Document:

Exhibit 10.5

 

Execution Version

 

Consulting
Agreement

 

This Consulting Agreement
(this “Agreement”), dated as of October 3, 2020, is entered into by and between Live Oak Acquisition Corp.,
a Delaware corporation (“Live Oak” or the “Company”), and Stuart Pratt (“Consultant”)
(collectively referred to as the “Parties” or individually referred to as a “Party”).

 

WHEREAS, concurrently
with the execution of this Agreement, the Company, Green Merger Corp, a Georgia corporation and a wholly-owned subsidiary of Live
Oak (“Merger Sub”), Meredian Holdings Group, Inc. (d/b/a Danimer Scientific), a Georgia corporation (“MHG”),
Live Oak Sponsor Partners, LLC, as representative for certain purposes described in the Merger Agreement, and John A. Dowdy, Jr.,
as representative of the shareholders of the Company, are entering into an Agreement and Plan of Merger (the “Merger Agreement”)
pursuant to which, among other things, Merger Sub will be merged with and into MGH, with MGH continuing as the surviving corporation
and as a wholly-owned subsidiary of Live Oak (the “Merger”);

 

WHEREAS, Consultant
is currently a party to that certain Letter Agreement, dated as of March 1, 2016, by and between MHG and Consultant, as amended
on December 5, 2018, and as amended on the date hereof (the “Current Consulting Agreement”);

 

WHEREAS, as an inducement
to and in consideration of the Company’s willingness to enter into the Merger Agreement, it is the desire of the Company
to assure itself of the services of Consultant commencing on the date of the consummation of the Merger pursuant to the Merger
Agreement (the “Effective Date”) and thereafter on the terms herein provided by entering into this Agreement
and by terminating the Current Consulting Agreement simultaneously with the Closing of the Merger with effect as of the Effective
Date; and

 

WHEREAS, the Company
desires to engage Consultant to perform consulting services on behalf of the Company and Consultant desires to perform such services
on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants set forth herein, the Parties hereby agree as follows:

 

1. Consulting
Services.

 

(a) The
Company hereby retains Consultant, and Consultant hereby accepts such retention, to perform consulting and advisory services for
the Company as a special advisor to the Chief Executive Officer of the Company (the “CEO”) and to provide such
other consulting and advisory services for the Company in connection with the operation of the Company’s business as the
CEO may request from time to time (the “Consulting Services”), upon the terms and subject to the conditions
set forth in this Agreement.

 

(b) Consultant
agrees to devote Consultant’s reasonable best efforts in performing the Consulting Services. Consultant shall comply with
all rules, procedures and standards promulgated from time to time by the Company with regard to Consultant’s access to and
use of the Company’s property, information, equipment and facilities.

 

     

     

    

 

2. Compensation.

 

(a) Cash
Compensation. Consultant shall be compensated for services at a rate of $1,500.00 per month payable monthly in arrears.

 

(b) Expenses.
The Company shall reimburse Consultant for all pre-approved, reasonable, appropriate and necessary travel and other out-of-pocket
expenses incurred in the performance of Consultant’s duties hereunder upon submission and approval of written statements
and bills in accordance with the then regular reimbursement procedures of the Company.

 

(c) Stock
Options. The Company hereby agrees to grant to Consultant options (the “Options”) to purchase a total of
30,000 shares of Class A Common Stock, par value $0.0001 per share (the “Class A Common Stock”), of the Company
under the Company’s equity incentive plan with an exercise price per share of Class A Common Stock equal to the greater of
(i) Ten Dollars ($10.00) and (ii) the fair market value of a share of Class A Common Stock determined as of the date of this Agreement
and vesting in accordance with the vesting terms set forth on Schedule A attached hereto. In the event that the fair market
value of a share of Class A Common Stock determined as of the date of this Agreement is greater than Ten Dollars ($10.00), then
Consultant shall be entitled to receive a grant of restricted stock under the Company’s equity incentive plan (the “Restricted
Stock Grant”). The number of shares of Class A Common Stock, if any, that will be subject to the Restricted Stock Grant
and the vesting schedule applicable to the Restricted Stock Grant are set forth on Schedule A attached hereto.

 

3. Independent
Contractor. In furnishing the Consulting Services, Consultant understands that Consultant will at all times be acting as
an independent contractor of the Company and, as such, will not be an employee of the Company and will not by reason of this Agreement
or by reason of Consultant’s Consulting Services to the Company be entitled to participate in or to receive any benefit or
right under any of the Company’s employee benefit or welfare plans, other than as provided herein or as available to all
directors of the Company so long as Consultant remains a director of the Company. Consultant also will be responsible for paying
all withholding and other taxes required by law to be paid as and when the same become due and payable. It is intended that the
fees paid hereunder shall constitute revenues to Consultant. To the extent consistent with applicable law, the Company will not
withhold any amounts therefrom as federal income tax withholding from wages or as employee contributions under the Federal Insurance
Contributions Act or any other state or federal laws. Consultant shall be solely responsible for the withholding and/or payment
of any federal, state or local income or payroll taxes and shall hold the Company, its affiliates and their respective officers,
directors and employees harmless from any liability arising from the failure to withhold such amounts. Consultant shall not enter
into any agreements or incur any obligations on behalf of the Company and shall not direct the activities of any employees of the
Company, in each case, except as a director of the Company.

 

4. Term
and Termination.

 

(a) The
Parties agree that this Agreement shall commence as of the date of this Agreement and continue until the third anniversary of such
date (the “Term”), unless terminated earlier as set forth herein.

 

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(b) The
Company may terminate this Agreement immediately if:

 

(i) Consultant
is unable to perform a material portion of the Consulting Services for a period of not less than thirty (30) says after being notified
in writing by the Company;

 

(ii) Consultant
becomes insolvent or bankrupt; or

 

(iii) Consultant,
in the judgment of the Company, has engaged in corrupt or fraudulent business practices in executing the Consulting Services.

 

(c) The
Company may terminate this Agreement upon sixty (60) days prior written notice to Consultant.

 

(d) The
Consultant may terminate this Agreement upon sixty (60) days prior written notice to the Company.

 

(e) The
Consultant may terminate this Agreement immediately if the Company fails to pay any monies due and owing to Consultant under this
Agreement after thirty (30) days written notice to the Company.

 

(f) Upon
termination of this Agreement pursuant to Section 4(b) or Section 4(d) of this Agreement, Consultant shall receive
any accrued cash compensation payable pursuant Section 2(a) of this Agreement through the date of such termination, payable
within ten (10) days after such termination.

 

(g) Upon
termination of this Agreement pursuant to Section 4(c) or Section 4(e) of this Agreement, Consultant shall receive
the cash compensation payable pursuant to Section 2(a) of this Agreement through the remainder of the Term (as though such
termination had not occurred), payable monthly in arrears, and, notwithstanding anything to the contrary in any applicable Company
equity plan or award agreement, any unvested equity awards held by Consultant that are outstanding immediately prior to such date
of termination shall automatically vest and become exercisable (as applicable) as of such date of termination.

 

5. Managing
Conflicts of Interest. The Company acknowledges that Consultant is now or may become a party to agreements with third parties
relating to the disclosure of information, the ownership of inventions, restrictions against competition and/or similar matters.
Consultant represents and agrees that the execution, delivery and performance of this Agreement does not and will not conflict
with any agreement, policy or rule applicable to Consultant. Consultant will not (i) disclose to the Company any information that
Consultant is required to keep secret pursuant to an existing confidentiality agreement with any third party, (ii) use the funding,
resources, facilities or inventions of any third party to perform the Consulting Services, or (iii) perform the Consulting Services
in any manner that would give any third party rights to any intellectual property created in connection with such services. Consultant
shall comply with all applicable laws and regulations in connection with the performance of the Consulting Services.

