Document:

Exhibit 10.1

 

Subscription
Agreement

 

This
subscription agreement (this “Subscription”) is dated as of the date set forth on the signature page hereto,
by and between the investor identified on the signature page hereto (the “Investor”) and PAVmed Inc., a Delaware
corporation (the “Company”), whereby the parties agree as follows:

 

WHEREAS,
the Company desires to sell, and the Investor desires to purchase shares of the Company’s common stock, $0.001 par value
per share (“Common Stock”), which currently trades on the Capital Market of The Nasdaq Stock Market (the “Principal
Market”).

 

NOW,
THEREFORE, in consideration of the mutual agreements contained herein, the parties hereto agree as follows:

 

1. Subscription.

 

(a)
Investor agrees to buy and, subject to acceptance as provided below, the Company agrees to sell and issue to Investor, such number
of shares (the “Shares”) of Common Stock, free of restrictive legend and stop transfer orders, as are set forth
on the signature page hereto, for the aggregate purchase price set forth on the signature page hereto (the “Purchase
Price”).

 

(b)
The Shares have been registered pursuant to a Registration Statement on Form S-3, Registration No. 333-248709, which registration
statement (the “Registration Statement”) was declared effective by the Securities and Exchange Commission on
September 17, 2020, and is effective on the date hereof. A final prospectus supplement (the “Prospectus Supplement”)
will be delivered as required by law.

 

(c)
The Company may accept this Subscription at any time for all or any portion of the Shares subscribed for by executing a copy hereof
as provided and notifying the Investor within a reasonable time thereafter. The Company has the right to reject this subscription
for the Common Stock, in whole or in part for any reason and at any time prior to the Closing (as defined below) thereon, notwithstanding
prior receipt by the Investor of notice of acceptance of the Investor’s subscription. In the event the Investor’s
subscription is rejected, the Investor’s payment will be returned promptly to the Investor without interest or deduction
and this Subscription will have no force or effect. The Shares subscribed for herein will not be deemed issued to or owned by
the Investor until one copy of this Subscription has been executed by the Investor and countersigned by the Company and the Closing
with respect to the Investor’s subscription has occurred.

 

(d)
Provided the Purchase Price has been delivered to the Company and the Company has filed the Prospectus Supplement to the Registration
Statement pursuant to Rule 424(b) with respect to the offer and sale of the Shares, the closing of Investor’s purchase of
the Shares pursuant to this Subscription (the “Closing”) shall occur on or prior to the second business day
after the date of this Subscription (the date of the Closing, the “Closing Date”); provided that the Closing
Date shall occur on or prior to the third business day after the date of this Subscription if this Subscription is executed after
4:30 p.m. Eastern time. Upon the Closing, the Company shall cause the Shares to be delivered to the Investor, which delivery shall
be made through the facilities of The Depository Trust Company’s DWAC system in accordance with the instructions set forth
on the Investor’s signature page attached hereto under the heading “DWAC Instructions” or otherwise provided
in writing by the Investor.

 

    	 

     

    

 

2.
Sales During Pre-Settlement Period. Notwithstanding anything herein to the contrary, if at any time on or after the time
of execution of this Agreement by the Company and an applicable Investor, through, and including the time immediately prior to
the Closing (the “Pre-Settlement Period”), such Investor sells to any Person all, or any portion, of any shares
of Common Stock to be issued hereunder to such Investor at the Closing (collectively, the “Pre-Settlement Shares”),
such Investor shall, automatically hereunder (without any additional required actions by such Investor or the Company), be deemed
to be unconditionally bound to purchase, and the Company shall be deemed unconditionally bound to sell, such Pre-Settlement Shares
to such Investor at the Closing; provided, that the Company shall not be required to deliver any Pre-Settlement Shares to such
Investor prior to the Company’s receipt of the purchase price of such Pre-Settlement Shares hereunder; and provided further
that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation or covenant by such Investor
as to whether or not during the Pre-Settlement Period such Investor shall sell any shares of Common Stock to any Person and that
any such decision to sell any shares of Common Stock by such Investor shall solely be made at the time such Investor elects to
effect any such sale, if any.

 

3.
Company Representations and Warranties. The Company represents and warrants that:

 

(a)
(i) The Company has full corporate power and authority to enter into this Subscription and to perform all of its obligations hereunder;
(ii) this Subscription has been duly authorized and executed by and, when delivered in accordance with the terms hereof, will
constitute a valid and binding agreement of the Company enforceable in accordance with its terms, except as such enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights and remedies of creditors
generally or subject to general principles of equity; and (iii) the execution and delivery of this Subscription and the consummation
of the transactions contemplated hereby do not conflict with or result in a breach of (A) the Company’s Certificate of Incorporation,
as amended, or Bylaws, or (B) any material agreement to which the Company is a party or by which any of its property or assets
is bound.

 

    	 

     

    

 

(b)
The Company has filed all reports, schedules, forms, statements and other documents required to be filed by it with the United
States Securities and Exchange Commission (the “SEC”) pursuant to the reporting requirements of the 1934 Act
(all of the foregoing filed prior to the date hereof and all exhibits included therein and financial statements and schedules
thereto and documents incorporated by reference therein being hereinafter referred to as the “SEC Documents”).
As of their respective dates (except as they have been correctly amended), the SEC Documents complied in all material respects
with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents,
and none of the SEC Documents, at the time they were filed with the SEC (except as they may have been properly amended), contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. As of their respective
dates (except as they have been properly amended), the financial statements of the Company included in the SEC Documents complied
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC
with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles,
consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the
notes thereto or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed
or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof
and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to
normal year-end audit adjustments). Except for routine correspondence, such as comment letters and notices of effectiveness in
connection with previously filed registration statements or periodic reports publicly available on EDGAR, to the Company’s
knowledge, none of the Company or any of its subsidiaries (the “Subsidiaries”) are presently the subject of
any inquiry, investigation or action by the SEC.

