Document:

Exhibit

EXECUTION VERSION

DEUTSCHE BANK AG NEW YORK BRANCH
DEUTSCHE BANK TRUST COMPANY AMERICAS
60 Wall Street
New York, New York  10005

March 22, 2018

SunPower Corporation and
SunPower Corporation, Systems
77 Rio Robles
San Jose, California  95134
Attention:  Shawn Fitzgerald, VP, Treasurer

Ladies and Gentlemen:

Reference is made to the Continuing Agreement for Standby Letters of Credit and Demand Guarantees dated June 29, 2016 (as amended, supplemented or otherwise modified from time to time, the “Reimbursement Agreement”) among SunPower Corporation, a Delaware corporation (the “Applicant”), SunPower Corporation, Systems, a Delaware corporation (the “Subsidiary Applicant” and, together with the Applicant, the “Applicant Parties”), Deutsche Bank AG New York Branch (“DBAGNY”), and Deutsche Bank Trust Company Americas (“DBTCA”, and together with DBAGNY, the “Issuer”).  Unless the context requires otherwise, capitalized terms used herein without definition shall have the meanings ascribed to them in the Reimbursement Agreement.

Each Applicant Party has advised the Issuer, and the Issuer hereby acknowledges, that one or more Credits issued under the Reimbursement Agreement at an Applicant Party’s request may remain outstanding after the Scheduled Termination Date (each such Credit, an “Outstanding Credit”).  Each Applicant Party has further advised the Issuer that it intends to replace one or more Outstanding Credits with one or more letters of credit issued under a separate credit facility.

In connection therewith, each Applicant Party hereby acknowledges and agrees that (a) the Commitment Period shall terminate on the Final Termination Date, (b) after the Final Termination Date, the Issuer shall have no obligation to issue, amend, increase, or extend any Credit (including any Outstanding Credit), (c) if the Issuer elects, in its sole and absolute discretion, to issue, amend, increase, or extend any Credit (including any Outstanding Credit) after the Final Termination Date, the rights and obligations of the parties to the Reimbursement Agreement in respect of each such Credit (including each Outstanding Credit) shall continue to be governed by and subject to the terms and conditions of the Reimbursement Agreement, (d) during the continuance of any Event of Default and after the Final Termination Date, the Issuer shall have all the rights and remedies provided in the Reimbursement Agreement (including Section 18 thereof), which rights and remedies include the right to declare the amount of each Outstanding Credit and any other Obligations then outstanding or accrued to be due and payable by the applicable Applicant Party immediately, in which case such Applicant Party shall pay the applicable amount to the Issuer to be applied to pay any matured Obligations and held as cash collateral in a non-interest bearing account for any contingent Obligations, and (e) nothing in this letter agreement limits, impairs, or waives, or shall be deemed to limit, impair, or waive, any or all rights or remedies of the Issuer arising under or in connection with the Reimbursement Agreement, all of which rights and remedies are expressly reserved by the Issuer.

Each Applicant Party hereby represents and warrants, and where applicable covenants and agrees, that (a) (i) it is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization with the power and authority to carry on its business; (ii) its execution, delivery and performance of this letter agreement, (A) are within its powers, (B) have been duly authorized, (C) do not contravene any charter provision, by-law, resolution, contract or other undertaking binding on or affecting it or any of its properties, (D) do not violate any applicable domestic or foreign law, rule or regulation (including any Anti-Corruption Law or Anti-Terrorism Law), or any order, writ, judgment, decree, award or permit of any arbitration tribunal, court or other governmental authority applicable to it or any of its properties, and (E) do not require any notice, filing or other action to or by any governmental authority (other than those that have been made or obtained and are in full force and effect); and (iii) this letter agreement is its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, (b) no Event of Default has occurred and is continuing nor would any Event of Default exist immediately after giving effect to this letter agreement and the transactions contemplated hereby, and (c) the representations and warranties of each Applicant Party appearing in the Reimbursement Agreement were true and correct in all material respects as of the date when made, and, immediately after giving effect to this letter agreement and the transactions contemplated hereby, such representations and warranties continue to be true and correct in all material respects with the same effect as if made on the date hereof, except to the extent that such representations and warranties expressly refer to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date.

At any time and from time to time, upon the written request of the Issuer, and at the cost and expense of the Applicant Parties, each Applicant Party shall promptly execute, acknowledge and/or deliver all such further instruments and agreements and take such further actions as may be reasonably necessary or appropriate to more fully implement the purposes of this letter agreement, the Reimbursement Agreement, or the other Loan Documents.

