Document:

EX-10.22

 Exhibit 10.22 
  

 
 PLASTIQ OFFER LETTER Stoyan Kenderov July 17, 2019 

 

 
 Table of Contents Our Purpose 1 Offer Summary 2 Equity Calculator 3 Option Vesting Schedule and Early Exercise 4 Employee Benefits 5
First Week 6 Where We’re Headed 7 Things to Know about Your Offer (Legal) 8-9 Offer Letter Acceptance 10 

 

 
 Our Purpose We’re here to accelerate the growth potential of small businessesï¿1⁄2 You’ll see our values in who
we hire, how we work, and what we accomplishï¿1⁄2 We aim to be the greatest of all time (GOAT) Plastiq Values    Get it Done Own the Outcome Adapt with Conviction Trust the Team 

 

 
 Offer Summary Initial Role Chief Product Officer Annual Salary $275,000 Management Performance Bonus Annual Target $100,000 New Hire
Equity Award1 792,000 Start Date August 6, 2019 Manager Sameer Gulati 

 

 
 Equity Calculator New Hire Equity Award1 Strike Price2 Preferred Price3 792,000 $0.99 $2.97 Your Potential Net Equity Value (at Current,
3x, 5x, 15x, ~50x valuations)* This is purely a hypothetical example and not a promise or guarantee of the value of your equity. 1 Subject to Compensation Committee approval 2 Subject to change based on the Company’s current 409A valuation 3
Based on the Company’s most recent financing valuation 3 * Based on 66m CSO and an assumed additional round of funding between $3b and $5b 

 

 
 Option Vesting Schedule & Early Exercise The options you’re being awarded will vest over four years. As you can see in the
example schedule below, your options start vesting one year from your start date, meaning 25% of your options will vest on your one-year anniversary. After that, 1/36th of the remaining options will vest each
month You will also have the ability to exercise your equity award early so you can start the holding requirement for long-term capital gains tax treatment. Options exercised early become restricted shares and will follow the same vesting schedule.
4 

 

 
 Employee Benefits Full Healthcare Coverage Premiums covered at 100% Dependents at 75% Time Off For Exempt employees, there’s no
policy on vacation. Take paid time away to recharge and stay at peak productivity. For Non-Exempt employees, there are three (3) weeks of PTO. Parental Leave 12 weeks of paid leave for the birth or
adoption of a child and phased-in return to work for those who have given birth. 401(k) Administered through ADP Use Plastiq for Free Use your Plastiq account for free and earn rewards, cash back, plane
tickets, or even hotel stays. Commuter Pre-tax transit savings card and more Food Catered lunch Mon–Wed and all sorts of yummy snacks 

 

 
 First Week You’ll start on a Tuesday because we think it’s nice to have a long weekend before you join us. Tuesday Welcome...
Plan to come in at 8:30am to meet with your new manager and the People Ops team. Your first day, we’ll get you set up with a laptop and all of our systems. You’ll also meet the rest of your Chapter/Squad and new hire buddy. 4pm is wine and
kombucha time. Later, expect... Product Intro Day on Wednesday where you’ll get understanding of our product. Team of Teams Day on Thursday where you’ll get a deep dive on our dashboard, shadow sales and CS, as well as meet a few more
Chapter teams. Also, plan to join Eliot at 5pm office hours for a drink. ...and onto Friday, your First Sprint Day! 

 

 
 Where We’re Headed The world’s economy is formed by small business owners. As small businesses thrive, the world thrives.
Lives are made better, richer, and more connected on a global scale. Over 30 million small businesses employ nearly 60 million workers; in other words, half of the US workforce is employed by small businesses. Despite this fact, when it
comes to financial services, small and medium-sized businesses (SMBs) are always and consistently left behind. It’s time someone fought for them first. If SMBs are the engine, cash flow is the fuel. SMBs
often struggle with maintaining a healthy cash flow position to grow their business due to limited access to credit, restrictions on current credit instruments, seasonal sales cycles, and limited expertise in cash flow management. Millions of SMBs
fail to reach that next step of growth, and many fall apart. With the average SMB having less than 30 days of cash on hand, adequate cash flow is the inhibitor of success. It also represents their greatest opportunity. At Plastiq, our mission is to
help small businesses achieve their growth potential by helping them best manage their cash flow. Our vision is to be the trusted financial partner that gives an immediate, digital picture of the health of their business and a wide range of curated
options to manage and grow it. 