 

(c)
Except as disclosed in the SEC Documents, (i) no shares of the Company’s capital stock are subject to preemptive rights
or any other similar rights or any liens or encumbrances suffered or permitted by the Company, (ii) there are no outstanding debt
securities of the Company or any of its Subsidiaries, (iii) other than pursuant to the Company’s equity incentive plans
and employee stock purchase plan, there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, any shares of capital stock of the Company
or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
is or may become bound to issue additional shares of capital stock of the Company or any of its Subsidiaries or options, warrants,
scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible
into, any shares of capital stock of the Company or any of its Subsidiaries, (iv) there are no material agreements or arrangements
under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the 1933
Act, (v) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption
or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of
its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries, (vi) there are no securities
or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities as described
in this Subscription, (vii) the Company does not have any “phantom stock” plans or agreements or any similar plan
or agreement, (viii) the Shares when issued and paid for in accordance with the terms of this Subscription will be duly authorized,
validly issued, fully paid and non-assessable, and shall be issued free of restrictive legends and stop transfer orders; (ix)
all preemptive rights or rights of first refusal held by stockholders of the Company and applicable to the transactions contemplated
hereby have been duly satisfied or waived in accordance with the terms of the agreements between the Company and such stockholders
conferring such rights; (x) the transactions contemplated hereby have been duly authorized by the Company’s Board of Directors;
and (xi) the Company is not subject to any notices or actions from or to the Principal Market other than routine matters incident
to listing on the Principal Market and not involving a violation of the rules of the Principal Market.

 

    	 

     

    

 

(d)
The Registration Statement has been declared effective by the SEC, and no stop order has been issued or is pending or, to the
knowledge of the Company, threatened by the SEC with respect thereto. As of the date hereof, the Company has a dollar amount of
securities registered and unsold under the Registration Statement, which is not less than the aggregate Purchase Price of this
Subscription and the other similar subscription agreements being signed concurrently herewith. The Company shall keep the Registration
Statement effective and available for sales of all Shares to the Buyer through and including the Closing Date. The Registration
Statement (including any amendments or supplements thereto and prospectuses or prospectus supplements, including the Prospectus
contained therein and the Prospectus Supplement) shall not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which
they were made, not misleading.

 

4.
Investor Representations, Warranties and Acknowledgments.

 

(a)
The Investor represents and warrants that: (i) it has full right, power and authority to enter into this Subscription and to perform
all of its obligations hereunder; (ii) this Subscription has been duly authorized and executed by the Investor and , when delivered
in accordance with the terms hereof, will constitute a valid and binding agreement of the Investor enforceable against the Investor
in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the rights and remedies of creditors generally or subject to general principles of equity; (iii) the
execution and delivery of this Subscription and the consummation of the transactions contemplated hereby do not conflict with
or result in a breach of (A) the Investor’s certificate of incorporation or by-laws (or other governing documents), or (B)
any material agreement or any law or regulation to which the Investor is a party or by which any of its property or assets is
bound; (iv) it has had full access to the base prospectus included in the Registration Statement and the Company’s periodic
reports and other information incorporated by reference therein (the “Prospectus”), and was able to read, review,
download and print such materials; (v) in making its investment decision with respect to the Shares, the Investor and its advisors,
if any, have relied solely on the Prospectus; (vi) it is knowledgeable, sophisticated and experienced in making, and is qualified
to make, decisions with respect to investments in securities representing an investment decision like that involved in the purchase
of the Shares; and (vii) except as set forth below, the Investor is not, and it has no direct or indirect affiliation or association
with, a member of the Financial Industry Regulatory Authority as of the date hereof.

 

Exceptions:
________________________________________________________________________

 

__________________________________________________________________________________

(If
no exceptions, write “none.” If left blank, response will be deemed to be “none.”)

 

(b)
The Investor also represents and warrants that, other than the transactions contemplated hereunder, the Investor has not directly
or indirectly, nor has any person acting on behalf of or pursuant to any understanding with the Investor, executed any disposition,
including “short sales” as defined in Rule 200 of Regulation SHO under the Securities Exchange Act of 1934 (the “Short
Sales”), in the securities of the Company during the period commencing from the time that the Investor first became
aware of the proposed transactions contemplated hereunder until the date hereof (“Discussion Time”). The Investor
has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence
and terms of this transaction), except with respect to the Investor’s legal counsel and advisors subject to a duty of confidentiality
substantially similar to that contained herein. Investor shall be liable for any breach by its legal counsel or advisors of the
confidentiality obligations contained herein as if such breach were by Investor.

 

    	 

     

    

 

(c)
The Investor acknowledges that in connection with the offering of the Shares pursuant to the Registration Statement, the Company
has entered into a placement agent agreement with Maxim Group LLC and Lake Street Capital Markets, LLC, pursuant to which it has
agreed to pay Maxim Group LLC and Lake Street Capital Markets, LLC a commission of 7.0% of the Purchase Price of certain of the
Shares, and pursuant to which it has agreed to reimburse Maxim Group LLC for its expenses of up to $15,000.

