Document:

Exhibit 10.8

 

Name: Gerry Harder

Date: January 16, 2020

 

RE:        Offer
of Employment with Trinity Capital Inc.

 

Dear
Gerry:

 

I am very pleased to provide
you with an offer of employment and know that you will be an extremely valuable contributor to Trinity Capital Inc. (the “Company”).
Please review and approve at your convenience. We look forward to having you join our team!

 

Position and Responsibilities

 

You
agree to serve as Chief Credit Officer for the Company. You agree to devote substantially all of your business time and efforts
to the performance of your duties to the Company. You will be responsible for measuring
and managing the aggregate risk as the Company reviews potential investments as well as the Company’s loan and equipment
financing portfolio. You will also review and manage collection policies, procedures, and processes ensuring appropriate mitigation
of the risks inherent in any loan portfolio. In this position, you will report directly to the CEO.

 

Salary, Bonus, Benefits,
Business Expenses and Severance

 

		a.	Base Salary. Initially, you will be compensated for your services
at an annual rate of four hundred and fifty thousand dollars ($450,000), which
may be reviewed and adjusted on an annual basis by the Board of Directors (the “Board”) in its sole discretion, and
which shall be payable in accordance with the Company’s regular payroll schedule (the “Base Salary”).
All payments made to you, including all payments of Base Salary and any bonuses or equity or equity-based compensation, shall be
subject to all withholding required by law (such as income and payroll taxes) and any additional agreed upon withholding amounts.

 

		b.	Annual Bonus Arrangement. In addition, you will be eligible
to receive an annual bonus (the “Annual Bonus”), payable in amounts and at such times as determined in good faith by
the Board, based on the achievement of Company and individual performance objectives, performance goals, and other metrics as set
by the Board, and as may be changed from time to time. The Annual Bonus (if any) shall be payable no later than March 15 of the
calendar year following the calendar year to which such Annual Bonus relates and may be paid periodically prior to such date. In
order to be eligible to receive such Annual Bonus (or portion thereof), you must remain employed by the Company and in good standing
through (i) the payment date if earlier than the end of the calendar year or (ii) the end of the applicable Annual Bonus calendar
year. Notwithstanding the foregoing, in the event that you are terminated for “cause” at any point prior to the payment
of any Annual Bonus, you will not be entitled to the payment of any Annual Bonus.

 

For
purposes of this letter agreement, “cause” shall mean (i) your act(s) of gross negligence or willful
misconduct in the course of your employment, (ii) your willful failure or refusal to perform in any material respect
your duties or responsibilities, (iii) misappropriation (or attempted misappropriation) by you of any assets or business
opportunities of the Company, (iv) embezzlement or fraud committed (or attempted) by you, or at your direction,
(v) your conviction of, indictment for, or pleading “guilty” or “no contest” to, (x) a
felony or (y) any other criminal charge that has, or could be reasonably expected to have, an adverse impact on the
performance of your duties to the Company or otherwise result in material injury to the reputation or business of the
Company, (vi) any material violation by you of the policies of the Company, including but not limited to those relating
to sexual harassment or business conduct, and those otherwise set forth in the manuals or statements of policy of the
Company, or (vii) your material breach of Exhibit A of this letter agreement.

 

     

     

    

 

		c.	Employee Benefits. In connection with your employment, you
will be eligible to participate in the Company’s employee benefit plans (including life, health accident insurance and disability
programs) provided by the Company to similarly situated employees. Such participation shall be subject to the terms of the applicable
plan documents and policies generally applicable to Company employees, including, without limitation, plan terms or policies relating
to employee contributions under any such plans. Additional information regarding these benefits will be provided to you under a
separate cover. 

 

		d.	Vacation and Sick Leave. You will be entitled to four (4) weeks
of paid time off per calendar year in the form of vacation and sick leave (without taking into account any qualified disability
leave offered pursuant to the Company’s disability benefit programs in place from time to time), subject to the terms and
conditions of the Company’s policies, procedures, and practices applicable to similarly situated employees and applicable
law.

 

		e.	Sabbatical. You will be entitled to a six (6) week sabbatical every three years.

