Document:

Exhibit 10.17

 

 

 

FAZE CLAN INC.

 

EMPLOYMENT AGREEMENT – KAINOA HENRY

 

This Employment Agreement (the “Agreement”)
is entered into as of May 1, 2021 (the “Effective Date”), by and between FaZe Clan Inc., a Delaware corporation (the
“Company”), and Kainoa Henry (the “Executive”).

 

WHEREAS, the Company desires to employ
the Executive as its Chief Strategy Officer on the terms and conditions set forth in this Agreement; and

 

WHEREAS, the Executive is willing to
accept such employment on the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the premises
and mutual covenants contained herein, and for other valuable consideration, the Company and the Executive hereby agree as follows:

 

1. Certain
Definitions. Capitalized terms shall have the meanings set forth on Exhibit A attached hereto.

 

2. Term
of Employment. This Agreement shall become effective and the Executive’s employment with the Company shall commence as of
the Effective Date and this Agreement shall remain in effect until Executive’s employment with the Company is terminated pursuant
to Section 6 hereof (the “Term of Employment”).

 

3. Executive’s
Duties and Obligations.

 

(a) Duties.
The Executive shall serve as the Company’s Chief Strategy Officer. The Executive shall be responsible for all powers and
duties customarily associated with that office or position in a privately held corporation. The Executive shall report directly to the
Company’s Chief Executive Officer and shall be subject to reasonable policies established by the Company.

 

(b) Location
of Employment. The Executive’s principal place of business shall be at the Executive’s office in Los Angeles, CA. In addition,
the Executive acknowledges and agrees that the performance by the Executive of the Executive’s duties may require frequent travel
from time to time.

 

(c) Ancillary
Agreements. In consideration of the covenants contained herein, the Executive shall execute concurrently with the execution of this
Agreement, and agrees to be bound by, the Company’s (i) Proprietary Information Protection and, Inventions Assignment Agreement
(the “Confidentiality Agreement”), (ii) Assumption of Risk & Release of Liability for Hazardous Activities Agreement,
(ii) Dispute Resolution Agreement, and (iii) Image Release Form, all of which are attached to this Agreement as Exhibit B and incorporated
into this Agreement by reference. The Executive shall comply at all times with the covenants (including, without limitation, covenants
not to use confidential and proprietary information to solicit employees and independent contractors) and other terms and conditions of
the Confidentiality Agreement and all other reasonable policies of the Company governing the confidential and assignment of the Company’s
proprietary information. The Executive’s obligations under the Confidentiality Agreement and the other agreements attached hereto
in Exhibit B shall survive the Term of Employment.

 

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 4. Devotion of
Time to the Company’s Business.

 

(a) Full-Time
Efforts. During the Term of Employment, the Executive shall devote substantially all of the Executive’s business time, attention
and effort to the affairs of the Company, excluding any periods of disability, vacation, or sick leave to which Executive is entitled,
and shall use the Executive’s reasonable best efforts to perform the duties properly assigned to the Executive hereunder and to
promote the interests of the Company.

 

(b) Other
Activities. Executive may serve on corporate, civic or charitable boards or committees with the prior approval of the Board, deliver
lectures, fulfill speaking engagements and may manage personal investments that do not give rise to a conflict of interest through the
Executive’s investment in direct competitors of the Company; provided that such activities do not individually or in the aggregate
significantly interfere with the performance of the Executive’s duties under this Agreement. The Executive’s passive investment
in securities of a publicly-held company will not be considered to give rise to a conflict of interest if the Executive owns not more
than 5% of the outstanding securities of such publicly-held company. Executive or Executive’s representatives will inform Company
if the Company is involved in negotiations or potential business dealings with other businesses that Executive is directly involved in
(e.g., as an owner of a private company, an advisor, etc.) to ensure there are no conflicts.

 

 5. Compensation
and Benefits.

 

(a) Base
Salary. The Company shall pay to the Executive in accordance with its normal payroll practices (but not less frequently than monthly)
an annual salary at a rate of not less than $275,000 per annum (“Base Salary”). The Executive’s Base Salary shall
be reviewed at least annually for the purposes of determining increases, if any, based on the Executive’s performance, the performance
of the Company, the then prevailing salary scales for comparable positions, inflation and other relevant factors. Effective as of the
date of any increase in the Executive’s Base Salary, Base Salary as so increased shall be considered the new Base Salary for all
purposes of this Agreement. The Company may not reduce the Executive’s Base Salary (after taking into account any increase in Base
Salary) without the Executive’s consent unless the Company reduces the annual base salary of all members of the Company’s
senior management team on a substantially equivalent basis.

 

(b) Cash
Bonuses. The Company shall pay the Executive an annual discretionary cash bonus (“Annual Bonus”) during the Term of Employment.
Except as provided in Section 6 herein, the Executive will not be eligible to receive an Annual Bonus for a Fiscal Year unless the Executive
remains in continuous employment with the Company through the date on which such Annual Bonus is paid. During the first quarter or each
Fiscal Year beginning after the Executive’s employment commencement date, the CEO in consultation with the Director of Human Resources,
shall establish threshold and target performance goals for such Fiscal Year. At the conclusion of the Fiscal Year the Compensation Committee
will review performance relative to the performance goals and if the Compensation Committee determines that the Executive has earned an
Annual Bonus for a Fiscal Year, the Company will pay the Annual Bonus to the Executive on or before March 15 of the year following the
end of the year for which the Annual Bonus is earned.

 

(c)
Equity Awards. The Company shall grant to Executive Equity Awards from time to time in the sole discretion of the Board. Subject
to Board approval, the Executive will receive an initial Equity Award in the form of an option to purchase (i) 75,000 shares of
the Company’s common stock, which will vest over four (4) years beginning on October 19, 2020, subject to a one (1) year cliff
and (ii) 125,000 shares of the Company’s common stock, which will vest over four (4) years beginning on the Effective Date,
subject to a one (1) year cliff (together, the “Initial Equity Award”). The exercise price per share of this Initial Equity
Award will equal the fair market value of a share of the Company’s common stock on the date on which the option is granted and
will have a ten (10) year term. The fair market value for purposes of the exercise price per share of the Initial Equity Award shall
be determined by the most recent 409a valuation. At the conclusion of each Fiscal Year, the Company will review performance relative to
the performance goals and may grant additional equity awards as appropriate, in its sole and absolute discretion. All Equity Awards will
be subject to such other terms and conditions as determined by the Board in its sole discretion and set forth in a separate stock option
agreement. This Agreement supersedes and replaces all previous oral or written agreements, memoranda, correspondence, or other communications
between the parties hereto relating to the Executive’s Equity Awards, including without limitation the letter sent from Staci Smith
to the Executive on or around January 4, 2021.

 

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(d) Commissions.
In the event that that the Company forms a new division, partnership or other Company opportunity primarily as a result of the Executive’s
direct efforts and assistance (“New Venture”), then the Company agrees to negotiate with the Executive in good faith to determine
a mutually-agreeable commission or royalty structure for the Executive in connection with the New Venture. As related to the Company’s
New Venture referred to as FaZe Music, then Executive shall be entitled to a 5% net commission associated with talent that Executive “closes”
for the New Venture or other sourced deals that Executive brings into such New Venture.

 

(e) Benefits.
During the Term of Employment, the Executive shall be entitled to participate in all employee benefit plans, programs and arrangements
made available generally to the Company’s senior executives or to other full-time employees on substantially the same basis that
such benefits are provided to such senior executives of a similar level or to other full-time employees (including, without limitation,
a 401(k) retirement plan, medical, dental, flexible spending account, commuter benefits, hospitalization, vision, short- term and long-term
disability, and life insurance, accidental death and dismemberment protection, and any other fringe benefit or employee welfare benefit
plans or programs that may be sponsored by the Company from time to time, including any plans or programs that supplement the above-listed
types of plans or programs, whether funded or unfunded); provided, however, that during the Term of Employment, the Executive shall not
be eligible to participate in any generally available severance benefit plan, program or arrangement sponsored or maintained by the Company.
Nothing in this Section 3(d) of the Agreement shall be construed to require the Company to establish or maintain any such fringe or employee
benefit plans, programs or arrangements and the Company reserves the right to amend, modify or terminate any such fringe or employee benefit
plan.