 

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6. Confidential
Information; Non-Disclosure. Except as authorized or directed by the Company in connection with the performance of Consultant’s
duties and obligations, Consultant shall not, at any time during the Term or any time following the termination of this Agreement
(for any reason or no reason), directly or indirectly, (i) copy, disclose, utilize, exploit, or make available to any other person
or entity any Confidential Information (as defined below) that has come into Consultant’s possession, custody or control
in the course of engagement with the Company, or (ii) use any such Confidential Information for Consultant’s own personal
use or advantage or the use or advantage of any other person or entity other than the Company, or make any such Confidential Information
available to others. “Confidential Information” means all confidential information, proprietary information,
trade secrets, or other information (whether oral or written, whether maintained in hard copy, electronically, or otherwise) regarding
the business or affairs of the Company, including, without limitation, information as to any of the Company’s products; services;
systems; designs; inventions; research; marketing plans; prospects; prospective and existing contracts; business plans, procedures,
and strategies; costs; personnel; computer programs; algorithms; pending patent applications; systems; negotiations; lists of actual
and/or prospective clients and customers; supplier lists and supplier information, financial results; and business developments.
Confidential Information does not include information which shall have been lawfully and without breach of any obligations of confidentiality,
including pursuant to this Section 6, made available to the general public without restriction. The obligations of confidentiality
set forth in this Section 6 extend to any Confidential Information of any third parties contracting with the Company, whether
or not the Company has undertaken an express obligation of confidentiality with regard to such third parties.

 

7. Work
Product. Consultant agrees that any and all improvements, inventions, discoveries, developments, creations, formulae, processes,
methods, designs, and works of authorship, and any documents, things, or information relating thereto, whether patentable or not,
within the scope of or pertinent to the Consulting Services or any field of business or research in which the Company or any affiliate
of the Company is engaged or (if such is known to or ascertainable by Consultant) considering engaging, which Consultant may conceive,
make, author, create, invent, develop, or reduce to practice, or which Consultant previously have conceived, made, authored, created,
invented, developed, or reduced to practice, in whole or in part, during the performance of Consultant’s services for the
Company, whether alone or with others, whether during or outside of normal working hours, whether inside or outside of the Company’s
offices, and whether with or without the use of the Company’s computers, systems, materials, equipment, or other property,
shall be and remain the sole and exclusive property of the Company (the foregoing, individually and collectively, “Work
Product”). To the maximum extent allowable by law, any Work Product subject to copyright protection shall be considered
“works made for hire” for the Company under U.S. copyright law. To the extent that any Work Product that is subject
to copyright protection is not considered a work made for hire, or to the extent that Consultant otherwise have or retain any ownership
or other rights in any Work Product (or any intellectual property rights therein), Consultant hereby assign and transfer to the
Company all such rights in the Work Product, including but not limited to the intellectual property rights therein, effective automatically
as and when such Work Product is conceived, made, authored, created, invented, developed, or reduced to practice. The Company shall
have the full right to use, assign, license, and/or transfer all rights in, with, to, or relating to Work Product (and all intellectual
property rights therein). Consultant shall, whenever requested to do so by the Company (whether during Consultant’s engagement
or thereafter), at the Company’s expense, execute any and all applications, assignments, and/or other instruments, and do
all other things (including giving testimony in any legal proceeding) which the Company may deem necessary or appropriate in order
to (a) apply for, obtain, maintain, enforce, or defend patent, trademark, copyright, or similar registrations of the United States
or any other country for any Work Product; (b) assign, transfer, convey, or otherwise make available to the Company any right,
title, or interest which Consultant might otherwise have in any Work Product; and/or (c) confirm the Company’s right, title,
and interest in any Work Product. Consultant shall promptly communicate, disclose, and, upon request, report upon and deliver all
Work Product to the Company, and shall not use or permit any Work Product to be used for any purpose other than on behalf of the
Company, whether during Consultant’s engagement or thereafter. Consultant will, at any time during or after the Term, upon
request of the Company, execute all documents and perform all lawful acts which the Company considers necessary or advisable to
secure its rights hereunder and to carry out the intent of this Section 7. In the event the Company is unable for any reason,
after reasonable effort, to secure Consultant’s signature on any document needed in connection with the actions specified
in this Section 7, Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and
agents as Consultant’s agent and attorney-in-fact, to act for and in Consultant’s behalf to execute, verify and seal
any such documents and to do all other lawfully permitted acts to further the purposes of this Section 7 with the same legal
force and effect as if executed by Consultant.

 

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8. Legal
Process. Consultant agrees that in the event Consultant is served with a subpoena, document request, interrogatory, or
any other legal process that will or may require Consultant to disclose any Confidential Information, whether during the performance
of Consultant’s services for the Company or thereafter, Consultant will immediately notify the Chief Executive Officer of
the Company of such fact, in writing, and provide a copy of such subpoena, document request, interrogatory, or other legal process,
and shall thereafter cooperate with the Company, at the Company’s expense, in any lawful response to such subpoena, document
request, interrogatory, or legal process as the Company may request.

 

9. Return
of Company Property. Upon termination of Consultant’s services (for any reason or no reason), or at any other time
at the Company’s request, Consultant agrees to deliver to the Company (and not retain any copies of) all Confidential Information
and all other property, materials, documents, and computer media in any form (and all copies thereof) that belong to the Company,
relate to the Company or the Confidential Information or that would be useful to the Company’s maintenance and protection
of the Confidential Information. After returning all of the foregoing documents, property, and information, Consultant agrees to
delete any copies of any such documents or information in Consultant’s possession, custody, or control, including all paper
and digital copies of such documents and information.

 

10. Non-Solicitation.
During the Term and for a period of twenty-four (24) months after termination of this Agreement (for any reason or no reason),
Consultant will not, directly or indirectly, as principal, agent, employer, consultant, officer, director, stockholder, lender
or in any other capacity:

 

(i) contract
or solicit any employee, consultant, independent contractor, or agent of the Company with the intention or effect of encouraging
such Party to terminate or alter his, her or its employment, engagement, agency or other relationship with the Company; or

 

(ii) contract
or otherwise solicit any client, customer, prospective customer or partner of the Company with the intention or effect of encouraging
such Party to terminate or reduce the volume of its business with the Company or to place elsewhere any portion of its business
that could be served by the Company.

 

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11. Non-Disparagement.
At any time during the Term or any time following the termination of this Agreement (for any reason or no reason), Consultant shall
not make any public statements, whether orally, in writing or through any electronic medium, that disparage the Company, any of
its products, services or practices, or any of its directors, officers, agents, representatives, equity holders or affiliates,
either orally or in writing, at any time; provided that Consultant may confer in confidence with Consultant’s legal
representatives and make truthful statements, including as required by law.

