Document:

Exhibit 10.2

 

STOCK OPTION EXERCISE AGREEMENT

 

This Stock Option Exercise
Agreement (the “Exercise Agreement”) is made and entered on this 30th day of August, 2021 by and between Michael
Stephen Greenacre, Nicholas Aaron Gregory, Jamal Khurshid, Travers David Lee, Azam Shah, Craig Iain Vallis, Bertram Bartholomew Worsley,
and Oliver James Worsley, each, an individual (individually hereinafter “Seller”, and collectively the “Sellers”)
and Nukkleus, Inc., a Delaware corporation (the “Buyer” or “Nukk”).
The Sellers and Buyer may be hereinafter referred to individually as a “Party” or collectively as the “Parties”.
Capitalized terms not defined herein shall have the meanings ascribed to them in the Parties’ Purchase and Sale Agreement, which
was duly executed on May 24, 2021 (“Purchase and Sale Agreement”).

 

	Total Option Shares Being Purchased:	 	493 ordinary shares of £1.00 each in the capital of the Target, being 30% of the Sale Shares
	 	 	 
	Exercise Price:	 	30,000,000 shares of Nukk’s Common Stock
	 	 	 
	Target (“Company”):	 	Match Financial Limited
	 	 	 
	Buyer’s interest in the Target 	 	 
	 	 	 
	post-Option Completion:	 	100%

 

1. Exercise of Option.

 

1.1. Exercise. Pursuant
to exercise of that certain option (the “Option”) granted to Buyer under the Purchase and Sale Agreement and
subject to the terms and conditions of this Exercise Agreement, Buyer hereby exercises the Option and agrees to purchase from the Sellers,
and the Sellers hereby agree to sell to the Buyer, the Total Number of Shares set forth above (the “Shares”)
of the Company’s stock at the Exercise Price set forth above (the “Exercise Price”). As used in this Exercise
Agreement, the term “Shares” refers to the Shares purchased under this Exercise Agreement.

 

1.2. Title to Shares.
Buyer will take title to the Shares as Nukkleus, Inc. Upon the Option Completion Date, Buyer shall be the sole owner of the Target,
and shall own all of the Sale Shares, as shown on Schedule 4 to the Purchase and Sale Agreement. Such Sale Shares will be duly authorized,
feely transferrable, validly issued, fully paid and non-assessable and not subject to any preemptive rights or conditions.

 

1.3. Payment for Exercise
of Option. Buyer will issue to the Sellers an aggregate of 30,000,000 shares of Common Stock in the Buyer on the Option Completion
Date. The shares will be issued in book entry by Buyer’s transfer agent and will contain the standard restrictive legend as required
under the Securities Act of 1933, as amended. Buyer covenants with the Sellers that such shares will be duly authorized, validly issued,
fully paid and non-assessable and not subject to any preemptive rights.

 

    1

     

    

 

2. Delivery.

 

2.1. Deliveries by Buyer.
Buyer hereby delivers to the Sellers (a) this Exercise Agreement, (b) the Exercise Price; and (c) the shares in accordance with the procedures
set forth in Section 1.3 above.

 

2.2. Deliveries by the Sellers.
Upon its receipt of the Exercise Price and all documents to be executed and delivered by Buyer to the Sellers under Section 2.1 hereof,
the Sellers will effectuate the transfer of the Shares to the Buyer by recording such transfer of the Shares in the name of the Buyer.
Sellers shall provide evidence of such book transfer to the Buyer.

 

2.3. Option Completion Date. The Option
Completion shall take place on August 30, 2021 (the “Option Completion Date”).

 

3. Representations
and Warranties of Sellers. Sellers represent and warrant the following:

 

3.1. Representations
and Warranties of Purchase and Sale Agreement. Each representation and warranty of Sellers hereunder and under the Purchase and Sale
Agreement shall be true and correct in all material respects and as of the Option Completion Date, and Sellers shall have delivered to
Buyer an Officer’s Certificate to that effect.