 

(e) Vacations.
During the Term of Employment, the Executive shall be entitled to paid time off in accordance with the Company’s Flexible Vacation
Policy for US Exempt Employees.

 

(g) Reimbursement
of Expenses. During the Term of Employment, the Executive shall be entitled to receive prompt reimbursement for all reasonable business-
or employment-related expenses incurred by the Executive upon the receipt by the Company of reasonable documentation in accordance with
standard practices, policies and procedures applicable to other senior executives of the Company. The Executive will obtain written consent
from the Company’s CFO or CEO prior to incurring any single expense in excess of $5,000. Notwithstanding the foregoing, if any formal
policy is implemented that applies to all of the Company’s then-senior executives, then such policy shall also apply to the Executive
and shall replace any conflicting provisions herein.

 

6. Termination
of Employment. The Term of Employment shall be automatically terminated upon the first to occur of the following:

 

(a) Death.
The Executive’s employment shall terminate immediately upon the Executive’s death.

 

(b) Disability.
If the Executive is Disabled, either party may terminate the Executive’s employment due to such Disability upon delivery of written
notice to the other party.

 

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The effective date of such termination of employment will
be the Date of Termination set forth in such written notice or immediately upon delivery of such written notice if no effective date is
specified in the written notice. For avoidance of doubt, If the Executive’s employment is terminated pursuant to this Section 6(b),
the Executive’s employment will not constitute a termination of employment by the Company without Cause or by the Executive for
Good Reason.

 

(d) Termination
by the Executive Without Good Reason. The Executive may terminate the Executive’s employment for any reason other than Good
Reason upon delivery of written notice to the Company at least thirty (30) days prior to the Executive’s Date of Termination.

 

(e) Termination
by the Executive for Good Reason. The Executive may terminate the Executive’s employment for Good Reason if (i) not later than
ninety (90) days after the occurrence of any act or omission that constitutes Good Reason, the Executive provides the Company with a written
notice setting forth in reasonable detail the acts or omissions that constitute Good Reason, (ii) the Company fails to correct or cure
the acts or omissions within thirty (30) days after it receives such written notice, and (iii) Executive terminates the Executive’s
employment with the Company after the expiration of such cure period but not later than sixty (60) days after the expiration of such cure
period.

 

(f) Termination
by the Company Without Cause. The Company may terminate the Executive’s employment without Cause upon delivery of written notice
to the Executive.

 

(g) Termination
by the Company for Cause. Upon the occurrence of any act or omission that constitutes Cause, the Company may terminate the Executive’s
employment if (i) no fewer than 30 days prior to the Date of Termination, the Company provides Executive with written notice (the “Notice
of Consideration”) of its intent to consider termination of Executive’s employment for Cause, including a reasonably detailed
description of the acts or omissions that the CEO believes constitute Cause; and (ii) the Executive fails to cure the acts or omissions
that constitute Cause within 30 days after receiving such Notice of Consideration.

 

7. Compensation
and Benefits Payable Upon of Termination of Employment. 

 

(a) Payment
of Accrued But Unpaid Compensation and Benefits. Upon the Executive’s termination of employment for any reason, the Executive
(or the Executive’s estate following the Executive’s death) shall receive (i) a lump sum payment on the Date of Termination
in an amount equal to the sum of the Executive’s earned but unpaid Base Salary through the Date of Termination; plus (ii) any other
benefits or rights the Executive has accrued or earned through the Date of Termination in accordance with the terms of the applicable
fringe or employee benefit plans and programs of the Company (including any vested rights the Executive may have to outstanding Equity
Awards pursuant to the terms of such Equity Awards). Except as provided in Section 7(b) or (c) below or as expressly provided pursuant
to the terms of any employee benefit plan, the Executive will not be entitled to earn or accrue any additional compensation or benefits
for any period following the Date of Termination.

 

(b) Termination
of Employment Due to Death or Disability. In addition to the compensation and benefits payable under Section 7(a) above, if the Executive’s
employment is terminated due to death or Disability, the Executive (or the Executive’s estate following the Executive’s death)
shall receive:

 

		(i)	the Executive’s accrued
but unpaid Annual Bonus, if any, for the Fiscal Year ended prior to the Termination Date payable at the same time such annual bonuses
for such Fiscal Year are paid to other key executives of the Company;

 

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(c)
Termination of Employment by the Company without Cause or by the Executive for Good Reason. In addition to the compensation and benefits
payable under Section 7(a) above, if the Executive’s employment is terminated (i) by the Company without Cause, or (ii) by the
Executive for Good Reason and the Executive returns an executed Release to the Company, which becomes final, binding and irrevocable
within sixty (60) days following the Executive’s Date of Termination in accordance with Section 8, the Executive (or the Executive’s
estate following the Executive’s death) shall receive:

 

		(i)	the Executive’s accrued but unpaid Annual Bonus, if any, for the Fiscal Year ended prior to the
Termination Date payable at the same time annual bonuses for such Fiscal Year are paid to other key executives of the Company;

 

		(ii)	the Executive will receive the Annual Bonus, if any, payable for the Fiscal Year in which the Executive’s
employment is terminated based on actual Fiscal Year performance (pro-rated for the period of employment during such Fiscal Year through
the Date of Termination) payable at the same time annual bonuses for such Fiscal Year are paid to other key executives of the Company
pursuant to the terms of the Cash Bonus Plan;

 

		(iii)	if the Executive’s Date of Termination does not occur during the Post-Change of Control Period:

 

		(a)	The Executive will receive continued payment of the Executive’s
Base Salary (without regard to any reduction in Base Salary that constitutes Good Reason) in accordance with the Company’s payroll
practices for three (3) months of Base Salary; and

 

		(b)	reimbursement of the COBRA premiums, if any, paid by the Executive for continuation coverage for the Executive, the Executive’s
spouse and dependents under the Company’s group health, dental and vision plans for the lesser of three (3) months or the maximum
COBRA continuation period; and

 

		(iv)	if the Executive’s Date of Termination occurs during the Post- Change
of Control Period:

 

		(a)	100% of the Executive’s outstanding Equity Awards will be fully vested and exercisable;

 

		(b)	The Executive will receive a lump sum payment upon the Date of Termination in an amount equal to the Executive’s Base Salary
(without regard to any reduction in Base Salary that constitutes Good Reason) for three (3) months; and

 

		(c)	reimbursement of the COBRA premiums, if any, paid by the Executive for continuation coverage for the Executive, the Executive’s
spouse and dependents under the Company’s group health, dental and vision plans for the lesser of three (3) months or the maximum
COBRA continuation period.

 

Notwithstanding the foregoing, no payment that is otherwise
required to be paid to the Executive pursuant to this Section 7(c) before the Release becomes final, binding and irrevocable shall be
paid to the Executive until the Release becomes final, binding and irrevocable. In addition, if the Executive materially breaches this
Agreement or the Executive’s Confidential Agreement, then the Company’s continuing obligations under this Section 7(c) shall
cease as of the date of the breach and the Executive shall be entitled to no further payments hereunder.