 

		f.	Business Expenses. You will be reimbursed for all reasonable expenses (including, without
limitation, travel and lodging, phone and car lease) incurred by you in connection with your employment, provided you provide documentation,
expense statements, vouchers and/or such other supporting information to the Company as it may reasonably request, and provided
such expenses were incurred in compliance with Company policies, procedures and practices.

 

		g.	Severance:
In addition to any amounts owed to you under the Company’s
employee benefit plans and under applicable law, you will also be eligible for severance upon certain terminations of employment
as provided for in this letter agreement. Through the fifth anniversary of the date of this letter agreement, you will be eligible
for severance upon your termination of employment as a result of your death, disability or by the Company without cause as provided
for in this paragraph. Upon such termination and your execution and nonrevocation of a general release of claims in a form satisfactory
to the Company (the “Release of Claims”) and your continued compliance with the terms of Exhibit A, you will be paid
the following amounts: (i) one times your Base Salary, (x) as averaged over the most recent three years or (y) if three years has
not passed since the Company’s operation as a BDC, your most recent Base Salary; (ii) any earned but unpaid Annual Bonus
amounts plus your pro rata Annual Bonus for the year of termination; (iii) one times (x) the average of your most recent three
Annual Bonuses or (y) if three years has not passed since the Company’s operation as a BDC, your most recent Annual Bonus
(or, if none has been paid as a result of the Company’s recent operation as a BDC, your most recent Annual Bonus earned for
service to the predecessor of the Company); (iv) the accelerated vesting of any equity awards granted by the Company; plus (v)
subject to your electing COBRA coverage under the Company’s group health plan, an amount equal to the difference between
the monthly COBRA premium cost and the monthly contribution paid by active employees for the same coverage, for a period of twelve
months (the “Severance Benefits”). The Severance
Benefits shall be paid to you in a lump sum (or vested) as soon as reasonably practicable following your execution and nonrevocation
of the Release of Claims.

 

     

     

    

 

For
purposes of this letter agreement, “disability” shall
mean any physical or mental disability or infirmity of you that prevents the performance of your duties (notwithstanding the provision
of any reasonable accommodation) for a period of (i) ninety (90) consecutive days or (ii) one hundred twenty (120) non-consecutive
days during any twelve (12) month period, as determined by the Company. 

 

If your employment with the Company
is terminated at any time for any reason other than as described above, unless provided for separately (e.g. a separate severance
plan or agreement) the Company shall have no further obligation or liability to you relating to your employment or arising out
of this offer, other than (i) the payment of any Base Salary earned but unpaid through the date of termination of your employment,
(ii) any vested rights you may have under any of the Company’s employee benefit plans, (iii) payment for any accrued but
unused vacation days, in accordance with the Company’s vacation policy and applicable laws, and (iv) any other payments required
by applicable law.

 

Employment at Will;
Restrictive Covenants

 

Notwithstanding
anything to the contrary, your employment with the Company will be “at will”, which means that either you or the Company
may terminate your employment, at any time and for any reason, either with or without cause or advance notice. In the event you
desire to terminate your employment with the Company, the Company does request you provide two weeks’ notice as a courtesy.

 

As
a condition of your employment, you agree to be bound by all the terms and conditions in Exhibit A to this letter, and agree that
the terms and conditions of Exhibit A form part of the terms and conditions of your employment.

 

Additional Agreements;
Miscellaneous

 

This
offer letter, the employment relationship contemplated herein and any claim arising from such relationship, whether or not arising
under this letter, shall be governed by and construed in accordance with the laws of the State of Arizona without giving effect
to any choice or conflict of laws provision or rule thereof. If any portion or provision of this letter agreement shall to any
extent be declared illegal or unenforceable by a court of competent jurisdiction, then the application of such provision in such
circumstances shall be modified to permit its enforcement to the maximum extent permitted by law, and both the application of such
portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable and the remainder
of this letter agreement shall not be affected thereby, and each portion and provision of this letter agreement shall be valid
and enforceable to the fullest extent permitted by law.

 

     

     

    

 

The
agreed upon start date for the commencement of your employment is the date upon which the Company becomes an operating “business
development company.” We expect this date to occur in the first quarter of 2020.

 

	Sincerely,
	 
	Steven Brown
	CEO and Chairman of the Board
	Trinity Capital Inc.
	 