 

3.2. Agreement to Terms. Sellers have received
a copy of the Purchase and Sale Agreement and have read and understood the terms of the Purchase and Sale Agreement and this Exercise
Agreement, and agree to be bound by their terms and conditions.

 

4. Compliance with Securities Laws.
Buyer understands and acknowledges that, notwithstanding any other provision of the Purchase and Sale Agreement to the contrary, the exercise
of any rights to purchase any Shares is expressly conditioned upon Sellers’ continued compliance with all applicable laws, including
but not limited to, securities laws. Sellers agree to cooperate with the Company and the Buyer to ensure the Company’s compliance
with such laws.

 

5.  Rights as
a Stockholder. Subject to the terms and conditions of this Exercise Agreement, Buyer will have unlimited rights as the sole stockholder
of the Company with respect to the Sale Shares from and after the date that Buyer acquires all of the Sale Shares as of the Option Completion
Date and until such time as Buyer disposes of the Sale Shares.

 

6.  Taxes. Sellers
represent that all tax documentation required to be filed by the Target for Buyer’s full acquisition of the Company pursuant to
this Exercise Agreement has been, or will be, timely filed. Such tax documents are, or will be, true, complete and correct in all respects.
Sellers further represent that all taxes due and owing by the Target to the United Kingdom or any other governmental or other authority
whatsoever competent to impose any taxation, whether in the United Kingdom or elsewhere (whether or not shown on any tax documentation)
have been, or will be, timely paid by the Option Completion Date.

 

7. Tax Consequences. SELLERS UNDERSTAND
THAT SELLERS MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF SELLERS’ DISPOSITION OF THE SHARES. SELLERS REPRESENT: (a) THAT
SELLERS HAVE CONSULTED WITH ANY TAX ADVISOR THAT SELELRS DEEMS ADVISABLE IN CONNECTION WITH THE DISPOSITION OF THE SHARES; AND (b) SELLERS
ARE NOT RELYING ON THE BUYER OR THE COMPANY FOR ANY TAX ADVICE. IN ADDITION TO THE FOREGOING, THE COMPANY SHALL HAVE NO LIABILITY TO SELLERS
IN CONNECTION WITH THIS AGREEMENT OR THE PURCHASE AND SALE AGREEMENT.

 

    2

     

    

 

8.  Compliance with
Laws and Regulations. The issuance and transfer of the Shares will be subject to and conditioned upon compliance by the Company and
Sellers with all applicable laws of the United Kingdom through the Option Completion Date.

 

9.  Stockholders’
Agreement; Governance. As a condition to the issuance of the Shares pursuant to this Exercise Agreement, upon Option Completion,
Buyer shall have full and unlimited authority over the affairs of the Company, including, but not limited to, the power to amend the Company’s
Stockholders’ Agreement and any other documents of the Company, which, among other matters, provide for certain rights and obligations
of the Stockholders of the Company or the governance of the Company according to the terms of such agreement then in effect and as from
time to time may be amended on or after the Option Completion Date.   

 

10. Successors
and Assigns. Buyer may assign any of its rights under this Exercise Agreement. This Exercise Agreement shall be binding upon and inure
to the benefit of the successors and assigns of the Buyer. This Exercise Agreement will be binding upon Buyer and Buyer’s heirs,
executors, administrators, legal representatives, successors and assigns.

 

11. Governing
Law; Jurisdiction; Severability. This Exercise Agreement and any dispute or claim arising out of or in connection with it or its subject
matter or formation, shall be governed by and construed in accordance with the law of England and Wales. Each Party agrees that the courts
of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Exercise
Agreement or its subject matter or formation.

 

12.  Waiver.  The
Sellers unconditionally and irrevocably waive with effect from completion of the Option Completion Date, all and any rights and claims
that it may have against the Company or any of its respective employees, directors, agents, or officers, and further undertake to the
Buyer, the Company and each of the employees, directors, agents or officers not to make any such claims in the future.