The Reimbursement Agreement, after giving effect to this letter agreement, and each application for a Credit previously delivered under the Reimbursement Agreement are hereby ratified and confirmed and shall continue in full force and effect.  All references to the Reimbursement Agreement in the Loan Documents or any application for a Credit previously delivered under the Reimbursement Agreement shall be deemed to be references to the Reimbursement Agreement after giving effect to this letter agreement and as the same may be further amended, supplemented or otherwise modified from time to time.   

The provisions of Sections 21 (Notices, etc.), 22 (Successors and Assigns), 23 (Modification; No Waiver), 24 (Entire Agreement; Remedies Cumulative), 26 (Governing Law, etc.), 27 (Jurisdiction, Service of Process, etc.) and 28 (Jury Trial Waiver) of the Reimbursement Agreement shall apply, mutatis mutandis, to this letter agreement.  This letter agreement may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement.  Delivery of an executed counterpart of a signature page of this letter agreement by any electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this letter agreement.

[Signature page follows]

	
			
	 
	Very truly yours,

	 
	 

	 
	DEUTSCHE BANK AG NEW YORK BRANCH

	 
	 
	 

	 
	By:
	/s/ Anthony F. Calabrese

	 
	Name:
	Anthony F. Calabrese

	 
	Title:
	Director

	 
	 
	 

	 
	By:
	/s/ Christopher J. Shaw

	 
	Name:
	Christopher J. Shaw

	 
	Title:
	Vice President

	
			
	 
	 
	 

	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS

	 
	 
	 

	 
	By:
	/s/ Anthony F. Calabrese

	 
	Name:
	Anthony F. Calabrese

	 
	Title:
	Director

	 
	 
	 

	 
	By:
	/s/ Christopher J. Shaw

	 
	Name:
	Christopher J. Shaw

	 
	Title:
	Vice President

	
					
	Accepted and agreed to as of
	 
	 
	 

	the date first above written:
	 
	 
	 

	 
	 
	 
	 
	 

	SUNPOWER CORPORATION    
	 
	SUNPOWER CORPORATION    

	 
	 
	 
	 
	 

	By:
	/s/ Shawn Fitzgerald
	 
	By:
	/s/ Charles Boynton

	Name:
	Shawn Fitzgerald
	 
	Name:
	Charles Boynton

	Title:
	VP, Finance, and Treasurer
	 
	Title:
	EVP and CFO

	 
	 
	 
	 
	 

	SUNPOWER CORPORATION, SYSTEMS
	 
	SUNPOWER CORPORATION, SYSTEMS

	 
	 
	 
	 
	 

	By:
	/s/ Shawn Fitzgerald
	 
	By:
	/s/ Charles Boynton

	Name:
	Shawn Fitzgerald
	 
	Name:
	Charles Boynton

	Title:
	Treasurer
	 
	Title:
	CFOExhibit 10.1

 

EMPLOYMENT AGREEMENT

This Employment Agreement (the “Employment
Agreement”), is made and entered into as of March 27, 2018 (the “Commencement Date”), by and between
Novation Companies, Inc., a Maryland corporation (the “Company”), and David W. Pointer (the “Executive”).

RECITALS:

WHEREAS, the Executive
is becoming an employee of the Company on the Commencement Date;

WHEREAS, the Executive
and the Company desire to memorialize their relationship by entering into an employment agreement;

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth below, it is hereby covenanted and agreed by the Company and the
Executive as follows:

1.
Employment. The Company hereby agrees to employ the Executive in the position of Chief Executive Officer and the
Executive, in such capacity, agrees to the terms and conditions hereinafter set forth.

(a)
Performance of Duties. The Executive agrees that during the Employment Period to devote his time, energies and talents
in serving as the Chief Executive Officer of the Company in the best interests of the Company, and to perform the duties assigned
to him by the Board of Directors (the “Board”), faithfully, efficiently and in a professional manner. Executive
agrees that he shall, not, without the written approval of the Board:

(i)
Except as set forth in Schedule I attached hereto and incorporated herein, serve as or be a consultant to or employee, officer,
agent or director of any Company, partnership or other entity other than the Company (other than civic, charitable, or other public
service organizations); or

(ii)
Except as set forth in Schedule I, have more than a ten percent (10%) ownership interest in any enterprise other than the
Company if such ownership interest would reasonably be expected to have a material adverse effect upon the ability of the Executive
to perform his duties hereunder.

