Document:

Exhibit
10.2

 

[***]
Certain information in this document has been excluded pursuant to Regulation S-K, Item (601)(b)(10). Such excluded information is not
material and would likely cause competitive harm to the registrant if publicly disclosed.

 

LICENSE
AGREEMENT

 

This
LICENSE AGREEMENT (this “Agreement”) is entered into effective as of July 13, 2021 (the “Effective Date”),
by and between:

 

(i)
INDYCAR, LLC, an Indiana limited liability company located at 4551 W. 16th Street, Indianapolis, Indiana 46222, U.S.A.
(“Licensor”), and

 

(ii)  MOTORSPORT GAMES INC., a Delaware corporation whose registered office is at 5972 NE 4th Avenue,
Miami, Florida 33137, U.S.A. (“Licensee”).

 

Licensor
and Licensee are hereinafter referred to collectively as the “Parties” or individually as a “Party.”

 

WHEREAS:

 

A. Licensor
has the right to exploit, license and sub-license the Licensed IP during the Term (as defined below);

 

B. Licensee
promotes and runs an Esports events replicating motorcar races;

 

C. Licensor desires to grant to Licensee the rights to develop certain Events (as defined below)
using and/or bearing, subject to the terms and conditions set forth in this Agreement, the Licensed IP; and

 

D. Licensor
and Licensee intend to form an exclusive relationship for the development of Events to be the official Esports events of the INDYCAR
SERIES.

 

NOW,
THEREFORE, in consideration of the obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows:

 

1. License
Grant; Royalty; Payment Schedules.

 

1.1 Subject
to the terms and conditions of this Agreement, Licensor hereby grants Licensee:

 

(a) a
non-exclusive, worldwide license to use during the Term (as defined in Section 8.1 of this Agreement) the Licensed IP for mutually agreed
upon Events, including such Events’ development, manufacturing, marketing, publicity, advertisement, promotion, distribution, publicizing,
broadcasting, streaming, making available and/or selling worldwide, and continued commercial exploitation of the Events, including the
right to use, modify and improve the Events developed using the Licensed IP, and further including, subject to the approval of Licensor
and additional written agreement between the parties as further set forth in this Agreement, the right to create branded merchandise
in connection with the Events;

 

(b) For
the purposes of this Agreement:

 

“Driver”
means a driver participating in the INDYCAR SERIES.

 

“Driver
Rights” means the name, voice, signature, photograph, image, likeness, distinctive appearance, gestures, mannerisms, and descriptions
of a Driver to the extent that such rights are licensed (with a right to sublicense for the purpose of the Events) by a Driver to Licensor.
Licensee acknowledges that while Licensor will be responsible for negotiating directly with Drivers and/or Entrants to obtain Driver
Rights for the Events, Licensor cannot guarantee that it will be able to obtain Driver Rights for all Drivers participating in the INDYCAR
SERIES and that the Licensed IP shall include only those Driver Rights that Licensor actually obtains during the Term.

 

    	 

    	 

    

 

“Entrant”
means the owner of an Entry. An Entrant may have more than one Entry.

 

“Entry”
means a single car/driver combination participating in the INDYCAR SERIES. A single Entry or group of Entries owned and/or controlled
by the same Entrant may be referred to informally as a “team”.

 

“Entry
Rights” means the following rights associated with an Entry to the extent such rights are licensed (with a right to sublicense
for the purpose of the Events) by an Entrant to Licensor: trade names, trademarks, electronic replications of crew uniforms (including
helmet, hats, and clothing) and race car paint schemes (liveries), third party trademarks (to the extent incorporated into the electronic
replications of uniforms, equipment), as well as the name, voice, signature, photograph, image, likeness, distinctive appearance, gestures,
mannerisms, and descriptions of any employee or independent contractor or INDYCAR SERIES participant working with the Entrant in connection
with the Entry. Notwithstanding the foregoing, Entry Rights do not include Driver Rights. Licensee acknowledges that while Licensor will
be responsible for negotiating directly with Entrants to obtain Entry Rights for the Events, Licensor cannot guarantee that it will be
able to obtain Entry Rights for all entries participating in the INDYCAR SERIES and cannot guarantee that the Entry Rights will be the
same or most up-to-date as appearing in the INDYCAR SERIES events from time-to-time. Licensee agrees that the Licensed IP shall include
only those Entry Rights that Licensor actually obtains during the Term.

 

“Esports”
shall mean a form of multiplayer competition using video games, primarily between competitive gamers that includes the ability to perform
in front of an audience, whether through an online platform, broadcasted on television, or at a physical event.

 

“Events”
means collectively the Esports events related to and/or themed as or containing the Licensed IP and related features which, prior to
launch of the Products, are hosted on the rFactor 2 platform (such platform is the property of Studio397 BV, a wholly owned subsidiary
of Licensee) and, after launch of the Products, are hosted using the Products. To clarify and without limitation, the rights granted
in this Agreement specifically exclude: (i) the right to create Products (which is to be covered in the Game Agreement (as defined below));
(ii) augmented reality (AR), virtual reality (VR), mixed reality, and other extended reality technologies or experiences used to supplement,
overlay, or enhance real environment INDYCAR SERIES events (and which shall not be considered Events within the meaning of this Agreement),
and (iii) any rights to utilize or associate the Events with any form of gambling including without limitation sports betting, and Licensor
shall not, and shall not permit third parties to, use the Events in connection with or associate the Events with gambling, including
legal gambling, and the rights granted under this Agreement specifically include: (iv) non-fungible tokens (“NFTs”)
to the extent used within or derived from the Events and other limited edition digital content within the Event environment and (v) VR
as part of the experience within the Events.

 

“IMS
Track Design” means the appearance of the Indianapolis Motor Speedway race track, topographical maps, drawings, computer-aided
design files, LiDAR or Laser geometry data, photographs and videotape footage, copyrights, trade dress and proprietary design associated
with the Indianapolis Motor Speedway and provided by Licensor to Licensee pursuant to the terms of this Agreement.

 

“INDYCAR
SERIES” means the INDYCAR SERIES being the premier open wheel racing series sanctioned by Licensor during the Term. The rights
granted under this Agreement do not include any other series sanctioned by Licensor.

 

“Licensed
Car Designs” means computer-aided designs, specifications, drawings, photographs, and other materials related to the design of
the chassis of the race cars that are provided by Licensor to Licensee pursuant to the terms of this Agreement. To clarify, Licensed
Car Design does not include car livery or paint schemes, which are included in Entry Rights. Licensee acknowledges that while Licensor
will be responsible for negotiating directly with third parties to obtain Licensed Car Designs, Licensor cannot guarantee that the Licensed
Car Designs will be the same or most up-to-date as appearing in the INDYCAR SERIES events and that Licensed IP shall include only those
Licensed Car Designs that Licensor actually obtains during the Term.

 

    	 

    	 

    

 

“Licensed
IP” means collectively the Licensed Marks, Entry Rights, Driver Rights, Licensed Car Designs, and IMS Track Design that are
provided by Licensor to Licensee during the Term. To clarify, the Licensed IP does not include the right to use the image, likeness,
design attributes, or other rights of INDYCAR teams, team owners, drivers, and other third parties (including without limitation sponsors,
race car designers, and suppliers) except as expressly provided by Licensor for use in the Events, with each use approved by Licensor
in writing, in each case in accordance with this Agreement. For the avoidance of doubt, the Licensed IP shall not include NFTs created
by Licensor and does not include the name, image, or design of any pace car or trophy. If the Licensed IP changes during the Term such
that Licensor can no longer provide the Licensed IP previously provided (for example but without limitation, a sponsor drops out of the
series), Licensor shall advise Licensee if such change affects the license granted under this Agreement or the Events. Licensee agrees
that in such situation it will use reasonable efforts to cease use of such Licensed IP as soon as reasonably possible.

 

“Licensed
Marks” means the INDYCAR SERIES logo and word mark; INDYCAR logo and word mark; Indianapolis 500 annual event logo, general logo,
and word mark; Indy 500 word mark; The Greatest Spectacle in Racing word mark; and, insofar only as this in included in the title of
the INDYCAR SERIES and only to the extent such rights are licensed (with a right to sublicense for the purpose of the Products) by a
title sponsor to Licensor from time to time throughout the Term, title sponsor logo and word marks but only if appearing with the INDYCAR
SERIES marks. Licensor will advise Licensee of any changes in such title sponsor during the Term.

 

“Licensor
Group” means Licensor and each of its affiliates (including without limitation Brickyard Trademarks, Inc. and Indianapolis Motor
Speedway, LLC) and its licensors (including without limitation Entrants, Drivers, and sponsors), and their respective owners, directors,
officers, employees, agents, members, successors and assigns.

 

“Products”
means collectively the motorsports and/or racing (including, without limitation, simulation style) video gaming products created, developed
and released by Licensee pursuant to the separate written agreement between the parties, of even date with this Agreement (“Game
Agreement”).

 

1.2 The
Parties agree that Licensee’s use of Licensed IP hereunder, including the goodwill arising from such use, shall inure to the benefit
of Licensor Group, and Licensee shall have no right whatsoever to Licensed IP (except the limited license rights as specifically set
forth herein). Licensee agrees:

 

(a)
to not use Licensed IP except as specifically set forth herein;

 

(b) to
not affix or include any other third-party logos or marks without the Licensor’s prior written consent (which shall not be unreasonably
withheld or delayed);

 

(c) to
include a notice that the Event is produced under license and copyright notice in a form agreed by the Licensor (such agreement not to
be unreasonably withheld or delayed); and

 

(d) not
to begin to develop and facilitate, permit a sub licensee to begin to develop and facilitate, any Event without obtaining the Licensor’s
approval in respect of the initial concept of the Event in accordance with Section 5 and otherwise complying with the obligations under
Section 5.

 

1.3 Licensee
shall not at any time do or cause or permit to be done any act or thing contesting or in any way impairing or tending to impair any part
of Licensor’s right, title, and interest respecting Licensed IP. Licensee shall not and shall not permit any sublicensee to in
any manner represent that it has any ownership in Licensed IP, and Licensee acknowledges that its use and development of Licensed IP
shall not create in Licensee’s favor any right, title, or interest in or to Licensed IP.

