Lender and the Borrower;

    

    

	 	 
	“Interest Payment Date”	means 31 December 2022, 31 December 2023 and the
    Final Repayment Date;
	 	 
	“Potential Event of Default”	means any event or circumstances which would, on the giving of notice, expiry of any grace period or making of any determination under this Agreement, become an Event of Default;
	 	 
	“Repayment Date”	means each of the dates specified in clause 6;
	 	 
	“Security”	means any mortgage, debenture, charge (whether fixed or floating, legal or equitable), pledge, lien, assignment by way of security, title retention or any other type of arrangement having a similar effect to any of them;
	 	 
	“Tax Deduction”	means a deduction or withholding for, or on account of, Tax from a payment under the Finance Documents;
	 	 
	“Unpaid Amount”	means any sum or amount which is not paid on the due date for its payment under this Agreement;
	 	 
	“Warranties”	means the representations and Warranties set out at clause 10.

 

    
		Long Form Loan Agreement - Unsecured	2

     

    

 

		1.2	Any reference in this agreement to a statute or a provision of a statute shall be construed as a reference
to that statute or provision as amended, re-enacted or extended at the relevant time.

 

		1.3	The headings in this agreement are for convenience only and shall not affect their interpretation.

 

		2.	The Facility

 

Subject to and in accordance with
this agreement the Lender agrees to lend to the Borrower a loan facility up to USD 500.000 available to withdraw in the period from 1
October 2021 to 31 March 2022 (the “Loan Date”).

 

		3.	Purpose

 

		3.1	The Borrower shall use all sums borrowed by it under this agreement to support anticipated offering costs
and expenses.

 

		3.2	The Lender is not obliged to monitor or verify how any amount under this agreement is used.

 

		4.	Drawdown

 

Subject
to clause 5 below:

 

		4.1	The Loan is available for drawing by the Borrower in unlimited number of instalments in the period form
1 October 2021 until 31 March 2022.

 

		4.2	The Lender shall pay to the Borrower in immediately available cleared funds during the Drawdown Period,
to or for the account of the Borrower as per request of the Borrower, following total receipt of the Drawdown Notice on 1 April 2022.

 

		4.3	Delivery of the Drawdown Notice shall constitute a representation and warranty by the Borrower that on
the date of the Drawdown Notice and the proposed Drawdown Date, the Warranties are correct and that no Event of Default or Potential Event
of Default is continuing or would result from the proposed Loan.

 

		4.4	The Drawdown Notice cannot be revoked without the written consent of the Lender.

 

		4.5	Any payment which is due to be made on a day which is not a Business Day shall be made on the next Business
Day.

 

    
		Long Form Loan Agreement - Unsecured	3

     

    

 

		5.	Interest

 

		5.1	The Loan shall bear interest at an annual rate of 1 percent.

 

		5.2	Interest will be calculated annually on the balance outstanding from the Commencement Date until the Final
Repayment Date, and will be charged to the Borrower on each Interest Payment Date.

 

		5.3	In case the Loan repaid in full before the Drawdown Period ends, there will be no interest charged to
the Borrower.

 

		5.4	In the event of a default in payment the aforesaid interest rate shall apply to the total of principal
and interest due at the time of default.

 

		6.	Repayments

 

		6.1	The Borrower shall repay the Loan in full by way of a single or multiple repayments before or on the Final
Repayment Date.

 

		7.	Re-borrowing

 

The Borrower
may not re-borrow any part of the Loan which has been repaid.

 

		8.	Payments

 

All payments made
by the Borrower to the Lender under this agreement shall be made in full and paid on the due date for that payment in US dollars and in
immediately cleared funds to the account of the Lender IBAN: NL72 INGB 0006 7128 70

 

Or any other
account as the Lender may notify the Borrower.

 

		9.	Value Added Tax

 

All consideration
expressed to be payable under a Finance Document by the Borrower to the Lender shall be deemed to be exclusive of any VAT.

 

		10.	Representations and Warranties

 

The Borrower
represents and warrants as follows:

 

		10.1	The Borrower has the power to use its assets and carry on its business as it is being conducted, and to
execute, deliver and perform its obligations under the Finance Documents and the transactions contemplated by them.

 

		10.2	The Borrower has taken all necessary action and obtained all required or desirable consents to enable
it to execute, deliver and perform its obligations under this agreement and to make this agreement admissible in evidence in its jurisdiction
of incorporation. Any such authorisations are in full force and effect.