 

12. Enforcement;
Injunctive Relief. Consultant acknowledges and agrees that Consultant’s breach or threatened breach of any of the
terms set forth in Sections 6 through 11 of this Agreement will result in significant, irreparable and continuing
damage to the Company for which there is no adequate remedy at law.. The Company and its affiliates shall be entitled to obtain
emergency injunctive or other equitable relief, including a temporary restraining order and/or preliminary injunction, from any
state or federal court of competent jurisdiction, without first posting a bond, to restrain any such breach or threatened breach.
Such relief shall be in addition to any and all other remedies, including damages, available to the Company and its affiliates
against Consultant for such breaches or threatened breaches. The prevailing Party in any judicial action arising out of or related
to this Agreement shall be entitled to reimbursement of its/his/her reasonable attorney’s fees and costs incurred in such
action in addition to such damages, if any, to which such Party is entitled; and the determination by the judge in such action
shall be conclusive on the matter of which Party has prevailed for purposes hereof.

 

13. Miscellaneous.

 

(a) Entire
Agreement. This Agreement and its schedules and exhibits, and any equity award agreement between the Company and Consultant,
constitute the entire agreement among the Parties with respect to the subject matter hereof and supersede all other prior agreements
and understandings, both written and oral, between the Parties with respect to such subject matter.

 

(b) Assignment;
No Third-Party Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns. Nothing in this Agreement shall be construed to permit the assignment by Consultant of this Agreement
or any of Consultant’s rights or obligations hereunder, and such assignment is expressly prohibited without the prior written
consent of the Company. The Company may assign this contract in connection with a merger, consolidation or sale of all or substantially
all of its assets or that portion of its business to which this Agreement relates or to an affiliate. Nothing in this Agreement
is intended to or shall confer upon any person other than the Parties any rights or remedies hereunder.

 

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(c) Amendments
and Supplements. This Agreement may not be altered, changed or amended, except by an instrument in writing signed by the Parties.

 

(d) No
Waiver. The terms and conditions of this Agreement may be waived only by a written instrument signed by the Party waiving compliance.
The failure of any Party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed to
be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any part hereof or the right of such
Party thereafter to enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement shall
be held to be a waiver of any other or subsequent breach or non-compliance.

 

(e) Governing
Law; Jurisdiction. This Agreement shall be governed by the laws of the State of Delaware without reference to the principles
of conflicts of law of the State of Delaware or any other jurisdiction that would result in application of the laws of a jurisdiction
other than the State of Delaware, and where applicable, the laws of the United States. Any action or proceeding arising out of
or relating to this Agreement shall be brought exclusively in the Delaware Chancery Court, or, if the Delaware Chancery Court does
not have subject matter jurisdiction, in the federal courts located in the State of Delaware, and the Parties hereby expressly
represent and agree that they are subject to the personal jurisdiction of said courts, and the Parties hereby irrevocably consent
to the jurisdiction of such courts in any legal or equitable proceedings related to such disputes and waive, to the fullest extent
permitted by law, any objection which either of them may now or hereafter have that the laying of the venue of any legal proceedings
related to such dispute which is brought in any such courts is improper or that such proceedings have been brought in an inconvenient
forum.

 

(f) Notice.
Any notice, request, instruction, or other communication to be given under this Agreement by a Party shall be in writing and shall
be deemed to have been given to the other Party (i) when delivered, if delivered in person or by overnight delivery service (charges
prepaid), (ii) when sent, if sent via email, provided, however, that no undeliverable message is received by the
sender, or (iii) when received, if sent by registered or certified mail, return receipt requested, in each case to the address,
facsimile number, or email address of such Party set forth below and marked to the attention of the designated individual as follows:

 

To the Company:

 

Live Oak Acquisition Corp.

140 Industrial Blvd.

Bainbridge, GA 39817

Attention: CEO

Email: [●]

 

To Consultant: At the contact information
set forth beneath Consultant’s signature below.

 

(g) Survival;
Validity. Notwithstanding the termination of Consultant’s relationship with the Company (whether pursuant to Section
4 or otherwise), Consultant’s covenants and obligations set forth in Sections 6 through 12 shall remain
in effect and be fully enforceable in accordance with the provisions thereof. The provisions of Section 13 of this Agreement
shall survive termination of this Agreement. In the event that any provision of this Agreement shall be determined to be unenforceable
by reason of its extension for too great a period of time or over too large a geographic area or over too great a range of activities,
it shall be interpreted to extend only over the maximum period of time, geographic area or range of activities as to which it may
be enforceable. If, after application of the preceding sentence, any provision of this Agreement shall be determined to be invalid,
illegal, or otherwise unenforceable by a court of competent jurisdiction, the validity, legality and enforceability of the other
provisions of this Agreement shall not be affected thereby. Except as otherwise provided in this Section 13(g), any invalid,
illegal or unenforceable provision of this Agreement shall be severable, and after any such severance, all other provisions hereof
shall remain in full force and effect.

 

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(h) Counterparts.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together
will constitute one and the same Agreement. Signatures delivered by facsimile or PDF shall be deemed effective for all purposes.

 

(i) Whistleblower
Protections and Trade Secrets. Notwithstanding anything to the contrary contained herein, nothing in this Agreement prohibits
Consultant from reporting possible violations of federal law or regulation to any United States governmental agency or entity in
accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806
of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including
the right to receive an award for information provided to any such government agencies). Furthermore, in accordance with 18 U.S.C.
§ 1833, notwithstanding anything to the contrary in this Agreement: (A) Consultant shall not be in breach of this Agreement,
and shall not be held criminally or civilly liable under any federal or state trade secret law (x) for the disclosure of a trade
secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of
reporting or investigating a suspected violation of law, or (y) for the disclosure of a trade secret that is made in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (B) if Consultant files a lawsuit
for retaliation by the Company for reporting a suspected violation of law, Consultant may disclose the trade secret to Consultant’s
attorney, and may use the trade secret information in the court proceeding, if Consultant files any document containing the trade
secret under seal, and does not disclose the trade secret, except pursuant to court order.

 

(j) Section
409A. The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from Section
409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and, accordingly, to the maximum extent
permitted, this Agreement shall be interpreted to be in compliance therewith. Except as otherwise permitted under Section 409A,
no payment hereunder shall be accelerated or deferred unless such acceleration or deferral would not result in additional tax or
interest pursuant to Section 409A. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable
under this Agreement that is considered nonqualified deferred compensation under Section 409A and is designated under this
Agreement as payable upon Consultant’s termination of services shall be payable only upon Consultant’s “separation
from service” with the Company within the meaning of Section 409A. To the extent that any reimbursements under this
Agreement are subject to Section 409A, any such reimbursements payable to Consultant shall be paid to Consultant no later than
December 31st of the year following the year in which the expense was incurred; provided, that Consultant submits Consultant’s
reimbursement request promptly following the date the expense is incurred, the amount of expenses reimbursed in one year shall
not affect the amount eligible for reimbursement in any subsequent year, and Consultant’s right to reimbursement under this
Agreement will not be subject to liquidation or exchange for another benefit.

 

[signature page follows]

 

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IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed as of the date first written above.

 

	 	LIVE OAK ACQUISITION
    CORP.
	 	 	 