 

    	 

    	 

    

 

1.4
The Licensee undertakes to ensure that the Events and their advertising, marketing and promotion of the Events and its internet domain
names used in connection with the Events shall incorporate the title of the INDYCAR SERIES as approved by Licensor and shall in no way
reduce or diminish the reputation, image and prestige of the Licensor Group, the sponsors of the Licensor Group, the Licensed IP, or
the INDYCAR SERIES (including without limitation the teams, drivers and/or driver, venues/tracks, and/or driver, team and venue/tracks
sponsors involved with the INDYCAR SERIES from time to time).

 

1.5 Licensee
shall not pledge its rights to Licensed IP as security for any of Licensee’s debts or any other purpose, or allow any third party
to have rights in Licensed IP or rights related to this Agreement without the prior written consent of Licensor and (in the case of sub
licensees) in accordance with Section 1.6 below.

 

1.6 The
Licensee shall have the right to grant sub-licenses of the Licensed IP only for the purpose of production and/or distribution of the
Events provided that:

 

(a) the
Licensee obtains the prior written consent of the Licensor;

 

(b) the
Licensee shall ensure that the terms of any sub-license are in writing and are substantially the same as the terms of this Agreement
(except that the sub licensee shall not have the right to sub—license its rights) and the Licensee shall provide the Licensor with
a copy of the sub-license for approval before signing it;

 

(c) all
sub licenses granted shall terminate automatically on termination or expiry of this Agreement;

 

(d) the
Licensee shall be liable for all acts and omissions of any sub licensee and shall indemnify the Licensor Group against all costs, expenses,
claims, loss or damage incurred or suffered by the Licensor Group, or for which the Licensor may become liable (including any economic
loss or other loss of profits, business or goodwill and including without limitation any claims of Licensor Group’s negligence),
arising out of any act or omission of any sub licensee; and

 

(e) any
sub licensee shall first enter into a supplemental agreement direct with the Licensor in a form satisfactory to the Licensor.

 

Notwithstanding
the foregoing and an other provision of this Agreement, Licensee shall not broadcast or stream Events and shall not be permitted to enter
into or negotiate broadcast or streaming agreements to broadcast or stream any Event utilizing the Licensed IP without Licensor’s
prior written approval. If Licensee is expressly permitted by Licensor to do so, it must bear all expenses and fees associated with the
Event. These include fees paid to tracks (including without limitation Indianapolis Motor Speedway, if applicable) as well as to Licensor
Group members required for broadcasting and/or streaming the Event on a third party platform. Licensor may, unless Licensor otherwise
agrees not to, broadcast and/or stream Events on its or its affiliates’ digital channels, and if Licensee is expressly permitted
by Licensor to broadcast or stream an Event on any platform owned or controlled by Licensor or its affiliates, Licensor or such affiliate
shall not charge Licensee a fee for doing so. Liecnsee acknowledges that there are and will continue to be throughout the Term certain
guidelines and restrictions by Licensor’s agreements with its broadcst partners and promoters, and Licensee agrees to abide by
and not violate them to the extent that they are brought to Licensee’s attention.

 

1.7 The
license granted by Licensor hereunder is non-exclusive and Licensor and the respective owners of the Licensed IP shall have the right
to license the Licensed IP to others, including without limitation for use in Esports events. For purposes of clarification and without
limitation, nothing in this Agreement limits the rights of any video game that includes Licensed IP from holding Esports events and/or
leagues and nothing in this Agreement limits opportunities of Drivers, Entrants and other participants in the INDYCAR SERIES from participating
in any Esports events. Notwithstanding the foregoing, Licensor agrees to the following limitations and conditions:

 

(a) Licensor
must obtain Licensee’s prior written consent with respect to Licensor’s creation, development, or marketing of any INDYCAR
SERIES-themed motorsports and/or racing Esports events created, developed, produced, or promoted by Licensor after the execution of this
Agreement that will occur during the Term; provided, however that Licensor shall not be required to obtain Licensee’s prior written
consent for: (i) events conducted pursuant to the agreements listed on Schedule 1.7 (“Existing Licenses”) and (ii)
any Esports events that do not include the INDYCAR SERIES logo or Indy 500 logo and (1) do not include more than *** (***%) percent of
full-season Entries participating on-track in the Esports race at the same time for any race other than the Indy 500 race, which shall
not have more than *** Entries participating on-track in such Indy 500 Esports race at the same time, and (2) to the extent that such
Esports event occurs at a track at which the INDYCAR SERIES is racing during the applicable racing season, the Esports race length does
not exceed *** (***%) of the official lap count of the actual INDYCAR SERIES race that is occurring at that track during such racing
season; provided, however that, except as may be set forth in an Existing License, no license shall be granted by Licensor to a third
party to create, develop or market any INDYCAR SERIES-themed motorsports and/or racing Esports event to use any then-current in season
car liveries/paint schemes in such Esports events for at least *** following Licensee’s first Event of that racing season.

 

    	 

    	 

    

 

(b) Licensor
shall not grant any third party that is utilizing the Licensed Marks in connection with an Esports event during the Term the right to
use any of the following designations (“Official Designations”) to promote the Esports event: “Official Esports
Event of INDYCAR”, or “Official Esports Event of the INDYCAR SERIES”, or “Official Esports Event of the Indianapolis
500 Mile Race/Indy 500 Race”. Notwithstanding the foregoing Licensee acknowledges and agrees that to the extent that a party has
a license from Licensor or its affiliates to create an event such party is generally known as an “official licensee” and
the event is generally referred to as an “official event” and use of such a phrase sor similar phrases to authenticate the
licensee or event shall not constitute a violation of this Agreement;

 

(c) Licensor
shall not use any Official Designations to promote any Esports events related to the INDYCAR SERIES other than the official Events developed
and facilitated by Licensee pursuant to this Agreement;

 

(d) Except
as may be provided by Licensor to a third party pursuant to an Existing License, Licensee shall have exclusive access to any new INDYCAR
SERIES content, digital assets or initiatives created by Licensor to be used in connection with Esports events for at least *** prior
to such content, digital assets or initiatives being made available by Licensor to any other third party in connection with an Esports
event related to the INDYCAR SERIES.

 

(e) Licensee
shall not be required to license any Licensee-created INDYCAR SERIES content, digital assets or initiatives to any third party licensee
presented by Licensor.

 

(f) Notwithstanding
any of the foregoing and any other term of this Agreement, this Agreement is subject to the terms of the Existing Licenses, and Licensor
shall not be required to breach any provision of such Existing Licenses.

 

1.8 Each
of Licensee and Licensor acknowledges and agrees that Licensee shall be responsible, at Licensee’s expense, for the production
of each Event in its entirety including without limitation obtaining licenses to use tracks at which INDYCAR SERIES races are conducted.
Notwithstanding the foregoing, Licensor shall use its best efforts, at no out of pocket cost to Licensor, to assist Licensee with Licensee’s
responsibilities to obtain track licenses as set forth in this Section 1.8. Licensor’s best efforts with respect to this Section
1.8 shall include, but not be limited to, Licensor seeking to include in its event agreements with race promoters the requirement that
such promoters agree to license their applicable rights to Licensee for inclusion in the Events. To clarify, Licensor shall not be required
to purchase rights for any track, and it shall not be a requirement of this Agreement that Licensor obtain these rights. Further, Licensor
shall use commercially reasonable efforts, upon the request of Licensee, to assist with the integration of the Events into real-life
INDYCAR SERIES race events, including with respect to elements such as space allocation at such events but at no out of pocket cost to
Licensor. In addition, Licensee’s obligations with respect to the production of each Event shall include (but not be limited to)
preparation of competition rules (which shall be subject to Licensor’s prior written approval before they are finalized), establishing
terms and conditions of participation, and officiating Events. Licensee shall remain fully responsible for all aspects of Event production
notwithstanding any input or approval of Licensor.

 

1.9 Unless
otherwise agreed by Licensor, Licensee shall use the most up-to-date Licensed IP provided by Licensor to Licensee, as applicable, in
all Events including on both the rFactor2 platform and when using the Products; provided, however, that prior to launch of the Products
Licensee needs any updates to Licensed Car Designs no less than six (6) weeks in advance in order to be included in an Event. Licensee
shall use best efforts to ensure that all Events include updated tracks to reflect the current INDYCAR SERIES season. For the avoidance
of doubt, nothing herein shall limit Licensee’s right and ability to run and promote additional esports events which include past
teams unless Licensor has requested the deletion of the Licensed IP related to such past teams.

 

    	 

    	 

    

 

1.10 Until
the initial release of the Products in accordance with the Game Agreement, each of Licensee and Licensor acknowledges and agrees that
the Events will be hosted on the rFactor 2 platform (such platform is the property of Studio397 BV, a wholly owned subsidiary of Licensee),
after such time the Events shall be hosted on the Products. For the avoidance of doubt, Licensee shall have the right and ability to
continue to host additional Events that feature the Licensed IP on the rFactor 2 platform after the release of the Products with Licensor’s
approval in each instance.

 

1.11 As
consideration for the license set forth in this Agreement, at the end of each calendar year following the Effective Date, Licensee shall
pay Licensor, on an annual basis, a royalty (the “Royalty”) in an amount equal to *** percent (***%) of the Net Revenue
(as defined below) derived from or in connection with the Events during the previous calendar year. Where Licensee has granted any sub
license in accordance with this Agreement, calculation of all Royalties shall include all Net Revenue of or on behalf of sublicensees
and Licensee shall include records of such activities in the records it keeps and the statements it submits to Licensor in accordance
with this Agreement. “Net Revenue” means all gross receipts derived from or in connection with Events (including without
limitation sponsorship and advertising sales, promotional revenue, entry fees and registrations, team fees, distribution revenue, media
rights, and broadcast and streaming rights) less reasonable production expenses which shall not include expenses related to the general
overhead expenses of Licensee nor any fees or charges payable to any associated or connected company or company within the same group
as Licensee.

 

1.12 All
Royalties shall be paid free and clear of all deductions and withholdings unless such deduction or withholding is required by law. If
any deduction or withholding is required by law the Licensee shall pay to the Licensor such sum as will, after the deduction or withholding
has been made, leave the Licensor with the same amount as it would have been entitled to receive in the absence of any requirement to
make a deduction or withholding.