	Accepted by:
	 
	Name:  	Gerry Harder	 	Date:  	January 16, 2020
	 

 

     

     

    

 

Exhibit
A

Restrictive
Covenants

 

You acknowledge that,
as a senior executive of the Company, you have specialized knowledge of the Company’s business, its customer relationships
and its confidential information and that the restrictive covenants included in this Exhibit A to this letter agreement are necessary
to protect the Company’s legitimate, protectable business interests. You also acknowledge that in connection with the execution
of this letter agreement that you have received sufficient consideration to agree to such restrictions.

 

		1.	Intellectual Property. All inventions,
                                         technology, processes, innovations, ideas, improvements, developments, methods, designs,
                                         analyses, trademarks, service marks, and other indicia of origin, writings, audiovisual
                                         works, concepts, drawings, reports and all similar, related, or derivative information
                                         or works (whether or not patentable or subject to copyright), including but not limited
                                         to all patents, copyrights, copyright registrations, trademarks, and trademark registrations
                                         in and to any of the foregoing, along with the right to practice, employ, exploit, use,
                                         develop, reproduce, copy, distribute copies, publish, license, or create works derivative
                                         of any of the foregoing, and the right to choose not to do or permit any of the aforementioned
                                         actions, which relate to the Company’s actual or anticipated business, research
                                         and development or existing or future products or services and which are conceived, developed
                                         or made by you while employed by the Company or any of their predecessors (collectively,
                                         the “Work Product”) belong to the Company. All Work Product created
                                         by you while employed by the Company or any of its predecessors will be considered “work
                                         made for hire,” and as such, the Company is the sole owner of all rights, title,
                                         and interests therein. All other rights to any new Work Product and all rights to any
                                         existing Work Product, including but not limited to all of your rights to any copyrights
                                         or copyright registrations related thereto, are conveyed, assigned and transferred to
                                         the Company pursuant to this letter agreement. You will promptly disclose and deliver
                                         such Work Product to the Company and, at the Company’s expense, perform all actions
                                         reasonably requested by the Company (whether during or after your employment with the
                                         Company) to establish, confirm and protect such ownership (including, without limitation,
                                         the execution of assignments, copyright registrations, consents, licenses, powers of
                                         attorney and other instruments).

 

		2.	Confidential Information, Trade
                                         Secrets and Protected Rights.

 

You
agree that, during your employment with the Company or its affiliates and at all times following termination of your employment,
except as required by applicable law, you will not, directly or indirectly, at any time, disclose to any third person or use in
any way any non-public information or Confidential Information.

 

		a.	For purposes of this letter agreement, “Confidential Information” shall mean any confidential or proprietary
information, including but not limited to: (a) technical, operational and financial information, data, Trade Secrets, formulae,
processes, techniques, formats, specifications, manufacturing methods, treatment methods, designs, sketches, photographs, plans,
drawings, specifications, samples, reports, pricing information, studies, findings, marketing plans or proposals, inventions, ideas,
customer and client lists, information related to business opportunities and business development, and confidential programs or
procedures; (b) any intellectual property owned or licensed by the Company or its affiliates; (c) any information maintained by
the Company or its affiliates as confidential or proprietary information, whether or not it is marked as confidential; and (d)
information received by the Company or its affiliates from third parties under confidential conditions.

 

     

     

    

 

		b.	Notwithstanding the foregoing, Confidential Information shall not include information: (i) that at the date hereof is in the
public domain; (ii) that has come within the public domain through no fault or action of you that has the obligation of confidentiality
(provided, however, that the fact that general information may be in or become part of the public domain, in and of itself, does
not exclude any specific information from the obligations of this letter agreement); (iii) that after the date hereof has been
obtained lawfully from any third party which was entitled to disclose such information; and/or (iv) that you are compelled to disclose
by any judicial or administrative order after having given prompt notice of such order to the Company.

 

		c.	You agree that, during your employment with the Company or its
                                         affiliates and thereafter, you will:

 

		(i)	hold the Confidential Information in strict confidence; and

 

		(ii)	not give, sell or disclose Confidential Information to any other third party, unless such party is an auditor or contractor
hired by the Company and then only upon written approval of the Board.