	 	By:	/s/ Richard J. Hendrix
	 	Name:	Richard J. Hendrix
	 	Title:	Chief Executive Officer
	 	 	 
	 	Consultant:
	 	 	 
	 	/s/ Stuart Pratt
	 	Name:	Stuart Pratt
	 	 	 
		Address:	[redacted]
		Attention: 	[redacted]
		Email:	[redacted]

 

(Signature Page to Consulting Agreement)

 

     

     

    

 

SCHEDULE A

 

The Options to purchase
shares of Live Oak Class A Common Stock, which shall be granted under the New Equity Incentive Plan (as defined in the Merger Agreement),
shall vest as follows:

 

	Number of Shares of Live Oak Class A Common Stock Subject to the Options 	Vesting Schedule
	1/3rd	On or after first anniversary of grant date (and prior to the expiration date of the option) once the stock price of shares of Live Oak Class A Common Stock is at least $14.00 per share for any twenty (20) trading days within a 30-day trading period beginning on the first anniversary of the grant date.
	 1/3rd	On or after second anniversary of grant date (and prior to the expiration date of the option) once the stock price of shares of Live Oak Class A Common Stock is at least $17.00 per share for any twenty (20) trading days within a 30-day trading period beginning on the first anniversary of the grant date.
	1/3rd	On or after third anniversary of grant date (and prior to the expiration date of the option) once the stock price of shares of Live Oak Class A Common Stock is at least $20.00 per share for any twenty (20) trading days within a 30-day trading period beginning on the first anniversary of the grant date.

* Options will have standard ten year terms.

 

Restricted Stock Grant
(if applicable)

 

In the event that the
fair market value of a share of Live Oak Class A Common Stock determined as of the date the Options described in this Agreement
are granted is greater than $10.00 (such value, the “Live Oak Share FMV”), then the Restricted Stock Grant Amount
shall be calculated as follows:

 

“Restricted
Stock Grant Amount” = (a) the Live Oak Share FMV less $10.00) multiplied by
the number of shares of Live Oak Class A Common Stock granted to Consultant with respect to Options granted (as described in Section
2(a) of the Agreement) divided by (b) the Live Oak Share FMV (rounded up to the nearest whole share). If the
Live Oak Share FMV is equal to or less than $10.00, no grant of Restricted Stock shall be made.

 

    A-1

     

    

 

The vesting schedule
for the grant Restricted Stock described in the Agreement, if any, shall be as follows:

 

	Number of Shares of Live Oak Class A Common Stock	Vesting Schedule
	1/6th	On first anniversary of grant date.
	1/6th	On second anniversary of grant date. 
	1/6th	On third anniversary of grant date. 
	1/6th	If the VWAP of Live Oak Class A Common Stock on the NYSE or such other exchange as such shares may then be listed equals or exceeds the Live Oak Share FMV for any twenty (20) trading days within a 30-day trading period beginning on the 1st anniversary of the grant date and ending on the 10th anniversary of the grant date.
	1/6th	If the VWAP of Live Oak Class A Common Stock on the NYSE or such other exchange as such shares may then be listed equals or exceeds the Live Oak Share FMV for any twenty (20) trading days within a 30-day trading period beginning on the 2nd anniversary of the grant date and ending on the 10th anniversary of the grant date.
	1/6th	If the VWAP of Live Oak Class A Common Stock on the NYSE or such other exchange as such shares may then be listed equals or exceeds the Live Oak Share FMV for any twenty (20) trading days within a 30-day trading period beginning on the 3rd anniversary of the grant date and ending on the 10th anniversary of the grant date.

 

The grant of Options and the grant of Restricted
Stock described in the Agreement shall be subject to such other terms and conditions as set forth in the agreement evidencing such
awards.

 

 

A-2Exhibit 10.6

 

Execution Version

 

AMENDED
AND RESTATED

 

EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED
EMPLOYMENT AGREEMENT (this “Agreement”), dated as of August 31, 2020, is made and entered into by and between
Meredian Holdings Group, Inc. (dba Danimer Scientific), a Georgia corporation (the “Company”), and John A. Dowdy,
III (“Employee”). The Company and Employee are referred to herein collectively as the “Parties”
and individually as a “Party.”

 

RECITALS:

 

WHEREAS,
the Company and the Employee are parties to that certain Employment Agreement, dated as of September 1, 2017 (the “Employment
Agreement”), pursuant to which the Employee is employed as the Company’s Chief Financial Officer;

 

 WHEREAS, the Company desires
to continue to employ the Employee as Chief Financial Officer on the terms and conditions set forth herein; and

 

WHEREAS,
the Employee is willing to continue to be employed as Chief Financial Officer on such terms and conditions; and

 

WHEREAS,
the Company and the Employee desire to enter into this Agreement which shall be deemed to amend, restate and replace the Employment
Agreement as of September 1, 2020.

 

NOW,
THEREFORE, for and in consideration of the promises and mutual covenants and agreements provided for herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as
follows:

 

1. Definitions.
Capitalized terms used and not otherwise defined in this Agreement, shall have the meanings set forth in Schedule 1 attached
hereto and incorporated herein by reference.

 

2. Employment
and Duties.

 

(a) Title.
The Company hereby designates and appoints Employee as the Company’s Chief Financial Officer to act and perform the duties
of Chief Financial Officer on behalf of the Company as provided herein. Employee hereby accepts such designation and appointment.
The employment arrangement created pursuant to the foregoing appointment is in consideration of all other terms, limitations and
restrictions set out in this Agreement.

 

(b) Status.
It is mutually agreed by the Company and Employee that the duties and responsibilities created and conferred by this Agreement
establish an employer/employee relationship between the Company and Employee, and the Chief Executive Officer and the Board of
Directors of the Company (the “Board of Directors”) shall have and retain full and complete supervisory authority
over the manner in which Employee engages in and conducts the duties and responsibilities of such employment.

 

     

     

    

 

(c) Manner
of Performance. Employee will carry out the duties and responsibilities of the foregoing appointment in a faithful, diligent
and responsible manner, subject to the direction and control of the Chief Executive Officer. Employee will devote Employee’s
full business time and attention to perform faithfully and diligently the specific duties of, and generally to provide the services
normally associated with, Employee’s position as the Chief Financial Officer of the Company and/or such other duties assigned
to Employee by the Board of Directors.

 

(d) Location.
The duties to be performed by Employee hereunder shall be performed primarily at the Company’s facilities in Bainbridge,
Georgia, subject to reasonable travel requirements on behalf of the Company and its Subsidiaries, including, but not limited to,
its facilities in Winchester, Kentucky.

 

(e) Subsidiary
Offices. Employee shall also serve as an officer of any Subsidiary or Subsidiaries of the Company upon request of the Chief
Executive Officer or the Board of Directors.

 

3. Compensation
for Services. Subject to the conditions contained in this Agreement, during the Term and in exchange for Employee’s
services under this Agreement, the Company will pay or provide to Employee the following:

 

(a)
Annual Compensation. For each year Employee is employed by the Company, Employee shall receive a salary equal to Three Hundred
Thousand and No/100 U.S. Dollars ($300,000) per annum (the “Base Salary”), subject to raises as approved by
the Chief Executive Officer or the Board of Directors. Employee’s compensation shall be payable in accordance with the Company’s
regular payroll practice or upon other terms mutually agreed upon. If Base Salary is increased during the Term, then such
adjusted salary shall constitute Base Salary for the remainder of the Term.

 

(b) Annual
Bonus. In addition to the Base Salary, Employee will be eligible to receive an annual bonus pursuant to the Company’s
then current employee bonus plan, if any, or as otherwise approved by the Board of Directors.

 

(c) Stock
Incentive Plan. Employee shall be eligible to participate in the Meredian Holdings Group. Inc. 2016 Director and Executive
Officer Stock Incentive Plan, Meredian Holdings Group. Inc. 2016 Omnibus Stock Incentive Plan, or any successor stock incentive
plans. On the Effective Date, the Company shall promptly grant Employee a stock option for 10,000 shares of the Company’s
common stock, par value $.001 per share, at an exercise price of $63.00 per share, which option award: will vest in equal annual
installments of one-third, or 3,333 shares, 3,333 shares and 3,334 shares on each of the first, second and third anniversaries,
respectively, of the grant date; will, to the extent legally permissible, be issued as an incentive stock option; and, will be
subject to the other terms and conditions set forth in the definitive option award agreement granting such option.

