Document:

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment Agreement (the “Agreement”)
is made and entered into as of June 15, 2022 (the “Effective Date”), by and between Teladoc Health, Inc. (the “Company”)
and Michael Waters, an individual, residing at Michael Waters, 26131 Red Corral Road, Laguna
Hills, CA 92653 (the “Executive”).

 

1.             
Employment. During the period of Executive’s employment with the Company, the Company shall employ Executive, and
Executive shall serve as Chief Operating Officer (“COO”).

 

2.             
Duties and Responsibilities of Executive.

 

(a)              
While employed by the Company, Executive shall devote substantially all of Executive’s business time and attention to the
business of the Company or its Affiliates, as applicable, will act in the best interests of the Company and will perform with due care
Executive’s duties and responsibilities. Executive’s duties will include those normally incidental to the position of COO
as well as such additional duties of an executive and managerial nature, consistent with his position as may be assigned to him by Jason
Gorevic (Executive’s “Direct Report”) or such other person who may be designated to serve as Executive’s direct
report by the Company from time to time. It is anticipated that Executive’s duties will include, inter alia, redefining and
evolving the operating model and ensuring Teladoc has the proper infrastructure, systems, people, and metrics, to enable Teladoc to successfully
scale across sectors and geographies. While employed by the Company, Executive will not hold any type of outside employment, engage in
any type of consulting or otherwise render services to or for any other person or business concern without the advance written consent
of the Company; provided that Executive may manage personal investments and engage in charitable and civic activities, so long as such
activities do not materially interfere with Executive’s obligations to the Company.

 

(b)              
Executive represents and covenants that, in the course of his employment herein, he shall not use or disclose any confidential
or protected information belonging to any of Executive’s previous employers unless specifically allowed to do so under a written
agreement. The Company represents and covenants that, in the course of performing his duties hereunder, Executive shall not be required
to disclose any confidential or protected information belonging to any of Executive’s previous employers.

 

3.             
Compensation. Any salary, bonus and other compensation payments hereunder shall be subject to all applicable payroll and
other taxes, deductions and withholdings.

 

(a)              
While Executive is employed by the Company, the Company shall pay to Executive a base annualized salary of $470,000 (the “Base
Salary”) in consideration for Executive’s services under this Agreement, payable on a not less than monthly basis. The Base
Salary shall be subject to modification from time to time as determined by the Company in its discretion.

 

     

     

    

 

(b)              
 Executive shall be eligible to receive an annual corporate bonus with a target amount equal to 75% of his then-applicable base
salary.  Executive will be eligible to receive a guaranteed annual corporate bonus of 75% of his then-applicable base salary for
2022, provided Executive remains employed through December 31, 2022.  For 2023, Executive will be eligible to receive an annual corporate
bonus with a target amount equal to 75%, with 37.5% of his then-applicable base salary guaranteed as an annual corporate bonus for 2023
and the remaining 37.5% subject to the sole discretion of the Company.  Beginning in 2024, Executive’s annual corporate bonuses
(with a target amount equal to 75%), if any, will be paid at the Company’s sole discretion based on, inter alia, a consideration
of the Company’s goals and an assessment of Executive’s individual performance.  Specifically, Executive’s bonuses
are based on achievement of specified goals to be established by Executive’s Direct Report in consultation with the Executive. 
No bonus will be paid unless Executive is actively employed in good standing through the last day of the year for which such bonus is
payable.  The bonus, if any, will be payable no later than March 15th of the calendar year following the last day of the year for
which the bonus is paid.  

 

(c)              
Subject to the approval of the Compensation Committee of the Company’s Board of Directors, the Executive will also receive
a new hire equity grant having a value, as of the date of grant, equal to $5,000,000 in the form of restricted stock units (“RSUs”).
The RSU’s will vest in the following manner: 1/3 of the RSUs will vest on the first anniversary of the Effective Date, and the remaining
2/3 of the RSUs will vest in equal quarterly installments beginning on the 15-month anniversary of the Effective Date and ending on the
3-year anniversary of the Effective Date, subject to the Executive’s continued employment through each vesting date.

 

(d)              
Subject to the approval of the Compensation Committee of the Company’s Board of Directors, the Executive will also receive
ongoing equity grants (estimated to be a target amount of $4,000,000, but may vary depending on, inter alia, achievement of certain
established performance targets, etc.), 50% of which will be in the form of restricted stock units (“RSUs”) and 50% of which
will be in the form of performance stock units (“PSUs”). The RSUs will vest ratably on the 1-year, 2-year and 3-year anniversaries
of the RSU grant date, and the PSUs will vest based on attainment of the established performance metrics, which will be described in the
applicable award agreement.