 

5.
Investor Covenant Regarding Short Sales and Confidentiality. The Investor covenants that neither it nor any affiliates
acting on its behalf or pursuant to any understanding with it will execute any Short Sales or other disposition of securities
of the Company during the period after the Discussion Time and ending at the time that the transactions contemplated by this Subscription
are first publicly announced through a press release, prospectus supplement and/or Form 8-K. Furthermore, the Investor covenants
that no shares received from the offering will be used to cover any previously made short sales. The Investor covenants that until
such time as the transactions contemplated by this Subscription are publicly disclosed by the Company through a press release,
prospectus supplement and/or Form 8-K, the Investor will maintain the confidentiality of all disclosures made to it in connection
with this transaction (including the existence and terms of this transaction).

 

6.
Miscellaneous.

 

(a)
This Subscription constitutes the entire understanding and agreement between the parties with respect to its subject matter, and
there are no agreements or understandings with respect to the subject matter hereof which are not contained in this Subscription.
This Subscription may be modified only in writing signed by the parties hereto.

 

(b)
This Subscription may be executed in any number of counterparts, all of which taken together shall constitute one and the same
instrument and shall become effective when counterparts have been signed by each party and delivered to the other parties hereto,
it being understood that all parties need not sign the same counterpart. Execution may be made by delivery by facsimile or by
email delivery of a “.pdf” format data file.

 

(c)
The provisions of this Subscription are severable and, in the event that any court or officials of any regulatory agency of competent
jurisdiction shall determine that any one or more of the provisions or part of the provisions contained in this Subscription shall,
for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision or part of a provision of this Subscription and this Subscription shall be reformed and construed
as if such invalid or illegal or unenforceable provision, or part of such provision, had never been contained herein, so that
such provisions would be valid, legal and enforceable to the maximum extent possible, so long as such construction does not materially
adversely effect the economic rights of either party hereto.

 

    	 

     

    

 

(d)
All communications hereunder shall be in writing and shall be mailed, hand delivered, sent by a recognized overnight courier service
such as Federal Express, or sent via facsimile or email, to the party to whom it is addressed at the following addresses or such
other address as such party may advise the other in writing:

 

If
to the Company:

 

PAVmed
Inc.

One
Grand Central Place, Suite 4600

NY,
NY 10165

Telephone:
(212) 949-4319

Attention:
Lishan Aklog, Chief Executive Officer

E-Mail:
la@pavmed.com

 

With
a copy (for informational purposes only) to:

 

Graubard
Miller

405
Lexington Avenue, 11th Floor

New
York, NY 10174

Telephone:
(212) 818-8800

Attention:
Eric T. Schwartz, Esq., Jeffrey M. Gallant, Esq.

Email:
eschwartz@graubrd.com, jgallant@graubard.com

 

If
to the Investor: as set forth on the signature page hereto.

 

All
notices hereunder shall be effective upon receipt by the party to which it is addressed.

 

(e)
This Subscription shall be governed by and interpreted in accordance with the laws of State of New York for contracts to be wholly
performed in such state and without giving effect to the principles thereof regarding the conflict of laws. Each party hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in New York, New York for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and each irrevocably
waives any claim that it is not personally subject to the jurisdiction of such court, or that such court is an improper or inconvenient
venue for such action, suit, or proceeding. THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY
APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVE FOREVER TRIAL BY JURY.

 

(f)
This Subscription shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. The
Company shall not assign this Subscription or any rights or obligations hereunder without the prior written consent of the Investor,
including by merger or consolidation; provided, however, that any transaction, whether by merger, reorganization, restructuring,
consolidation, financing or otherwise, whereby the Company remains the surviving entity immediately after such transaction, shall
not be deemed a succession or assignment. The Investor may not assign its rights or obligations under this Agreement.

 

    	 

     

    

 

(g)
In consideration of the Investor’s execution and delivery of the Subscription and acquiring the Shares hereunder and in
addition to all of the Company’s other obligations under the Subscription, the Company shall defend, protect, indemnify
and hold harmless the Investor and all of its affiliates, members, officers, directors, and employees, and any of the foregoing
person’s agents or other representatives (including, without limitation, those retained in connection with the transactions
contemplated by this Subscription) (collectively, the “Indemnitees”) from and against any and all actions,
causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith
(irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including
reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee
as a result of, or arising out of, or relating to (a) any misrepresentation or breach of any representation or warranty made by
the Company in the Subscription or any other certificate, instrument or document contemplated hereby or thereby, (b) any untrue
statement of a material fact or omission to state a material fact required to be stated in the Registration Statement, Prospectus
and/or Prospectus Supplement, or necessary to make the statements therein, in light of the circumstances in which they were made,
not misleading, (c) any breach of any covenant, agreement or obligation of the Company contained in the Subscription or any other
certificate, instrument or document contemplated hereby or thereby, or (d) any cause of action, suit or claim brought or made
against such Indemnitee by any stockholder of the Company who is not an affiliate of Investor and arising out of or resulting
from the execution, delivery, performance or enforcement of the Subscription or any other certificate, instrument or document
contemplated hereby or thereby, other than with respect to Indemnified Liabilities which directly and primarily result from (A)
a breach of any of the Investor’s representations and warranties, covenants or agreements contained in this Subscription,
(B) the gross negligence, bad faith or willful misconduct of the Investor or any other Indemnitee, (C) any agreements or understandings
Investor may have with any stockholder of the Company, or (D) any violation by Investor of state or federal securities laws. To
the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.

 

[signature
pages follow]

 

    	 

     

    

 

If
the foregoing correctly sets forth our agreement, please confirm this by signing and returning to us the duplicate copy of this
Subscription.

 

	 	 	PAVMED
    INC. 
	 	 	 	 