2.
Compensation. Subject to the terms and conditions of this Employment Agreement, during the Employment Period, the
Executive shall be compensated by the Company for his services as follows:

(a)
Base Salary. The Executive shall receive a salary of no less than $100,000 per annum (the “Base Salary”),
payable in substantially equal monthly or more frequent installments and subject to normal tax withholdings.

(b)
Bonus.The Executive shall be eligible to receive an annual bonus based on the Company’s performance and
the Executive having achieved performance benchmarks that shall be set jointly by the Board and the Executive each year in the
context of the Executive’s review. The bonus can be paid in the form of either cash or restricted stock at the discretion
of the Board. Subject to the Board’s discretion and approval, the target amount for Executive Bonus is 50% of his Base Salary,
with a range of between 0% and 150% of his Base Salary.

    	 

     

    

(c)
Benefits. The Executive shall be a participant in eligible group medical, dental and 401(k) plans maintained by the
Company on substantially the same terms and conditions as other executives of the Company.

(d)
Vacation; Perquisites. The Executive shall be entitled to vacation in accordance with the Company’s standard
vacation policy extended to employees of the Company generally, at levels commensurate with Executive’s position. The Executive
shall be entitled to any other benefits and perquisites on substantially the same terms and conditions as may be awarded to the
employees of the Company from time to time.

(e)
Travel and Entertainment. The Executive shall be reimbursed by the Company for all reasonable business, promotional,
travel and entertainment expenses incurred or paid by the Executive during the Employment Period in the performance of his services
under this Employment Agreement in accordance with the Company’s reimbursement policy and to the extent that such expenses
do not exceed the amounts allocable for such expenses in budgets that are approved from time to time by the Company. In order that
the Company reimburse the Executive for such allowable expenses, the Executive shall furnish to the Company, in a timely fashion,
the appropriate documentation required by the Internal Revenue Code in connection with such expenses and shall furnish such other
documentation and accounting as the Company may from time to time reasonably request.

3.
Employment Period. The terms set forth in this Employment Agreement will commence on the Commencement Date and shall
remain in effect until terminated pursuant to Section 4 below (the “Employment Period”), provided that the terms set
forth in Sections 6 and 7 below shall survive. Notwithstanding this, the Executive’s employment with the Company 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, subject to the obligations in Sections 4 and 5.

4.
Termination.

(a)
Termination at the Company’s Election.

(i)
For Cause. At the election of the Company, Executive’s employment may be terminated for Cause (as defined below)
immediately upon written notice to Executive. For purposes of this Employment Agreement, “Cause” for termination shall
mean that Executive: (A) pleads “guilty” or “no contest” to or is indicted for or convicted of a felony
under federal or state law or a crime under federal or state law which involves Executive’s fraud or dishonesty; (B) in carrying
out his duties, engages in conduct that constitutes gross negligence or willful misconduct; (C) fails to reasonably perform the
responsibilities of his position; (D) engages in misconduct that causes material harm to the reputation of the Company or the Executive’s
credibility and reputation no longer conform to the standard of the Company’s executives; or (E) materially breaches any
term of this Employment Agreement or written policy of the Company, provided that for subsections (C) through (E), if the breach
reasonably may be cured, Executive has been given at least thirty (30) days after Executive’s receipt of written notice of
such breach from the Company to cure such breach. Whether or not such breach has been cured will be determined in the judgment
of the Board.

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(ii)
Upon Disability, Death or Without Cause. At the election of the Company, Executive’s employment may be terminated
without Cause: (A) should Executive, by reason of any medically determinable physical or mental impairment, become unable to perform,
with or without reasonable accommodation, the essential functions of his job for the Company hereunder and such incapacity has
continued for a total of ninety (90) consecutive days or for any one hundred eighty (180) days in a period of three hundred sixty-five
(365) consecutive days (a “Disability”); (B) upon Executive’s death (“Death”); or (C) upon thirty
(30) days’ written notice to Executive for any other reason or for no reason at all (“Without Cause”).

(b)
Termination by Executive. Notwithstanding anything contained elsewhere in this Employment Agreement to the contrary,
Executive may terminate his employment hereunder at any time and for any reason whatsoever or for no reason at all in Executive’s
sole discretion by giving thirty (30) days’ written notice to the Company pursuant to Section 10 (“Voluntary Resignation”).