 

(e)               Executive
shall also receive a sign-on bonus equal to $775,000 (the “Sign-On Bonus”), less applicable withholdings, payable on the
Executive’s first pay date following the Effective Date. Executive acknowledges that the payment of this sign-on bonus is an
advance, and the sign-on bonus is only deemed earned upon the successful completion of two years of employment with the Company. In
the event the Executive resigns or leaves his employment with the Company or is terminated by the Company for Cause prior to the
2-year anniversary of the Effective Date, Executive shall be deemed to have earned the sign-on bonus on a pro-rata monthly basis
(divided equally for 24 months from the Effective Date) at the successful conclusion of each month of Executive’s employment
with the Company, and the Executive agrees to repay any portion of the sign-on bonus to the Company that are deemed unearned, as
determined at the sole discretion of the Company. Should there be any portion of the sign-on bonus deemed unearned that must be
repaid to the Company by Executive, then he will be obligated to repay the net amount (i.e. minus applicable withholdings and
deductions) of the unearned sign-on bonus to the Company.

 

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4.             
Term of Employment. Executive is expected to remain employed with the Company for a period of not less than two (2) years,
subject to earlier termination as expressly permitted under the terms of this Agreement. Specifically, and notwithstanding any other provision
of this Agreement, Executive’s employment pursuant to this Agreement may be terminated at any time in accordance with Section 6.

 

5.             
Benefits. Subject to the terms and conditions of this Agreement, Executive shall be entitled to the following benefits while
employed by the Company:

 

(a)              
Benefits. Executive shall be invited to participate in the same benefit plans and fringe benefit policies in which other
similarly situated Company employees are eligible to participate. All such participation shall be subject to applicable eligibility requirements
and the terms and conditions of all plans and policies.

 

(b)              
Business Expenses. Executive shall be entitled to reimbursement for business expenses under the same policies that apply
to other similarly situated Company employees as determined by the Company from time to time; provided that, the Company agrees to pay
the cost of the Executive’s cell phone and applicable data plan.

 

(c)              
Financial Planning Assistance. The Company agrees to pay for the services of a wealth planner from AYCO financial services
on behalf of the Executive, provided that the Company will pay no more than $18,000 per year toward the cost of such services.

 

6.             
 Termination of Employment.

 

(a)              
Company’s Right to Terminate Executive’s Employment for Cause. The Company shall have the right to terminate
Executive’s employment with the Company at any time for “Cause.” For purposes of this Agreement, “Cause”
shall mean Executive’s:

 

(i)                
commission of a crime, misdemeanor, or felony that has resulted, or the Company believes could be expected to result, in any economic
or reputational injury to the Company;

 

(ii)             
dishonesty, incompetence, misconduct, any breach of fiduciary duty owed to the Company, or failure to perform duties or directives
assigned by the Company;

 

(iii)           
material breach of this Agreement or any other agreement entered into between the Employee and the Company or any of its subsidiaries
or affiliates, or any written Company policy;

 

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(iv)            
 conduct that brings or is reasonably likely to bring the Company negative publicity or into public disgrace, embarrassment, or
disrepute or causes, or could reasonably be expected to cause, damage to the Company’s property, goodwill, reputation or business

 

(v)              
failure to comply with any applicable Company policy including, without limitation the Company’s policies prohibiting harassment,
discrimination, or intimidation; or

 

(vi)            
failure to perform Executive’s duties; provided, however, that such duties are consistent with the provisions of Section
2(a) of this Agreement, and after notice of such failure by the Company and a failure of Executive to cure within (30) days of the notice.

 

(b)              
Company’s Right to Terminate for Convenience. Upon thirty (30) days’ advance written notice, the Company shall
have the right to terminate Executive’s employment for convenience.

 

(c)              
Death or Disability. Upon the death or Disability of Executive, Executive’s employment with Company shall terminate
with no further obligation under this Agreement of either party, or their successors in interest; provided that the Company shall pay
to the estate of Executive any outstanding amounts due under this Agreement. For purposes of this Agreement, a “Disability”
shall exist if Executive is unable to perform the essential functions of his position, with reasonable accommodation, due to physical
or mental illness or injury which continues for a period in excess of four (4) consecutive months. The determination of a Disability will
be made by the Company; provided that if the Executive disputes the determination, the matter shall be submitted to a qualified doctor
mutually acceptable to the Company and the Executive for final determination, and the Executive shall submit to such examinations as the
doctor shall reasonably request in order to enable the doctor to make the determination. If requested by the Company, Executive shall
submit to a mental or physical examination to be performed by an independent physician selected by the Company to assist the Company in
making such determination.

 

(d)              
Executive’s Right to Terminate for Convenience. Executive shall have the right to terminate his employment with the
Company for convenience at any time upon thirty (30) days advance written notice to the Company.

 

(e)              
Effect of Termination. In the event of Executive’s termination of employment for any reason, the Company shall pay
Executive (1) all earned Base Salary through the date of termination, (2) any vested benefits to which Executive is entitled under the
terms of a Company sponsored employee benefit plan as of the date of termination and (3) payment or reimbursement of business expenses
Executive incurred prior to the date of termination under Section 4 above (collectively the “Accrued Obligations”). The Accrued
Obligations shall be paid to Executive in accordance with applicable law and shall be subject to applicable tax and withholding.