 

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8. Release.
As a condition of receiving the compensation and benefits described in Section 7(c), Executive must execute a general waiver and release
of any and all claims arising out of Executive’s employment with the Company or Executive’s separation from such employment
(including, without limitation, claims relating to age, disability, sex or race discrimination to the extent permitted by law), excepting
(i) claims based on breach of the Company’s obligations to pay the compensation and benefits described in Sections 5 or 7 of this
Employment Agreement, (ii) claims arising under the Age Discrimination in Employment Act after the date Executive signs such release,
and (iii) any right to indemnification by the Company or to coverage under directors and officers liability insurance to which Executive
is otherwise entitled in accordance with this Agreement and the Company’s articles of incorporation or by laws or other agreement
between Executive and the Company (the “Release”). Such Release shall be in a form tendered to the Executive by the Company
within five (5) business days following the termination of the Executive’s employment by the Company without Cause, by the Executive
for Good Reason, which shall comply with any applicable legislation or judicial requirements, including, but not limited to, the Older
Workers Benefit Protection Act. The compensation and benefits described in Section 7(c) will not be paid to the Executive if the Executive
fails to execute the Release within the time frame specified in such Release (but in no event later than, if the Executive revokes the
Release within the applicable revocation period set forth in such Release or if the revocation period expires more than sixty (60) days
following the Executive’s Date of Termination.

 

9. Indemnification.
The Company shall indemnify Executive to the fullest extent provided by the Company’s bylaws. Additionally, Executive shall
be covered by such Directors and Officers insurance coverage as then in effect by the Company.

 

10. Mitigation
of Damages. The Executive will not be required to mitigate damages or the amount of any payment or benefit provided for under
this Agreement by seeking other employment or otherwise. The amount of any payment or benefit provided for under this Agreement will not
be reduced by any compensation or benefits earned by the Executive as the result of self-employment or employment by another employer
or otherwise.

 

11. Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
if delivered by hand or mailed within the continental United States by first class certified mail, return receipt requested, postage prepaid,
with a copy to the email address listed below, addressed as follows:

 

If to the Board or the Company:

 

FaZe Clan Inc.

Attention:

1800 N. Highland Avenue, 6th Floor

Los Angeles, CA 90028

 

Email: to                    with a copy to

 

If to the Executive:

 

To the address on file with the records of the Company.

 

Addresses may be changed by written
notice sent to the other party at the last recorded address of that party.

 

12. Withholding.
The Company shall be entitled to withhold from payments due hereunder any required federal, state or local withholding or other taxes.

 

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13. Miscellaneous.

 

(a) Governing
Law. This Agreement shall be interpreted, construed, governed and enforced according to the laws of the State of California without
regard to the application of choice of law rules.

 

(b) Entire
Agreement. This Agreement, together with the Exhibits attached hereto, contains the entire agreement between the parties with respect
to the subject matter hereof and supersedes any and all other prior agreements, promises, understandings and representations regarding
the Executive’s employment, compensation, severance or other payments contingent upon the Executive’s termination of employment,
whether written or otherwise. For the avoidance of doubt, the terms of the Offer Letter between the Executive and the Company dated October
9, 2020 shall only govern the terms of the Executive’s employment with the Company until the Effective Date.

 

(c) Amendments.
No amendment or modification of the terms or conditions of this Agreement shall be valid unless in writing and signed by the parties hereto.

 

(d) Severability.
If one or more provisions of this Agreement are held to be invalid or unenforceable under applicable law, such provisions shall be construed,
if possible, so as to be enforceable under applicable law, or such provisions shall be excluded from this Agreement and the balance of
the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.

 

(e) Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the beneficiaries, heirs and representatives of the Executive
and the successors and assigns of the Company. The Company shall require any successor (whether direct or indirect, by purchase, merger,
reorganization, consolidation, acquisition of property or stock, liquidation, or otherwise) to all or substantially all of its assets,
by agreement in form and substance satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform this Agreement if no such succession had taken place. Regardless
whether such agreement is executed, this Agreement shall be binding upon any successor of the Company in accordance with the operation
of law and such successor shall be deemed the Company for purposes of this Agreement.

 

(f) Successors
and Assigns; Nonalienation of Benefits. Except as provided in Section 13(e) in the case of the Company, or to the Executive’s
estate and heirs in the case of the death of the Executive, this Agreement is not assignable by any party. Compensation and benefits payable
to the Executive under this Agreement shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, charge, garnishment, execution or levy of any kind, either voluntary or involuntary, prior to actually being received by
the Executive or the Executive’s estate, as applicable, and any such attempt to dispose of any right to benefits payable hereunder
shall be void, and no payment to be made hereunder shall be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance
or other charge.

 

(g) Remedies
Cumulative; No Waiver. No remedy conferred upon either party by this Agreement is intended to be exclusive of any other remedy, and
each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder or now or hereafter existing
at law or in equity. No delay or omission by either party in exercising any right, remedy or power hereunder or existing at law or in
equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party from time to time and
as often as may be deemed expedient or necessary by such party in such party’s sole discretion.

 

(h) Survivorship.
Notwithstanding anything in this Agreement to the contrary, all terms and provisions of this Agreement that by their nature extend beyond
the Date of Termination shall survive termination of this Agreement.

 

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(i) Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together,
shall constitute one document.

 

14. Section
409A of the Code. The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from,
Section 409A of the Code and, accordingly, to the maximum extent permitted, this Agreement shall be construed and interpreted in accordance
with such intent. The Executive’s termination of employment (or words to similar effect) shall not be deemed to have occurred for
purposes of this Agreement unless such termination of employment constitutes a “separation from service” within the meaning
of Code Section 409A and the regulations and other guidance promulgated thereunder.

 

Notwithstanding any provision in this
Agreement to the contrary, if the Executive is deemed on the date of the Executive’s separation from service to be a “specified
employee” within the meaning of that term under Code Section 409A(a)(2)(B) and using the identification methodology selected by
the Company from time to time, or if none, the default methodology set forth in Code Section 409A, then with regard to any payment or
any benefit that constitutes “non-qualified deferred compensation” pursuant to Code Section 409A and the regulations issued
thereunder that is payable due to the Executive’s separation from service, to the extent required to be delayed in compliance with
Code Section 409A(a)(2)(B), such payment or benefit shall not be made or provided to the Executive prior to the earlier of (i) the expiration
of the six (6)-month period measured from the date of the Executive’s separation from service, and (ii) the date of the Executive’s
death (the “Delay Period”). On the first day of the seventh month following the date of the Executive’s separation from
service or, if earlier, on the date of the Executive’s death, all payments delayed pursuant to this Section 13 shall be paid or
reimbursed to the Executive in a lump sum, and any remaining payments and benefits due to the Executive under this Agreement shall be
paid or provided in accordance with the normal payment dates specified for them herein.

 

To the extent any reimbursement of costs
and expenses (including reimbursement of COBRA premiums pursuant to Section 7(c)) provided for under this Agreement constitutes taxable
income to the Executive for Federal income tax purposes, such reimbursements shall be made as soon as practicable after the Executive
provides proper documentation supporting reimbursement but in no event later than December 31 of the calendar year next following the
calendar year in which the expenses to be reimbursed are incurred. With regard to any provision herein that provides for reimbursement
of expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits is not subject
to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided
during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable
year.

 

If under this Agreement, any amount
is to be paid in two or more installments, each such installment shall be treated as a separate payment for purposes of Section 409A.

 

15. Executive
Acknowledgement. The Executive hereby acknowledges that the Executive has read and understands the provisions of this
Agreement, that the Executive has been given the opportunity for the Executive’s legal counsel to review this Agreement, that
the provisions of this Agreement are reasonable and that the Executive has received a copy of this Agreement.

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Employment Agreement to be executed on 5/7/2021      .

 

	FAZE CLAN INC.	 
	 	 
	By:	/s/ Lee Trink	 
	Name: 	Lee Trink	 
	Title: 	CEO	 

 

	EXECUTIVE	 
	 	 
	/s/ Kainoa Henry 	 
	Kainoa Henry	 

 

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EXHIBIT A

 

(a) “Annual
Bonus” shall have the meaning set forth in Section 5(b) of the Employment Agreement.