	 	 	By:	           
	 	 	Name:	 
	 	 	Title:	 

 

	Number
    of Shares:	 	 	 

 

	Purchase
    Price Per Share: $	 	 	 
	 	 	 	 
	Aggregate
    Purchase Price: $	 	 	 

 

	INVESTOR:
    	 	 	 

 

	By:
    	 	 	 
	Name:	 	 	 
	Title:	 	 	 

 

	Address
    for Notice:	 	With
    a copy to (which shall not constitute notice):
	 	 	 
	 	 	
	 	 	 
	 	 	 
	Facsimile:	 	 	Facsimile:	 
	Attention:	             	 	Attention:	 
	 	 	 	 	 
	DWAC
    Instructions:	 	 	 
	 	 	 	 	 
	Name
    of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained):	 	
	 	 	 	 	 
	DTC
    Participant Number:	 	
	 	 	 	 	 
	Name
    of Account at DTC Participant being 

    credited with the Shares:	 	
	 	 	 	 	 
	Account
    Number at DTC Participant being credited 

    with the Shares	 	

    

 

The
sale of the Shares is being made pursuant to a registration statement under the Securities Act. A final prospectus supplement
relating to the sale of the Shares will be filed with the Commission and will be available on the Commission’s website at
www.sec.gov.Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT (the
 “Agreement”), dated as of January 1, 2021, between Clarus Corporation, a Delaware corporation (the “Company”),
and John Walbrecht (the “Employee”).

 

W I T N E S S E T H :

 

WHEREAS, the
Company desires to employ the Employee as the President of the Company and to be assured of his services on the terms and conditions
hereinafter set forth; and

 

WHEREAS, the
Employee is willing to be employed as the President of the Company on such terms and conditions.

 

NOW THEREFORE,
in consideration of the mutual covenants and agreements set forth in this Agreement, the Company and the Employee hereby agree
as follows:

 

	 	1.	Employment and Term.

 

The Company hereby employs the Employee as
the President of the Company, and the Employee accepts such employment, upon the terms and subject to the conditions set forth
in this Agreement. The term of this Agreement shall commence and be effective as of the date hereof (the “Commencement Date”)
and shall terminate on the third anniversary of the Commencement Date (the “Term”), subject to earlier termination
as provided herein.

 

	 	2.	Duties; Work Site.

 

(a)  During the Term of this Agreement,
the Employee shall serve as the President of the Company and shall perform all duties commensurate with his positions and as may
be assigned to him by the Executive Chairman of the Board of the Company (the “Board”) or his designees. The Employee
shall devote his full business time and energies to the business and affairs of the Company and shall use his best efforts, skills
and abilities to promote the interests of the Company, and to diligently and competently perform the duties of his positions.

 

(b)  The Employee shall report to
and shall communicate regularly with the Executive Chairman of the Board or his designees.

 

(c)  The Employee and the Company
agree that the Employee’s duties will be discharged from the Company’s Salt Lake City, Utah location. The Employee
agrees to travel for business purposes in such amount as is necessary in order for the Employee to fully and competently perform
his duties hereunder.

 

	 	3.	Compensation, Bonus, Benefits, etc.

 

(a)  Salary. During
the Term of this Agreement, the Company shall pay to the Employee, and the Employee shall accept from the Company, as compensation
for the performance of services under this Agreement and the Employee’s observance and performance of all of the provisions
hereof, an annual salary at the rate of $500,000 (the “Base Compensation”). The Base Compensation shall be payable
in accordance with the normal payroll practices of the Company.

 

(b)  Bonus. In addition
to the Base Compensation described above, the Employee shall, in the sole and absolute discretion of the Board or the Compensation
Committee of the Board, be entitled to an annual performance bonus of up to fifty percent (50%) of the Base Compensation which
may be based upon a variety of factors, including qualitative and quantitative Company objectives, all as determined annually in
the sole and absolute discretion of the Board or Compensation Committee of the Board. In addition, the Employee may be entitled
to participate in such other bonus plans, during the Term of this Agreement, as the Board or the Compensation Committee of the
Board may, in its sole and absolute discretion, determine. Any such bonus, as determined by the Board or the Compensation Committee
of the Board, shall be payable to the Employee no later than the date that is two weeks after the filing of the Company’s
Form 10-K for the year in which it was earned.

 

    

     

    

 

(c)  Stock Options.
On the Commencement Date, the Company shall issue to the Employee options (the “Stock Options”) to purchase 400,000
shares of the Company’s common stock, par value $0.0001 per share, (the “Common Stock”), having an exercise price
per share equal to the closing price of the Common Stock on the date of grant (which, because the date of grant is not a trading
day, will be on the immediately succeeding trading day, January 4, 2021). The Stock Options shall vest as follows: (i) 133,334
shares on the first anniversary of the date of grant, (ii) 133,333 shares on the second anniversary of the date of grant and
(iii) 133,333 shares on the third anniversary of the date of grant; provided, that, the Stock Options
shall accelerate and vest earlier in accordance with the terms of this Agreement; provided, further, that
all Stock Options shall expire on the tenth anniversary of the Commencement Date, unless sooner terminated in accordance with the
terms of this Agreement. The terms and provisions of the Stock Options shall be set forth in a stock option agreement in form and
substance satisfactory to the Company.

 

(d)  Benefits. During
the Term of this Agreement, the Employee shall be entitled to participate in or benefit from, in accordance with the eligibility
and other provisions thereof, the Company’s medical insurance and other fringe benefit plans or policies as the Company may
make available to, or have in effect for, its senior executive officers from time to time. The Company and its affiliates retain
the right to terminate or alter any such plans or policies from time to time. The Employee shall also be entitled to four weeks
paid vacation each year, sick leave and other similar benefits in accordance with policies of the Company from time to time in
effect for its senior executive officers.