 

13. Further Instruments. The Sellers agree
to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent
of this Exercise Agreement.

 

14. Headings.
The captions and headings of this Exercise Agreement are included for ease of reference only and will be disregarded in interpreting or
construing this Exercise Agreement.

 

15. Entire Agreement.
The Purchase and Sale Agreement and this Exercise Agreement, together with all Exhibits thereto, constitute the entire agreement and understanding
of the Parties with respect to the subject matter of this Exercise Agreement, and supersede all prior understandings and agreements, whether
oral or written, between the Parties hereto with respect to the specific subject matter hereof. If there is any inconsistency between
the terms of this Exercise Agreement and the terms of the Purchase and Sale Agreement, the terms of the Purchase and Sale Agreement shall
govern and control. In the event that this Exercise Agreement is silent as to any terms that may be applicable to the transaction contemplated
hereby, the terms of the Purchase and Sale Agreement shall apply. No provision of this agreement shall be construed to relieve Sellers
of any of the obligations set forth in the Purchase and Sale Agreement.

 

16. Counterparts. This Exercise Agreement
may be executed in any number of counterparts, each of which when executed shall constitute a duplicate original, but all the counterparts
shall together constitute the one agreement.

 

17. Other Obligations. Sellers shall comply
with all obligations set forth in Schedule 3 of the Purchase and Sale Agreement with respect to the Option Completion contemplated hereby.

 

IN WITNESS
WHEREOF, the Parties hereto have caused this agreement to be duly executed as of the day and year first above written. 

 

[SIGNATURES ON FOLLOWING PAGE]

 

    3

     

    

 

EXECUTION PAGE

 

	Signed by	/s/ Emil Assentato 
	 	 
	Name:	Emil Assentato, on behalf of Nukkleus, Inc.
	 	 
	Date:	
	 	 
	Signed by	/s/ Michael Stephen Greenacre
	 	 
	Name:	Michael Stephen Greenacre 
	 	 
	Date:	August 27, 2021
	 	 
	Signed by	/s/ Nicholas Aaron Gregory
	 	 
	Name:	Nicholas Aaron Gregory 
	 	 
	Date:	August 28, 2021
	 	 
	Signed by	/s/ Jamal Khurshid
	 	 
	Name:	Jamal Khurshid 
	 	 
	Date:	August 27, 2021
	 	 
	Signed by	/s/ Travers David Lee
	 	 
	Name:	Travers David Lee 
	 	 
	Date:	August 27, 2021
	 	 
	Signed by	/s/ Azam Shah
	 	 
	Name:	Azam Shah  
	 	 
	Date:	 
	 	 
	Signed by	/s/ Craig Iain Vallis
	 	 
	Name:	Craig Iain Vallis 
	 	 
	Date:	August 27, 2021
	 	 
	Signed by	/s/ Bertram Bartholomew Worsley
	 	 
	Name:	Bertram Bartholomew Worsley 
	 	 
	Date:	August 28, 2021
	 	 
	Signed by	/s/ Oliver James Worsley
	 	 
	Name:	Oliver James Worsley 
	 	 
	Date:	August 27, 2021

 

4EX-10.1

 Exhibit 10.1 
  

			
	

	  	Dril-Quip, Inc. · 6401 North Eldridge Pkwy, Houston, Texas · 77041-3505 · Tel
713-939-7711