 

1.13 Payments
details: All payments shall be remitted by Licensee to Licensor pursuant to Licensor’s written instructions provided to Licensee
from time to time. For the purpose clarification, all payments shall be made in United States Dollars. In the event of any delay in paying
any sum due under this Agreement by the due date, and in addition and without prejudice to the exercise of any other remedy of Licensor,
Licensee shall pay Licensor interest (calculated on a daily basis and compounded monthly) on the overdue payment from the date such payment
was due to the date of actual payment at a rate of *** over the base lending rate of PNC Bank, National Association from time to time.
In addition, Licensee shall reimburse Licensor for any expenses that Licensor may incur in the collection of any unpaid amounts owed
to Licensor pursuant to this Agreement including without limitation collection costs and reasonable attorneys’ fees.

 

1.14 At
the same time as payment of the Royalty falls due, the Licensee shall submit or cause to be submitted to the Licensor a statement in
writing recording the calculation of such Royalty payable, which statement shall include all detail reasonably required by Licensor to
validate the amount of the Royalty payment. Licensee acknowledges that for the purpose of calculating the Royalty due to Licensor any
deductions from revenue shall be invalid unless Licensee has provided documentary evidence of them to the satisfaction of Licensor.

 

1.15 The
Licensee shall keep proper records and books of account in accordance with generally accepted accounting principles with respect to all
transactions relating to this Agreement. Such records and books shall be kept separate from any records and books not relating solely
to the Events and be open during normal business hours to inspection and audit by the Licensor (or its authorized representative), who
shall be entitled to take copies of or extracts from the same. Such right of inspection by the Licensor shall remain in effect for a
period of three years after the termination or expiry of this Agreement. If an inspection or audit should reveal a discrepancy in the
Royalty paid from those payable under this agreement the Licensee shall immediately make up the shortfall, with interest calculated under
Section 1.13, and reimburse the Licensor in respect of any professional charges incurred for such audit or inspection.

 

    	 

    	 

    

 

2. Intellectual
Property

 

2.1 Each
Party shall be and remain the sole and exclusive owner or licensee of all rights, title and interest in and to all Intellectual Property
Rights owned or controlled by such Party. Licensor’s Intellectual Property Rights include, without limitation, the Licensed IP.
All information related to Intellectual Property Rights owned or controlled by either Party that are provided to the other Party shall
be subject to the confidentiality terms of Section 12 of this Agreement.

 

2.2 “Intellectual
Property Right” means all intellectual property rights, worldwide, arising under applicable law, including all (a) patents,
including (i) issued patents and patent applications, (ii) substitutions, divisions, continuations, continuations-in-part, reissues,
renewals, registrations, confirmations, reexaminations, extensions, supplementary protection certificates and the like, and (iii) any
foreign or international equivalent of any of the foregoing; (b) inventions; (c) rights associated with works of authorship, whether
or not copyrightable or registered, including copyrights, copyright applications, copyright registrations, mask works, mask work applications
and mask work registrations; (d) trademarks, trade dress and design marks, whether or not registered, and all goodwill associated therewith,
including any registrations and applications therefor and all common law rights therein, (e) trade secrets and other proprietary and
confidential information and data; (f) domain names and webpages, and (g) any right analogous to those specifically set forth in this
definition and any other proprietary rights relating to such intellectual property. Licensee agrees that the concept of a Esports event
based upon INDYCAR SERIES racing is not proprietary intellectual property developed by Licensee and that except as expressly set forth
in Section 1.7 of this Agreement Licensee shall have no right to prevent Licensor or its affiliates or licensors from developing or working
with a third party to develop Esports events similar to the Events and, further, Licensee agrees that it will not seek to register or
otherwise protect any right or interest in any aspect of INDYCAR SERIES racing including without limitation those that do or may have
the effect of preventing Licensor from developing and exploiting any such Esports events.

 

3. Maintenance
and Renewals. Licensor may seek registration of Licensed IP, and Licensee shall (at Licensor’s cost) provide reasonable assistance
to Licensor such as providing specimens of use of trademarks, copyright deposits, and reasonably cooperating with Licensor to register
Licensed IP.

 

4. Enforcement.
Licensee shall reasonably promptly inform Licensor in writing of any potential infringement relating to Licensed IP after becoming aware
of any such potential infringement. Should Licensor believe that a third party is infringing Licensed IP, Licensor Group shall make a
reasonable determination as to whether to not to file suit or any other type of action or proceeding against that third party. Should
Licensor Group file suit or another type of action, Licensor may join Licensee as a party to such suit or action and Licensee shall provide
reasonable assistance to Licensor in any such action but shall not be obliged to incur any third party costs in so doing. Licensor Group
will have the sole right and sole discretion to institute actions for infringement or other proceedings related to the Licensed IP and
to take any other actions Licensor Group deems necessary to terminate such unauthorized uses; however, nothgin in this Agreement required
Licensor Group to institute any action.

 

5. Quality
Control. Licensee shall perform all acts reasonably requested by Licensor to assure that the nature and quality of the Events are
consistent with and do not detract from the goodwill associated with the Licensed IP. Without limitation:

 

5.1 The
Licensee shall ensure that the Events and all advertising, marketing, and promotional materials:

 

(a)
comply with all applicable law, rules, regulations, safety standards and codes of practice; and

 

(b)
are of a quality and standard equal to good industry standard and at a level at least commensurate with the quality of Licensee’s
other current Esports events; and

 

(c) do
not exceed the scope of the license granted hereunder and (except for use of the Licensed IP in accordance with this Agreement in the
United States) do not infringe or violate the rights, including without limitation the intellectual property rights and privacy rights,
of any third party.

 

    	 

    	 

    

 

The
Licensee shall further ensure that the Events are approved by Licensor in accordance with the approval process set forth in Annex B attached
to this Agreement. Licensor’s review and approval process may include such factors as Licensor and its licensors reasonably determine
are appropriate including without limitation that the Events accurately and fairly depict the Licensed IP and the sport of INDYCAR SERIES
racing. For the avoidance of doubt any approval given by the Licensor shall not constitute a waiver of the rights of the Licensor or
the Licensee’s obligations and duties under this Agreement.

 

5.2 If
the initial concept provided under Section 5.1 are not approved by the Licensor the Licensee shall make such modifications as may reasonably
be required by the Licensor and re submit such samples to the Licensor for its approval (such approval not to be unreasonably withheld
or delayed). The Licensee shall not materially alter or amend the Events approved for development by the Licensor pursuant to this Section
5 without first obtaining the written approval of the Licensor in accordance with Section 5.1.

 

5.3 The
Licensee shall on the Licensor’s request provide the Licensor with details of any complaints it has received in relation to the
Events together with a report on the steps taken or being taken to resolve and fully address such complaints. Any complaints raising
or potentially raising any issue of safety shall be reported to the Licensor (without a request from the Licensor being necessary) within
ten working days of receipt. The Licensee shall comply with any reasonable directions given by the Licensor in respect of such complaints.

 

5.4 Licensor
and its duly authorized representative(s) shall have the right, during normal business hours upon reasonable advance notice, to inspect
any facility, storage, warehousing, vehicle, ship, aircraft, goods, supplies, and anything else used in connection with Licensed IP by
Licensee in order for Licensor to monitor the quality of the Events being provided by Licensee and to ensure that the quality of the
Events is of the required standard. Upon Licensor’s written request, Licensee shall grant Licensor access to individuals or organizations
served by Licensee in order for Licensor to monitor use of Licensed IP accordance with the quality standards and other requirements of
this Agreement. If Licensor notifies Licensee in writing of the disapproval of the quality of Events provided by Licensee in connection
with Licensed IP or any misuse of Licensed IP, Licensee shall take prompt steps as reasonably required by the Licensor to improve such
quality and/or to remedy trademark use.

 

5.5 Licensee
acknowledges and agrees:

 

(a)
that it will use Licensed IP properly as determined by the applicable laws including without limitation U.S. trademark laws;

 

(b) that
the exercise of the license and worldwide rights granted to the Licensee under this Agreement is subject to all applicable laws, enactments,
regulations and other similar instruments, and the Licensee understands and agrees that it shall at all times be solely liable and responsible
for such due observance and performance.

 

5.6 In
order to promote the Events and in each instance subject to Licensor’s prior written approval in accordance with this Agreement
(including Section 6 below), the Licensee may display so far as is reasonably required to advertise and establish a link to the Events,
Licensed IP on the Licensee’s and/or the Licensee manufacturers’, publishers’, distributors’ and/or retailers’
websites, on-line or physical publications, streaming services, game covers of the digitally downloaded games or game add-ons, esports
platforms or social media platforms and/or networking sites. The Licensor may agree from time to time to the Licensee producing a limited
amount of merchandise clearly branded with the Events in order to promote and advertise the Events, the cost of such merchandise shall
be borne by the Licensee and shall not be deducted from the Royalties payable to Licensor. If Licensor agrees to the production of such
merchandise, Licensee shall enter into Licensor’s standard written license agreement in the form as may exist from time to time
during the Term which agreement will specify the terms and conditions applicable to production of such merchandise including without
limitation an additional royalty shall be paid (in an agreed amount) to Licensor for any Event merchandise.

 

    	 

    	 

    

 

6. Marketing
and Promotion.

 

(a) Licensee
shall provide such advertising and publicity as may reasonably be expected to bring the Events to the attention of as many participants
and potential participants as possible including, without limitation the creation and execution of marketing plans for the Events.

 

(b) Licensee
shall send to Licensor for its prior written approval (such approval not to be unreasonably withheld, conditioned or delayed) all proposed
advertisements and marketing and promotional material relating to the Events whether created by Licensee or by a third party. If Licensor
approves of such material, it shall give written notice of such approval to Licensee within ten (10) business days of receipt by Licensor
of the material. In the absence of a written notice of approval within ten (10) business days of receipt of such materials, the materials
will be deemed to have been disapproved by Licensor. Licensee shall not use any material in the advertising, marketing, or promotion
of Events that Licensor has not affirmatively approved in accordance with this procedure. Licensor acknowledges that failure to provide
timely responses to requests for approval may result in delays and jeopardize Event dates.