 

    2

     

    

 

(d) Vacation
and Personal Days. Employee shall be entitled to 25 days of paid personal and vacation leave each year or such greater number
of days as may be expressly required by the Company’s written vacation policy then in effect. Employee’s use of such
leave will be subject to the Company’s prevailing vacation policies applicable to similarly situated senior executives, as
such policy may be in effect from time to time.

 

(e) Other Benefits.

 

(i) Employee
shall be eligible to participate in employee benefit programs available to similarly situated employees in accordance with the
terms and conditions of such employee benefit programs. The Company reserves the right, in its sole discretion, to alter, amend
or discontinue any of such employee benefit programs at any time.

 

(ii) Employee
agrees to adhere to the terms of any employee handbook, policy or procedures which the Company may promulgate and make available
to Employee, including via email or intranet access.

 

(iii) The Company
shall provide Employee use of a Company-owned automobile, which automobile shall be serviced and maintained at the Company’s
sole cost and expense.

 

(f) Expenses.
The Company shall reimburse Employee for all reasonable expenses incurred by Employee in the course of performing Employee’s
duties under this Agreement and that are consistent with the Company’s policies in effect at that time with respect to travel,
entertainment and other business expenses; provided, however, that: (i) such expenditures are of a nature qualifying
them as proper deductions on the federal and state income tax returns of the Company; (ii) Employee furnishes to the Company adequate
records and other documentary evidence required by federal and state statutes and regulations issued by the appropriate taxing
authorities for the substantiation of each such expenditure as an income tax deduction; and (iii) such expenditures otherwise
comply with the Company’s requirements with respect to reporting and documentation of such reimbursable expenses.

 

(g) Applicable
Withholdings. Employee’s compensation will be subject to all withholdings and deductions required by law and will be
payable in accordance with the Company’s normal periodic payroll practices.

 

4.
Effective Date and Term. The Employee’s employment with the Company will continue under the terms and conditions
of the Employment Agreement until August 31, 2020 and the Employment Agreement shall remain in full force and effect without any
amendments thereto through such date. The Employment Agreement shall be deemed to be amended, restated and replaced by this Agreement
on September 1, 2020 (the “Effective Date”). The term of Employee’s employment under this Agreement shall
commence on the Effective Date and shall, unless earlier terminated as set forth herein, end on December 31, 2023 (the “Term”).
If Employee is still employed by the Company pursuant to this Agreement as of the date that is six (6) months prior to the
end of the Term, Employee and the Company hereby agree to negotiate, in good faith, through the end of the Term an extension to
the Term or another employment agreement having terms mutually acceptable to the Company and Employee.

 

    3

     

    

 

5. Incapacity
or Death During Employment. Both Employee and the Company acknowledge and agree that, pursuant to this Agreement, Employee
will assume a significant position with the Company which will require Employee’s constant attention and that Employee’s
regular presence at the Company’s facilities is an essential function of Employee’s position. Therefore, if Employee
is unable to perform Employee’s job duties and responsibilities with or without a reasonable accommodation or is not present
at work for more than ninety (90) consecutive days, the Company may terminate the employment of Employee upon written notice. Upon
such a termination for incapacity in accordance with the preceding sentence, or in the event of termination resulting from the
death of Employee, all obligations of the Company under this Agreement shall terminate other than unpaid Base Salary earned by
Employee up to the date of termination, accrued but unused vacation and reimbursement of approved business expenses incurred by
Employee prior to such termination subject to and in accordance with Section 3(f) above.

 

6. Termination
of Employment.

 

(a) Right
to Terminate. Subject to the provisions of this Section 6, prior to the expiration of the Term, Employee may terminate Employee’s
employment hereunder and agrees to provide the Company with at least 90 days’ notice in the event of the employee’s
resignation. Similarly, subject to the provisions of this Section 6, prior to the expiration of the Term, the Company may terminate
Employee’s employment hereunder either “With Cause” or “Without Cause” (as such terms are hereinafter
defined). If Employee is still employed upon expiration of the Term, Employee will not be entitled to any separation or additional
pay under this Agreement if Employee’s employment ends upon or after expiration of the Term.

 

(b) Termination
With Cause. If, during the Term of this Agreement, the Company terminates Employee’s employment hereunder With Cause,
or Employee’s employment terminates for any of the reasons enumerated in Section 5 above, or Employee resigns, all obligations
of the Company to provide compensation and benefits under this Agreement shall immediately cease upon such termination, and Employee
shall have no claim or right against the Company for damages or other sums. The Company’s election to terminate Employee’s
employment With Cause shall be without prejudice to any remedy the Company may have against Employee for the breach or non-performance
of any of the provisions of this Agreement, or for any non-contractual liabilities.

 

(c) Termination
Without Cause; Voluntary.

 

(i)
If, during the Term of this Agreement, the Company terminates Employee’s employment Without Cause, subject to the provisions
of Section 6(d), the Company shall be obligated to continue to pay Employee’s Base Salary in effect as of the date
of termination for twelve (12) months following the date Employee’s employment is terminated, in accordance with the Company’s
standard payroll practices and subject to applicable federal and state withholding taxes.

 

    4

     

    

 

(ii) If, during
the Term of this Agreement, the Company terminates Employee’s employment Without Cause, in connection with a Change in Control,
or within 12 months following a Change in Control, subject to the provisions of Section 6(d), the Company shall be obligated to
continue to pay Employee’s Base Salary in effect as of the date of termination for twenty four (24) months following the
date Employee’s employment is terminated, in accordance with the Company’s standard payroll practices and subject to
applicable federal and state withholding taxes.

 

(iii) If, during
the Term of this Agreement, Employee voluntarily terminates Employee’s employment, subject to the provisions of Section 6(d),
the Company may elect, in its sole discretion, to pay Employee the same severance payments described in Section 6(c)(i), above,
as if Employee had been terminated Without Cause.

 

(d)
Conditions to Severance Payments. The payments described in Section 6(c) above are expressly contingent and conditioned
upon (i) Employee’s execution of a standard separation and general release agreement, in a written form acceptable to the
Company, containing a release of any and all claims by Employee against the Company, whether such claims are actual or potential,
or known or unknown (the “Release”); and (ii) Employee’s compliance with the restrictive covenants
and all post-termination obligations to which Employee is subject, including, but not limited to, the obligations set forth in
Section 7 of this Agreement, and in that certain Confidentiality and Assignment Agreement executed by Employee in favor of the
Company attached hereto as Exhibit A (the “Employee Assignment Agreement”). The Company retains the right,
in good faith, to terminate the initiation or continuation of payments described in Section 6(c) (as well as to pursue any other
remedies available at law or in equity) if it obtains evidence that Employee breached Employee’s obligations under any of
the post-employment covenants set forth in this Agreement or in the Employee Assignment Agreement, or it is determined that Employee
engaged in conduct which would have justified termination With Cause. Further, Company may, in its sole discretion, waive Employee’s
compliance with the restrictive covenants contained in Section 7 of this Agreement, by delivering written notice of such waiver
to Employee, and upon delivery of such written waiver Company shall not be obligated to make any payments or further payments,
as the case may be, to Employee pursuant to Section 6(c)(i) above.

