Document:

EXHIBIT
10.3

 

SOC TELEMED, INC.

 

1768 Business Center Drive, Suite 100, Reston,
Virginia 20190

 

December 20, 2021

 

David Mikula

 

		Re:	EMPLOYMENT AGREEMENT

 

Dear David:

 

This Employment Agreement
(the “Agreement”) between you (referred to hereinafter as “Executive” or “you”)
and SOC Telemed, Inc., a Delaware corporation (the “Company”), sets forth the terms and conditions that shall
govern the period of Executive’s employment with the Company and its affiliates (referred to hereinafter as “Employment”)
effective as of November 1, 2021 (the “Effective Date”).

 

1. Duties
and Scope of Employment.

 

(a) Term.
Executive’s full-time Employment shall commence for an initial term effective as of the Effective Date and continuing for a three
(3)-year period (the “Initial Term”), unless sooner terminated in accordance with the provisions of Section
6; with such employment to automatically continue following the Initial Term for additional one (1)-year periods in accordance with the
terms of this Agreement (subject to termination as aforesaid) unless either party notifies the other party in writing of its intention
not to renew this Agreement at least 60 days prior to the expiration of the Initial Term or any applicable extension period of employment
hereunder (the Initial Term, together with any such extension period of employment hereunder, shall hereinafter be referred to as the
“Employment Period”).

 

(b) Position
and Responsibilities. During the Employment Period, the Company agrees to employ Executive in the position of Chief Operating
Officer. Executive will report to the Company’s Chief Executive Officer (Executive’s “Supervisor”),
and Executive will work out of the Company’s office in Texas. Executive will perform the duties and have the responsibilities and
authority customarily performed and held by an employee in Executive’s position or as otherwise may be assigned or delegated to
Executive by Executive’s Supervisor consistent with Executive’s position.

 

(c) Obligations
to the Company. During the Employment Period, Executive shall perform Executive’s duties faithfully and to the best of Executive’s
ability and will devote Executive’s full business efforts and time to the Company. During
the Employment Period, without the prior written approval of the Chief Executive Officer of the Company, Executive shall not render services
in any capacity to any other Person and shall not act as a sole proprietor or partner of any other Person or own more than ten percent
(10%) of the stock of any other corporation. Notwithstanding the foregoing, Executive may serve on (1) civic or charitable boards
or committees, deliver lectures, fulfill speaking engagements, teach at educational institutions, or manage personal investments without
advance written consent of the Board, and (2) boards of for-profit companies with the consent of the Board (which consent shall not be
unreasonably withheld); provided that such activities do not individually or in the aggregate interfere with the performance of Executive’s
duties under this Agreement or create a potential business or fiduciary conflict. Executive shall comply with the Company’s written
policies and rules that have been provided or made available to Executive, as they may be in effect from time to time during Executive’s
Employment.

 

     

     

    

 

(d) No
Conflicting Obligations. Executive represents and warrants to the Company that Executive is under no obligations or commitments,
whether contractual or otherwise, that are inconsistent with Executive’s obligations under this Agreement or that would otherwise
prohibit Executive from performing Executive’s duties with the Company. Executive represents and warrants to the Company that prior
to the Effective Date Executive shall have returned all property and confidential information belonging to any prior employer.

 

2. Cash
and Incentive Compensation.

 

(a) Base
Salary. The Company shall pay Executive, as compensation for Executive’s services, a base salary at a gross annual rate
of $390,000 retroactive to September 1, 2021, less all required tax withholdings and other applicable deductions, in accordance
with the Company’s standard payroll procedures. The annual compensation specified in this subsection (a), together with any
modifications in such compensation that the Company may make from time to time, is referred to in this Agreement as the “Base
Salary.” Executive’s Base Salary will be subject to review and adjustments that will be made based upon the Company’s
normal performance review practices. Effective as of the date of any change to Executive’s Base Salary, the Base Salary as so changed
shall be considered the new Base Salary for all purposes of this Agreement.

 

(b) Cash
Incentive Bonus. Executive will be eligible to be considered for an annual cash incentive bonus (the “Cash Bonus”)
each calendar year during the Employment Period based upon the achievement of certain objective and/or individual criteria (collectively,
the “Performance Goals”). In compliance with all relevant legal requirements and based on Executive’s
level within the Company, the Performance Goals for Executive’s Cash Bonus for a particular year will be established by, and in
the discretion of, the Board of Directors of the Company (the “Board”) or the Compensation Committee of the
Board (the “Committee”) reasonably and in good faith. The initial target opportunity for any such Cash Bonus
will be up to 60% of Executive’s Base Salary, retroactive to September 1, 2021 (the “Target Bonus Percentage”),
in each case less all required tax withholdings and other applicable deductions. The determinations of the Board or the Committee, as
applicable, with respect to such Cash Bonus or the Target Bonus Percentage shall be final and binding. Except as provided pursuant to
the Severance and Change in Control Agreement (as defined in Section 5 herein), Executive shall not earn a Cash Bonus unless Executive
is employed by the Company on the date when such Cash Bonus is actually paid by the Company.

 

(c) Equity
Award. As soon as reasonably practicable after the Effective Date, subject to the approval of the Board of Directors (or the appropriate
committee thereof) of the Company, and further subject to Executive’s continued Employment at the date of grant, Executive shall
be granted a restricted stock unit award with respect to 750,000 shares of Class A common stock (the “RSU Award”).
The RSU Award shall vest and become payable as set forth on Schedule A hereto, subject to Executive’s continued Employment
through each such vesting date. The RSU Award will be subject to the terms, definitions and provisions of the Company’s 2020 Equity
Incentive Plan and a restricted stock unit and performance stock unit agreement, which Executive will be required to sign. This RSU Award
is being granted to Executive as Executive’s equity award for both calendar years 2021 and 2022.

 

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3. Employee
Benefits. During the Employment Period, Executive shall be eligible to participate in the employee benefit plans maintained by
the Company and generally available to similarly situated employees of the Company, subject to the generally applicable terms and conditions
of the plan in question and to the determinations of any Person or committee administering such plan. The Company reserves the right to
cancel or change the employee benefit plans, policies and programs it offers to its employees at any time; provided that, notwithstanding
the foregoing, the Severance and Change in Control Agreement (as defined in Section 5 below) may be amended or terminated solely in accordance
with its terms.