 

		10.3	The information, in written or electronic format, supplied by the Borrower to the Lender in connection
with the Facility and this agreement was, at the time it was supplied, to the best of the Borrower’s knowledge:

 

		10.3.1	complete, true and accurate in all material respects at the time it was supplied; and

 

		10.3.2	not misleading in any material respect, nor rendered misleading by a failure to disclose other information,

 

except to the extent
that it was amended, superseded or updated by more recent information supplied by the Borrower to the Lender.

 

    
		Long Form Loan Agreement - Unsecured	4

     

    

 

		10.4	Each set of financial statements delivered to the Lender by the Borrower were prepared in accordance with
consistently applied accounting principles, standards and practices generally accepted in its jurisdiction of incorporation, and present
the Borrower’s financial condition and operations during the relevant accounting period fairly and accurately.

 

		10.5	No litigation, arbitration or administrative proceedings are taking place, pending or, to the Borrower’s
knowledge, threatened against it or any of its assets.

 

		10.6	No Event of Default has occurred, is continuing or will occur when an Advance is made.

 

		10.7	There has been no material adverse change in the business or financial condition of the Borrower since
the date of this agreement.

 

		11.	Covenants

 

The Borrower
covenants with the Lender as follows:

 

		11.1	The Borrower shall not sell, lease, transfer or otherwise dispose of any of its assets other than:

 

		11.1.1	trading stock in the ordinary course of business;

 

		11.1.2	assets whose market value is worth less than USD100,000.

 

		11.2	The Borrower shall notify the Lender of any Potential Event of Default or Event of Default (and the steps
being taken, if any, to remedy it) promptly on becoming aware of its occurrence.

 

		11.3	The Borrower shall supply to the Lender its financial statements for the financial year.

 

		11.4	The Borrower shall supply to the Lender:

 

		11.4.1	details of any litigation, arbitration or administrative proceedings which are current, threatened or
pending against the Lender as soon as it becomes aware of them.

 

		11.4.2	any further information about the financial condition, business and operations of the Borrower that the
Lender may reasonably request.

 

		12.	Events of Default

 

The Loan plus accrued
interest shall (subject to the service of notice from the Lender to the Borrower) become immediately due and payable by the Borrower,
in so far as remaining unpaid, if an Event of Default occurs.

 

Each of the
events or circumstances set out below is an Event of Default.

 

		12.1	The Borrower fails to pay any sum payable by it under the Finance Documents when due, unless its failure
to pay is caused solely by an administrative error or technical problem and payment is made within 30 Business Days of its due date.

 

		12.2	The Borrower fails (other than a failure to pay) to comply with any provision of the Finance Documents
and (if the Lender considers, acting reasonably, that the default is capable of remedy) such default is not remedied within 30 days of:-

 

		12.2.1	the Borrower becoming aware of the default; or

 

		12.2.2	the Lender notifying the Borrower of the default and the remedy required,

 

Whichever is the
earliest.

 

    
		Long Form Loan Agreement - Unsecured	5

     

    

 

		12.3	Any representation, warranty or statement made, repeated or deemed made by the Borrower in, or pursuant
to, the Finance Documents is (or proves to have been) incomplete, untrue, incorrect or misleading when made, repeated or deemed made.

 

		12.4	Any indebtedness of the Borrower is not paid when due; or

 

		12.4.1	any indebtedness becomes due, or capable of being declared due, prior to its stated maturity by reason
of default; or

 

		12.4.2	any expropriation, attachment, sequestration, distress, execution or enforcement of Security affects any
of the Borrower’s assets.

 

		12.5	An event or circumstance referred to in Clause 12.4 shall not constitute an Event of Default if the aggregate
amount of the indebtedness is less than USD 1,000.

 

		12.6	Any action, proceedings, procedure or step is taken in relation to:

 

		12.6.1	the suspension of payments, winding up, dissolution, administration or reorganisation (by way of voluntary
arrangement, scheme of arrangement or otherwise) of the Borrower; or

 

		12.6.2	the appointment of a liquidator, receiver, administrator, compulsory manager or other similar officer
in respect of the Borrower or any of its assets.

 

		12.7	Any Security on or over the assets of the Borrower becomes enforceable and is not discharged within 30
days of enforcement commencing.

 

		12.8	Where any event occurs (or circumstances exist) which, in the reasonable opinion of the Lender, is likely
to materially and adversely affect the ability of the Borrower to perform all or any of its obligations under, or otherwise comply with,
the terms of the Finance Documents or any of them.

