Document:

Exhibit 10.11 

 

CERTAIN IDENTIFIED
INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF
PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

 

PROVIDER AGREEMENT

 

This Provider
Agreement (“Agreement”) is entered into between Wayfair LLC (“Wayfair”), a Delaware limited liability company,
and Katapult Group, Inc. (“Provider”), a Delaware corporation. Wayfair and Provider are referred to herein collectively as
“Parties” and individually as a “Party.”

 

RECITALS

 

WHEREAS, Wayfair
and Provider, formerly known as Cognical, Inc. d/b/a Zibby previously entered into that certain “Zibby Retailer Agreement”
on or about September 18, 2018, and further entered into that certain First Amendment, dated on or about February 27, 2019;

 

WHEREAS, Wayfair
maintains relationships with multiple providers of financing and/or lease-to-own services for Wayfair Customers and desires to standardize
the terms of its relationships with such providers;

 

WHEREAS, Wayfair
and Provider desire to enter into this Agreement whereby Provider will continue to offer the Services to Wayfair Customers involving the
financing or lease-purchase of certain products, goods and/or services available from Wayfair (“Products”); and

 

WHEREAS, Wayfair
will offer functionality on its websites (the “Wayfair Portal”) to facilitate applications and/or Requests by Wayfair Customers
for Provider’s Services, as described herein;

 

NOW, THEREFORE,
for good and valuable consideration, receipt of which is hereby acknowledged, Wayfair and Provider agree as follows:

 

AGREEMENT 

 

Section 1. The
Financing and/or Lease-to-Own Services.

 

(a) Responsibility
of the Parties. Wayfair and Provider acknowledge that, except as otherwise provided in the Agreement and in the Wayfair
Financing Program Guidelines, the Program and Services are the sole responsibility of Provider and further acknowledge that Provider
shall, except to the extent set forth in Schedule 1, have control over the Program and Services, including (without limitation) the
ability in its sole discretion to establish underwriting and approval criteria, to determine and control the provision of any
necessary disclosures in the Customer-Facing Materials, set the pricing and other terms offered to Wayfair Customers, and to manage
and service the obligations of Wayfair Customers resulting from the Services. For the avoidance of doubt, Provider shall be
responsible for providing any required disclosures to Wayfair Customers in connection with the Services as a part of the
Customer-Facing Materials or otherwise pursuant to applicable law or by any regulatory body having regulatory jurisdiction over the
Services, and Wayfair agrees to facilitate the provision of such disclosures through the Wayfair Portal and otherwise.

 

     

    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

(b) Provider
Responsibility and Standard of Care. In connection with the Services, Provider shall use (and cause any agent and service provider
to use) only commercially reasonable practices that are consistent with customary and usual industry practice for offering, originating,
servicing, and collections pertaining to services similar to the Services offered by Provider.

 

(c) Non-Discrimination
in Terms for Wayfair Customers. All terms offered by Provider to Wayfair Customers at any specific time, including without limitation,
any pricing terms, fees, charges, or similar pricing terms, shall be no less favorable than the terms that Provider offers to other Wayfair
Customers of similar creditworthiness for comparable Services. Provider’s policies and procedures for the origination, underwriting,
servicing, and collections pertaining to the Services shall be no less favorable to Wayfair Customers than the policies and procedures
used for other Wayfair Customers of similar creditworthiness for comparable Services. Notwithstanding the foregoing, Wayfair understands
and agrees that Provider may offer different terms to customers of other retailers or merchants (including customers who may also be,
have been, or become Wayfair Customers), and that the offering of such different terms is not prohibited by this provision. Wayfair also
agrees that it shall not be a breach of this provision for Provider to engage in discrete beta-testing of different lease terms, from
time-to-time, provided that Provider gives Wayfair at least ten (10) days prior notice of any such beta-test and Wayfair provides no reasonable
basis to object within said ten (10) day period.

 

(d) Wayfair
Efforts to Promote the Services. Wayfair agrees to make the Services available on Wayfair websites and/or through the Wayfair Portal,
and to otherwise make the Services available to Wayfair Customers. Notwithstanding the foregoing, Wayfair is under no obligation to engage
in any efforts to promote the Services to Wayfair Customers.

 

Section 2.
Non-Exclusive Relationship. Provider acknowledges that its relationship with Wayfair is not exclusive and that Wayfair has existing
relationships with other providers of lease-to-own and/or financing services and Provider further acknowledges that Wayfair may enter
into new relationships with additional third parties offering such services.

 

Section
3. Customer-Facing Materials.

 

(a) Wayfair
Created Material Specific to the Services. Wayfair may propose Customer-Facing Material relating specifically to the Services, which
Wayfair shall submit to Provider at least five (5) business days before Wayfair intends to use such material for Provider’s review
and approval, not to be unreasonably withheld. If Provider does not affirmatively approve or object to the proposed material within five
(5) business days, then Provider will be deemed to have approved the proposed Customer-Facing Material. Wayfair may reuse previously approved
Customer-Facing Material without seeking renewed consent; provided that such material remains either unchanged, the changes would not
reasonably be expected to be material (including, as nonexclusive examples, updating dates within the material, changing imagery, and
making typographical and other non-substantive language changes), and/or the Provider has not revoked such approval.

 

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    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

(b) Wayfair Created
Material Not Specific to the Services. Wayfair may propose Customer-Facing Material that involves, but is not specific to,
the Services (for example, Customer-Facing Material for the Wayfair Portal), in which case Wayfair shall provide the proposed Customer-Facing
Material to Provider at least five (5) business days before Wayfair intends to use such material. Except for language specifically mentioning
Provider or Provider’s specific Services (which shall be treated as if it were material; subject to subsection (a) above), Provider’s
consent is not required to implement such Customer-Facing Material but Wayfair agrees to consider in good faith any comments from Provider
and Wayfair further agrees that Provider may object to the proposed Customer-Facing Material, in which case Provider’s Services
will be excluded from the Wayfair operations described in the proposed Customer-Facing Material at issue. Wayfair may reuse previously
presented Customer-Facing Material that involves, but is not specific to, the Services without providing such material to Provider for
review; provided that such material remains either unchanged or the changes would not reasonably be expected to be material (including,
as non-exclusive examples, updating dates within the material, changing imagery, and making typographical and other non-substantive language
changes).

 

(c) Provider
Created Material. Provider shall provide copies of any Customer-Facing Material for the Services (for example, disclosures and
agreements for Wayfair Customers) to Wayfair at least five (5) business days before Provider intends to use such material. If the
proposed Customer-Facing Material refers to Wayfair, uses a Wayfair mark, or refers to one or more specific Products offered by
Wayfair, then Provider shall not implement the proposed material without Wayfair’s approval, not to be unreasonably withheld.
If Wayfair does not affirmatively approve or object to the proposed material within five (5) business days, then Wayfair will be
deemed to have approved the proposed Customer-Facing Material. For all other Customer-Facing Material proposed by Provider,
Wayfair’s approval is not required, but Provider shall consider any comments provided by Wayfair in good faith.

 

(d) Standards
for Customer-Facing Material. Each Party shall ensure that any Customer-Facing Material that it proposes complies with applicable
law, contains no deceptive, unfair, or unsubstantiated representations, and does not infringe upon the intellectual property rights of
any third party.

 

Section
4. Provider Program Guidelines; Wayfair Financing Program Guidelines.

 

(a) Conflict
with the Agreement. To the extent any term(s) of the Agreement, on the one hand, specifically conflicts with any term(s) of the Provider
Program Guidelines or the Wayfair Financing Program Guidelines, on the other hand, then the Agreement shall control. To the extent any
term(s) of the Wayfair Financing Program Guidelines, on the one hand, specifically conflicts with any term(s) of any Provider Program
Guidelines, on the other hand, then the Wayfair Financing Program Guidelines shall control.

 

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    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

(b) Standards
for the Provider Program Guidelines and the Wayfair Financing Program Guidelines. Provider Program Guidelines and the Wayfair Financing
Program Guidelines shall be limited to operational or implementation details with respect to the Services that a reasonable person would
not expect to be addressed in the Agreement and that are not material to the commercial terms set forth in the Agreement. All Provider
Program Guidelines issued to Wayfair and the Wayfair Financing Program Guidelines issued to Provider shall be commercially reasonable,
appropriate for the recipient’s existing business operations, and not unreasonably burdensome. Provider and Wayfair agree and acknowledge
that the Wayfair Financing Program Guidelines and Provider Program Guidelines dated on or about the date hereof and provided to each
other comply with the requirements of this Section.

 

(c) Notice
of and Effective Date for Guidelines. To the extent otherwise consistent with the Agreement, new or revised Provider Program Guidelines
and the Wayfair Financing Program Guidelines shall become effective either (i) one (1) month after receipt thereof; or (ii) on an alternate
date to which the Parties mutually agree in their reasonable discretion based on the facts and circumstances resulting in the new or revised
Provider Program Guidelines or Wayfair Financing Program Guidelines, as applicable. Notwithstanding the foregoing, the Wayfair Financing
Program Guidelines dated on or about the date hereof and delivered to Provider and any Provider Program Guidelines dated on or about the
date hereof and delivered to Wayfair, shall become effective upon such mutually-agreeable date and time not to exceed thirty (30) days
after the execution of the Agreement. Notwithstanding the foregoing, Wayfair and Provider agree that where the Wayfair Financing Program
Guidelines call for specific information that does not exist as to Provider, including FICO reporting, Provider shall not be required
to provide such information but instead may provide such other similar information (e.g., risk scoring) to Wayfair as may exist. Further
notwithstanding, Wayfair and Provider agree that the following requirements of the Wayfair Financing Program Guidelines will become effective
on such date as the parties may mutually agree: (1) Application Approval Turnaround Time; and (2) Capture, Void, Refund, Turnaround Time.