 

(b) “Base
Salary” shall have the meaning set forth in Section 5(a) of the Employment Agreement.

 

(c) “Board”
means the Board of Directors of the Company.

 

(d) “Cause”
means one or more of the following:

 

		(i)	The Executive’s willful and continuous failure to perform the Executive’s essential duties hereunder or the lawful directives
of the Board and the CEO (other than as a result of illness or injury);

 

		(ii)	The Executive’s willful misconduct or gross negligence in the performance of the Executive’s duties hereunder that directly
could reasonably be expected to materially and demonstrably impair or damage the property, goodwill, reputation, business or finances
of the Company;

 

		(iii)	The conviction of, or plea of nolo contendere by, the Executive to, a felony or a crime involving moral turpitude that could
reasonably be expected to materially and demonstrably impair or damage the property, goodwill, reputation, business or finances of the
Company;

 

		(iv)	The Executive’s material breach of the Executive’s obligations under the Confidentiality Agreement;

 

		(v)	The Executive’s willful material violation of the Company policies that could reasonably be expected to materially and demonstrably
impair or damage the property, goodwill, reputation, business or finances of the Company; or

 

		(vi)	The Executive’s commission of any willful acts of personal dishonesty in connection with the Executive’s responsibilities
as an employee of the Company that could reasonably be expected to materially and demonstrably impair or damage the property, goodwill,
reputation, business or finances of the Company.

 

(e) “CEO”
means the Company’s chief executive officer.

 

(f) “CFO”
means the Company’s chief financial officer.

 

(g) “Change
of Control” means the occurrence of any one of the following events.

 

		(i)	any “person” (as defined in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934
(the “Exchange Act”)), other than the Company, any trustee or other fiduciary holding securities under an employee benefit
plan of the Company, an underwriter temporarily holding securities pursuant to an offering of such securities or any corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company,
directly or indirectly acquires “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) of securities
representing more than 50% of the combined voting power of the Company’s then outstanding securities;

 

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		(ii)	the consummation of a reorganization, merger, statutory share exchange, consolidation or similar corporate transaction (each, a “Business
Combination”) other than a Business Combination in which all or substantially all of the individuals and entities who were the beneficial
owners of the Company’s voting securities immediately prior to such Business Combination beneficially own, directly or indirectly,
50% or more of the combined voting power of the voting securities of the entity resulting from such Business Combination (including, without
limitation, an entity which as a result of the Business Combination owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership of the Company’s
voting securities immediately prior to such Business Combination; or

 

		(iii)	any “person” (as defined in Sections 13(d) and 14(d) of the Exchange Act) acquires all or substantially all of the assets
of the Company within any twelve (12) consecutive month period.

 

Notwithstanding the forgoing, none of
the foregoing events shall constitute a Change of Control of the Company unless such event also constitutes a change in ownership of the
Company within the meaning of Treasury Regulation Section 1.409A- 3(i)(5)(v) or a change in ownership of a substantial portion of the
assets of the Company within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vii).

 

		(b)	“Change of Control Date” means any date after the date hereof on which a Change of Control occurs.

 

		(c)	“Code” means the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder.

 

		(d)	“Confidentiality Agreement” means the Proprietary Information and Invention Assignment Agreement between the Company and
the Executive, a copy of which is attached to this Agreement as Exhibit B, pursuant to which the Executive has agreed to abide by certain
covenants (including covenants to maintain not to disclose confidential information, or to use confidential or proprietary information
to solicit employees, consultants, independent contractors, gamers, talent, and business partners of the Company to reduce or cease doing
business with the Company).

 

		(e)	“Date of Termination” means the date specified in a written notice of termination delivered pursuant to Section 6 hereof,
or the Executive’s last date as an active employee of the Company before a termination of employment due to the Executive’s
death.

 

		(f)	“Disabled” or “Disability” means a mental or physical condition that renders the Executive substantially incapable
of performing the Executive’s duties and obligations under this Agreement, after taking into account provisions for reasonable accommodation,
as determined by a medical doctor (such doctor to be mutually determined in good faith by the parties) for 180 day days (whether or not
consecutive) within any twelve (12) consecutive month period.

 

		(g)	“Equity Awards” means stock options, stock appreciation rights, restricted shares, restricted stock units, deferred stock,
performance shares or performance units or any other stock-based awards granted by the Company to the Executive whether pursuant to the
terms of an equity incentive plan or otherwise.

 

		(h)	“Fiscal Year” means
the fiscal year of the Company, which is the calendar year.

 

    A-2

     

    

 

		(i)	“Good Reason” means, unless the Executive has consented in writing thereto, the occurrence
of any of the following:

 

		(i)	the assignment to the Executive of any duties materially inconsistent with the Executive’s position, including any change in
status, title, authority, duties or responsibilities or any other action which results in a material diminution in such status, title,
authority, duties or responsibilities;

 

		(ii)	a material reduction in the Executive’s Base Salary without the Executive’s consent by the Company other than a reduction
in the annual base salary of all members of the Company’s senior management team on a substantially equivalent basis;

 

		(iii)	the relocation of the Executive’s principal office without the Executive’s written consent to a location that increases
the Executive’s one-way commute from the Executive’s residence at the time such relocation becomes effective by more than
90 minutes;

 

		(iv)	the failure of the Company to obtain the assumption in writing of the Company’s obligation to perform this Agreement by any
person that acquires substantially all of the assets of the Company (an “Asset Purchaser”) within thirty (30) days after a
sale or other disposition of all or substantially all of the assets of the Company unless the Executive begins working for the Asset Purchaser
or an affiliate thereof pursuant to the terms of an employment agreement between the Executive and such Asset Purchaser or any affiliate
thereof;; or

 

		(v)	any material reduction in the Company’s willingness or obligation to indemnify the Executive against liability for actions (or
inaction, as the case may be) in the Executive’s capacity as an officer, director or employee of the Company;

 

		(vi)	an uncured material breach of this Agreement by the Company.

 

		(j)	“Post-Change of Control Period” means the period beginning on the Change of Control Date
and ending 24 months after the date of the related Change of Control.

 

		(k)	“Release” shall
have the meaning set forth in Section 8 of the Employment Agreement.

 

    A-3

     

    

 

EXHIBIT B

 

(1) PROPRIETARY INFORMATION AND INVENTION ASSIGNMENT AGREEMENT

 

(2) ASSUMPTION OF RISK & RELEASE OF LIABILITY FOR HAZARDOUS ACTIVITIES

 

(3) DISPUTE RESOLUTION AGREEMENT

 

(4) IMAGE RELEASE FORM

 

     

     

    

 

Employment Agreement — Amendment

Kainoa Henry

 

This amendment (“Amendment”) is entered
into by and between Kainoa Henry (“Executive”) and FaZe Clan Inc. (“Company”).

 

WHEREAS, Company and Executive signed
an employment agreement dated May 1, 2021 (“Employment Agreement”) on May 7, 2021; and

 

WHEREAS, Company and Executive desire
to modify certain compensation terms set forth in Section 5 of the Employment Agreement.

 

NOW THEREFORE, in consideration of the mutual
covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree to the amendment below, which shall be adopted as though fully set forth in the Employment Agreement:

 

		1.	The first sentence of Section 5(a) of the Employment Agreement
shall be deleted and replaced with the following sentence:

 

“The Company shall pay to the Executive
in accordance with its normal payroll practices (but not less frequently than monthly) an annual salary at a rate of not less than $400,000
per annum (“Base Salary”), effective as of July 1, 2021.”