 

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(f)               
 Termination of Employment. All references in this Agreement to Executive’s termination of employment shall mean and
be deemed to occur only if and when a “separation from service” within the meaning of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) and the applicable regulations thereunder has occurred.

 

7.             
Severance Plan. Executive shall be eligible to participate in the Teladoc Health, Inc. Senior Leader Severance Plan (the
 “Severance Plan”), attached hereto as Exhibit A, and subject to all of the terms and conditions set forth therein, as such
plan may be amended from time to time; provided, however, that the following modifications shall be applicable to the severance benefits
provided for in Sections 2.1 and 2.2 of the Severance Plan (capitalized terms used in this Section 7 shall have the meanings set forth
in the Severance Plan):

 

(a)              
Continuation of Base Salary under Section 2.1(a) of the Severance Plan shall be for a period of twelve (12) months;

 

(b)              
The amount payable under Section 2.1(b) of the Severance Plan shall be equal to one hundred percent (100%) of Executive’s
target annual bonus for the year in which the Severance Date occurs;

 

(c)              
The CIC COBRA Severance Period for purposes of Section 2.1(d) shall be equal to twelve (12) months;

 

(d)              
For purposes of Section 2.2(a), continuation of Executive’s Base Salary shall be for a period of six (6) months;

 

(e)              
For purposes of Section 2.2(c), the reference to “Standard Severance Period” shall mean the six (6) month period of
Executive’s period of Base Salary continuation; and

 

(f)               
In addition to other severance benefits provided for in Section 2.2, if Executive is eligible for such benefits consistent with
the requirements of the Severance Plan, Executive shall be immediately vested in any equity based awards that are vested on the basis
of continued employment only, to the extent such equity based awards would have become vested within the six (6) month period following
Executive’s termination of employment, and shall be vested with respect to equity based awards that have performance based vesting
conditions if the relevant performance based conditions are satisfied during the six (6) month period following Executive’s termination
of employment.

 

8.             
Conflicts of Interest. Executive agrees that he shall promptly disclose to the Board any conflict of interest involving
Executive upon Executive becoming aware of such conflict.

 

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9.             
Confidential Information.

 

(a)               “Confidential
Information” means information, or a compilation of information, in any form (tangible or intangible), related to the
Company’s or any of the Related Companies’ business and of value to it that Executive first acquires or gains access to
as a consequence of Executive’s employment with the Company if the Company has not made it public or authorized public
disclosure of it and it is not readily available through lawful and proper means to the public or others in the industry who have no
obligation to keep it confidential. Confidential Information includes, but is not limited to: the Company’s business plans,
financial information and analysis, customer and prospective customer lists, employee lists, marketing plans and strategies,
research and development data, buying practices, vendor lists, internal business methods, techniques, technical data, know-how,
innovations, computer programs, un-patented inventions, and trade secrets; and information about the business affairs of third
parties (including, but not limited to, customers, licensors and suppliers) that such third parties provide to Company in
confidence. Due to its special value and utility as a compilation, a confidential compilation will remain protected as Confidential
Information even if some items of information within the list are in the public domain. Private disclosure of otherwise Confidential
Information to parties the Company is doing business with for business purposes will not cause the information to lose its protected
status under this Agreement.

 

(b)              
During Executive’s employment and for so long thereafter as the information qualifies as “Confidential Information”
under this Agreement, Executive shall not engage in any use or disclosure of Confidential Information that is not authorized by the Company
and undertaken for the benefit of the Company, except as may be permitted under Section 12 (Protected Conduct) below. These obligations
do not prohibit Executive’s use of generally available knowledge, skill and education that is not specific to the Company or its
business relationships but is instead knowledge generic to the industry or Executive’s profession. Executive shall comply with all
Company policies and directives concerning the use, storage, and transfer of Confidential Information. Unless prohibited by law from doing
so, Executive will notify the Company as quickly as possible after being served with a subpoena, order, or other legal mandate requiring
the production of Confidential Information so that the Company can take reasonable steps to protect its interests.

 

10.             
Intellectual Property. 

 

(a)               Executive
understands that Executive is being employed and paid to use all of Executive’s abilities, including creative and inventive
skills, for the benefit of the Company. Accordingly, Executive agrees that any inventions, improvements, discoveries, ideas,
concepts, trademarks, service marks, trade names, copyright eligible works of authorship and mask works (hereinafter referred to
collectively as “Intellectual Property”) that Executive develops, discovers, conceives or creates while employed with
the Company or providing services to an Affiliate, alone or with others, during regular working hours or outside of them, that
either: (i) relates to the business of the Company or the Affiliate or their actual or demonstrably anticipated research and
development, (ii) is developed or discovered with the assistance of Confidential Information, tools, equipment, personnel or other
resources of the Company or a Related Company, or (iii) is suggested by, related to, or result from any work performed by Executive
for the Company or an Affiliate; will be deemed “Work Product.” Executive hereby fully and finally assigns to the
Company all right, title and interest in and to all of Executive’s Work Product. Executive’s Work Product will be the
property of the Company from the date of conception, irrespective of when, how, or if it is ever reduced to tangible form or
practice. Executive’s assignment of Work Product shall include assignment to the Affiliate where the interests of an Affiliate
are involved as determined by the Company. Notwithstanding the forgoing, nothing in this Agreement creates or requires assignment of
an invention that cannot be assigned in an employment agreement under controlling law where controlling state law has such a
limitation.