5.
Payments Upon Termination of Employment.

(a)
Termination for Cause, Death, Disability, or Voluntary Resignation. If Executive’s employment is terminated
by the Company for Cause, Death or Disability or is terminated by Executive as a Voluntary Resignation, then the Company shall
pay or provide to Executive the following amounts only: (i) his Base Salary accrued up to and including the date of termination
or resignation, paid within thirty (30) days or at such earlier time required by applicable law; (ii) accrued, unused vacation
time, paid in accordance with the Company’s written policies and applicable law; (iii) unreimbursed expenses, paid in accordance
with this Employment Agreement and the Company’s written policies; and (iv) accrued benefits under any Company benefit plan,
paid pursuant to the terms of such benefit plan (collectively, the “Accrued Obligations”).

(b)
Termination Without Cause. If the Company terminates Executive’s employment Without Cause, the Company shall
pay to Executive the Accrued Obligations and a severance payment equal to Executive’s Base Salary for a period of twelve
(12) months, to be paid in installments in accordance with the Company’s standard payroll practices. Such payments are subject
to Executive’s execution and delivery of a general release (that is no longer subject to revocation under applicable law)
of the Company, its parents, subsidiaries and affiliates and each of their respective officers, directors, employees, agents, successors
and assigns in a form satisfactory to the Company. All payments under this Section above shall begin to be made within sixty (60)
days following termination of employment; provided, however, that to the extent required by Code Section 409A (as defined below),
if the sixty (60) day period begins in one calendar year and ends in the second calendar year, all payments will be made in the
second calendar year. The payments under this Section 5(b) shall immediately cease should Executive violate any of the obligations
set forth in Sections 6 and 7 below.

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(c)
Termination Without Cause Following a Change in Control. If, within twelve (12) months following any Change in Control
(as defined below), the Company terminates Executive’s employment without Cause, the Company shall pay to Executive the Accrued
Obligations and a severance payment equal to Executive’s Base Salary for a period of eighteen (18) months, to be paid in
installments in accordance with the Company’s standard payroll practices. Such payments are subject to Executive’s
execution and delivery of a general release (that is no longer subject to revocation under applicable law) of the Company, its
parents, subsidiaries and affiliates and each of their respective officers, directors, employees, agents, successors and assigns
in a form satisfactory to the Company. All payments under this Section above shall begin to be made within sixty (60) days following
termination of employment; provided, however, that to the extent required by Code Section 409A (as defined below), if the sixty
(60) day period begins in one calendar year and ends in the second calendar year, all payments will be made in the second calendar
year. The payments under this Section 5(b) shall immediately cease should Executive violate any of the obligations set forth in
Sections 6 and 7 below. Any payments under this Section 5(c) are in lieu of, not in addition to, payments under Section 5(b).

(d)
Change in Control. For purposes of this Employment Agreement, “Change in Control” shall be deemed to
have occurred if:

(i)
any person, other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or
a corporation owned directly or indirectly by the shareowners of the Company in substantially the same proportions as their ownership
of stock of the Company, becomes the beneficial owner, directly or indirectly, of securities of the Company representing fifty
percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities;

(ii)
during any period of two (2) consecutive years, individuals who at the beginning of such period constitute the Board and
any new director whose election by the Board or nomination for election by the Company’s shareowners was approved by a vote
of a majority of the directors then still in office who either were directors at the beginning of the period or whose election
or nomination for election was previously so approved, cease for any reason to constitute a majority thereof;

(iii)
the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of
the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after
such merger or consolidation; or

(iv)
the shareowners of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all the Company’s assets.

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6.
Restrictive Covenants. The Executive acknowledges and agrees that (i) the Executive has a major responsibility for
the operation, development and growth of the Company’s business; (ii) the Executive’s work for the Company will bring
him into close contact with Confidential Information (defined below) of the Company and its clients; and (iii) the agreements and
covenants contained in this Section 6 are essential to protect the legitimate business interests of the Company and that the Company
will not enter into this Employment Agreement but for such agreements and covenants. Accordingly, the Executive covenants and agrees
to the following:

(a)
Confidential Information.