 

(e) Cooperation. 
Following the expiration and/or termination of this Agreement for any reason, Employee shall provide his reasonable cooperation
in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during
Employee’s employment hereunder; provided the Company shall reimburse Employee for Employee’s reasonable costs and
expenses incurred in connection therewith and such cooperation shall not unreasonably burden Employee or unreasonably interfere
with any subsequent employment that Employee may undertake.

 

    5

     

    

 

(f) Parachute
Payments. Notwithstanding any other provisions of this Agreement or any other Company plan, arrangement or agreement (“Company
Arrangement”), in the event that any payment or benefit by the Company or otherwise to or for the benefit of Employee,
whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (all such payments
and benefits, including the payments and benefits under this Section 6 above, being hereinafter referred to as the “Total
Payments”), would be subject (in whole or in part) to the excise tax (the “Excise Tax”) imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the Total Payments shall
be reduced (but not below zero) to the minimum extent necessary to avoid the imposition of the Excise Tax on the Total Payments.
Any such reduction shall be made by the Company in its sole discretion consistent with the requirements of Section 409A of
the Code (“Section 409A”). Any determination required under this Section 6(f), including whether any payments
or benefits are parachute payments, shall be made by the Company in its sole discretion. Employee shall provide the Company with
such information and documents as the Company may reasonably request in order to make a determination under this Section 6(f).
The Company’s determinations shall be final and binding on the Company and the Employee. In the event it is later determined
that to implement the objective and intent of this Section 6(f), (i) a greater reduction in the Total Payments should have been
made, the excess amount shall be returned promptly by Employee to the Company or (ii) a lesser reduction in the Total Payments
should have been made, the excess amount shall be paid or provided promptly by the Company to Employee, except to the extent the
Company reasonably determines would result in imposition of an excise tax under Section 409A.

 

(g) As used
in this Agreement:

 

(i) “With
Cause” means the termination of employment resulting from:

 

(A) Employee’s
violation of or failure to adhere to any of the material provisions, restrictions or covenants of this Agreement or the Employee
Assignment Agreement, provided Employee has received written notice from the Company of such violation and been given thirty
days in which to cure such violation (if curable), such cure period shall involve Employee’s provision of a written plan
to cure the circumstances forming the basis of the termination decision which the Company shall in good faith accept or reject;

 

(B) the commission
by Employee of any act of fraud or embezzlement against the Company or any of its affiliates;

 

(C) conduct
that is grossly negligent or willful and deliberate on Employee’s part and that is (or would reasonably be expected to be)
materially detrimental to the Company or any of its Affiliates;

 

(D) Employee’s
conviction of, or entry of a plea of guilty or no contest to, a felony or a crime of moral turpitude;

 

    6

     

    

 

(E) a failure
of Employee to adhere in any material respect to the written policies and procedures established from time to time by the Company,
including, but not limited to, any code of business conduct and ethics, and which failure is (or would reasonably be expected to
be) materially detrimental to the Company or any of its Affiliates;

 

(F) A violation
by the Employee of the Company’s Substance Abuse Policy;

 

(G) Employee’s
violation of the Company’s policies prohibiting unlawful employment discrimination, retaliation or harassment, including
sexual harassment which includes but is not limited to engaging in or aiding and abetting any act of employment discrimination,
retaliation or harassment including sexual harassment;

 

(H) Employee’s
violation of any contractual, statutory, or fiduciary duty owed by Employee to the Company or any of its affiliates; or

 

(I) Employee’s
failure to cooperate in good faith with a governmental or internal investigation of the Company, its subsidiaries or affiliates,
or their directors, officers or employees, if the Company has reasonably requested Employee’s cooperation.

 

(ii) “Without
Cause” means the termination of employment by the Company other than resulting from any reason enumerated in Section
6(g)(i) above or Section 5 of this Agreement.

 

7.
Confidentiality; Noncompetition and Nonsolicitation. For purposes of this Section 7, all references to the
Company shall be deemed to include the Company’s and its Subsidiaries, whether now existing or hereafter established or acquired.
In consideration for the compensation and benefits provided to Employee pursuant to this Agreement, Employee agrees with the provisions
of this Section 7.

 

(a) Confidentiality.
Employee acknowledges that as a result of his retention by the Company, Employee has and will continue to have knowledge of, and
access to, proprietary and confidential information of the Company including, without limitation, research and development plans
and results, software, databases, technology, inventions, trade secrets, technical information, know-how, plans, specifications,
methods of operations, product and service information, product and service availability, pricing information (including pricing
strategies), financial, business and marketing information and plans, and the identity of customers, clients and suppliers (collectively,
the “Confidential Information”), and that the Confidential Information, even though it may be contributed, developed
or acquired by the Employee, constitutes valuable, special and unique assets of the Company developed at great expense which are
the exclusive property of the Company. Accordingly, Employee shall not, at any time, either during or subsequent to the Term of
this Agreement, use, reveal, report, publish, transfer or otherwise disclose to any person, corporation, or other entity, any of
the Confidential Information without the prior written consent of the Company, except to responsible officers and employees of
the Company and other responsible persons who are in a contractual or fiduciary relationship with the Company and who have a need
for such Confidential Information for purposes in the best interests of the Company, and except for such Confidential Information
which is or becomes of general public knowledge from authorized sources other than by or through Employee. Employee acknowledges
that the Company would not enter into this Agreement without the assurance that all the Confidential Information will be used for
the exclusive benefit of the Company.

 

    7

     

    

 

(b) Noncompetition.
In partial consideration of, and subject to, the Company’s payment of the amounts described in Section 6(c)(i) above and
as an inducement to the Company entering into this Agreement, Employee accordingly covenants and agrees that, during Employee’s
employment with and service as an employee to the Company and its Business Affiliates as provided in this Agreement, and for a
period of twelve (12) months following any termination of such employment, except if severance is being paid in accordance with
Section 6(c)(ii) in which case the period shall be 24 months (the “Noncompete Period”), Employee shall not for
Employee’s own behalf or on behalf of any Person (other than the Company or any of its Business Affiliates), directly or
indirectly (either individually or as an agent, advisor, partner, joint venturer, trustee, shareholder, officer, manager, investor,
director, consultant, employee or in any other capacity):

 

(i) engage
in any Competitive Activity within the Prohibited Territory; or

 

(ii) assist
others in engaging in any Competitive Activity within the Prohibited Territory;

 

provided,
however, that nothing in this Section 7 shall restrict Employee from the passive ownership of two percent (2%) or less of
the publicly traded securities of any entity.

 

(c) Nonsolicitation.
In partial consideration of, and subject to, the Company’s payment of the amounts described in Section 6(c)(i) above and
as an inducement to the Company entering into this Agreement, Employee accordingly covenants and agrees that unless specifically
authorized by the Board of Directors in writing, during the Noncompete Period, Employee shall not:

 

(i) solicit,
encourage, support or cause any employee or consultant of the Company or any Business Affiliate thereof to leave the employment
of the Company or any Business Affiliate thereof;

 

(ii) solicit,
encourage, support or cause any supplier of goods, services or property (including intangible or other intellectual property) to
the Company or any Business Affiliate thereof, or any licensor or licensee of the Company or any Business Affiliate thereof, to
not do business with, to discontinue doing business with, or to materially reduce all or any part of such supplier’s or licensor’s
or licensee’s business with the Company or any Business Affiliate thereof;

 

    8

     

    

 

(iii) solicit
any Customer for the purposes of offering or providing any product or service of the type provided or conducted by the Company
or any Business Affiliate thereof during the Noncompete Period; or

 

(iv) solicit
or encourage any Customer to terminate, curtail or otherwise limit its business relationship with the Company or any Business Affiliate
thereof.