 September 1, 2021 
 Blake
T. DeBerry 
  

	 	Re:	 Separation Agreement and Release 

Dear Blake: 
 This letter agreement (this
“Agreement”) confirms the terms and conditions concerning your termination of employment with the Company effective as of the close of business on December 31, 2021 (the “Separation Date”). For
purposes of this Agreement, the “Company” means Dril-Quip, Inc. and any affiliate thereof, as well as their respective successors and assigns. You and the Company are sometimes referred to as the parties in this Agreement.
For purposes of this Agreement, the parties agree that your termination of employment is a termination of employment by the Company without Cause as described in Section 5(c) of the Employment Agreement between you and the Company dated
December 8, 2011 (the “Employment Agreement”) and that this Agreement is the written Notice of Termination of your employment for purposes of the Employment Agreement. Capitalized terms not defined in this Agreement
shall have the meaning given in the Employment Agreement. 
 Your acceptance of this Agreement must be indicated by signing on the last page
of this Agreement. If accepted, this Agreement must be returned to James Webster, the Company’s Vice President, General Counsel and Corporate Secretary, by close of business on September 22, 2021. 

Resignation from Officer and Director Positions 

Effective as of the Separation Date, you will cease to be an officer and employee of the Company and you agree to take any and all actions
necessary to resign from all officer and director positions you hold with the Company. 
 Transition Services 

From January 1, 2022 through December 31, 2023, you will make yourself available to provide the Company limited transitional,
consulting and litigation support (the “Transition Services”) as reasonably requested by the Board of Directors of the Company (the “Board”) or the Chief Executive Officer of the Company. As
consideration for the Transition Services, the Company will pay you an hourly fee of $325 (the “Consulting Fee”). You will render the Transition Services as an independent contractor and will be entitled to accept other
employment and pursue other activities and interests, so long as such employment, activities and interests do not otherwise breach your covenants and obligations under this Agreement or the Employment Agreement. Neither federal, state, or local
income tax nor social security tax nor payroll tax of any kind will be withheld by the Company from the Consulting Fee and you will be solely responsible to pay, according to applicable law, any taxes owed in connection with the Consulting Fee. 

 Blake T. DeBerry 

September 1, 2021 
 Page 2 

 

 Accrued Obligations 

Regardless of whether you agree to the terms of this Agreement, you will receive the following pay and benefits in connection with your
separation: The Company will pay you a lump-sum cash payment in an amount equal to the total of your (i) Base Salary earned through the Separation Date and (ii) accrued, but unpaid vacation time or paid-time-off (PTO), in each case to the extent not previously paid. This amount will be paid on or before the tenth (10th) Business Day following the Separation Date. 

As provided in the Company’s benefit plan documents, and except as provided in this Agreement, all of your employee benefit coverage,
including short and long-term disability benefits, life insurance, and your participation in the 401(k) plan, if any, shall terminate on the Separation Date. 

You will be reimbursed according to the Company’s reimbursement policies for any outstanding business expenses incurred up to and
including the Separation Date, provided such expenses are timely submitted as required under the Company’s reimbursement policies. 
 Separation
Pay and Benefits 
 In return for your timely execution and return of this Agreement, which contains a release of all claims,
provided that you do not later revoke your agreement as described below, you will receive the following additional benefits (the “Separation Benefits”). 

Severance Payment 
 The
Company will pay you a lump-sum cash payment in the amount of $1,360,000, which is equal to two (2) times your Base Salary in effect as of the Separation Date. This amount will be paid to you on the
Separation Date. 
 Continued Medical, Dental and Life Insurance at Company’s Cost 

You will continue to receive, at the Company’s cost, medical, dental and life insurance coverage for yourself and your covered dependents
(the “Continued Medical/Life Benefits”) following the Separation Date until the earlier of (i) your receipt of equivalent coverage and benefits under the plans and programs of a subsequent employer (with such coverage
and benefits determined on a coverage-by-coverage or benefit-by-benefit basis) or (ii) 3
years after the Separation Date. The premiums paid on your behalf for the Continued Medical/Life Benefits will be reported as imputed income on a Form W-2. 

Notwithstanding the foregoing, if you or your covered dependents are precluded from continuing participation in any benefit plan or program as
provided above, the Company will pay you the after-tax economic equivalent of the benefits provided under the plan or program in which you or they are unable to participate for the period described above, with
such economic equivalent determined based on the lowest cost that would be incurred by you in obtaining such benefit yourself on an individual basis. 