(i)
Executive understands that during his employment, he may have access to unpublished and otherwise confidential information
both of a technical and non-technical nature, relating to the business of the Company or any of its parents, subsidiaries, divisions,
affiliates (collectively, “Affiliated Entities”), or clients, including without limitation any of their actual or anticipated
business, research or development, any of their technology or the implementation or exploitation thereof, including without limitation
information Executive and others have collected, obtained or created, information pertaining to clients, accounts, vendors, prices,
costs, materials, processes, codes, material results, technology, system designs, system specifications, materials of construction,
trade secrets or equipment designs, including information disclosed to the Company or any of its Affiliated Entities by others
under agreements to hold such information confidential (collectively, the “Confidential Information”). Executive agrees
to observe all policies and procedures of the Company and its Affiliated Entities concerning such Confidential Information. Executive
further agrees not to disclose or use, either during his employment or at any time thereafter, any Confidential Information for
any purpose, including without limitation any competitive purpose, unless authorized to do so by the Company in writing, except
that he may disclose and use such information in the good faith performance of his duties for the Company. Executive’s obligations
under this Employment Agreement will continue with respect to Confidential Information, whether or not his employment is terminated,
until such information becomes generally available from public sources through no fault of Executive or any representative of Executive.
Notwithstanding the foregoing, however, Executive shall be permitted to disclose Confidential Information as may be required by
a subpoena or other governmental order, provided that he first notifies the Company of such subpoena, order or other requirement
and such that the Company has the opportunity to obtain a protective order or other appropriate remedy.

(ii)
During Executive’s employment, upon the Company’s request, or upon the termination of his employment for any
reason, Executive will promptly deliver to the Company all documents, records, files, notebooks, manuals, letters, notes, reports,
customer and supplier lists, cost and profit data, e-mail, apparatus, laptops, computers, smartphones, tablets or other PDAs, hardware,
software, drawings, blueprints, and any other material of the Company or any of its Affiliated Entities or clients, including all
materials pertaining to Confidential Information developed by Executive or others, and all copies of such materials, whether of
a technical, business or fiscal nature, whether on the hard drive of a laptop or desktop computer, in hard copy, disk or any other
format, which are in his possession, custody or control.

(b)
Non-Competition; Non-Solicitation.

(i)
During Executive’s employment with the Company or its Affiliated Entities and for twenty-four (24) months following
the termination thereof for any reason (the “Restricted Period”), the Executive shall not, within the Territory (as
defined below) directly or indirectly, own, manage, operate, control, consult with, be employed by, participate in the ownership,
management, operation or control of, or otherwise render services to or engage in, any business engaged in or competitive with
the businesses conducted by the Company or any of its Affiliated Entities; provided, that the Executive’s ownership of securities
of 2% or less of any publicly traded class of securities of a public company shall not violate this paragraph.

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(ii)
Throughout the Restricted Period, the Executive shall not solicit for business or accept the business of, any person or
entity who is, or was at any time within the previous twelve (12) months, a Customer (as defined below) of the Company or any of
its Affiliated Entities.

(iii)
Throughout the Restricted Period, the Executive shall not, directly or indirectly, employ, solicit, for employment, or otherwise
contract for or hire, the services of any individual who is then an employee of or consultant to the Company or any of its Affiliated
Entities or who was an employee of the Company or any of its Affiliated Entities during the twelve (12) month period preceding
the termination of his employment.

(iv)
Throughout the Restricted Period, the Executive shall not take any action that could reasonably be expected to have the
effect of encouraging or inducing any employee, consultant, representative, officer, or director of the Company or any of its Affiliated
Entities to cease their relationship with the Company or any of its Affiliated Entities for any reason.

(v)
For purposes of this Employment Agreement, the term “Territory” shall mean throughout the area comprising the
Company’s or any of its Affiliated Entities, as applicable, market for its services and products within which area Executive
was materially concerned during the twelve (12) month period prior to the termination of Executive’s employment.

(vi)
For purposes of this Employment Agreement, the term “Customer(s)” shall mean any individual, corporation, partnership,
business or other entity, whether for-profit or not-for-profit, public, privately held, or owned by the United States government
that is a business entity or individual with whom the Company or any of its Affiliated Entities has done business or with whom
Executive has actively negotiated with during the twelve (12) month period preceding the termination of Executive’s employment.

(vii)
Executive and the Company agrees that in the event a court determines the length of time, territory or activities prohibited
under this Employment Agreement are too restrictive to be enforceable, the court may reduce the scope of the restriction to the
extent necessary to make the restriction enforceable.