 

(c) Licensor
acknowledges and agrees that Licensee may create, market, advertise, promote and sell advertising and sponsorship for the Events, including,
but not limited to, static and dynamic ads, car sponsors, and product placement, etc. At least annually Licensor will provide a list
of companies and/or categories to which Licensee may not sell advertising and sponsorship to with respect to the Events, and Licensee
agrees not to sell advertising and/or sponsorship to such companies and categories. In addition to and notwithstanding the foregoing,
Licensee shall submit to Licensor for its prior written approval (such approval not to be unreasonably withheld, condition or delayed)
each advertiser and sponsor to which it proposes to sell advertising and/or sponsorship. If Licensor approves of such advertiser or sponsor,
it shall give written notice to Licensee within ten (10) business days of receipt by Licensor of the request. In the absence of written
notice of approval by Licensor within ten (10) business days, the advertiser or sponsor will be deemed to have been disapproved by Licensor.
Licensee shall not create, market, advertise, promote and/or sell advertising and/or sponsorship in the Product to any party that Licensor
has not affirmatively approved in accordance with this procedure.

 

(d) Licensee
agrees that it will provide information collected by Licensee about parties participating in Events (“Consumer Information”)
to the extent that it is reasonably able to do so. Licensee agrees to make reasonable efforts to collect Consumer Information under terms
that allow ti to be shared with Licensor. In addition to Licensee’s other representations, warranties and obligations under this
Agreement which shall also apply to the Consumer Information shared by Licensee, Licensee represents and warrants that (i) Licensor may
utilize the Consumer Information in the manner described by Licensee when such information is provided to Licensor; (ii) Licensee will
provide express notice to each person whose personal information is included in any Consumer Information of its intent to share the Consumer
Information with Licensor and its affiliates and that, upon receipt by Licensor, the Consumer Information will be used and maintained
by Licensor in accordance with its privacy policy at www.indycar.com; (iii) in connection with any Consumer Information that is an email
address or mobile number, Licensee will obtain and maintain the applicable consumer’s express opt-in consent for Licensor’s
and its affiliates’ use of the same or provide written notice to Licensor if opt-in consent was not obtained or is revoked; and
(iv) notwithstanding the foregoing or any of the provisions in this Agreement to the contrary, Licensee will not provide Licensor any
Consumer Information that contains personal information for a child under the age of 13 years of age without Licensor’s express
prior written approval.

 

(e) The
parties shall coordinate the timing and content of any public statements or press releases regarding the terms of this Agreement and
the Events.

 

7. Schedule

 

(a) Licensee
shall create and facilitate at least *** Events for *** subject to Licensor’s delivery to Licensee of the items set forth on Schedule
7; provided, however, each of Licensor and Licensee acknowledges that the initial season following the execution of this Agreement may
be limited in terms of content and tracks to be used for the Events.

 

(b) Licensee
agrees to create and facilitate a minimum of *** Events for ***, subject to Licensor’s delivery to Licensee of the items set forth
on Schedule 7.

 

    	 

    	 

    

 

(c) Beginning
***, Licensee agrees to create and facilitate a minimum of *** Events for *** until the end of the Term, subject to Licensor’s
delivery to Licensee of the items set forth on Schedule 7.

 

(d) The
content and timing of all Events must be pre-approved by Licensor, in writing.

 

(e) Licensor
and Licensee shall annually review and evaluate the Events strategy. Notwithstanding any other provision of this Agreement, the parties
may mutually agree (but shall not be obligated to) enter into a written amendment to this Agreement to bring it into better alignment
with such strategy or may mutually agree in a written agreement executed by both parties to terminate this Agreement as to the remainder
of the Term.

 

8. Term;
Termination

 

8.1 “Initial
Term” means the period starting on the Effective Date and ending upon the expiration of the *** year period following the Effective
Date. Upon expiration of the Initial Term, the parties may mutually agree in a written amendment executed by both parties to extend the
term of this Agreement for an additional period (the “Renewal Term” and together with the Initial Term, the “Term”).
Neither party shall be obligated to proceed with any Renewal Term. If Licensor and Licensee do not enter into a written amendment extending
the Initial Term for a Renewal Term prior to expiration of the Initial Term, then, unless earlier terminated in accordance with its terms,
this Agreement terminates on the expiration of the Initial Term.

 

8.2
Licensor may terminate this Agreement and revoke the license to Licensed IP in whole or in part immediately on written notice if Licensee:

 

(a) files
for bankruptcy protection or suspends, or threatens to suspend, payment of its debts or is unable to pay its debts as they fall due or
admits inability to pay its debts, or suspends or ceases, or threatens to suspend or cease, to carry on all or a substantial part of
its business;

 

(b) fails
to pay Licensor the Royalty or any other amount owed under this Agreement within thirty (30) days of when it becomes due under the terms
of this Agreement;

 

(c) commits
a breach of any other term of this Agreement which breach is irremediable or (if such breach is remediable) fails to remedy that breach
within a reasonable period of time not exceeding 30 days after being notified in writing to do so (“30-Day Cure Period”);

 

(d) commits
a breach of any other agreement between the parties or other members of Licensor Group which breach cannot or is not cured in accordance
with the terms of such other agreement including, without limitation, the Game Agreement;

 

(e) contests
the enforceability of this Agreement or any other document executed in connection with this Agreement as it relates to the rights granted
to Licensee in this Agreement.

 

As
relates to Section 8.2(c), where a breach is capable of remedy, the Licensee will work diligently and in good faith to ensure that any
deficiencies are remedied within a reasonable period of time (not exceeding the 30-Day Cure Period). In the event the deficiencies cannot
be remedied after such good faith effort, Licensor shall have the additional right which may be exercised by it in its absolute and sole
discretion that instead of terminating this Agreement it may terminate this Agreement in part and prohibit Licensee’s use of the
Licensed IP in connection with the portion of the Events not in compliance with this Agreement. In such a termination in part Sections
8.3, 8.4, 8.5, and 8.6 shall apply to the part of the Agreement (or part of Events) that is terminated.

 

8.3 On
the effective date of termination of this Agreement pursuant to Sections 8.2:

 

(a) Licensee
shall cease producing the Events and using the Licensed IP content.

 

(b) Licensee’s
license to use the Licensed IP for producing any new Events shall terminate.

 

    	 

    	 

    

 

(c) Licensee
shall not use the Licensed IP for any Events produced after the effective date of such termination.

 

(d) all
outstanding Royalties payable and other sums payable by Licensee to Licensor shall become immediately due and payable to Licensor.

 

(e) Licensee
shall return promptly to Licensor at Licensee’s expense all records and copies of Licensed IP in its possession related to the
Events and all records and copies of any information of a confidential nature communicated to it by Licensor.

 

8.4 Any
provision of this Agreement that expressly or by implication is intended to come into or to continue in force on or after termination
or expiry of this Agreement shall remain in full force and effect.

 

8.5 Termination
or expiry of this Agreement shall not affect any rights, remedies, obligations or liabilities of the parties that have accrued up to
the date of termination or expiry, including the right to claim damages in respect of any breach of the Agreement which existed at or
before the date of termination or expiry.

 

9. Liability,
Indemnity and Insurance

 

9.1 To
the fullest extent permitted by law, the Licensor shall not be liable to the Licensee for any costs, expenses, loss or damage (whether
direct, indirect or consequential and whether economic or other) arising from the Licensee’s exercise of the rights granted to
it under this Agreement save that the Licensor shall indemnify Licensee for costs, expenses losses or damages directly arising from Licensor’s
breach of the warranties set forth in Section 10.2.

 

9.2 The
Licensee shall indemnify, defend, and hold harmless the Licensor Group against all claims, liabilities, costs, expenses, damages and
losses (including and all interest, penalties and legal costs (calculated on a full indemnity basis) and all other reasonable professional
costs and expenses) suffered or incurred by the Licensor Group arising out of or in connection with the Licensee’s exercise of
the rights granted to it under this Agreement even if the claim alleges or involves the negligence of Licensor Group including without
limitation:

 

(a) the
Licensee’s exercise of the rights granted to it under this Agreement;

 

(b) the
Licensee’s breach or negligent performance or non-performance of this Agreement;

 

(c) the
enforcement of this Agreement;

 

(d)
any claim made against the Licensor by a third party for death, personal injury or damage to property arising out of or in connection
with the Events, including, but not limited to, libel, slander, invasion of right of privacy, publicity, or property of, or violation
or misappropriation of any other right of any third party in conjunction with the sale, distribution, advertising, or promotion of the
Events;

 

(e) Any
actual or alleged violation by the Events, or by the creation, possession, use or sale of the Events, of any law, order, rule, or regulation;
and

 

(f) any
claim made against Licensor Group alleging violation of the rights of any third party including without limitation privacy rights and/or
intellectual property rights (other than the third party rights granted by Licensor as part of the Licensed IP in the United States and
used by Licensee in accordance with this Agreement).

 

9.3 An
indemnity given by a Party (the “Indemnifying Party”) to the other (the “Indemnified Party”) shall
not apply to any liabilities, costs, expenses, damages or losses incurred by the Indemnified Party as a result of any material breach
by the Indemnified Party of any term of this Agreement, or any act of gross negligence or willful misconduct by the Indemnified Party.

 

    	 

    	 

    

 

9.4 Licensee
shall, at its expense, obtain and maintain insurance coverage of types and amounts adequate to support its obligations to Licensor Group
under this Agreement during the Term and for a period of three years after termination or expiration of the Agreement. This shall include,
at a minimum, the following types and amounts of insurance with insurance companies and under policy terms (including without limitation
the deductible amounts) that are reasonably acceptable to Licensor:

 

		(a)	Commercial
                                            general liability insurance coverage, including products liability, of not less than $1,000,000
                                            per occurrence and $2,000,000 in the aggregate;
		(b)	Cyberliability
                                            insurance coverage1 with a limit of not less than $5,000,000 and including at
                                            a minimum the following coverages: media liability, security and privacy liability, privacy
                                            notification costs, regulatory defense and penalties, PCI fines and expenses, business interruption,
                                            security failure, systems failure, consequential reputational loss, dependent business interruption,
                                            and security breach; and
		(c)	Errors
                                            & Omissions insurance with standard coverage in a minimum amount of $5,000,000.