 

(e)  Reimbursement of Business
Expenses. During the Term of this Agreement, upon submission of proper invoices, receipts or other supporting documentation
reasonably satisfactory to the Company and in accordance with and subject to the Company’s expense reimbursement policies,
the Employee shall be reimbursed by the Company for all reasonable business expenses actually and necessarily incurred by the Employee
on behalf of the Company in connection with the performance of services under this Agreement.

 

(f)  Taxes. The
Base Compensation and any other compensation paid to Employee, including, without limitation, any bonus, shall be subject to withholding
for applicable taxes and other amounts.

 

	 	4.	Representations of Employee.

 

The Employee represents
and warrants that he is not party to, or bound by, any agreement or commitment, or subject to any restriction, including but not
limited to agreements related to previous employment containing confidentiality or noncompetition covenants, which limit the ability
of the Employee to perform his duties under this Agreement. The 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.

 

		5.	Confidentiality, Noncompetition, Nonsolicitation
and Non-Disparagement.

 

For purposes of this
Section 5, all references to the Company shall be deemed to include the Company’s affiliates and subsidiaries and their
respective subsidiaries, whether now existing or hereafter established or acquired. In consideration for the compensation and benefits
provided to the Employee pursuant to this Agreement, the Employee agrees with the provisions of this Section 5.

 

(a)  Confidential Information.

 

(i) The Employee acknowledges that
as a result of his retention by the Company, the 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, the 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 the Employee.

 

    2

     

    

 

(ii)  The 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.

 

(b)  Return of Confidential
Information. Upon the termination of this Agreement or upon the request of the Company, the Employee shall promptly return
to the Company all Confidential Information in his possession or control, including but not limited to all drawings, manuals, computer
printouts, computer databases, disks, data, files, lists, memoranda, letters, notes, notebooks, reports and other writings and
copies thereof and all other materials relating to the Company’s business, including, without limitation, any materials incorporating
Confidential Information.

 

(c)  Inventions, etc.
During the Term and for a period of one year thereafter, the Employee will promptly disclose to the Company all designs, processes,
inventions, improvements, developments, discoveries, processes, techniques, and other information related to the business of the
Company conceived, developed, acquired, or reduced to practice by him alone or with others during the Term of this Agreement, whether
or not conceived during regular working hours, through the use of Company time, material or facilities or otherwise (“Inventions”).

 

The Employee agrees
that all copyrights created in conjunction with his service to the Company and other Inventions, are “works made for hire”
(as that term is defined under the Copyright Act of 1976, as amended). All such copyrights, trademarks, and other Inventions shall
be the sole and exclusive property of the Company, and the Company shall be the sole owner of all patents, copyrights, trademarks,
trade secrets, and other rights and protection in connection therewith. To the extent any such copyright and other Inventions may
not be works for hire, the Employee hereby assigns to the Company any and all rights he now has or may hereafter acquire in such
copyrights and any other Inventions. Upon request the Employee shall deliver to the Company all drawings, models and other data
and records relating to such copyrights, trademarks and Inventions. The Employee further agrees as to all such Inventions, to assist
the Company in every proper way (but at the Company’s expense) to obtain, register, and from time to time enforce patents,
copyrights, trademarks, trade secrets, and other rights and protection relating to said Inventions in any and all countries, and
to that end the Employee shall execute all documents for use in applying for and obtaining such patents, copyrights, trademarks,
trade secrets and other rights and protection on and enforcing such Inventions, as the Company may reasonably request, together
with any assignments thereof to the Company or persons designated by it. Such obligation to assist the Company shall continue beyond
the termination of the Employee’s service to the Company, but the Company shall compensate the Employee at a reasonable rate
after termination of service for time actually spent by the Employee at the Company’s request for such assistance. In the
event the Company is unable, after reasonable effort, to secure the Employee’s signature on any document or documents needed
to apply for or prosecute any patent, copyright, trademark, trade secret, or other right or protection relating to an Invention,
whether because of the Employee’s physical or mental incapacity or for any other reason whatsoever, the Employee hereby irrevocably
designates and appoints the Company and its duly authorized officers and agents, during the Term of this Agreement and for a period
of two years after termination of this Agreement, as his agent coupled with an interest and attorney-in-fact, to act for and in
his behalf and stead to execute and file any such application or applications and to do all other lawfully permitted acts to further
the prosecution and issuance of patents, copyrights, trademarks, trade secrets, or similar rights or protection thereon with the
same legal force and effect as if executed by the Employee.

 

    3

     

    

 

(d)  Non-Competition.
The Employee agrees not to utilize his special knowledge of the Business and his relationships with customers, prospective customers,
suppliers and others or otherwise to compete with the Company in the Business during the Restricted Period. During the Restricted
Period, the Employee shall not, and shall not permit any of his respective employees, agents or others under his control, directly
or indirectly, on behalf of the Employee or any other Person, to engage or have an interest, anywhere in the world in which the
Company conducts business or markets or sells its products, alone or in association with others, as principal, officer, agent,
employee, director, partner or stockholder (except as an owner of two percent or less of the stock of any company listed on a national
securities exchange or traded in the over-the-counter market), whether through the investment of capital, lending of money or property,
rendering of services or capital, or otherwise, in any Competitive Business. During the Restricted Period, the Employee shall not,
and shall not permit any of his respective employees, agents or others under his control, directly or indirectly, on behalf of
the Employee or any other Person, to accept Competitive Business from, or solicit the Competitive Business of any Person who is
a customer of the Business conducted by the Company, or, to the Employee’s knowledge, is a customer of the Business conducted
by the Company at any time during the Restricted Period.