 

Section 5.
Chargebacks. Wayfair will not bear any financial losses or other risks associated with any customer obligation arising from the
Services. Notwithstanding the foregoing, Provider may only charge back or otherwise seek to recoup amounts paid to Wayfair using the Services
to the extent that one of the following circumstances are present:

 

(a) Information
provided in a Request by a Wayfair Customer was materially false or misleading and Wayfair had actual knowledge that such information
was materially false or misleading;

 

(b) Wayfair
has breached this Agreement in a manner that actually prevents Provider from collecting a payment under an obligation arising from the
Services;

 

(c) A
transaction is disputed and Wayfair cannot provide a copy of the underlying transaction receipt within thirty (30) days after Provider
requests such receipt;

 

(d) There
is fraud or willful misconduct perpetrated by Wayfair’s employees, agents or other third parties acting on behalf of or for the
benefit of Wayfair; or

 

(e) The
Product(s) subject to the transaction using the Services have not been delivered or provided to the Wayfair Customer in accordance with
the delivery terms agreed to by the Wayfair Customer.

 

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    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

To the extent that
Provider believes that it has a right to a chargeback, Provider shall send to Wayfair notice of the purported chargeback along with a
detailed statement of the grounds for a chargeback, including any details as outlined in the Wayfair Financing Program Guidelines. Within
thirty (30) days of receipt of such notice, Wayfair shall either challenge the purported chargeback and provide the details supporting
such objection, and if it does not so challenge and provide said supporting details, Wayfair agrees to pay the amount of such chargeback
to Provider.

 

Section
6. Customer Data; Privacy; and Data Security.

 

(a) Wayfair
Data. Provider acknowledges that all NPI of, and all other information regarding, Wayfair Customers relating to or arising from Products
offered by Wayfair, Wayfair Customer interaction with a Wayfair website, Wayfair personnel, or the Wayfair Portal (collectively, “Wayfair
Data”), as between Wayfair and Provider, is owned by Wayfair.

 

(b) Provider
Data. Wayfair acknowledges that all NPI of, and all other information regarding, Wayfair Customers specific to the Services, including
(without limitation) information related to a Request and information regarding the origination, servicing, and collections pertaining
to the Services, as well as information relating to Customer interaction with any portal to service or otherwise administer leases (“Provider’s
Portal”) located on Provider’s systems or websites (collectively, “Provider Data”), as between Wayfair and Provider,
is owned by Provider.

 

(c) Co-Extensive
Information. Notwithstanding anything to the contrary set forth herein, the Parties acknowledge that the same or similar information
may be contained in the Wayfair Data and the Provider Data, and that each such set of data will therefore be considered “Co-Extensive
Information” owned by the Parties and subject to the specific provisions applicable to such data hereunder.

 

(d) The
Parties’ Use and Sharing of NPI. Each Party shall not share or use NPI except as otherwise permitted by applicable law, any
applicable privacy policy, or in the case of NPI that is owned by the other Party as described herein, as may be expressly approved by
that owning Party in writing.

 

(e) Requirements
Regarding Wayfair Data. To the extent that Provider has any Wayfair Data that is not Co-Extensive Information, Provider is prohibited
from (i) selling any such Wayfair Data, and/or (ii) retaining, using, or disclosing such Wayfair Data for any purpose, including, without
limitation, marketing, other than for the purposes expressly contemplated by the Agreement. For the avoidance of doubt, the prohibition
in the immediately foregoing sentence shall apply notwithstanding any anonymization or aggregation of Wayfair Data. [***]. For the avoidance
of doubt, in no event shall Provider be permitted to engage in any marketing campaigns directed at Wayfair Customers, including, without
limitation, “open to buy” campaigns, without first obtaining Wayfair’s approval; however, neither this restriction nor
any other terms in this Agreement shall restrict in any way Provider’s right to market or communicate with any customer who was,
is, or becomes a customer of Katapult unrelated to Wayfair or this Agreement. Provider also agrees to comply with deletion and access
requests submitted by Wayfair pursuant to applicable law, including, without limitation, the California Consumer Privacy Act of 2018.

 

    5

    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

(f) Information
Security. Provider and Wayfair will reasonably protect, safeguard and securely maintain the confidentiality and integrity of Program
NPI they each store or that is in their respective possession or control, and that is stored by or in the possession or control of their
affiliates. Each Party shall maintain a reasonable information security program for Program NPI that includes appropriate administrative,
technical and physical safeguards for such NPI. Each Party shall provide the other with any information within ten (10) business days
after request therefor regarding the other’s information security program reasonably necessary to assess the adequacy thereof.

 

(g) Data
Security Breaches. Each Party shall notify the other Party promptly, and in any event within three (3) days (except in instances where
notice is prohibited by applicable law or a governmental authority requests that notice be withheld or delayed) of any identified unauthorized
access or use of any Program NPI by a third party (a “Data Breach”) that reasonably could be expected to have a material and
adverse effect on the Program or the other Party, and take such actions as are commercially reasonable or necessary to assess the nature
and scope of such Data Breach and to mitigate the effects on such Data Breach.

 

Section 7.
Confidential Information. Neither Party shall use the other Party’s Confidential Information (as defined below) for any purpose
whatsoever outside of the scope of this Agreement, nor shall either party disclose such Confidential Information to any third party without
the prior written consent of the other Party, except as otherwise provided in this Agreement. Each Party further shall take reasonable
precautions to prevent any unauthorized disclosure of the other’s Confidential Information. It is understood that each Party’s
Confidential Information shall remain the sole property of such Party. In the event that either Party becomes legally compelled (by law,
rule, regulation, subpoena, or similar court process) to disclose any Confidential Information, such Party may do so but will use its
best efforts to maintain the confidentiality of the Confidential Information, shall only disclose those portions of the Confidential Information
that are required to be disclosed, and shall notify the other Party of such required disclosure in order to give such other Party the
opportunity to seek a protective order. As used in this Agreement, “Confidential Information” means any proprietary information,
technical data, trade secrets or know-how, including but not limited to research, product plans, products, services, customers, customer
lists, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration
information, marketing, finances or other business information disclosed by either Party either directly or indirectly in writing, orally
or by drawings or inspection of parts or equipment, but excludes any such information that: (a) was lawfully in a Party’s possession
before receiving it from the other Party; (b) is provided in good faith to one Party by a third party without, to such Party’s knowledge,
breaching any rights of the other Party; (c) is or becomes generally available to the public other than through a violation of this Agreement;
(d) was or is independently developed without use of or reference to the Confidential Information; or (e) is Program NPI.

 

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    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

Section 8.
Press Releases and Public Announcements. Neither Party shall issue any press release or public statement of any kind with respect
to this Agreement without the prior written consent of the other Party.

 

Section 9.
Intellectual Property. Notwithstanding anything herein to the contrary, Provider hereby grants to Wayfair (and its affiliates)
a royalty-free license to post and display Provider’s name and trademarks in the Wayfair Portal, on Wayfair’s website(s),
and in any Customer-Facing Materials, and in communications with Wayfair Customers in connection with the Program and Services offered
to Wayfair Customers, and Provider has approved such proposed use to the extent required pursuant to Section 3 hereof. Further, Wayfair
grants to Provider (and its affiliates) a royalty-free license to post and display Wayfair’s name and trademark (1) in Provider’s
Portal to the extent necessary to service or otherwise administer a Wayfair Customer’s lease, (2) in Customer-Facing Materials,
(3) on Provider’s website(s) with the prior written consent of Wayfair, (4) in communications with Wayfair Customers in connection
with the Program and Services to the extent necessary to service or otherwise administer a Wayfair Customer’s lease, and (5) in
communications with non-Wayfair Customers about the Program with prior consent of Wayfair. Any license(s) granted pursuant to this provision
shall terminate when the Agreement terminates.

 

Section 10.
Compliance with Law. Each Party shall be and remain in substantial compliance with all applicable laws in connection with all conduct
relating to or arising from the Agreement, including without limitation, in connection with offering, promoting, originating, and collecting
the Services and in connection with the marketing and sale of Products.

 

Section
11. Indemnification.

 

(a) Indemnification
by Provider. Provider agrees to indemnify Wayfair and its affiliates, and their respective directors, officers, employees, service
providers, and agents against all Losses incurred by them arising out of or relating to (i) any infringement by Services of any third
party’s intellectual property rights, (ii) any unauthorized release, exposure, or disclosure of Wayfair Data or Program NPI to the
extent caused by any act or omission of Provider or arising out of a breach of Provider’s networks or systems, (iii) any breach
or alleged breach by Provider of any provision of the Agreement or of any applicable law, including, without limitation, with respect
to Customer-Facing Material prepared or approved by Provider; (iv) Provider’s willful misconduct or gross negligence; and (v) any
instructions or directives that Provider gives to Wayfair in connection with the Program (including, without limitation, any Provider
Program Guidelines); provided that Provider shall not be liable for any Loss relating to or arising from any action or inaction by Provider
based on instructions or directives from Wayfair (including, without limitation, any within Wayfair Financing Program Guidelines).

 

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    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

(b) Indemnification
by Wayfair. Wayfair agrees to indemnify Provider and its affiliates, and their respective directors, officers, employees, service
providers, and agents against all Losses incurred by them arising out of or relating to (i) any infringement by Wayfair Portal of any
third party’s intellectual property rights, (ii) any unauthorized release, exposure, or disclosure of Provider Data or Program
NPI to the extent caused by any act or omission of Wayfair or arising out of a breach of Wayfair’s networks or systems; (iii) Wayfair’s
willful misconduct or gross negligence; (iv) any breach or alleged breach by Wayfair of any provision of the Agreement or of any applicable
law, including, without limitation, with respect to Customer-Facing Material prepared by Wayfair; and (v) any instructions or directives
that Wayfair gives Provider (including, without limitation, any Wayfair Financing Program Guidelines); provided that Wayfair shall not
be liable for any Loss relating to or arising from (1) any approved Customer-Facing Materials prepared by Provider; or (2) any action
or inaction by Wayfair based on instructions or directives from Provider (including, without limitation, any Provider Program Guidelines).
 

 

(c) Indemnification
Procedures.