7.
Representations, Warranties and Covenants of the Executive.

(a)
No Restrictive Covenants. Executive represents and warrants to the Company that he is not subject to any agreement
restricting his ability to enter into this Employment Agreement and fully carry out his duties and responsibilities hereunder.
Executive hereby indemnifies and holds the Company harmless against any losses, claims, expenses (including reasonable attorneys’
fees), damages or liabilities incurred by the Company as a result of a breach of the foregoing representation and warranty.

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(b)              
  Adherence to Code of Ethics and Insider Trading Policy.The Executive represents and warrants that
he has received a copy of the Company’s Code of Ethics and its Insider Trading Policy. The Executive covenants and agrees
to adhere to both the Code of Ethics and the Insider Trading Policy as may be amended from time to time. The Executive acknowledges
that a material violation of either the Code of Ethics or the Insider Trading Policy would constitute a material breach of this
Employment Agreement.

(c)               
    Assignment of Intellectual Property.

(i)
Executive will promptly disclose to the Company any idea, invention, discovery or improvement, whether patentable or not
(“Creations”), conceived or made by him alone or with others at any time during his employment with the Company. Executive
agrees that the Company owns any such Creations, and Executive hereby assigns and agrees to assign to the Company all moral and
other rights he has or may acquire therein and agrees to execute any and all applications, assignments and other instruments relating
thereto which the Company deems necessary or desirable. These obligations shall continue beyond the termination of his employment
with respect to Creations and derivatives of such Creations conceived or made during his employment with the Company. The Company
and Executive understand that the obligation to assign Creations to the Company shall not apply to any Creation which is developed
entirely on his own time without using any of the Company’s equipment, supplies, facilities, and/or Confidential Information
(“Executive Creations”) unless such Creation (i) relates in any way to the business or to the current or anticipated
research or development of the Company or any of its Affiliated Entities, or (ii) results in any way from his work at the
Company.

(ii)
In any jurisdiction in which moral rights cannot be assigned, Executive hereby waives any such moral rights and any similar
or analogous rights under the applicable laws of any country of the world that Executive may have in connection with the Creations,
and to the extent such waiver is unenforceable, hereby covenants and agrees not to bring any claim, suit or other legal proceeding
against the Company or any of its Affiliated Entities claiming that Executive’s moral rights to the Creations have been violated.

(iii)
Executive agrees to reasonably cooperate with the Company, both during and after his employment with the Company, with respect
to the procurement, maintenance and enforcement of copyrights, patents, trademarks and other intellectual property rights (both
in the United States and foreign countries) relating to such Creations. Executive shall sign all papers, including, without limitation,
copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights and powers
of attorney, which the Company, acting reasonably, may deem necessary or desirable in order to protect its rights and interests
in any Creations. Executive further agrees that if the Company is unable, after reasonable effort, to secure Executive’s
signature on any such papers, any officer of the Company shall be entitled to execute such papers as his agent and attorney-in-fact
and Executive hereby irrevocably designates and appoints each officer of the Company as his agent and attorney-in-fact to execute
any such papers on his behalf and to take any and all actions as the Company may deem necessary or desirable in order to protect
its rights and interests in any Creations, under the conditions described in this paragraph, all to the exclusion of Executive’s
Creations.

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8.
Remedies. The Executive acknowledges that the Company would be irreparably injured by a violation of the covenants
contained in Sections 6 or 7, and agrees that the Company shall be entitled to an injunction restraining the Executive from any
actual or threatened breach of the covenants contained in Sections 6 or 7, or to any other appropriate equitable remedy without
bond or other security being required. Any such relief shall be in addition to and not in lieu of any appropriate relief in the
way of monetary damages that the parties may seek in arbitration.

9.
Waiver of Breach. The waiver by either the Company or the Executive of a breach of any provision of this Employment
Agreement shall not operate as or be deemed a waiver of any subsequent breach by either the Company or the Executive. Any waiver
must be in writing

10.
Notice. Any notice to be given hereunder by a party hereto shall be in writing and shall be deemed to have been given
when received or, when deposited in the U.S. mail, certified or registered mail, postage prepaid:

		(a)	to the Executive addressed as follows:

David W. Pointer

PO Box 402

Newman Lake, WA 99025

 

		(b)	to the Company addressed as follows:

Attention: Carolyn Campbell, CFO

500 Grand Boulevard, #201B

Kansas City, MO 64106

 

with copies to:

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, New York 10019

Attention: Adam W. Finerman, Esq.

