Document:

Exhibit
10.8

 

ADMINISTRATIVE
SERVICES AGREEMENT

Flag
Ship Acquisition Corporation

260
Madison Avenue

New
York, NY 10016

 

 

Dated
as of _______ __, 2021          

 

Whale
Management Corporation

 

Ladies
and Gentlemen:

 

This
letter agreement will confirm our mutual agreement that, commencing on the first date (the “Effective Date”)
that any securities of Flag Ship Acquisition Corporation (the “Company”) registered on the Company’s
registration statement (the “Registration Statement”) for its initial public offering (the “IPO”)
are listed on the Nasdaq Capital Market, and continuing until the earlier of (i) the consummation by the Company of an initial
business combination and (ii) the Company’s liquidation (in each case as described in the Registration Statement) (such
earlier date hereinafter referred to as the “Termination Date”), Whale Management Corporation (“Whale”)
shall make available to the Company certain office space, utilities and secretarial and administrative services as may be required
by the Company from time to time, situated at 260 Madison Avenue New York, NY 10016 (or any successor location). In exchange therefor,
the Company shall pay WHALE MANAGEMENT CORPORATION (“Whale”) the sum of $10,000 per month on the Effective Date and
continuing monthly thereafter until the Termination Date.

 

Whale
hereby agrees that it does not have any right, title, interest or claim of any kind in or to any monies that may be set
aside in a trust account (the “Trust Account”) that may be established upon the consummation of the
IPO as a result of this letter agreement (the “Claim”) and hereby irrevocably waives any Claim it may
have in the future as a result of, or arising out of, this letter agreement and will not seek recourse against the Trust Account
for any reason whatsoever.

 

This
letter agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and
supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent
they relate in any way to the subject matter hereof or the transactions contemplated hereby.

 

This
letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by all parties hereto.

 

No
party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior
written approval of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and
shall not operate to transfer or assign any interest or title to the purported assignee.

 

Any
litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in
accordance with, and interpreted pursuant to the laws of the State of New York, without giving effect to its choice of laws principles.

 

[signature
page follows]

 

    1

     

    

 

	 	Very truly yours,
	 	 
	 	FLAG SHIP ACQUISITION CORPORATION
	 	 	 
	 	By:	              
	 	Name: 	Matthew Chen
	 	Title: 	Chief Executive Officer

 

	AGREED TO AND ACCEPTED BY:	 
	 	 	 
	Whale Management Corporation	 
	 	 	 
	By:	           	 
	Name: 	 	 
	Title:	 	 

 

 

 

 

[Signature
Page to Flag Ship Administrative Services Agreement]

 

    2Exhibit 10.1
​

​
September 30th, 2021
​
Brent Hinds
C/O Robert Half Executuve Search
​
Re: Offer of Employment: Vice President and Controller
​
Dear Brent:
​
ClearSign Technologies Corporation is pleased to offer you a position as Vice President and Controller, reporting directly to our Chief Executive Officer, commencing Monday, October 18, 2021.  In this position, you may be deemed to be an officer of ClearSign for SEC filing and reporting purposes. This offer letter and your appointment by the Board as an officer will be formalized and effective (the Effective Date) on the latest of (i) you signing this offer letter and (ii) physically starting work on October 18, 2021.
​
The following is a description of the role:
​
The VP & Controller is an integral part of the executive team and will work closely with the CEO and other key members of the Leadership Team.  The VP & Controller will report to the CEO (as well as to the board of directors for specific audit-related functions) and have responsibility for accounting, IT, finance, forecasting, and all SEC filings.  The VP & Controller will also ensure that all appropriate controls are maintained and have a key role in investor relations activities.
​
Primary Duties and Responsibilities
Provide exceptional leadership to the finance and accounting team and grow/scale with the organization
Lead accounting and reporting activities to ensure the accurate and timely reporting of results
Manage overall treasury and cash flow to ensure strategy execution
Anticipate the needs of internal customers; focus on work processes that deliver consistent, accurate, timely, clear, and actionable financial information while maintaining a high level of customer satisfaction
Maximize efficiency and effectiveness of the core financial systems and processes
Establish and maintain systems and controls, which verify the integrity of all systems, processes, and data
Ensure seamless SOX implementation and ongoing compliance
Develop and mentor staff to perform at their highest potential
Prepare reports that summarize and forecast company business activity and financial position in areas of income, expenses and earnings based on past, present and expected operations
Prepare reports required by regulatory agencies, as well as regional and global compliance and support requirements
Lead audit preparation and coordination for both internal and external audits to meet accuracy and timeliness requirements
Lead all IT related matters and ensure appropriate controls and risks are mitigated
Remain compliant with securities laws and company policies
​
​