 

(i) Notice. Upon becoming aware and
determining in its good faith judgment that a matter together with certain related circumstances (other than a Third-Party Claim)
are more likely than not to give rise to a right of indemnification, the party claiming the right to indemnification (the
“Indemnified Party”) will promptly notify the other party (the “Indemnifying Party”). The failure by the
Indemnified Party to give prompt notice of any such matter and determination will not limit the liability of the Indemnifying Party
except to the extent the Indemnifying Party is actually prejudiced by such failure as indicated by the loss of substantive defenses
or similar adverse effects on the defense of the related claim.

 

(ii) Notice
of Third-Party Claims. If any Third-Party Claim is made or commenced against an Indemnified Party, the Indemnified Party will
promptly notify the Indemnifying Party upon making a determination that such claim may give rise to a right of indemnification under
the Agreement and the Indemnifying Party will be entitled to (i) assume the control and defense of such Third-Party Claim (at the
Indemnifying Party’s expense) by giving written notice to the Indemnified Party not later than twenty (20) days after the
delivery of the applicable notice from the Indemnified Party, and (ii) select the counsel for the defense of such Third-Party Claim.
After notice from the Indemnifying Party to the Indemnified Party of its election to assume the defense thereof, the Indemnifying
Party will not be liable to the Indemnified Party for any attorneys’ fees or other expenses subsequently incurred by such
Indemnified Party in connection with the defense thereof.

 

(iii) Defense
of and Counsel for Third-Party Claims. The Indemnifying Party will promptly notify the Indemnified Party if the Indemnifying
Party desires not to assume, or participate in the defense of, any such Third-Party Claim. Otherwise, the Indemnifying Party will
institute and maintain any such defense diligently and reasonably and will keep the Indemnified Party reasonably advised of the
status thereof. The Indemnified Party will have the right to employ its own counsel if the Indemnifying Party elects to assume such
defense, but the fees and expenses of such counsel will be at the Indemnified Party’s expense. Upon written notice to the
Indemnified Party, the Indemnifying Party will have the right to compromise and settle any Third-Party Claim on behalf of the
Indemnified Party absent the written consent of the Indemnified Party if the Indemnifying Party: (i) obtains a full release of all
Third-Party Claims against the Indemnified Party; (ii) includes within the settlement agreement or release a statement to the effect
that the Indemnified Party admits no liability; and (iii) does not agree to a settlement which provides for any nonmonetary
relief.

 

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    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

Section
12. Limitation of Liability. IN NO EVENT WILL A PARTY TO THIS AGREEMENT BE LIABLE TO THE OTHER PARTY (OR ANY WAYFAIR
INDEMNIFIED PARTY AND PROVIDER INDEMNIFIED PARTY, AS THE CASE MAY BE) FOR ANY PUNITIVE, EXEMPLARY, CONSEQUENTIAL (INCLUDING LOSS OF
PROFITS), INCIDENTAL, INDIRECT OR SPECIAL DAMAGES, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT LIABILITY) OR ANY
OTHER LEGAL OR EQUITABLE PRINCIPLES, REGARDLESS OF WHETHER SUCH PARTY KNEW OR SHOULD HAVE KNOWN OF THE
POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING THE FOREGOING, THE LIMITATIONS OF LIABILITY SET FORTH IN THIS SECTION
WILL NOT APPLY TO LIMIT LOSSES IN CONNECTION WITH FRAUD OR WILLFUL MISCONDUCT BY A PARTY (OR ITS
AFFILIATES OR REPRESENTATIVES).

 

Section 13.
Term and Termination. The Agreement shall commence on the Effective Date, and shall continue in effect for successive twenty-four
(24) month terms until terminated by a Party. Either Party may for no reason or any reason at all terminate the Agreement by providing
the other Party with written notice of termination at least sixty (60) days before the date of such termination. A Party also may terminate
the Agreement immediately upon written notice to the other Party if: (a) the other Party is in substantial breach of the Agreement or
(b) any incident has occurred or circumstance exists with respect to the other Party that is reasonably likely to have a material adverse
financial, regulatory or reputational impact on the terminating Party. The Parties shall not have any other termination rights.

 

Section
14. Other Terms.

 

(a) Relationship
of the Parties. Wayfair and Provider are each independent contractors with regard to the Agreement and all actions and services performed
under the Agreement. Nothing contained in the Agreement will be construed to constitute Wayfair and Provider as partners, joint venturers,
principal and agent, or employer and employee.

 

(b) No
Third-Party Beneficiaries. The Agreement is binding upon and inures solely to the benefit of the Parties and their respective successors
and permitted assigns, and no third party has any rights hereunder.

 

(c) Assignment.
Neither Party may transfer, pledge or hypothecate this Agreement or any right, interest or participation herein without the prior written
consent of the other Party (such consent not to be unreasonably withheld), except an assignment of any of a Party’s rights and obligations
hereunder to an affiliate (provided that such Party remains responsible for all obligations performed by such affiliate) or an assignment
pursuant to the merger or acquisition of a Party with or by another entity.

 

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    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

(d) Entire Agreement;
Amendments. This Agreement (including any attachments or exhibits thereto) contain the entire agreement of the Parties and supersedes
all other prior understandings and agreements, whether written or oral, with respect to the subject matter of the Agreement, including,
without limitation, that certain Zibby Retailer Agreement dated as of September 18, 2018, by and between Wayfair and Cognical, Inc. (d/b/a
Zibby) (“Provider’s Predecessor”), as amended by that certain First Amendment to Zibby Retailer Agreement dated as
of February 27, 2019. No amendment to the Agreement will be effective unless it is made in writing and signed by the parties, except
as otherwise provided in this Agreement.

 

(e) Waivers.
A Party’s failure or delay in enforcing any of the provisions of the Agreement or in requiring performance of the provisions
hereof will not be construed as a waiver of, or preclude the exercise of, any of the provisions of the Agreement. No waiver will be
effective unless it is in writing and signed by the waiving party, and no waiver of a breach of any provision of the Agreement will
operate as a waiver of any other provision or any subsequent breach of the same provision.

 

(f) Survival.
Termination of the Agreement shall not act to modify the rights and obligations of either Party relating to any matter arising before
termination of the Agreement. Notwithstanding anything contained herein to the contrary, Sections 6, 7, 11, 12, and 14(c), (e), and (j)
of this Agreement shall survive any termination or expiration of this Agreement. Any other provision of this Agreement or related Schedule
which contemplates performance or observance subsequent to any termination or expiration of this Agreement shall survive expiration or
termination of this Agreement.

 

(g) Service
Providers. Each party may use affiliates, third-party service providers, or agents (“Service Providers”) to perform its
obligations under the Agreement on the condition that the applicable Party remains liable for the proper performance of its obligations
under the Agreement and for any failure of any such Service Providers to comply with the Agreement. In addition, Provider covenants and
agrees that to the extent that it uses any such Service Providers, all of Provider’s obligations so performed shall be performed
on a private-label basis, i.e., in the name of Provider, to the fullest extent permitted by applicable law.

 

(h) Counterparts;
Electronic Delivery. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. Executed counterparts of this Agreement may be delivered by electronic
or facsimile transmission.

 

(i) Further
Assurances. The Parties will reasonably cooperate and provide such assistance to each other and will from time to time execute and
deliver all such documents and things as such other Party may reasonably request with respect to the establishment and operation of the
Program.

 

(j) Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. All disputes shall be
instituted and prosecuted exclusively in the courts of the State and County of New York notwithstanding that other courts may have jurisdiction
over the parties and the subject matter. EACH PARTY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING BETWEEN
THE PARTIES ARISING OUT OF OR RELATED TO THE AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    10

    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

Section 15. Defined
Terms.

 

(a) “Customer-Facing
Materials” means all material, including without limitation, website material, emails, written correspondence, push notifications,
and text messages, directed to Wayfair Customers by Provider or Wayfair involving the Services or the Program.

 

(b) “Effective
Date” means the first date on which both Parties have executed this Agreement.

 

(c) “Losses”
means losses, liabilities, costs, and expenses (including reasonable attorneys’ fees and expenses, court costs and fees, costs of
investigation and other reasonable outof-pocket costs,, interest and penalties), settlements, equitable relief, judgments, fines, damages,
claims (including counter and cross-claims, and allegations whether or not proven) demands, offsets, defenses, actions, or proceedings.

 

(d) “Merchant
Discount” means any and all discounts, charges or fees, or other similar amounts assessed by Provider to Wayfair as a condition
of financing Products purchased by Wayfair Customers, which Merchant Discount is set forth on Schedule 1 hereto.

 

(e) “Net
Program Revenue” means the net amount of principal financed by customers in approved and completed transactions conducted under
the Program during a specific time period, excluding credits, and returns.

 

(f) “New
Customer” means a customer who has not previously completed a transaction with Provider.

 

(g) “NPI”
or “Nonpublic Personal Information” means personally identifiable information of a Wayfair Customer resulting from a transaction,
service, or other interaction with Wayfair or Provider and derivatives of such information; but excludes any publicly available information.

 

(h) “Program”
means the financing and/or lease-to-own Services program offered by Provider to Wayfair Customers.

 

(i) “Provider
Program Guidelines” means any and all guidelines, manuals, bulletins, letters, e-mails, or similar communications from Provider
to Wayfair intended to provide requirements and/or guidance to Wayfair in connection with the Services which may be revised from time
to time in Provider’s sole and absolute discretion, provided that the revised guidelines comply with the requirements of Section
4 hereof.

 

(j) “Program
NPI” means NPI resulting from the Program or the Services.

 

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    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

(k) “Request”
shall be a request by a Wayfair Customer through the Wayfair Portal for potential financing or lease-to-own services.

 

(l) “Services”
means all financing, lease-to-own and other services offered directly or indirectly by Provider to any Wayfair Customer and any related
services or assistance Provider provides Wayfair in connection with such Wayfair Customer services, as more particularly described in
Provider Program Guidelines, the Wayfair Financing Program Guidelines and on Schedule 1 hereto.

 

(m) “Third-Party
Claim” means any action, suit, proceeding, arbitration, claim or demand that is instituted or asserted by a third party, including
a governmental authority, against an Indemnified Party pursuant to which the Indemnified Party makes a claim for indemnification under
the Agreement.

