Document:

Exhibit 10.14

 

 

 

Employment
Agreement

 

This Employment
Agreement (this “Agreement”) is made effective as of April 7, 2020, by and between American Virtual Cloud Technologies,
Inc. (“AVCT”) (“The Company”) of 1720 Peachtree Street, Suite 629, Atlanta, Georgia, 30309 and Graham McGonigal,
(“Mr. McGonigal”), of 1051 Greshams Ft., Greensboro, Georgia, 30642.

 

		A.	The
                                         Company is engaged in the business of Information Technology Services. Mr. McGonigal
                                         will primarily perform the job duties at the following location: 1051 Greshams Ft., Greensboro,
                                         Georgia.

 

		B.	The
                                         Company desires to have the services of Mr. McGonigal.

 

		C.	Mr.
                                         McGonigal is willing to be employed by The Company.

 

Therefore,
the parties agree as follows:

 

EMPLOYMENT.
The Company shall employ Mr. McGonigal as Chief Operating Officer. Mr. McGonigal shall provide to The Company the following
services: Drive revenue growth, EBITDA, and shareholder value; Profitably growing and expanding the existing VAR and UCaaS businesses;
Create new Cloud Communications and Managed Services Division. Mr. McGonigal accepts and agrees to such employment, and agrees
to be subject to the general supervision, advice and direction of The Company and the Corporation’s Board of Directors.

 

BEST
EFFORTS OF EMPLOYEE. Mr. McGonigal agrees to perform faithfully, industriously, and to the best of his ability,
experience, and talents, all of the duties that may be required by the express and implicit terms of this Agreement, to the
reasonable satisfaction of The Company. Such duties shall be provided at such place(s) as the needs, business, or
opportunities of The Company may require from time to time. Mr. McGonigal shall devote his full business time to the
rendition of such Services, subject to absences for customary vacations and for temporary illness. In addition, Mr. McGonigal
will not engage in any other gainful occupation which requires his personal attention and/or creates a conflict of interest
with job responsibilities under this Agreement without the prior approval of the Board, with the exception that Graham
McGonigal may personally trade in stock, bonds, securities, commodities or real estate investments for his own
benefit.

 

    1

     

    

 

COMPENSATION
OF EMPLOYEE. As compensation for the services provided by Mr. McGonigal under this Agreement, The Company will pay Mr.
McGonigal an annual salary of $500,000.00 payable in accordance with the Company’s usual payroll procedures. Upon termination
of this Agreement, payments under this paragraph shall cease; provided, however, that Mr. McGonigal shall be entitled to
payments for periods or partial periods that occurred prior to the date of termination and for which Mr. McGonigal has not
yet been paid, and for any commission earned in accordance with The Company’ customary procedures, if applicable. Accrued
vacation will be paid in accordance with state law and The Company’ customary procedures. This section of the Agreement is
included only for accounting and payroll purposes and should not be construed as establishing a minimum or definite term of
employment.

 

The Company,
in its sole discretion may, from time to time, award Mr. McGonigal an At-Risk Annual bonus (the Bonus), in an amount up to 100%
of his base salary. Such bonus will be based on Performance factors agreed upon by The Company.

 

The Company,
in its sole discretion may, from time to time, award Mr. McGonigal the option to purchase shares of the Employers capital stock
(the Stock).

 

Subject
to the approval of the Company’s Board of Directors and/or its Compensation Committee, you will eligible to participate in the
Company’s long term incentive program with an initial grant of 500,000 restricted stock units which will be subject to vesting
and performance criteria to be determined.

 

EXPENSE
REIMBURSEMENT. The Company will reimburse Mr. McGonigal for “out of-pocket” expenses incurred in accordance
with the Company’s policies in effect from time to time and commensurate with his position and
responsibilities.

 

RECOMMENDATIONS FOR
IMPROVING OPERATIONS. Mr. McGonigal shall provide The Company with all information, suggestions, and recommendations
regarding The Company’s business, of which Graham McGonigal has knowledge, that will be of benefit to The Company.

 

CONFIDENTIALITY. The Company
recognizes that Mr. McGonigal has and will have information regarding the following:

 

		-	inventions

		-	products

		-	product design

		-	processes

		-	technical matters

 

    2

     

    

 

		-	trade secrets

		-	copyrights

		-	customer lists

		-	prices

		-	costs

		-	business affairs

		-	future plans

 

and other vital information items (collectively,
“Information”) which are valuable, special and unique assets of The Company. Mr. McGonigal agrees that he will not
at any time or in any manner, either directly or indirectly, divulge, disclose, furnish, make accessible, or communicate any
Information to any third party without the prior written consent of The Company. Mr. McGonigal will protect the Information
and treat it as strictly confidential. A violation by Mr. McGonigal of this paragraph shall be a material violation of this
Agreement and will justify legal and/or equitable relief.