 

 
 Things to Know about Your Offer 1. Your compensation is subject to taxes and withholdings and will be paid on the Company’s normal
payroll cycle. 2. Your option grant, including the terms and exercise price, is subject to, and will be determined by, Compensation Committee approval. 3. Your option grant will be made pursuant and subject to the terms of Plastiq’s option Plan
Document. 4. Your employment is at will and either you or Plastiq may terminate your employment at any time, with or without notice. No manager or supervisor at Plastiq has the authority to change, modify, or alter this at-will nature of the relationship except for the CEO who may only do so upon written aggreement signed by both you and the CEO. 5. Plastiq may change or discontinue the Company’s benefits provided to you
and/or your dependents at any time with or without notice. 6. Your starting employment with Plastiq is conditioned upon and subject to a background check and proof of your eligibility to be legally employed in the US. 7. As a condition of your
employment, you are also required to sign and comply with an Employee Confidentiality and Assignment Agreement and Arbitration Agreement that requires, among other provisions, the assignment of rights to any invention made during your employment at
the Company proprietary information and arbitration of any claims you or the Company may have with each other. 8. You hereby represent and warrant that you are not party to any written or oral agreement with any third party that would restrict your
ability to accept employment with the Company. You also agree that you will not disclose to the Company any 

 

 
 Things to Know about Your Offer (cont’d) information that you acquired from any prior employer or third party that could be
considered protected from disclosure under any existing covenant or agreement relating to confidential and proprietary information. This offer document, together with your Employee Confidentiality and Assignment Agreement, and the Arbitration
Agreement forms the complete and exclusive statement of your employment agreement with the Company. It supersedes any other agreements or promises made to you by anyone, whether oral or written. Changes in your employment terms, other than those
changes expressly reserved to the Company’s discretion in this letter, require a written modification signed by the Head of People of the Company. If any provision of this offer document is determined to be invalid or unenforceable, in whole or
in part, this determination shall not affect any other provision of this offer document and the provision in question shall be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible under
applicable law. 

 

 
 Offer Letter Acceptance Congratulations! We’re excited to have you join the team. Sincerely, Plastiq Inc. By:
____________________________________ Angela Loeffler, Head of People By signing below, I confirm that I’ve read this offer in its entirety and accept this offer of employment.
Signature:    ____________________________________ 07/23/2019 Date:    ____________________________ 

 

 
 Welcome! PLASTIO 

 

 
 TITLE FILE NAME DOCUMENT ID STATUS Welcome to Plastiq, Stoyan! kenderov_stoyan_p...17_19_updated.pdf
35a3a52b8cbcc22e064d388eb955b9a325cb7810 Completed 07/21/2019 Sent for signature to Angela Loeffler (angela@plastiq.com) 11:17:31 UTC-8 and Stoyan Kenderov (stoyan.kenderov@gmail.com) from
stephanie@plastiq.com IP: 148.64.110.82 07/21/2019 Viewed by Angela Loeffler (angela@plastiq.com) 11:18:16 UTC-8 IP: 96.86.167.84 07/21/2019 Signed by Angela Loeffler (angela@plastiq.com) 11:18:33 UTC-8 IP: 96.86.167.84 07/22/2019 Viewed by Stoyan Kenderov (stoyan.kenderov@gmail.com) 15:23:30 UTC-8 IP: 79.10.38.134 07/22/2019 Signed by Stoyan Kenderov
(stoyan.kenderov@gmail.com) 15:36:34 UTC-8 IP: 79.10.38.134 07/22/2019 The document has been completed. 15:36:34 UTC-8EX-10.23

 Exhibit 10.23 

RETENTION BONUS AGREEMENT 
 This
Retention Bonus Agreement (“Agreement”) is effective on January 1, 2022, by and between Stoyan Kenderov (“Employee”) and Plastiq Inc. (“Company”). In consideration
of the mutual promises made herein, the Company and Employee agree as follows. 
 1. Purpose of Retention Bonus. Employee is being offered a Retention
Bonus in order to encourage Employee to remain employed with the Company through January 1, 2023. The “Retention Period” shall begin on January 1, 2022 and shall end on January 1, 2023. This Agreement shall not modify the
duration of the Employee’s employment with the Company, and the Employee remains an employee-at-will during the entire time of employment with the Company. 