 

(n) “Wayfair
Customer” means a customer of Wayfair who makes a Request.

 

(o) “Wayfair
Financing Program Guidelines” means those certain Wayfair Financing Program Guidelines dated on or about the date hereof delivered
to Provider as of the date hereof, which Wayfair Financing Program Guidelines shall be permitted to revise from time to time in its sole
and absolute discretion, provided that the revised Wayfair Financing Program Guidelines complies with the requirements of Section 4 hereof.

 

[The remainder of
this page is intentionally left blank.]

 

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    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

	KATAPULT GROUP, INC.	 	WAYFAIR LLC

 

	By:	/s/ Derek Medlin	 	By:	/s/ Larry Lataif
	Name:	Derek Medlin	 	Name:	Larry Lataif
	Title:	COO	 	Title:	Director, Marketing

 

	Date: 11/24/2020	 	Date: 11/24/2020

 

	Address:	 	Address:
	27 W 24th Street	 	4 Copley Pl.
	Suite 1101	 	Boston, MA 10010
	New York, NY 10010	 	 

 

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    CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

    

Schedule 1

 

		I.	Services. Provider shall as part of the Services and
in accordance with the Wayfair Financing Program Guidelines operate a lease-purchase program pursuant to which Wayfair will sell to Provider
certain Products and Provider will simultaneously lease the Products to Wayfair Customers pursuant to a lease-to-own agreement.

 

		II.	Merchant Discount Rate. The amount that Provider shall
pay to Wayfair in the event that a Wayfair Customer consummates a lease-purchase transaction with Provider shall be the retail price
at which such Product was transacted less a “Merchant Discount Rate” as detailed below.

 

	Merchant Discount Rate 
	[***]%

 

		III.	Consumer Terms; Customer Paid Fees. The Services as applicable,
shall comply with the following:

 

	Key Term 	Requirement 
	Eligible Baskets 
	[***]	[***]
	[***]	[***]
	Customer Terms & Customer Paid Fees
	Product Type	Lease-to-own
	Initial payment due at signing of lease agreement	[***]
	Payment Factor	[***]
	Minimum Monthly Payment	[***]
	Lease duration(s)	[***]
	Duration of active offer	[***]
	[90]-day Early Purchase Option	[***]
	Late Payment Fees	[***]
	Returned Payment Fees	[***]

 

Changes to the
above Customer Terms and Fees can be modified in writing if mutually agreed upon by both Wayfair and Provider or if required by law.

 

 

14Exhibit 10.12

 

SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This Second Amended and Restated
Employment Agreement (this “Agreement”), dated as of May 4, 2021, is made by and between Katapult Holdings,
Inc., a Delaware corporation (“Parent”), Katapult Group, Inc., a wholly-owned subsidiary of Parent and a Delaware
corporation (the “Company”), and Orlando Zayas (“Executive”).

 

RECITALS

 

WHEREAS, Parent, the Company,
and Executive previously entered into an Amended and Restated Employment Agreement dated October 29, 2020 (the “Prior Agreement”);

 

WHEREAS, Parent, the Company,
and Executive wish to amend and restate the Prior Agreement as set forth in this Agreement to memorialize in writing the terms of Executive’s
continued employment with the Company following the Effective Date; and

 

WHEREAS, the parties agree
that this Agreement supersedes the Prior Agreement and any other prior employment agreement and understandings between the parties.

 

NOW, THEREFORE, in consideration
of the premises, the respective covenants and commitments of the parties hereto set forth in this Agreement and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

1. Effective
Date; At-Will Employment. The “Effective Date” of this Agreement will be
the date immediately prior to the closing of the Agreement and Plan of Merger, dated as of December 18, 2020 (the “Merger
Agreement”), by and among FinServ Acquisition Corp (“FinServ”), Keys Merger Sub 1, Inc., a Delaware
corporation and wholly owned subsidiary of FinServ, Keys Merger Sub 2, LLC, a Delaware limited liability company and wholly owned subsidiary
of FinServ, the Company, and Executive, in his capacity as the representative of all Pre-Closing Holders (as defined in the Merger Agreement).
As of the Effective Date, the Company offers employment, and Executive accepts employment and agrees to perform services for the Company,
upon the terms set forth in this Agreement. Executive shall be employed by the Company on an “at will” basis, meaning either
the Company or Executive may terminate Executive’s employment at any time, with or without cause or advance notice.

 

2. Title
and Duties.

 

2.1 Title. Executive
shall serve as the Company’s Chief Executive Officer during the term of this Agreement and agrees to perform duties consistent
therewith. Subject to the authority and supervision of the Board of Directors of the Company (the “Board”),
Executive shall have such management and control of the business, affairs and property of the Company as are consistent with Executive’s
position, with all such powers with respect to such management and control as may be reasonably incident to such responsibilities. Executive
shall be appointed to the Board on or as soon as practicable after the Effective Date and shall serve as a member of the Board while
employed by the Company. At each annual meeting of the Parent’s stockholders at which Executive’s term as a member of the
Board otherwise would expire, the Company will nominate Executive to serve as a member of the Board. Executive’s service as a member
of the Board will be subject to any required stockholder approval. Executive may also serve as an officer or director of Parent and one
or more direct or indirect subsidiaries of Parent; provided, however, that Executive shall not be entitled to any additional compensation
for serving in such additional capacities. Upon termination of Executive’s employment with the Company, regardless of the reason,
or upon the Company’s request, Executive shall be deemed to have resigned from all positions with Parent, the Company and their
direct or indirect subsidiaries, including any board memberships, directorships or similar positions. Executive will execute any documents
reasonably requested by the Company or its subsidiaries to effectuate the purposes of the foregoing sentence.

 

    1

     

    

 

2.2 Performance
of Duties. This is a full-time, exempt position. Executive agrees to serve the Company faithfully and to the best of Executive’s
abilities. During Executive’s employment with the Company, Executive shall not engage in any outside activities that interferes
with Executive’s ability to perform Executive’s duties hereunder or violate or conflict with any terms of the PRA (as defined
below). Notwithstanding the foregoing, Executive may (i) engage in charitable and civic activities, (ii) serve on the board of directors
of not-for-profit organizations, and (iii) subject to approval of the Board, serve on the board of directors of for-profit organizations,
but, in each case, only to the extent such service or engagement does not interfere with Executive’s duties to the Company other
than in an immaterial manner and does not breach the PRA.

 

2.3 Compliance
with Company Policies. Executive agrees that in the rendering of all services to the Company and in all aspects of employment hereunder,
Executive shall comply in all material respects with all written policies from time to time established by the Company, to the extent
they are not in conflict with this Agreement.

 

3. Compensation
and Benefits.

 

3.1 Base
Salary. The Company shall pay Executive a base salary of $675,000.00 on an annualized
basis. Executive’s annualized base salary shall be reviewed annually by the Company and may be increased (but not decreased) based
upon the evaluation of Executive’s performance and the compensation policies of the Company in effect at the time of each such review.
The annualized base salary in effect at any given time is referred to herein as “Base Salary.” Base Salary shall
be payable in a manner that is consistent with the Company’s usual payroll practices for senior executives. All amounts payable
to Executive pursuant to this Section 3.1 shall be subject to customary and proper payroll deductions. 

 

3.2 Cash
Bonuses. Executive shall be eligible to earn a discretionary annual cash bonus (an “Annual
Bonus”) pursuant to a bonus program established by the Board in consultation with Executive.

 

(a) For
calendar year 2021, Executive’s target annual cash bonus will
be one hundred percent (100%) of Base Salary (“Target Bonus”) up to a maximum of two hundred percent (200%)
of the Target Bonus (i.e., two hundred percent (200%) of Base Salary). The actual amount of the Annual Bonus shall be determined by the
Board based fifty percent (50%) on the Company’s level of achievement of certain EBITDA targets set by the Board and fifty percent
(50%) on the Company’s level of achievement of certain revenue targets set by the Board, in each case as determined by the Board.

 

(b) For
calendar year 2022 and later calendar years, Executive’s target
annual cash bonus will be no less than one hundred percent (100%) of Base Salary. The actual amount of any Annual Bonus may be up to two
hundred percent (200%) of the Target Bonus and will be determined by the Board pursuant to the terms and conditions of the bonus program.

 

    2

     

    

 

(c) Except
as expressly provided in Section 5 of this Agreement, in order
to receive any Annual Bonus, Executive must be employed through the end of the calendar year which relates to the Annual Bonus. Any Annual
Bonus, if earned, will be paid to Executive within two and one-half (2.5) months following the end of the calendar year during which the
bonus is earned. All amounts payable to Executive hereunder will be subject to all required withholding by the Company.

 

3.3 Long-Term
Incentive Compensation. Executive shall be eligible to participate in the Parent’s 2021 Equity
Incentive Plan, as may be amended from time to time (the “Plan”) and in any other long-term and/or equity-based
incentive compensation plan or program approved by the Board from time to time. Any annual awards shall be subject to and governed in
all respects by the terms of the plan they were granted under and the award agreement between Executive and the Company entered into with
respect to each award.

 

(a) Executive has been granted certain stock options (the “Previously
Granted Options”) pursuant to the terms of the 2014 Stock Incentive Plan. The Previously Granted Options shall remain outstanding
under their current terms except as specifically modified by the Merger Agreement.

 

(b) Subject
to the terms of the Plan and in accordance with the terms of a separate
award agreement to be provided by the Company, at the first Board meeting following the first day of trading of the Company under the
ticker symbol “KPLT” (the “First Trading Day”), or promptly thereafter, Executive will be granted
a certain number of restricted share units equal to the quotient (rounded down to the nearest whole share) of $5,000,000 divided by the
closing price on the First Trading Day, vesting annually over a period of four (4) years commencing on the grant date (“Sign-On
LTI”).

 

3.4 Other
Benefits. Executive shall have the right to participate in all benefit plans which may be in effect for the Company’s senior
executive employees from time to time, on the same terms as such other senior executive employees, including, without limitation, group
health and dental insurance, group life insurance, disability insurance, and any retirement, 401(K), profit-sharing or pension plans,
in accordance with the terms and conditions thereof.