 

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(b)              
All original works of authorship made by Executive, solely or jointly with others, while employed with the Company that relate
to the Company’s line of business will be considered done within the scope of Executive’s employment and thus “work
made for hire” under the Copyright Act of 1976 (17 U.S.C. § 101) and all comparable laws throughout the world. All ownership
and copyrights in this “work for hire” will belong exclusively to the Company or its designee, and to the extent any rights
therein are not automatically conveyed to the Company they will be deemed assigned to the Company. In this respect, the covered original
works of authorship are also Work Product. Original works of authorship (Work Products) covered by the foregoing are understood to include,
without limitation, all writings, source code, computer programs, algorithms, photos, images, drawings, branding concepts, and other work
product of any nature whatsoever consisting of copyrightable subject matter. Executive waives all claims Executive may now or hereafter
have to rights of paternity, integrity, disclosure and withdrawal, artists’ rights, and any other rights that may be known as “moral
rights” with respect to the above-referenced work made for hire, Work Product, and all derivative works thereof.

 

(c)              
Executive shall, during and after Executive’s employment with the Company, execute all documents, and will assist the Company
in every reasonable and proper way, to obtain and enforce patents, trademark registrations, service mark registrations and copyrights
for the Intellectual Property in any and all countries. The Company will pay the expenses for obtaining and enforcing these patents, trademark
registrations, service mark registrations, and copyrights. If Executive retains ownership of any item of Intellectual Property or copyright
eligible work that is incorporated into a Company product or service (an item of “Incorporated IP”), Executive grants to the
Company, a non-exclusive, fully-paid (royalty-free) and irrevocable worldwide license to incorporate into its products and services, reproduce,
make derivative works of, sell, and otherwise use the Incorporated IP.

 

11.             
Non-Disparagement. Executive shall not at any time, whether during or after employment with the Company, in any way undertake
to disparage, demean, or cast in a false, misleading or negative light, the Company, its products, services, officers, directors, employees,
agents, affiliates, vendors, or customers, or their successors, or in any other way publish negative statements about them or exhibit
an attitude of hostility toward them; provided, however, that nothing herein will prohibit him from providing truthful testimony in a
legal proceeding or prohibit conduct that is Protected Conduct under Section 12 below.

 

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12.             
 Protected Conduct. Executive understands that nothing in this Agreement prohibits Executive from opposing or reporting
to the relevant law-enforcement agency (such as the Securities and Exchange Commission) an event Executive reasonably and in good faith
believes is a violation of law, requires notice to or approval from Company before doing so, or prohibits cooperating in an investigation
conducted by such a government agency, nor does it prohibit disclosing information about unlawful acts in the workplace, such as harassment
or discrimination or any other conduct that Executive has reason to believe is unlawful. Executive acknowledges notice that pursuant to
the Defend Trade Secrets Act (DTSA): (1) no individual (consultant, contractor or employee) will be held criminally or civilly liable
under Federal or State trade secret law for the disclosure of a trade secret that: (a) is made in confidence to a Federal, State, or local
government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a
suspected violation of law; or, (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is
made under seal so that it is not made public; and, (2) an individual who pursues a lawsuit for retaliation by an employer for reporting
a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information
in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade
secret, except as permitted by court order. The foregoing will not be construed to invite, permit, or limit liability for otherwise illegal
activity such a breaking and entering, illegal computer access (hacking) or theft of the Company property.

 

13.             
Defense of Claims. Executive agrees that, during the Employment Period and thereafter, upon reasonable request from the
Company, Executive will reasonably cooperate with the Company or its Affiliates in the defense of any claims or actions that may be made
by or against the Company or its Affiliates that relate to Executive’s actual or prior areas of responsibility, except if Executive’s
reasonable interests are adverse to the Company or its Affiliate(s), as applicable, in such claim or action. The Company agrees to pay
or reimburse Executive for all of Executive’s reasonable travel and other direct expenses incurred, or to be reasonably incurred,
to comply with Executive’s obligations under this Section 13. Reimbursement of expenses under this Section 13 shall be made no later
than thirty (30) days after Executive submits all supporting documentation. Executive is not permitted to receive a payment or benefit
in lieu of or in exchange for reimbursement under this Section 13. The amount of expenses eligible for reimbursement in one year will
not affect the amount of expenses eligible for reimbursement in any other year.

 

14.             
Withholdings; Right of Offset. The Company may withhold and deduct from any payments made or to be made pursuant to this
Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling or
(b) any deductions consented to in writing by Executive.