​
	
	ClearSign Technologies Corporation
12870 Interurban Avenue South
Seattle, WA 98168
Phone: 206.673.4848 | www.clearsign.com
​

​

Brent Hinds
September 30, 2021
Page 2
​

Compensation, Benefits, and Notices
Base salary: $200,000 per year.
Vacation accrues at 4 weeks per calendar year, prorated for partial years.  ClearSign has a “use it or lose it” policy whereby employees may carryover no more than 40 hours each calendar year end.  Accrued vacation is forfeited upon separation.
Sick time accrues at 6 days per calendar year, prorated for partial years.  Accrued sick time carries over from year to year, but is forfeited upon separation.
Enrollment in ClearSign’s Healthcare Plan with coverage for you and your immediate family. The medical plan is through Regence Blue Shield insurance with a $1,500/$3,000 in network deductible per individual/family. Dental and vision coverage is also included. We also offer a Health Savings Account (HSA) making contributions as follows:  $50/month for an individual employee or , $100/month for an employee with an enrolled family. Amounts accumulate for reimbursement of your out-of-pocket expenses.
Voluntary enrollment in our defined contribution retirement plan.  Currently, ClearSign offers a SIMPLE IRA Plan whereby the employee may contribute up to $13,500/year ($16,500 if the employee is ≥ 50 years old) and ClearSign will match dollar-for-dollar up to the first 3% of the employee’s gross wages contributed to the Plan.  SIMPLE IRA plans also allow the employee to contribute up to $6,000/year ($7,000 if ≥ 50 years old) to an individual IRA account.
All benefits are subject to future adjustments and changes, or may be discontinued in the judgment of the Company.
As an at-will employee, you may terminate your employment at any time.  Likewise, your employment may be terminated by us at any time.
Short-term and Long-term Incentives:
As an employee, you are eligible to have, common stock, options to purchase common stock, or other forms of company equity (NASDAQ: CLIR) issued to you under our Equity Incentive Plan.  Future grants under the Equity Incentive Plan will be based on a number of considerations, including your performance, the Company’s performance, and the financial condition of the Company and will be subject to approval by the Company’s Board of Directors. You bonus value will be up to 40% of your annual salary, and comprised of long term and short term incentives awards.
​
Equity Compensation:
​
Signing Option. On the Effective Date, Company shall issue to you an option (the “Signing Option”) for the purchase of 100,000 shares of Company’s common stock (the “Signing Option Shares”)
The Signing Option shall be an incentive stock option to the extent permitted under the Internal Revenue Code (the “Code”). The per share exercise price of the Signing Option Shares shall be equal to the closing price of Company’s common stock on the grant date, which is also expected to be the Effective Date, and the term of the Signing Option shall be 10 years. The right to purchase one-third of the Signing Option Shares shall vest on the Effective Date; the right to purchase one-third of the Signing Option Shares shall vest on the first anniversary of the Effective Date; and the right to purchase one-third of the Signing Option Shares shall vest on the second anniversary of the Effective Date.
​
​

​
​

Brent Hinds
September 30, 2021
Page 3
​

If acceptable, please sign in the space below and return the executed letter to me. This offer is subject to a background check, successfully passing a drug screening, determination of U.S. citizenship, and satisfactory completion of other typical steps in the hiring procedure.  This offer expires if not accepted by October 5th 2021.
​
We look forward to welcoming you aboard.
​
Sincerely,
​
	​

	​

	​

	ClearSign Technologies Corporation
	    
	​

	​
	​
	​

	​
	​
	​

	Jim Deller
	​
	​

	Chief Executive Officer
	​
	​

	​
	​
	​

	Agreed and Accepted
	​
	​

	​
	​
	​

	/s/ Brent Hinds
	​
	October 18, 2021

	Brent Hinds
	​
	Date

​

​
​

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