 

		2.	The second sentence of Section 5(c) of the Employment Agreement
shall be deleted and replaced with the

following:

 

“Subject to Board approval, the
Executive will receive an initial Equity Award in the form of an option to purchase (i) 75,000 shares of the Company’s common stock,
which will vest over four (4) years beginning on October 19, 2020, subject to a one (1) year cliff, (ii) 125,000 shares of the
Company’s common stock, which will vest over four (4) years beginning on the Effective Date, subject to a one (1) year cliff, and (iii)
170,222 shares of the Company’s common stock in the form of Restricted Stock, which shall vest over two (2) years in equal annual
installments beginning on October 18, 2021, subject to a one (1) year cliff (collectively, the “Initial Equity Award”).”

 

		3.	Except as specifically modified and amended herein, all of
the terms, provisions, requirements, and specifications contained in the Employment Agreement shall remain unchanged.

 

[Signature Page Follows]

 

     

     

    

 

WITNESS WHEREOF, the undersigned parties hereto have caused this Amendment
to be duly executed as of April 18th, 2022.

 

	EXECUTIVE	 	COMPANY
	 	 	 
	/s/ Kainoa Henry	 	FAZE CLAN INC.
	Kainoa Henry	 	By:	/s/ Lee Trink
	Date:	 4.18.22	 	Name: 	 Lee Trink
	 	 	Title:	CEO
	 	 	Date:	 4.18.22Exhibit 10.18

 

 

 

FaZe Clan Inc. x Snoop Dogg + The
Family + SMAC Collaboration Agreement 

 

This Collaboration Agreement (“Agreement”),
dated as of February 17, 2022 (“Effective Date”), is entered into by and between (1) FaZe Clan Inc., a Delaware corporation
with its principal place of business at 1800 North Highland Avenue, 6th Fl., Los Angeles, CA 90028 (“FaZe”), on the one hand,
and (2) Spanky’s Clothing Inc. f/s/o Calvin Broadus Jr. aka “Snoop Dogg” (“Snoop”), Cordell Broadus (“Cordell”)
and Boss Lady Entertainment f/s/o Shante Broadus (“BLE” together with Cordell, the “Family”) and SMAC Entertainment
f/s/o Constance Schwartz-Morini (“SMAC”), on the other hand. Snoop, the Family and SMAC are collectively referred to as the
“Snoop Parties.” For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
agree to all of terms of this Agreement.

 

		1.	Term. The term shall begin on the Effective Date and shall continue for two (2) years
from the Effective Date (unless in accordance with the terms herein, either earlier terminated, or extended, the “Term”).

 

		2.	FaZe Membership. During the Term, Snoop may, but shall not be obligated to, represent
himself in public or on social media platforms as “FaZe Snoop” or any other name incorporating “FaZe” that’s
mutually agreed by the parties. In no event will FaZe seek to claim, register or maintain any mark or reference that includes Snoop or
any similar references, which could suggest an association with Snoop. Subject to Section 6(b), both FaZe and the Snoop Parties may represent
that Snoop is (or was, as applicable) a member of FaZe during the Term.

 

		3.	Snoop Parties Contributions. During each year of the Term the applicable party shall undertake
the following:

 

(a) Announcement
Posts. Snoop shall post and tag FaZe in at least two (2) announcement posts per year on Snoop’s social media channels, with
copy to be mutually agreed between the parties.

 

(b) Reposts.
Snoop shall repost four (4) of FaZe’s social media content posts per year on Snoop’s social media channels, as mutually agreed
between the parties.

 

(c) Branded
Campaigns. Snoop shall participate in two (2) branded campaigns per year with FaZe sponsors, on a “work-made-for-hire”
basis for FaZe consistent with Section 6(b) below, provided that the brand, pricing and campaign concept in each case will be subject
to Snoop’s approval (in his sole and absolute discretion).

 

(d) Events.
Snoop shall host two (2) FaZe-related tentpole events per year as requested by FaZe, with the choice of event to be subject to
Snoop’s approval (not be unreasonably withheld), with scheduling to be subject to Snoop’s prior professional
availability. FaZe shall arrange private flights (For Snoop and the Snoop Parties to the extent travelling with Snoop, otherwise
first class) and first class accommodation for the Snoop Parties to attend these events.

 

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(e) Community
Outreach; Creative. Cordell shall develop, lead and run FaZe’s community outreach program. FaZe will provide at least $50,000
of value (as cash and/or equipment) per year of the Term to be allocated in Cordell’s reasonable discretion on Snoop Youth Football
League, scholarships, and other charitable activities, in each case with such sponsor identification for FaZe as it may reasonably request.
The execution of this community outreach program will be subject to Snoop’s sole and absolute discretion. Cordell shall also lead
creative direction for Snoop’s contributions set forth herein, and he shall be the main point of contact for the Snoop Parties.

 

(f) Merchandise.
Snoop shall commit to co-design, and participate in a full marketing campaign for a minimum of two (2) “FaZe Snoop” branded
merchandise lines per year with FaZe (which may be released in conjunction with NTWRK, in FaZe’s discretion) (each a “Merchandise
Drop”). Snoop may sell items from the Merchandise Drops in his clothing establishments or other channels controlled by the Snoop
Parties. All aspects of the Merchandise Drops (merchandise selection and design, marketing and pricing, etc.) to be subject to Snoop’s
approval in his sole discretion. Net Profits resulting from the Merchandise Drop shall be collected by FaZe and then paid 50% to Snoop,
subject to customary audit rights; provided that any Net Profits resulting from any Merchandise Drop sales made directly by Snoop or the
Snoop Parties shall be collected by Snoop and then paid 50% to FaZe. “Net Profits” means gross sales less all bona fide, verifiable
costs of producing and selling such goods sold (e.g., actual production, shipping, and fulfillment costs, transaction fees, discounts
and returns).

 

(g) Gaming Center.
FaZe and the Snoop Parties will discuss in good faith co-branding of a mutually agreed upon location (the “Gaming Center”).
The parties will discuss FaZe assisting with the creative development and curation of the Gaming Center in exchange for a mutually agreed
upon revenue share from events and operations at the Gaming Center.

 

4. Sponsorship Opportunities.

 

(a) Sponsorships. FaZe maintains
an active sales team that may present Snoop’s services (subject to his prior written consent in each case, i.e. FaZe will not pitch
Snoop’s services to any third party without his specific prior approval as relates to such third party) as a team member as part
of branding, promotion, and sponsorship deals between FaZe Clan and third party brands (subject to the restrictions herein) (“Sponsorship[s]”).
In connection with each Sponsorship that FaZe would like Snoop’s participation in, his participation will be subject to his approval
(in his sole and absolute discretion) of his payment and other terms of his participation. FaZe acknowledges that Snoop may be under multiple
brand, endorsement, gaming, streaming and social media obligations (“External Obligations”), and therefore, any opportunities
involving Snoop must be pre-approved by Snoop in writing. Snoop represents and warrants that this Agreement and any Sponsorships Snoop
approves do not and will not violate any External Obligations. Snoop understands and agrees that any audit Snoop may conduct in connection
with any Sponsorship shall extend only to Snoop’s personal deal with FaZe in connection with the Sponsorship and not to the larger
Sponsorship deal itself.

 

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(b) Compound; Friends and Family Rate Card.
FaZe and its sponsors will be able to have access to the Snoop compound as mutually agreeable, but in any event not more than 5 times
per year, on such terms and conditions as Snoop makes available to similarly situated third parties. Subject to the foregoing, if FaZe
desires to host any party or other event at the Snoop compound, such party or event shall be subject to terms and conditions mutually
agreed upon in writing between FaZe and BLE.