 

All
insurance coverage required shall name Licensor Group as an additional insureds with coverage being primary to and without contribution
from any other coverage available to any member of the Licensor Group. In addition, each policy must be endorsed to include a waiver
of subrogation in favor of Licensor Group. Licensee shall provide Licensor with a current certificate of insurance that is reasonably
satisfactory to Licensor at all times. Due to the length of the Term, Licensor reserves the right to adjust the types and amounts of
insurance required hereunder in a reasonable manner upon six months’ notice to Licensee.

 

10. Warranties.

 

10.1 Each
Party represents and warrants that it:

 

(a) is
a corporation or a limited liability company (as applicable) duly organized and existing in the jurisdiction in which it is organized;

 

(b) has
taken all necessary company action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations
hereunder; and

 

(c) has
duly executed and delivered this Agreement which, in turn, constitutes a legal, valid, binding obligation, enforceable against such Party.

 

10.2 Licensor
represents and warrants to Licensee that Licensor has obtained or will use best efforts to obtain during the Term the right to grant
the license to the Licensed IP in the Unted States of America for use in the Events as set forth in this Agreement, subject to Licensee’s
recognition that the Licensed IP is subject to change. It is expressly accepted that save for the warranties in this Section 10.2, no
warranties are given by the Licensor and all warranties express or implied, statutory or otherwise are excluded. Without limitation,
Licensor specifically makes no representations or warranties that its rights to the Licensed IP are or will be recognized or protected
outside the United States of America, and Licensor does not assume any obligation to indemnify, defend, or hold harmless Licensee or
any other person against the claims of third parties outside the United States of America.

 

10.3 Each
of Licensor and Licensee hereby acknowledges that the Licensed IP shall not extend to, and this Agreement shall not provide Licensee
with the right to use the persona, publicity rights, image or any other intellectual property rights of Mr. Roger S. Penske or his family
as an individual and that such individuals shall not appear in the Events.

 

 

1Licensor
acknowledges that Licensee is in process of securing this coverage, and Licensee shall have such coverage in place by the earlier of
two weeks following the Effective Date of this Agreement or the first Event.

 

    	 

    	 

    

 

11. Governing
Law; Dispute Resolution.

 

11.1 This
Agreement shall be governed by and construed in accordance with the laws of the State of Indiana, without applying any choice of law
provisions of the State of Indiana or any other jurisdiction.

 

12. General
Provisions.

 

12.1 Each
Party undertakes that it shall not at any time during and within five years of the expiry or termination of this Agreement, disclose
to any person any confidential information disclosed by one party to the other concerning the business, affairs, customers, sponsors,
or suppliers of the other Party, except as permitted by Section 12.2. Disclosed information shall be considered confidential within the
meaning of this Agreement only if: (a) the information has been reduced to writing (paper or electronic) and contains a notice as to
its confidential nature, or (b) oral information is identified by the speaker as confidential and then reduced to a writing (paper or
electronic) delivered to the receiving party that contains a notice as to its confidential nature, or (c) where the nature of the information
disclosed or the circumstances under which such information is disclosed should reasonably be understood by the receiving party to be
confidential information regardless of whether identified as such by the disclosing party. Without limitation, confidential information
does not include any information that, through no fault or failure to act on the part of receiving party, is or becomes: (i) known by
the receiving party (without breach of any confidentiality obligation known to the receiving party by any third party) prior to disclosure
by the disclosing party; (ii) independently developed by the receiving party without the use of, or reference to, any confidential information;
(iii) later received by the receiving party from a third party that is not under a confidentiality obligation to the disclosing party;
or (iv) publicly available to third parties. To clarify, all data, computer-aided designs, specifications, drawings, photographs, and
other materials related to the Licensed IP shall be confidential regardless of whether marked as such upon delivery to Licensee. The
terms of this Agreement are agreed to be confidential information. In addition, to the extent that Licensor’s licensors require
Licensee to execute additional confidentiality agreements in order to receive such Licensed IP, Licensee agrees to execute such additional
agreements as reasonably required.

 

12.2 Each
Party may disclose the other Party’s confidential information:

 

(a) To
its employees, officers, representatives or advisers who need to know such information for the purposes of carrying out the Party’s
obligations or rights under this Agreement provided that each Party shall procure that such persons to whom it discloses confidential
information shall keep such information confidential as if were a party to this Agreement;

 

(b) As
may be required by law, a court of competent jurisdiction or any government or regulatory authority; provided, that the compelled party
shall provide notice to the other party of the information to be disclosed and, unless impossible, a reasonable opportunity for the other
party to take action to protect the confidential information prior to disclosure, and to the extent that disclosure is ultimately required,
the disclosing party shall disclose only such confidential information as advised by its counsel is necessary to fulfill its legal obligations;

 

(c) To
the extent that Licensor or Licensee is required by law to do so, it shall have the right to disclose this Agreement and the contents
thereof in its or its parent entity’s current report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”)
and other required SEC filings, such as Form 10-K annual reports and Form 10-Q quarterly reports; provided, however, that it shall disclose
no more than is necessary to fulfill its legal obligations and shall make such disclosures only after notifying the other party of the
information to be disclosed and consulting with its legal department.

 

12.3 No
Party shall use any other Party’s confidential information other than to perform its obligations under this Agreement. For the
avoidance of doubt the Licensor is permitted to publicize its involvement with the Licensee and the Events.

 

    	 

    	 

    

 

12.4 Any
notice, demand, or communication required or permitted to be given to a Party by any provision of this Agreement shall be deemed to have
been sufficiently given or served for all purposes if (i) delivered personally or (ii) sent by registered or certified mail, postage
prepaid, or by national or international overnight delivery service with tracking (e.g., UPS, FedEx) addressed to the Party at the address
set forth in the introductory paragraph on page 1 of this Agreement. Except as otherwise provided herein, any such notice shall be deemed
to be given on the date on which the same was personally delivered, or, if sent by registered or certified mail, three (3) days after
the date on which the same was deposited in a regularly maintained receptacle for the deposit of United States mail, addressed and sent
as aforesaid or, if sent by national or international delivery service, on the date received at the Party’s address. The inability
to deliver any such notice because of a changed mailing address of which no notice was given, or because of the rejection or refusal
to accept such notice, shall be deemed to be the effective receipt of the notice as of the date of such inability to deliver, rejection,
or refusal to accept. Notice may be given by counsel or an agent for a Party.

 

12.5 No
waiver of any breach of the terms of this Agreement shall be effective unless such waiver is in writing and signed by the Party against
whom such waiver is claimed. No waiver of any breach shall be deemed to be a waiver of any other or subsequent breach.

 

12.6 If
any term, provision or section of this Agreement shall be found to be unenforceable, that term, provision, or section shall be stricken
from this Agreement and shall not affect the validity or enforceability of the remaining terms, provisions and sections of this Agreement.
Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective
to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of
this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.
If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only as broad as enforceable.

 

12.7 Each
Party shall execute such documents and shall give further assurances as shall be reasonably necessary or desirable to perform its obligations
hereunder.

 

12.8 This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which shall constitute
one and the same instrument.

 

12.9 This
Agreement shall be binding on and inure to the benefit of the Parties and their respective successors and permitted assigns. Except as
provided herein, this Agreement may not be assigned by either Party without the prior written consent of the other Party, which consent
shall not be unreasonably withheld. Without limitation, Licensee agrees that the Licensed IP are integral assets of the Licensor Group’s
operations, and that the goodwill of the Licensor Group is directly related to the proper use of the Licensed IP, and therefore this
Agreement constitutes an executory contract subject to 11 U.S.C. §365(c)(1)(A) and may not be assumed or assigned without the express
written consent of Licensor. Any sale or transfer of a controlling interest in Licensee shall be deemed an assignment under this Section
and shall require Licensor’s prior written consent.

 

12.10 Except
as may be expressly set forth to the contrary herein, this Agreement constitutes the entire agreement between the Parties with respect
to the subject matter hereof and supersedes all prior agreements and understandings, whether oral or written, between the Parties (and
their affiliates) with respect to the subject matter hereof. This Agreement may be amended only in writing signed by the Parties.

 

12.11 Except
as may be expressly set forth to the contrary herein, representations, warranties, covenants, and agreements contained in this Agreement
are for the sole benefit of the Parties hereto and their successors and permitted assigns, and the Agreement will not be construed as
conferring, and is not intended to confer, any rights on any other persons or entities.

 

12.12 Except
as expressly set forth in this Agreement, the rights and remedies provided by this Agreement are cumulative and the use of any one right
or remedy shall not preclude or waive any other right or remedy. The rights and remedies in this Agreement are given in addition to any
other rights or remedies that the Parties may have by law, statute, ordinance or otherwise.

 

12.13 The
headings in this Agreement are inserted for convenience and identification only and are in no way intended to define or limit the scope,
extent or intents of this Agreement or any provisions herein.

 

12.14 The
Recitals to this Agreement are hereby incorporated into this Agreement by reference.

 

    	 

    	 

    

 

12.15 The
Parties agree that this Agreement was jointly developed and prepared and shall not be construed for or against either Party by reason
of the physical preparation of this Agreement.

 

12.16 The
Parties agree that, if a duly authorized representative of one Party signs this Agreement and transmits such Agreement to the other Party
via facsimile or email transmission, and a duly authorized representative of the other Party then signs such transmission, then this
Agreement shall have been validly executed by both Parties. In such case, the fully signed document and the facsimile or pdf of such
document (bearing all signatures and transmitted to the Party that originally signed such document), shall be deemed original documents.

 

12.17 The
Parties to this Agreement are not partners or joint ventures. This Agreement shall not constitute any Party the legal representative
or agent of the other, nor shall any Party or any affiliate of any Party have the right or authority to assume, create or incur any liability
or obligation, express or implied, against, in the name of, or on behalf of the other Party solely by virtue of this Agreement.

 

12.18 Licensor
and Licensee shall pay their own respective legal fees incurred in negotiating and preparing this Agreement.