 

4. Business
Expenses. The Company will reimburse Executive for necessary and reasonable business expenses incurred in connection with Executive’s
duties hereunder upon presentation of an itemized account and appropriate supporting documentation, all in accordance with the Company’s
generally applicable policies.

 

5. Rights
Upon Termination. Except as may be provided in the Severance and Change in Control Agreement entered into between the parties
of even date herewith in the form of Attachment A hereto and incorporated herein by reference (the “Severance and Change
in Control Agreement”), upon the termination of Executive’s Employment, Executive shall only be entitled to (a) any
accrued but unpaid Base Salary, (b) all other benefits earned, and expenses to be reimbursed, as described in this Agreement or under
any Company-provided plans, policies, and arrangements for the Employment Period, each in accordance with the governing documents and
policies of any such benefits, reimbursements, plans and arrangements, and (c) such other compensation or benefits as may be required
by law (collectively, the “Accrued Benefits”).

 

6. Employment
at Will. Executive’s Employment shall be “at will,” meaning that either Executive or the Company shall be entitled
to terminate Executive’s Employment at any time and for any reason, with or without cause or notice. Any contrary representations
that may have been made to Executive shall be superseded by this Agreement. This Agreement shall constitute the full and complete agreement
between Executive and the Company on the “at-will” nature of Executive’s Employment, which may only be changed in an
express written agreement signed by Executive and a duly authorized officer of the Company.

 

7. Section
409A. To the extent that reimbursements or in-kind benefits under this Agreement constitute non-exempt “nonqualified deferred
compensation” for purposes of Section 409A, (a) all reimbursements hereunder shall be made on or prior to the last day of the calendar
year following the calendar year in which the expense was incurred by Executive, (b) any right to reimbursement or in-kind benefits shall
not be subject to liquidation or exchange for another benefit, and (c) the amount of expenses eligible for reimbursement or in-kind benefits
provided in any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind benefits to be provided,
in any other calendar year. The payments and benefits provided hereunder are intended to be exempt from or comply with the requirements
of Section 409A so that none of the payments and benefits to be provided hereunder will be subject to the additional tax imposed under
Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be exempt or so comply. The Company and Executive agree
to work together in good faith to consider amendments to this Agreement and to take such reasonable actions that are necessary, appropriate
or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A.

 

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8. Definition
of Terms. The following terms referred to in this Agreement will have the following meanings:

 

(a) Code.
“Code” means the Internal Revenue Code of 1986, as amended.

 

(b) Governmental
Authority. “Governmental Authority” means any federal, state, municipal, foreign or other government, governmental
department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal.

 

(c) Person.
“Person” shall be construed in the broadest sense and means and includes any natural person, a partnership, a corporation,
an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and other
entity or Governmental Authority.

 

(d) Section
409A. “Section 409A” means Section 409A of the Code, and the final regulations and any guidance promulgated thereunder
or any state law equivalent.

 

9. Golden
Parachute.

 

(a) Anything
in this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company or otherwise (“Payment”)
would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code; and (ii) but for
this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such
Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax; or (y) the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt,
on an after-tax basis, of the greater amount of the Payment. Any reduction made pursuant to this Section 9(a) shall be made in accordance
with the following order of priority: (i) stock options whose exercise price exceeds the fair market value of the optioned stock (“Underwater
Options”) (ii) Full Credit Payments (as defined below) that are payable in cash, (iii) non-cash Full Credit Payments that
are taxable, (iv) non-cash Full Credit Payments that are not taxable, (v) Partial Credit Payments (as defined below) and (vi) non-cash
employee welfare benefits. In each case, reductions shall be made in reverse chronological order such that the payment or benefit owed
on the latest date following the occurrence of the event triggering the excise tax will be the first payment or benefit to be reduced
(with reductions made pro-rata in the event payments or benefits are owed at the same time). “Full Credit Payment”
means a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise, that if reduced in value by one dollar reduces the amount of the parachute payment (as defined in Section 280G of the Code)
by one dollar, determined as if such payment, distribution or benefit had been paid or distributed on the date of the event triggering
the excise tax. “Partial Credit Payment” means any payment, distribution or benefit that is not a Full Credit
Payment.

 

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(b) A
nationally recognized certified public accounting firm selected by the Company (the “Accounting Firm”) shall
perform the foregoing calculations related to the Excise Tax. If a reduction occurs pursuant to Section 9(a), the Accounting Firm shall
administer the ordering of the reduction as set forth in Section 9(a). The Company shall bear all expenses with respect to the determinations
by such accounting firm required to be made hereunder.

 

(c) The
Accounting Firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation,
to Executive and the Company within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered.
Any good faith determinations of the Accounting Firm made hereunder shall be final, binding, and conclusive upon Executive and the Company.

 

(d) Notwithstanding
anything to the contrary in Section 9(a), if any Payment that would be otherwise reduced pursuant to Section 9(a) would not be so reduced
if the stockholder approval requirements of Section 280G(b)(5) of the Code are capable of being satisfied, the Company will use its reasonable
best efforts to cause such payments to be timely submitted for such approval in accordance with such requirements.

 

10. Pre-Employment
Conditions.

 

(a) Confidentiality
Agreement. Executive executed the Company’s Employee Nondisclosure, Non-Solicitation, Confidentiality and Developments Agreement
(the “Confidentiality Agreement”) dated as of April 26, 2021, which is incorporated herein by reference.

 

(b) Right
to Work. For purposes of federal immigration law, Executive will be required, if Executive has not already, to provide to the
Company documentary evidence of Executive’s identity and eligibility for employment in the United States. Such documentation must
be provided to the Company within three (3) business days of the Effective Date, or our Employment relationship with Executive may be
terminated.

 

11. Arbitration.

 

(a) Arbitration.
In consideration of Executive’s Employment, the Company’s promise to arbitrate all employment-related disputes (subject
to Section 10 of the Confidentiality Agreement), and Executive’s receipt of the compensation, pay raises and other benefits paid
to Executive by the Company, at present and in the future, Executive agrees that any and all controversies, claims, or disputes with anyone
(including the Company and any employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or otherwise)
arising out of, relating to, or resulting from Executive’s Employment or termination thereof, including any breach of this Agreement,
will be subject to binding arbitration pursuant to Virginia law. The Federal Arbitration Act shall also apply with full force and effect.