 

15.             
Title and Headings; Construction. Titles and headings to Sections hereof are for the purpose of reference only and shall
in no way limit, define or otherwise affect the provisions hereof. Any and all exhibits or attachments referred to in this Agreement are,
by such reference, incorporated herein and made a part hereof for all purposes. The words “herein,” “hereof,”
 “hereunder” and other compounds of the word “here” shall refer to the entire Agreement and not to any particular
provision hereof.

 

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16.             
 Applicable Law; Submission to Jurisdiction. This Agreement shall in all respects be governed and construed according to
the laws of the State of California. The parties hereby consent, recognize, and agree that should any resort to a court be necessary for
any disputes related to Executive’s employment with the Company, then they consent to the exclusive jurisdiction, forum and venue
of the state and federal courts located in Los Angeles, California.

 

17.             
Entire Agreement and Amendment. This Agreement contains the entire agreement of the parties with respect to the matters
covered herein; moreover, this Agreement supersedes all prior and contemporaneous agreements and understandings, oral or written, between
the parties hereto concerning the subject matter hereof. This Agreement may be amended only by a written instrument executed by both parties
hereto.

 

18.             
Waiver of Breach. Any waiver of this Agreement must be executed by the party to be bound by such waiver. No waiver by either
party hereto of a breach of any provision of this Agreement by the other party, or of compliance with any condition or provision of this
Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other party or
any similar or dissimilar provision or condition at the same or any subsequent time. The failure of either party hereto to take any action
by reason of any breach will not deprive such party of the right to take action at any time while such breach continues.

 

19.             
Assignment. This Agreement is personal to Executive, and neither this Agreement nor any rights or obligations hereunder
shall be assignable or otherwise transferred by Executive. The Company may assign this Agreement to any of its Affiliates and to any successor
(whether by merger, purchase or otherwise) to all or substantially all of the equity, assets or businesses of the Company, if such successor
expressly agrees to assume the obligations of the Company hereunder.

 

20.             
Affiliates. For purposes of this Agreement, the term “Affiliates” is defined as any person or entity Controlling,
Controlled by, under common Control with the Company, or managed by the same executives as those who manage the day to day operations
of the Company. The term “Control,” including the correlative term “Controlled By” means possession, directly
or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any
Company or other ownership interest, by contract or otherwise) of a person or entity. For the purposes of the preceding sentence, Control
shall be deemed to exist when a person or entity possesses, directly or indirectly, through one or more intermediaries (a) in the case
of a corporation more than 50% of the outstanding voting securities thereof; (b) in the case of a limited liability company, partnership,
limited partnership or venture, the right to more than 50% of the distributions therefrom (including liquidating distributions); or (c)
in the case of any other person or entity, more than 50% of the economic or beneficial interest therein.

 

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21.             
Notices. Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received (a)
when delivered in person or sent by facsimile transmission, (b) on the first business day after such notice is sent by air express overnight
courier service, or (c) on the third business day following deposit in the United States mail, registered or certified mail, return receipt
requested, postage prepaid and addressed, to the following address, as applicable:

 

		(a)	If to the Company, addressed to:

 

Adam Vandervoort

Chief Legal Officer

Teladoc Health, Inc.

2 Manhattanville Road, 2nd Floor

Purchase, New York 10577

 

		(b)	If to Executive, addressed to:

 

Michael Waters

26131 Red Corral Road

Laguna Hills, CA 92653

 

22.             
Counterparts. This Agreement may be executed in any number of counterparts, including by facsimile or e-mail .pdf, each
of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.
Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party, but together signed by both
parties hereto.

 

23.             
Deemed Resignations. Unless otherwise agreed to in writing by the Company and Executive prior to the termination of Executive’s
employment, any termination of Executive’s employment shall constitute: (i) an automatic resignation of Executive as an officer
of the Company and each Affiliate of the Company, as applicable, and (ii) an automatic resignation of Executive from the Board (if applicable),
from the board of directors of any Affiliate of the Company (if applicable), and from the board of directors or any similar governing
body of any corporation, limited liability entity or other entity in which the Company or any Affiliate holds an equity interest and with
respect to which board or similar governing body Executive serves as the Company’s or such Affiliate’s designee or other representative
(if applicable).

 

24.              Compliance
with Code Section 409A. The intent of the parties is that the payments and benefits under this Agreement be exempt from Code
Section 409A, and the regulations and guidance promulgated thereunder and, accordingly, to the maximum extent permitted, this
Agreement shall be interpreted to be within the scope of available exemptions (including the “short-term deferral”
exemption and the “separation pay” exemption found in Treasury Regulation Sections 1.409A-1(b)(4) and (9),
respectively). To the extent that any reimbursements under this Agreement are not exempt from Code Section 409A, any such
reimbursements payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the
expense was incurred; provided, that Executive submits Executive’s reimbursement request promptly following the date the
expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any
subsequent year, other than medical expenses referred to in Code Section 105(b), and Executive’s right to reimbursement under
this Agreement will not be subject to liquidation or exchange for another benefit. Notwithstanding anything in this Section 24 to
the contrary, in no event shall the Company be deemed to have provided any representation or warranty regarding the tax treatment of
any payments made to Executive by the Company and any taxes imposed on Executive in connection with such payments shall be the
responsibility of Executive.