 

For avoidance
of doubt, nothing in this letter agreement shall prevent you from sharing any Confidential Information or other information with
regulators or appropriate governmental agencies without notice to the Company, whether in response to subpoena or otherwise, under
the whistleblower provisions of federal law or regulation, and no prior authorization or notification is required prior to you
making any such reports or disclosures, provided, that no attorney client privilege shall be waived.

 

You acknowledge
that your obligations above are separate and distinct from your promise and obligation not to disclose or use the Company’s
or its affiliates’ “Trade Secrets,” as defined by the applicable federal and state laws. During and at all times
after your employment with the Company or its affiliates, Trade Secrets of the Company shall be subject to the maximum protections
available under applicable law and no less protection than that described above applicable to “Confidential Information.”

 

Nothing in
this letter agreement prohibits you from reporting to any governmental authority information concerning possible violations of
law or regulation. Provided you do so consistent with 18 U.S.C. § 1833, you may disclose Trade Secret information to a government
official or to an attorney for the purposes of obtaining legal advice or use it in certain court proceedings without fear of prosecution
or liability if the Trade Secret information is filed under seal.

 

		3.	Non-Competition and Non-Interference.

 

		a.	Non-Competition. During the period of your employment with the Company and the period commencing on the date of the
termination your employment for any reason and ending on the 12-month anniversary of such date of termination (the “Restricted
Period”), you agree that you will not, directly or indirectly, individually or on behalf of any Person, or as a sole
proprietor, partner, stockholder, director, officer, principal, agent, or executive, or in any other capacity or relationship,
engage in any Competitive Activities within the United States of America or any other jurisdiction in which any member of the Company
engages in business.

 

     

     

    

 

		b.	Non-Interference. During the Restricted Period, you agree that you will not, directly or indirectly for his or her own
account or for the account of any other individual or entity, engage in Interfering Activities.

 

		c.	Definitions. For purposes of this letter agreement:

 

		(i)	“Business Relation” shall mean any current or prospective client, customer, borrower, referral source, licensee,
supplier, or other business relation of the Company or its affiliates, or any such relation that was a client, customer, borrower,
referral source, licensee or other business relation within the prior six (6) month period.

 

		(ii)	“Competitive Activities” shall mean business activities related to venture lending or leasing, equipment
leasing or any other business activity that is materially competitive with the current or actively planned business activities
of the Company or its affiliates.

 

		(iii)	“Interfering Activities” shall mean (A) encouraging, soliciting, or inducing, or in any manner attempting
to encourage, solicit, or induce, any Person employed by, or providing consulting services to, the Company or its affiliates to
terminate such Person’s employment or services (or in the case of a consultant, materially reducing such services) with the
Company or its affiliates; (B) hiring any individual who was employed by or served as a consultant to the Company or its affiliates
within the six (6) month period prior to the date of such hiring; or (C) encouraging, soliciting, or inducing, or in any manner
attempting to encourage, solicit, or induce, any Business Relation to cease doing business with or reduce the amount of business
conducted with the Company or its affiliates, or in any way interfering with the relationship between any such Business Relation
and the Company or its affiliates.

 

		(iv)	“Person” shall mean any individual, corporation, partnership, limited liability company, joint venture,
association, joint-stock company, trust (charitable or non-charitable), unincorporated organization, or other form of business
entity.

 

		4.	Reasonableness of Restrictions.

 

You acknowledge
and recognize the highly competitive nature of the Company’s business, that access to Confidential Information renders you
special and unique within the Company’s industry, and that you will have the opportunity to develop substantial relationships
with existing and prospective clients, accounts, customers, consultants, contractors, investors, and strategic partners of the
Company and its affiliates during the course of and as a result of your employment with the Company. In light of the foregoing,
you recognize and acknowledge that the restrictions and limitations set forth in this letter agreement are reasonable and valid
in geographical and temporal scope and in all other respects and are essential to protect the value of the business and assets
of the Company. You further acknowledges that the restrictions and limitations set forth in this letter agreement will not materially
interfere with your ability to earn a living following the termination of your employment with the Company and that your ability
to earn a livelihood without violating such restrictions is a material condition to your employment with the Company.