 

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(b) Dispute
Resolution. Disputes that Executive agrees to arbitrate, and thereby agrees to waive any right to a jury trial, include any statutory
claims under local, state, or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the
Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the
Sarbanes Oxley Act, the Worker Adjustment and Retraining Notification Act, the Virginia Human Rights Act, the Virginia Values Act, the
Virginia Labor Code, claims of harassment, discrimination, and wrongful termination, and any statutory or common law claims. Executive
further understands that this agreement to arbitrate also applies to any disputes that the Company may have with Executive.

 

(c) Procedure.
Executive agrees that any arbitration will be administered by Judicial Arbitration & Mediation Services, Inc. (“JAMS”),
pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”). The arbitrator shall have
the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication, motions
to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing. The arbitrator shall have the power to
award any remedies available under applicable law, and each party shall bear its own attorneys’ fees, except to the extent awarded
by the arbitrator to the prevailing party. The Company will pay for any administrative or hearing fees charged by the administrator or
JAMS, and all arbitrator’s fees, except that Executive shall pay any filing fees associated with any arbitration that Executive
initiates, but only so much of the filing fee as Executive would have instead paid had Executive filed a complaint in a court of law.
Executive agrees that the arbitrator shall administer and conduct any arbitration in accordance with Virginia law, and that the arbitrator
shall apply substantive and procedural Virginia law to any dispute or claim, without reference to the rules of conflict of law. To the
extent that the JAMS Rules conflict with Virginia law, Virginia law shall take precedence. The decision of the arbitrator shall be in
writing. Any arbitration under this Agreement shall be conducted in Texas.

 

(d) Remedy.
Arbitration shall be the sole, exclusive, and final remedy for any dispute between Executive and the Company. Accordingly, except as
provided by this Agreement, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject
to arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful written Company
policy that has been provided to the Executive in accordance with Section 1(c) herein, and the arbitrator will not order or require the
Company to adopt a policy not otherwise required by law that the Company has not adopted (it being understood that the arbitrator’s
decision regarding the interpretation of any agreement between Executive and the Company shall not be construed as of the adoption of
a new policy).

 

(e) Administrative
Relief. Executive is not prohibited from pursuing an administrative claim with a local, state, or federal administrative body
or government agency that is authorized to enforce or administer laws related to employment, including, but not limited to, the Department
of Fair Employment and Housing, the Equal Employment Opportunity Commission, the National Labor Relations Board, or the Workers’
Compensation Board. However, Executive may not pursue court action regarding any such claim, except as permitted by law.

 

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(f) Voluntary
Nature of Agreement. Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without any
duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has carefully read this
Agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences and binding effect of
this Agreement and fully understands it, including that EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT TO A JURY TRIAL.

 

(g) Independent
Advice. Executive acknowledges that Executive has been advised to obtain independent advice and legal counsel to advise Executive
concerning this Agreement, and that Executive has either done so or has knowingly waived that opportunity of Executive’s own free
choice. Neither the Company nor any attorneys for the Company have advised Executive concerning this Agreement, and Executive is relying
solely upon the advice of Executive’s own independent counsel (if any); nor has the Company or any attorneys for the Company coerced,
used undue influence, or otherwise induced Executive to enter into this Agreement.

 

12. Successors.

 

(a) Company’s
Successors. This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets. For all purposes under
this Agreement, the term “Company” shall include any successor to the Company’s business or assets that
become bound by this Agreement or any affiliate of any such successor that employs Executive.

 

(b) Executive’s
Successors. This Agreement and all of Executive’s rights hereunder shall inure to the benefit of, and be enforceable by,
Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

 

13. Miscellaneous
Provisions.

 

(a) Indemnification.
The Company shall indemnify Executive to the maximum extent permitted by applicable law and the Company’s Bylaws with respect to
Executive’s service and Executive shall also be covered under a directors and officers liability insurance policy paid for by the
Company to the extent that the Company maintains such a liability insurance policy now or in the future.

 

(b) Attorney’s
Fees. The Company shall pay directly no more than $9,500 of Executive’s reasonable attorney’s fees incurred in connection
with the negotiation of this Agreement and all ancillary agreements.

 

(c) Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

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(d) Notice.

 

(i) General.
Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when
personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In Executive’s
case, mailed notices shall be addressed to Executive at the home address that Executive most recently communicated to the Company in writing.
In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the
attention of its Secretary.

 

(ii) Notice
of Termination. Any termination by the Company or by Executive will be communicated by a notice of termination to the other party
hereto given in accordance with Section 13(d)(i) of this Agreement, which notice will specify the termination date (which will be not
more than thirty (30) days after the giving of such notice).

 

(e) Modifications
and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge
is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either
party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver
of any other condition or provision or of the same condition or provision at another time.

 

(f) Whole
Agreement. No other agreements, representations or understandings (whether oral or written and whether express or implied) that
are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof.
This Agreement, the Severance and Change in Control Agreement, and the Confidentiality Agreement contain the entire understanding of the
parties with respect to the subject matter hereof.

 

(g) Withholding
Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other deductions required to be
withheld by law.

 

(h) Choice
of Law and Severability. This Agreement shall be interpreted in accordance with the laws of the Commonwealth of Virginia, without
giving effect to provisions governing the choice of law. If any provision of this Agreement becomes or is deemed invalid, illegal or unenforceable
in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then such provision shall be deemed amended
to the minimum extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended
without materially altering the intention of the parties, then such provision shall be stricken and the remainder of this Agreement shall
continue in full force and effect. If any provision of this Agreement is rendered illegal by any present or future statute, law, ordinance
or regulation (collectively, the “Law”) then that provision shall be curtailed or limited only to the minimum
extent necessary to bring the provision into compliance with the Law. All the other terms and provisions of this Agreement shall continue
in full force and effect without impairment or limitation.

 

(i) No
Assignment. This Agreement and all of Executive’s rights and obligations hereunder are personal to Executive and may not
be transferred or assigned by Executive at any time. The Company may assign its rights under this Agreement to any entity that assumes
the Company’s obligations hereunder in connection with any sale or transfer to such entity of all or a substantial portion of the
Company’s assets.

 

(j) Acknowledgment.
Executive acknowledges that Executive has had the opportunity to discuss this matter with and obtain advice from Executive’s personal
attorney, has had sufficient time to, and has carefully read and fully understood all the provisions of this Agreement, and is knowingly
and voluntarily entering into this Agreement.

 

(k) Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Execution of a facsimile or electronic copy will have the same force and effect as execution of
an original, and a facsimile or electronic signature will be deemed an original and valid signature.