 

12.19 Licensor
and Licensor Group shall not be liable to Licensee for any delay or nonperformance of this Agreement by Licensor (including without limitation
with respect to the delivery of any Licensed IP) or for any damages suffered by Licensee, to the extent any delay or nonperformance is
due to causes beyond Licensor’s control, including but not limited to, acts of God, war, terrorism, civil strife, rain, fire, strikes,
inclement or severe weather (including lightning strikes), power outages, systems failures, governmental order, communicable disease
or inability to obtain necessary labor or materials or consents of third parties.

 

13. Joint
Preparation/Independent Counsel.

 

13.1 This
Agreement shall be considered, for all purposes, as having been prepared through the joint efforts of the Parties to this Agreement.
No presumption shall apply in favor of or against any Party in the interpretation of this Agreement or any such other agreement or instrument,
or in the resolution of any ambiguity of any provision hereof or thereof, based on the preparation, substitution, submission, or other
event of negotiation, drafting or execution hereof or thereof.

 

13.2 Each
Party to this Agreement understands and acknowledges that each of them is entitled to and has been afforded the opportunity to consult
legal and tax counsel of its choice regarding the terms, conditions and legal effects of this Agreement as well as the advisability and
propriety thereof. Each Party to this Agreement further understands and acknowledges that having so consulted with legal and tax counsel
of its choosing, such Party hereby waives any right to raise or rely upon the lack of representation or effective representation in any
future proceedings or in connection with any future claim resulting from this Agreement.

 

[The
remainder of this page has been intentionally left blank.]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement effective as of the Effective Date.

 

	LICENSOR:	 
	 	 
	INDYCAR,
    LLC	 
	 	 	 
	By:	/s/
    Mark Miles	 
	Name:
    	Mark
    Miles	 
	Title:
    	CEO	 

 

	LICENSEE:	 
	 	 
	MOTORSPORT
    GAMES INC.	 
	 	 	 
	By:	/s/
    Dmotry Kozko	 
	Name:	Dmitry
    Kozko	 
	Title:	CEO	 

 

    	 

    	 

    

 

Annex
B

 

 ***

 

    	 

    	 

    

 

Schedule
1.7

 

***

 

    	 

    	 

    

 

Schedule
7

 

***Exhibit 10.13

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment
Agreement (the “Agreement”), is made and entered into this 13th day of July, 2021 (the “Execution Date”), and
is by and between Vicarious Surgical Inc. (“Company”), and Adam Sachs (“Executive”).

 

WHEREAS, Company wishes to
employ Executive to serve as its President and Chief Executive Officer;

 

WHEREAS, Executive represents
that Executive possesses the necessary skills to perform the duties of this position and that Executive has no obligation to any other
person or entity which would prevent, limit or interfere with Executive’s ability to do so; and

 

WHEREAS, Executive and Company
desire to enter into a formal Executive Employment Agreement to assure the harmonious performance of the affairs of Company.

 

NOW, THEREFORE, in consideration
of the mutual promises, terms, provisions, and conditions contained herein, the parties agree as follows:

 

1. Title
and Duties. Subject to the terms and conditions of this Agreement, Executive’s position with Company shall be President and
Chief Executive Officer reporting to Company’s Board of Directors (the “Board”) or the Board’s designee. Executive
accepts such employment upon the terms and conditions set forth herein, and agrees to perform to the best of Executive’s ability
the duties normally associated with such position and as reasonably determined by the Board in its sole discretion. While serving hereunder,
Executive shall devote all of Executive’s business time and energies to the business and affairs of Company, provided that
nothing contained in this Section 1 shall prevent or limit: (a) Executive’s right to manage Executive’s personal investments
on Executive’s own personal time, including, without limitation the right to make passive investments in the securities of (i) any
entity which Executive does not control, directly or indirectly, and which does not compete with Company, or (ii) any publicly held entity,
so long as Executive’s aggregate direct and indirect interest does not exceed two percent (2%) of the issued and outstanding securities
of any class of securities of such publicly held entity; (b) Executive’s participation in civic and charitable activities, including
as a member of a board of a civic or charitable organization, so long as such activities do not interfere with Executive’s performance
of Executive’s duties hereunder; and (c) Executive’s participation as an advisor to, or director of, up to two (2) entities
that are not competitors of the Company, subject to the Company’s prior written approval, which will not be unreasonably withheld.

 

2. Term;
Termination.

 

(a) Term.
The terms of the Executive’s employment set forth herein shall be effective only upon the consummation of the Company’s proposed
business combination transaction with D8 Holdings Corp (the “Effective Date”) and thereafter shall continue until terminated
hereunder by either party (such term of employment shall be referred to herein as the “Term”).

 

(b) Termination
by Company. Notwithstanding anything else contained in this Agreement, from and after the Effective Date, the Company may terminate
Executive’s employment hereunder as follows:

 

(i) For
Cause. Company may terminate Executive’s employment for Cause (as defined below) by written notice by Company to Executive that
Executive’s employment is being terminated for Cause, which termination shall be effective on the date of such notice or such later
date as specified in writing by Company, provided that if Executive has cured the circumstances giving rise to Cause under subsection
(D) below (as such cure right may be specifically applicable pursuant to the terms and conditions set forth below) then such termination
shall not be effective.

 

    1

    

    

 

(ii) Without
Cause. Company may terminate Executive’s employment without Cause, by written notice by Company to Executive that Executive’s
employment is being terminated without Cause, which termination shall be effective on the date of such notice or such later date as specified
in writing by Company.

 

 

 

(iii) Cause
Definition. For the purposes of this Agreement, “Cause” shall mean: (A) fraud, embezzlement, or illegal misconduct in
connection with Executive’s duties under this Agreement; (B) conviction of a felony involving fraud, dishonesty or breach of trust;
(C) willful misconduct or gross negligence in the performance of the duties delegated to Executive; (D) breach of this Agreement; or (E)
material breach of any non-competition, non-solicitation, non-disclosure, and intellectual property assignment agreement between Executive
and Company; provided that “Cause” shall not be deemed to have occurred pursuant to subsection (D) hereof unless Executive
has first received written notice specifying in reasonable detail the particulars of such ground and that Company intends to terminate
Executive’s employment hereunder for such ground, and if such ground is curable, Executive has failed to cure such ground within
a period of thirty (30) days from the date of his or her receipt of such notice.

 

(c) Termination
by Executive. Notwithstanding anything else contained in this Agreement, from and after the Effective Date, Executive may terminate
Executive’s employment hereunder as follows:

 

(i) For
Good Reason. Executive may terminate Executive’s employment for Good Reason (as defined below) by written notice by Executive
to Company that Executive is terminating Executive’s employment for Good Reason, which termination shall be effective thirty (30)
days after the date of such notice; provided that if Company has cured the circumstances giving rise to Good Reason then such termination
shall not be effective; or

 

(ii) Without
Good Reason. Executive may terminate Executive’s employment without Good Reason by written notice by Executive to Company that
Executive is terminating Executive’s employment, which termination shall be effective ninety (90) days after the date of such notice.

 

(iii) Good
Reason Definition. For the purposes of this Agreement, “Good Reason” shall mean: (A) a material reduction in Executive’s
then-current Base Salary; (B) a material diminution in Executive’s authority, duties, or responsibilities; (C) a material change
in the geographic location at which the Executive provides services to the Company outside of a fifty (50) mile radius from the then-current
location without Executive’s consent; or (D) any action or inaction by Company that constitutes a material breach of this Agreement;
provided that “Good Reason” shall not be deemed to have occurred unless: (1) Executive provides Company with written
notice that Executive intends to terminate Executive’s employment hereunder for one of the grounds set forth above within thirty
(30) days of such ground first occurring, (2) if such ground is capable of being cured, Company has failed to cure such ground within
a period of thirty (30) days from the date of such written notice, and (3) Executive terminates Executive’s employment within sixty
five (65) days from the date that Good Reason first occurs. For purposes of clarification, the above-listed conditions shall apply separately
to each occurrence of Good Reason and failure to adhere to such conditions in the event of Good Reason shall not disqualify Executive
from asserting Good Reason for any subsequent occurrence of Good Reason.

 

    2

    

    

 

(d) Termination
Due to Disability. Notwithstanding anything else contained in this Agreement, Company may terminate Executive’s employment due
to Executive’s Disability (as defined below) by written notice to Executive that Executive’s employment is being terminated
as a result of Executive’s Disability, which termination shall be effective on the date of such notice or such later date as specified
in writing by Company. For the purposes of this Agreement, “Disability” shall mean Executive’s incapacity or inability
to perform Executive’s duties and responsibilities as contemplated herein for one hundred twenty (120) days or more within any one
(1) year period (cumulative or consecutive), because Executive’s physical or mental health has become so impaired as to make it
impossible or impractical for Executive to perform the duties and responsibilities contemplated hereunder. Determination of Executive’s
physical or mental health shall be determined by the Board (or its designee) after consultation with a medical expert appointed by mutual
agreement between Company and Executive who has examined Executive. Executive hereby consents to such examination and consultation regarding
Executive’s health and ability to perform as aforesaid.

 

3. Compensation.

 

(a) Base
Salary. While Executive is employed hereunder, Executive shall earn a base salary at a bi-weekly rate of Twenty Thousand Four Hundred
and Twenty Three Dollars and Seven Cents ($20,432.07) (the “Base Salary”). The Base Salary shall be payable in substantially
equal periodic installments, on a bi-weekly basis, in accordance with Company’s payroll practices as in effect from time to time.
Company shall deduct from each such installment all amounts required to be deducted or withheld under applicable law or under any employee
benefit plan in which Executive participates.

 

(b) Annual
Bonus. Executive shall be eligible to receive an annual performance bonus (the “Annual Bonus”) for all years in which
Executive is employed by Company hereunder. The Annual Bonus target shall be seventy five percent (75%) of Executive’s Base Salary.
The amount of the Annual Bonus shall be based on factors such as Executive’s work performance, Company’s financial performance,
Company’s business forecasts, Company’s determination of Executive’s achievement of milestones for the applicable year,
and economic conditions generally. The actual amount of the Annual Bonus shall be determined by the Board in its sole discretion. The
Annual Bonus shall be paid to Executive in no event later than March 15th of the calendar year immediately following the calendar year
to which it pertains. Executive must be employed by Company at the time that the Annual Bonus is paid in order to be eligible for, and
to be deemed as having earned, such Annual Bonus. Company shall deduct from the Annual Bonus all amounts required to be deducted or withheld
under applicable law or under any employee benefit plan in which Executive participates.