 

Each of
the rights enumerated in this letter agreement shall be independent of the others and shall be in addition to and not in lieu
of any other rights and remedies available to the Company at law or in equity. If any of the provisions of this letter
agreement or any part of any of them is hereafter construed or adjudicated to be invalid or unenforceable, the same shall not
affect the remainder of this letter agreement, which shall be given full effect without regard to the invalid portions. If
any of the covenants contained herein are held to be invalid or unenforceable because of the duration of such provisions or
the area or scope covered thereby, you agree that the court making such determination shall have the power to reduce the
duration, scope, and/or area of such provision to the maximum and/or broadest duration, scope, and/or area permissible by
law, and in its reduced form said provision shall then be enforceable.

 

     

     

    

 

You expressly
acknowledges that any breach or threatened breach of any of the terms and/or conditions set forth in this letter agreement may
result in substantial, continuing, and irreparable injury to the Company. Therefore, you hereby agree that, in addition to any
other remedy that may be available to the Company, any of its affiliates shall be entitled to seek injunctive relief, specific
performance, or other equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach of
the terms of this letter agreement without the necessity of proving irreparable harm or injury as a result of such breach or threatened
breach. Notwithstanding any other provision to the contrary, you acknowledge and agree that the Restricted Period shall be tolled
during any period of violation of any of the covenants hereof and during any other period required for litigation during which
the Company or any its affiliate seeks to enforce such covenants against you if it is ultimately determined that you were in breach
of such covenants.

 

		5.	Non-Disparagement. You and the
                                         Company each agrees that during your employment with the Company or its affiliates and
                                         thereafter, neither party will disparage the other, including any products, services
                                         or practices, any affiliates, directors, officers, agents, representatives, stockholders
                                         or affiliates of the Company, either orally or in writing at any time. For the avoidance
                                         of doubt, nothing in this letter agreement shall prohibit the either the Company or you
                                         from making truthful statements (a) in the course of sworn testimony in administrative,
                                         judicial or arbitral proceedings (including, without limitation, depositions in connection
                                         with such proceedings), or (b) to regulators or appropriate government agencies in fulfillment
                                         of their statutory or regulatory obligations.

 

		6.	Company Property. All information,
                                         materials, documents, supplies, equipment, and other property furnished to you by the
                                         Company in connection with performance of services under this letter agreement will be
                                         and remain the sole property of the Company. On the date of the termination of your employment
                                         under this letter agreement for any reason, or at any other time at the Company’s
                                         request, you must return to the Company all tangible and intellectual property in whatever
                                         form belonging to the Company (including, but not limited to, Confidential Information,
                                         Company vehicles, laptops, computers, cell phones, wireless electronic mail devices,
                                         code, and other equipment, information, documents, and property).

 

		7.	Non-Disclosure.
                                         Except as otherwise required by law (including, without limitation, in all required
                                         filings with the Securities and Exchange Commission), you shall not disclose the financial
                                         terms of this letter agreement to any person or entity, except that the financial terms
                                         of this letter agreement may be disclosed to: (a) your attorneys, accountants, or financial
                                         or tax advisors, and (b) members of your immediate family; provided, in the case of each
                                         of (a) and (b), that such persons agree not to reveal the financial terms of this letter
                                         agreement any further.Exhibit
10.11

 

DISTRIBUTION REINVESTMENT PLAN 

OF 

TRINITY CAPITAL INC.

 

Effective as of December 9, 2019

 

Trinity Capital Inc.,
a Maryland corporation (the “Company”), hereby adopts the following plan (the “Plan”)
with respect to cash dividend distributions declared by its Board of Directors on shares of the Company’s common stock,
par value $0.001 per share (the “Common Stock”).

 

1. Unless a stockholder
specifically elects to receive cash pursuant to paragraph 4 below, all cash dividend distributions hereafter declared by the Company’s
Board of Directors shall be reinvested by the Company in the Company’s Common Stock on behalf of each stockholder, and no
action shall be required on such stockholder’s part to receive such Common Stock.

 

2. Such cash dividend
distributions shall be payable on such date or dates (each, a “Payment Date”) as may be fixed from time
to time by the Board of Directors to stockholders of record at the close of business on the record date(s) established by the Board
of Directors for the cash dividend distributions involved.