 

(l) Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to this Agreement by electronic means.
Executive hereby consents to receive such documents by electronic delivery.

 

[Signature Page Follows]

 

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After you have had an opportunity
to review this Agreement, please feel free to contact me if you have any questions or comments. To indicate your acceptance of this Agreement,
please sign and date this letter in the space provided below and return it to the Company.

 

	 	Very truly yours,
	 	 	 
	 	SOC TELEMED, INC.
	 	 	 
	 	By:	 /s/ Steve Shulman
	 	 	(Signature)
	 	 	 
	 	Name:	Steve Shulman
	 	 	 
	 	Title:	Chairman of the Board

 

	ACCEPTED AND AGREED:	 
	 	 
	DAVID MIKULA	 
	 	 
	/s/ David Mikula	 
	(Signature)	 
	 	 
	12/22/2021	 
	Date	 

 

	Schedule A:	Proposed Equity Award
	 	 
	Attachment A:	Severance and Change in Control AgreementExhibit 10.4

 

SEVERANCE AND CHANGE IN CONTROL AGREEMENT

 

This Severance and Change
in Control Agreement (the “Agreement”) is made and entered into by and between David Mikula (“Executive”)
and SOC Telemed, Inc., a Delaware corporation (the “Company”), effective as of November 1, 2021 (the “Effective
Date”).

 

RECITALS

 

1. The
Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”)
recognizes that it is possible that the Company could terminate Executive’s employment with the Company and/or its affiliates and
from time to time the Company may consider the possibility of an acquisition by another company or other change in control transaction.
The Committee also recognizes that such considerations can be a distraction to Executive and can cause Executive to consider alternative
employment opportunities. The Committee has determined that it is in the best interests of the Company and its stockholders to assure
that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat or occurrence
of such a termination of employment or the occurrence of a Change in Control (as defined herein) of the Company.

 

2. The
Committee believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to continue
Executive’s employment with the Company and/or its affiliates and to motivate Executive to maximize the value of the Company for
the benefit of its stockholders.

 

3. The
Committee believes that it is imperative to provide Executive with certain severance benefits upon Executive’s termination of employment
and with certain additional benefits following a Change in Control. These benefits will provide Executive with enhanced financial security
and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change in Control.

 

4. The
Company and Executive are entering into an employment agreement of even date herewith (the “Employment Agreement”).

 

5. The
Company and Executive wish to set forth the terms of Executive’s severance and benefits (whether or not in connection with a Change
in Control).

 

6. Certain
capitalized terms used in the Agreement are defined in Section 5 below.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, the parties hereto agree as follows:

 

1. Term
of Agreement. This Agreement shall have an initial term effective as of the Effective Date and continuing for a three (3)-year period
(the “Initial Term”), with such term to automatically continue following the Initial Term for additional one
(1)-year periods in accordance with the terms of this Agreement unless either party notifies the other party in writing of its intention
not to renew this Agreement at least 60 days prior to the expiration of the Initial Term or any applicable extension period hereunder;
provided, however, that following a separation pursuant to which payments or benefits are payable to Executive pursuant to this Agreement,
this Agreement will not terminate until all of such payments and benefits have been satisfied. The Company’s notice of intent not
to renew shall be treated as a termination by the Company without Cause for purposes of this Agreement.

 

 

     

     

    

 

2. Employment.
The Company and Executive acknowledge that Executive’s employment is and will continue to be at-will,
as defined under applicable law. Except as provided herein, if Executive’s employment terminates for any reason, including (without
limitation) any termination of employment not set forth in Section 3, Executive shall only be entitled to the Accrued Benefits (as such
term is defined in the Employment Agreement).

 

3. Termination
Benefits.

 

(a) Termination
without Cause or Resignation for Good Reason and not in Connection with a Change in Control. If other than during the one (1)-month
period immediately prior to (and in connection with) a Change in Control or the twelve (12)-month period immediately following a Change
in Control, (x) the Company (or any parent, subsidiary or successor of the Company) terminates Executive’s employment with the Company
other than for Cause or Executive becoming Disabled or Executive’s death, or (y) Executive resigns from such employment for Good
Reason then, subject to Section 4, Executive will be entitled to the following payments and benefits.

 

(i) Accrued
Compensation. The Company will pay Executive all Accrued Benefits.

 

(ii) Severance.

 

(1) Executive
will receive continuing payments of severance pay, paid in accordance with the Company’s regular payroll procedures, at a rate equal
to Executive’s Base Salary as then in effect, but without taking into account any reduction in Base Salary that gives rise to a
termination for Good Reason (“Base Salary”) for period of six (6) months following the date of termination (or,
if such separation occurs during the eighteen (18) month period following the Effective Date, then for a period of twelve (12) months
following the date of termination), and, for the avoidance of doubt, the payments will be less all required tax withholdings and other
applicable deductions, and will be paid in accordance with the Company’s regular payroll procedures commencing on the Company’s
next regularly scheduled payroll date following the Release Deadline (as defined in Section 4(a)), provided that the first payment shall
include any amounts that would have been paid to Executive if payment had commenced on the date of Executive’s separation from service;

 

(2) Executive
will be entitled to receive any cash incentive compensation bonus earned (the “Cash Bonus”) with respect to
the immediately preceding fiscal year, which remains unpaid on the termination date;

 

(3) Executive
will receive a lump sum severance payment equal to the Cash Bonus that Executive would have been entitled to receive in respect of the
fiscal year in which Executive’s termination of employment occurs, had Executive continued in employment until the end of such fiscal
year, determined based on actual performance for such year relative to the performance goals applicable to Executive and pro-rated to
the number of days in such fiscal year prior to Executive’s termination of employment and paid at the time comparable bonuses are
payable to other service providers; and

 

(4) If
Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)
for Executive and Executive’s eligible dependents, within the time period prescribed pursuant to COBRA, Executive will be eligible
for continued coverage under the medical plans of the Company, through reimbursement or direct remittance of COBRA premiums, in the Company’s
sole discretion, at the Company’s sole expense (at the coverage levels in effect immediately prior to Executive’s termination
or resignation) until the earliest of (I) the end of the period during which Executive is receiving continuing payments of Base Salary
under sub-clause (1) of this Section 3(a)(ii), (II) the maximum period of continuation coverage required under COBRA, or (III) the date
upon which Executive and/or Executive’s eligible dependents become covered under similar plans. COBRA reimbursements, if applicable,
will be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy and will be taxable to
the extent required to avoid adverse consequences to Executive or the Company under either Code Section 105(h) or the Patient Protection
and Affordable Care Act of 2010.