 

		5.	Equity Awards; Equity Bonuses. In consideration of the services, promises, and rights
granted to FaZe under this Agreement, and provided that the Snoop Parties are in full compliance with the terms of this Agreement, FaZe
agrees to grant the Snoop Parties (or to the principals personally, if so requested) equity award(s) that will be registered under the
Securities Act (as granted pursuant to customary long-form documentation, and in each case calculated based on a valuation of FaZe equal
to Five Hundred Fifty Million ($550,000,000) (“Equity Awards”) as follows:

 

(a) Snoop: One
Million Eight Hundred Fifty Seven Thousand One Hundred Fifty Four Dollars ($1,857,154) of value in the form of restricted stock will be
granted to Snoop that vests as follows: (i) one-third upon the six-month anniversary of the Effective Date; (ii) one-third in equal monthly
installments thereafter until the one-year anniversary of the Effective Date and (iii) one-third in equal monthly installments between
the one-year anniversary and the two-year anniversary of the Effective Date.

 

(b) Cordell:
Two Hundred Forty Seven Thousand Six Hundred Fifteen Dollars ($247,615) of value in the form of restricted stock will be granted to Cordell
that vests on the same schedule as applicable to Snoop.

 

(c) Boss Lady
Entertainment: Two Hundred Forty Seven Thousand Six Hundred Fifteen Dollars ($247,615)of value in the form of restricted stock will
be granted to BLE that vests on the same schedule as applicable to Snoop; and

 

(d) SMAC:
Two Hundred Forty Seven Thousand Six Hundred Fifteen Dollars ($247,615) of value in the form of restricted stock will be granted to SMAC
that vests on the same schedule as applicable to Snoop.

 

(e) Equity Bonuses.
In addition to the Equity Awards described above, the Snoop Parties and Faze agree to have quarterly meetings throughout the Term and
discuss deliverables and milestones. Faze will in good faith consider equity bonuses on material overperformance by the Snoop Parties
of the commitments under this Agreement, including, without limitation, for deals or relationships that the Snoop Parties actively bring
to FaZe.

 

6. Intellectual Property:

 

(a) Name and Likeness. Snoop hereby grants FaZe,
the right to use (and authorize others to use, solely as necessary to operationalize this Agreement) Snoop’s approved:
name(s), voice, image, photograph, personal characteristics, signature, actual or simulated likeness, expressions, performance,
attributes, personal experiences, and biographical information (collectively “Name and Likeness”) in and in connection
with the advertising, publicity, promotion, merchandising, exhibition and other exploitation of the services contemplated herein and
all Content in all versions and formats and the businesses, services, programs or products of FaZe, and their licensees,
sublicensees, assigns, advertisers and sponsors (including all advertising, publicity, promotion, and materials associated
therewith), in any and all media and by any means now known or later devised. For the avoidance of doubt, once Name and Likeness
usages have been approved by Snoop, such uses will be deemed approved for similar future uses by FaZe during the Term.
Notwithstanding the foregoing, FaZe may not use Snoop’s Name and Likeness in connection with any third-party merchandising,
endorsement, or commercial tie-in without Snoop’s prior written consent in each instance, which may be granted or withheld in
Snoop’s sole and absolute discretion. FaZe agrees that it will not file any application for trademark registration or
otherwise obtain or attempt to obtain ownership of any trademark or trade name in any country of the world which consists of any
Snoop name, logo, and/or Name and Likeness. FaZe acknowledges and agrees that Snoop’s Name and Likeness, is and shall be and
remain the sole and exclusive property of Snoop in perpetuity, and FaZe shall not have any rights, title or interests therein,
except as expressly provided herein.

 

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		(b)	Publicity. FaZe and the Snoop Parties will mutually agree in writing on language that may be used by both parties in publications
regarding Snoop’s association with FaZe, and once such language is agreed upon, it will be deemed approved for similar future uses
during the Term.

 

		(c)	Content. “Content” shall mean all content (including, without limitation, video content, social media postings,
writings, artwork, designs, films, and musical recordings) developed, produced, or created in connection with this Agreement during the
Term. Any pre-existing works, content (including, without limitation, video content, social media postings, writings, artwork, designs,
films, and musical recordings), materials, data, ideas, innovations and concepts and all intellectual property rights in and to the foregoing
owned or licensed by Snoop or the Family or their Affiliates prior to the Effective Date or independent of this Agreement and any derivatives
or modifications of any of the foregoing, including Name and Likeness (collectively, “Snoop IP”) shall be owned exclusively
by Snoop, the Family or its licensors, as applicable. All of Snoop’s contributions and/or work in connection with any Content (including,
without limitation, Content produced by Snoop in support of this Agreement) that is wholly or partially (a) paid for by FaZe, or (b) produced
by FaZe or at the direction of FaZe, shall be performed by Snoop on a “work-made-for-hire” basis for FaZe and, as such, all
results and proceeds, including all intellectual property rights therein and thereto, from such contributions and/or work, excluding any
Snoop IP, shall be owned exclusively by FaZe in perpetuity throughout the universe in all media now known or later devised (the “FaZe
Content”). In addition, Snoop hereby grants to FaZe an assignable, irrevocable, perpetual, sub-licensable (through one or multiple
tiers), transferrable, royalty-free, right and license to use, copy, reproduce, distribute, practice, publicly perform, publicly display,
offer for sale, sell, transfer, dispose of, market, digitally perform, and enforce any intellectual property rights in and to any and
all Snoop IP to the extent included in and so long as it remains a part of any Content produced hereunder in the form in which it was
originally provided and/or approved by Snoop (“Authorized Snoop Content”) for any and all purposes authorized by Snoop (such
authority extends to similar future uses by FaZe), in any media now known or later devised, and Snoop waives all so-called “moral
rights” in connection with such proper uses of the Authorized Snoop Content. Notwithstanding the foregoing, FaZe may not use Snoop
IP nor the Authorized Snoop Content in connection with any third-party merchandising, endorsement, or commercial tie-in without Snoop’s
prior written consent in each instance, which may be granted or withheld
in Snoop’s sole and absolute discretion.

 

		(d)	Post-Term Uses.
Notwithstanding the foregoing, following expiration of the Term, FaZe may leave up Content posted during the Term, however, may not make
new uses of the Content (i) in connection with any third-party merchandising, endorsement, or commercial tie-in without either (A) Snoop’s
prior written consent in each instance, or (B) for FaZe Content, removing the Snoop IP from such Content, or (ii) to state or intentionally
imply that Snoop remains an active member of FaZe following expiration of the Term. For the avoidance of doubt and without limiting anything
in this Section 6, FaZe may use the Content following expiration of the Term for internal and/or archival purposes, as well as in mash-ups
posted on FaZe-branded social media accounts, provided such Content does not intentionally imply nor is designed to mislead the audience
that Snoop remains an active member of FaZe following expiration of the Term. The rights granted in this Section 6 shall survive any
expiration or termination of this Agreement.

 

7.
Exclusivity.

 

For three (3) years following the Effective Date, Snoop and
Family hereby agree that, without the prior consent of FaZe, each of Snoop and Family shall not in any way endorse, promote, provide services
for, create content for, or be employed by any other esports team or gaming (i.e. relating to games and not to gambling) company that
directly competes with FaZe as it conducts business as of the Effective Date (such business as so conducted, the “Current Business”);
provided that Snoop and the Family shall be allowed to perform their respective obligations under any agreements with a third party to
the extent that such third party was not directly competitive with FaZe at the time such agreement became effective. For the avoidance
of doubt, FaZe acknowledges that Snoop has a publicly disclosed business arrangement with Gala Music / Gala Games (“Gala”),
and FaZe agrees that Snoop may do business with Gala; provided, however, if FaZe thinks that an activity by Snoop with Gala is in conflict
with FaZe’s business and its relationship with Snoop, then the parties agree to meet in good faith and discuss the concerns.