 

3.5 Vacation,
Holidays and Sick Time. Executive shall be entitled to paid time off per year in accordance with the Company’s normal policies
in effect from time to time.

 

3.6 Expenses.
During the term of this Agreement, the Company shall pay or reimburse Executive for all reasonable and necessary out-of-pocket expenses
incurred by Executive in the performance of Executive’s duties under this Agreement, subject to the presentment by Executive of
appropriate expense reports and receipts in accordance with the Company’s normal policies for expense verification.

 

3.7 Directors
and Officers Liability Insurance; Indemnification Agreement. During the term of this Agreement, the Company will maintain directors
and officers liability insurance on terms acceptable to the Board. In addition, no later than the Effective Date, Executive and Parent
shall enter into an Indemnification Agreement, substantially in the form attached hereto as Exhibit A.

 

    3

     

    

 

4. Proprietary Rights
Agreement. The Executive has previously entered into a Proprietary Rights Agreement, attached hereto as Exhibit B (the “PRA”).
The provisions of the PRA shall be deemed incorporated herein by reference as if set forth in full herein. The obligations of Executive
under the PRA shall survive the termination of Executive’s employment with the Company for any reason whatsoever. In the event
of any conflict or inconsistency between this Agreement and the PRA, the terms of the PRA shall prevail.

 

5. Termination.
The parties acknowledge that Executive’s employment relationship with the Company is at-will. The provisions in this Section govern
the amount of compensation, if any, to be provided to Executive upon termination of employment and do not alter this at-will status.

 

5.1 Termination
with Cause. The Company may terminate Executive’s employment for “Cause,” as defined below, at any
time upon written notice to Executive.

 

(a) If Executive’s
employment is terminated for Cause, (i) the Company will pay only accrued Base Salary and accrued but unused vacation through and including
the termination date, (ii) the Company will pay any earned but unpaid bonus pursuant to Section 3.2 (iii) Executive will be provided
with any benefits to which Executive is entitled under Company retirement and welfare benefit plans in accordance with Section 3.4,
subject to the terms and conditions of such plans, and (iv) Executive will have the opportunity to continue health coverage under the
Company’s group health plan to the extent required by and in accordance with the Consolidated Omnibus Budget Reconciliation Act
of 1985 (“COBRA”) (the foregoing payments and benefits are collectively referred to herein as the “Accrued
Obligations”). No severance or any other payments of any kind, other than the Accrued Obligations, shall be payable
to Executive upon termination of employment with Cause, except as required by law.

 

(b) For
purposes of this Agreement, “Cause” means:
(i) Executive’s indictment or conviction of, or plea of nolo contendere to, a felony or any other crime involving financial dishonesty
against the Company; (ii) Executive’s engaging in any act of fraud, gross misconduct, illegality, or unlawful harassment, or the
repeated failure by Executive to follow the reasonable and lawful directives of the Board or a committee thereof, which, as determined
in good faith by the Board, would: (A) materially adversely affect the business or the reputation of the Company with its current or prospective
customers, suppliers, lenders and/or other third parties with whom such entity does or might do business; or (B) expose the Company to
a risk of civil or criminal legal damages, liabilities or penalties; (iii) Executive’s material breach of this Agreement, the PRA,
or any written code of ethics or standards of conduct policies adopted by the Board; and (iv) Executive’s willful breach of fiduciary
obligation. For purposes of this definition, no act, or failure to act, on Executive’s part shall be considered “willful”
unless done, or omitted to be done, by Executive in knowing bad faith and without reasonable belief that Executive’s action or omission
was in, or not opposed to, the best interests of the Company. With respect to those circumstances of Cause set forth in the preceding
clauses that are reasonably susceptible to cure, Cause shall only exist in cases in which the Company has provided Executive with written
notice of the alleged circumstances of Cause and Executive has failed to cure such condition to the reasonable satisfaction of the Company
within thirty (30) days after such written notice.

 

    4

     

    

 

5.2 Termination
without Cause. The Company may terminate Executive’s employment without Cause at any time upon written notice to Executive.

 

(a) If
Executive’s employment is terminated by the Company without Cause, the Company will pay severance on the terms and conditions set
forth in Section 5.2(b). As a mandatory condition precedent to Executive’s right to receive and retain this severance pay,
Executive must first sign a separation agreement and general release of all claims against Parent, the Company and their respective affiliates,
in substantially the form attached hereto as Exhibit C with any such changes as the Company deems, upon the advice of counsel,
reasonably necessary or appropriate to comply with applicable law or to reflect then-current corporate structure (the “Release”),
return such Release to the Company no later than forty-five (45) days following the termination of Executive’s employment (or such
shorter period of time specified in the Release), and not revoke the Release, to the extent the Release is revocable, within seven (7)
days following the execution date allowed by the Release for revocation.

 

(b) If
the Company terminates Executive’s employment without Cause,
in addition to the Accrued Obligations, in all cases subject to Executive’s execution and non-revocation of the Release in the time
frame provided, the Company will (i) continue to pay to Executive, as severance, the Base Salary for a period of twelve (12) months from
the date of termination of employment (such period shall be referred to as the “Severance Period”), in equal
installments payable in accordance with the Company’s regular payroll schedule and subject to all applicable withholdings and deductions,
commencing on the next regular pay date following the sixtieth (60th) day after termination of employment; provided, however, the first
payment shall include the cumulative amount of payments that would have otherwise been paid to Executive between the termination date
and the sixtieth (60th) day after termination date had such payments commenced on the next regular pay date following the termination
date; (ii) a pro-rated Annual Bonus for the calendar year in which termination occurs (with such pro-ration based upon the number of days
in the calendar year which have elapsed as of the date of termination) determined in accordance with Section 3 of this Agreement
and paid when such Annual Bonus is paid generally, (iii) pay the cost of Executive’s COBRA premiums to continue group health insurance
coverage for the Severance Period if Executive or Executive’s dependents participate in the Company’s group health benefits
plan and timely elect to continue participating in the group health plan under COBRA; (iv) accelerate the vesting of the unvested portion
of any and all long-term incentive awards held by Executive that are subject to time-based vesting only and would have vested during the
Severance Period but for Executive’s separation from employment with the Company; and (v) extend the exercise period for the vested
portion of any and all stock options held by Executive as of the termination date to the earliest to occur of the following: (A) the eighteenth
(18th) month anniversary of the date of Executive’s termination, (B) immediately prior to the Company’s consummation of a
Sale Event (as defined in the Plan), or (C) the expiration date of each such option. Any provision contained in the agreement(s) under
which such options were granted that is inconsistent with the exercise period extension as set forth herein is hereby modified to the
extent necessary to provide for such extension.

 

    5

     

    

 

5.3 Termination
by Executive with Good Reason. Executive may terminate Executive’s employment with Good Reason (defined below) upon thirty (30)
days’ prior written notice to the Company. No event or condition shall constitute “Good Reason” unless Executive provides
the Company with written notice of the event or condition Executive alleges to be Good Reason within thirty (30) days after such event
or condition first occurs. The resignation shall not become effective unless the Company fails to cure such event or condition constituting
Good Reason within thirty (30) days following the Company’s receipt of such notice.

 

(a) If
Executive’s employment is terminated by Executive with Good Reason, the Company will provide Executive the severance benefits on
the terms and conditions set forth below. As a mandatory condition precedent to Executive’s right to receive and retain this severance
pay, Executive must first sign a Release, return such Release to the Company no later than forty-five (45) days following the termination
of Executive’s employment, and not revoke the Release, to the extent the Release is revocable, within the time allowed by the Release
for revocation.

 

(b) For
purposes of this Agreement, “Good Reason” means absent Executive’s prior written consent, (i) the Company
requiring Executive to be based at any office or location more than thirty (30) miles from Executive’s principal place of employment
immediately prior to such relocation, (ii) an adverse change in Executive’s job title or a material reduction in Executive’s
duties or responsibilities; (iii) material reduction in Executive’s Base Salary, other than a general reduction in Base Salary affecting
similarly situated senior executives of the Company; (iv) the Company’s breach of this Agreement in any material respect; or (v)
a single Parent stockholder (collectively with its Affiliates (as defined below)) becomes entitled to elect a majority of the members
of the Parent’s Board of Directors, other than in connection with a Deemed Liquidation (as defined in the Parent’s Third Amended
and Restated Certificate of Incorporation, as amended from time to time); provided, however, that there shall be no resignation
for “Good Reason” after such time as the Company delivers to Executive a notice of termination for one or more acts or omissions
constituting Cause. “Affiliate” means, with respect to any specified Person, any other Person who, directly
or indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner,
managing member, officer, director or trustee of such Person, or any venture capital fund or other investment fund now or hereafter existing
that is controlled by one (1) or more general partners, managing members or investment adviser of, or shares the same management company
or investment adviser with, such Person. “Person” means any individual, corporation, partnership, trust, limited
liability company, association or other entity.

 

(c) Except
as set forth below, if Executive terminates Executive’s employment
with Good Reason, in addition to the Accrued Obligations, in all cases subject to Executive’s execution and non-revocation of the
Release in the time frame provided, the Company will provide Executive the severance benefits set forth in Section 5.2(b) at the
same times specified therein; provided, that if Executive’s Good Reason is a reduction in the Base Salary per clause (iii) of Section
5.3(b), the rate of Base Salary for clause (i) of Section 5.2(b) shall be rate prior to reduction.

 

5.4 Termination
by Executive without Good Reason. Executive may terminate Executive’s employment without Good Reason at any time upon two (2)
weeks’ prior notice to the Company (which the Company may, in its sole discretion, make effective earlier; provided that the Company
pays Executive’s Base Salary for the balance of the two-week notice period). If Executive terminates Executive’s employment
without Good Reason, except for the Accrued Obligations, the Company may immediately cease payment of any further wages, benefits, or
other compensation under this Agreement. No severance or any other payments of any kind, other than the Accrued Obligations, shall be
payable to Executive upon termination of employment by Executive, except as required by law.