 

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(b) Termination
without Cause or Resignation for Good Reason in Connection with a Change in Control. If during the one (1)-month period immediately
prior to (and in connection with) a Change in Control or during the twelve (12)-month period immediately following a Change in Control
(x) the Company terminates Executive’s employment with the Company for a reason other than Cause or Executive becoming Disabled
or Executive’s death, or (y) Executive resigns from such employment for Good Reason, then, subject to Section 4, Executive will
be entitled to the following in lieu of the benefits described in Section 3(a) above:

 

(i) Accrued
Compensation. The Company will pay Executive all Accrued Benefits.

 

(ii) Severance.

 

(1) Executive
will receive a lump sum severance payment equal to twelve (12) months’ of Executive’s Base Salary, less all required tax withholdings
and other applicable deductions, which will be paid no later than the Release Deadline;

 

(2) Executive
will be entitled to receive any Cash Bonus earned with respect to the immediately preceding fiscal year, which remains unpaid on the termination
date;

 

(3) If
Executive elects continuation coverage pursuant to the COBRA for Executive and Executive’s eligible dependents, within the time
period prescribed pursuant to COBRA, Executive will be eligible for continued coverage under the medical plans of the Company, through
reimbursement or direct remittance of COBRA premiums, in the Company’s sole discretion, at the Company’s sole expense (at
the coverage levels in effect immediately prior to Executive’s termination or resignation) until the earliest of (I) the end of
the period referenced in sub-clause (1) of this Section 3(b)(ii), (II) the maximum period of continuation coverage required under COBRA,
or (III) the date upon which Executive and/or Executive’s eligible dependents become covered under similar plans. COBRA reimbursements,
if applicable, will be made by the Company to Executive consistent with the Company’s normal expense reimbursement policy and will
be taxable to the extent required to avoid adverse consequences to Executive or the Company under either Code Section 105(h) or the Patient
Protection and Affordable Care Act of 2010;

 

(4) Executive
will receive a lump sum severance payment equal to Executive’s Cash Bonus (calculated based on deemed achievement of the Performance
Goals applicable thereto at target levels), less all required tax withholdings and other applicable deductions, which will be paid no
later than the Release Deadline;

 

(5) All
of the then unvested shares subject to all time-based stock options and other time-based equity-based awards held by Executive will immediately
vest and, if applicable, become exercisable upon the date of such termination, which shall otherwise remain subject to their terms; and

 

(6) With
respect to any unvested shares subject to an equity award held by Executive that is subject to performance-based vesting, the treatment
with respect to each such equity award will be subject to, and governed by, the provisions set forth in the award agreement evidencing
each such equity award.

 

    -3-

     

    

 

(c) Disability;
Death; Voluntary Resignation; Termination for Cause. If Executive’s employment with the Company is terminated due to (i) Executive
becoming Disabled or Executive’s death, (ii) Executive’s voluntary resignation (other than for Good Reason) or (iii) the Company’s
termination of Executive’s employment with the Company for Cause, then Executive (or Executive’s estate, as the case may be)
will receive the Accrued Benefits, but will not be entitled to any other compensation or benefits from the Company except to the extent
required by law (for example, COBRA); provided, however, that if Executive’s employment is terminated due to Executive becoming
Disabled or Executive’s death, then (A) Executive (or Executive’s estate) will be entitled to receive any Cash Bonus earned
with respect to the immediately preceding fiscal year, which remains unpaid on date of Death or Disability; (B) Executive (or Executive’s
estate) will also receive a lump sum severance payment equal to Executive’s Cash Bonus (calculated based on deemed achievement of
the Performance Goals applicable thereto at target levels), pro-rated to the number of days in such fiscal year prior to Executive’s
termination of employment and less all required tax withholdings and other applicable deductions; and (C) any stock options that are vested
as of such separation date shall remain exercisable until the earliest of (x) the one year anniversary of such separation date, (y) the
options’ expiration date; or (z) as otherwise provided pursuant to the equity plan under which such options were issued. All payments
set forth in this Section 3(c) shall in all cases be paid within thirty (30) days of Executive’s termination of employment (or such
earlier date as required by applicable law).

 

(d) Timing
of Payments. Subject to any specific timing provisions in Section 3(a) through 3(c), as applicable, or the provisions of Section 4,
payment of the severance and benefits hereunder shall be made or commence to be made as soon as practicable following Executive’s
termination of employment.

 

(e) Exclusive
Remedy. In the event of a termination of Executive’s employment with the Company (or any parent, subsidiary or successor of
the Company), the provisions of this Section 3 are intended to be and are exclusive and in lieu of any other rights or remedies to which
Executive may otherwise be entitled, whether at law, tort or contract, in equity, or under this Agreement (other than the Accrued Benefits).
Except with respect to the Accrued Benefits(but without taking into account any reduction in Base Salary that gives rise to a termination
for Good Reason), Executive will be entitled to no other severance, benefits, compensation or other payments or rights upon a termination
of employment.

 

(f) No
Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any
earnings that Executive may receive from any other source reduce any such payment.

 

4. Conditions
to Receipt of Severance.

 

(a) Release
of Claims Agreement. The receipt of any severance payments or benefits pursuant to this Agreement is subject to Executive signing
and not revoking a separation agreement and release of claims in a form attached to this Agreement as Attachment A (the “Release”),
which must become effective no later than the sixtieth (60th) day following Executive’s termination of employment (the “Release
Deadline”), and if not, Executive will forfeit any right to severance payments or benefits under this Agreement. To become
effective, the Release must be executed by Executive and any revocation periods (as required by statute, regulation, or otherwise) must
have expired without Executive having revoked the Release. In addition, in no event will severance payments or benefits be paid or provided
until the Release actually becomes effective. If the termination of employment occurs at a time during the calendar year where the Release
Deadline could occur in the calendar year following the calendar year in which Executive’s termination of employment occurs, then
any severance payments or benefits under this Agreement that would be considered Deferred Payments (as defined in Section 4(c)(i)) will
be paid on the first payroll date to occur during the calendar year following the calendar year in which such termination occurs, or such
later time as required by (i) the payment schedule applicable to each payment or benefit as set forth in Section 3, (ii) the date the
Release becomes effective, or (iii) Section 4(c)(ii); provided that the first payment shall include all amounts that would have been paid
to Executive if payment had commenced on the date of Executive’s termination of employment.