 

		13.	Assignment and Transfer

 

		13.1	The Lender may assign any of its rights, or transfer any of its rights or obligations by novation.

 

		13.2	The Borrower may not assign any of its rights or obligations under the Finance Documents.

 

		14.	Set-Off

 

		14.1	The Lender may set off any amounts owing under this agreement against any sums owing the Lender to the
Borrower.

 

		14.2	The Lender shall not be obliged to exercise any rights given to it under this clause.

 

		15.	Remedies, Waivers, Amendments and Consents

 

		15.1	Any amendment to this agreement shall be in writing and signed by or on behalf of each party.

 

		15.2	Any waiver of any right or consent given under this agreement is only effective if it is in writing and
signed by the waiving and consenting party, and applies only in the circumstances for which it is given.

 

		15.3	No delay or failure to exercise any right under this agreement shall operate as a waiver of that right.

 

    
		Long Form Loan Agreement - Unsecured	6

     

    

 

		15.4	No single or partial exercise of any right under this agreement shall prevent any further exercise of
the same or any other right under this agreement.

 

		15.5	Rights and remedies under this agreement are cumulative and not exclusive of any other rights or remedies
provided by law or otherwise.

 

		16.	Severance

 

If any provision
of this agreement is held by any competent authority to be invalid or unenforceable in whole or in part, the validity of the other provisions
of this document and the remainder of the provision in question shall not be affected thereby.

 

		17.	Third Party Rights

 

A person who is
not a party to this agreement shall have no rights under this agreement pursuant to the Contracts (Rights of Third Parties) Act 1999.

 

		18.	Communications

 

		18.1	All communications between the parties about the loan shall be in writing and delivered by hand or sent
by pre-paid first class post or sent by fax or e-mail:

 

		18.1.1	(in the case of communications to the Lender) to its registered office or such changed address as shall
be notified to the Borrower by the Lender; or

 

		18.1.2	(in the case of the communications to the Borrower) to the registered office of the addressee (if it is
a company) or (in any other case) to any address of the Borrower set out in any document which forms part of the contract or such other
address as shall be notified to the Lender by the Borrower.

 

		18.2	Communications shall be deemed to have been received:

 

		18.2.1	if sent by pre-paid first class post, two Business Days after posting (exclusive of the day of posting);
or

 

		18.2.2	if delivered by hand, on the day of delivery; or

 

		18.2.3	if sent by fax or e-mail on a Business Day prior to 4.00 pm, at the time of transmission and otherwise
on the next Business Day.

 

		18.3	Communications addressed to the Lender shall be marked for the attention of Charles Ratelband.

 

		19.	Governing Law and Jurisdiction

 

This Deed shall
be governed by, construed and enforced in accordance with the law of England and Wales to the jurisdiction of which the parties hereto
submit.

 

IN WITNESS OF WHICH the parties have signed
this agreement the day and year first above written.

 

	/s/ Per Regnarsson	 	/s/ Charles Ratelband
	Signed by Per Regnarsson	 	Signed by Charles Ratelband for and on behalf of
    the Lender
	Re for and on behalf of the Borrower ClimateRock	 	
    

    Eternal BV

    

 

    
		Long Form Loan Agreement - Unsecured	7

     

    

 

SCHEDULE 1

 

Drawdown Notice

 

To: Eternal BV, The Lender

 

From: ClimateRock, The Borrower

 

Date:1 April 2022

 

Re: Loan Agreement dated 1 October 2021 made
between the Lender and the Borrower for an amount of up to USD 500,000.

 

We refer to the Loan Agreement. Terms defined
in the Loan Agreement shall have their defined meanings when used in this Drawdown Notice.

 

We confirm the total drawdown the Loan as follows:

 

Amount: ______________

 

Drawdown Period: 1 October 2021 – 31
March 2022

 

We represent and warrant that the Warranties as
set out in the Loan Agreement are true and correct in all material respects as at the date of this notice and will be true and correct
in all material respects immediately.

 

We confirm that no Event of Default or Potential
Event of Default has occurred as at the date of this notice.

 

We acknowledge that this Drawdown Notice cannot
be revoked without the written consent of the Lender.

 

	/s/ Per Regnarsson	 	/s/ Charles Ratelband
	Signed by Per Regnarsson	 	Signed by Charles Ratelband for and on behalf of
    the Lender
	Re for and on behalf of the Borrower ClimateRock	 	
    

    Eternal BV

 

 

		Long Form Loan Agreement - Unsecured	8

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