 

    6

     

    

 

5.5 Termination
due to Executive’s Death or Total Disability. Executive’s employment shall automatically terminate upon Executive’s
death and may be terminated by the Company for Total Disability (as defined below) upon thirty (30) days’ prior written notice to
Executive, which notice, for the avoidance of doubt, may be given in advance of the expiration of the one hundred and twenty (120) consecutive
days or the one hundred and fifty days (150) during any twelve (12) month period referenced in Section 5.5(b).

 

(a) If
Executive employment is terminated due to Executive’s death or Total Disability, the Company will pay all Accrued Obligations and
will cease payment of any further wages, benefits or other compensation, and shall have no further payment obligations under this Agreement
or otherwise, except as required by law.

 

(b) For
purposes of this Agreement, “Total Disability” means Executive is unable to perform the essential functions
of Executive’s job, with or without a reasonable accommodation, for a period of (i) one hundred and twenty (120) consecutive days
or (ii) any one hundred and fifty (150) days during any twelve (12) month period. Any question as to the existence of Executive’s
Total Disability as to which Executive and the Company cannot agree shall be determined in writing by a qualified medical doctor mutually
selected by the Company and Executive.

 

5.6 Termination
due to a Change in Control.

 

(a) If
the Company terminates Executive’s employment without Cause or
Executive terminates Executive’s employment with Good Reason at any time during the period commencing three (3) months prior to
a Change in Control and ending twelve months (12) following a Change in Control, in addition to the Accrued Obligations, in all cases
subject to Executive’s execution and non-revocation of the Release in the time frame provided, the Company will (i) pay to Executive,
as severance, a lump sum equal to two (2) times the sum the sum of the Base Salary plus the Target Bonus for the year of termination,
with payment on the next regular pay date following the sixtieth (60th) day after termination of employment; (ii) pay the cost of Executive’s
COBRA premiums to continue group health insurance coverage for eighteen (18) months if Executive or Executive’s dependents participate
in the Company’s group health benefits plan and timely elect to continue participating in the group health plan under COBRA; (iii)
cause one hundred percent (100%) of the unvested portion of any and all long-term incentive awards held by Executive as of the closing
of such Change in Control (to the extent such awards are assumed or continued (in accordance with its terms) by the surviving, continuing,
successor, or purchasing entity or parent thereof, as the case may be, in such Change in Control) to immediately vest and, if applicable,
become exercisable (in the case of a long-term incentive award with performance-based vesting, all performance goals and other vesting
criteria will be deemed achieved at one hundred percent (100%) of target levels); and (iv) extend the exercise period for the vested portion
of any and all stock options held by Executive as of the termination date to the earliest to occur of the following: (A) the eighteenth
(18th) month anniversary of the date of Executive’s termination, (B) immediately prior to the Company’s consummation of a
Change in Control, or (C) the expiration date of each such option. Any provision contained in the agreement(s) under which such options
were granted that is inconsistent with the exercise period extension as set forth herein is hereby modified to the extent necessary to
provide for such extension. Notwithstanding anything herein to the contrary, the provisions of this Section are subject to the terms of
the Plan which will govern in all cases. If Executive is terminated pursuant to this Section 5.6(a), the severance provisions of
Section 5.2(b) and Section 5.3(c) will not apply; provided, however, if after the Company terminates Executive
without Cause per Section 5.2 or Executive resigns for Good Reason per Section 5.3, it is determined such termination or resignation occurred
during the period commencing three (3) months prior to a Change in Control, then the Company shall make a cash payment to Executive within
sixty (60) days of the Change in Control equal to the amount Executive would have received under this Section 5.6(a) less any payment
Executive already received by Executive under Section 5.2(b) or Section 5.3(c), and the Executive shall receive severance payments
and benefits in total that equate to the provisions of this Section 5.6(a).

 

    7

     

    

 

(b) For
purposes of this Agreement, “Change in Control”
shall have the same meaning as in the Plan.

 

6. Miscellaneous
Provisions.

 

6.1 Resolution of Disputes.
The parties recognize that litigation in federal or state courts or before federal or state administrative agencies of disputes arising
out of Executive’s employment with the Company or out of this Agreement, or Executive’s termination of employment or termination
of this Agreement, may not be in the best interests of either Executive or the Company, and may result in unnecessary costs, delays,
complexities, and uncertainty. The parties agree that any dispute between the parties arising out of or relating to the negotiation,
execution, performance or termination of this Agreement or Executive’s employment, including, but not limited to, any claim arising
out of this Agreement, claims under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination
in Employment Act of 1967, the Americans with Disabilities Act of 1990, Section 1981 of the Civil Rights Act of 1966, as amended, the
Family Medical Leave Act, the Executive Retirement Income Security Act, and any similar federal, state or local law, statute, regulation,
or any common law doctrine, whether that dispute arises during or after employment, shall be settled by binding arbitration in accordance
with the JAMS Employment Arbitration Rules; provided however, that this dispute resolution provision shall not apply to any separate
agreements between the parties that do not themselves specify arbitration as an exclusive remedy. Issues of procedure, arbitrability,
or confirmation of award will be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16. The location for the arbitration
shall be the Plano, Texas area. Any award made by such panel shall be final, binding and conclusive on the parties for all purposes,
and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The Company shall pay
for all fees and costs of the Arbitrator, including any fees and costs that would not be incurred in a court proceeding. The parties
acknowledge and agree that their obligations to arbitrate under this Section survive the termination of this Agreement and continue after
the termination of the employment relationship between Executive and the Company. The parties each further agree that the arbitration
provisions of this Agreement shall provide each party with its exclusive remedy, and each party expressly waives any right it
might have to seek redress in any other forum, except as otherwise expressly provided in this Agreement. By election arbitration as the
means for final settlement of all claims, the parties hereby waive their respective rights to, and agree not to, sue each other in
any action in a Federal, State or local court with respect to such claims, but may seek to enforce in court an arbitration award rendered
pursuant to this Agreement.

 

    8

     

    

 

6.2 Governing
Law and Jurisdiction. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State
of Delaware, without regard to principles of conflict of laws.

 

6.3 Entire
Agreement. This Agreement, together with the exhibits attached hereto (including but not limited to the PRA), which are hereby incorporated
by reference contains the entire agreement of the parties hereto relating to the employment of Executive by the Company and the other
matters discussed herein and supersedes all prior agreements and understandings with respect to such subject matter, and the parties hereto
have made no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein.
In the event of conflict between the terms of this Agreement and any equity or compensation award agreement, the terms of this Agreement
shall govern.

 

6.4 Withholding
Taxes. Parent and the Company may withhold from any compensation or other benefits payable under this Agreement all federal, state,
city or other taxes as shall be required pursuant to any law or governmental regulation or ruling.

 

6.5 Supplements
and Amendments. This Agreement may be supplemented or amended only upon the written consent of each of the parties hereto.

 

6.6 Assignment.
Except as expressly provided below, this Agreement shall not be assignable, in whole or in part, by either party without the prior written
consent of the other party. The Company may, without the prior written consent of Executive, assign its rights and obligations under this
Agreement to any other corporation, firm or other business entity with or into which Parent or the Company may merge or consolidate, or
to which Parent or the Company may sell or transfer all or substantially all of its assets, or of which fifty percent (50%) or more of
the equity investment and of the voting control is owned, directly or indirectly, by, or is under common ownership with, Parent or the
Company; provided, however, that such assignment may be made without Executive’s prior written consent only if (a)
such assignment has a valid business purpose and is not for the purpose of avoiding the Company’s obligations hereunder or Executive’s
realization of the benefits of this Agreement and (b) the assignee expressly assumes in writing all obligations and liabilities to Executive
hereunder. This Agreement shall be binding upon and inure to the benefit of Parent and the Company and their successors and permitted
assigns. This Agreement and all rights of Executive hereunder shall inure to the benefit of and be enforceable by Executive’s heirs,
personal or legal representatives and beneficiaries.

 

6.7 Beneficiary
in Event of Death. In the event of Executive's death, any payment or benefit to be paid to Executive per the terms of this Agreement
as of, or due to, such death shall be paid to the Beneficiary. The "Beneficiary" will be the beneficiary or beneficiaries named
by Executive in a written instrument that must be received by the Company prior to Executive's death. In the event there is no such named
beneficiary, or no surviving named beneficiary, then the Beneficiary shall be the Executive's surviving spouse, or, if none, the Executive's
surviving children per stirpes, or, if none, the Executive's estate.

 

    9

     

    

 

6.8 No
Waiver. No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel to enforce any
provisions of this Agreement, except by a statement in writing signed by the party against whom enforcement of the waiver or estoppel
is sought. Any written waiver shall not be deemed a continuing waiver unless specifically stated, shall operate only as to the specific
term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically
waived.

 

6.9 Severability.
The provisions of this Agreement are severable, and if any one or more provisions may be judicially unenforceable and/or found invalid
by a court of competent jurisdictions, in whole or in part, the remaining provisions shall nevertheless be binding, enforceable and in
full force and effect.

 

6.10 Survival.
The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of Executive’s employment
to the extent necessary to effectuate the terms contained herein.

 

6.11 Titles
and Headings. The titles and headings of the various sections of this Agreement are intended solely for convenience of reference and
not intended for any purpose whatsoever to explain, modify or place any construction upon any of the provisions hereof.

 

6.12 Attorney’s
Fees. If any party finds it necessary to employ legal counsel or to bring an action at law or to commence mediation or arbitration
or other proceedings against the other party to enforce any of the terms or conditions of this Agreement, the court, mediator, or arbitrator
shall award to the prevailing party in any such proceeding, the costs, fees and expenses (including attorneys’ fees) reasonably
incurred by such party in connection with such proceeding.

 

6.13 Notices.
For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when hand delivered (which shall include personal delivery and delivery by courier, messenger or overnight
delivery service) or mailed by certified mail, return receipt requested, postage prepaid, addressed as follows:

 

		If to Executive:	At Executive’s home address in accordance with the Company’s
records.

 

		If to Parent or the Company:	Katapult Holdings, Inc.

Katapult Group, Inc.