 

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		8.	Non-Disparagement. For a period beginning on the Effective Date and continuing for one (1) year following the end of the Term,
each of FaZe on the one hand and the Snoop Parties on the other hand shall not make any public statement that disparages the other (and
for FaZe, its employees or signed gamers, speaking in their capacities as such) or any public statement that intentionally directs negative
attention to the other (and for FaZe, its employees or signed gamers, speaking in their capacities as such). For the avoidance of doubt,
good natured “trash talking” in the context of esports or gaming, or during the course of a game or match, will not constitute
a violation of the foregoing obligation. With respect to FaZe, the foregoing restriction will apply only to public statements expressed
by FaZe’s current directors, officers, or employees speaking on behalf of FaZe.

 

		9.	Confidentiality. Beginning on the Effective Date and continuing for five (5) years from the end of the Term, and to the fullest
extent permitted by law, FaZe and the Snoop Parties agree (a) to hold all of the other parties’ confidential information in strict
confidence, (b) not to use it in any way, commercially or otherwise, except as expressly set forth under this Agreement, (c) not to disclose
it to others, and (d) take all actions reasonably necessary to protect the confidentiality of all confidential information; except (i) where such information
has already been released to the public by the disclosing party; (ii) to the extent necessary to comply with law or the valid order of
a court of competent jurisdiction or government agency, provided the party seeking to disclose promptly notify the disclosing party in
writing of such request or requirement so that the disclosing party may seek an appropriate protective order or other relief, which efforts
the party seeking to disclose agrees to not oppose and to reasonably cooperate with; or (iii) on a must-know basis to the receiving party’s
representatives upon the express condition that the receiving party shall in such cases secure said representatives’ agreement to
comply with this confidentiality restriction. For the avoidance of doubt, the Snoop Parties’ confidential information shall include,
without limitation, any personal, private or business information relating to the Snoop Parties, or any and all members of Snoop’s
family, friends and advisors, which information is generally not known to the public.

 

		10.	Morals. The Snoop Parties agree to follow the FaZe Code of Conduct (which FaZe shall provide
in writing to the Snoop Parties), incorporated by this reference, during the Term, but for clarity in all cases the Code of Conduct will
apply to the Snoop Parties only in the context of their activities on behalf of FaZe. In the event that Snoop or Cordell take any action
that constitutes an offense involving moral turpitude under federal, state or local laws that leads to their conviction of a felony, then
at the time of any such action or at any time after FaZe learns of any such action, FaZe shall have the right, at its sole and absolute
discretion, to immediately terminate the Agreement by written notice to the Snoop Parties.

 

		11.	Indemnification. Each party (“Indemnifying Party”) shall indemnify the other
party and each of its officers, directors, owners, shareholders, representatives, officials, employees, agents, subsidiaries, affiliates,
successors, and assigns (collectively, “Indemnified Parties”) against any and all losses, damages, and expenses of any kind
(including without limitation reasonable attorneys’ fees) resulting from third party claims arising out of: (a) Indemnifying Party’s
actual or alleged infringement or violation of any third party right; or (b) Indemnifying Party’s actual or alleged breach of its
covenants, representations, or warranties set forth in this Agreement.

 

		12.	Termination.

 

(a) Termination
for Breach. Either party may terminate this Agreement if the other party breaches any material term of this Agreement and fails to
cure such breach within thirty (30) days following written notice thereof from the non-breaching party.

 

(b) Termination
for Convenience. FaZe may terminate this Agreement at any time, for any reason or no reason, upon at least ten (10) days written notice
to Snoop (“Termination for Convenience”).

 

(c) Effect of Termination.
Upon any early termination of this Agreement for any reason, the Snoop Parties will promptly deliver to FaZe (or delete at FaZe’s
request) all Confidential Information in the Snoop Parties’ possession or control. Upon any early termination of this Agreement by FaZe
as a Termination for Convenience, the Equity Awards, equity bonuses, and Snoop’s 50% share of Net Profits from the Merchandise Drop
shall survive. In the event that FaZe terminates for a material breach, FaZe shall have no further obligation or liability to the Snoop
Parties, including without limitation concerning any then-unvested Equity Awards.

 

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		13.	Approvals. Email shall suffice for any approvals to be provided hereunder.

 

		14.	Independent Contractor. The Snoop Parties acknowledge and agree that the Snoop Parties are each an independent contractor and
that none of the Snoop Parties are an employee or agent of FaZe for any purpose, including in connection with all tax obligations. The
Snoop Parties agree that FaZe is not responsible for any insurance coverage(s) for any of the Snoop Parties and accordingly, the Snoop
Parties shall assume responsibility for obtaining all required insurance coverage(s) for each of the Snoop Parties.

 

		15.	Assignment. This Agreement may not be assigned by the Snoop Parties, and any purported assignment shall be null and void ab
initio. FaZe may freely assign this Agreement to any entity majority-owned or controlled by FaZe by providing written notice to the Snoop
Parties.

 

		16.	Not an Agent. The Snoop Parties acknowledge and agree that FaZe is not an employment or theatrical agency under Section 1700.5
of the California Labor Code, does not perform any service that requires a professional license, and does not procure, offer or attempt
to procure employment for anyone other than itself. FaZe maintains an active sales team that will seek branding, promotion, and sponsorship deals for FaZe. As a result, opportunities
for FaZe may be presented to the Snoop Parties as well. To the extent that any such opportunity relates solely to any of the Snoop Parties,
and not to FaZe, FaZe shall not participate in the solicitation or negotiations of the same. The Snoop Parties understand that FaZe is
not a licensed talent agent and cannot conduct those activities on the Snoop Parties’ behalf. Nonetheless, FaZe may work closely
with the Snoop Parties’ licensed talent agent, if any, to facilitate opportunities. The Snoop Parties acknowledge and agree that
FaZe will not procure work for any of the Snoop Parties from third parties. Any work FaZe procures is for itself and, to the degree any
of the Snoop Parties are involved, they will be as a subcontractor of FaZe. The decision to enter into any employment or engagement is
the Snoop Parties alone, and the Snoop Parties acknowledge and agree that they shall rely on their own judgment, belief, knowledge or
the advice and recommendations of their own legal counsel or business advisors in deciding to proceed with any financial opportunity.

 

		17.	Representations and Warranties. Each party (“Representing Party”) represents and warrants that (a) Representing
Party has the full right and authority to enter into this Agreement and grant the rights granted hereunder, (b) all material furnished
by Representing Party shall comply with any applicable digital media platform’s and/or policies as posted on each party’s
respective website or user platform, and shall not violate or infringe upon the rights of any party, (c) Representing Party has not entered
into any agreement, verbal or written, express or implied, that may conflict with the terms of this Agreement, and (d) Snoop will observe
and comply with all instructions and rules of any applicable esports competition, including without limitation regarding access to, and
use of, the facilities, hardware, software, and equipment used in or for all competitions.

 

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		18.	Dispute Resolution. In the event of any dispute, claim, question, controversy or disagreement arising out of or relating to
this Agreement or the breach thereof, including the determination of the scope or applicability of this provision that the parties are
unable to settle (each, a “Dispute”), then the Dispute shall be finally settled by confidential binding arbitration in accordance
with the Comprehensive Arbitration Rules of the Judicial Arbitration and Mediation Service, Inc. (“JAMS”) for claims over
$250,000, and pursuant to the rules and procedures of JAMS Streamlined for claims under $250,000, by one arbitrator experienced with entertainment
industry transactions and appointed in accordance with the applicable aforementioned
rules, with the prevailing party entitled to receive reasonable attorney’s fees and costs as determined by the arbitrator. The arbitration
shall take place in Los Angeles, California. Because the parties intend to resolve any particular dispute as quickly as possible, the
arbitrator shall not have the authority to consolidate the claims of other engaged parties into a single proceeding, to fashion a proceeding
as a class, collective, or representative action, or to award relief to a class or group of engaged parties. All claims covered by this
Agreement are intended to be brought and resolved on an individual basis. Both the Snoop Parties and FaZe are waiving any right to bring
claims as class, collective, or representative actions. In addition, each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or
relating to this Agreement. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS. Because the services provided by the Snoop Parties are personal and unique and because the Snoop Parties will have access
to confidential information of FaZe, FaZe will have the right to enforce this Agreement and any of its provisions by injunction, specific
performance or other equitable relief, without having to post a bond or other consideration, in addition to all other remedies that FaZe
may have for a breach of this Agreement at law or otherwise. If any action is necessary to enforce the terms of this Agreement, the prevailing
party will be entitled to reasonable attorneys’ fees, costs and expenses in addition to any other relief to which such prevailing
party may be entitled.