 

    -4-

     

    

 

(b) Restrictive
Covenants. The receipt of any termination benefits pursuant to Section 3 will be subject to Executive not having materially breached
any provisions of the Confidentiality Agreement (as defined in Section 9 below). In the event Executive materially breaches the provisions
of the Confidentiality Agreement, as reasonably determined by the Board in good faith, all continuing payments and benefits to which Executive
may otherwise be entitled pursuant to Section 3 will immediately cease (other than the Accrued Benefits).

 

(c) Section
409A.

 

(i) Notwithstanding
anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant to this
Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation
not exempt under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until Executive
has a “separation from service” within the meaning of Section 409A. And for purposes of this Agreement, any reference to “termination
of employment,” “termination” or any similar term shall be construed to mean a “separation from service”
within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would
be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation
from service” within the meaning of Section 409A.

 

(ii) Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section
409A at the time of Executive’s termination of employment (other than due to death), then the Deferred Payments, if any, that are
payable within the first six (6) months following Executive’s separation from service, will become payable on the first payroll
date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service.
All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit.
Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the
six (6) month anniversary of the separation from service, then any payments delayed in accordance with this paragraph will be payable
in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be
payable in accordance with the payment schedule applicable to each payment or benefit. Each payment, installment and benefit payable under
this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

(iii) Without
limitation, any amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth
in Section 1.409A-1(b)(4) of the Treasury Regulations is not intended to constitute Deferred Payments for purposes of clause (i) above.

 

(iv) Without
limitation, any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service
pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit is not intended to constitute
Deferred Payments for purposes of clause (i) above. Any payment intended to qualify under this exemption must be made within the allowable
time period specified in Section 1.409A-1(b)(9)(iii) of the Treasury Regulations.

 

(v) To
the extent that reimbursements or in-kind benefits under this Agreement constitute non-exempt “nonqualified deferred compensation”
for purposes of Section 409A, (1) all reimbursements hereunder shall be made on or prior to the last day of the calendar year following
the calendar year in which the expense was incurred by Executive, (2) any right to reimbursement or in-kind benefits shall not be subject
to liquidation or exchange for another benefit, and (3) the amount of expenses eligible for reimbursement or in-kind benefits provided
in any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind benefits to be provided, in any other
calendar year.

 

    -5-

     

    

 

(vi) The
payments and benefits provided under Sections 3(a) and Section 3(b) are intended to be exempt from or comply with the requirements of
Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed
under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be exempt or so comply. The Company and Executive
agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions that are necessary,
appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section
409A.

 

5. Definition
of Terms. The following terms referred to in this Agreement will have the following meanings:

 

(a) Cause.
“Cause” means Executive’s:

 

(i) willful
misconduct, intentional misrepresentation or gross negligence in the performance of Executive’s duties, which causes material injury
to the Company or any of its affiliates (whether financially, reputationally or otherwise);

 

(ii) commission
of an act of fraud, embezzlement, misappropriation or a breach by Executive of Executive’s fiduciary duty or duty of loyalty to
the Company or its affiliates;

 

(iii) indictment,
receipt of a charge or conviction for (or plea of guilty or nolo contendere with respect to) any felony or any crime involving dishonesty
or moral turpitude;

 

(iv) unlawful
use (including being under the influence) or possession of illegal drugs on the Company’s premises;

 

(v) breach
by Executive of the material terms of any material written agreement with the Company or any affiliate or any material written Company
policies (including without limitation any improper disclosure of confidential data and breach of any policy related to sexual harassment,
assault or fraternization), which have been provided or made available to Executive; or

 

(vi) failure
of Executive to reasonably cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities,
after being instructed by the Company to cooperate, or the willful destruction or intentional failure to preserve documents or other materials
known to be relevant to such investigation or the intentional inducement of others to fail to cooperate or to produce documents or other
materials reasonably anticipated to be relevant to such investigation.

 

Notwithstanding the foregoing,
the Company may not terminate Executive’s employment for Cause under clauses (i), (ii) or (vi) of this definition unless (A)
the Company or the Board has provided notice to Executive setting forth in reasonable detail the specific conduct purporting to constitute
Cause within ninety (90) days of the date the Company or the Board first becomes aware of its existence, (B) Executive has failed
to cure such conduct (if capable of cure) within ten (10) days following the date of receipt of such notice (which may be extended in
the event the Executive is actively working to cure), and (C) the Board or the Company has terminated Executive’s employment
within thirty (30) days following such failure to cure. Notwithstanding the foregoing, if within six (6) months following the termination
of Executive’s services it is determined that Executive’s services could have been terminated for Cause, as such term is defined
above, Executive’s services shall, at the election of the Board, be deemed to have been terminated for Cause retroactively to the
date the events giving rise to Cause occurred.

 

    -6-

     

    

 

(b) Change
in Control. “Change in Control” has the meaning ascribed to such term in the Company’s 2020 Equity
Incentive Plan, as may be amended and restated from time to time.

 

(c) Code.
“Code” means the Internal Revenue Code of 1986, as amended.

 

(d) Disability.
“Disability” or “Disabled” means that Executive is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which
has lasted, or can be expected to last, for a continuous period of not less than one (1) year.

 

(e) Good
Reason. “Good Reason” means the occurrence of any of the following events without the Executive’s
prior written consent: (i) any reduction in Base Salary, except for across-the-board salary reductions similarly affecting all
or substantially all senior management employees of the Company of less than ten percent (10%); (ii) any material diminution in
the Executive’s duties, title or responsibilities, provided, however, that the CEO may, without Executive’s consent, transition
management of the Growth, Customer Success and/or Marketing functions away from the Executive, and such transition shall not constitute
a material diminution in the Executive’s duties, title or responsibilities; (iii) a relocation of the Executive’s principal
place of employment (excluding any remote work arrangement) such that Executive’s normal daily one-way commute is increased by more
than 35 miles as compared to Executive’s principal place of employment (excluding any remote work arrangement) as of the Effective
Date; or (iv) a breach by the Company of any material obligation under any written agreement between the Executive and the Company
or the failure of any successor to the Company to assume this Agreement. Notwithstanding the foregoing, Executive may not terminate Executive’s
employment for Good Reason unless (A) the Executive has provided notice to the Board setting forth in reasonable detail the specific
conduct of the Company or the Board purporting to constitute Good Reason within ninety (90) days of the date the Executive first becomes
aware of its existence, (B) the Board has failed to cure (if capable of cure) such conduct within ten (10) days following the date
of receipt of such notice (which may be extended in the event the Company is actively working to cure), and (C) the Executive has
terminated Executive’s employment within thirty (30) days following such failure to cure.