 

This Agreement
is in compliance with the Defend Trade Secrets Act and provides civil or criminal immunity to any individual for the disclosure
of trade secrets: (i) made in confidence to a federal, state, or local government official, or to an attorney when the disclosure
is to report suspected violations of the law; or (ii) in a complaint or other document filed in a lawsuit if made under seal.

 

UNAUTHORIZED
DISCLOSURE OF INFORMATION. If it appears that Mr. McGonigal has disclosed (or has threatened to disclose) Information in
violation of this Agreement, The Company shall be entitled to an injunction to restrain Mr. McGonigal from disclosing, in
whole or in part, such Information, or from providing any services to any party to whom such Information has been disclosed
or may be disclosed. The Company shall not be prohibited by this provision from pursuing other remedies, including a claim
for losses and damages, attorneys’ fees and costs incurred while seeking to enforce this Agreement.

 

CONFIDENTIALITY
AFTER TERMINATION OF EMPLOYMENT. The confidentiality provisions of this Agreement shall remain in full force and effect for
a two (2) year period after the termination of Mr. McGonigal’s employment. During such two year period, neither party shall make
or permit the making of any public announcement or statement of any kind regarding Mr. McGonigal’s employment by or connection
with The Company.

 

INTELLECTUAL
PROPERTY RIGHTS. All information, ideas, concepts, improvements, discoveries, and inventions, whether patentable or not,
which are conceived, made, developed or acquired by Mr.
McGonigal, individually or in conjunction with others, during his employment by The Company (whether during business hours or
otherwise and whether on The Company’ premises or otherwise) which relate to The Company’s business, products or services
(including, without limitation, all such information relating to corporate opportunities, research, financial and sales data,
pricing and trading terms, evaluations, opinions, interpretations, acquisition prospects, the identity of customers or their
requirements, the identity of key contacts within the customer’s organizations or within the organization of acquisition
prospects, or marketing and merchandising techniques, prospective names, and marks), and all writings or materials of any
type embodying any of such items, shall be disclosed to The Company and are and shall be the sole and exclusive property of
The Company.

 

    3

     

    

 

NON-COMPETE
AGREEMENT. Mr. McGonigal agrees and covenants that during his employment by The Company and for a period of one (1) year
following the termination of Mr. McGonigal’s employment, whether such termination is voluntary or involuntary, Mr. McGonigal
will not directly or indirectly engage in any business competitive with The Company.

 

Directly
or indirectly engaging in any competitive business includes, but is not limited to:
(i) engaging in a business as owner, partner, or agent, (ii) becoming an employee,
rendering advice or offering services to any third party that is engaged in such business, (iii) becoming interested directly
or indirectly in any such business, or (iv) soliciting any customer or current Executive or Employee of The Company for the
benefit of a third party that is engaged in such business. Mr. McGonigal agrees that this non-compete provision will not
adversely affect Mr. McGonigal’s livelihood.

 

During the
Employment Period, Mr. McGonigal will devote his full-time efforts to the business of The Company and will not engage in consulting
work or any trade or business for his own account or for or on behalf of any other person, firm or corporation that competes,
conflicts or interferes with the performance of his duties under this Agreement.

 

BENEFITS.
Graham McGonigal shall be entitled to standard and customary employment benefits, including holidays, Officer Liability and
Indemnification Insurance, a One-time Signing Bonus of $25,000, paid within 30 days of employment, vacation, health insurance,
disability insurance and life insurance as provided by The Company policies in effect from time to time. Mr. McGonigal will be
immediately eligible for four (4) weeks of vacation.