 

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IN WITNESS WHEREOF, Executive
and the Company each have caused this Agreement to be executed in its name and on its behalf, to be effective as of the Effective Date.

 

	 	TELADOC HEALTH, INC.
	 	 
	 	/s/ Arnnon Geshuri
	 	Arnnon Geshuri
	 	Chief People Officer
	 	 
	 	 
	 	EXECUTIVE
	 	 
	 	/s/ Michael Waters
	 	Michael Waters

 

    11Exhibit
10.1

 

Fox
Capital Group, Inc.

P:
(800) 895-4424 | F: 866-557-0455 | underwriting@foxbusinessfunding.com

 

FUTURE
RECEIVABLES SALE AND PURCHASE AGREEMENT

 

This
Agreement (“Agreement”) dated July 20, 2022, is made between Fox Capital Group, Inc. (“FCG”) and the following
merchant(s) (hereinafter, “Merchant”), owner (s) (“Owner”) and guarantor(s) (“Guarantor”):

 

Legal
Name of Merchant(s): MCA WESTOVER HILLS OPERATING COMPANY, LLC and entities appearing on “Exhibit D”

D/B/A:

Form
of Entity: LLC

State
of Organization: TX

EIN
#: 

Physical
Address: 10910 TOWN CENTER DR, SAN ANTONIO, TX, 78251

Mailing Address: 8800 VILLAGE DR, SUITE 201, SAN ANTONIO, TX, 78217

 

	“Purchase
    Price”	 	 	“Purchased
    Percentage”	 	 	“Purchased
    Amount”	 	 	“Daily
    Remittance”	 
	$	85,000.00	 	 	 	20.0	%	 	$	120,700.00	 	 	$	754.38	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	[Per
                                            Addendum: Weekly Remittance $3,771.90]	 

 

	MCA
    Westover Hills Operating Company, LLC	 
	 	 
	By:	/s/
    James Thaddeus Walesa	 
	Name:	James
    Thaddeus Walesa	 
	Title:	CEO	 
	Business
    Phone:	 

 

	OWNER/GUARANTOR #1	 
	 	 
	By:	/s/
    James Thaddeus Walesa	 
	Name:	JAMES THADDEUS WALESA	 
	SSN:	 	 
	Email:	 	 
	Phone:	 	 
	Address:	 	 

 

Subject
to the Terms and Conditions below (“Terms”), Merchant hereby sells, assigns, and transfers to FCG (making FCG the absolute
owner) in consideration of the Purchase Price specified above, the Purchased Percentage of all of Merchant’s future accounts, receivables,
contract rights and other entitlements arising from or relating to the payment of monies from Merchant’s customers, vendees and/
or other third-party payors (including all payments made by cash, check, credit card, debit card, electronic payment application, electronic
transfer or other form of monetary payment in the ordinary course of the Merchant’s business for the payments due to Merchant as
a result of Merchant’s sale of goods and/or services (the “Receipts”)), until the entire Purchased Amount has been
delivered by or on behalf of Merchant to FCG. This sale of Receipts to FCG is made without recourse against Merchant or any Guarantors,
except as specifically set forth in this Agreement. In consideration of the sale by Merchant to FCG of the Receipts, FCG agrees to pay
to Merchant the Purchase Price (reduced by any applicable fees), which shall be delivered to Merchant following Merchant’s execution
of this Agreement. FCG’s payment of the Purchase Price (minus any applicable fees) shall be deemed the acceptance and performance
by FCG of this Agreement.

 

    	Page 1

     

    

 

Fox
Capital Group, Inc.

P:
(800) 895-4424 | F: 866-557-0455 | underwriting@foxbusinessfunding.com

 

THIS
IS NOT A LOAN. Merchant is selling a portion of a future revenue stream to FCG at a discount, not borrowing money from FCG. There is
no interest rate or payment schedule and no time period during which the Purchased Amount must be collected by FCG. In lieu of calculating
the value of the Purchased Percentage of the Receipts each day, Merchant shall remit the Daily Remittance, which is a good faith approximation
by FCG and Merchant of (a) the Purchased Percentage multiplied by (b) the gross revenues of Merchant during the previous calendar month
divided by (c) the number of business days in the previous calendar month. The initial Daily Remittance shall be as described above.
Merchant going bankrupt or going out of business, or experiencing a slowdown in business or a delay in collecting its receivables, in
and of themselves, do not constitute a breach of this Agreement. Under such circumstances, the Daily Remittance shall be subject to reconciliation
or adjustment as set forth in Paragraph 1.4 of the Terms and Conditions provided Merchant is not otherwise in default of this Agreement
and makes a reconciliation request. FCG is entering this Agreement knowing the risks that Merchant’s business may slow down or
fail. FCG assumes these risks based on Merchant’s, each Owner’s and each Guarantor’s representations, warranties, and
covenants in this Agreement, which are designed to give FCG a reasonable and fair opportunity to receive the benefit of its bargain.
Merchant and each Guarantor are guaranteeing performance of the terms of this Agreement and are not guaranteeing absolute payment of
the Purchased Amount. Nothing in this Agreement to the contrary, Merchant shall operate its business in good faith and do nothing to
intentionally cause the diminution or diversion of its Receipts.