The medical and dental benefits provided under the paragraph above are treated as your COBRA coverage and accordingly your COBRA continuation
period will begin on the Separation 

 Blake T. DeBerry 

September 1, 2021 
 Page 3 

 

 
Date. Except for the Continued Medical/Life Benefits, coverage under all other Company welfare benefits will cease on the Separation Date. At the end of the period described in the paragraph
above, to the extent you are eligible for additional COBRA coverage, you and your covered dependents may elect to continue your medical or dental benefits through COBRA, provided it will be your or your covered dependents’ responsibility to pay
the required COBRA premiums in a timely manner. 
 Restricted Stock Awards 

The shares of “Restricted Stock” granted to you under the Company’s 2004 Incentive Plan and 2017 Omnibus Incentive
Plans (together, the “Incentive Plans”) that are unvested immediately prior to the Separation Date will become 100% fully vested on the Separation Date. 

Performance Unit Awards 

The “Performance Units” granted to you under the Incentive Plans that are unvested immediately prior to the Separation
Date will vest on the Separation Date based on the target level of achievement of the applicable Performance Goals (as set forth in the applicable Performance Unit Award Agreement) as if you remained employed through the payment date for such awards
(without any pro-ration). Shares of Company common stock based on number of vested Performance Units will be issued and delivered to you on the Separation Date. 

2021 Annual Bonus 
 You
will receive an annual bonus for 2021 in the amount determined by the Compensation Committee that you would have been paid if you had remained employed with the Company through the payment date. Such 2021 bonus will be paid to you in accordance with
the Company’s normal bonus pay practices, and in all events by March 15, 2022. 
 You acknowledge and agree that the Separation
Benefits are more than you are otherwise entitled to receive pursuant to the Employment Agreement, the Incentive Plan or any other Company plan or program. You are not entitled to and will not receive any further payments, compensation or benefits
under the Employment Agreement, the Incentive Plan or any other Company plan or program after the Separation Date that are in addition to the payments or benefits described in this Agreement. 

Continuing Obligations; Non-Competition, Non-Solicitation And
Confidentiality 
 You expressly affirm and acknowledge your continuing obligations under the Employment Agreement to maintain the
confidentiality of the Company’s confidential information, among other things, and that you are subject to, and will comply with, the non-competition and
non-solicitation obligations under the Employment Agreement. Further, you recognize and affirm that all of these obligations expressly survive the Separation Date and the termination of your employment with
the Company. Notwithstanding the foregoing, you expressly affirm and agree that in consideration of the Separation Benefits, the Prohibited Period (as defined in the Employment Agreement) is hereby increased from the period during which you are
employed by the Company and the period of 12 months following the Separation Date to the period during which you are employed by the Company and the period of 36 months following the Separation Date. 

 Blake T. DeBerry 

September 1, 2021 
 Page 4 

 

 Return of Company Property 

You agree as follows: 
  

	 	•	 	 On or prior to the Separation Date, you will return all Company property in your possession, custody, or control,
including all equipment such as your Company-issued laptop, documents and things, issued to you, except that you may keep your cellular phone and phone number. 

 

	 	•	 	 On or prior to the Separation Date, you will return, if in your possession, any Company property, documents,
files or other paper or electronic media pertinent to the Company’s business. You should keep your personal pay records and tax documents. 

  

	 	•	 	 On or prior to the Separation Date, you will search for and delete all Company information, including all secret,
confidential or proprietary information, that may exist on your personal electronic devices such as a smartphone, laptop, tablet, personal computer, flash drive, or any other electronic storage device, other than the payroll information provided to
you that you may need to file your tax returns or keep your financial records. 

  

	 	•	 	 You have not and will not remove from the Company’s premises any Company property, documents, files or other
paper or electronic media pertinent to the Company’s business. 