 

TERM/TERMINATION. Mr.
McGonigal’s employment under this Agreement shall be for an unspecified term on an “at will” basis. This Agreement
may be terminated by The Company upon No written notice, and by Mr. McGonigal upon Two weeks written notice. If The Company
shall so terminate this Agreement, Mr. McGonigal shall be entitled to compensation for One year of base salary, bonus and
benefits (including health care and life insurance as applicable) beyond the termination date of such termination, unless Mr. McGonigal
is in violation of this Agreement. If Mr. McGonigal is in violation of this Agreement, The Company may terminate employment
with cause without notice and with compensation to Mr. McGonigal only to the date of such termination. As used in this
Agreement, the term “Cause” shall include, without limitation: insubordination; dishonest; fraud; serious
dereliction of duty; criminal activity; acts of moral turpitude; conviction of a felony, plea of guilty or nolo contendere to
a felony charge or any criminal act involving moral turpitude. The compensation paid under this Agreement shall be Mr.
McGonigal’s exclusive remedy.

 

    4

     

    

 

If
Mr. McGonigal’s employment is terminated by The Company without cause, Mr. McGonigal shall
continue to receive his base salary, bonus and benefits (including health care and life insurance as applicable) for a period
of One year of base salary from the effective date of termination (the “Severance Period”).

 

The salary
and fringe benefits to be paid are referred to herein as the “Termination Compensation.” Mr. McGonigal shall not be
entitled to any Termination Compensation unless: (i) Mr. McGonigal complies with all surviving provisions of any non-competition
agreement, non-solicitation agreement, confidentiality agreement or inventions assignment agreement that Mr. McGonigal signed,
and (ii) Mr. McGonigal executes and delivers to The Company, after a notice of termination, a release in form and substance acceptable
to The Company, by which Mr. McGonigal releases The Company from any obligations and liabilities of any type whatsoever under
this Agreement, except for The Company’ obligations with respect to the Termination Compensation, and that release shall not affect
Mr. McGonigal’s right to indemnification, if any, for actions taken within the scope of his employment. Notwithstanding anything
herein, no Termination Compensation shall be paid or otherwise provided until all applicable revocation periods have fully expired,
and the mutual release becomes fully and finally enforceable. The parties hereto acknowledge that the Termination Compensation
to be provided is in consideration for Mr. McGonigal’s release.

 

If
Mr. McGonigal terminates this Agreement by providing appropriate notice, the Company, at
its election, may (i) require Mr. McGonigal to continue to perform his duties hereunder for the full notice period, or (ii) terminate
Mr. McGonigal’s employment at any time during such notice period, provided that any such termination shall not be deemed
to be a termination without cause of Mr. McGonigal ’s employment by The Company. Unless otherwise provided by this Section, all
compensation and benefits paid by The Company to Mr. McGonigal shall cease upon his last day of employment.

 

TERMINATION
DUE TO DEATH. Mr. McGonigal’s employment under this Agreement will terminate immediately upon his death and The Company shall
not have any further liability or obligations to Mr. McGonigal’s estate, executors, heirs, assigns or any other person claiming
under or through Mr. McGonigal’s estate, except that Mr. McGonigal’s estate shall receive any accrued but unpaid salary or bonuses
and any life insurance benefits to be paid pursuant to Mr. McGonigal’s
beneficiary designation.

 

    5

     

    

 

COMPLIANCE
WITH EMPLOYER’S RULES. Mr. McGonigal agrees to comply with all of the rules and regulations of The Company.

 

RETURN
OF PROPERTY. Upon termination of this Agreement, Mr. McGonigal shall deliver and return all Company and Company-related property
(including keys, records, notes, data, memoranda, models, and equipment) that is in Mr. McGonigal’s possession or under his control.
Such obligation shall be governed by any separate confidentiality or proprietary rights agreement signed by Mr. McGonigal.

 

NOTICES.
All notices required or permitted under this Agreement shall be in writing and shall be deemed delivered when delivered in
person or on the third day after being deposited in the United States mail, postage paid, addressed as follows:

 

Employer:

 

American Virtual Cloud Technologies,
Inc.

Lawrence E. Mock, Jr./Darrell Mays

Chairman/ CEO

1720 Peachtree Street, Suite
629

Atlanta, Georgia 30309

 

Executive:

 

Graham McGonigal

1051 Greshams
Ft.

Greensboro, Georgia 30642

 

Such addresses
may be changed from time to time by either party by providing written notice in the manner set forth above.

 

BINDING
AGREEMENT. This Agreement shall be binding upon and inure to the benefit of the parties hereto, their heirs, personal representatives,
successors and assigns. In the event The Company is acquired, is a non-surviving party in a merger, or transfers substantially
all of its assets, this Agreement shall not be terminated and the transferee or surviving company shall be bound by the provisions
of this Agreement. The parties understand that the obligations of Mr. McGonigal are personal and may not be assigned by The Company.

 

ENTIRE
AGREEMENT. This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any
other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between the parties.