5204 Tennyson Pkwy, Suite 500

Plano, TX 75024

 

with a copy, which copy shall not constitute notice, to:

 

DLA Piper LLP (US)

11911 Freedom Drive, Suite 300

Reston, VA 20190

Attn: Jeff Lehrer

 

or to such other address of which either party
gives notice to the other party in accordance herewith, except that notices of change of address shall be effective only upon receipt.

 

    10

     

    

 

6.14 Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument. Counterpart signature pages to this Agreement transmitted
by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve
the original graphic and pictorial appearance of a document (such as DocuSign or AdobeSign), will have the same effect as physical delivery
of the paper document bearing an original signature.

 

6.15 Section
409A.

 

(a) This
Agreement shall be interpreted to avoid any penalty sanctions under Section 409A of the Internal Revenue Code (the “Code”).
If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under Section 409A of the
Code, then such benefit or payment shall be provided in full (to extent not paid in part at earlier date) at the earliest time thereafter
when such sanctions will not be imposed. For purposes of Section 409A of the Code, all payments to be made upon a termination of employment
under this Agreement may only be made upon the Executive’s “separation from service” (within the meaning of such term
under Section 409A of the Code), each payment made under this Agreement shall be treated as a separate payment, and the right to a series
of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event shall the Executive,
directly or indirectly, designate the calendar year of payment, except as permitted under Section 409A of the Code. Notwithstanding any
provision of this Agreement to the contrary, in no event shall the timing of the Executive’s execution of the Release, directly
or indirectly, result in the Executive designating the calendar year of payment, and if a payment that is subject to execution of the
Release could be made in more than one taxable year, payment shall be made in the later taxable year.

 

(b) Notwithstanding
anything herein to the contrary, if, at the time of the Executive’s termination of employment with the Company, Parent or the Company
has securities which are publicly traded on an established securities market and the Executive is a “specified employee” (as
such term is defined in Section 409A of the Code) and it is necessary to postpone the commencement of any payments or benefits otherwise
payable under this Agreement as a result of such termination of employment to prevent any accelerated or additional tax under Section
409A of the Code, then the Company will postpone the commencement of the payment of any such payments or benefits hereunder (without any
reduction in such payments or benefits ultimately paid or provided to the Executive) that are not otherwise paid within the “short-term
deferral exception” under Treas. Reg. §1.409A-1(b)(4), and the “separation pay exception” under Treas. Reg. §1.409A-1(b)(9)(iii),
until the first payroll date that occurs after the date that is six months following the Executive’s “separation of service”
(as such term is defined under code Section 409A of the Code) with the Company. If any payments are postponed due to such requirements,
such postponed amounts will be paid in a lump sum to the Executive on the first payroll date that occurs after the date that is six months
following Executive’s separation of service with the Company. If the Executive dies during the postponement period prior to the
payment of postponed amount, the amounts withheld on account of Section 409A of the Code shall be paid to the personal representative
of the Executive’s estate within 60 days after the date of the Executive’s death.

 

    11

     

    

 

(c) All
reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section
409A of the Code, including, where applicable, the requirement that (A) any reimbursement shall be for expenses incurred during the Executive’s
lifetime (or during a shorter period of time specified in this Agreement), (B) the amount of expenses eligible for reimbursement, or in
kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided,
in any other calendar year, (C) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following
the year in which the expense is incurred and (D) the right to reimbursement or in kind benefits is not subject to liquidation or exchange
for another benefit.

 

6.16 Government
Agency Exception. Nothing in this Agreement or the PRA is intended to prohibit or restrict the Executive from: (i) making any disclosure
of information required by process of law; (ii) providing information to, or testifying or otherwise assisting in any investigation or
proceeding brought by, any federal or state regulatory or law enforcement agency or legislative body, or any self-regulatory organization;
or (iii) filing, testifying, participating in, or otherwise assisting in a proceeding relating to an alleged violation of any federal,
state, or municipal law relating to fraud or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization.
In addition, this Agreement does not bar the Executive’s right to file an administrative charge with the Equal Employment Opportunity
Commission (“EEOC”) and/or to participate in an investigation by the EEOC.

 

[Remainder of page intentionally left blank]

 

    12

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Second Amended and Restated Employment Agreement on the day and year first written above.

 

	 	KATAPULT HOLDINGS, INC.
	 	 	 
	 	By: 	/s/ Derek Medlin
	 	 	Derek Medlin, Chief Operating Officer
	 	 	 
	 	KATAPULT GROUP, INC.
	 	 	 
	 	By: 	/s/ Derek Medlin
	 	 	Derek Medlin, Chief Operating Officer
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Orlando Zayas
	 	Orlando Zayas

 

[Signature Page to Employment Agreement]

 

     

     

    

 

Exhibit A

 

Indemnification Agreement

 

    Exhibit A
 Page 1

     

    

 

Exhibit B 

 

Proprietary Rights Agreement

 

    Exhibit B
 Page 1

     

    

 

Exhibit C

 

Form of Separation Agreement and General Release
of Claims

 

This Separation Agreement
and General Release Agreement (the “Agreement”) is made by and between Katapult Holdings, Inc., a Delaware corporation
(“Parent”), Katapult Group, Inc., a wholly-owned subsidiary of Parent and a Delaware corporation (the “Company”),
and Orlando Zayas (“you”). Capitalized terms not defined herein shall have the meanings ascribed to them in
the Employment Agreement (as defined below).

 

WHEREAS, you and the Company
entered into a Second Amended and Restated Employment Agreement, dated ____, 2021 (the “Employment Agreement”);
and

 

WHEREAS, pursuant to the Employment
Agreement, if either (i) the Company terminates your employment without Cause pursuant to Section 5.2 of the Employment Agreement,
or (ii) you resign for Good Reason pursuant to Section 5.3 of the Employment Agreement1,
then the Company shall provide to you certain benefits set forth in this Agreement in exchange for your execution, return and non-revocation
of, and compliance with, this Agreement;

 

NOW,
THEREFORE, in consideration of the mutual promises and benefits set forth below and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, you and the Company agree as follows:

 

		1.	Separation. Your last day of work with the Company and your employment termination date will be
________________ (the “Separation Date”).

 

		2.	Accrued Obligations. On the next regular payroll date following the Separation Date, the Company
shall provide you the Accrued Obligations (as defined in Section 5.1 of the Employment Agreement). You are entitled to these payments
regardless of whether or not you sign this Agreement.

 

		3.	Separation Pay. If you sign this Agreement, return it by the deadline specified below, and comply
with its terms, the Company will provide you the severance benefits described in Section 5.2(b) of the Employment Agreement in
accordance with, and subject to, the provisions of Section 5.2 and Section 6.14 of the Employment Agreement.

 

		4.	Health Insurance. Your group health insurance will cease on the last day of the month in which
your employment ends. At that time, you will be eligible to continue your group health insurance benefits at your own expense, subject
to Section 5.2(b) of the Employment Agreement, the terms and conditions of the benefit plan, federal COBRA law, and, as applicable,
state insurance laws. You will receive additional information regarding your right to elect continued coverage under COBRA in a separate
communication.

 

		5.	Tax Matters. The Company will withhold required federal, state, and local taxes from any and all
payments contemplated by this Agreement. Other than the Company’s obligation and right to withhold, you will be responsible for
any and all taxes, interest, and penalties that may be imposed with respect to the payments contemplated by this Agreement (including,
but not limited to, those imposed under Section 409A of the Code).

 

 

		1	This section and other provisions of this Separation Agreement
to be revised as needed in the event severance provided per Section 5.6 of the Employment Agreement.

 

    Exhibit C
 Page 1

     

    

 

		6.	Incentive Stock Option. You have been
granted (i) certain stock options set forth in Schedule 1 pursuant to the terms of the Parent 2014 Stock Incentive Plan, as amended
(the “Plan”), and (ii) shares of Parent’s Common Stock pursuant to the Restricted Stock Agreement, dated
on or about August 26, 2020. Following the Separation Date, your rights and obligations with respect to such equity shall continue to
be governed by the terms of the Plan and the Options-related agreements or Restricted Stock Agreement, as applicable, and as modified
by Section 3.3, Section 5.2(b)(iii), and Section 5.2(b)(iv) of the Employment Agreement.

 

		7.	Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Agreement,
you will not receive any additional compensation, benefits, or

separation pay after the Separation
Date. Thus, for any employee benefits sponsored by the Company not specifically referenced in this Agreement, you will be treated as a
terminated employee effective on your Separation Date. This includes but is not limited to a 401(k) plan, life insurance, accidental death
and dismemberment insurance, and short and long-term disability insurance.

 

		8.	Expense Reimbursement. You agree that, within three (3) business days of the Separation Date, you
will submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Separation
Date, if any, for which you seek reimbursement. The Company will reimburse you for these expenses pursuant to its regular business practice.

 

		9.	Return of Company Property. By the Separation Date or within seven (7) days, you agree to return
to the Company all hard copy and electronic documents (and all copies thereof) and other Company property that you have had in your possession
at any time, including, but not limited to, files, notes, drawings, records, business plans and forecasts, financial information, specifications,
computer-recorded information (including email), tangible property (laptop computer, cell phone, PDA, etc.), credit cards, entry cards,
identification badges and keys, and any materials of any kind that contain or embody any proprietary or confidential information of the
Company (and all reproductions thereof). If you discover after the Separation Date that you have retained any Company proprietary or confidential
information, you agree immediately upon discovery to contact the Company and make arrangements for returning the information.

 

		10.	Post Employment Restrictions. You acknowledge
your continuing obligations under your Proprietary Rights Agreement (the “Proprietary Agreement”), which prohibits
disclosure of any confidential or proprietary information of the Company and solicitation of Company employees and customers. A copy
of your Proprietary Agreement is attached hereto as Schedule 2.

 

    Exhibit C
 Page 2

     

    

 

		11.	Confidentiality. The existence of this Agreement and its provisions will be held in strictest confidence
by you and will not be publicized or disclosed in any manner whatsoever; provided, however, that you may disclose this Agreement
in confidence: (a) to your spouse or partner; (b) to your attorney, accountant, auditor, tax preparer, and financial advisor, provided
that such individuals first agree that they will treat such information as strictly confidential and that you agree to be responsible
for any disclosure by any such individual as if you had made the disclosure; and (c) as necessary to enforce its terms or as otherwise
required by law. You agree not to disclose the terms of this Agreement to any current or former Company employee.