 Non-Disparagement

 You have not and will not, orally, online, or in writing, make any disparaging or defamatory statements about or referring to the
Company, or its officers, directors, employees, other personnel or services. You will not directly refer to the Company or its principals or services in any press release, advertisement, public social media posting, or similar communication directed
to the public or the Company’s current or prospective customers without the Company’s prior written consent. 
 The Company agrees
to instruct its officers and directors not to make any disparaging or defamatory statements about you. 
 Release of Claims 

The payments and promises to set forth in this Agreement are in full satisfaction of all accrued salary, vacation pay, termination benefits,
bonuses, equity compensation, or other compensation to which you may be entitled by virtue of your employment with the Company or your separation from the Company. You release and forever discharge the Company and its officers, directors, employees
and agents from any and all complaints, liabilities, claims, promises, agreements, controversies, damages, causes of action, suits or expenses of any nature whatsoever, known or unknown, which you now have or own or claim to have or own against the
Company including, without limitation, claims under any employment laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of public policy,
defamation, physical injury, emotional distress, claims for additional compensation or benefits arising out of your employment or your separation 

 Blake T. DeBerry 

September 1, 2021 
 Page 5 

 

 
of employment. This release applies to all claims or causes of action including, but not limited to, claims arising under the common law of the State of Texas or any state or federal statute such
as Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 1981, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, the Family and Medical Leave Act, the Worker Adjustment and Retraining Notification Act, the
Genetic Information Non-Discrimination Act, the Texas Labor Code, or the Employee Retirement Income Security Act of 1974, all as amended, and any other laws and/or regulations relating to employment or
employment discrimination, including, without limitation, claims based on age or under the Age Discrimination in Employment Act or Older Workers Benefit Protection Act, each as amended. 

Notwithstanding the foregoing, this release, however, does not waive any rights or claims that may arise after the date you sign this
Agreement or any rights to indemnification or directors and officer’s liability insurance to which you may be entitled for actions during your period of employment. You also agree not to sue or join in any suit against the Company for any claim
relating to or arising out of your employment or your separation from employment with the Company, provided, however, that nothing will preclude you from (i) bringing a lawsuit or proceeding against the Company to enforce the
Company’s obligations under this Agreement or to challenge the enforceability of the release under the Older Worker Benefit Protection Act, (ii) filing a charge or complaint with, providing information to, or testifying or otherwise
assisting in any investigation or proceeding brought by any state, federal or local regulatory or law enforcement agency or legislative body, or (iii) filing any claims that are not permitted to be waived or released under applicable law.
However, you waive your right to receive any relief (legal or equitable) directly from the Company based on any charge, complaint, or lawsuit against the Company filed by you or anyone else on your behalf other than for a breach of the
Company’s obligations under this Agreement. 
 You further acknowledge and agree that nothing in this Agreement prohibits you from
reporting to any governmental authority information concerning possible violations of law or regulation and that you shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of trade secret
information in confidence to a government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, and you may use such information in certain court proceedings provided you submit it under seal
and consistent with 18 U.S.C. 1833. Nothing contained in this Agreement prohibits you from voluntarily or anonymously contacting governmental authorities regarding possible violations of law or from recovering a whistleblower award. You will retain
all rights and consideration provided in this Agreement regardless of whether you communicate with any governmental authorities, or if you receive a whistleblower award. 

By signing this Agreement, you acknowledge and agree that you are receiving the Separation Benefits in consideration for waiving your rights
to claims referred to in this Agreement and that, except for the amounts described herein, you are not entitled to any other payments, compensation or benefits in respect of your employment with, or separation or termination from, the Company. 

Neutral Reference 
 The Company
agrees that it will provide you with a neutral employment reference pursuant to Company policy, which includes dates of employment and positions held, and, with your permission, confirmation of salary information. 