2. Retention Bonus Amount. The Company shall pay to Employee a total amount of $1,000,000 USD (“Retention Bonus”), less applicable state and
federal taxes and withholdings, if Employee remains employed during the entire Retention Period and complies with all other conditions stated in this Agreement and otherwise meets all conditions precedent to earn the Retention Bonus. 

3. Payment Schedule: 
  

	 	a.	 If Employee is employed through April 1, 2022, Company shall pay Employee
one-fourth (1/4th) of the Retention Bonus, in an amount of $250,000 USD, less applicable state and federal taxes and withholdings (called “First Quarter Payment”), on the first regularly
scheduled pay day after March 1, 2022. 

  

	 	b.	 If Employee is employed through July 1, 2022, Company shall pay Employee
one-fourth (1/4th) of the Retention Bonus, in an amount of $250,000 USD, less applicable state and federal taxes and withholdings (called “Second Quarter Payment”, on the first regularly
scheduled pay day after June 1, 2022. 

  

	 	c.	 Beginning on August 1, 2022 and continuing through January 1, 2023, the Company shall pay Employee one-twelfth (1/12th) of the Retention Bonus each month, in equal installments of $83,333 USD, less applicable state and federal taxes and withholdings (each individual payment is called an “Installment
Payment”), on the first regularly scheduled pay day of each month. Employee must still be employed by the Company on the first regularly scheduled pay day of the month to be eligible to receive that month’s Installment Payment.

 4. Impact of Employee Separation on Retention Bonus: 
  

	 	a.	 Resignation or Termination for Cause: If Employee either resigns or is terminated for cause prior to the
end of the Retention Period, Employee agrees that he will no longer be entitled to receive any future payments, including First Quarter Payment, Second Quarter Payment or any Installment Payment. 

 

	 	i.	 Cause: For purposes of this Agreement, “cause” is defined as (i) any act of
dishonesty, disloyalty, unethical conduct, or fraud with respect to the Company; 

 (ii) Employee’s breach of fiduciary duty to the Company; (iii) willful misconduct
or gross negligence in the performance of Employee’s job duties; (iv) Employee’s substantial, willful, or repeated disregard of the lawful and reasonable directives of the Board of Directors or the Company’s CEO clearly
communicated in writing to Employee; (v) the coming into effect of an order, ruling, or determination by a government body, court, or self-regulatory organization that imposes a suspension, bar or disqualification on Employee from employment
with the Company; (vi) violation of the Company’s policies against unlawful discrimination, harassment, and retaliation; (vii) abandonment or gross dereliction of Employee’s job duties; or (viii) conviction of a crime. 

 

	 	b.	 Termination Without Cause: If Employee is terminated without cause prior to the end of the Retention
Period, Employee shall be entitled to the full Retention Bonus. Employee shall be entitled to payment of the aggregate of any unpaid Installment Payments, which will be paid promptly upon termination. 

5. Miscellaneous. 
  

	 	a.	 This Agreement constitutes the entire agreement of the parties with regard to the Retention Bonus. Any
modification of this Agreement will be effective only if it is in writing and signed by both the Company’s CEO and Employee. 

  

	 	b.	 The provisions of this Agreement shall not supersede or modify the provisions of any employment agreement,
confidentiality agreement, arbitration agreement or relationship between Employee and the Company. This Agreement does not supersede, replace or limit the rights and obligations of the Company and Employee with respect to such matters imposed by law
or other agreements. 

  

	 	c.	 The headings in this Agreement are intended solely for the convenience of reference and should be given no
effect in the construction or interpretation of this Agreement; and 

  

	 	d.	 Should any provision of this Agreement be held to be invalid, void or unenforceable, the remaining provisions
shall be unaffected and shall continue in full force and effect, and the invalid, void or unenforceable provision(s) shall be deemed not to be part of this Agreement. 

6. Governing Law. This Agreement shall be governed in all respects by the laws of the State of California. 

IT SO AGREED. 
  

					
	DATE: 12/30/2021	  		  	 /s/ Stoyan Kenderov

		  		  	Stoyan Kenderov (“Employee”)

					
	On behalf of the Company:	  		  	
		  		  	 /s/ Eliot Buchanan

	DATE: Jan 1, 2022	  		  	Eliot Buchanan
		  		  	Chief Executive Officer
		  		  	Plastiq Inc.

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