 

(c) Equity.
Pursuant to the terms of Company’s 2021 Equity Incentive Plan (the “Plan”), and subject to the approval
of the Board, in May of each calendar year that Executive remains employed by the Company beginning in May 2022, Executive shall be eligible
to receive an Annual Equity Award. For May 2022, based on a review of peer group company compensation practices for executives of similar
responsibility and authority, the value of such Annual Equity Award shall be $5,502,700, awarded 50% in restricted stock units (“RSUs”)
with a value of $2,751,350 (the number of RSUs determined by reference to the current market price of a share of the Company’s Common
Stock on the day immediately preceding the date of grant) and 50%, or a fair value of $2,751,350, in stock options to purchase a number
of shares of the Company’s common stock (“Options”) calculated by dividing the fair value of the stock option award
by the then current Black Scholes value of the Company’s stock options, at a per share exercise price equal to the Fair Market Value (as
defined in the Plan) of Company common stock on the date of grant.  Promptly following the Effective Date, Executive shall be granted
a Pro Rata Annual Equity Award equal to a number of RSUs determined by multiplying 275,135 by a fraction, the numerator of which is the
number of months between the Effective Date and May 2022 and the denominator of which shall be 12, and a number of options determined
by multiplying 550,270 by a fraction, the numerator of which is the number of months between the Effective Date and May 2022 and the denominator
of which shall be 12.  Any Options shall be, to the maximum extent permissible, treated as “incentive stock options”
within the meaning of Section 422 of the Internal Revenue Code and the rules and regulations thereunder (collectively the “Code”). 
Options shall be evidenced in writing by, and subject to the terms and conditions of, the Plan and Company’s standard form of stock
option agreement, which agreement shall expire ten (10) years from the date of grant (except as otherwise provided in such agreement or
the Plan). As more fully explained in the Plan and/or such stock agreement, all such shares shall vest in equal installments on the last
day of each successive month thereafter for a period of forty eight (48) months, provided that Executive remains employed
by Company on the vesting date (except as otherwise provided in such agreement or the Plan).  RSUs shall be evidenced in writing
by, and subject to the terms and conditions of, the Plan and a restricted stock unit agreement and shall vest on the same schedule set
forth above for Options. In addition to the initial equity grant described above, Executive may be eligible
to receive additional annual grants of RSUs and/or Options as the Board of Directors of
the Company shall deem appropriate.

 

    3

    

    

 

(d) Fringe
Benefits. Executive shall be entitled to participate in all benefit/welfare plans and fringe benefits provided to employees at the
same level as Executive. Executive understands that, except when prohibited by applicable law, Company’s benefit plans and fringe
benefits may be amended by Company from time to time in its sole discretion.

 

(e) Vacation.
Executive’s eligibility for vacation time shall be governed by the Company’s Paid Time Office Policy as in effect from time
to time.

 

(f) Reimbursement
of Expenses. Company shall reimburse Executive for all ordinary and reasonable out-of-pocket business expenses incurred by Executive
in furtherance of Company’s business in accordance with Company’s policies with respect thereto as in effect from time to
time. Executive must submit any request for reimbursement no later than ninety (90) days following the date that such business expense
is incurred. All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section
409A (“Section 409A”) of the Code and the rules and regulations thereunder, including, where applicable, the requirement that
(i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this
Agreement); (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement
in any other calendar year; (iii) the reimbursement of an eligible expense shall be made no later than the last day of the calendar year
following the year in which the expense is incurred; and (iv) the right to reimbursement or in kind benefits is not subject to liquidation
or exchange for another benefit.

 

(g) Indemnification.
Executive shall be eligible for coverage under Company Directors’ and Officers’ (“D&O”) insurance policies
to the same extent and in the same manner to which Company’s similarly situated executives are entitled to coverage under Company
D&O insurance policies, subject to the terms and conditions of any such Company D&O insurance policies.

 

(h) Forfeiture/Clawback.
All compensation described herein shall be subject to any forfeiture or clawback policy established by Company generally for executives
from time to time and any other such policy required by applicable law.

 

4. Termination
Payments; Severance Benefit.

 

(a) Payment
of Accrued Obligations. Regardless of the reason for any employment termination hereunder, Company shall pay to Executive: (i) the
portion of Executive’s Base Salary that has accrued prior to any termination of Executive’s employment and has not yet been
paid; (ii) the portion of Executive’s vacation days that have accrued prior to any termination of Executive’s employment and
has not yet been used; and (iii) the amount of any expenses properly incurred by Executive on behalf of Company prior to any such termination
and has not yet been reimbursed (together, the “Accrued Obligations”) promptly following the effective date of termination,
and otherwise within any timeframe required by law. Executive’s entitlement to other compensation or benefits under any Company
plan or policy shall be governed by and determined in accordance with the terms of such plan or policy, except as otherwise specified
in this Agreement. In the event of Company’s termination of Executive’s employment for Cause or Executive’s termination
of Executive’s employment without Good Reason, Executive shall be eligible for the Accrued Obligations and shall not be eligible
for any severance or severance-type payments, other than as expressly set forth herein.

 

(b) Severance
in the Event of Termination Without Cause or Resignation for Good Reason. Subject to the terms and conditions of Section 4(d), in
the event that Executive’s employment hereunder is terminated by Company without Cause or terminated by Executive for Good Reason,
then, in addition to the Accrued Obligations:

 

(i) Company
shall pay Executive an amount equal to continuation of Executive’s monthly Base Salary for a twelve (12) month period, with such
payments to be made in accordance with Company’s normal payroll practices and schedules, less all customary and required taxes and
employment-related deductions.

 

(ii) Company
shall pay Executive a pro-rata portion of Executive’s at-target Annual Bonus for the calendar year in which the termination occurs
based on the period worked by Executive during such calendar year prior to termination, with such payment to be made in on one lump sum
in accordance with Company’s normal payroll practices and schedules, less all customary and required taxes and employment-related
deductions.

 

    4

    

    

 

(iii) In
the event that Executive is eligible for coverage under a Company health insurance plan and Executive has elected to have coverage thereunder
and was covered thereunder prior to termination, and in the event that Executive chooses to exercise Executive’s right under the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) to continue Executive’s participation in such plan,
Company shall pay its normal share of the costs for such coverage for a period of up to twelve (12) months from termination, to the same
extent that such insurance is provided to persons then currently employed by Company. Company shall deduct from each of the installments
due under Section 4(b)(i) the portion of the monthly premium due from Executive in accordance with the terms of such coverage. Notwithstanding
any other provision of this Agreement, this obligation shall cease on the date Executive becomes eligible to receive health insurance
benefits through any other employer, and Executive agrees to provide Company with written notice immediately upon becoming eligible for
such benefits. Executive’s acceptance of any payment on Executive’s behalf or coverage provided hereunder shall be an express
representation to Company that Executive has no such eligibility.

 

(iv) The
acceleration of the vesting provisions applicable to Executive’s outstanding time-based equity awards shall be governed by the Executive’s
existing equity award agreements or the terms of the Executive’s offer letter.

 

Subsections (i), (ii), (iii)
and (iv) are referred to as the “Standard Severance.” The Standard Severance is expressly subject to the conditions described
in Section 4(d) below, and any payment or benefit made as part of such Standard Severance shall be paid less all customary and required
taxes and employment-related deductions.

 

(c) Change
in Control Severance. Subject to the terms and conditions of Section 4(d), in the event that a Change in Control (as defined below)
occurs and, within a period of three (3) months prior to or twelve (12) months following the Change in Control, Executive’s employment
hereunder is terminated by Company without Cause or by Executive for Good Reason, then, in addition to the Accrued Obligations:

 

(i) Company
shall pay Executive an amount equal to two times (2x) Executive’s monthly Base Salary for a twelve (12) month period, with such
payments to be made in accordance with Company’s normal payroll practices and schedules, less all customary and required taxes and
employment-related deductions.

 

(ii) Company
shall pay Executive a pro-rata portion of Executive’s at-target Annual Bonus for the calendar year in which the termination occurs
based on the period worked by Executive during such calendar year prior to termination, with such payment to be made in on one lump sum
in accordance with Company’s normal payroll practices and schedules, less all customary and required taxes and employment-related
deductions.

 

(iii) In
the event that Executive is eligible for coverage under a Company health insurance plan and Executive has elected to have coverage thereunder
and was covered thereunder prior to termination, and in the event that Executive chooses to exercise Executive’s right under the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) to continue Executive’s participation in such plan,
Company shall pay its normal share of the costs for such coverage for a period of up to twenty four (24) months from termination, to the
same extent that such insurance is provided to persons then currently employed by Company. Company shall deduct from each of the installments
due under Section 4(c)(i) the portion of the monthly premium due from Executive in accordance with the terms of such coverage. Notwithstanding
any other provision of this Agreement, this obligation shall cease on the date Executive becomes eligible to receive health insurance
benefits through any other employer, and Executive agrees to provide Company with written notice immediately upon becoming eligible for
such benefits. Executive’s acceptance of any payment on Executive’s behalf or coverage provided hereunder shall be an express
representation to Company that Executive has no such eligibility.

 

    5

    

    

 

(iv) Executive
shall become fully vested in all outstanding time-based equity awards granted to Executive by Company.

 

Subsections (i), (ii), (iii)
and (iv) are referred to as the “Change in Control Severance.” The Change in Control Severance is expressly subject to the
conditions described in Section 4(d) below, and any payment or benefit made as part of such Change in Control Severance shall be paid
less all customary and required taxes and employment-related deductions.