 

    6

     

    

 

AMENDMENT.
This Agreement may be modified or amended, if the amendment is made in writing and is signed by both parties.

 

SEVERABILITY.
If any provisions of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions
shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable,
but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed,
and enforced as so limited.

 

WAIVER
OF CONTRACTUAL RIGHT. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver
or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Agreement.

 

APPLICABLE
LAW. This Agreement shall be governed by the laws of the State of Georgia.

 

SIGNATORIES.
This Agreement shall be executed on behalf of The Company by Lawrence E. Mock, Jr., Chairman of the Board and by Graham McGonigal.
The Agreement shall be effective as of the date first written above.

 

	EMPLOYER:	 	 	 
	 	 	 	 
	American Virtual Cloud Technologies, Inc	 	 	 
	 	 	 	 	 
	By	/s/ Lawrence E. Mock, Jr.	 	Date:  	April 27, 2020
 
	 	Lawrence E. Mock, Jr.	 	 	 
	 	Chairman of the Board	 	 	 
	 	 	 	 	 
	AGREED TO AND ACCEPTED.	 	 	 
	 	 	 	 	 
	EXECUTIVE:	 	 	 
	 	 	 	 	 
	/s/ Graham McGonigal	 	Date:	April 7, 2020
	Graham McGonigal	 	 	 

 

 

7Exhibit

Exhibit 10.1

20 November, 2019

Paul Wright
Emailed pwright@taubman.com

Dear Paul,

We are pleased to offer you employment in the capacity of President for Taubman Asia Management Ltd (“TAM”).  You will be reporting directly to Robert Taubman, the Chairman, President and CEO of the Taubman Company.  

The general terms and conditions of your employment with TAM will be set forth as follows:

	
		
	Effective Date
	January 1, 2020

	 
	 

	Sign On Bonus
	You will receive a one-time sign on bonus of HK$1,847,216 which will be payable concurrent with any annual bonus in March, 2020

	 
	 

	Base Salary
	Annual base salary of HK$3.9M to be paid in local currency in 12 equal installments.

	 
	 

	Salary Review
	Your salary will be reviewed annually according to TAM’s salary review schedule.  Your first salary review will be scheduled for 2021.

	 
	 

	Target Bonus
	Annual target opportunity of HK$2.0M which will be subject to both the company and your individual achievements during the prior calendar year.  The payment of the bonus is contingent upon your active employment at the time of bonus payout and subject to the circumstance that you are not under notice at such bonus payout time.

	 
	 

	Long Term Incentive Plan
	You will participate in The Taubman Company Long Term Incentive Plan (LTIP). You will have a target long-term incentive award opportunity of US$650,000 granted under the Taubman Company LLC 2018 Omnibus Long-Term Incentive Plan.  Your LTIP award will consist of (a) Restricted Share Unit Award (“RSU Award”) and (b) an annual Performance Share Unit Award (“PSU Award”).  The PSU Award may vest at a multiple of the units awarded (e.g., 0 to 3x) based on the achievement of certain performance metrics.  The performance metrics of the PSU award and percentage allocation of the LTIP award value of your LTIP target (currently 60% PSU Award and 40% RSU Award) will be the same as the other Operating Committee members.

LTIP awards are granted by the company, generally on an annual basis in March, but are not guaranteed.  LTIP awards are cliff-vested after three years from the date of the grant, and/or upon retirement per the terms of the Plan Document and applicable award agreements.  You will be eligible for your first LTIP award in March, 2020.

	 
	 

	Personal Allowance
	You will receive a personal allowance of HK$1.8M paid in 12 equal installments for the purpose of funding housing, auto-related expenses, personal travel, and other personal expenses.

	 
	 

	Relocation Assistance
	You will be eligible for the following relocation benefits, if applicable, through the required coordination of Paragon:
•
Tax assisted home sale assistance, including paid broker commissions
•
Tax assisted temporary living in MI for up to two months, based on approval of accommodations/cost
•
Tax assisted temporary living upon arrival to HK for up to two months, based on approval of accommodations/cost

	
		
	 
	•
Tax assisted miscellaneous expense up to USD $7,500 
•
If the closing on the current home in Bloomfield Hills does not occur in December as anticipated, and thus the current mortgage remains in effect, Employee is protected against the responsibility of double payments for up to six months.  As such, the Company would pay the lesser of the current mortgage and the Employee’s new rental in Hong Kong.  The Company will reevaluate this benefit after six months if the current home does not sell within this timeframe.  This potential allowance is not transferrable toward other elements of compensation
•
One-way business class air transportation for your immediate family from Detroit to Hong Kong
•
Pet transportation assistance of USD $500 per pet, capped at two pets
•
Household goods shipment
•
Air shipment - up to 850 lbs/170gcft
•
Sea/Ocean shipment - (1) 40’ container and (1) 20’ container

	 
	 

	Working Hours
	Your standard office hours are 8:30 a.m. to 5:30 p.m. (Monday through Friday).  Your position will not be eligible to receive any overtime compensation including overtime pay and/or compensatory time-off.