 

3. Prior to the initial
public offering of the Company’s Common Stock that may occur, the Company intends to use primarily newly issued shares of
its Common Stock to implement the Plan. The number of shares of Common Stock to be issued to a stockholder that has not elected
to receive its dividends in cash in accordance with paragraph 4 below (each, a “Participant”) shall be
determined by dividing the total dollar amount of the distribution payable to such Participant by the net asset value per share
of the Company’s Common Stock as of the last day of the Company’s fiscal quarter immediately preceding the date such
distribution was declared (the “Reference NAV”); provided that in the event a distribution is declared
on the last day of a fiscal quarter, the Reference NAV shall be deemed to be the net asset value per share of the Company’s
Common Stock as of such day. After an initial public offering of the Common Stock, if any, (i) if the Plan is implemented through
the issuance of newly issued shares of the Common Stock, the number of shares of Common Stock to be issued to a Participant shall
be determined by dividing the total dollar amount of the distribution payable to such Participant by the market price per share
of Common Stock on the relevant valuation date fixed by the Board of Directors for such dividend or distribution, or (ii) if the
Plan is implemented through the purchase of existing shares of Common Stock, the number of shares of Common Stock to be issued
to a Participant shall be determined by dividing the total dollar amount of the distribution payable to such Participant by the
average purchase price per share of Common Stock of all shares of Common Stock purchased with respect to that dividend or distribution.
The number of shares to be issued to a Participant pursuant to this paragraph 3 shall be rounded downward to the nearest whole
number to avoid the issuance of fractional shares, it being understood that any fractional share otherwise issuable to a Participant
but for this proviso shall instead be paid to such Participant in cash as further provided in paragraph 5 below.

 

4. A stockholder may
elect to receive any portion of its cash dividend distributions in cash. To exercise this option, such stockholder shall notify
the Company and American Stock Transfer & Trust Company, LLC (referred to as the “Plan Administrator”),
in writing so that such notice is received by the Plan Administrator no later than 10 days prior to the record date fixed by
the Board of Directors for the first distribution such stockholder wishes to receive in cash. Such election shall remain in effect
until the stockholder shall notify the Plan Administrator in writing of such stockholder’s desire to change its election,
which notice shall be delivered to the Plan Administrator no later than 10 days prior to the record date fixed by the Board of
Directors for the first distribution for which such stockholder wishes its new election to take effect.

 

     

     

    

 

5. Shares of Common
Stock issued pursuant to the Plan in connection with any cash dividend shall be issued to each Participant (i) in the event
that the applicable Reference NAV has been approved by the Company’s Board of Directors (or a committee thereof) prior to
the Payment Date of such cash dividend, on the Payment Date or (ii) otherwise, promptly upon the date such approval has been
provided by the Company’s Board of Directors. All shares of Common Stock issued pursuant to the Plan shall be issued in non-certificated
form and shall be credited to such Participant on the books and records of the Company. Cash payable to a Participant in lieu of
fractional shares pursuant to paragraph 3 shall be paid contemporaneously with the issuance of such shares in connection with such
cash dividend.

 

6. The Plan Administrator
will confirm to each Participant each issuance of shares of Common Stock made to such Participant pursuant to the Plan as soon
as practicable following the date of such issuance.

 

7. The Plan Administrator’s
service fee, if any, and expenses for administering the Plan will be paid for by the Company. There will be no brokerage charges
or other charges to stockholders who participate in the Plan.

 

8. The Plan may be
terminated by the Company upon notice in writing mailed to each Participant at least 30 days prior to the effectiveness of such
termination.

 

9. These terms and
conditions may be amended or supplemented by the Company at any time. Any such amendment or supplement may include an appointment
by the Plan Administrator in its place and stead of a successor agent under the terms and conditions agreed upon by the Company,
with full power and authority to perform all or any of the acts to be performed by the Plan Administrator as agreed to by the Company.

 

10. The Plan Administrator
will at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely performance
of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility and shall
not be liable for loss or damage due to errors.

 

11. These terms and
conditions shall be governed by the laws of the State of Arizona, without regard to the conflicts of law principles thereof, to
the extent such principles would require or permit the application of the laws of another jurisdiction.

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