11.
Amendment. This Employment Agreement may not be amended orally in any manner or in writing without the written consent
of the Company and the Executive. No provision of this Employment Agreement may be waived, delayed, modified, terminated or otherwise
impaired without the prior written consent of the Company and the Executive.

12.
Entire Agreement. This Employment Agreement embodies the entire agreement and understanding of the parties hereto
in respect of the Executive’s employment with the Company contemplated by this Employment Agreement and supersedes all prior
agreements, arrangements and understandings, oral or written, express or implied, between the parties with respect to such employment.
Sections 6 and 7 of this Employment Agreement shall survive the termination of this Employment Agreement.

13.
Applicable Law. The provisions of this Employment Agreement shall be construed in accordance with the internal laws
of the State of Maryland.

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14.
Assignment; Successors and Assigns, etc. This Employment Agreement is a personal contract and Executive may not sell,
transfer, assign, pledge or hypothecate his rights, interests and obligations hereunder. Except as otherwise herein expressly provided,
this Employment Agreement shall be binding upon and shall inure to the benefit of Executive and his personal representatives and
shall inure to the benefit of and be binding upon the Company and its successors and assigns, except that the Company may not assign
this Employment Agreement without Executive’s prior written consent, except to an acquirer of all or substantially all of
the assets of the Company.

15.
Enforceability. If any portion or provision of this Employment Agreement (including, without limitation, any portion
or provision of any section of this Employment Agreement) shall to any extent be declared illegal or unenforceable by a court of
competent jurisdiction, then the remainder of this Employment Agreement, or the application of such portion or provision in circumstances
other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision
of this Employment Agreement shall be valid and enforceable to the fullest extent permitted by law.

16.
Counterparts. This Employment Agreement may be executed in multiple counterparts, each of which shall be deemed an
original and all of which together shall be considered one and the same agreement and shall become effective when one or more counterparts
have been signed by each of the parties and delivered to the other party. Facsimile or .pdf signatures shall have the same force
and effect as original signatures.

17.
Arbitration. All disputes and disagreements arising from, relating to, or otherwise connected with this Employment
Agreement, the breach of this Employment Agreement, the enforcement, interpretation or validity of this Employment Agreement, or
the employment relationship (including any wage claim, claim for wrongful termination, or any claim based upon any statute, regulation,
or law, including those dealing with employment discrimination or retaliation, sexual harassment, civil rights, age, or disability)
that the Company may have against you or that you may have against the Company, including the determination of the scope or applicability
of this Employment Agreement to arbitrate, shall be settled by arbitration administered by the Judicial Arbitration and Mediation
Services (“JAMS”) pursuant to its Comprehensive Arbitration Rules and Procedures applicable at the time the arbitration
is commenced. A copy of the current version of the JAMS Rules will be made available to you upon request. The Rules may be amended
from time to time and are also available online https://www.jamsadr.com/rules-employment-arbitration/. Arbitration shall take place
in Baltimore, Maryland and shall be conducted before a single arbitrator selected by and in accordance with the rules and procedures
of the JAMS. The decision of the arbitrator shall be final and binding on the parties. Judgment on any award may be entered in
any court having competent jurisdiction, and application may be made to such court for a judicial acceptance of the award and an
order of enforcement, as the case may be. The expenses of the arbitration (including any arbitrator fees) shall be borne equally
by the Executive and the Company. Each of the parties shall bear the fees and expenses of its own legal counsel.

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    	9

     

    

IN WITNESS WHEREOF, the Executive and
the Company have executed this Employment Agreement as of the date first above written.

	 	 
	 	 
	 	
        /s/ David W. Pointer

	 	David W. Pointer

 

 

	 	Novation Companies, Inc.
	 	 
	 	 
	 	By:	
        /s/ Carolyn Campbell

	 	 	Name:	Carolyn Campbell
	 	 	Title:	Chief Financial Officer

 

 

    	10

     

    

SCHEDULE I

 

David W. Pointer currently serves on the following boards of for
profit corporations:

 

CompuMed, Inc.

Solitron Devices, Inc.

 

 

David W. Pointer acts as Managing Partner for VI Capital Fund, LP
which owns in excess of 25% of CompuMed, Inc.

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