 

(e)  Non-Disparagement and
Non-Interference. The Employee shall not, either directly or indirectly, (i) during the Restricted Period, make
or cause to be made, any statements that are disparaging or derogatory concerning the Company or its business, reputation or prospects;
(ii) during the Restricted Period, request, suggest, influence or cause any party, directly or indirectly, to cease doing
business with or to reduce its business with the Company or do or say anything which could reasonably be expected to damage the
business relationships of the Company; or (iii) at any time during or after the Restricted Period, use or purport to authorize
any Person to use any Intellectual Property owned by the Company or exclusively licensed to the Company or to otherwise infringe
on the intellectual property rights of the Company.

 

(f)  Non-Solicitation. During
the Restricted Period, the Employee shall not recruit or otherwise solicit or induce any Person who is an employee or consultant
of, or otherwise engaged by Company, to terminate his or her employment or other relationship with the Company, or such successor,
or hire any person who has left the employ of the Company during the preceding one year.

 

(g)  Certain Definitions. For
purposes of this Agreement: (i) the term “Business” shall mean the business of designing, manufacturing, assembling,
licensing, distributing, marketing and selling (A) active outdoor performance products, apparel, footwear and equipment for
climbing, mountaineering, backpacking, skiing, cycling and other outdoor recreation activities, avalanche transceiver technology,
and snow safety products; (B) skincare and other sport-enhancing products; (C)  bullets and ammunition for both rifles
and pistols; and (D) and any other business that the Company or its subsidiaries may be engaged in during the Term of this
Agreement; (ii) the term “Competitive Business” shall mean any business competitive with the Business; and (iii) the
term “Restricted Period” shall mean the Term of this Agreement and a period of two years after termination of this
Agreement; provided, that, if Employee breaches the covenants set forth in this Section 5, the Restricted Period shall be
extended for a period equal to the period that a court having jurisdiction has determined that such covenant has been breached.
 “Person” shall mean an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust,
an unincorporated organization or other entity and a government or any department or agency thereof.

 

6.    Remedies. The
restrictions set forth in Section 5 are considered by the parties to be fair and reasonable. The Employee acknowledges that
the restrictions contained in Section 5 will not prevent him from earning a livelihood. The 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 Section 5. Accordingly, the 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 Sections 5 or 6 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
Sections 5 or 6 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. For purposes of this Section 6, all references to the Company shall be deemed to include the Company's affiliates
and subsidiaries, whether now existing or hereafter established or acquired.

 

    4

     

    

 

7.    Termination. This
Agreement shall terminate at the end of the Term set forth in Section 1. In addition, this Agreement may be terminated prior
to the end of the Term set forth in Section 1 upon the occurrence of any of the events set forth in, and subject to the terms
of, this Section 7. For purposes of this Section 7, the term “stock options” shall include the Stock Options
and the term “restricted stock” shall include any restricted shares of Common Stock held by the Employee.

 

(a)  Death or Permanent Disability. If
the Employee dies or becomes permanently disabled, this Agreement shall terminate effective upon the Employee’s death or
when his disability is deemed to have become permanent. If the Employee is unable to perform his normal duties for the Company
because of illness or incapacity (whether physical or mental) for 45 consecutive days during the Term of this Agreement, or for
60 days (whether or not consecutive) out of any calendar year during the Term of this Agreement, his disability shall be deemed
to have become permanent. If this Agreement is terminated on account of the death or permanent disability of the Employee, then
the Employee or his estate shall be entitled to receive accrued Base Compensation through the date of such termination, all granted
but unvested stock options and unvested restricted stock held by the Employee shall immediately vest and the Employee or the Employee’s
estate, as applicable, shall have no further entitlement to Base Compensation, bonus, stock options or benefits from the Company
following the effective date of such termination, except as provided in Section 3(b) of this Agreement; provided, however,
that any bonus pursuant to Section 3(b) of this Agreement shall be paid only for the year in which such termination occurred
pro rated for the portion of such year prior to such termination and shall be paid at such time as the Board determines the bonuses
for all senior executive officers of the Company for such year, but no later than the date that is two weeks after the filing of
the Company’s Form 10-K for the year in which it was earned.

 

(b)  Cause. This Agreement
may be terminated at the Company’s option, immediately upon notice to the Employee, upon the occurrence of any of the following
(“Cause”): (i) breach by the Employee of any material provision of this Agreement and the expiration of a 10-business
day cure period for such breach after written notice thereof has been given to the Employee (which cure period shall not be applicable
to clauses (ii) through (vii) of this Section 7(b)); (ii) gross negligence or willful misconduct of the Employee
in connection with the performance of his duties under this Agreement; (iii) Employee’s failure to perform any reasonable
directive of the Board; (iv) fraud, criminal conduct, dishonesty or embezzlement by the Employee; (v) Employee’s
violation of the Company’s Code of Business Conduct and Ethics and/or Code of Ethics for Senior Executive Officers and Senior
Financial Officers (each as currently in effect and/or as amended from time to time); (vi) 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; (vii) Employee’s misappropriation for personal use of any assets (having in excess of nominal
value) or business opportunities of the Company; (viii) Employee’s violation of any contractual, statutory, or fiduciary
duty owed by Employee to the Company or any of its affiliates; or (ix) 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. If this Agreement is terminated by the Company for Cause,
then the Employee shall be entitled to receive accrued Base Compensation through the date of such termination, all stock options,
whether vested or unvested, will be forfeited by the Employee and be null and void, all granted but unvested restricted stock shall
be forfeited and be null and void and the Employee shall have no further entitlement to Base Compensation, bonus, stock options,
or benefits from the Company following the effective date of such termination; provided, however, that in the event of a termination
for Cause pursuant to Section 7(b)(iii) hereof, the Employee shall be entitled to retain any vested stock options, but
subject to the terms and conditions thereof.