 

(f) Governmental
Authority. “Governmental Authority” means any federal, state, municipal, foreign or other government, governmental
department, commission, board, bureau, agency or instrumentality, or any private or public court or tribunal.

 

(g) Person.
“Person” shall be construed in the broadest sense and means and includes any natural person, a partnership,
a corporation, an association, a joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization
and other entity or Governmental Authority.

 

    -7-

     

    

 

(h) Section
409A. “Section 409A” means Section 409A of the Code, and the final regulations and any guidance promulgated
thereunder or any state law equivalent.

 

(i) Section
409A Limit. “Section 409A Limit” shall mean two (2) times the lesser of: (i) Executive’s annualized
compensation based upon the annual rate of pay paid to Executive during Executive’s taxable year preceding Executive’s taxable
year of Executive’s separation from service as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal
Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan
pursuant to Section 401(a)(17) of the Code for the year in which Executive’s separation from service occurred.

 

6. Golden
Parachute.

 

(a) Anything
in this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company or otherwise (“Payment”)
would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code; and (ii) but for
this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such
Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest
portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax; or (y) the largest portion,
up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt,
on an after-tax basis, of the greater amount of the Payment. Any reduction made pursuant to this Section 6(a) shall be made in accordance
with the following order of priority: (i) stock options whose exercise price exceeds the fair market value of the optioned stock (“Underwater
Options”) (ii) Full Credit Payments (as defined below) that are payable in cash, (iii) non-cash Full Credit Payments that
are taxable, (iv) non-cash Full Credit Payments that are not taxable, (v) Partial Credit Payments (as defined below) and (vi) non-cash
employee welfare benefits. In each case, reductions shall be made in reverse chronological order such that the payment or benefit owed
on the latest date following the occurrence of the event triggering the excise tax will be the first payment or benefit to be reduced
(with reductions made pro-rata in the event payments or benefits are owed at the same time). “Full Credit Payment”
means a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise, that if reduced in value by one dollar reduces the amount of the parachute payment (as defined in Section 280G of the Code)
by one dollar, determined as if such payment, distribution or benefit had been paid or distributed on the date of the event triggering
the excise tax. “Partial Credit Payment” means any payment, distribution or benefit that is not a Full Credit
Payment.

 

(b) A
nationally recognized certified public accounting firm selected by the Company (the “Accounting Firm”) shall
perform the foregoing calculations related to the Excise Tax. If a reduction occurs pursuant to Section 9(a), the Accounting Firm shall
administer the ordering of the reduction as set forth in Section 9(a). The Company shall bear all expenses with respect to the determinations
by such accounting firm required to be made hereunder.

 

    -8-

     

    

 

(c) The
Accounting Firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation,
to Executive and the Company within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered.
Any good faith determinations of the Accounting Firm made hereunder shall be final, binding, and conclusive upon Executive and the Company.

 

7. Notwithstanding
anything to the contrary in Section 9(a), if any Payment that would be otherwise reduced pursuant to Section 9(a) would not be so reduced
if the stockholder approval requirements of Section 280G(b)(5) of the Code are capable of being satisfied, the Company will use its reasonable
best efforts to cause such payments to be timely submitted for such approval in accordance with such requirements.

 

8. Arbitration.

 

(a) Arbitration.
In consideration of Executive’s Employment, the Company’s promise to arbitrate all employment-related disputes (subject
to Section 10 of the Confidentiality Agreement), and Executive’s receipt of the compensation, pay raises and other benefits paid
to Executive by the Company, at present and in the future, Executive agrees that any and all controversies, claims, or disputes with anyone
(including the Company and any employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or otherwise)
arising out of, relating to, or resulting from Executive’s Employment or termination thereof, including any breach of this Agreement,
will be subject to binding arbitration pursuant to Virginia law. The Federal Arbitration Act shall also apply with full force and effect.

 

(b) Dispute
Resolution. Disputes that Executive agrees to arbitrate, and thereby agrees to waive any right to a jury trial, include any statutory
claims under local, state, or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the
Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the
Sarbanes Oxley Act, the Worker Adjustment and Retraining Notification Act, the Virginia Human Rights Act, the Virginia Values Act, the
Virginia Labor Code, claims of harassment, discrimination, and wrongful termination, and any statutory or common law claims. Executive
further understands that this agreement to arbitrate also applies to any disputes that the Company may have with Executive.

 

(c) Procedure.
Executive agrees that any arbitration will be administered by Judicial Arbitration & Mediation Services, Inc. (“JAMS”),
pursuant to its Employment Arbitration Rules & Procedures (the “JAMS Rules”). The arbitrator shall have
the power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication, motions
to dismiss and demurrers, and motions for class certification, prior to any arbitration hearing. The arbitrator shall have the power to
award any remedies available under applicable law, and each party shall bear its own attorneys’ fees, except to the extent awarded
by the arbitrator to the prevailing party. The Company will pay for any administrative or hearing fees charged by the administrator or
JAMS, and all arbitrator’s fees, except that Executive shall pay any filing fees associated with any arbitration that Executive
initiates, but only so much of the filing fee as Executive would have instead paid had Executive filed a complaint in a court of law.
Executive agrees that the arbitrator shall administer and conduct any arbitration in accordance with Virginia law, and that the arbitrator
shall apply substantive and procedural Virginia law to any dispute or claim, without reference to the rules of conflict of law. To the
extent that the JAMS Rules conflict with Virginia law, Virginia law shall take precedence. The decision of the arbitrator shall be in
writing. Any arbitration under this Agreement shall be conducted in Texas.

 

    -9-

     

    

 

(d) Remedy.
Arbitration shall be the sole, exclusive, and final remedy for any dispute between Executive and the Company. Accordingly, except as
provided by this Agreement, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject
to arbitration. Notwithstanding, the arbitrator will not have the authority to disregard or refuse to enforce any lawful written Company
policy that has been provided to the Executive in accordance with Section 1(c) herein, and the arbitrator will not order or require the
Company to adopt a policy not otherwise required by law that the Company has not adopted (it being understood that the arbitrator’s
decision regarding the interpretation of any agreement between Executive and the Company shall not be construed as of the adoption of
a new policy).