 

(d) Remedies.
The restrictions set forth in this Section 7 are considered by the Parties to be fair and reasonable. Employee acknowledges that
the restrictions contained in this Section 7 will not prevent him from earning a livelihood. Employee further acknowledges that
the Company would be irreparably harmed and that monetary damages would not provide an adequate remedy in the event of a breach
of the provisions of this Section 7. Accordingly, Employee agrees that, in addition to any other remedies available to the Company,
the Company shall be entitled to injunctive and other equitable relief to secure the enforcement of these provisions. In connection
with seeking any such equitable remedy, including, but not limited to, an injunction or specific performance, the Company shall
not be required to post a bond as a condition to obtaining such remedy. In any such litigation, the prevailing party shall be entitled
to receive an award of reasonable attorneys’ fees and costs. If any provisions of this Section 7 relating to the time period,
scope of activities or geographic area of restrictions is declared by a court of competent jurisdiction to exceed the maximum permissible
time period, scope of activities or geographic area, the maximum time period, scope of activities or geographic area, as the case
may be, shall be reduced to the maximum which such court deems enforceable. If any provisions of this Section 7 other than those
described in the preceding sentence are adjudicated to be invalid or unenforceable, the invalid or unenforceable provisions shall
be deemed amended (with respect only to the jurisdiction in which such adjudication is made) in such manner as to render them enforceable
and to effectuate as nearly as possible the original intentions and agreement of the parties. Nothing herein shall be construed
as prohibiting a Party from pursuing other remedies available to it for such breach or threatened breach. Employee also agrees
that the Company may disclose this Agreement to any Person that, at any time during Employee’s employment with the Company
or during the period the restrictive covenants set forth herein or in the Employee Assignment Agreement are in effect, employs
or considers employing Employee.

 

8. Corporate
Opportunities. During Employee’s employment with the Company, Employee shall bring all investment or business opportunities
to the Company of which the Employee is aware and which Employee believes are, or would reasonably be, within the scope and objectives
of the business of the Company and its Business Affiliates. If Employee is engaged in or associated with the planning or implementing
of any project, program or venture involving the Company or its Business Affiliates and any third parties, all rights in such project,
program or venture shall belong exclusively to the Company (or the third party, to the extent provided in any agreement between
the Company and the third party). Except as formally approved in advance and in writing by the Company, Employee shall not be entitled
to any interest in such project, program or venture or to any commission, finder’s fee or other compensation in connection
therewith other than the salary or other compensation to be paid to Employee as provided in this Agreement.

 

    9

     

    

 

9. Nondisparagement.
During Employee’s employment with the Company, and at all times thereafter, (i) Employee will not make any public statement
that is disparaging about the Company, any of its Business Affiliates, any of its or their respective officers or directors, including,
but not limited to, any statement that disparages the products, services, finances, financial condition, capabilities or other
aspects of the business of the Company or any of its Business Affiliates and (ii) the Company will not make any public statement
that is disparaging about Employee. The immediately preceding sentence shall not apply to or limit any statement made in any judicial
proceeding relating to any dispute under this Agreement.

 

10. Confidentiality
of Agreement. Employee agrees to keep the terms and conditions of this Agreement confidential except as may be required
by law or legal proceeding, and except that Employee may discuss this Agreement with Employee’s attorney, accountant, financial
adviser or members of Employee’s immediate family, provided, in all cases, that Employee shall direct each such person to
keep the information confidential and not to disclose it to others. Notwithstanding the foregoing, it shall not be a violation
of this Section 10 for Employee to disclose the terms of the covenants contained in Section 7 to any prospective employer, entity
or person with whom Executive is considering engaging.

 

11. Notices.
Any notice required or permitted to be given under the terms of this Agreement shall be in writing and shall be deemed to have
been duly given and received (a) when delivered or sent if delivered in person, (b) on the fifth (5th) Business Day
after dispatch by prepaid registered or certified mail, return receipt requested, or (c) on the next Business Day if transmitted
by national overnight courier, in the case of Employee, to Employee’s place of residence as currently shown on the records
of the Company, or in the case of the Company, to 140 Industrial Boulevard, Bainbridge, Georgia 39817, Attention: Board of Directors.

 

12. Amendment;
Waiver. No change or modification of this Agreement shall be valid or binding unless signed by both the Company and Employee.
No waiver of any provisions of this Agreement shall be valid unless in writing and signed by the Party against whom the waiver
is sought to be enforced. A valid waiver of any provision of this Agreement shall be limited to the instance received in such writing
and, unless otherwise expressly stated, shall not be effective as a continuing waiver or repeal of such provision.

 

13. Governing
Law. This Agreement shall be construed in accordance with the laws of the State of Georgia applicable to contracts made
and to be wholly performed within that State without regard to its conflict of laws provisions that could cause the application
of the laws of another state or jurisdiction.

 

14. Employee
Representations. Employee warrants that he is free to execute this Agreement and the Employee Assignment Agreement, and
that he has no agreements or commitments that will prevent or interfere with the performance of the services required of Employee
hereunder, including but not limited to agreements related to previous employment containing confidentiality or noncompetition
covenants. Employee further represents and warrants that he is not presently nor has he ever been the subject of or a party to
any charge, complaint, government agency investigation or proceeding, disciplinary action, arbitration or litigation involving
a claim of employment discrimination, retaliation or harassment, including sexual harassment.

 

    10

     

    

 

15. Representation.
The Parties waive the application of any law, regulation, holding or rule of construction providing that ambiguities in the Agreement
will be construed against the Party drafting such agreement. The language used in this Agreement shall be deemed to be the language
chosen by the Parties to express their mutual agreement, and this Agreement shall not be deemed to have been prepared by any single
Party.

 

16. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefits of the Parties and their respective successors,
assigns, heirs and personal representatives; provided, however, that (i) Employee may not assign or delegate any
of Employee’s rights, obligations, title or interest in or under this Agreement without the prior written consent of the
Company and any purported assignment of such right, obligation, title or interest without such consent shall be null and void and
(ii) the Company may not assign or delegate any of its obligations under this Agreement without the prior written consent of Employee
and any purported assignment of such obligation without such consent shall be null and void.

 

17. Severability.
If any provision of this Agreement is deemed invalid or unenforceable, the validity of the other provisions of this Agreement shall
not be impaired. If any provision of this Agreement shall be deemed invalid as to its scope, then notwithstanding such invalidity,
that provision shall be deemed valid to the fullest extent permitted by law, and the Parties agree that, if any court makes such
a determination, it shall have the power to reduce the duration, scope or area of such provisions and to delete specific words
and phrases by “blue penciling” and, in its reduced or blue-penciled form, such provisions shall then be enforceable
as allowed by law.

 

18. Entire Agreement.
This Agreement contains the entire agreement and understanding between the Company and Employee with respect to the subject matter
of this Agreement, and supersedes and preempts any prior understandings, agreements or representations by or among the Parties,
written or oral, which may have related to the subject matter hereof in any way.