 

So
long as Merchant is generating Receipts and has not requested a reconciliation, FCG will debit the Daily Remittance each business day
from one depositing bank account, which account must be acceptable to, and pre-approved by FCG (the “Account”), into which
Merchant and Merchant’s customers shall exclusively remit all Receipts (regardless of the method by which Merchant receives them),
until such time as FCG receives remittance in full of the Purchased Amount (except in the case that Merchant ceases to receive Receipts
because it goes out of business or goes bankrupt in the regular course of its business). Merchant hereby authorizes FCG to ACH debit
the Daily Remittance from the Account on each business day (i.e., Monday through Friday but not bank holidays), and to ACH debit the
Daily Remittance twice on the first business day following a bank holiday that falls on Monday through Friday. Merchant understands that
it is responsible for ensuring that an amount sufficient to cover the Daily Remittance to be debited by FCG remains in the Account. In
the event that there will be insufficient funds in the Account such that the debit of the Daily Remittance will not be honored by Merchant’s
bank, Merchant shall give 24 hours’ written notice (or other reasonable notice as necessitated by the circumstances) to FCG such
that FCG may be able to cancel any pending debits, and shall promptly provide to FCG any requested documentation to verify Merchant’s
revenues and account balances and allow for daily monitoring of its bank accounts. Provided there is no other Event of Default (as defined
in Section 3.1 of the Terms), Merchant will not be held in default if timely notice of insufficient funds is provided and Merchant cooperates
in providing information requested. Merchant will be held responsible for any fees incurred by FCG resulting from a rejected ACH attempt
(unless timely notice of insufficient funds is provided to FCG) or caused by another Event of Default. FCG is not responsible for any
overdrafts or rejected transactions that may result from FCG’s ACH debiting the Daily Remittance under the terms of this Agreement.
Notwithstanding anything to the contrary in this Agreement or any other agreement between FCG and Merchant, upon the occurrence of a
default under Sections 1.11 or 3.1 of the Terms, FCG shall be entitled to immediately collect any outstanding amount of the Purchased
Amount as damages.

 

    	Page 2

     

    

 

Fox
Capital Group, Inc.

P:
(800) 895-4424 | F: 866-557-0455 | underwriting@foxbusinessfunding.com

 

FEE
SCHEDULE

 

THE
FOLLOWING “FEE SCHEDULE” INCLUDES ALL FEES AND LIQUIDATED DAMAGES APPLICABLE UNDER THIS AGREEMENT (OTHER THAN ATTORNEYS’
FEES AND COLLECTIONS COSTS ASSESSED IN AN EVENT OF DEFAULT):

 

CLOSING
COSTS

 

	A.	Origination
    Fee:	$
    3,400.00	to
    cover cost of origination and ACH Setup.*
	 	 	 	 
	B.	Underwriting
    Fee:	$
    295.00	to
    cover underwriting and related expenses.*
	 	 	 	 
	C.	Processing
    Fee:	$
    0.00	to
    cover cost of origination and ACH Setup.*

 

APPLICABLE
FEES

 

	D.	Wire
    Fee: Each Merchant shall receive their funding electronically to their designated bank account and will be charged $50 for a federal
    wire or $0 for a bank ACH. *
	 	 
	E.	Bank
    Change Fee: $150 when Merchant requires a change of the Account, which requires changes to FCG’s records and systems.
	 	 
	F.	NSF
    Fee (Standard): $50 (each) to cover bank charges for Not Sufficient Funds in Merchant’s bank account unless Merchant provides
    timely notice. A default may be declared after three (3) or more occurrences.
	 	 
	G.	Stacking
    Fee: For each occurrence, $5,000.00 or 10% of the balance of the undelivered Purchased Amount at the time of breach, whichever is
    greater, to be charged if Merchant has sold or sells any future receipts to, or has obtained or obtains a loan or advance secured
    by any future receipts from any person or entity without FCG’s prior written consent, due to increased risk profile.**
	 	 
	H.	Unauthorized
    Account Fee: $5,000 or 10% of the balance of the undelivered Purchased Amount at the time of breach, whichever is greater, to be
    charged if Merchant blocks any one of FCG’s ACH debits of the Account, simultaneously uses multiple bank accounts or credit
    card processors to deposit or process its Receipts, or prevents FCG from electronic monitoring of the Account, or otherwise violates
    paragraph 1.5 of the Agreement due to increased risk profile.**
	 	 
	I.	Court
    costs, collection agency fees, attorneys’ fees, expert fees, other related collections costs and costs for indemnification,
    as provided in the Terms of the Agreement.