 

(e) Administrative
Relief. Executive is not prohibited from pursuing an administrative claim with a local, state, or federal administrative body or government
agency that is authorized to enforce or administer laws related to employment, including, but not limited to, the Department of Fair Employment
and Housing, the Equal Employment Opportunity Commission, the National Labor Relations Board, or the Workers’ Compensation Board.
However, Executive may not pursue court action regarding any such claim, except as permitted by law.

 

(f) Voluntary
Nature of Agreement. Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without any duress
or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has carefully read this Agreement
and that Executive has asked any questions needed for Executive to understand the terms, consequences and binding effect of this Agreement
and fully understands it, including that EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT TO A JURY TRIAL.

 

(g) Independent
Advice. Executive acknowledges that Executive has been advised to obtain independent advice and legal counsel to advise Executive
concerning this Agreement, and that Executive has either done so or has knowingly waived that opportunity of Executive’s own free
choice. Neither the Company nor any attorneys for the Company have advised Executive concerning this Agreement, and Executive is relying
solely upon the advice of Executive’s own independent counsel (if any); nor has the Company or any attorneys for the Company coerced,
used undue influence, or otherwise induced Executive to enter into this Agreement.

 

9. Successors.

 

(a) Company’s
Successors. This Agreement shall be binding upon any successor (whether direct or indirect and whether by purchase, lease, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets. For all purposes under
this Agreement, the term “Company” shall include any successor to the Company’s business or assets that
become bound by this Agreement or any affiliate of any such successor that employs Executive.

 

    -10-

     

    

 

(b) Executive’s
Successors. This Agreement and all of Executive’s rights hereunder shall inure to the benefit of, and be enforceable by, Executive’s
personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

 

(c) Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

10. Confidential
Information. Executive agrees to comply with and be bound by the Employee Nondisclosure, Non-Solicitation, Confidentiality and Developments
Agreement (the “Confidentiality Agreement”) entered into by and between Executive and the Company of even date
herewith.

 

11. Notice.

 

(a) General.
Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when
personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In Executive’s
case, mailed notices shall be addressed to Executive at the home address that Executive most recently communicated to the Company in writing.
In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the
attention of its Secretary.

 

(b) Notice
of Termination. Any termination by the Company for Cause or resignation by Executive for Good Reason will be communicated by a notice
of termination to the other party hereto given in accordance with Section 10(a) of this Agreement. Such notice will indicate the specific
termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide
a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty (30)
days after the giving of such notice), subject to any applicable cure period. The failure by Executive or the Company to include in the
notice any fact or circumstance which contributes to a showing of Good Reason or Cause, as applicable, will not waive any right of Executive
or the Company, as applicable, hereunder or preclude Executive or the Company, as applicable, from asserting such fact or circumstance
in enforcing Executive’s or its rights hereunder, as applicable.

 

12. Miscellaneous
Provisions.

 

(a) No
Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any
such payment be reduced by any earnings that Executive may receive from any other source.

 

(b) Modifications
and Waivers. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is
agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party
of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver
of any other condition or provision or of the same condition or provision at another time.

 

    -11-

     

    

 

(c) Whole
Agreement. This Agreement constitutes the entire agreement of the parties hereto and supersedes in their entirety all prior or contemporaneous
representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties
with respect to the subject matter hereof. Executive acknowledges and agrees that this Agreement encompasses all the rights of Executive
to any severance payments and/or benefits based on the termination of Executive’s employment and Executive hereby agrees that he
or she has no such rights except as stated herein. No waiver, alteration, or modification of any of the provisions of this Agreement will
be binding unless in writing and signed by duly authorized representatives of the parties hereto and which specifically mention this Agreement.

 

(d) Withholding
Taxes. All payments made under this Agreement shall be subject to reduction to reflect taxes or other deductions required to be withheld
by law.

 

(e) Choice
of Law and Severability. This Agreement shall be interpreted in accordance with the laws of the Commonwealth of Virginia, without
giving effect to provisions governing the choice of law. If any provision of this Agreement becomes or is deemed invalid, illegal or unenforceable
in any applicable jurisdiction by reason of the scope, extent or duration of its coverage, then such provision shall be deemed amended
to the minimum extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended
without materially altering the intention of the parties, then such provision shall be stricken and the remainder of this Agreement shall
continue in full force and effect. If any provision of this Agreement is rendered illegal by any present or future statute, law, ordinance
or regulation (collectively, the “Law”) then that provision shall be curtailed or limited only to the minimum
extent necessary to bring the provision into compliance with the Law. All the other terms and provisions of this Agreement shall continue
in full force and effect without impairment or limitation.

 

(f) No
Assignment. This Agreement and all of Executive’s rights and obligations hereunder are personal to Executive and may not be
transferred or assigned by Executive at any time. The Company may assign its rights under this Agreement to any entity that assumes the
Company’s obligations hereunder in connection with any sale or transfer to such entity of all or a substantial portion of the Company’s
assets.

 

(g) Acknowledgment.
Executive acknowledges that Executive has had the opportunity to discuss this matter with and obtain advice from Executive’s personal
attorney, has had sufficient time to, and has carefully read and fully understood all the provisions of this Agreement, and is knowingly
and voluntarily entering into this Agreement.

 

(h) Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Execution of a facsimile or electronic copy will have the same force and effect as execution of
an original, and a facsimile or electronic signature will be deemed an original and valid signature.

 

(i) Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to this Agreement by electronic means.
Executive hereby consents to receive such documents by electronic delivery.

 

[Signature Page Follows]

 

    -12-

     

    

 

IN WITNESS WHEREOF, each of the parties
has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year set forth below.

 

	COMPANY	SOC TELEMED, INC.
	 	 	 
	 	By:	/s/ Steve Shulman
	 	 	 
	 	Name:	Steve Shulman
	 	 	 
	 	Title:	Chairman of the Board
	 	 	 
	 	Date:	12/22/2021
	 	 	 
	EXECUTIVE	DAVID MIKULA
	 	 	 
	 	By:	/s/ David Mikula
	 	 	 
	 	Date:	12/22/2021

 

	Attachment A:	Form of Separation Agreement and Release of Claims

 

[Signature Page to Severance and Change in Control Agreement]

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