 

19. Facsimiles
and Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but
all of which together shall constitute one instrument. Any signature delivered by a facsimile machine or by electronic transmission
shall be binding to the same extent as an original signature page with regard to this Agreement. A Party that delivers a signature
page in this manner agrees to later deliver an original counterpart signature page to the other Parties.

 

20. Section 409A.

 

(a) General.
The parties to this Agreement intend that the Agreement complies with Section 409A, where applicable, and this Agreement shall
be interpreted in a manner consistent with that intention. Except as otherwise permitted under Section 409A, no payment hereunder
shall be accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to
Section 409A.

 

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(b) Separation
from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement
that is considered nonqualified deferred compensation under Section 409A and is designated under this Agreement as payable upon
Employee’s termination of employment shall be payable only upon Employee’s “separation from service” with
the Company within the meaning of Section 409A (a “Separation from Service”).

 

(c) Specified
Employee. Notwithstanding anything in this Agreement to the contrary, if Employee is deemed by the Company at the time of Employee’s
Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement
of any portion of the benefits to which Employee is entitled under this Agreement is required in order to avoid a prohibited distribution
under Section 409A, such portion of Employee’s benefits shall not be provided to Employee prior to the earlier of (A) the
expiration of the six (6)-month period measured from the date of Employee’s Separation from Service with the Company or (B)
the date of Employee’s death. Upon the first business day following the expiration of the applicable Section 409A period,
all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Employee (or Employee’s estate or
beneficiaries), and any remaining payments due to Employee under this Agreement shall be paid as otherwise provided herein.

 

(d) Expense
Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements
payable to Employee shall be paid to Employee no later than December 31st of the year following the year in which the
expense was incurred; provided, that Employee submits Employee’s reimbursement request promptly following the date
the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in
any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and Employee’s right to reimbursement
under this Agreement will not be subject to liquidation or exchange for another benefit.

 

(e) Installments.
Employee’s right to receive any installment payments under this Agreement, including without limitation any continuation
salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments
and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under
Section 409A.

 

(f) Release.
Notwithstanding anything to the contrary in this Agreement, to the extent that any payments due under this Agreement as a result
of Employee’s termination of employment are subject to Employee’s execution and delivery of a Release, in any case
where Employee’s date of termination and Release Expiration Date (as defined below) fall in two separate taxable years, any
payments required to be made to Employee that are conditioned on the Release and are treated as nonqualified deferred compensation
for purposes of Section 409A shall be made in the later taxable year. For purposes hereof, “Release Expiration Date”
shall mean the date that is twenty-one (21) days following the date upon which the Company timely delivers the Release to Employee,
or, in the event that Employee’s termination of employment is “in connection with an exit incentive or other employment
termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is forty-five
(45) days following such delivery date. To the extent that any payments of nonqualified deferred compensation (within the meaning
of Section 409A) due under this Agreement as a result of Employee’s termination of employment are delayed pursuant to
this Section 9(m)(v), such amounts shall be paid in a lump sum on the first payroll period to occur in the subsequent taxable year.

 

21. Survival.
The Parties acknowledge that the provisions of this Agreement which by their terms extend beyond termination shall survive in accordance
with the terms thereof, including Sections 6, 7, 8, 9, 10, 11, 12, 13 and 16 through 21 shall survive any termination of this Agreement.

 

[Signature
Page Follows]

  

    12

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	MEREDIAN HOLDINGS GROUP, INC.
	 	 	 
	 	By:	/s/ Stephen E. Croskrey
	 	 	 
	 	Name: 	Stephen E. Croskrey
	 	 	 
	 	Title:	CEO
	 	 	 
	 	EMPLOYEE:
	 	 
	 	/s/ John A. Dowdy, III
	 	john a. dowdy, iii

 

[Signature Page to Employment Agreement]

 

     

     

    

 

SCHEDULE 1

 

DEFINITIONS

 

(a) “Affiliate”
means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct
or indirect common control with such specified Person.

 

(b) “Business
Affiliate” means the Company or any Subsidiary or Affiliate of the Company; provided that notwithstanding the foregoing,
companies which are deemed to be Affiliates solely due to the control of such entity by a shareholder of the Company (including
portfolio companies in which a shareholder of the Company holds an investment) shall not be deemed to be Affiliates of the Company.

 

(c) “Business
Day” means any day other than a Saturday, Sunday or other day on which the national or state banks located in the State
of Georgia are authorized to be closed.

 

(d) “Change
in Control” shall mean the occurrence of any of the following after the Effective Date:

 

i.
the date any entity or person shall have become the beneficial owner of, or shall have obtained voting control over, more
than fifty percent (50%) of the total voting power of the Company’s then outstanding voting stock;

 

ii.
the date of the consummation of (A) a merger, consolidation or reorganization of the Company (or similar transaction involving
the Company), in which the holders of the stock of the Company outstanding immediately prior to the transaction do not have voting
control over more than fifty percent (50%) of the voting securities of the surviving corporation immediately after such transaction,
or (B) the sale or disposition of all or substantially all the assets of the Company; or

 

iii.
the date there shall have been a change in a majority of the Board within a 12-month period unless the nomination for election
by the Company’s shareholders of each new Director was approved by the vote of two-thirds of the members of the Board (or
a committee of the Board, if nominations are approved by a Board committee rather than the Board) then still in office who were
in office at the beginning of the 12-month period; provided, however, that notwithstanding any of the foregoing, any business combination
with the Company pursuant to an acquisition agreement (including without limitation any merger agreement or purchase agreement)
executed at any time prior to December 31, 2020 shall not be deemed to be a Change in Control.

 

    Schedule 1, Pg. 1

     

    

 

(e) “Competitive
Activity” means the design, development, manufacturing, production, marketing, distribution and/or sale or provision
of, or the provision of consulting services related to, products or services that are substantially similar to, identical to, or
are otherwise competitive with those offered by the Company during the twelve (12) month period prior to the termination date of
Employee’s employment hereunder, including, without limitation, the design, development, manufacturing, production, marketing,
distribution and/or sale or provision of, or the provision of consulting services related to, (i) PHA, Levan or other products
that are compostable and/or biodegradable substitutes for non-biodegradable plastics and (ii) the reactive extrusion of PHA, Levan
or other products that are compostable and/or biodegradable substitutes for non-biodegradable plastics.

 

(f)
“control” “controlling” “controlled” means, when used with respect
to any specified Person, the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise.

 

(g) “Customer”
means any Person that is now, or during the Noncompete Period becomes, a customer of the Company or any Business Affiliate with
whom Employee had a business relationship.

 

(h) “Levan”
means levan polysaccharide.

 

(i) “Person”
means an individual (including Employee), a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political
subdivision thereof.

 

(j)
“PHA” means polyhydroxyalkanoate.

 

(k)
“Prohibited Territory” means North America, South America, Europe, Asia, Australia and Africa.

 

(l) “Subsidiary”
means, with respect to any specified Person, any other Person of which (or in which) such specified Person will, at the time, directly
or indirectly through one or more subsidiaries, (a) own at least 50% of the outstanding capital stock or equity interests having
ordinary voting power to elect a majority of the board of directors or other similar governing body, (b) hold at least 50% of the
interests in the capital or profits, (c) hold at least 50% of the beneficial interest (in the case of any such Person that is a
trust or estate), or (d) be a general partner (in the case of a partnership) or a managing member (in the case of a limited liability
company). 

 

    Schedule 1, Pg. 2

     

    

 

EXHIBIT A

 

Employee Assignment Agreement

(see attached)

 

 

Ex. A, Page 1

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