 

All
fees and/or liquidated damage amounts (i) may be added to the balance owed to FCG under the Agreement (if not already paid out of the
Purchase Price), and (ii) are in addition to FCG’s rights and remedies under the Agreement, including the right to declare Merchant
in default.

 

Total
fees of $3,695.00 shall be deducted from the Purchase Price prior to funding. Merchant will receive a net purchase price in the amount
of $81,305.00 at the time of delivery by FCG.

 

*
These fees will be paid out of the Purchase Price/funding amount.

**
Merchant acknowledges these fees as liquidated damages, and not as penalties, and reasonable estimates of the damages likely to be incurred
by FCG in the event of Merchant’s breach of the Agreement.

 

    	Page 3

     

    

 

 

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	FOR MCA WESTOVER HILLS OPERATING COMPANY,
    LLC	 	OWNER/GUARANTOR #1
	 	 	 	 	 
	By:	/s/
    James Thaddeus Walesa	 	By:	/s/
    James Thaddeus Walesa
	Name:	JAMES
    THADDEUS WALESA	 	Name:	JAMES
    THADDEUS WALESA
	Title:	CEO	 	 	 
	 	 	 	 	 
	Fox
    Capital Group, Inc.	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	 	 	 	 
	Title:	 	 	 	 

 

    	Page 8

     

    

 

Fox
Capital Group, Inc.

P:
(800) 895-4424 | F: 866-557-0455 | underwriting@foxbusinessfunding.com

 

ADDENDUM
TO SECURED MERCHANT AGREEMENT FOR WEEKLY REMITTANCE

 

WHEREAS
Fox Capital Group, Inc. (“FCG”) and MCA WESTOVER HILLS OPERATING COMPANY, LLC (“Merchant”) are parties
to the Secured Merchant Agreement, dated July 20, 2022 (the “Agreement”); and

 

WHEREAS,
Merchant requested that for Merchant’s convenience FCG make weekly debits toward the Purchased Amount instead of debits of the
Daily Remittance each business day, and FCG grants Merchant’s request as a courtesy to Merchant;

 

NOW,
THEREFORE, it is agreed as follows:

 

	 	1.	Definitions.
    Except as otherwise defined in this Addendum, all capitalized terms have the same meaning as in the Agreement. The Term “Weekly
    Remittance” means the following amount, $3,771.90, which is a good faith approximation of five times the Daily Remittance.
    The term “Payment Day” means Monday, the day of the week on which payment of the Weekly Remittance is due.
	 	 	 
	 	2.	Weekly
    Remittance. Without modification or waiver of any term of the Agreement and as a courtesy to Merchant, rather than debiting
    the Daily Remittance each business day, FCG will debit the Weekly Remittance from the Account once each week on every Payment Day
    that is not a bank holiday until such time as FCG receives payment in full of the Purchased Amount or until FCG elects to revoke
    or cancel this Addendum. If any Payment Day falls on a bank holiday, FCG will debit the Weekly Remittance on the next business day
    following that Payment Day. If the next business day falls during the next week, FCG will debit the Weekly Remittance for both weeks
    during that following week and which will result in FCG debiting twice in a week. By way of example only, if the Payment Day is Friday
    and the next business day falls the following Monday, FCG will debit the Weekly Remittance on Monday and Friday of that following
    week. Nothing herein prevents an adjustment of the Daily Remittance under paragraph 1.4 of the Agreement, in which case the Weekly
    Remittance will be adjusted accordingly.
	 	 	 
	 	3.	Revocation.
    FCG in its sole and absolute discretion may revoke or cancel this Addendum at any time and for any reason upon 24 hours’
    notice by email to the Merchant. Upon revocation or cancellation of this Addendum, FCG may resume regular debiting of the Daily Remittance
    in the manner set forth in the Agreement. If Merchant is aware that there will be insufficient funds in the Account such that the
    debit of the Daily Remittance will not be honored by Merchant’s bank, Merchant shall notify FCG within 18 hours of receiving
    FCG’s email notice.

 

	FOR
    MCA WESTOVER HILLS OPERATING COMPANY, LLC	 	AGREED
    AND ACCEPTED:
	 	 	 
	 	 	 	FOR
    FOX CAPITAL GROUP, INC.
	 	 	 	 
	Signature:	/s/
    James Thaddeus Wales	 	By:	       
	Name:	JAMES
    THADDEUS WALESA	 	Name:	 
	Title:	CEO	 	Title:	 

 

    	Page 9

     

    

 

EXHIBIT
D

 

List
of Additional Entities Included in the Definition of the Term “Merchant” That Have Sold Future Receipts and Granted FCG a
Blanket Security Interest

 

FLASH
PARTNERS, LLC

 

    	Page 10

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