 

For the purposes of this Agreement,
a “Change in Control” is defined as any of the following events: (i) any person (as such term is used in Section 13(d) of
the Securities Exchange Act of 1934 (the “Exchange Act”)) other than Company, any employee benefit plan of Company, or any
entity organized, appointed or established by Company for or pursuant to the terms of any such plan, together with all “affiliates”
and “associates” (as such terms are defined in Rule 12b-2 under the Exchange Act) becomes the beneficial owner or owners (as
defined in Rule 13d-3 and 13d-5 promulgated under the Exchange Act), directly or indirectly, of more than fifty percent (50%) of the outstanding
equity securities of Company, or otherwise becomes entitled, directly or indirectly, to vote more than 50% of the voting power entitled
to be cast at elections for directors (“Voting Power”) of Company; (ii) a consolidation or merger (in one transaction or a
series of related transactions) of Company pursuant to which the holders of Company’s equity securities immediately prior to such
transaction or series of related transactions would not be the holders, directly or indirectly, immediately after such transaction or
series of related transactions of more than 50% of the Voting Power of the entity surviving such transaction or series of related transactions;
(iii) the sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all
of the assets of Company; or (iv) the liquidation or dissolution of Company or Company ceasing to do business.

 

(d) Conditions.
Company shall not be obligated to provide Executive any payment, benefit and/or vesting described in Section 4(b) or Section 4(c), other
than the Accrued Obligations, unless and until Executive has executed without revocation a separation agreement in a form acceptable to
Company, which must be signed by Executive, returned to Company and be enforceable and irrevocable no later than sixty (60) days following
Executive’s separation from service (the “Review Period”), and which shall include, at a minimum, the provision of separation
pay and benefits due from Company to Executive as applicable, a complete general release of claims against Company and its affiliated
entities and each of their officers, directors and employees, and terms relating to non-disparagement, non-competition, confidentiality,
cooperation and the like similar in scope, duration and substance to those terms set forth in Company’s Non-Competition, Non-Solicitation,
Non-Disclosure, and Intellectual Property Agreement described in Section 5 below. If Executive executes and does not revoke such agreement
within the Review Period, then provision of payments, benefits and/or vesting shall commence on the first (1st) day following the Review
Period, provided that if the last day of the Review Period occurs in the calendar year following the year of termination, then
the payment shall not commence until January 2 of such subsequent calendar year, and further provided that, as applied to subsections
(i), (ii) and (iii) of Sections 4(b) and 4(d) as applicable, the first payments/benefits shall include in a lump sum all amounts that
were otherwise payable to Executive from the date of Executive’s separation from service occurred through such first payment. As
stated in Company’s Non-Competition, Non-Solicitation, Non-Disclosure, and Intellectual Property Agreement, in the event Executive
is eligible for garden leave or analogous payments in support of non-competition obligations, then Company reserves the right to offset
the Standard Severance or Change in Control Severance with such garden leave or analogous payments to the extent permitted by applicable
law.

 

    6

    

    

 

(e) COBRA.
If the payment of any COBRA or health insurance premiums by Company on behalf of Executive as described herein would otherwise violate
any applicable nondiscrimination rules or cause the reimbursement of claims to be taxable under the Patient Protection and Affordable
Care Act of 2010, together with the Health Care and Education Reconciliation Act of 2010 (collectively, the “Act”) or Section
105(h) of the Code, the COBRA premiums paid by Company shall be treated as taxable payments (subject to customary and required taxes and
employment-related deductions) and be subject to imputed income tax treatment to the extent necessary to eliminate any discriminatory
treatment or taxation under the Act or Section 105(h) of the Code. If Company determines in its sole discretion that it cannot provide
the COBRA benefits described herein under Company’s health insurance plan without potentially violating applicable law (including,
without limitation, Section 2716 of the Public Health Service Act), Company shall in lieu thereof provide to Executive a taxable lump-sum
payment in an amount equal to the sum of the monthly (or then remaining) COBRA premiums that Executive would be required to pay to maintain
Executive’s group health insurance coverage in effect on the separation date for the remaining portion of the period for which Executive
shall receive the payments described in Sections 4(b) or 4(c) above.

 

(f) No
Other Payments or Benefits Owing; No Duplication of Severance. The payments and benefits set forth in this Section 4 shall be the
sole amounts owing to Executive upon termination of Executive’s employment for the reasons set forth above and Executive shall not
be eligible for any other payments or other forms of compensation or benefits. The payments and benefits set forth in this Section shall
be the sole remedy, if any, available to Executive in the event that Executive brings any claim against Company relating to the termination
of Executive’s employment under this Agreement. In the event that Executive is eligible for Change in Control Severance under this
Section 4, Executive shall not be eligible for and shall not receive the Standard Severance under this Section 4.

 

5. Non-Competition,
Non-Solicitation, Non-Disclosure Agreement. In light of the competitive and proprietary aspects of the business of Company, and as
a condition of Executive’s employment hereunder, Executive agrees to sign and abide by Company’s Non-Competition, Non-Solicitation,
Non-Disclosure, and Intellectual Property Agreement.

 

6. Code
Sections 409A and 280G.

 

(a) In
the event that the payments or benefits set forth in Section 4 constitute “non-qualified deferred compensation” subject to
Section 409A, then the following conditions apply to such payments or benefits:

 

(i) Any
termination of Executive’s employment triggering payment of benefits under Section 4 must constitute a “separation from service”
under Section 409A(a)(2)(A)(i) of the Code and Treas. Reg. §1.409A-1(h) before distribution of such benefits can commence. To the
extent that the termination of Executive’s employment does not constitute a separation of service under Section 409A(a)(2)(A)(i)
of the Code and Treas. Reg. §1.409A-1(h) (as the result of further services that are reasonably anticipated to be provided by Executive
to Company at the time Executive’s employment terminates), any such payments under Section 4 that constitute deferred compensation
under Section 409A shall be delayed until after the date of a subsequent event constituting a separation of service under Section 409A(a)(2)(A)(i)
of the Code and Treas. Reg. §1.409A-1(h). For purposes of clarification, this Section 6(a) shall not cause any forfeiture of benefits
on Executive’s part, but shall only act as a delay until such time as a “separation from service” occurs.

 

    7

    

    

 

(ii) Notwithstanding
any other provision with respect to the timing of payments under Section 4 if, at the time of Executive’s termination, Executive
is deemed to be a “specified employee” of Company (within the meaning of Section 409A(a)(2)(B)(i) of the Code), then limited
only to the extent necessary to comply with the requirements of Section 409A, any payments to which Executive may become entitled under
Section 4 which are subject to Section 409A (and not otherwise exempt from its application) shall be withheld until the first (1st) business
day of the seventh (7th) month following the termination of Executive’s employment, at which time Executive shall be paid an aggregate
amount equal to the accumulated, but unpaid, payments otherwise due to Executive under the terms of Section 4.

 

(b) It
is intended that each installment of the payments and benefits provided under Section 4 shall be treated as a separate “payment”
for purposes of Section 409A. Neither Company nor Executive shall have the right to accelerate or defer the delivery of any such payments
or benefits except to the extent specifically permitted or required by Section 409A.

 

(c) Notwithstanding
any other provision of this Agreement to the contrary, this Agreement shall be interpreted and at all times administered in a manner that
avoids the inclusion of compensation in income under Section 409A, or the payment of increased taxes, excise taxes or other penalties
under Section 409A. The parties intend this Agreement to be in compliance with Section 409A. Executive acknowledges and agrees that Company
does not guarantee the tax treatment or tax consequences associated with any payment or benefit arising under this Agreement, including
but not limited to consequences related to Section 409A.

 

(d) If
any payment or benefit Executive would receive under this Agreement, when combined with any other payment or benefit Executive receives
pursuant to a Change of Control (for purposes of this section, a “Payment”) would: (i) constitute a “parachute payment”
within the meaning of Section 280G the Code; and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the
Code (the “Excise Tax”), then such Payment shall be either: (A) the full amount of such Payment; or (B) such lesser amount
(with cash payments being reduced before equity compensation) as would result in no portion of the Payment being subject to the Excise
Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local employments taxes, income taxes,
and the Excise Tax, results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding
that all or some portion of the Payment may be subject to the Excise Tax.

 

7. General.

 

(a) Notices.
Except as otherwise specifically provided herein, any notice required or permitted by this Agreement shall be in writing and shall be
delivered as follows with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier
upon written verification of receipt; (iii) by facsimile transmission upon acknowledgment of receipt of electronic transmission; or (iv)
by certified or registered mail, return receipt requested, upon verification of receipt.

 

    8

    

    

 

Notices to Executive
shall be sent to the last known address in Company’s records or such other address as Executive may specify in writing. 

 

Notices to Company
shall be sent to:

 

Vicarious Surgical Inc.

78 4th Avenue

Waltham, MA 02451

Attention: Chair, Board of Directors

 

with a copy to:

 

Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C.

One Financial Center

Boston, MA, 02111

Attn: Edwin C. Pease, Esq.

 

(b) Modifications
and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement executed by the parties
hereto.

 

(c) Waivers
and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written
document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or
shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such
waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute
a continuing waiver or consent.

 

(d) Assignment.
Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or substantially all of Company’s
business or that aspect of Company’s business in which Executive is principally involved. Executive may not assign Executive’s
rights and obligations under this Agreement without the prior written consent of Company.

 

(e) Governing
Law; Jury Waiver. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and
governed by the law of Massachusetts without giving effect to the conflict of law principles thereof. Any legal action or proceeding with
respect to this Agreement shall be brought in the courts of the Commonwealth of Massachusetts or the United States of America for the
District of Massachusetts. By execution and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of
its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts. ANY ACTION, DEMAND, CLAIM OR COUNTERCLAIM
ARISING UNDER OR RELATING TO THIS AGREEMENT SHALL BE RESOLVED BY A JUDGE ALONE AND EACH OF COMPANY AND EXECUTIVE WAIVES ANY RIGHT TO A
JURY TRIAL THEREOF.

 

(f) Headings
and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference only and shall
in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

(g) Entire
Agreement. This Agreement, together with the other agreements specifically referenced herein, embodies the entire agreement and understanding
between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings
relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth
in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

(h) Counterparts.
This Agreement may be executed in two or more counterparts, and by different parties hereto on separate counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. For all purposes a signature by fax shall
be treated as an original.

 

[Signature Page to Follow]

 

    9

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first written above.

 

	EXECUTIVE	 	VICARIOUS SURGICAL INC.
	 	 	 
	/s/Adam Sachs	 	By:	 /s/June Morris
	Adam Sachs	 	Name:	 June Morris
		 	Title:	Chief Legal Officer, General Counsel, Secretary

 

 

10

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