	 
	 

	Annual Leave
	30 days per year.  Annual leave must be scheduled in advance with your supervisor.

	 
	 

	Performance Evaluation
	You will receive a performance evaluation at the end of each year according to the firm’s performance evaluation schedule.

	 
	 

	Medical Scheme
	You will be covered under TAM’s medical scheme effective your first day of employment.  Dependent coverage is available to you at no additional charge of premium.  The Company reserves the right to make changes on the current Medical Scheme including but not limited to its coverage.

	 
	 

	Provident Fund
	TAM will contribute to provident fund as per legislative requirement.

	 
	 

	Life Insurance
	You will be covered under TAM’s life insurance policy in effect from the completion of your probation period.

	 
	 

	Sick Leave
	We offer sick leave in accordance with TAM’s policy in force.

	 
	 

	Termination
	You will be eligible for benefits provided under the Taubman Severance Plan for Senior Level Management with the exception of the COBRA Premium Payment referenced in section 3(c)(ii) and 4(c)(ii).  However, for termination in which the aforementioned section applies, you will be eligible for 3 months of continued medical coverage under the TAM medical scheme.

	 
	 

	Notice
	You agree to give TAM and TAM agrees to give you three (3) months notice or payment of base salary in lieu of notice.

	 
	 

	Taxation
	You will be responsible for the payment of all your income taxes on salary, bonus as well as all other income, benefits and allowances (if any) relating to your employment to the relevant tax authorities.

The Company will provide assistance with preparation of your US and HK tax filings for years 2019 thru 2022.

	 
	 

	Confidentiality
	Without the written approval of TAM, you shall not, during employment or any time thereafter, disclose to others or use, for your own benefit or otherwise, any information, knowledge or data you receive or develop during your employment which is confidential, including information contained in formulas, business processes, etc.

	 
	 

	Exclusivity
	You agree to devote full attention to one’s duties and will not, while employed by TAM, work for another employer without first obtaining the written notice of Employer.

	
		
	Miscellaneous
	Should there be any arbitration on the terms and conditions of employment or benefits to be provided, the Hong Kong jurisdiction will be observed

Should there be a significant shift in currency conversion between HKD and USD, the terms of this agreement will be revisited.

TAM is an “at will” employer.  That means both the employee and TAM have the right to terminate employment at any time, with or without advance notice (except as required above), and without cause.  Nothing in this letter is to be construed as creating an employment contract or any obligation by either party to continue the employment relationship for any length of time.  Your employment contract for your position as Global Head of Leasing will expire as 12/31/2019.

The terms of this offer as stated above supersede any previous discussions and documents leading up to this letter.  This letter agreement, together with the application for employment you previously submitted, contains our entire understanding and agreement and there are no other understandings, agreements or promises between us or made by either of us with respect to the subject matter hereof.  Any modification of this letter must be in writing and signed by an authorized officer of TAM to be binding on TAM.    

This Offer of Employment is contingent upon the successful completion of a background check, verification of your eligibility to work in Hong Kong, and all information in the Application for Employment you submit being true and accurate, receipt of a signed Potential Conflict of Interest Declaration Statement and the review and approval of all declared potential conflicts.

If you have any questions regarding this offer, please raise them before you formally accept this position.  If you agree with the terms and conditions as stated in this offer of employment, please sign and return this letter.
                                                                            
We are delighted that you are joining the Taubman team and we look forward to a successful working relationship.

Yours sincerely,
On behalf of Taubman Asia Management Ltd.

	
		
	/s/ Holly A. Kinnear
	 

	Holly A. Kinnear
	 

	SVP and CHRO
	 

	The Taubman Company
	 

Accepted by:   [Please Sign and Date]                          

	
				
	/s/ Paul Wright
	 
	November 20, 2019
	 

	Paul Wright
	 
	Date

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