  

		19.	Entire Agreement. This Agreement (including all exhibits and otherwise referenced or incorporated
documents) contains the entire understanding of the parties as to the subject matter hereof, and all prior communications and agreements,
written or oral, express or implied, as to such subject matter are superseded hereby. This Agreement may not be altered in any way except
by an instrument in writing signed by all parties. The Snoop Parties acknowledge that the Snoop Parties have not executed this Agreement
in reliance to any representations not contained hereunder.

 

		20.	Severability. If any provision of this Agreement is held invalid or unenforceable by a
court of competent jurisdiction, the remaining provisions of this Agreement will remain in full force and effect, and the provision affected
will be construed so as to be enforceable to the maximum extent permissible by law.

 

		21.	No Waiver. The failure by either party to enforce any provision of this Agreement will
not constitute a waiver of future enforcement of that or any other provision.

 

		22.	Survival. Those terms that by their nature should survive either expiration or termination
of this Agreement, shall survive including but not limited to the parties’ obligations with respect to the sections titled “FaZe
Membership”, “Content”, “Non-Disparagement”, “Confidentiality”, “Independent Contractor”,
“Assignment”, “Not an Agent”, “Representations and Warranties”, “Arbitration; Choice of Law”,
“Entire Agreement”, “Severability”, and “Survival” shall survive termination of expiration of this
Agreement.

 

    7

    

    

 

AGREED:

 

	“SNOOP”	 	“FAZE”
	 	 	 
	SPANKY’S CLOTHING INC. f/s/o Calvin Broadus Jr.	 	FAZE CLAN INC.
	 	 	 
	/s/
    Calvin Broadus Jr.	 	By:	/s/
    Lee Trink
	Name: Calvin Broadus Jr.	 	Name:	Lee Trink
	 	 	Title:	CEO

 

	The person signing above represents
    and warrants that he or she has full right, power and authority to sign and enter into this Agreement on behalf of Snoop.	 	 	 
	 	 	 	 
	“CORDELL”	 	 	 
	 	 	 	 
	/s/ Cordell
    Broadus	 	 	 
	Name: Cordell Broadus	 	 	 
	 	 	 	 
	“BLE”	 	 	 
	 	 	 	 
	Boss Lady Entertainment f/s/o Shante Broadus	 	 	 
	 	 	 	 

 

	By:	/s/ Shante Broadus	 	 
	Name:	Shante Broadus 	 	 

 

	The person signing above represents and warrants that
    he or she has full right, power and authority to sign and enter into this Agreement on behalf of BLE.	 	 
	 	 	 
	“SMAC”	 	 
	 	 	 
	SMAC Entertainment f/s/o Constance Schwartz-Morini	 	 

 

	By:	/s/
Constance Schwartz Morini	 	 
	Name:	Constance Schwartz Morini	 	 

 

	The person signing above represents and warrants that
    he or she has full right, power and authority to sign and enter into this Agreement on behalf of SMAC.	 	 

 

    8

    

    

 

Inducement Statements – Spank’s
Clothing, Boss Lady Entertainment & SMAC

Entertainment 

 

Spank’s Clothing Inc. f/s/o Calvin Broadus Jr.
aka “Snoop Dogg”

 

To induce FaZe to enter into this Agreement with Spanky’s Clothing
Inc (“Snoop Lender”), I agree to the execution and delivery of this Agreement by Snoop Lender and agree to render all the
services herein provided to be rendered by me, to grant all the rights granted herein, and to be bound by and duly perform and observe
each and all of the terms and conditions of this Agreement regarding performance or compliance on my part, and, where Snoop Lender is
indicated as making a representation or warranty, I hereby join in such warranties and representations, made by Snoop Lender and further
confirm the rights granted to FaZe under this Agreement. All notices to Snoop Lender will be deemed notices to me with the same effect
as if given to me. I warrant, represent and covenant that (i) Snoop Lender has the full right and authority to enter into this Agreement
and to grant the rights and make the representations made herein; (ii) I will look solely to Snoop Lender for any compensation owing to
me in connection with this Agreement; (iii) Snoop Lender has a valid and binding services agreement with me for providing my services
as provided in this Agreement and such agreement will be continuous throughout the period I am to provide services pursuant to this Agreement.
In the event of a breach or threatened breach of this Agreement by Snoop Lender or by me, I agree that FaZe may enforce its rights and
remedies directly against me after first exhausting its rights and remedies against Snoop Lender.

 

	By:	/s/ Calvin Broadus Jr.	 
	Name:	Calvin Broadus Jr.	 

 

Boss Lady Entertainment f/s/o Shante Broadus

 

To induce FaZe to enter into this Agreement with Boss Lady Entertainment
(“BLE Lender”), I agree to the execution and delivery of this Agreement by BLE Lender and agree to render all the services
herein provided to be rendered by me, to grant all the rights granted herein, and to be bound by and duly perform and observe each and
all of the terms and conditions of this Agreement regarding performance or compliance on my part, and, where BLE Lender is indicated as
making a representation or warranty, I hereby join in such warranties and representations, made by BLE Lender and further confirm the
rights granted to FaZe under this Agreement. All notices to BLE Lender will be deemed notices to me with the same effect as if given to
me. I warrant, represent and covenant that (i) BLE Lender has the full right and authority to enter into this Agreement and to grant the
rights and make the representations made herein; (ii) I will look solely to BLE Lender for any compensation owing to me in connection
with this Agreement; (iii) BLE Lender has a valid and binding services agreement with me for providing my services as provided in this
Agreement and such agreement will be continuous throughout the period I am to provide services pursuant to this Agreement. In the event
of a breach or threatened breach of this Agreement by BLE Lender or by me, I agree that FaZe may enforce its rights and remedies directly
against me after first exhausting its rights and remedies against BLE Lender.

 

	By:	/s/ Shante Broadus	 
	Name:	Shante Broadus	 

 

    9

    

    

 

SMAC Entertainment f/s/o Constance Schwartz-Morini

 

To induce FaZe to enter into this Agreement with SMAC Entertainment
(“SMAC Lender”), I agree to the execution and delivery of this Agreement by SMAC Lender and agree to render all the services
herein provided to be rendered by me, to grant all the rights granted herein, and to be bound by and duly perform and observe each and
all of the terms and conditions of this Agreement regarding performance or compliance on my part, and, where SMAC Lender is indicated
as making a representation or warranty, I hereby join in such warranties and representations, made by SMAC Lender and further confirm
the rights granted to FaZe under this Agreement. All notices to SMAC Lender will be deemed notices to me with the same effect as if given
to me. I warrant, represent and covenant that (i) SMAC Lender has the full right and authority to enter into this Agreement and to grant
the rights and make the representations made herein; (ii) I will look solely to SMAC Lender for any compensation owing to me in connection
with this Agreement; (iii) SMAC Lender has a valid and binding services agreement with me for providing my services as provided in this
Agreement and such agreement will be continuous throughout the period I am to provide services pursuant to this Agreement. In the event
of a breach or threatened breach of this Agreement by SMAC Lender or by me, I agree that FaZe may enforce its rights and remedies directly
against me after first exhausting its rights and remedies against SMAC Lender.

 

	By:	/s/
Constance Schwartz-Morini	 
	Name:	Constance Schwartz-Morini	 

 

 

10

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