 Blake T. DeBerry 

September 1, 2021 
 Page 6 

 

 Severability 

If any provision of this Agreement is held to be invalid or unenforceable, (i) this Agreement shall be considered divisible,
(ii) such provision shall be deemed inoperative to the extent it is deemed invalid or unenforceable, and (iii) in all other respects this Agreement shall remain in full force and effect; provided, however, that if any such provision may be
made valid or enforceable by limitation thereof, then such provision shall be deemed to be so limited and shall be valid and/or enforceable to the maximum extent permitted by applicable law. 

Consideration Period 
 You
acknowledge and understand that you have twenty-one (21) days after you receive this Agreement to decide whether to sign this Agreement and be bound by its terms. You may take as much or as little of the twenty-one (21) day period to consider this Agreement as you wish. You have the right to discuss any aspect of this matter with an attorney of your choosing, and the Company recommends that you take advantage
of this consideration period and consult with an attorney before executing this Agreement. In addition, during this period, please feel free to contact me to ask any questions regarding this Agreement. By executing this Agreement, you will be
acknowledging that you considered its terms for twenty-one (21) days or waived your right to do so, and were advised in writing to seek legal counsel. 

Revocation Period 
 In the event
you agree to its terms and execute this Agreement, you may nevertheless revoke it within seven (7) days thereafter. Thus, if you subsequently change your mind, you have the option and right to revoke this Agreement, but you must do so within
seven (7) days after signing it by providing written notification via overnight mail or U.S. Mail at the address listed on the letterhead above to the attention of James Webster or by email to james_webster@dril-quip.com. This Agreement will
not become effective until the seven (7) day revocation period has expired. Of course, if this Agreement is revoked, you will not receive the Separation Benefits. If you do not revoke the Agreement within this time frame, it will become
effective and both you and the Company will be bound by its terms. 
 Governing Law and Venue 

This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Texas, without regard to the
principles of conflicts of laws thereof. Venue for any action or proceeding relating to this Agreement and/or the employment relationship hereunder shall lie exclusively in courts in Harris County, Texas. 

Withholding; Taxes 
 The Company
may withhold from any amounts payable (including the vesting of stock awards) under this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. You acknowledge and
agree that you are fully responsible for any taxes resulting from amounts payable under this Agreement and will not receive any tax gross-ups or similar payments from the Company. 

 Blake T. DeBerry 

September 1, 2021 
 Page 7 

 

 Compliance with Section 409A 

The Company intends that the payment and benefits under this Agreement shall be exempt from or comply with Section 409A of the Internal
Revenue Code (“Section 409A”) and this Agreement shall be interpreted, operated and administered accordingly. To the extent that the reimbursements or other
in-kind benefits hereunder are “nonqualified deferred compensation” for purposes of Section 409A, (a) all such expenses or other reimbursements shall be made on or prior to the last day of
the taxable year following the taxable year in which such expenses were incurred by you, (b) any right to reimbursements or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, and (c) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 
 Entire Agreement 

This Agreement constitutes the entire agreement between the parties hereto concerning the subject matter hereof, and from and after the date of
this Agreement, this Agreement shall supersede any other prior agreement or understanding, both written and oral, between the parties with respect to such subject matter. 

Acknowledgment and Acceptance of Agreement 

By signing this Agreement in the space provided below, you acknowledge that you have carefully read and fully understand all of the provisions
of this Agreement, that you have accepted its terms and that you are voluntarily entering into this Agreement without any undue influence or coercion from the Company. You have the right to discuss any aspect of this matter with an attorney of your
choosing, and the Company recommends that you take advantage of this time to consider this Agreement and consult with an attorney before executing this Agreement. In addition, please feel free to contact me to ask any questions regarding the
Agreement. 
  

	
	Sincerely,
	
	 /s/ John V. Lovoi

	John V. Lovoi
	Chairman of the Board of Directors

 AGREED AND ACCEPTED: 
  

							
	        September 1, 2021            	 		 	                            	 	 /s/ Blake T. DeBerry

	Date	 		 		 	Blake T. DeBerry

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