 

		12.	Non-disparagement. You agree not to disparage the Parent, the Company, and their officers, directors,
employees, or agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation. The Company
agrees not to disparage you in any manner likely to be harmful to you or your business or personal reputation; provided, however,
that the Company’s obligation only applies to its officers and its members of the Board of Directors at the time of the Separation
Date for the period such individuals are serving in such roles. Notwithstanding the foregoing, that statements which are made in good
faith in response to any question, inquiry, or request for information required by legal process shall not violate this paragraph. Nothing
in this restriction is intended to limit you or the Company from giving honest statements before an administrative agency investigating
an alleged violation of discrimination laws.

 

		13.	Release of All Claims. Except as otherwise set forth in this Agreement, you hereby release, acquit
and forever discharge the Parent, the Company and their affiliates, officers, agents, administrators, servants, employees, attorneys,
successors, parent, subsidiaries, assigns, and affiliates (the “Released Party” or “Released Parties”),
of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys’ fees, damages, indemnities,
and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed,
arising out of or in any way related to agreements, events, acts, omissions, or conduct at any time prior to and including the date you
sign this Agreement. This general release includes, but is not limited to: (i) claims and demands arising out of or in any way connected
with your employment with the Company, or the termination of that employment; (ii) claims or demands related to your compensation or benefits
with the Company, including but not limited to, wages, salary, bonuses, commissions, vacation pay, fringe benefits, expense reimbursements,
incentive pay, severance pay, or any other form of compensation; (iii) claims pursuant to any federal, state or local law, statute, or
cause of action including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees or other claim
arising under the federal Civil Rights Act of 1964, as amended; the federal Americans with Disabilities Act of 1990, as amended; the federal
Age Discrimination in Employment Act of 1967, as amended (the “ADEA”); the federal Family Medical Leave Act,
as amended; the federal Worker Adjustment and Retraining Notification Act, as amended; the Employee Retirement Income Security Act of
1974, as amended; and New York Labor Law, New York City Human Rights Law, and the New York Human Rights Law; (iv) all tort claims, including
without limitation, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all claims
for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing, including claims arising
out of an Employment Agreement, sales commission plan or incentive compensation plan applicable to your employment with the Company.

 

    Exhibit C
 Page 3

     

    

 

Excluded from this Agreement are any
claims (a) which by law cannot be waived in a private agreement between an employer and employee, and (b) arising out of rights under
the Indemnification Agreement attached hereto as Schedule 3. Moreover, this Release does not prohibit you from engaging in the
activities protected pursuant to Section 6.15 of the Employment Agreement. You do agree to waive your right to monetary or other recovery
should any claim be pursued with the EEOC, state agency, or any other federal, state or local administrative agency your behalf arising
out of or related to your employment with and/or separation from the Company.

 

		14.	ADEA Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights
you may have under the ADEA, as amended. You also acknowledge that the consideration given for the waiver and release herein is in addition
to anything of value to which you were already entitled. You further acknowledge that you have been advised by this writing, as required
by the ADEA, that: (a) your waiver and release do not apply to any rights or claims that may arise after the execution date of this Agreement;
(b) you have been advised hereby that you have the right to consult with an attorney prior to executing this Agreement; (c) you have up
to twenty-one (21) days from the date of this Agreement to execute this Agreement (although you may choose to voluntarily execute this
Agreement earlier); (d) you have seven (7) days following the execution of this Agreement by the parties to revoke the Agreement;
and (e) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day
after this Agreement is executed by you, provided that the Company has also executed this Agreement by that date (“Effective
Date”); and (f) this Agreement does not affect your ability to test the knowing and voluntary nature of this Agreement.

 

		15.	No Actions or Claims. You represent that you have not filed any charges, complaints, grievances,
arbitrations, lawsuits, or claims against the Company, with any local, state or federal agency, union or court from the beginning of time
to the date of execution of this Agreement and that you will not do so at any time hereafter, based upon events occurring prior to the
date of execution of this Agreement. In the event any agency, union, or court ever assumes jurisdiction of any lawsuit, claim, charge,
grievance, arbitration, or complaint, or purports to bring any legal proceeding on your behalf, you will ask any such agency, union, or
court to withdraw from and/or dismiss any such action, grievance, or arbitration, with prejudice.

 

		16.	Employment Rights. You hereby waive any and all rights to employment or re-employment with the
Company or any successor or affiliated organization (“Related Entity”). You agree that the Company and the Related
Entities have no obligation, contractual or otherwise, to employ or re-employ you, now or in the future, either directly or indirectly,
on a full-time, part-time, or temporary basis, including, but not limited to, utilizing your services as a temporary employee, worker,
or contractor through any temporary service providers, vendors, or agencies.

 

    Exhibit C
 Page 4

     

    

 

		17.	Acknowledgements and Representations. You acknowledge and represent that you have not suffered
any discrimination or harassment by any of the Released Parties on account of your race, gender, national origin, religion, marital or
registered domestic partner status, sexual orientation, age, disability, medical condition, or any other characteristic protected by law.
You acknowledge and represent that you have not been denied any leave, benefits or rights to which you may have been entitled under the
FMLA or any other federal or state law, and that you have not suffered any job-related wrongs or injuries for which you might still be
entitled to compensation or relief. You further acknowledge and represent that, except as expressly provided in this Agreement, you have
been paid all wages, bonuses, compensation, benefits and other amounts that any of the Released Parties have ever owed to you, and you
understand that you will not receive any additional compensation, severance, or benefits after the Separation Date, with the exception
of any vested right you may have under the terms of a written ERISA-qualified benefit plan.

 

		18.	Medical Bills, Liens, and Other Potential Rights for Reimbursement

 

		(a)	Responsibility for Satisfaction of All Liens. You represent and warrant that all bills,
costs, or liens resulting from or arising out of any injuries and claims are your responsibility to pay. You agree to assume responsibility
for satisfaction of any and all demands for payment, claims or liens of any kinds, that arise from or are related to payments made or
services provided to you or on your behalf. You agree to assume responsibility for all expenses, costs, or fees incurred by you related
to your alleged injuries and claims including without limitation, all Medicare conditional payments, subrogation claims, liens, or other
rights to payment, relating to medical treatment or lost wages that have been or may be asserted by any health care provider, insurer,
governmental entity, employer, or other person or entity. Further, you and your attorney (if any) will indemnify, defend and hold Released
Parties harmless from any and all damages, claims, and rights to payment, including any attorneys’ fees, brought by any person,
entity, or governmental agency to recover any of these amounts. If any governmental entity, or anyone acting on behalf of any governmental
entity, seeks damages including multiple damages from Released Parties relating to payment by such governmental entity, or anyone acting
on behalf of such governmental entity, relating to your alleged injuries and claims, you will defend and indemnify Released Parties and
hold Released Parties harmless from any and all such damages, claims, liens, Medicare conditional payments, and rights to payment, including
any attorneys’ fees sought by such entities.

 

		(b)	Good Faith Resolution. This settlement is based upon a good faith determination of you and
the Company to resolve any potential claims. You and the Company have not shifted responsibility of medical treatment to Medicare in contravention
of 42 U.S.C. Section 1395y(b). You and the Company have made every effort to adequately protect Medicare’s interest and incorporate
such in the settlement terms.

 

		(c)	Representation that Employee is Not a Medicare Beneficiary. You and your counsel (if any)
warrant that you are not a Medicare beneficiary as of the date of this Agreement.

 

		(d)	Representation that No Medicare Conditional Payments Exist. You and your counsel (if any)
further represent and warrant that you are aware of no Medicare conditional payments that have been made on your behalf.

 

    Exhibit C
 Page 5

     

    

 

		19.	No Admissions. By entering into this Agreement, the Parent and the Company make no admission that
they have engaged, or are now engaging, in any unlawful conduct. The Parties understand and acknowledge that this Agreement is not an
admission of liability and shall not be used or construed as such in any legal or administrative proceeding.

 

		20.	Code Section 409A Compliance. Notwithstanding anything to the contrary in this Agreement, no portion
of the severance to be made under Section 3 hereof will be payable until you has a “separation from service” from the
Company within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The
severance is otherwise subject to Section 6.14 of the Employment Agreement. This provision shall not be construed as a guarantee
by the Company of any particular tax effect to you under this Agreement. The Company shall not be liable to Executive for any payment
made under this Agreement or the Employment Agreement which is determined to result in an additional tax, penalty or interest under Section
409A, nor for reporting in good faith any payment as an amount includible in gross income under Section 409A.

 

		21.	Arbitration. The arbitration provisions of Section 6.1 of the Employment Agreement shall
apply to this Agreement. You and the Company agree that nothing in this Agreement is intended to prevent either the Company or you from
obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration pursuant to applicable
law.

 

		22.	Miscellaneous. This Agreement, including Schedule 1, Schedule 2, and Schedule 3, constitutes
the complete, final, and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter.
It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and
it supersedes any other such promises, warranties, or representations. You have entered into separate agreements with the Parent related
to equity that will survive termination of your employment under this Agreement. This Agreement may not be modified or amended except
in a writing signed by both you and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives,
successors, and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors, and
assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will
not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable.
This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of
New York.

 

    Exhibit C
 Page 6

     

    

 

THE PARTIES TO THIS AGREEMENT
HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. THE PARTIES HAVE EXECUTED THIS AGREEMENT
ON THE DATES SHOWN BELOW.

 

	 	KATAPULT HOLDINGS, INC.
	 	 	 
	 	By:	             
	 	 	Derek Medlin, Chief Operating Officer
	 	 	 
	 	KATAPULT GROUP, INC.
	 	 	 
	 	By:	 
	 	 	Derek Medlin, Chief Operating Officer
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	 
	 	Orlando Zayas

 

 

Exhibit C

Page 7

[Signature Page to Separation Agreement and General Release of Claims]

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