 

(c)  Without Cause.
This Agreement may be terminated, at any time by the Company without Cause immediately upon giving written notice to the Employee
of such termination. Upon the termination of this Agreement by the Company without Cause, the Employee shall be entitled to receive
one year of Base Compensation and reimbursement of any COBRA premium payments made by the Employee during such one-year period
provided the Employee executes a Separation Agreement and General Release Agreement that is satisfactory to the Company and upon
receipt of a COBRA billing statement, in each case payable in accordance with the Company’s normal payroll practices, subject
to withholding for applicable taxes and other amounts. All granted but unvested stock options and all unvested restricted stock
held by the Employee shall immediately vest and the Employee shall have no further entitlement to Base Compensation, bonus, stock
options or benefits from the Company following the effective date of such termination.

 

    5

     

    

 

(d)  By Employee.
The Employee may terminate this Agreement at any time upon providing the Company with 90 days’ prior written notice. If this
Agreement is terminated by the Employee pursuant to this Section 7(d), then the Employee shall be entitled to receive his
accrued Base Compensation and benefits through the effective date of such termination, all granted but unvested stock options and
all unvested restricted stock shall be forfeited and be null and void and the Employee shall have no further entitlement to Base
Compensation, bonus, stock options, or benefits from the Company following the effective date of such termination.

 

(e)  Change in Control. Upon
the occurrence of a Change in Control (as hereinafter defined), the Employee shall have the right to terminate this Agreement within
30 days of the occurrence of such Change in Control; provided, however, that if requested to do so by the
Company or the acquiror of the business of the Company in such Change of Control, the Employee shall provide consulting services
to the Company or such acquiror, as applicable, for transition purposes for a period of up to six months following the effective
date of such Change in Control and his termination of this Agreement, and the Company or such acquiror shall pay consulting fees
to the Employee for such six month period in an amount equal to the compensation he would have otherwise received under this Agreement
had it been in effect for such six month period. Upon the termination of this Agreement by either party within 30 days of the occurrence
of a Change in Control (other than a termination by the Company for Cause during such period, in which event the provisions of
Section 7(b) shall apply), the Employee shall be entitled to receive one year of Base Compensation in one lump sum within
five business days after the effective date of such termination and reimbursement of any COBRA premium payments made by the Employee
during such one-year period provided the Employee executes a Separation Agreement and General Release Agreement that is satisfactory
to the Company and upon receipt of a COBRA billing statement, subject to withholding for applicable taxes and other amounts, and
all granted but unvested stock options and all unvested restricted stock held by the Employee shall immediately vest; provided, however,
that if the Company or the acquiror described above requests Employee to provide the consulting services described above, then
the one year of Base Compensation that is payable in one lump sum shall become due and payable in one lump sum upon the expiration
of such consulting period, and shall not be payable if the Employee does not render such consulting services. For purposes of this
Agreement, a “Change in Control” of the Company shall be deemed to have occurred in the event that: (i) individuals
who, as of the date hereof, constitute the Board cease for any reason to constitute at least a majority of the Board; provided, however,
that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors then comprising the Board shall be considered as though
such individual was a member of the Board as of the date hereof; (ii) the Company shall have been sold by either (A) a
sale of all or substantially all its assets, or (B) a merger or consolidation, other than any merger or consolidation pursuant
to which the Company acquires another entity, or (C) a tender offer, whether solicited or unsolicited; or (iii) any party,
other than the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange
Act of 1934, as amended), directly or indirectly, of voting securities of the Company representing 50% or more of the total voting
power of all the then-outstanding voting securities of the Company.

 

(f)  Return of Payments and
Cancellation of Benefits. In the event that the Employee fails to comply with any of his obligations under this Agreement,
including, without limitation, the covenants contained in Section 5 hereof, or it is determined that the Employee engaged
in conduct which would constitute cause for termination as set forth in 7(b) of this Agreement, the Employee shall repay to
the Company any payments received by the Company in respect of the one year Base Compensation required to be paid pursuant to Section 7(c) or
Section 7(e) hereof as of the date of such failure to comply, the Company’s obligation to provide the remainder,
if any, of such one year Base Compensation shall terminate and be null and void as of such date, and the Employee will have no
further rights in or to such amounts and benefits.

 

    6

     

    

 

(g)  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.

 

8.            Parachute
Payments.

 

(a)            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 Section 7 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”).

 

(b)            Any
determination required under this Section 8, including whether any payments or benefits are parachute payments, shall be made
by the Company in its sole discretion. The 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 8. The Company’s determinations shall be
final and binding on the Company and the Employee.

 

(c)            In
the event it is later determined that to implement the objective and intent of this Section 8, (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.

 

	 	9.	Miscellaneous.

 

(a)  Survival. The
provisions of Sections 4, 5, 6, 7, 8 and 9 shall survive the termination of this Agreement.

 

(b)  Entire Agreement. This
Agreement sets forth the entire understanding of the parties and, except as specifically set forth herein, merges and supersedes
any prior or contemporaneous agreements between the parties pertaining to the subject matter hereof.

 

(c)  Modification. This
Agreement may not be modified or terminated orally, and no modification, termination or attempted waiver of any of the provisions
hereof shall be binding unless in writing and signed by the party against whom the same is sought to be enforced.

 

(d)  Waiver. Failure
of a party to enforce one or more of the provisions of this Agreement or to require at any time performance of any of the obligations
hereof shall not be construed to be a waiver of such provisions by such party nor to in any way affect the validity of this Agreement
or such party’s right thereafter to enforce any provision of this Agreement, nor to preclude such party from taking any other
action at any time which it would legally be entitled to take.

 

(e)  Successors and Assigns. Neither
party shall have the right to assign this Agreement, or any rights or obligations hereunder, without the consent of the other party; provided, however,
that upon the sale of all or substantially all of the assets, business and goodwill of the Company to another company, or upon
the merger or consolidation of the Company with another company, this Agreement shall inure to the benefit of, and be binding upon,
both Employee and the company purchasing such assets, business and goodwill, or surviving such merger or consolidation, as the
case may be, in the same manner and to the same extent as though such other company were the Company; and provided, further,
that the Company shall have the right to assign this Agreement to any affiliate or subsidiary of the Company. Subject to the foregoing,
this Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their legal representatives, heirs, successors
and assigns.

 

    7

     

    

 

(f)  Communications. All
notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been given
at the time personally delivered, sent by electronic mail or facsimile transmission provided the receiving party has a compatible
device or confirms receipt thereof (which forms of notice shall be deemed delivered upon confirmed transmission or confirmation
of receipt), or when mailed in any United States post office enclosed in a registered or certified postage prepaid envelope and
addressed to the addresses set forth below, or to such other address as any party may specify by notice to the other party; provided,
however, that any notice of change of address shall be effective only upon receipt.

 

	If to the Company:
	 
	Clarus Corporation
	2084 East 3900 South
	Salt Lake City, Utah 84124
	Facsimile: (801) 278-5544
	Email: wbkanders@kanders.com
	Attention: Warren B. Kanders
	 
	With a copy to:
	 
	Kane Kessler, P.C.
	666 Third Avenue, 23rd Floor
	New York, New York 10017
	Facsimile: (212) 245-3009
	Email: rlawrence@kanekessler.com
	Attention: Robert L. Lawrence, Esq.
	 
	If after January 18, 2021:
	Kane Kessler, P.C.
	600 Third Avenue, 35th Floor
	New York, NY 10016
	Facsimile: (212) 245-3009
	Email: rlawrence@kanekessler.com
	Attention: Robert L. Lawrence, Esq.
	 
	If to the Employee:
	 
	John Walbrecht
	Address:
	Email:

 

(g)  Severability. If
any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, such invalidity or
unenforceability shall not affect the validity and enforceability of the other provisions of this Agreement and the provisions
held to be invalid or unenforceable shall be enforced as nearly as possible according to its original terms and intent to eliminate
such invalidity or unenforceability.

 

(h)  Jurisdiction; Venue. This
Agreement shall be subject to the non-exclusive jurisdiction of the federal courts or state courts of the State of Delaware, County
of New Castle, for the purpose of resolving any disputes among them relating to this Agreement or the transactions contemplated
by this Agreement and waive any objections on the grounds of forum non conveniens or otherwise. The parties hereto agree to service
of process by certified or registered United States mail, postage prepaid, addressed to the party in question. The prevailing party
in any proceeding instituted in connection with this Agreement shall be entitled to an award of its/his reasonable attorneys’
fees and costs.

 

    8

     

    

 

(i)  Governing Law. This
Agreement is made and executed and shall be governed by the laws of the State of Delaware, without regard to the conflicts of law
principles thereof.

 

(j)  Counterparts. This
Agreement may be executed in any number of counterparts (and by facsimile or other electronic signature), but all counterparts
will together constitute but one agreement.

 

(k)  Third Party Beneficiaries. This
Agreement is for the sole and exclusive benefit of the parties hereto and, except as provided herein, shall not be deemed for the
benefit of any other person or entity.

 

(l)   Headings and References. The
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. References in this Agreement to any section refer to such section of this Agreement unless the context otherwise
requires.

 

(m)  Section 409A.

 

(i)            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.

 

(ii)           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”).

 

(iii)          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.

 

(iv)          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.

 

(v)           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.

 

    9

     

    

 

(vi)          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 Separation Agreement
and General Release Agreement (“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.

 

(n)  Recovery of Compensation. All
payments and benefits provided under this Agreement shall be subject to any compensation recovery or clawback policy as required
under applicable law, rule or regulation or otherwise adopted by the Company from time to time.

 

(o)  Participation of the
Parties. The parties hereto acknowledge and agree that (i) this Agreement and all matters contemplated herein
have been negotiated among all parties hereto and their respective legal counsel, if any, (ii) each party has had, or has
been afforded the opportunity to have, this Agreement and the transactions contemplated hereby reviewed by independent counsel
of its own choosing, (iii) all such parties have participated in the drafting and preparation of this Agreement from the commencement
of negotiations at all times through the execution hereof, and (iv) any ambiguities contained in this Agreement shall not
be construed against any party hereto.

 

[SIGNATURE PAGE FOLLOWS]

 

    10

     

    

 

IN WITNESS WHEREOF, each of
the parties hereto has duly executed this Employment Agreement as of the date set forth above.

 

	Clarus Corporation	 	Employee
	 	 	 
	By:	/s/ Warren B. Kanders	 	/s/ John Walbrecht
	 	Name: Warren B. Kanders	 	John Walbrecht
	 	Title: Executive Chairman	 	 

 

(Signature
Page to Employment Agreement of John Walbrecht)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]